Transfer from USA bank through New York Bangkok Bank

[ricklev]

Apparently there is some way to transfer money from my USA account to my Bangkok Bank account going through the New York Bangkok Bank branch that is cheaper than doing an international wire transfer. I can't figure out how to do it though. I guess I'll call my USA bank to figure it out but I just thought I'd check in and see if anybody has successfully set it up.

 

I know I can use Wise but I like the security of staying within the regulated banking system.  

 

I'm not using it for a retirement visa so that is not a concern.  

 

Thanks.  

Edited February 3, 2023 by ricklev

[asiaexpat]

That service only applies if your US bank has and international ACH code, most do not. Years ago regular domestic ACH worked but that is no loner an option.

[gamb00ler]

22 minutes ago, asiaexpat said:

That service only applies if your US bank has and international ACH code, most do not. Years ago regular domestic ACH worked but that is no loner an option.

You can substitute a domestic SWIFT transfer in place of an ACH and the transfer will arrive in your Bangkok bank account just as in the "old" ACH transfer.  Domestic SWIFT transfers are not free like the ACH of old, but they are often cheaper than international SWIFT transfers.

[ricklev]

9 minutes ago, gamb00ler said:

You can substitute a domestic SWIFT transfer in place of an ACH and the transfer will arrive in your Bangkok bank account just as in the "old" ACH transfer.  Domestic SWIFT transfers are not free like the ACH of old, but they are often cheaper than international SWIFT transfers.

Thanks.  Looks like my bank only accepts in person SWIFT transfers.  Doh!  I guess I will try Wise.  

Edited February 3, 2023 by ricklev

[Everyman]

13 hours ago, asiaexpat said:

That service only applies if your US bank has and international ACH code, most do not. Years ago regular domestic ACH worked but that is no loner an option.

I would like to know of a single bank that does international ACH for retail customers.

[Berkshire]

16 hours ago, gamb00ler said:

You can substitute a domestic SWIFT transfer in place of an ACH and the transfer will arrive in your Bangkok bank account just as in the "old" ACH transfer.  Domestic SWIFT transfers are not free like the ACH of old, but they are often cheaper than international SWIFT transfers.

Agree.  Some US banks will treat a transfer to the NY BKK branch as a domestic transfer and charge you accordingly.  Depending on the bank, the cost can be roughly half compared to an international transfer.

[cnx1204]

16 hours ago, ricklev said:

Thanks.  Looks like my bank only accepts in person SWIFT transfers.  Doh!  I guess I will try Wise.  

If you want the confidence from personal hands-on control of the transfer, initiating the wire transfer on-line is an option.  Costs more than Wise, but I appreciate not being at the mercy of an intermediary.

[Longwood50]

19 hours ago, ricklev said:

Apparently there is some way to transfer money from my USA account to my Bangkok Bank account going through the New York Bangkok Bank branch that is cheaper than doing an international wire transfer. I can't figure out how to do it though. I guess I'll call my USA bank to figure it out but I just thought I'd check in and see if anybody has successfully set it up.

 

I know I can use Wise but I like the security of staying within the regulated banking system.  

You can not open an account at the Bangkok Bank in New York.  It is not a conventional retail bank.  It is for trade purposes.  You can transfer money assuming you also have an account with Bangkok Bank Thailand.  Its cost of doing so however is not cheap. 

As to staying within the regulated US banking system, Wise is a company and it maintains its accounts as Community Federal Savings Bank also called Evolve.  So transferring money to Wise would be no different than transferring it to Bangkok Bank in terms of both being inside the U.S. regulated banking system. 

[racyrick]

17 hours ago, ricklev said:

Thanks.  Looks like my bank only accepts in person SWIFT transfers.  Doh!  I guess I will try Wise.  

You can send from your bank in the USA to the Bangkok Bank New York by simply making a DOMESTIC transfer.

This has nothing to do with SWIFT. It is a domestic transfer like transferring to any other USA bank.

The USA does not use a SWIFT code.