USA Bank Transfer

[edwardflory]

I checked my US BANK Ballance against international rate of exchange on XE CURRENCY CONVERTER

Edited December 29, 2023 by edwardflory
spelling

[Yellowtail]

15 minutes ago, edwardflory said:

I checked my US BANK Ballance against international rate of exchange on XE CURRENCY CONVERTER

The rate was 32.49 on Thursday?

[donmuang37]

I use Citibank/SWIFT and have transferred large sums whenever I bought a new vehicle for the past 20 years.

It has been 100% reliable. Have transferred to K Bank and SCB in Thailand.

[Alotoftravel]

2 hours ago, fittobethaied said:

recently discovered that I could use Wise.com to transfer USD's to my Foreign Currency Deposit Savings account at Bangkok Bank. Just choose "same currency" USD's to USD's and choose the SWIFT option for the transfer. I sent a low 5 figure transfer for only a $52 fee, and my credit union in the US would have charged me $80 for the same transfer. Had it done within 5 minutes with no hassle at all.

I was discouraged to open a foreign currency deposit at Bangkok bank because of the high fees and paperwork  to withdraw to convert to baht for everyday expenses . Could you please share your experience why a foreign currency deposit has been your choice of account please? What are the advantages Besides having in USA currency?

[Soondae]

16 hours ago, Yellowtail said:

Wise is generally better for small transfers (<$10-15K) but a bank/SWIFT is better for large transfers. 

 

 

Yellowtail is absolutely correct, Wise transfers over $20K have fees higher than the standard $45 for a swift transfer. Also if you choose to do a swift transfer be sure to have the bank send the amount in dollars and not convert prior to send. You will lose out if the US Bank does the exchange.

[The Theory]

8 hours ago, BKKKevin said:

I guess they make money on the exchange rate.

But for the best rate you need to transfer in US$, not in Thai baht. 

[Yellowtail]

42 minutes ago, Alotoftravel said:

I was discouraged to open a foreign currency deposit at Bangkok bank because of the high fees and paperwork  to withdraw to convert to baht for everyday expenses . Could you please share your experience why a foreign currency deposit has been your choice of account please? What are the advantages Besides having in USA currency?

I would like to know as well. 

[Yellowtail]

2 minutes ago, The Theory said:

But for the best rate you need to transfer in US$, not in Thai baht. 

And the receiving Thai bank always calls and has me approve the rate before they do the conversion. Not sure how long they will hold it in dollars though. 

[charleskerins]

19 hours ago, timendres said:

I opened an account with Capital One called the "360 Savings Account". I was able to open that account online from here in Thailand. Now I can use ACH transfers to and from Capital One, and use wire transfers to and from Thailand via the Capital One account. As others have noted, Wise is a popular choice, but I have no experience with Wise. I have been happy with Capital One. The interest paid is slightly better than my other banks, and the online experience is excellent. However, you need to note one thing: for some time now, I have needed to receive a code via SMS (phone call is also possible) to login, and this is only doable for me because I have a Skype account with a US phone number to receive those texts.

Hmmm -I have capitol one    credit card and the 360       good info thanks.

[The Theory]

3 hours ago, Crazy Noobie said:

I had to have an American cell to be able to receive their security code,

Wells Fargo, if you get a RSA device there is no need for US phone. But you need to be at a branch to set your account and it will be shipped to your US address in about 2 weeks. 

Edited December 29, 2023 by The Theory

[Dan O]

16 hours ago, Yellowtail said:

Wise is generally better for small transfers (<$10-15K) but a bank/SWIFT is better for large transfers. 

 

 

Swift Wire transfers are direct bank to bank and always have the international code needed to prove source of transfer. The limits on Swift transfers are higher than WIse or other money transfer sources. Wise only uses 3 banks (Kasikorn, Bangkok Bank or SCB) currently to transfer into Thailand and then if transferred to another Thai bank you lose the international code as its a domestic transfer. Be careful and save yourself some exchange fees using Swift as your bank may rape you of exchange rate. I always just send USD and let the bank here do the exchange and its much better rate.

[Dan O]

34 minutes ago, Soondae said:

Yellowtail is absolutely correct, Wise transfers over $20K have fees higher than the standard $45 for a swift transfer. Also if you choose to do a swift transfer be sure to have the bank send the amount in dollars and not convert prior to send. You will lose out if the US Bank does the exchange.

Most banks only charge $15 or $ 25 for a Swift WIre so if your bank is charging $45 they are abusing you. 

[Jingthing]

3 minutes ago, Dan O said:

Most banks only charge $15 or $ 25 for a Swift WIre so if your bank is charging $45 they are abusing you. 

Yeah I don't like paying 35 but as I only do one or two transfers a year overall not an issue. 

[Jonsin]

22 hours ago, Brn2Trvl said:

Hi all.

I hope to find a USA bank, West coast, Oregon specifically that I can transfer funds to from my existing Credit Union in Oregon and then transfer that money to here in my Thailand, Bangkok Bank savings account.

I have a Credit Union bank account in the usa. I have had many other different bank accounts prio, but only have this one now. 

Question; What is your bank in the USA that does International money transfers to Bangkok Bank and is it difficult and you'd wish you had an easier bank to work with?

Please use bank names in any answer . Thank you and happy holidays.

 

Truist did international wire…no problem 

[Jingthing]

18 minutes ago, Jonsin said:

Truist did international wire…no problem 

What's their policy.

Do you need to register first in a US branch or not?

Online or by phone or what?

[Dan O]

1 hour ago, Jonsin said:

Truist did international wire…no problem 

Truist is a Bank and all banks do Swift Wire Transfers but its the coding that the transaction gets when it arrives that's important. There are a number of ways to transfer money internationally. Not all money movers are banks and may not have the correct international code once they get into Thailand due to the way they transfer money or require extra paperwork to obtain verification and if its for visa requirements then that matters. 

[Dan O]

1 hour ago, Jingthing said:

Yeah I don't like paying 35 but as I only do one or two transfers a year overall not an issue. 

For me its worth the few extra dollars and know that with a Swift Wire Transfer it automatically gets the proper international coding and goes direct bank to bank without any middleman bank

[Soondae]

2 hours ago, Dan O said:

Most banks only charge $15 or $ 25 for a Swift WIre so if your bank is charging $45 they are abusing you. 

$15 is for a domestic wire usually, and $45 is the accepted norm for Swift (international) transfers. Most credit unions these days will not process international wires only domestic. I know people whose pay the $15 domestic wire to BBL NY ACH and what they didn't realize until I pointed it out was that they were getting raped by the BBL ACH to Baht exchange rate. I always do my Swift transfers to SCB as they give the current exchange rate for my dollars transfer to baht and as Yellowtail mentioned, they call you to verify the exchange and rates before progressing.

 

What bank offers a $15 to $25 swift transfer fee?

[Rhys]

Is Western Union still an option?  Good for under 10K?

 

[Yellowtail]

2 hours ago, Dan O said:

Most banks only charge $15 or $ 25 for a Swift WIre so if your bank is charging $45 they are abusing you. 

What bank do you have a personal account with that allows you to make online swift transfer for $15? 

 

 

[BKK57]

I have 90% of my investments at Fidelity Investments (Fidelity.com). Just like a bank you can do Bill Pay and find financial stocks and ETFs that I'm sure pay better than a bank. Fidelity does not charge anything for international wire transfers. Bangkok bank charges roughly 200-300 Baht on receiving a 100,000 baht transfer. It does come in as an international transfers and you can ask Bangkok bank to send an email with a credit advice when they receive the funds. The credit advice shows the amount sent, Bangkok banks fee, and the exchange rate used (which is the TT Buying rate on the Bangkok bank website.) Today, Dec 29, the TT Buying rate is 34.03. Usually comes in next day. Always been very happy with Fidelity.

[likerdup1]

Short answer to the OP's question. Any major US bank ( and a lot of brokerage houses) will do Global Wire Transfers using the swift system. Bangkok Bank Swift Code and account information is all that is needed. My advice is to open a FCA at Bangkok bank. I have both a THB and Dollar account there. I transfer to Baht when I like the days exchange rate (going down lately)  Don't need to mess with Wise as I think this is mainly what the British use.

 

Did anybody Google search it?  Pretty easy issue to handle.

 

https://www.bangkokbank.com/en/Personal/Other-Services/Transfers/Transferring-Into-Thailand/FAQs

Edited December 29, 2023 by likerdup1

[dlclark97]

I assume depending on your account balance, Fidelity Brokerage does international wire transfers at no charge to my Bangkok Bank USD account.  I prefer to have the dollars here to exchange at times the rates are favorable.  The account also earns interest.  Doesn't your credit union do wire transfers overseas?  

[Wrwest]

I retired from the USA to Thailand in 2011. For most of the years I have used the same method to show a monthly transfer of 65,000 baht + from my U.S. bank directly into my Bangkok Bank Account. My U.S. Social Security is deposited directly into my Fidelity bank account. Twice a year I also have my retirement Minimum Required Distribution deposited into my Fidelity bank account. Each month, I direct Wise to make an Electronic Funds Transfer from my Fidelity bank account in the amount of $2200.00 USD and deposit the transfer into my Bangkok Bank Account (arrives in Thai Baht). I always tell Wise that the reason for the fund transfer is for supporting my long stay in Thailand, thus it is deposited directly and the end of the year, when I apply for my Extension of Stay, Bangkok Bank shows the monthly deposits as having come from abroad, as required. Has worked for me without problems.

[Dan O]

6 hours ago, Soondae said:

$15 is for a domestic wire usually, and $45 is the accepted norm for Swift (international) transfers. Most credit unions these days will not process international wires only domestic. I know people whose pay the $15 domestic wire to BBL NY ACH and what they didn't realize until I pointed it out was that they were getting raped by the BBL ACH to Baht exchange rate. I always do my Swift transfers to SCB as they give the current exchange rate for my dollars transfer to baht and as Yellowtail mentioned, they call you to verify the exchange and rates before progressing.

 

What bank offers a $15 to $25 swift transfer fee?

My Wells Fargo bank does swift at $25.  My pioneer acct charges $15. Yes you should never let the bank convert the transfer as tgey charge among tge highest exchange rates 

[Dan O]

6 hours ago, Yellowtail said:

What bank do you have a personal account with that allows you to make online swift transfer for $15? 

 

 

My amundi pioneer acct charges $15. Its a mutual fund tied to bny Mellon bank at $15

[Skeptic7]

On 12/28/2023 at 3:37 PM, timendres said:

I opened an account with Capital One called the "360 Savings Account". I was able to open that account online from here in Thailand. Now I can use ACH transfers to and from Capital One, and use wire transfers to and from Thailand via the Capital One account. As others have noted, Wise is a popular choice, but I have no experience with Wise. I have been happy with Capital One. The interest paid is slightly better than my other banks, and the online experience is excellent. However, you need to note one thing: for some time now, I have needed to receive a code via SMS (phone call is also possible) to login, and this is only doable for me because I have a Skype account with a US phone number to receive those texts.

I've had a CapOne 360 account since they bought out ING Direct (USA) more than a decade ago. To my knowledge, there is no way to do online international transfers. Is there❓

[BKKKevin]

3 hours ago, Wrwest said:

I always tell Wise that the reason for the fund transfer is for supporting my long stay in Thailand, thus it is deposited directly and the end of the year, when I apply for my Extension of Stay, Bangkok Bank shows the monthly deposits as having come from abroad, as required. Has worked for me without problems.

Which transfer destination descriptors will make the transfer a “foreign transfer”

Does Wise guarantee these destinations to appear as foreign transfer?

[Yellowtail]

3 hours ago, Skeptic7 said:

I've had a CapOne 360 account since they bought out ING Direct (USA) more than a decade ago. To my knowledge, there is no way to do online international transfers. Is there❓

You should call them. It might be something you have to have them turn on. 

[kimothai]

On 12/29/2023 at 1:06 AM, timendres said:

 

Now that you ask specifically, I realize that I have only received transfers from Thailand to the CapitalOne 360 account.

My credit union has online provisions to wire money to Thailand, and that is how I transferred to Thailand the previous two times.

I thought I had tested 360 to Thailand, but now realize I never got around to it.

Correct. You cannot initiate an international wire transfer from a Capital One account. Only domestic transfers are allowed. I linked my Capital One to an account that allows international wire transfers. Very easy to do. Been using Capital one (including CC) for about 5 or 6 years. Never a problem.