Etrade Bank Cancels Online Money Transfers

[Jingthing]

OK, for those US people doing international transfers from etrade brokerage to their Thai bank account online, there is a new, lousy, policy.

Even though their web page still supports online international transfers (and if you have a wiring history, your old wiring instruction nickname will still be there) it will no longer work! Fairly recently, they have changed their policy and CANCELED THIS SERVICE.

They now require:

Copy of valid US drivers license

written letter with wiring instructions for each wire

This assumes they have a US address residential identity for you (without which you can't open a US based etrade account in the first place).

Warning to future expats from the US depending on wires: make agreements with MULTIPLE banks, and also set up ways to flow the money between your accounts. Otherwise, you may be caught with your pants down.

Edited July 24, 2008 by Jingthing

[Jingthing]

I wanted to add a detail to this.

I was clearly told FAXES are not acceptable. Only posted mail with original document signatures.

One thing I would like to know is whether this new bad policy also applies to etrade BANK accounts.

They still show a PDF form online that supposedly you can FAX to them.

Given their web page is completely out of date as to their new policy for wires from their BROKERAGE accounts, I wouldn't be surprised if the same new policies apply to bank accounts. For the bank accounts, they never did offer online international wires, only the brokerage.

Edited July 24, 2008 by Jingthing

[Naam]

why deal with clowns instead of a 'real' bank?

[Jingthing]

why deal with clowns instead of a 'real' bank?

Because before they did offer online international transfers (for 25 dollars). Just posted to let people know they have canceled this service.

[Naam]

why deal with clowns instead of a 'real' bank?

Because before they did offer online international transfers (for 25 dollars). Just posted to let people know they have canceled this service.

i pay CHF 25 ($24) for any transfer. real bank, amount irrelevant, Americans not accepted as clients

[lannarebirth]

why deal with clowns instead of a 'real' bank?

Because before they did offer online international transfers (for 25 dollars). Just posted to let people know they have canceled this service.

i pay CHF 25 ($24) for any transfer. real bank, amount irrelevant, Americans not accepted as clients

Sure they are.

[Jingthing]

Anyway, the topic is for US etrade brokerage and US etrade brokerage current and potential customers. Many people here are interested in ease of money transfers to Thailand. It isn't always easy, especially when the rules and policies are a moving target.

Financial institutions in the US offering ONLINE SWIFT transfers for US clients are thin on the ground, and now we have lost another one.

Those of us on some visa classes, such as retirement extensions, depend on these transfers to maintain our status here in Thailand, so these issues are not as trivial as how much one bank or another charges for a SWIFT transfer.

Edited July 25, 2008 by Jingthing

[vagabond48]

Although I live here, I hadn't planned on doing any money wiring, as ATM withdrawals have been working fine for me but I will do my homework to see what is involved in getting my money wired when I need lots of cash real fast.

Thank Jingthing.

Btw, I also have an etrade account but only keep $1 in their MM saving account. I didn't know they "had" online international wire.

[Jingthing]

Although I live here, I hadn't planned on doing any money wiring, as ATM withdrawals have been working fine for me but I will do my homework to see what is involved in getting my money wired when I need lots of cash real fast.

Thank Jingthing.

Btw, I also have an etrade account but only keep $1 in their MM saving account. I didn't know they "had" online international wire.

etrade is both a bank and a brokerage. Many of their customers have both types of accounts (linked), The online was only for the brokerage side. It still appears to be functional online as they have not updated their website to reflect their new restricted policy. When I get around to finding out if etrade has also canceled their FAXING wires option for the banking side (I suspect they have) I will try to post it here.

Edited July 25, 2008 by Jingthing

[Naam]

why deal with clowns instead of a 'real' bank?

Because before they did offer online international transfers (for 25 dollars). Just posted to let people know they have canceled this service.

i pay CHF 25 ($24) for any transfer. real bank, amount irrelevant, Americans not accepted as clients

Sure they are.

not anymore LRB! old clients are 'grandfathered' but read my lips "NO NEW CLIENTS who are US-citizens or US-persons in CH-banks outside the Greatest Nation on Earth™!" i tried my best, even used considerable pressure, that one of the fellow TV-members is accepted by my bank in Singapore but nothing doing. reason: present status of IRS>Federal Judge Miami>UBS>Swiss Government.

[Naam]

Those of us on some visa classes, such as retirement extensions, depend on these transfers to maintain our status here in Thailand, so these issues are not as trivial as how much one bank or another charges for a SWIFT transfer.

it takes one transfer of THB 800k p.a., why worry about SWIFT charges?

[Jingthing]

Those of us on some visa classes, such as retirement extensions, depend on these transfers to maintain our status here in Thailand, so these issues are not as trivial as how much one bank or another charges for a SWIFT transfer.

it takes one transfer of THB 800k p.a., why worry about SWIFT charges?

I am not. Didn't I make that clear enough?

[gk10002000]

I have been with Etrade bank and brokerage for 8 years now. In general they are OK. However, lately their money operations are becoming a pain. They no longer accept Money Order checks for deposit! In addition, they no longer accept Wire Transfers from Western Union! They have other limitations that probably would not make them the best overseas to US banking firm. I pasted the check deposit policy and wire transfer policy below from their website. Obviously I would double and triple check this, since as I said, they DO NOT accept wire transfers from Western Union according to the ETrade Rep I spoke with, even though that is not listed as being prohibited.

We cannot accept:

Cash (except in-person at the Arlington bank branch)

Traveler's checks

Money orders

Temporary checks

Starter checks

Checks issued more than six months ago

Checks not payable to E*TRADE Bank or E*TRADE Clearing, or their respective account holders

Post-dated checks

Credit card checks

Loan checks

Unsigned checks

Incomplete checks

Foreign currency checks

Checks drawn on non-U.S. institutions

3rd party checks

Counter checks are not accepted (by E*TRADE Bank only)

Altered checks (white-out, revised amounts, etc

*************************** To Wire Money

Wire money into my account

--------------------------------------------------------------------------------

It's fast and easy to wire money into your account from another institution. Below, you'll find separate instructions for wiring money to your bank and brokerage accounts.

To wire money to your E*TRADE Bank account:

Contact your other financial institution and ask them to wire funds to your E*TRADE Bank account, or print out and complete our incoming wire form.

Provide your other financial institution with:

The amount you want to wire

The receiving institution information:

E*TRADE Bank

P.O. Box 1542

Merrifield, VA 22116-1542

ABA transit routing number 256072691

Account number (if a new account, use your social security number instead)

Social security number of the primary account holder

The name, address, and phone number of the primary account holder

Account type and term (one-year CD, money market, etc.)

To wire money to your E*TRADE Securities account:

Ask your other financial institution to wire the funds to E*TRADE Securities:

Provide them with:

If your financial institution is located in the United States:

The amount you want to wire

The receiving institution information:

E*TRADE Clearing

P.O. Box 1542

Merrifield, VA 22116

ABA transit routing number 056073573

Your eight-digit E*TRADE Securities account number

Your name and address

If your financial institution is located outside the United States:

The amount you want to wire in U.S. dollars

The receiving institution information:

The Bank of New York

One Wall Street

New York, NY 10286

Swift Code: irvtus3n

FBO: E*TRADE Securities

Account Number: 890 034 6256

Your eight-digit E*TRADE Securities account number (add the letters "ET" before your account number, for example ET12345678)

Your name and address

Check your account the next business day to verify that the funds have been received. If your institution included your account number and the wire was received before 6 p.m. ET the previous business day, the funds should be in your account.

[Naam]

Those of us on some visa classes, such as retirement extensions, depend on these transfers to maintain our status here in Thailand, so these issues are not as trivial as how much one bank or another charges for a SWIFT transfer.

it takes one transfer of THB 800k p.a., why worry about SWIFT charges?

I am not. Didn't I make that clear enough?

no, you didn't. could it be that i need reading glasses? or does "us" not include you?

[desktop]

Been with Etrade over 10 years. Just had an IRS refund check rejected for deposit into my bank account. (Measly $200). Deposit slip note indicated a 3rd party check as reason for reject. The refund was made out to my Thai wife and me. We both signed it, but the bank account is in my name only.

Did not have this problem last year when sending in the refund check.

I am transferring $ to Fidelity for consolidation purposes and to bring my Etrade banks accounts to < $100,000 since I read they may be headed for bankruptcy.

[Jingthing]

I checked bankrate.com and the way I read it, their bank is not really in trouble. However, US people if you don't know this already, if you have over 100K USD in any US bank, you would be wise to move that excess over 100K somewhere else. More banks are definitely going to go under, it may be yours.

Edited July 27, 2008 by Jingthing

[Kaojai]

why deal with clowns instead of a 'real' bank?

Because before they did offer online international transfers (for 25 dollars). Just posted to let people know they have canceled this service.

And my US bank transfers any amount I want to the New York branch of my Thai bank for $0, but for some reason you find that process to be suspicious because it's simple ...

It isn't always easy, especially when the rules and policies are a moving target

and then you complain that the more complicated process you insist on using is ... um ... more complicated.

[egg6447]

to arrive at my age to find ive no/little idea what all the fuss is about. my stomach juices are kicking in. never considered myself to be a financial wizard but after all these years of getting by, with all kinds of scams and deals, i never have the probs that some of you are complaining about . am i being robbed?. would i be clever enough to realize ?. are my fee,s to high. would i know?. i used to be indecisive but now im not so sure. no wonder my ulser,s playing up. just simplify it.

[Jingthing]

why deal with clowns instead of a 'real' bank?

Because before they did offer online international transfers (for 25 dollars). Just posted to let people know they have canceled this service.

And my US bank transfers any amount I want to the New York branch of my Thai bank for $0, but for some reason you find that process to be suspicious because it's simple ...

It isn't always easy, especially when the rules and policies are a moving target

and then you complain that the more complicated process you insist on using is ... um ... more complicated.

You will really have to refresh my memory of exactly what you are talking about. Specifics please. Thanks so much.

[Gumballl]

Open a bank account with Bangkok Bank here in LOS. Then for E-trade (or other bank transfers in the US), transfer the monies to the NYC branch office of Bangkok Bank. It is considered a domestic transfer, not international. I think Kaojai was hinting at this simple, non-complicated way of transferring funds around.

[Jingthing]

Open a bank account with Bangkok Bank here in LOS. Then for E-trade (or other bank transfers in the US), transfer the monies to the NYC branch office of Bangkok Bank. It is considered a domestic transfer, not international. I think Kaojai was hinting at this simple, non-complicated way of transferring funds around.

OK, I remember that now. I also remember some people saying that DOES NOT ALWAYS WORK. The last thing I need is another method that will stop working. Consider how homeland security is tightening on these things and the banks are responding. How long do you think that loophole method of bypassing SWIFT will last? I would bet it will not. Homeland security wants to know about all international SWIFT transfers, give them time to fill in all the loopholes.

Edited July 27, 2008 by Jingthing

[lannarebirth]

Hi Jingthing,

How often do you make Intl wire transfers?

[Gumballl]

Open a bank account with Bangkok Bank here in LOS. Then for E-trade (or other bank transfers in the US), transfer the monies to the NYC branch office of Bangkok Bank. It is considered a domestic transfer, not international. I think Kaojai was hinting at this simple, non-complicated way of transferring funds around.

OK, I remember that now. I also remember some people saying that DOES NOT ALWAYS WORK. The last thing I need is another method that will stop working. Consider how homeland security is tightening on these things and the banks are responding. How long do you think that loophole method of bypassing SWIFT will last? I would bet it will not. Homeland security wants to know about all international SWIFT transfers, give them time to fill in all the loopholes.

Probably tomorrow... wait, no next week. For sure!

C'mon, I've been doing transfers for over 2 years, and I've never had any problems. Worrying about whether DHS will change policies is like worrying about the sky falling. Furthermore, what makes you think the DHS, or the IRS, or the NSA don't already know about the transfers? And if they do, who cares? Are you trying to hide something? Are you not reporting your financial gains to the IRS???

Anyhow, an alternative you can consider is to hire a mule to hand-carry your money transfers right to your door-step. Undoubtedly there will be a fee for such service.

[Jingthing]

Not trying to hide a thing. People are so accusatory here, it is incredible.

The point is banks are tightening on transfers and they are being pressured to do so by Homeland Security. I think that probably explains the etrade change, and I expect citibank might be next, if they haven't already canceled their online SWIFT service.

As far as the Bangkok Bank scheme, I do believe I have read reports here on tv of such transactions that have indeed been BLOCKED. I am too lazy to look these up, but that is my recollection.

In any event, it is a trick, and I would bet good money it does not last. In my view, people would be foolish indeed to rely on that method to work reliably LONG TERM. They had best set up a backup method, because sorry, that is fishy. It is not a domestic transfer.

Fees don't concern me. Reliability and not having to travel back to the US to effect transfers does. I need these transfers to be legit and show up clearly in my Thai bank book for immigration visa purposes, as do lots of oither people.

Yes, Homeland Security does know about ALL SWIFT transfers. I don't think they would be pleased with people evading the SWIFT system. I think the BB situation is a short term glitch. My opinion, you are welcome to yours.

Edited July 27, 2008 by Jingthing

[vagabond48]

I haven't needed to do a wire here so far but I will investigate the means because it may be possible that I may need an large sum of money in an emergency that the ATM machines may no help even with my 3 cards.

I have been on "1 year type O" visas for the past 2 years but in a few months I will be applying for a visa extension and my way of bypassing the yearly wire transfers is to show proof of monthly income of 65k baht (not a pension) earned in my US financial institutions which does not have to be not be wired to a Thai bank (as of the current rules). I also realize, not everyone can show this type of proof, monthly income or pension, so those folks may need to wire the necessary funds yearly.

[Jingthing]

Update on etrade brokerage transfers. There is STILL nothing on their website indicating they no longer will do international SWIFT wire transfers online. They let you go through the process by requesting a security code. I don't want to do another test wire to see it canceled again and I don't really trust calling their customer service, so I am posting to ask has anyone done a SWIFT ONLINE wire from etrade bank THIS YEAR? Thanks. I am close to closing all biz with etrade because their online wires were the only reason I opened accounts there in the first place. However, if it turns out they are doing online SWIFTs again, I would reconsider.

Cheers.

[Heng]

True, more than a few reports of that BBL-NYC connection being nixed by one's own bank, although for me, they still work. Chase Bank to BBL-NYC. Etrade to Chase Bank. I don't do any large transfers anymore though (typically $5-$10k, usually under $10k), so that may be the key.

[Jingthing]

The online wire from etrade to a Thai bank last year that I put through ONLINE using their security code system was only for 1000 dollars. It was cancelled. When I called the wire department they said they only do SWIFT wires by PAPER forms mailed in even though their website says nothing of the kind. What was annoying was that they let me put the thing through without any warning it was never going to happen.

To clarify, this topic is about etrade BROKERAGE, not etrade bank (which never offered online SWIFTS in the first place).

Edited August 19, 2009 by Jingthing

[dondraper]

why cant u do a domestic bank transfer to bkk ny branch? that costs nothing.

[khunjake]

I would be very weary about depositing any funds with an institution whose stock that trades at under $10/share. E-Trade isn't even a marginable stock anymore for christ sakes!