Etrade Brokerage For Money Transfers From The Usa

[Jingthing]

Consider this the opposite of a whinge.

I highly suggest US people (you need a US address) open an etrade brokerage account (as opposed to an etrade bank account) if you need to do money transfers to your Thai bank account.

It is so easy and efficient.

All you have to do is:

logon to your etrade account

request a security code which goes to your email address on record

create a wire record (enter the SWIFT code of your Thai bank, it will show up on a pull down list for you to confirm)

enter the amount, limited time security code, and your account number

Voila, it it is sent the same business day if you enter it early enough in the day

I think subsequent transfers are even easier because you create a nickname for your wiring pattern, and the next time you just select that nickname (no need to reeenter SWIFT and Thai account number).

Fee is a mere 25 dollars which is much less than most US banks.

Note: if the Thai bank account has a different name than your etrade account, you cannot use this online method (but there is a fax method you can use). However, it is no problem if your middle name (whether you use initial or spell it out) is handled a little different (for example on my etrade account it is initial only, on my Thai account, it is spelled out).

I know there are alot of alternatives for wiring, maybe etrade is not the best, but it is dam_n good. Thank you etrade.

BTW, forget Wachovia Bank. They only give you a password good for a few years! After that you have to start over by visiting a branch in the US.

Edited May 6, 2008 by Jingthing

[lannarebirth]

Interactive Brokers even better. One free transfer per 30 day period. Each additional transfer in that period $USD 10.

[Jingthing]

Interactive Brokers even better. One free transfer per 30 day period. Each additional transfer in that period $USD 10.

Incomplete info there really. They have a substantial required minumum. Very different from etrade (much less money to open, and as far as I can tell no real required minimums)! It would be good if you want to use them for your brokerage services, but I use another firm for that. I have etrade for the transfer facility only.

Interactive Brokers

Individuals, Trading Group Masters, and Broker Masters USD 10,000 (or USD equivalent)

Edited May 6, 2008 by Jingthing

[jonniebkk]

Citibank online banking is all set-up to do just about every kind of banking transaction you could imagine, including all sorts of inter-bank, international wire transfers, recurring transfers, etc. I have my set to automatically wire to my BB savings account a set amount of $ every month. Don't have to do a thing after the initial set-up.

Best part is it's free (Citigold account holder). Otherwise, I think the charge is $ 20 per transfer.

Edited May 6, 2008 by jonniebkk

[Jingthing]

I do like etrade, but being a proudly paranoid person I like to have at least one backup in case things sour at a particular bank. For example, I had thought Wachovia would work for me, but since I found out their repetitive wire agreement passwords only work for a few years, I plan on closing my account with them (they don't do online). So I am looking for another no cost (for maintenance of account) or low cost alternative to do online transfers. So far all I can find like that is citibank. Their basic accesss account (no checks) costs 3 dollars per month in fees but is free if you have direct deposit (I don't). Any other options out there like citibank?

[Rainmon]

Citibank online banking is all set-up to do just about every kind of banking transaction you could imagine, including all sorts of inter-bank, international wire transfers, recurring transfers, etc. I have my set to automatically wire to my BB savings account a set amount of $ every month. Don't have to do a thing after the initial set-up.

Best part is it's free (Citigold account holder). Otherwise, I think the charge is $ 20 per transfer.

looked on the citibank site today, states: Citibank® Global Transfers are temporarily unavailable online.

wonder if they have shut it down for some reason... it would sure be nice to find a way to transfer funds to my BB and or SBC accounts easily and cost efficent online!

[jmac]

wonder if they have shut it down for some reason... it would sure be nice to find a way to transfer funds to my BB and or SBC accounts easily and cost efficent online!

You can xfer to Bangkok Bank NYC, which will then flow to your account in Thailand. Google BB NYC they have current instructions. This is a us xfer so there is little or no cost.

[Jingthing]

wonder if they have shut it down for some reason... it would sure be nice to find a way to transfer funds to my BB and or SBC accounts easily and cost efficent online!

You can xfer to Bangkok Bank NYC, which will then flow to your account in Thailand. Google BB NYC they have current instructions. This is a us xfer so there is little or no cost.

Can you open a Bangkok Bank NYC account on the net, or do you have visit them in New York?

Regarding, citibank global transfers, it would be reasonable to assume they are/were just down temporarily.

Note to people opening citibank access accounts: they do require that you fax them or mail them one item of proof of US idenitity: utility bill, credit card statement, valid driver's license, other bank statement.

I still want to stress how excellent etrade brokerage is for expat purposes. And given that they are so big and successful, they are likely to stay in business, unlike other "internet" banks.

Edited May 11, 2008 by Jingthing

[streetlite]

Citibank charges $30 for international transfers.

[Kaojai]

You can xfer to Bangkok Bank NYC, which will then flow to your account in Thailand. Google BB NYC they have current instructions. This is a us xfer so there is little or no cost.

Yes, this is what I do, too. My US bank or broker will transfer the money to Bangkok Bank NYC, using my Bangkok Bank account number. As far as my US bank or broker is concerned, it's a domestic transfer, so (at least with my broker) there's no charge.

The money appears in my Bangkok Bank account the next day and, as far as I can figure, Bangkok Bank charges something minimal for the transaction since it's just a branch deposit and it doesn't seem to attract the higher charge that a dollar deposit would if made within Thailand... and it is entered as a foreign deposit when it comes time to get the manager's letter for Immigrations and the annual retirement visa renewal.

Edited May 11, 2008 by Kaojai

[ronz28]

Washington Mutual (WAMU) has not charged us for international transfers on our end but the receiving banks in Thailand seem to take a larger than advertised cut. Still its the cheapest transfer we do from the US. We usually keep less than $500 in that account and no other accounts at that bank for fraud prevention purposes but we have had no problems. The only unusual thing is if we deposit a check it takes a week to clear and get access to the money so when we want to send money we pull cash from another bank and bring the dollars to WAMU and then we can do an instant transfer. They are one of the banks in distress so I hope they don't eliminate this service as a cost cutting move.

[Kaojai]

Can you open a Bangkok Bank NYC account on the net, or do you have visit them in New York?

The New York office is just another branch of Bangkok Bank. You open an account in Thailand and you use that same account number whether you're using a Bangkok Bank branch in Pattaya, Bangkok, Chiang Mai or New York.

The day following the US $ deposit in New York, you can get your passbook updated at the Bangkok Bank branch you use in Thailand and the deposit will be shown in Baht.

Edited May 11, 2008 by Kaojai

[Jingthing]

Washington Mutual (WAMU) has not charged us for international transfers on our end but the receiving banks in Thailand seem to take a larger than advertised cut. Still its the cheapest transfer we do from the US. We usually keep less than $500 in that account and no other accounts at that bank for fraud prevention purposes but we have had no problems. The only unusual thing is if we deposit a check it takes a week to clear and get access to the money so when we want to send money we pull cash from another bank and bring the dollars to WAMU and then we can do an instant transfer. They are one of the banks in distress so I hope they don't eliminate this service as a cost cutting move.

?????

Does WAMU do remote wires now? Just a few years ago, WAMU offered NO international SWIFT WIRE service whatsoever unless you physically showed up at one of their USA branches for each and every wire. And, no, I am not talking about the initial setup of a wiring agreement which is indeed a typical requirement for most US banks. Are you talking about some other kind of transfer?

BTW, that Bangkok Bank scheme sounds too good to be true. Surely there must be a catch? I already have my Thai bank accounts squared away and don't want to mess with it, but a great tip for people getting set up now.

Edited May 11, 2008 by Jingthing

[ronz28]

We live in the US and make occasional transfers to Thailand so we do appear in a WAMU branch to make the transfer. I haven't tried to do a remote transfer so I guess that doesn't work with them.

[Jingthing]

We live in the US and make occasional transfers to Thailand so we do appear in a WAMU branch to make the transfer. I haven't tried to do a remote transfer so I guess that doesn't work with them.

Thanks for the clarification. For expats, WAMU is about the worse choice of bank you could possibly make.

[DrDave]

Does WAMU do remote wires now? Just a few years ago, WAMU offered NO international SWIFT WIRE service whatsoever unless you physically showed up at one of their USA branches for each and every wire. And, no, I am not talking about the initial setup of a wiring agreement which is indeed a typical requirement for most US banks. Are you talking about some other kind of transfer?

BTW, that Bangkok Bank scheme sounds too good to be true. Surely there must be a catch? I already have my Thai bank accounts squared away and don't want to mess with it, but a great tip for people getting set up now.

I also use E*Trade for just about everything, including web-initiated wire transfers to my accounts in Thailand.

I use an account at Wells Fargo to handle the situations where I need to wire money to an account that is not in my name (by phone), since E*Trade cannot do this.

I was getting fed up with all the fees imposed by Wells Fargo, so opened a new account at WAMU a couple of months ago, where they have "free" wire transfers. I specifically asked if I could do a web or phone initiated transfer, and was told that I must personally appear in a branch office, so it looks like I need to keep my Wells Fargo account for as long as I need to wire money into accounts that I don't own when I'm in Thailand.

[jonniebkk]

I still want to stress how excellent etrade brokerage is for expat purposes. And given that they are so big and successful, they are likely to stay in business, unlike other "internet" banks.

Actually Jing...E*Trade is on very shaky financial ground. Contrary to most peoples impression (and their own marketing), they are much more of an bank (and more specifically an investment bank ala Bear Stearns) in that they heavily invested in the various mortgage market securities and suffered very heavy losses as a result for the past few quarters. In fact, there has been considerable doubt about their existence as a going concern. These loses surprised many of their customers who thought they were primarily a discount/internet brokerage operation. The current management has vowed to get out of the mortgage market and focus on the brokerage operations in the future. However, they still may have to merge with another company like TD Waterhouse or Ameritrade in the future.

However, if you have accounts there, in general you have nothing to worry about as funds are covered up to $500K by the SIPC and of course, securities held in brokerage accounts still remain in the name of the account holder and cannot be pledged by the brokerage as collateral for the firm's own borrowings and investments. (Which is not the case in Australia I recently found out...and many brokerage account holders there have lost substantial amounts of money in their brokerage accounts because of this!)

Edited May 12, 2008 by jonniebkk

[Rainmon]

wonder if they have shut it down for some reason... it would sure be nice to find a way to transfer funds to my BB and or SBC accounts easily and cost efficent online!

You can xfer to Bangkok Bank NYC, which will then flow to your account in Thailand. Google BB NYC they have current instructions. This is a us xfer so there is little or no cost.

Can you open a Bangkok Bank NYC account on the net, or do you have visit them in New York?

Regarding, citibank global transfers, it would be reasonable to assume they are/were just down temporarily.

Note to people opening citibank access accounts: they do require that you fax them or mail them one item of proof of US idenitity: utility bill, credit card statement, valid driver's license, other bank statement.

I still want to stress how excellent etrade brokerage is for expat purposes. And given that they are so big and successful, they are likely to stay in business, unlike other "internet" banks.

Great idea, I just sent up a link between my usa bank ACH free interbank transfer to BB, should work, my USA bank accepted the BB acct number and routing number on their system (most online banks and brokers offer this ACH transfer service free), here is the BB link for routing number and info...

You can initiate the transaction via the internet banking service linked to your US bank account. In general, the process to complete this is as follows:

- Go to the Domestic Interbank Transfer menu*

- Go to the Inter Institution Transfers option

- Select Bangkok Bank’s New York branch as the recipient bank

- Enter the 9-digit routing number of Bangkok Bank’s New York branch as 026008691

- Enter the bank name as Bangkok Bank, New York branch

- Enter the 10-digit account number of the recipient with an account at Bangkok Bank in

Thailand**

- Enter the name of the recipient account in Thailand, if required.

[Naam]

I still want to stress how excellent etrade brokerage is for expat purposes. And given that they are so big and successful, they are likely to stay in business, unlike other "internet" banks.

Actually Jing...E*Trade is on very shaky financial ground...

and anyone who trusts e*trade with more than a hundred dollars has not done his/her homework during the last six months.

[Naam]

You can initiate the transaction via the internet banking service linked to your US bank account. In general, the process to complete this is as follows:

- Go to the Domestic Interbank Transfer menu*

- Go to the Inter Institution Transfers option

- Select Bangkok Bank’s New York branch as the recipient bank

- Enter the 9-digit routing number of Bangkok Bank’s New York branch as 026008691

- Enter the bank name as Bangkok Bank, New York branch

- Enter the 10-digit account number of the recipient with an account at Bangkok Bank in

Thailand**

- Enter the name of the recipient account in Thailand, if required.

i initiate a transfer by calling my banker and tell him "please transfer x-amount USD or EUR to my account in Thailand".

[Naam]

securities held in brokerage accounts still remain in the name of the account holder and cannot be pledged by the brokerage as collateral for the firm's own borrowings and investments..

kind regards from REFCO!

[Kaojai]

Consider this the opposite of a whinge.

I highly suggest US people (you need a US address) open an etrade brokerage account

You might want to take a look at E*Trade's stock price to see the level of confidence the market puts in the business. Warning, sensitive viewers might find this distrubing. http://finance.yahoo.com/q/bc?s=ETFC&t...&q=l&c=

BTW, that Bangkok Bank scheme sounds too good to be true. Surely there must be a catch? I already have my Thai bank accounts squared away and don't want to mess with it, but a great tip for people getting set up now.

It's not a "scheme," You're making a deposit in a branch of Bangkok Bank. Other Thai banks have branches in the US as well. You tell your US bank to transfer money to your account at Bangkok Bank in New York, just as you would tell them to transfer money to your account at any US bank.

Dr. Thaweelap Rittapirom, SVP, Branch Manager

Bangkok Bank PCL New York Branch

29 Broadway, 20th Floor, New York

NY 10006

Tel: (1-212) 422-8200

Fax: (1-212) 422-0728

Swift: BKKB US 33

Telex:(023) 175459 BKBK UT

E-mail: [email protected]

FED Routing No: 026008691

CHIPS ABA: 0869

There's the routing number and the American Bankers Assoc. number.

I've been doing it for several years and there hasn't been any occasion when it didn't work like clockwork.

Edited May 12, 2008 by Kaojai

[Jingthing]

Thanks for the heads up about etrade's troubles. Another reason why it is always a good idea to have at least one backup. Citibank looks pretty good.

[jonniebkk]

You can initiate the transaction via the internet banking service linked to your US bank account. In general, the process to complete this is as follows:

- Go to the Domestic Interbank Transfer menu*

- Go to the Inter Institution Transfers option

- Select Bangkok Bank’s New York branch as the recipient bank

- Enter the 9-digit routing number of Bangkok Bank’s New York branch as 026008691

- Enter the bank name as Bangkok Bank, New York branch

- Enter the 10-digit account number of the recipient with an account at Bangkok Bank in

Thailand**

- Enter the name of the recipient account in Thailand, if required.

Does anyone know if this process would work in reverse? If one could online or at branch request a transfer from a BB account based in Thailand to the branch in New York (assuming one had set-up such an account previously).

Also, has anyone had success using their Thai BB ATM card to withdraw funds at foreign ATMs or at the NYC branch itself? At the NYC BB office, is there a ATM? Can one gain access to their Thailand branch funds through this ATM?

[Maestro]

...E*Trade...may have to merge with another company like TD Waterhouse or Ameritrade in the future.

TD Waterhouse and Ameritrade merged in 2006 and the new company is now called TD Ameritrade.

Source: http://www.securitiesindustry.com/news/16750-1.html

---

Maestro

[sfokevin]

...E*Trade...may have to merge with another company like TD Waterhouse or Ameritrade in the future.

TD Waterhouse and Ameritrade merged in 2006 and the new company is now called TD Ameritrade.

Source: http://www.securitiesindustry.com/news/16750-1.html

---

Maestro

E*TD Ameritrade...

[Jingthing]

Etrade is no longer excellent!

They have CANCELED their online transfers from the brokerage accounts.

They now require a MAILED signed instruction letter and photo ID copy, no faxes.

Not sure about bank wires (already no online service on that).

US bank wire transfers to Thailand FROM Thailand, is this getting harder for people at other banks also?

[lannarebirth]

Etrade is trading today about 25% lower than yesterdays high FWIW.