Paypal, Bangkok Bank Nyc And Saving %2.5

[Shah Jahan]

From

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

Though the thing that troubles me is the last line that says

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.

sounds a bit shady. Anybody do this?

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

You can now receive e-commerce payments from your online payment service provider in the US directly to your account at Bangkok Bank in Thailand. The payments come directly via the US ACH system and Bangkok Bank’s New York branch.

Benefits of the service

* Bangkok Bank will convert the USD funds sent by the online payment service provider into Thai Baht using Bangkok Bank’s prevailing daily exchange rate in Thailand, giving you a better exchange rate.

* You will receive your funds within two business days after our New York branch has received the money transfer from the sender’s bank.

* You can check your inwards funds transfer via Bualuang iBanking for personal accounts, Biz iBanking for business accounts, or Bualuang Phone 1333 or (66) 0-2645-5555.

How to use the service

1. Open a savings account or current account at any Bangkok Bank branch in Thailand. If you already have an account with Bangkok Bank, you can use your existing bank account for this service. However, the name of the existing or new Bangkok Bank account must be the same as the name you have registered with your online payment service provider. (If a mismatch occurs, the transfer instruction will not be completed and the funds will be returned to the online payment service provider).

2. Register your new bank account number with your online payment service provider then proceed as follows:

Select United States as the country.

Bank Name:

Bangkok Bank (without specifying a branch name)

Account Type:

S/A or C/A (choose type of account)

Routing Number:

026008691 (Enter the 9-digit routing number for Bangkok Bank’s New York branch)

Account Number:

xxxxxxxxxx (Enter the 10-digit number of your Bangkok Bank account)

Re-enter Account Number: You can now receive e-commerce payments from your online payment service provider in the US directly to your account at Bangkok Bank in Thailand. The payments come directly via the US ACH system and Bangkok Bank’s New York branch.

Benefits of the service

* Bangkok Bank will convert the USD funds sent by the online payment service provider into Thai Baht using Bangkok Bank’s prevailing daily exchange rate in Thailand, giving you a better exchange rate.

* You will receive your funds within two business days after our New York branch has received the money transfer from the sender’s bank.

* You can check your inwards funds transfer via Bualuang iBanking for personal accounts, Biz iBanking for business accounts, or Bualuang Phone 1333 or (66) 0-2645-5555.

How to use the service

1. Open a savings account or current account at any Bangkok Bank branch in Thailand. If you already have an account with Bangkok Bank, you can use your existing bank account for this service. However, the name of the existing or new Bangkok Bank account must be the same as the name you have registered with your online payment service provider. (If a mismatch occurs, the transfer instruction will not be completed and the funds will be returned to the online payment service provider).

2. Register your new bank account number with your online payment service provider then proceed as follows:

Select United States as the country.

Bank Name:

Bangkok Bank (without specifying a branch name)

Account Type:

S/A or C/A (choose type of account)

Routing Number:

026008691 (Enter the 9-digit routing number for Bangkok Bank’s New York branch)

Account Number:

xxxxxxxxxx (Enter the 10-digit number of your Bangkok Bank account)

Re-enter Account Number:

xxxxxxxxxx (Enter the 10-digit number of your Bangkok Bank account again)

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.

xxxxxxxxxx (Enter the 10-digit number of your Bangkok Bank account again)

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.

[mahtin]

I hate that you have to use IE to see this properly.

rant over

[GungaDin]

Looks ok in FF.

What were you using?

[longball53098]

This service is on the up and up as I and several others have done this.

If you try to set this up two things will make your life easier.

1. The US bank account must be in your name and the BBK bank account must be in your name also.

I applied for the service and used my wife's account (BKK bank in her name only) and when I made the first real transfer my US bank blocked my account and when I sorted this out and they did the transfer and BKK got the transfer they blocked the receiving of the money until we set them straight. Several phone calls.

2. These test transfers for a small amount like say 10 cents US is not on your account the bank absorbs this cost and it is their way to insure all the account names and numbers are correct. The difficult part here is when the transfer is made it shows in the BKK account as baht. You need to activate the service in your US bank account knowing the exact cent amount transferred. A call to BKK bank again is in order to have them tell you what the conversion was for the 10 cent amount.

Using the ACH method from your US bank to BKK bank your account can save you about 40 percent over wire (swift) transfer fees but if time is a factor then the swift method is better.

I have read reports that some US banks will not allow ACH transfer to the BKK NY office as they have no agreements with this bank. I use JP Morgan Chase bank

[johnefallis]

From

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

Though the thing that troubles me is the last line that says

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.

sounds a bit shady. Anybody do this?

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

I use my PayPal U.S. account and debit card to access my money in my U.S. bank all the time here in Bangkok. 2 things. 1st, if you don't respond to the email about the test deposits, your bank account never becomes confirmed or "verified" with PayPal. 2nd. If you access your U.S. PayPal account online from Thailand they immediately restrict your account to protect it from fraud (I actually use my account by remote desktop to the U.S. on a friends computer there to do my transfers, then use my PayPal debit card here.) I do however also have a Thai PayPal account and Kasikorn Bank account as well, but really haven't used it yet.

I would like to learn more about this Bangkok Bank option, sounds promising.

John

[Shah Jahan]

Yeah the sonofasenator webdesigners were using their standard dreamweaver 2003 templates again that they used for the thaiairways site

but as for this topic I actually emailed the NYC support desk and got back the following

" With response to your inquiry, you can just re-register your PayPal

account with youraccount held at our Bank in Thailand and follow

the procedure steps as attached below:

(See attached file: Paypal reply.doc)

Thank you for your business and best regards

BBLNYB-HelpDesk."

"With reference to your questions, as currently our Bangkok Office will assist the customer to verify the funds with Paypal, therefore, you do not need to send any form to New York Branch but you may register your Bangkok Bank bank’s account with Paypal by using our New York Branch Fed wire routing no. 026008691. After a few days, update your passbook or checking your account activity through I-banking service. If you see the two small deposits in your account with the code FTT or FRTT, you may contact our Bangkok Phone center at Tel. No. 1333 or 02-626-4156-9 to inquire for the US dollars amount which you can use to verify your account with Paypal accordingly. ":

So I dont really know or care about ACH or other things. Only about getting paypal money out cheap Based on these instructions it seems very possible. Any body want to write a support question to paypal and ask them what they think about this?

[Pib]

This service is on the up and up as I and several others have done this.

If you try to set this up two things will make your life easier.

1. The US bank account must be in your name and the BBK bank account must be in your name also.

I applied for the service and used my wife's account (BKK bank in her name only) and when I made the first real transfer my US bank blocked my account and when I sorted this out and they did the transfer and BKK got the transfer they blocked the receiving of the money until we set them straight. Several phone calls.

2. These test transfers for a small amount like say 10 cents US is not on your account the bank absorbs this cost and it is their way to insure all the account names and numbers are correct. The difficult part here is when the transfer is made it shows in the BKK account as baht. You need to activate the service in your US bank account knowing the exact cent amount transferred. A call to BKK bank again is in order to have them tell you what the conversion was for the 10 cent amount.

Using the ACH method from your US bank to BKK bank your account can save you about 40 percent over wire (swift) transfer fees but if time is a factor then the swift method is better.

I have read reports that some US banks will not allow ACH transfer to the BKK NY office as they have no agreements with this bank. I use JP Morgan Chase bank

Agree with above. You can use the Bangkok Bank Automatic Clearing House (ACH) routing number and your Bangkok Bank checking/saving account number to do transfers "if", repeat, "if" your initiating/transferring bank or finance agency accepts/uses the Bangkok Bank ACH number in the transferring bank's/agencies' funds transfer system. As FYI, Bank of America recently stopped listing Bangkok Bank's ACH number in Bank of America's OutsideBank funds transfer system (which prevents Bank of America to Bangkok Bank New York ACH transfers) but many other banks/financial agencies (to include U.S. govt agencies like DFAS) continue to accept/use Bangkok Bank New York ACH routing number. Bottomline is it all depends on what bank/financial agency you are initiating the transfer from.