Lowest Cost Correspondent Bank For Bangkok Bank

[MattFS218]

I'm trying to transfer money to my Bangkok Bank account from my professional brokerage account in the states. They give me 1 free wire transfer a month. I entered Bangkok Bank's SWIFT code, and it asked me which Correspondent Bank did they want me to send the money through.

I've read in other posts (and on BKK Bank's website) that the Bangkok Bank in New York charges up to $20 per wire transfer, in addition to the .25% charges on the Thailand end (min 200, max 500 baht). Is this the case only for ACH transfers or any foreign transfers (SWIFT-based) using Bangkok Bank in New York as an intermediary (with Bangkok Bank Thailand)?

The other choices are Wachovia, JP Morgan, Citi, American Express, The Bank of New York, Deuces Bank, and the Bank of America. I'd assume the Bangkok Bank of New York would have the lowest rates, but thought I'd ask my fellow TV members first. If one of the other banks will transfer the money to Bangkok Bank Thailand for a lower cost, then I'll use them instead of the Bangkok Bank branch in NY. Anyone have any experience with this?

[JaiGuru]

If you're dealing with Schwab and have a Financial Consultant, you might ask them about setting up an International Standing Wire Order. They're also free (with qualifying balance), and one doesn't have to sweat the details.

One can set it up remotely if not in the US, but that requires a trip to the US Embassy to have signatures verified. If in the US, just pop down to any Schwab office.

Once established, it requires a call to their 24-hour service center to invoke a transfer, but Schwab has a toll-free number in Thailand. Easy-peasy.

[Heng]

Wasn't there another BBL ACH transfer thread up this morning? Can't seem to find it even after a search.

[MattFS218]

I'm NOT referring to ACH transfers, and my non-Schwab brokerage account had no problem setting up my wire xfer online, without any paper work.

I'm asking about fees charges by Correspondent Banks of Bangkok Bank (Thailand). I'm wondering which has the lowest fees. Bangkok Bank (NY, USA) charges between $5-$20 as an intermediary bank with Bangkok Bank (Thailand) both for ACH and WIRE xfers. The SWIFT code specifies several correspondence banks for Bangkok Bank (Thailand) along with Bangkok Bank's associated account number at each of the correspondence banks. My professional brokerage account allows me to specify which correspondence bank to use when wiring money to Bangkok Bank (Thailand). I'd imagine ordinarly, most banks would automatically default to the correspondent bank that gives them the most commission, or kick-back for processing a correspondence bank transfer, but my brokerage account gives me multiple choices.

I was asking which of the correspondence banks had the lowest fee.

I'm asking an advanced wiring money question, I'm familiar with the basic (FAQs). Thanks though for trying to help

Edited August 6, 2008 by MattFS218

[Sabaidii]

I'm NOT referring to ACH transfers, and my non-Schwab brokerage account had no problem setting up my wire xfer online, without any paper work.

I've asking about fees charges by Correspondent Banks of Bangkok Bank (Thailand). I'm wondering which has the lowest fees. Bangkok Bank (NY, USA) charges between $5-$20 as an intermediary bank with Bangkok Bank (Thailand) both for ACH and WIRE xfers. The SWIFT code specifies several correspondence banks for Bangkok Bank (Thailand) along with Bangkok Bank's associated account number at each of the correspondence banks. My professional brokerage account allows me to specify which correspondence bank to use when wiring money to Bangkok Bank (Thailand).

I was asking which of the correspondence banks had the lowest fee.

I'm asking an advanced wiring money question, I'm familiar with the basic (FAQs). Thanks though for trying to help

I did a wire xfer last month through Bangkok Bank in NYC and the fee was only $5 , plus the amounts you mentioned on the receiving end.

[JaiGuru]

I'm NOT referring to ACH transfers, and my non-Schwab brokerage account had no problem setting up my wire xfer online, without any paper work.

Nor was I. Schwab also offers on-line wire transfers, and those are different than Standing Wire Orders (aka Repetitive Wire Transfers), but I'm sure you knew that as you're familiar with the basic FAQs. Additionally, I have established Standing Wire Orders with a number of institutions, and they all required paperwork for a reason. Check one of your basic FAQs for more information.

It sounds to me like your professional brokerage account allows you to specify the correspondence bank to which you would like to pay fees, whereas I don't pay fees to correspondence banks. It's quite possible the wire transfer to my Bangkok Bank account goes through a correspondence bank, but I'm not exactly sure why no fees are charged. It could be that I have a qualifying balance in my account and Schwab feels free-means-free thus my Financial Consultant is picking up the tab. It could also be because in using a Standard Wire Order I'm saving Schwab money, so they're returning the favor. (The price for executing a Standing Wire Order is a fraction of a simple wire, these days with everything automated one wonders why, but there you have it.) Another thing to consider is the US government has a relationship with Bangkok Bank, and as I understand it does not with other Thai banks. Whatever the reason, I'm pleased as punch to be spared from such minutiae.

In wrapping this up, what I was originally saying between the lines was if you consider yourself a "high-net-worth investor" and have a personal contact at your professional brokerage house, you might check to see if they can sort it thus saving you the $5-$20 a month. That's what they do.

[Naam]

no correspondent bank needed for SWIFT transfer except if your U.S. institution insist on it (which i'd find funny).

[gzu88bv]

no correspondent bank needed for SWIFT transfer except if your U.S. institution insist on it (which i'd find funny).

Correct, and I may add here that it is far more important that the bank sending the monies to Thailand has direct banking connections with Thai banks otherwise your money may be channeled through different banks before it finally arrives in Thailand. And as you know, banks want to make money.......

[MattFS218]

I'm pretty sure that SWIFT only provides a system for identify which Banks have accounts at other Banks (correspondent banks). For example, SWIFT provides the mechanism, based on a SWIFT code for "routing" the money to the appropriate bank (Bank A in Thailand, has an account with Bank B in Europe, Bank B in Europe, has an account with Bank C in the US). So, I believe SWIFT transfers still require a correspondence bank when Bank A does not have a direct relationship with Bank B.

SabaiiDD, I was charged $10 for doing a transfer between $5k-$20k. The rates Bangkok Bank NYC charges are at http://www.bangkokbank.com/Bangkok+Bank/Pe...orm+USA+Fee.htm

JaiDD, sorry, but my ACH comment was referring to Heng's comment Thanks for the info about Schwab. I'd guess, that even when you wire money out via Schwab for free, the money goes still goes thru a correspondent bank like, Bangkok Bank NYC (which takes $5-$20 USD). The fee wasn't shown in my passbook, but I can tell was taken out based on the amount wired, Bangkok Bank Thailand fees (.25% min 200 max 500) and the days first TT buy rate vs USD.

[torrenova]

Transfers into LOS will need a correspondent bank unless the remitting institution has a local presence.

[Heng]

JaiDD, sorry, but my ACH comment was referring to Heng's comment

I was just posting that I was looking for the other thread.

[Naam]

Transfers into LOS will need a correspondent bank unless the remitting institution has a local presence.

incorrect information

[Naam]

I'm pretty sure that SWIFT only provides a system for identify which Banks have accounts at other Banks (correspondent banks). For example, SWIFT provides the mechanism, based on a SWIFT code for "routing" the money to the appropriate bank (Bank A in Thailand, has an account with Bank B in Europe, Bank B in Europe, has an account with Bank C in the US). So, I believe SWIFT transfers still require a correspondence bank when Bank A does not have a direct relationship with Bank B.

= pretty sure wrong

[MattFS218]

your WRONG Naam, see http://swiss-bank-accounts.com/e/banking/g.../transfers.html

and also http://en.wikipedia.org/wiki/Wire_transfer

"SWIFT only transmits a message. In order for the operation to be completed quickly, the receiving bank needs to have an account at the head office of the issuing bank. As a general rule, each major bank has direct accounts at the head offices of other banks and thus an interbank transfer can be made.

If the receiving bank does not have an account with the issuing bank, the wire transfer must go through an affiliated bank that can link the two other banks. It is sometimes necessary to call upon several affiliated banks to get the money to the final receiving bank. This may take longer and each intermediary may ask for a commission. "

So again, of Bangkok Bank's intermediary banks, does anyone know the cheapest? Bangkok Bank website outlines their intermediary banks here

http://www.bangkokbank.com/Bangkok+Bank/Pe...nds/default.htm

but nothing about fees each charges. Is Bank of NY or JPMorgan cheaper?

Do you always statements like yours without having any basis?

Edited August 11, 2008 by MattFS218

[Gary A]

As far as I know, Citibank US and Siam Commercial Bank in Thailand have no relationship to each other. I don't understand the need for these intermediate bank connections. I can tell you for a fact that I just made a $26,500 wire transfer via the Internet and Citibank charged me a flat $30 and the Siam Commercial Bank fee was 500 baht. I got 33.59 baht for a dollar.

[Naam]

Do you always statements like yours without having any basis?

my basis is that i am using SWIFT since nearly two decades, having made most probably hundreds of transfers from various banks to various banks without ever being asked for a correspondence bank. the reason for not being asked is that individual SWIFT codes contain all necessary routing information; e.g. a transfer from X-Bank, Singapore to a Siam Commercial branch in Pattaya is routed automatically via Bangkok Bank, BKK WITHOUT the necessity to mention Bangkok Bank as this info is available in the central SWIFT "registry". individual branches are identified by the account numbers.

[Naam]

As far as I know, Citibank US and Siam Commercial Bank in Thailand have no relationship to each other. I don't understand the need for these intermediate bank connections. I can tell you for a fact that I just made a $26,500 wire transfer via the Internet and Citibank charged me a flat $30 and the Siam Commercial Bank fee was 500 baht. I got 33.59 baht for a dollar.

see my explanation above Gary.

[Carib]

Do you always statements like yours without having any basis?

my basis is that i am using SWIFT since nearly two decades, having made most probably hundreds of transfers from various banks to various banks without ever being asked for a correspondence bank. the reason for not being asked is that individual SWIFT codes contain all necessary routing information; e.g. a transfer from X-Bank, Singapore to a Siam Commercial branch in Pattaya is routed automatically via Bangkok Bank, BKK WITHOUT the necessity to mention Bangkok Bank as this info is available in the central SWIFT "registry". individual branches are identified by the account numbers.

I agree with Naam

Bank Identifier Code = BIC Is also called Swift code or Swift address.

It is an international code banks use. Every bank has got it`s own code. It is there to make international payments easy.

There is also the IBAN = International Bank Account Number .

This number identifies individual accounts, including the bank and country. No other number is to be used than just this one. IBAN is now for 99% the new European standard.

[Valjean]

When I transfer from Fidelity to Bangkok Bank NY I don't do a wire transfer (using SWIFT) - I do an electronic funds transfer using their ABA and Routing number just like any other US bank. Then the money automagicly ends up in my Bangkok account. I just did one and there was no charge.

[lopburi3]

You do not have to specify the immediate bank unless you want or are asked (your bank can look up the routing). But unless you are using a very large bank with direct connections the money has to flow through another bank from there to here using SWIFT and that bank will take a cut (even if it is Bangkok Bank New York branch). But unless you obtain a detailed transaction receipt from Bangkok Bank here you probably will not notice it for larger transactions as you will take is as the normal rounding off of exchange rate. My local US bank uses Chase New York and tells me so when I initiate the transfer.

[aurelius]

From the US to Thailand, the best (cheapest) method is ACH to BBL's New York branch and from there to BBL Thailand. BBL uses JP Morgan, etc also, but these banks add additional charges. Unless you have some arrangement with your US bank that they absorb the charges for you, this is the cheapest method.

[MattFS218]

Just like the Internet with the IP protocol, there are multiple ways of routing money to any individual bank account. Money might be able to reach Bank Account A either via Bank C, Bank B, or Bank D. My brokerage account gives me the option of choosing which bank to route the money through. I'd imagine that most banks simply route it via their most favorable institution (I'd guess, either the bank that pays them a part of any correspondence fee, or the bank in which the sending back has the highest account balance).

lopburi3, does Chase New York have any sort of correspondence fee?

--matt

[lopburi3]

I have not checked (obtained receipts) for many years. My transfers at in the $9k range and seem to equate to about a $5 charge being removed prior to conversion to Baht and the normal Bangkok Bank fee; but can not be sure (the fractional difference it makes on large transactions is not something I want to worry about).

The ACH (to Bangkok Bank NY) will be blocked if noticed by human review from reports here.

[Heng]

Hmm, that hardly makes it a reliable method then.

[pumpuiman]

I got charged a fee of 45 dollars...Bank of America to Bangkok bank....the amount made no difference in price (SWIFT TRANSFER)

[CaptHaddock]

When I transfer from Fidelity to Bangkok Bank NY I don't do a wire transfer (using SWIFT) - I do an electronic funds transfer using their ABA and Routing number just like any other US bank. Then the money automagicly ends up in my Bangkok account. I just did one and there was no charge.

This method will work at Fidelity, but only if your name is on the target account. If you try to transfer to someone else's account, it will get rejected.

[aurelius]

If you transfer money to your Bangkok Bank account from brokerage accounts in the US by entering Bangkok Bank’s SWIFT code, it means that you are transferring funds through International Wire Transfer channel. The sending bank in the US will typically collect around USD 20 fee or more for international wire transfer service and Bangkok Bank, New York branch may charge from USD 3 up to USD 20 per transaction depending on the total amount. Bangkok Bank, Thailand will also charge 0.25% fee (min THB 200- max THB 500) on the BAHT amount before crediting funds into your account.

To save fees, you can set up your brokerage account via ACH transfer by entering Bangkok Bank, New York’s routing number of 026008691 and your Bangkok Bank account no. This will eliminate or reduce the USD 20 -30 sending bank fee because the ACH transfer fee is quite low or sometimes waived.

More info at

http://www.bangkokbank.com/Bangkok+Bank/Pe...ds+from+USA.htm

[Heng]

How do you get the 2 deposit (in US$) confirmation info from Bangkok Bank? If by email (which I assume is what folks are doing), why does the Bangkok Bank website say not to confirm the deposits? And if you didn't confirm the deposits, how would it even get set up?

[thaihome]

How do you get the 2 deposit (in US$) confirmation info from Bangkok Bank? If by email (which I assume is what folks are doing), why does the Bangkok Bank website say not to confirm the deposits? And if you didn't confirm the deposits, how would it even get set up?

You can call Bangkok Bank and they will tell you what the USD amounts of the verifcation deposits are.

From the BB website:

"You will then need to ask the recipient in Thailand to check the exact amount of the two trial deposits. The recipient can do this by calling Bualuang Phone on 1333 or (66) 0-2645-5555. "

Dispite giving full instructions on how to do it, BB still says the following:

"Important Note

You cannot transfer funds from Bangkok Bank’s account in Thailand to your account with banks or online payment service providers in the US via Bangkok Bank's New York branch and the ACH system. If you initiate direct debit or ACH debit transactions to Bangkok Bank's New York branch, banks in the US and online payment service providers may suspend your account. "

Was a wasted effort for me as my bank's ACH provider did exactly that and refused to transfer to a out of country account even though the verifcation process was done. Tried 3 times at two banks, same result. Have heard other people have not had this problem.

TH

[Heng]

Ah okay. Got it. I was mistakenly recalling the conflicting info on these two pages on the BBL website:

US toBBL Thailand for US Bank account owners

and

US to BBL Thailand for e-commerce operators

Where at the bottom of the page they say: "The online payment service provider will send an email to confirm that they have added your Bangkok Bank account.

The online payment service provider will initiate two trial deposits by sending small amounts of less than USD 1.00 to your bank account in Thailand.

The online payment service provider will ask you to confirm the amount of the trial deposits - DO NOT RESPOND TO THIS REQUEST as it is intended only for recipients that have bank accounts in the US. "

I wonder how the latter folks ever get anything set up if they don't confirm the trial deposits? I use Card Service International through Bank of America and I don't recall any trial deposit requirement during the setup.

Edited August 20, 2008 by Heng