Bangkok Bank Foreign Exchange Fees Via Ny

[MattFS218]

I'm wondering if it is possible to transfer funds by America ACH (check clearing services) using the New York branches ABA/Routing number and your 10 digit Bangkok Bank account number. Or must the transfer occur via traditional Wire Transfer?

Does Bangkok Bank need to be told before the transfer occurs or will they take the US dollar amount and transfer it to baht automatically into my Savings Account?

My second question relates to the exhchange rate you recieve for transfers taking place using this method at:

http://www.bangkokbank.com/Bangkok+Bank/We...es/FX+Rates.htm

there are several rates, including Bank Notes, Sight Bill, TT (Telephonic Transfer), DD (Demand Draft)....with TT transfers recieving the BEST rate. Will a transfer via ACH qualify for a TT transfer/exchange rate?

Lastly, are there any fees on Bangkok Banks part for recieving funds in this method (besides the spread in the currency exchange rate)?

Matt

[buadhai]

Matt - I'm working on the same problem. You already saw my Pay Pal experiment....

I've also used a Bill Pay service (Bank of the Internet) to attempt to transfer, via ACH, money into a Bangkok Bank account using the New York Branch and the Thai account number. The payment is cleared but I have yet to verify whether or not it made it into the Thai branch account.

[MattFS218]

Please keep me updated on your findings. My E*Trade checking account has an automatic ACH service from their internet banking website that is able to initiate ACH transfers for free. It simply saves the US$15 wire transfer fee.

Not sure if this will be helpful, but I was told when opening my Bangkok Bank account at the Thonglor branch that the Ekkmai Branch is the one that handles all the foreign exchange stuff... so they might be a good contact for information about this sort of thing.

Matt

[lopburi3]

Another very important question is where the exchange to Baht takes place. The date of transaction and exchange rate used are going to be important. Somehow I suspect if this exchange works the baht will be obtained in New York at a poor exchange rate but hope I am wrong. Thanks for checking this out and hope you can obtain full exchange route information/charges/dates.

[daxbr]

No such thing is possible. You can try but your ach transfer will bounce. I would also be very careful with paypal. They are super sensitive about security issues and immediately freeze accounts at a slightest suspicion of fraud. Sometimes it takes them months to investigate it and get your funds back.

[buadhai]

No such thing is possible.

<{POST_SNAPBACK}>

Why do you say that? I know that direct deposit works if you use the Thai account number and the New York branch routing number. Both my bank and Bangkok Bank say it should be possible with a check as well....

[daxbr]

Lets not argue about it because a simple test of sending a buck will settle your concerns conclusively. Just do not try it with paypal.

[buadhai]

Lets not argue about it because a simple test of sending a buck will settle your concerns conclusively.  Just do not try it with paypal.

<{POST_SNAPBACK}>

I tried with five bucks but later learned that the fee was 200 baht, so the entire transfer would have been eaten up with the fee!

I tried again with 25....

[lopburi3]

Lets not argue about it because a simple test of sending a buck will settle your concerns conclusively.  Just do not try it with paypal.

<{POST_SNAPBACK}>

I tried with five bucks but later learned that the fee was 200 baht, so the entire transfer would have been eaten up with the fee!

I tried again with 25....

<{POST_SNAPBACK}>

On a normal wire transfer to Bangkok Bank from the US if 5,000 is sent only 4,995 is sent on by the Bangkok Bank NY branch to Thailand for exchange so that is probably the same as the 200 baht fee you mention. I have not checked this in a few years but believe this is still the case. And once here in Thailand it receives the normal TT rate with a 1/4 of one percent fee deducted. So for most the home bank foreign wire fee is the expensive part. If ACH transfer works it could make for a lot of happy campers so keeping close watch.

[buadhai]

So, the experiment with having my bank send a bill-pay check directly to Bangkok Bank in New York failed. However, Bangkok Bank offers the following alternative:

2.    Transfer funds with our Remittance Department by completing our

Remittance Application form and send back to us with Cashier Check or money

order made payable to ?Bangkok Bank PCL?.  We will transfer funds on the

third business day after receipt of your check in Thai baht at our New York

Branch counter-exchange rate on the day of transfer.  You may call us at

(212) 422-8200 Ext. 228 to request for the remittance application form or

download from our website at "Bangkokbank.com" . Our remittance fee is

$15.00 per transaction.

The disadvantage seems to be that the dollar->Baht conversion is done in New York rather than Thailand. The advantage is that it can be done with a cashier's check or money order and only costs $15.00.

[lopburi3]

That exchange in New York is likely to be a very big hit. I got hit with reverse ploy here in Bangkok at Bumrungrad Hospital where they use Bangkok Bank to make exchange to US dollars before submitting credit card to US banks. A lot of people probably do not notice this now that US banks often charge fees for foreign use (as there is no fee this way with cost converted to dollars). But the exchange rate was really, really bad and they printed it on paper that became blank in about two days. Guess they knew there would be objections when people found out.

[dclaryjr]

So, the experiment with having my bank send a bill-pay check directly to Bangkok Bank in New York failed. However, Bangkok Bank offers the following alternative:

2.    Transfer funds with our Remittance Department by completing our

Remittance Application form and send back to us with Cashier Check or money

order made payable to ?Bangkok Bank PCL?.  We will transfer funds on the

third business day after receipt of your check in Thai baht at our New York

Branch counter-exchange rate on the day of transfer.  You may call us at

(212) 422-8200 Ext. 228 to request for the remittance application form or

download from our website at "Bangkokbank.com" . Our remittance fee is

$15.00 per transaction.

The disadvantage seems to be that the dollar->Baht conversion is done in New York rather than Thailand. The advantage is that it can be done with a cashier's check or money order and only costs $15.00.

<{POST_SNAPBACK}>

So what implications are there in this transaction for the idea of having direct deposit of of DFAS/SSA checks? Do the dollars get converted to baht in New York before being credited to the Thai account?

[srisatch]

As far as I can work out ANY transfer from US/Europe etc that involves exchanging $/£ for Thai Baht outside of Thailand is simply a rip off. It is always better to send funds in £/$ or whatever and have BKK bank or whoever convert it here....unless you are in a desperate rush..in which case you will pay!!

[buadhai]

I asked one of our Social Security beneficiaries who has direct depost via Bangkok Bank in New York about the exchange rate. He said it was about what he could get in Thailand. He didn't give me any figures though.

I still plan to have the bulk of my Federal pension sent to me this way.

[Spee]

A lot of people probably do not notice this now that US banks often charge fees for foreign use (as there is no fee this way with cost converted to dollars).

<{POST_SNAPBACK}>

Correct. AmEx is either 1.5% or 2%. Voice of experience.

[MattFS218]

Have it direct deposited into a E*Trade Checking account for free...and you can withdraw it from ANY ATM in Thailand for only the 1% visa fee.

Also Evergreen bank also offers free SWIFT transfers...something else you might consider.

Matt

[buadhai]

Have it direct deposited into a E*Trade Checking account for free...and you can withdraw it from ANY ATM in Thailand for only the 1% visa fee.

Also Evergreen bank also offers free SWIFT transfers...something else you might consider.

Matt

<{POST_SNAPBACK}>

Which Evergreen bank? New York or Seattle?

[daxbr]

2.    Transfer funds with our Remittance Department by completing our

Remittance Application form and send back to us with Cashier Check or money

order made payable to ?Bangkok Bank PCL?.  We will transfer funds on the

third business day after receipt of your check in Thai baht at our New York

Branch counter-exchange rate on the day of transfer.  You may call us at

(212) 422-8200 Ext. 228 to request for the remittance application form or

download from our website at "Bangkokbank.com" . Our remittance fee is

$15.00 per transaction.

This is total rip-off. They want to charge for intra-bank transfer as if it was a wire. Other banks do not do that. The initial poster inquired about ACH transfers only and not about wire transfers. I do not know if there is a discussion about the most efficient transfer/exchanges of funds to Thailand. If not, maybe someone would like to start one.

[MattFS218]

Have it direct deposited into a E*Trade Checking account for free...and you can withdraw it from ANY ATM in Thailand for only the 1% visa fee.

Also Evergreen bank also offers free SWIFT transfers...something else you might consider.

Matt

<{POST_SNAPBACK}>

Which Evergreen bank? New York or Seattle?

<{POST_SNAPBACK}>

Sorry, I meant everBank my mistake.

[buadhai]

I called EverBank. They don't do SWIFT transfers, but you can initiate a wire transfer online using a special routing code. The cost is US$50 a pop.

Minimum deposit to open an account is US$1500.

[fxm87]

I'm wondering if it is possible to transfer funds by America ACH (check clearing services) using the New York branches ABA/Routing number and your 10 digit Bangkok Bank account number. Or must the transfer occur via traditional Wire Transfer?

I tried doing this 2 times a couple of years ago. The first time, I think using Yahoo PayDirect (recently discontinued), it worked and the funds were deposited to my local Bangkok Bank account. The second time, using a brokerage account in the states, there was a problem and the funds were sent back. I investigated with some emails and they replied that the problem was that the ACH did not (or can not) contain "the remitters" name (that's my name, right?).

Since then I have only done SWIFT transfers and those have always gone through but can be a hassle because not all my accounts do SWIFT.

So you might ask your bankers... or you might just try it and see what happens. But just don't count on the funds showing up and possibly getting misplaced for a bit (but don't worry... they're bankers... they won't lose your money... will they? )

[daxbr]

I'm wondering if it is possible to transfer funds by America ACH (check clearing services) using the New York branches ABA/Routing number and your 10 digit Bangkok Bank account number. Or must the transfer occur via traditional Wire Transfer?

I tried doing this 2 times a couple of years ago. The first time, I think using Yahoo PayDirect (recently discontinued), it worked and the funds were deposited to my local Bangkok Bank account. The second time, using a brokerage account in the states, there was a problem and the funds were sent back. I investigated with some emails and they replied that the problem was that the ACH did not (or can not) contain "the remitters" name (that's my name, right?).

Since then I have only done SWIFT transfers and those have always gone through but can be a hassle because not all my accounts do SWIFT.

So you might ask your bankers... or you might just try it and see what happens. But just don't count on the funds showing up and possibly getting misplaced for a bit (but don't worry... they're bankers... they won't lose your money... will they? )

<{POST_SNAPBACK}>

This is very interesting. I cannot understand how Yahoo Paydirect could go thru but I accept your statement that it did.

Question: Has anyone tried to send US domestic wire transfer by providing ABA# and account number only?