Transfer Money From Bank Of America

[wallyc]

Has anyone been able to use BofA to transfer - online using `outside the bank' - money to a Thai bank. I'm trying Krung Thai thru Bank of New York ( the Krung Thai routing number brings up Bank of New York ). The first `trial' deposits failed .... `not accepted by indicated bank'. Anyone have success with BofA and a Thai bank ?

wallyc

[wasabi]

I have done monthly wire transfers from B of A to Bangkok Bank monthly with no problem for a year now. It is expensive about 40 dollars but it works.

[DMasut]

I have done monthly wire transfers from B of A to Bangkok Bank monthly with no problem for a year now. It is expensive about 40 dollars but it works.

CitiBank is also good and then transfer cash from Citibank Bangkok branch to my Thai bank.

Citibank has branchs literally everywhere in almost every country in the world

[wataguy]

I have done monthly wire transfers from B of A to Bangkok Bank monthly with no problem for a year now. It is expensive about 40 dollars but it works.

How long does it typically take before the funds are available in your account?

[wallyc]

I have done monthly wire transfers from B of A to Bangkok Bank monthly with no problem for a year now. It is expensive about 40 dollars but it works.

wasabi ... I had been using the `outside the bank' method -- BofA to BKK of New York to BKK Thailand (Pattaya branch) for over a year. 2 weeks ago they (BofA) refused to do that transfer any more - citing possible `fraud' problems with BKK of New York. The cost for that type of transfer was $3 from BofA and 500baht by BBK. I also have done a wire transfer, but as you said the cost is `expensive'. BofA will allow a `outside the bank' transfer ( for $3 ) to a USA bank - I need to find a USA bank affiliated with a Thai bank to do the describide transfer to my Thai bank .. now have 2 accounts ... 1 each with Bangkok Bank and Krung Thai Bank. The Krung Thai bank seemed to be connected to Bank of New York, but the `trial deposits' were refused. I know I can do a wire transfer, but the $45 charge is way to costly for the amount I am transferring each month. For Immigration purposes, I need to show the transfer came from outside of Thailand, not from a source `inside' of Thailand - like another bank within Thailand - whether that bank is a Thai bank or not.

see ya,

wallyc

[wallyc]

I have done monthly wire transfers from B of A to Bangkok Bank monthly with no problem for a year now. It is expensive about 40 dollars but it works.

How long does it typically take before the funds are available in your account?

About 2 days for a `wire transfer' and maybe 3 days for a BofA `outside the bank' transfer from BofA to a USA bank that has a branch in Thailand -- like BofA --> BKK of New York -->BKK Pattaya branch on 2nd Rd.

Wire transfer = #45 ..... `outside the bank' = $3. Big difference for someone on a fixed retirement income ( like Social Security ) and transferring a small monthly amount - like $2000.

Hope this helps in answering your question ..

wallyc

[wallyc]

I have done monthly wire transfers from B of A to Bangkok Bank monthly with no problem for a year now. It is expensive about 40 dollars but it works.

CitiBank is also good and then transfer cash from Citibank Bangkok branch to my Thai bank.

Citibank has branchs literally everywhere in almost every country in the world

DMasut ... do you use the record of the transfer to your Thai bank to show immigration that you do have income from `outside Thailand'. Have you used that info for Visa purposes -- like `extension of stay' for long term Visa. Are you here on a `retirement' Visa. Or do you use the `Bank Balance' method to show immigration you can support your self here in Thailand. I need to show `income', that is why I need to show all of my money transfers have come from `outside of Thailand' to my Thai bank. The BofA `outside the bank' method was perfect for that until BofA decided to stop using Bangkok Bank .....

wallyc

[wallyc]

I had a conversation with Bangkok Bank ( at the 2645-5555 number ... main branch in Bangkok ? ). Currently there is no way to transfer funds, EFT, without going thru BBL of NY. The `outside the bank' feature of BofA can not be used. BBL is in negotiations with BofA to remedy the situation, so there is hope it will be fixed .. someday. She wanted my phone # so they could tell me when it is fixed.

Looking to open an account with Fidelity Investments. They can do EFT thru BBL of NY .... Have Fidelity get my money from BofA and then transfer that money to BBL thru NY and onto my account with BBL in Pattaya ... possibility ...

wallyc

Edited February 26, 2009 by wallyc

[Lopburi99]

Hi Wally, this is exactly the case with me, being on U.S. Social Security and transferring about $2k every month. I have a BofA account in Michigan and have been using my debit card to take out money here which is more expensive than I would like to pay. If I understand the information on posts here, maybe I should open an account with a BofA branch here (in Pattaya) with online transfer capabilities? Then would I be able to perform "outside the bank" transfers just once monthly for only $3? Sounds too good to be true, but sure hope it is !! How is the "outside the bank" transfer initiated from Thailand, online or at a BofA branch office or either? Also, does BofA give a competitive exchange rate?

Thanks very much for your information!

I have done monthly wire transfers from B of A to Bangkok Bank monthly with no problem for a year now. It is expensive about 40 dollars but it works.

How long does it typically take before the funds are available in your account?

About 2 days for a `wire transfer' and maybe 3 days for a BofA `outside the bank' transfer from BofA to a USA bank that has a branch in Thailand -- like BofA --> BKK of New York -->BKK Pattaya branch on 2nd Rd.

Wire transfer = #45 ..... `outside the bank' = $3. Big difference for someone on a fixed retirement income ( like Social Security ) and transferring a small monthly amount - like $2000.

Hope this helps in answering your question ..

wallyc

Edited February 26, 2009 by Lopburi99

[wallyc]

Lopburi99 ...

You would use your BofA account in Michigan. When Bangkok Bank & BofA resolve their problems and the old process works - it goes like this:

1. You will need a Bangkok Bank (BBL) account here in Thailand. Mine is in Pattaya.

2. You will need On-line Banking with BofA.

3. BofA - in the `Transfer' section, select `outside the bank'.

4. Enter the routing number of BBL of NY - 026008691 - and the BBL of NY info will appear.

5. You will need to fill-in a information questionaire that includes your BBL account number in Thailand. Your name on the account should match your name on the BofA account - mine does

6. BofA will send 2 very small deposits and you will need to find those deposits on your account - after checking your BBL account with on-line banking - call BBL to find the exact amount of the deposits and then go to the BofA `outside the bank' again to complete the verifying of the deposits question. When that is done you can then start the on-line EFT (Electronic Funds Transfer) using the ABA routing number of BBL of NY and the account number of your account with BBL - all of this you have supplied in the questionaires. Select from the `To' box and from the `From' box, then the amount and hit continue ... you will get a `confirming' notice. $3 US will be deducted from your BofA account and BBL will take $ 500 baht. Total cost to you is around $20 US.

I have done a wire transfer using the SWIFT code method ( $45 ) and using the ABA Routing # method ( $30 ). Both thru BfoA to BBL of NY to BBL Pattaya in Feb. Wire transfers work, its the EFT transfers that do not work for now. At BofA, using the `outside the bank' transfers, the transfer must go to a USA bank- they will not transfer outside of the USA. That is why the funds are sent to BBL of NY and I imagine any `intermediary' for other foreign banks would work for those other banks.

I am now looking at Fidelity Investments. They can send to BBL of NY and BofA will send to Fidelity. Or, have Fidelity take the money out of your BofA account and send it to BBL of NY and there may be n/c from BofA. Little or n/c charge from Fidelity and still the $ 500 baht from BBL Thailand.

Hope this helps .... its been an experience ..... the wire transfers were done for me by my daughter in the USA - she is listed on my accounts. Can't find a way to do a wire transfer from BofA without being in the bank for at least the first transfer. I can do all the paper work for Fidelity here, when my daughter sends the forms to me and I send them back to Fidelity and set-up what ever is needed ( I have On-Line access now ) to do the EFT transfers thru them. I now want at least 2 sources for doing the transfers. I don't have enough money to have equal amounts in 2 different banks, but I can have 2 ways of getting to the money (as long as BofA is still in business). The other option is to have my SSA checks deposited directly into my BBL (Pattaya) account ... not sure I want to do that .... and then the reason for doing all this transfer stuff is so there is a record of funds coming into my Thai account from outside of Thailand to show Immigration I do indeed have the income to support myself here in Thailand so they will let me stay for another year and the next year and the next ...........

wallyc

Hi Wally, this is exactly the case with me, being on U.S. Social Security and transferring about $2k every month. I have a BofA account in Michigan and have been using my debit card to take out money here which is more expensive than I would like to pay. If I understand the information on posts here, maybe I should open an account with a BofA branch here (in Pattaya) with online transfer capabilities? Then would I be able to perform "outside the bank" transfers just once monthly for only $3? Sounds too good to be true, but sure hope it is !! How is the "outside the bank" transfer initiated from Thailand, online or at a BofA branch office or either? Also, does BofA give a competitive exchange rate?

Thanks very much for your information!

I have done monthly wire transfers from B of A to Bangkok Bank monthly with no problem for a year now. It is expensive about 40 dollars but it works.

How long does it typically take before the funds are available in your account?

About 2 days for a `wire transfer' and maybe 3 days for a BofA `outside the bank' transfer from BofA to a USA bank that has a branch in Thailand -- like BofA --> BKK of New York -->BKK Pattaya branch on 2nd Rd.

Wire transfer = #45 ..... `outside the bank' = $3. Big difference for someone on a fixed retirement income ( like Social Security ) and transferring a small monthly amount - like $2000.

Hope this helps in answering your question ..

wallyc

[Lost in LOS]

i did the transfer to BB from BofA several times and then they stopped it and said BB NY was not really a bank in the US?? and now i cannot set it up again even with many phone calls and my having my own personal account manager.

now what i do is a free transfer from BofA to my ameritrade account using ACH, any amount. a free transfer from ameritrade [must have 100k in the account to be free otherwise small charge] to BB NY, any amount. this winds up being in my BB account in Thailand. total of 3 transactions from BofA to ameritrade to BB is very quick, not like the normal transfers

[sfokevin]

Citbank allows international wire transfers to be initiated completely online for $30

http://web.da-us.citibank.com/cgi-bin/citi..._Id=HD_ST_054#0

Edited March 2, 2009 by sfokevin

[Pib]

For you folks who may be U.S. military/civil service retirees, you can use the Bangkok Bank New York ACH routing number to send your monthly pension or allotment directly to your Bangkok Bank account. That is, use the Bangkok Bank New York ACH routing number and your Bangkok Bank Branch account number. As you know, your pension/allotment is sent on the first business day of each month; your pension/allotment should arrive same business day in your Bangkok Bank branch account. If sending an allotment/portion of your pension "and" since Bangkok Bank NY slices off a portion of the transfer (i.e., $5 if equal to or less than $2000, $10 for over $2000 up to $50,000, etc...and don't forget your Bangkok Bank branch also takes 200 to 500 Baht per transfer), you may want consider how much you send monthly, especially if $2000 or less might be enough for you to get by on per month...could save you a few bucks in the monthly transfer. See attached Bangkok Bank website for more info: http://www.bangkokbank.com/Bangkok+Bank/Pe...ds+from+USA.htm

[mogoso]

I've used Bank of America a few times and found it to be pricey $40 per transfer. I've been using RBC Royal Bank of Canada and its a bit better at $20 per transfer. I just opened an account with Washington Mutual WaMu and they have no transfer fees. However they're not fully intergrated with Chase yet, and I don't know how'll that'll effect pricing. The nice thing is all are checking accounts and none have any monthly fees. I use them for different purposes to keep business and personal apart.

[Pib]

At $40 per transfer, you must have been doing a SWIFT transfer. SWIFT transfers seem to be pricey at the great majority of financials institutions (in the $25-$50 range...and I think Bank of America currently charges around $40-$50 per SWIFT transfer). However, the Bank of America to Bangkok Bank "Automatic Clearing House" transfer function/method--which no longer works--only cost $3 for a transfer for a three business day transfer and $10 for a one business day transfer. Too bad some fraudulent activity (according to Bank of America) removed this Bank of America low cost method of transferring funds...then again, maybe this low cost part is the real reason.

Edited March 4, 2009 by Pib

[Swelters]

At $40 per transfer, you must have been doing a SWIFT transfer. SWIFT transfers seem to be pricey at the great majority of financials institutions (in the $25-$50 range...and I think Bank of America currently charges around $40-$50 per SWIFT transfer). However, the Bank of America to Bangkok Bank "Automatic Clearing House" transfer function/method--which no longer works--only cost $3 for a transfer for a three business day transfer and $10 for a one business day transfer. Too bad some fraudulent activity (according to Bank of America) removed this Bank of America low cost method of transferring funds...then again, maybe this low cost part is the real reason.

An old story here, B of A and BB New York. The transfer deal didn't work then happily it worked for years then was cut off a couple of weeks ago. I believe the main fraud going on is B of America's representations on the matter. They charge 3% fee (!!!) on ATM withdrawals overseas. If you call bangkok bank NY you get a real person with a New Yauk accent and she might tell you what's going on. Let's hope it gets restored but I'm not holding my breath.

[popshirt]

Here is a summary of my experience with BofA "outside the bank" which ended my relationship with them a year ago:

QUOTE (popshirt @ 2007-06-08 10:46:19)

All of you Bank of America transfer to Bangkok Bank clients should keep your fingers crossed.

In my experience, over a 2 year period, the transfer sometimes works and sometimes it doesn't.

I had it all set up too, and managed several transfers successfully.

Then for some reason, BofA "locked" my "outside of bank" transfer option.

It took 10 emails and almost one month before I was given the lame excuse that "Bangkok Bank refused the transfer."

On checking with Bangkok Bank, they said this is not true as all my transfer information was correct, it would have been routed thru Bangkok Bank New York City and into my account, no problem.

I called BofA using their regular U.S. area code number and was told that internet banking is an entirely separate operation and they could do nothing for me.

Finally got it cleared up and several transfers were made successfully.

Last month my option to transfer was "locked" again. It is still locked as I write this after about 7 or 8 emails back and forth, all of the replies are "scripted" and don't really address the problem.

My account is with BofA in Southern California where there are lots of Thais living.

I also have an account with Citibank. Because the BofA outside the bank option is locked, I am now asking Citibank to request transfer of funds from BofA and have no problem with them wiring to Bangkok Bank. They do charge a fee however that is more than I paid at BofA.

My message here for BofA customers is, don't count on this working for you over the long term or every time you need it. It doesn't!

UPDATE:

Sorry for repeating my earlier post, but I wanted interested parties here to know the final outcome with Bank of America.

When I was in the US a few months ago I determined to get to the bottom of the problem. After many calls (my local branch could do nothing for me as internet banking is another business apparently) I finally came to speak with a surly individual who was part of the "security department" or something like that. He informed me that I had been "coded" and that this was a serious thing and furthermore there was nothing that could be done to remove such a code. I have been "coded" for money laundering! At least that is what he presumed. Me, who has never transferred more than 5K a month to Thailand! He responded to me as one would to a criminal, already convicted, and lucky to be out of jail. He also suggested I close my account with B of A and use some other bank as there is no way I could be removed from such a dreadful "no fly" list in my lifetime. And this after being a customer of B of A for almost 40 years! Being coded means not only are international transfers prohibited but it is also impossible to make a transfer to my US Citibank account. No transfers outside the bank, period. End of story. End of relationship.

[thaihome]

I went through this with BofA several years ago when the ACH, outside the bank, transfer facility became available. After validating the trial transactions, they froze that authorized account. An e-mail explained that since the account it outside the US, the ACH provider would not allow it.

I always assumed the ACH provider had a women in charge of this states accounts whose husband had left her and moved to Thailand. As stated in this thread, other people with accounts in other states have been able to do this for some time until now. Maybe this woman is now in charge of all the transfers.

Maybe the person you spoke is gay and his partner did the same thing…

TH

Edited March 5, 2009 by thaihome

[Swelters]

I went through this with BofA several years ago when the ACH, outside the bank, transfer facility became available. After validating the trial transactions, they froze that authorized account. An e-mail explained that since the account it outside the US, the ACH provider would not allow it.

I always assumed the ACH provider had a women in charge of this states accounts whose husband had left her and moved to Thailand. As stated in this thread, other people with accounts in other states have been able to do this for some time until now. Maybe this woman is now in charge of all the transfers.

This is as good a theory as I've heard and I would applaud it as an act of deranged courage if true. but I rather think these people are low level folk who spend most of their time worrying about their jobs and mainly feed scripts and have no authority to do anything. The bank doesn't want to lose all the Thai expat business in LA so they let this BB transfer go on for while until some MBA discovers that they could be charging big fees on this then they pretend they are concerned with fraud, security, etc all the usual pusillanimous 9/11 crap. My conclusion is that we should all stop and think next time we are tempted to criticise "corruption" in Thailand and note that almost every corporate pronouncement in America is a lie and it's going to be some time til the public wakes up to this..hopefully with a taste for rage and revolution.

Swelters

[Lopburi99]

Citbank allows international wire transfers to be initiated completely online for $30

http://web.da-us.citibank.com/cgi-bin/citi..._Id=HD_ST_054#0

Thanks, this sounds like a good thing. When I return to the States in July, I will open a new Citibank account, then use it when I return to LOS. One other idea is to research a credit union in Michigan which I can open which may allow ATM withdrawals from Thailand without charge. Some credit unions probably offer this freebie.

[NanLaew]

Anyone have any news if BA have restored their transfer setup with BB yet?

[Pib]

When you see Bangkok Bank PCL New York listed once again as one of the Outside Bank setup transfer choices, you will know the issue has been resolved (for how long, who knows).

[Lopburi99]

When you see Bangkok Bank PCL New York listed once again as one of the Outside Bank setup transfer choices, you will know the issue has been resolved (for how long, who knows).

When somebody notices that this has happened, please reply on this thread. Thanks!

[wallyc]

As PIB suggested, checked in today with BofA. Went to the `outside the bank' selection. Entered the routing number of Bangkok Bank of New York and the name of the bank came up as a listed bank. Selected the `add' a bank to my list and the questionnaire came up. Filled in the info - just as I did over a year ago - and was told there will be 2 small deposits made and I am to find the exact amount to verify I am the owner of my account with BBL.

Looks like Bangkok Bank of New York is back on the `approved' list of banks where funds can be sent by EFT from BofA .......

But, I am also opening an account at Fidelity Investments - they also can send funds to BBl of NY - so now I will have another avenue to transfer MY money when BofA has another problem with BBL. Maybe I will use Fidelity for all my transfers .....

wallyc

[wallyc]

Howdy,

My transfer from BofA to BBL arrived today, April 3. The system is working again .... at least for me it is ....

wallyc

[Gumballl]

Howdy,

My transfer from BofA to BBL arrived today, April 3. The system is working again .... at least for me it is ....

wallyc

I have no reason to transfer any funds at this time, but the availability for me to transfer from my BofA account to Bangkok Bank (of New York) looks/appears the same as always. I had setup my BofA online account to permit these transfers long ago.

[sanooki]

Hi, great information on this thread. I have also successfully done the BOA international funds ACH transfer, with the $45 fee, for some small amounts to my tilac.

I'm wondering if anyone knows if there are daily, weekly, or monthly limits on these transfers, or what is the largest amount you've heard of? I'm thinking of sending some to my own K bank account for my next trip.

Thanks much

[jfchandler]

Sanooki, if you're paying $45 U.S. to BofA, you're doing a traditional wire transfer, not ACH....

The ACH process described above in the thread is one you initiate directly from within your access to BofA online banking, under the Outside the Bank transfers tab. There is no $45 fee associated with that process, because the fees involved are much less.

[sanooki]

Sanooki, if you're paying $45 U.S. to BofA, you're doing a traditional wire transfer, not ACH....

Ah thanks. I know I saw ACH on my statement, but it must have been one of my regular transfers.

Anyway, any idea of the max at BOA? I noticed the Citi site showed $50K, and six per statement period, the six governed by Federal regulation.

[Swelters]

Howdy,

My transfer from BofA to BBL arrived today, April 3. The system is working again .... at least for me it is ....

wallyc

My B of A from Pennsylvania seems to back working too. In the meanwhile let me recommend a surefire way to go that charges no fees or transaction costs as far as I can tell. Just go to the foreign exchange desk with your passport and ATM card and ask for up to $10,000, you'll get a heap of cash in no time at all. I ask them to deposit it for me, I don't like to be handling big money even with a bank guard a few feet away.