Banking USA to Bangkok Bank Thailand

[just_Elaine]

Advice needed: What is the best (economical and efficient) way to transfer money to my Thai Bangkok Bank account from the USA?

I have not kept up with the banking changes since my last transfer in 2018 and I found that Fidelity removed my link to Bangkok Bank for a transfer.

I started to setup the account again, but I see that changes where made 2019/2020 and most likely my transaction will be rejected. 

 

Any thoughts and advice would be much appreciated.

 

 

[Dan O]

You can use your own bank or a service like Western Union or WIse. WU and WIse and generally the cheapest.

[riclag]

You should have several options for transferring money to your BB account. 
 For big transfers over 5k,I ‘ve used Etrade $25 plus BB fee .

Wise  for Smaller transfers .

 

[Thailand J]

Fidelity accepts wire orders by phone. Limited to $30k if i remember right.

 

Schwabs International and Interactive Brokers are more user friendly. No Medallion signature required to add a bank link, low cost or free wires.

 

[JimTripper]

Many banks will do an international wire. Get a new bank.

Fidelity is a bit weird. Even when I was living in the USA they gave me a hassle about my address.

[udontomi]

Schwab Bank reimburses for ALL ATM or debit card w/d fees.  Western Union USED TO BE outrageously expensive!

[mokwit]

Via Bangkok Bank New York branch or was that what Fidelity blocked?. I can do through Interactive Brokers.

Edited January 26, 2023 by mokwit

[Soondae]

Obama administration that passed the anti terrorist banking law on transferring funds to a foreign bank via ACH in the USA system. So Bangkok Bank notified all of us of the termination dates for doing so back in 2019. 

As a retiree here in Thailand I have found the following: For small monthly transfers to use as subsistence, WISE (Formerly known as Transfer Wise) is not only the cheapest small amount option but also the fastest. (On a side note, if you have an account with Kashikorn your transfer will happen in seconds vs 1-3 days with Bangkok bank).

For large transfers, I bought a Villa this past year, you are much better going with wire transfer from your USA bank. Make sure you have the bank send transfer in US dollars or you will lose lots in the horrible exchange rates they use. Wire transfer is fast, BOA only charged me $55 to send 100K+ and the exchange rate I got from SCB was outstanding.

Note that wise has limits on amount transferred so will not be plausible on large amounts of money.

Edited January 26, 2023 by Soondae
Clarity of statement

[nitehawk42]

ACH transfers no longer allowed.

Money needs to transfer by wire.

[shortstop2]

Wise is probably the most economical (banks other than Bangkok Bank, Kasikorn, and SCB have a low limit of 50K baht for Wise).

 

Always good to have backups. Suggest that you drop by your nearest Fidelity customer service center and set up Standing Wire Order instructions. They will do the medallion signature guarantee for free.  Probably a good idea to specify Bangkok Bank New York as your intermediary bank as the fee will probably be lower.

 

https://www.fidelity.com/bin-public/060_www_fidelity_com/documents/bank-wire-form-standalone.pdf

 

I have done both Wise transfers from my Fidelity account and transfers using the Fidelity Wire Transfer service.

 

Note if you are in Thailand, it is doubtful that you will be able get the required medallion signature guarantee.

 

 

 

[mokwit]

I recently (few weeks ago) transferred via Bangkok Bank NY branch.

[Luuk Chaai]

someone wrote

ACH transfers no longer allowed.

Money needs to transfer by wire.

 

totally incorrect ...   Wise does ACH transfers ..  just did one this am   USA bank to Kasikorn ...."7" seconds "

[NoDisplayName]

Bangkok Bank stopped doing the money transfers using the ACH domestic transfer system a couple years ago.  That's why Fidelity removed your linked account.

 

You can still send a free wire transfer from Fidelity by phone, but you may have difficulty sending to a Thai account if not in your name, and you'll have the receiving Thai bank do the currency exchange at a rate favorable to them.

 

You can do a free ACH transfer from Fidelity to Wise online, then Wise can convert at a much better exchange rate and send baht to your thai bank account.  Depending on the transfer amount, Wise fee should be offset by the better exchange rate.

[JimmyJ]

56 minutes ago, mokwit said:

I recently (few weeks ago) transferred via Bangkok Bank NY branch.

How? 

[mokwit]

2 minutes ago, JimmyJ said:

How? 

I set it up years ago but from memory you transfer to Bangkok Bank NY with your Thai BB account number as the account number. Sending to US bank that internally transfers it to your Thai account.

[JimmyJ]

6 minutes ago, mokwit said:

I set it up years ago but from memory you transfer to Bangkok Bank NY with your Thai BB account number as the account number. Sending to US bank that internally transfers it to your Thai account.

They changed that system several years ago, but for some reason it still works for you. You are fortunate.

[mokwit]

2 minutes ago, JimmyJ said:

They changed that system several years ago, but for some reason it still works for you. You are fortunate.

Must be something else - I think from memory that Fidelity transfers using a different system than Interactive.

[wwest5829]

Yes, Fidelity did not/would not conform to the required format allowing us to make an EFT directly to the Bangkok Bank, NYC Branch. Since that time, I set up a Wise (previously TransferWise) Account. After setting this up through Wise, once a month, Wise draws $2200.00 from my Fidelity Account (this is just my determined amount, yours can differ). When ordering the transfer into my Bangkok Bank Account, Wise asks for the reason of the transfer. By “checking” the long term stay living expenses box, the transfer is noted by Bangkok Bank as an FFT satisfying Thai Immigration (I use the monthly transfer to meet the income requirement.

[Srikcir]

2 hours ago, Soondae said:

Obama administration that passed the anti terrorist banking law on transferring funds to a foreign bank via ACH in the USA system. So Bangkok Bank notified all of us of the termination dates for doing so back in 2019. 

As a retiree here in Thailand I have found the following: For small monthly transfers to use as subsistence, WISE (Formerly known as Transfer Wise) is not only the cheapest small amount option but also the fastest. (On a side note, if you have an account with Kashikorn your transfer will happen in seconds vs 1-3 days with Bangkok bank).

For large transfers, I bought a Villa this past year, you are much better going with wire transfer from your USA bank. Make sure you have the bank send transfer in US dollars or you will lose lots in the horrible exchange rates they use. Wire transfer is fast, BOA only charged me $55 to send 100K+ and the exchange rate I got from SCB was outstanding.

Note that wise has limits on amount transferred so will not be plausible on large amounts of money.

It is US Congress that passes laws and the Executive Branch POTUS oversees implementation and enforcement of those laws.

[Pib]

2 hours ago, Luuk Chaai said:

someone wrote

ACH transfers no longer allowed.

Money needs to transfer by wire.

 

totally incorrect ...   Wise does ACH transfers ..  just did one this am   USA bank to Kasikorn ...."7" seconds "

Wise does not use ACH transfers between Wise and Thai banks.   A Thai bank would have to be part of the U.S. ACH system with a "routing number" to allow that.  Only one Thai bank has ACH receiving capability and that's Bangkok Bank via their New York branch which has an ACH/ABA routing number. 

 

 Instead, Wise uses a peer-to-peer system where Wise already has contract agreeements/accounts with key Thai banks and Wise simply directs the transfer of funds from one of those accts to your Thai bank acct.   In fact, Kaiskorn is one of Wise's key partner banks along with Bangkok Bank and DeeMoney.

 

Now, Wise does use the ACH system to obtain your funding from another U.S. bank to fund your transfer of Thai baht....but after getting your funding via the ACH system in the U.S. that is when Wise then uses their peer-to-peer transfer system to get the money from your home country (like the U.S.) to Thailand.

 

[Pib]

2 hours ago, mokwit said:

I recently (few weeks ago) transferred via Bangkok Bank NY branch.

Unless your did a "domestic wire" (repeat a wire) from your U.S. bank to Bangkok Bank NY for relay to Thailand I find it hard to believe you did a standard/domestic ACH transfer since that transfer would have to be in the "International ACH Transaction (IAT)" which very few U.S. banks use except for some business accounts which transfer funds to some banks in other countries who also have ACH capability (which are few).   A domestic wire also goes over the ACH network just like a domestic/standard ACH transfer, however, the domestic wire format and bank-to-bank settling process is different from a domestic/standard ACH transfer. 

 

Now if you did a domestic wire, yes, Bangkok Bank NY  will accept that and relay it to your in-Thailand Bangkok Bank acct just like the pre-Oct 2019 days when the NY branch could still accept a standard/domestic ACH transfer not in IAT format and relay it to your in-Thailand Bangkok Bank acct. 

 

The standard/domestic ACH transfer format is a different format from the ACH IAT format which includes additional information/coding.   All U.S. banks can "receive" a domestic or IAT format transfer....but very few will "send" in IAT format simply because they don't want to get involved in funds being transferred outside the U.S. unless the SWIFT system is used....or in some cases a domestic wire will work since its format/info contained is similar to a SWIFT transfer.

 

Now, there are still some U.S. govt agencies who make monthly pension/benefits payments which do not use the ACH IAT format (their systems haven't been upgraded to use IAT format yet)....Bangkok Bank NY branch has a waiver from the U.S. Treasury allowing them to continue to relay those payments to a person's in-Thailand Bangkok Bank acct.  

 

[mokwit]

4 minutes ago, Pib said:

Unless your did a "domestic wire" (repeat a wire)

I believe it is a domestic transfer. It was what my broker calls a "wire" but not SWIFT.

[Pib]

38 minutes ago, mokwit said:

I believe it is a domestic transfer. It was what my broker calls a "wire" but not SWIFT.

OK, your broker doing a domestic "wire" and not a standard ACH transfer.  Although both go over the ACH network the settling process and formats are different.  Two different animals.  As mentioned before a "Domestic Wire" to/thru Bangkok Bank NY still works.    

 

But a standard ACH transfer like "you" would initiate from your U.S. bank account to/thru Bangkok Bank NY for relay to your in-Thaland Bangkok Bank acct will no longer work as the NY branch will reject it which will also probably cause that ACH transfer link in your ibanking/mbanking to be restricted/blocked for further use as that is what U.S. banks normally do when a transfer is rejected back for some reason that you initiated from an ACH transfer link you setup in your ibanking/mbanking.

 

Yeap....a domestic wire will still work....but unfortunately most U.S. banks will charge a fee in the $20 ballpark to send a domestic wire (and more for an international SWIFT transfer) whereas a standard ACH transfer is usually free or a few U.S. banks may charge around $3.   Now your "broker" may be doing that domestic wire for free because I know some brokers don't charge a domestic wire fee if you have X-amount of assets with them....the broker gets his fee/profit indirectly due to the assets he manages/holds for you.  

 

Edited January 26, 2023 by Pib

[thailand49]

By far the best way. Set s Wise account. iI transfer money from my Schwab and Credit Union accounts ACH,  to my Bangkok account several times a month when needed done also larger transfer of like 10,000 takes planning. Done transfer of 30,000 from U. S.  Simply wiring to their account.  The exchange rate is excellent. 

[just_Elaine]

Thank you everyone for your advice and information. Here is what I am trying:

I decided to do a domestic wire to Bangkok Bank New York since it sounds like this worked for someone recently.

I am highly annoyed with Fidelity at the moment because I could not see any information on whether or not I can provide the information needed for Bangkok Bank New York.

I went to the Schwab website which allows wire transfers from the brokerage account not the checking account, but said you could just transfer from the checking to the brokerage account. They have a $15 charge for this service. I was able to input additional information like branch and address. Anyway, I hope it works and thank you again. I really appreciate the input and will start looking at stuff like wire.

[riclag]

20 hours ago, just_Elaine said:

Thank you everyone for your advice and information. Here is what I am trying:

I decided to do a domestic wire to Bangkok Bank New York since it sounds like this worked for someone recently.

I am highly annoyed with Fidelity at the moment because I could not see any information on whether or not I can provide the information needed for Bangkok Bank New York.

I went to the Schwab website which allows wire transfers from the brokerage account not the checking account, but said you could just transfer from the checking to the brokerage account. They have a $15 charge for this service. I was able to input additional information like branch and address. Anyway, I hope it works and thank you again. I really appreciate the input and will start looking at stuff like wire.

Please keep us posted on if it works!

good luck

[FarAngMoh]

On 1/27/2023 at 4:36 AM, just_Elaine said:

Thank you everyone for your advice and information. Here is what I am trying:

I decided to do a domestic wire to Bangkok Bank New York since it sounds like this worked for someone recently.

I am highly annoyed with Fidelity at the moment because I could not see any information on whether or not I can provide the information needed for Bangkok Bank New York.

I went to the Schwab website which allows wire transfers from the brokerage account not the checking account, but said you could just transfer from the checking to the brokerage account. They have a $15 charge for this service. I was able to input additional information like branch and address. Anyway, I hope it works and thank you again. I really appreciate the input and will start looking at stuff like wire.

I used to have a PNC account with free domestic wires if you have a certain account status (didn’t take much to reach it, maybe $2,500), but the problem was, they insisted that I come physically to the bank branch to initiate EVERY wire. I have since closed my account. 
 

SDFCU offers $6 domestic wires for Emeritus members. I recently opened an account with them but have yet to try this. 

[Thailand J]

Lately Schwab International Brokerage is using Well's Fargo as intermediary bank with no fee when I wire into Bangkok Bank in Bangkok. If i send a domestic wire to Bangkok Bank NY there will be an additional expense of up to $20.

[bamnutsak]

Fidelity does offer fee-free international SWIFT wire transfers (perhaps to a limited number of their customers?) , which can be directed to BBL THL (and not BBL NYC). JP Morgan/Chase is the intermediary, USD are sent and converted at BBL THL at their TT rate, less 0.25% (200 min/500 max). Unfortunately you may need to have a first-person standing wire transfer order on file - which you submitted with a Medallion signature (best done in the U.S. at a Fidelity office). And you need to initiate the transfer with a myVoice certified call. That's my experience anyway. Transfers take ~ 12 hours assuming Mon-Fri.

 

I've never tried a WISE transfer from Fidelity. I have done one WISE transfer from BofA to BBL THL. Fidelity offers free ACH transfers so if you have a regular bank transfer to that then use WISE.

 

I don't use Schwab but based on posts here it seems like they allow on-line initiated transfers, and do not charge a fee for SWIFT int'l transfers?

 

[Soondae]

On 1/27/2023 at 3:36 AM, just_Elaine said:

Thank you everyone for your advice and information. Here is what I am trying:

I decided to do a domestic wire to Bangkok Bank New York since it sounds like this worked for someone recently.

I am highly annoyed with Fidelity at the moment because I could not see any information on whether or not I can provide the information needed for Bangkok Bank New York.

I went to the Schwab website which allows wire transfers from the brokerage account not the checking account, but said you could just transfer from the checking to the brokerage account. They have a $15 charge for this service. I was able to input additional information like branch and address. Anyway, I hope it works and thank you again. I really appreciate the input and will start looking at stuff like wire.

 will bet this transfer did not work, as many have replied, only business IACHT are allowed. A standard ACH transfer from your bank to BBL is no longer allowed since 2019..... PERIOD!