Can still transfer via Bangkok Bank NY branch?

[TallGuyJohninBKK]

12 hours ago, bamnutsak said:

 

Note that the fee to send USD and have that converted to THB in Thailand is $55. Converting USD to THB at BBL NYC (at a lower rate) results in the fixed/sliding fee schedule.

 

The process looks fairly complicated - judging from the Application for Foreign Remittance.

 

I look forward to some here explaining how they use this transfer method. Do you snail-mail the application form? Or email it?

 

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

 

 

 

I don't know what $55 fee you're referencing above.

 

If someone sends a domestic wire to BKKB NY and they then forward it onward to the accountholder's BKKB account in Thailand, there's no $55 BKKB fee involved.

 

You're talking about the "foreign remittances" method, which is an entirely different deal from sending a domestic wire. When I looked at it originally, their "foreign remittance method was ridiculously complicated and onerous, so I never pursued it or even tried it.

 

Frankly, I've never known anyone who actually used that particular "foreign remittance" method with BKKB NY. And why would they, given that the old domestic ACH method and the still available domestic wire method involving BKKB NY were/are exceptionally inexpensive and easy.

 

 

[TallGuyJohninBKK]

12 hours ago, david_je said:

Sorry basic question, but how do you initiate the domestic wire from a Vanguard brokerage account to BKKB NY using routing number for onward transfer to BKKB account in Bangkok? Have you actually done this and what were fees like? I thought only option was intl wire, and Vanguard Intl Wire Option Form requires a SWIFT code for corresponding bank.

 

 

I don't have a Vanguard account, so I can't speak to their particulars.

 

But both of my other U.S. brokerages offer online access to both domestic and international wire transfers from within their online banking setups.

 

I have done the BKKB NY domestic wire onward to BKKB TH with one of those brokerages in the past, and it was exceptionally easy and uncomplicated. As I mentioned above, for the recipient info, you enter BKKB NY's 9-digit routing number (the same as you would for a regular ACH transfer) and then your BKKB TH account number as the recipient account.

 

When BKKB NY receives a domestic wire like that, they see and can recognize the recipient account number is associated with whatever of their branches in Thailand, and send the funds onward accordingly. There's no need to provide any written instructions to accomplish that.... and frankly, it's probably better to NOT write any such thing. As domestic wires are meant to be DOMESTIC, BKKB NY's workaround notwithstanding.

 

As far as BKKB's fees for that, they were small. I don't remember the exact amounts off-hand, but my general recollection was BKKB NY charges a relatively small handling fee for their end of things, and then BKKB TH charges their typical amount-based wire transfer funds handling fee, as best as I recall, 0.25% capped at 500 baht, AFAIR.

 

 

https://www.bangkokbank.com/en/Personal/Other-Services/Transfers/Transferring-Into-Thailand/Transfer-money-from-US-to-Thailand-via-Bangkok-Bank-NewYork-branch

 

But again, as I mentioned above, it's been a couple of years since I last checked on the domestic wire transfer method, and anyone wanting to pursue it would be well-served to give BKKB NY a phone call and inquire. There used to be one staff lady there who handled all those kinds of transactions and her English was perfectly fine.

 

I don't see any mention of the domestic wire transfer method via BKKB NY on BKKB TH's website -- only IAT or foreign remittance. But that was the case in the past as well, back when I did my domestic wires, shortly after BKKB discontinued their original ACH service via the NY branch.

 

 

[TallGuyJohninBKK]

12 hours ago, david_je said:

Sorry basic question, but how do you initiate the domestic wire from a Vanguard brokerage account to BKKB NY using routing number for onward transfer to BKKB account in Bangkok?

 

From doing some quick searching, it seems that Vanguard doesn't make domestic wires especially easy or visible for their customers, but apparently they can be done...  See the following thread and discussion by Vanguard account holders on the subject:

 

https://www.bogleheads.org/forum/viewtopic.php?t=280847

 

[EVENKEEL]

I've tried twice to do a transfer from my credit union in the US to Bangkok Bank New York and each time the money leaves my US credit union and some days later is sent back.

[bamnutsak]

12 hours ago, david_je said:

Do you use Bangkok Bank NY as correspondent bank for Fidelity transfers to Bangkok Bank in Thailand, same as you did with old ACH system?

 

No.

 

For me, with Fidelity and a standing first-party international transfer order on file, I agree to allow Fidelity to choose the routing instructions. They use CHASUS JPMORGAN Chase Bank N.A. as the sending institution (aka correspondent bank).

 

 

This order, and I have one for my SCB account, is visible in my outbound transfer options, but I cannot execute such a transfer. I must call in the order each month. This may be related to some Dodd-Frank regulations?

 

 

 

 

 

 

[bamnutsak]

11 hours ago, TallGuyJohninBKK said:

https://www.bangkokbank.com/en/Personal/Other-Services/Transfers/Transferring-Into-Thailand/Transfer-money-from-US-to-Thailand-via-Bangkok-Bank-NewYork-branch

 

I think that page/chart is using the 

 

via US ACH system and Bangkok Bank's New York branch, using the IAT (International ACH Transaction) Format 

 

which remains unavailable for individuals.

 

Notes from that page...

 

Bangkok Bank, New York Branch, is required to receive the ACH transactions in the required IAT format.

 

As some bank in U.S. may not provide the International ACH thorough their internet banking, please contact your bank on how to process your transfer.

 

 

11 hours ago, TallGuyJohninBKK said:

I don't see any mention of the domestic wire transfer method via BKKB NY on BKKB TH's website -- only IAT or foreign remittance.

 

I think this old method was eliminated April 2019.

 

Again from the page link you provided...

 

With effective from April 1, 2019, New York branch only process ACH with appropriate IAT format and all non-IAT transactions will be returned.       

 

11 hours ago, TallGuyJohninBKK said:

I don't know what $55 fee you're referencing above.

 

That is using the Foreign Remittance method, and sending USD to BBL THL.

 

 

[bamnutsak]

2 hours ago, EVENKEEL said:

I've tried twice to do a transfer from my credit union in the US to Bangkok Bank New York and each time the money leaves my US credit union and some days later is sent back.

 

My guess is that this option is no longer available.

 

That seems to be the general consensus here.

 

With effective from April 1, 2019, New York branch only process ACH with appropriate IAT format and all non-IAT transactions will be returned.       

 

 

 

[fceligoj]

No.  Since they are only a corresponding branch, the really did not do it before.  They are considered by the US Banking establishment as a "wholesale bank",  But since at that time they had the ability to transfer by the ACH function, they provided that service.  The US then changed the rules and required all international transfers to be done by a different method (more secure) and Bangkok Bank and your US bank could not process any more transfers.

 

Using WISE or another ITF service, or your US Bank's international transfers are the only means now.  Using the US Bank's means of transfer, US funds are sent and then the Thai bank does the currency exchange which means you get a terrible exchange rate plus a service charge by the Thai bank. 

 

There hve been many threads on this Forum that consider all these issues.