Bangkok Bank in NYC : Opening an account

[johnkm]

Hi all, 

 

I am a new poster trying to navigate the confusing and stressful requirements for the Non immigrant retirement O visa. First time with the Visa,  first step. 

 

I found out that Bangkok Bank has a branch in NYC (and London) . I was hoping if someone can answer or guide me through some of my queries, namely :

 

1) Is it wise to open an account in the NYC branch than transfer the money as needed to the BKK branch once I am physically there? I was reading on this forum  all the hoops required to open an account in Thailand the first time. 

 

2) Is the transfer doable, easy and quick? I figure I put enough money in the NYC branch  for the first year to cover the minimum 800 k bahts and my first year expenses. Then repeat for future years. I imagine this will circumvent the issues that may raise when transferring large funds from a US bank to Thailand directly. ( probably will be charged transfer fees twice, though) 

 

3) Will the bank managers in Thailand be open to this option?

 

Thanks in advance for any insight. 

[Etaoin Shrdlu]

I don't think Bangkok Bank's New York branch provides consumer banking services, so I'm doubtful you'd be able to open an account. 

 

I think it is possible to transfer money to a Bangkok Bank account in Thailand via Bangkok Bank's New York branch using the US ACH system, but this would require the use of an international ACH form (if possible at all) and I'm not aware of any US banks that offer IACH forms as part of their online banking services.

 

Would be happy to be otherwise informed if someone has more information on this.

 

 

 

[ArnieP]

This has been covered many times here on aseannow. A search may bring up relevant threads.

 

Contacting Bangkok Bank in NYC directly might bring a definitive answer.

[lopburi3]

As said in post 2 BBL NY is only for commercial accounts.  

 

Transfers must be made in international format to your Thai BBL account which rules out most ACH users.  A pass through with a charge that in most cases can not be used anymore.

 

The 800k bank method requires funds in Thai bank account at that level at least 5 months a year and never go below 400k.  Best this be dedicated account so no chance of going below requirements.  There is no requirement to transfer funds in one go.  Most people transferring funds have little or no issues using WISE and do so on a regular basis (as total charge in amount based).  If wanting to send large payments for house/condo SWIFT would be preferred but then may have issues with sending bank if no agreement on file.

[NoDisplayName]

New York branch of Bangkok Bank is not available to you.

 

Any bank can SWIFT your funds quickly and easily.

 

Your only difficulty will be opening a bank account in Thailand.

 

Wise will get you a better exchange rate, but transfers don't always receive the proper FTT coding indicating foreign sourced funds required for immigration.

 

The exchange rate difference may be a wash, though, as SWIFT transfers have a set cost while WISE charges a percentage fee.  You'll have to do the maff to confirm.

[Joebuzzz]

I did this research a year or so back before I left the USA.  This may have changed since. 

BKB in New York will only allow you to use them as a transfer agent. They will set up auto transfers ONLY if you designate Social Security to pay your monthly benefit to that account. They recieve it, send it. That's as deep as it goes.  If I recall, you cannot split your SS Benefits between banks. So your entire monthly benefit will transfer here automatically.