Swift Transfers Over Net Us To Thailand

[Thaiquila]

Here is the desired scenario, but I don't know of any US bank that allows this:

US bank account with internet banking set up

Thai bank account (with or without internet banking set up)

Log on to US bank account from Thailand and transfer (large amounts) from US bank account to Thai bank account via swift system.

Purpose: to transfer money in from abroad for visa qualification purposes.

I realize there are other more manual ways of initiating a swift transfer from abroad, but it would sure be nice to be able to do it all online. I have heard there are UK and offshore accounts that do this, but these technically are not supposed to be for Americans.

Any bright ideas?

[mouse]

Go to http://www.globalcu.org/index.asp and if you qualify as a retired military are a Washington state resident or have a family memebr that is then you are eligable to join and will have exactly what you described.

[caughtintheact]

and if you qualify as a retired military

I just looked at the online application requirements, and the above statement should be modified to read, "Retired Military affiliated with Fairchild AFB, Aviano AFB, Camp Ederle, Vicenza or Camp Darby, Tirrenia"

http://www.globalcu.org/membership/memberapp.asp

In other words, not all military retirees.

[Indo-Siam]

Thaiquila - I think you are going to discover that new requirements under the PATRIOT Act for international wire transfers into or out of the USA may prevent you from attaining the freedom you want. I don't know all the details, but I know that I must now provide more information about the identity of wire transfer recipients than I used to. Maybe if you are sending money to yourself, it is not an issue.

Good luck!

Indo-Siam

[thaihome]

I think we had a similar discussion a few months ago, but anyway:

First Internet Bank

I set-up the account via internet/fax. They require a verifiably US address (some sort correspondence like bank/credit card statement with your name and address).

I fax request followed up with e-mail confirmation to send money via SWIFT. I have sent money to Singapore, Malaysia, and several Thai bank accounts, only one of which is in my name. Not sure what you mean by large transfers, but I have sent, in the last 6 months, to my Thai account up to USD 8,000 in one transaction with no problem.

TH

[lopburi3]

I realize there are other more manual ways of initiating a swift transfer from abroad, but it would sure be nice to be able to do it all online. I have heard there are UK and offshore accounts that do this, but these technically are not supposed to be for Americans.

Any bright ideas?

Live within the system and use fax or phone until major banks are satisfied that on-line is secure enough. Most of us have less than great computer security, both electronic and physical.

It has never taken me more than five minutes phone call even with holds for paperwork locating so at 7 baht a minute is not that costly. And I do hate phones!

[Thaiquila]

Thanks for the information.

I am not military so cannot benefit from the military specific idea.

Yeah, sure, phone and fax will do in a pinch, and I'll have a look at First Internet Bank.

Yes, I can appreciate what you are saying about online security too, a real problem these days.

As far as the "patriot" act is concerned, the only info I could find out about this (unclear info) is that any transaction over 10,000 USD is reportable to homeland security. Is that really true? I am not sure that it is a big concern unless you are one of the bad guys, but having big brother pry into your private financial affairs is rather creepy. Are people making a point of keeping wire transfers under 10,000 to avoid any unwanted attention?

[lopburi3]

Thanks for the information.

I am not military so cannot benefit from the military specific idea.

Yeah, sure, phone and fax will do in a pinch, and I'll have a look at First Internet Bank.

Yes, I can appreciate what you are saying about online security too, a real problem these days.

As far as the "patriot" act is concerned, the only info I could find out about this (unclear info) is that any transaction over 10,000 USD is reportable to homeland security. Is that really true? I am not sure that it is a big concern unless you are one of the bad guys, but having big brother pry into your private financial affairs is rather creepy. Are people making a point of keeping wire transfers under 10,000 to avoid any unwanted attention?

I believe $10k and above has always required special paperwork by the banks involved; just as we have to report any 10k foreign account to Treasury Department each year. In South Florida the reporting trigger was much lower than 10k as I recall; and that was long before Homeland Security.

I make it a point to keep transfers at 9k or below but probably the large fee for wire transfer would include the extra paperwork of larger amount. But don't have a need to find out.