USA Vanguard wire transfer to Bangkok Bank

[Wake Up]

Does anyone use Vanguard in USA to wire transfer money to Bangkok Bank or a Thailand Bank. 
 

if yes Vanguard wants an intermediary bank name and swift number in addition to Bangkok Banks swift code and address in Bangkok. 
 

Can you help me understand what intermediary bank I need and is this an additional charge. 
 

I have spoken to two people at Vanguard and both told me Vanguard cannot send a wire to Thailand which I know is incorrect. 
 

if any of you use Vanguard for international wire transfers please help. Thank you. 
 

 

[Wake Up]

I called Bangkok Bank in New York today.  They said to add them as the USA corespondent bank for Vanguard.  I think I understand the process now but would appreciate some advice and confirmation by someone who has used Vanguard before and sent a wire transfer to Bangkok Bank in Bangkok. Thank you. 

[ubonjoe]

Moved to the business and banking forum.

[Dante99]

5 hours ago, Wake Up said:

Vanguard wants an intermediary bank name and swift number

For international transfers from Vanguard direct to Thailand, not through Bangkok Bank New York:

 

Chase is/was the intermediary for Bangkok Bank in the US, put that on the Vanguard Form,  J P Morgan Chase Bank,  CHASUS33XXX.  That is a few years old so you might confirm with Bangkok Bank to be sure that the information has not changed.

 

Vanguard has a special form for International Wire Transfers, once done you can send future transfers to designated transferee without making a new form.  My recollection was that was a form submitted by mail.

[Jaybott]

If you plan on doing more wire transfers to Bangkok Bank, I suggest opening a Wise account and get the debit card.  The debit card is from a USA bank, you'll be able to make an ACH transfer from Vanguard to your Wise account. Then do a transfer from Wise to Bangkok Bank.  This way will be easier and cheaper than doing International wire transfers.

[Colabamumbai]

Transfer Wise, or Wise is the best method. 

[Wake Up]

5 hours ago, Jaybott said:

If you plan on doing more wire transfers to Bangkok Bank, I suggest opening a Wise account and get the debit card.  The debit card is from a USA bank, you'll be able to make an ACH transfer from Vanguard to your Wise account. Then do a transfer from Wise to Bangkok Bank.  This way will be easier and cheaper than doing International wire transfers.

Thank you. I use Charles Schwab to take out 25,000 baht a day and they refund the atm fees.  I have calculated the wise cost versus the wire transfer cost and wise is hundreds of USA dollars more expensive on a 50,000 dollar wire transfer. The Vanguard wire fee is 10 dollars then Bangkok Bank fee of 20 dollars plus 500 baht and I get the TT rate. Wise gives a good rate on the back end but makes it’s money on the front end. Much more expensive than 30 dollars and even with the exchange rate difference if any wise is more expensive for any transfer over 5000 to 10,000 USA dollars. ????

[Wake Up]

14 hours ago, Dante99 said:

For international transfers from Vanguard direct to Thailand, not through Bangkok Bank New York:

 

Chase is/was the intermediary for Bangkok Bank in the US, put that on the Vanguard Form,  J P Morgan Chase Bank,  CHASUS33XXX.  That is a few years old so you might confirm with Bangkok Bank to be sure that the information has not changed.

 

Vanguard has a special form for International Wire Transfers, once done you can send future transfers to designated transferee without making a new form.  My recollection was that was a form submitted by mail.

Thank you. Chase is the intermediary bank for wire transfers to Vanguard. 
 

Bangkok Bank New York said to use the NY branch of Bangkok Bank as the intermediary bank to send money from Vanguard USA to Bangkok Bank Thailand. 
 

You are correct Vanguard needs a form with a medallion signature guarantee from my bank which is Bank of America. 
 

I am going to fill out the forms and when I am in Bangkok I will see if this works and is correct and file a follow up post with the specific information. 
 

If anyone has performed a Vanguard international wire transfer to Thailand in 2021 or 2022 please let me know if this is correct or if I need better information on the intermediary bank being Bangkok Bank NY or Chase or ….

 

Many thanks. 

[Dante99]

11 hours ago, Wake Up said:

Chase is the intermediary bank for wire transfers to Vanguard. 

Why are you talking about transfers to Vanguard now?  You were asking about transfers from Vanguard not to Vanguard.

 

11 hours ago, Wake Up said:

f anyone has performed a Vanguard international wire transfer to Thailand in 2021 or 2022 please let me know if this is correct or if I need better information on the intermediary bank

I have made 12 such transfers each year.  I do not know the up to date requirements but when I filled out the Vanguard form, I used Chase as the intermediary bank and that data remains the same today.  

 

You could talk with BKK Bank Thailand to ask them for their intermediary bank for transfers from US banks, then ask again at a different location to confirm.

 

Completing and submitting the Vanguard form takes time so getting the data correct would be a wise priority.  There may be a way around the Medallion signature guarantee if you are overseas, check details on Vg website.  I got my signature verified at the US Consul in Thailand and VG was happy with that.

[fceligoj]

I have attached an internet address for an article discussing international transfers from Vanguard or Fidelity.  One paragraph in the article discusses the use of a sister bank of the final destination bank as the intermediary, ala BBL-New York.

 

https://thefinancebuff.com/free-international-wire-transfer-fidelity-vanguard.html

 

 

 

[Stocky]

18 hours ago, Wake Up said:

I have calculated the wise cost versus the wire transfer cost and wise is hundreds of USA dollars more expensive on a 50,000 dollar wire transfer.

The margins on USD exchange buy/sell are so tight that Wise is more expensive on transfers above ±USD 10k.

[Wake Up]

Final answer verified today.  Vanguard has a special relationship with JP Morgan Chase to be their intermediary Bank as Dante99 information above is correct.  JP Morgan Chase has agreed to not charge the Vanguard client a separate fee to be the intermediary bank. Vanguard prefers their clients use JP Morgan Chase as the intermediary bank. 
 

But you can also use Bangkok Bank NY or any USA Bank that has the swift relationship with Bangkok Bank Thailand. 
 

I decided to use JP Morgan Chase as the intermediary Bank because they do not have a separate charge and their relationship with Vanguard. 
 

Vanguard charges a wire fee of 10 usa dollars which is waived for customers with a lot of Vanguard funds in their Vanguard account.  Bangkok Bank Thailand converts the USA Dollars at the TT rate and charges 500 baht fee.  Total costs 10 usa dollars, 500 baht and the TT rate difference from market rate. 
 

I know a lot of people like Wise but be sure you calculate the upfront fees of Wise and do not just focus on the exchange rate. Wise wants to charge 337+ dollars for a 50,000 dollar wire. You could save at least 250 dollars by transferring with Vanguard or Charles Schwab or others entities. . Schwab charges 25 dollars and Bank of America charges 45 dollars.  Even though the TT rate is a little bit less than the Wise exchange rate (very close rates) the up front Wise fees are a rip off IMO for any transfer of 5,000 dollars or more. 
 

Thanks to Dante99 for your experience and information. 

[Jaybott]

13 hours ago, Wake Up said:

Final answer verified today.  Vanguard has a special relationship with JP Morgan Chase to be their intermediary Bank as Dante99 information above is correct.  JP Morgan Chase has agreed to not charge the Vanguard client a separate fee to be the intermediary bank. Vanguard prefers their clients use JP Morgan Chase as the intermediary bank. 
 

But you can also use Bangkok Bank NY or any USA Bank that has the swift relationship with Bangkok Bank Thailand. 
 

I decided to use JP Morgan Chase as the intermediary Bank because they do not have a separate charge and their relationship with Vanguard. 
 

Vanguard charges a wire fee of 10 usa dollars which is waived for customers with a lot of Vanguard funds in their Vanguard account.  Bangkok Bank Thailand converts the USA Dollars at the TT rate and charges 500 baht fee.  Total costs 10 usa dollars, 500 baht and the TT rate difference from market rate. 
 

I know a lot of people like Wise but be sure you calculate the upfront fees of Wise and do not just focus on the exchange rate. Wise wants to charge 337+ dollars for a 50,000 dollar wire. You could save at least 250 dollars by transferring with Vanguard or Charles Schwab or others entities. . Schwab charges 25 dollars and Bank of America charges 45 dollars.  Even though the TT rate is a little bit less than the Wise exchange rate (very close rates) the up front Wise fees are a rip off IMO for any transfer of 5,000 dollars or more. 
 

Thanks to Dante99 for your experience and information. 

Just to add some information,  I recently transferred $5000 USD to my Bangkok Bank account through Wise.  I was charged $31.19, I made the transfer around noon and received the transfer the following day.

[chubby]

so just curious how or what *are the JPM Chase Bank details or where/how to get them.

and the VG form ?

 

I don't plan on any immediate transfer but might like to get this option setup while I *do now have access to Medallion signatures.

 

Assuming, once set up it allows 1 way transfers from VG Brokerage to BKK Bank, and not vice versa ? (for security purposes?)

[Wake Up]

4 hours ago, chubby said:

so just curious how or what *are the JPM Chase Bank details or where/how to get them.

and the VG form ?

 

I don't plan on any immediate transfer but might like to get this option setup while I *do now have access to Medallion signatures.

 

Assuming, once set up it allows 1 way transfers from VG Brokerage to BKK Bank, and not vice versa ? (for security purposes?)

Vanguard will email you the international transfer form is you ask them.  The J P Morgan Chase swift code is CHASUS33. 

[Wake Up]

On 9/13/2022 at 3:53 AM, Jaybott said:

Just to add some information,  I recently transferred $5000 USD to my Bangkok Bank account through Wise.  I was charged $31.19, I made the transfer around noon and received the transfer the following day.

So if you send 50,000 check out their 300+ upfront fee.  5,000 is close to their tipping point.  Google Wise. Their fees are high.  They hook  the customers with the exchange rate mirage but the customers don’t focus on the upfront fees. Easy to calculate at the end of the transaction how many baht do you get with Wise compared to their competitors. Wise is easy but cost more for transfers over 5,000 usa dollars. 
 

Vanguard beats wise when they waive their 10 dollar fee same as other banks like Chase that waive their fees for high net worth clients. 
 

if you want to transfer 5,000 then use Wise or research their competitors. Maybe the difference in baht does not bother you but when people say wise is the cheapest they are mathematically wrong most of the time. Facts are facts. Advertising is not always factual. 

[Thailand J]

I have enjoyed free wires from Vanguard for decades by keeping a high balance.

I also get my wire fees waived at Schwab, this may be standard for all international brokerage accounts.  My first wire of the month is also free at Interactive Brokers.

 

My very old wire transfer set up at Vanguard has HSBC as intermediary but lately they have been using Chase instead. Meanwhile Schwab has switched from Chase to Wells Fargo.

 

Vanguard will take 2 or 3 days longer to send the money as the settlement fund is kept in a money market fund. Schwab and IBKR  both came with a bank account where the settlement fund is kept and can be wired right away.

 

 

 

 

 

 

[chubby]

so doing the international wires is preferable to domestic to the BKK Bank NY Branch, primarily because of a fee difference?

 

And/or once the International Wire form is submitted , the wires can then be done online via a VG brokerage indefinitely? 

[chubby]

or what else is need for the form besides the SWIFT code? 

 

what kind of Bangkok Bank details would I need ?

[chubby]

looks like the form wants BKK Banks Swiftcode as well as the Intermediary ?

 

VG says that for outgoing , that one needs to ask  BKK Bank for their intermediary NOT ask VG, so possibly there might be a difference To vs From VG ; Looks may have to attempt a call to BBL, unless it's on their website somewhere, or to confirm its accuracy

 

for Wire back to VG , then VG would confirm it's intermediary; the agent never stated if it was also JP MChase or not /the actual Swift

 

sorry I don't see how to edit posts , on Thaivisa;  VG's form also wants the BKK Bank address , mine was setup at the Exchange Bldg there at Asoke ; guess I'll have to look it up (as your OP states)

 

lastly, they said the minimum transfer amount is $100 by phone, and $1000 via vanguard.com  fwiw

 

 

[Wake Up]

3 hours ago, chubby said:

looks like the form wants BKK Banks Swiftcode as well as the Intermediary ?

 

VG says that for outgoing , that one needs to ask  BKK Bank for their intermediary NOT ask VG, so possibly there might be a difference To vs From VG ; Looks may have to attempt a call to BBL, unless it's on their website somewhere, or to confirm its accuracy

 

for Wire back to VG , then VG would confirm it's intermediary; the agent never stated if it was also JP MChase or not /the actual Swift

 

sorry I don't see how to edit posts , on Thaivisa;  VG's form also wants the BKK Bank address , mine was setup at the Exchange Bldg there at Asoke ; guess I'll have to look it up (as your OP states)

 

lastly, they said the minimum transfer amount is $100 by phone, and $1000 via vanguard.com  fwiw

 

 

Vanguard told me they prefer to use JP Morgan Chase as the intermediary USA bank and Vanguard has an agreement that Chase will not charge Vanguard customers a fee. So use J P Morgan Chase as the intermediary bank with international wire transfers from Vanguard to Bangkok Bank Thailand. 
 

Bangkok Bank Thailand swift code is BKKBTHBK. 

[chubby]

so besides just reading it here, is there a more way to confirm the process/actual

 

JP-Chase Swift Code?   I suppose I could do a $100 test deposit, and worse thing that happens is it bounces back ?

[chubby]

what did you include for :

"Bank account registration
If the beneficiary is a third party, please provide additional credit information to assist us with completing your wire instructions."

 

is that just the account holder's name?

 

2)

did you include the routing number before the account number ?

 

I emailed BBL asking about intermediaries, but we'll see if there is ever a response, though, I now re-read you called BKK NYC branch ,

[chubby]

Further Credit Instructions in the optional /last separate page has

 

section for :

Bank account number, sort code, or branch code

 

and IBAN

 

leave it blank?

 

[david_je]

On 9/13/2022 at 2:37 AM, Wake Up said:

Final answer verified today.  Vanguard has a special relationship with JP Morgan Chase to be their intermediary Bank as Dante99 information above is correct.  JP Morgan Chase has agreed to not charge the Vanguard client a separate fee to be the intermediary bank. Vanguard prefers their clients use JP Morgan Chase as the intermediary bank. 
 

But you can also use Bangkok Bank NY or any USA Bank that has the swift relationship with Bangkok Bank Thailand. 
 

I decided to use JP Morgan Chase as the intermediary Bank because they do not have a separate charge and their relationship with Vanguard. 
. 

That you can use JP Morgan Chase or Bangkok Bank NY as intermediary -- did that info come from Vanguard? Over the phone, or is it in a Vanguard document? Bangkok Bank NY also did not charge a fee as intermediary, at least when I last made transfer from Vanguard a few years ago (for high-asset clients of Vanguard, only fee is from Bangkok Bank in Bangkok for receiving the transfer), so seems using either is the same cost-wise. Is that correct? Have you made a transfer using JP Morgan Chase and can confirm no problem? Did you need to notify JP Morgan or Vanguard that you were using them as intermediary, or did you simply input their SWIFT code on the transfer form? Thanks.