Ach Two Trial Deposits, Sent From Your Us Bank To Bangkok Bank Ny

[TonySoprano]

How will they show up in your Thai Account? In Thai baht? In cents? Not at all?

I am just curious how it will work if anyone has been there already.

[aurelius]

The transaction will appear in Baht for a baht account (they can't put 2 currencies in one account). You can call the call center or check on internet banking to see the USD amount of cents that were sent (!).

Make sure they don't do a ACH debit to reverse the funds that they sent you, as this will result in your account being blocked as it is not allowed for international transactions (anti money laundering and all that)

[mackayae]

It is all explained in the Bangkok Bank website. Hit the tabs as shown below. The hardest part is calling 1333 or 02-645-5555 to find out the dollar amounts of the two trail transfers. I ended up going to my local branch and after I explained the situation to 3 or 4 people, finally found someone who knew what I was talking about. He called the above number and finally got thru to someone who could give me the necessary info.

bangkokbank.com

english

personal banking

transferring funds

receiving Intl. funds

Edited April 26, 2009 by mackayae

[Martian]

I've been transferring money this way for months. It isn't rocket science, what is so difficult? Best thing to have is the online banking so you can check your BKK Bank account online to follow transfers and/or confirm them to your home bank as is necessary to add any bank account to your bill pay or "outside account" link.

Regards

[flying]

Agree BKK internet banking is great! Easy to use & can do inter bank or bank to bank transfers right online. Then also the International transfers into it from US are cheaper thanks to NY branch.

[JimGant]

Unless you've got a completely free ATM card (absorbs the Visa/MC network fees; adds no fees of its own; and reimburses ATM owner fees), ACH transfers to Thailand can't be beat.

One caveat. Not all financial institutions that provide ACH transfers are free. See the following link to see who charges for transactions (you're only interested in the "push" charges, since we can't "pull" money from Thailand via ACH).

See HERE

Also, stay away from banks like Bank of America. Besides charging a fee, they're several days slower, because they use a middleman called CashEdge. Googling on 'cashedge +bangkok bank' can give you further info, plus insight into the reason why BofA stopped allowing ACH transfers thru Bangkok Bank NY (this has now been fixed).

If you've got a USAA Federal Savings account, setting up ACH to Bangkok Bank is a snap. Just fill in the routing particulars, indicate it's a "push" only situation, and you're setup -- no trial deposits are sent. The only other thing you need to do is call USAA if you want to raise your sending cap above $5000. They'll comply without a murmur (or they did with me).

[TonySoprano]

i don't have internet banking.

i saw the phone number but i have a feeling that is not going to be an easy conversation.

will these < $1, usually like 9 cents deposits actually show up when I update my passbook?

[mackayae]

i don't have internet banking.

i saw the phone number but i have a feeling that is not going to be an easy conversation.

will these < $1, usually like 9 cents deposits actually show up when I update my passbook?

No. They do not show up on your passbook.

[thaihome]

i don't have internet banking.

i saw the phone number but i have a feeling that is not going to be an easy conversation.

will these < $1, usually like 9 cents deposits actually show up when I update my passbook?

I think you will find it easier then you think when you call to get them to tell you the USD amount of the deposits. They will understand what you need. The biggest issue may be the English proficiency of the operator. If it is a problem, just ask politely to speak to someone else.

TH

[Orangutan]

i don't have internet banking.

i saw the phone number but i have a feeling that is not going to be an easy conversation.

will these < $1, usually like 9 cents deposits actually show up when I update my passbook?

No. They do not show up on your passbook.

Hello,

Yes the two trial deposits showed up in my Bangkok Bank Savings Account Book. I went online at BKK Bank and checked the TT rates on the deposit dates, then called the bank transfer desk, a girl confirmed the U.S. dollar amounts of .37 and .29.

-O

[TonySoprano]

Yes, they have showed up in my passbook as well.

Verified.

[andyc2006]

Unless you've got a completely free ATM card (absorbs the Visa/MC network fees; adds no fees of its own; and reimburses ATM owner fees), ACH transfers to Thailand can't be beat.

One caveat. Not all financial institutions that provide ACH transfers are free. See the following link to see who charges for transactions (you're only interested in the "push" charges, since we can't "pull" money from Thailand via ACH).

See HERE

Also, stay away from banks like Bank of America. Besides charging a fee, they're several days slower, because they use a middleman called CashEdge. Googling on 'cashedge +bangkok bank' can give you further info, plus insight into the reason why BofA stopped allowing ACH transfers thru Bangkok Bank NY (this has now been fixed).

If you've got a USAA Federal Savings account, setting up ACH to Bangkok Bank is a snap. Just fill in the routing particulars, indicate it's a "push" only situation, and you're setup -- no trial deposits are sent. The only other thing you need to do is call USAA if you want to raise your sending cap above $5000. They'll comply without a murmur (or they did with me).

Hi JG, your link of fees shows that USAA has fee-free pushes.

But in this post -- http://www.thaivisa.com/forum/Routing-Numb...64#entry2233664 -- you mention a $10 push fee from USAA to Bangkok Bank.

I'm interested because earlier this week, I "pushed" $100 as a trial from my USAA account to my Bangkok Bank account. On the BKK side, it ended up as 3091.21 baht... a rate of 30.9 THB/USD at a time when the exchange is around 34.

Was there a fee hidden in that transaction? (obviously there was... just wondering if it's a flat fee, of say... $10, so that in large amounts, the push is still worth it).

[lopburi3]

1. When you set up the Bangkok Bank account at USAA you do not claim ownership of the Thai account - that way there is no deposit test made.

2. The transfers can be up to $5,000 and there are two fees involved. Bangkok Bank New York appears to deduct $5 from the amount forwarded (they do the same for SWIFT transfers - which is a high rate compared with other banks). Upon receipt in Thailand the money is converted to baht at the wire transfer rate (good) and subject to a fee (1/4 of 1 percent) in the range 200-500 baht.

[JimGant]

The transfers can be up to $5,000 and there are two fees involved. Bangkok Bank New York appears to deduct $5 from the amount

Fees at Bangkok Bank NY vary according to amount sent. Rates are shown HERE

Also, USAA will allow amounts considerably higher than $5000 per event. I raised my limit to $30,000, first coordinating on the phone, followed by a fax. Make sure you indicate this is a "permanent" request, not a "one time" request.

[lopburi3]

That makes it a bigger fee than I thought. Remember they charged $5 on $9000 SWIFT trasnfers a few years ago but Chase as intermediary only charges $2.

But much better than other transfers as only costs about 1/2% and have good exchange rate.

[hyperdimension]

Are the initial test transfers a usual ACH transfer setup procedure, regardless of whether the originating bank is Bank of America, and regardless of whether the receiving bank is Bangkok Bank NY?

A finance company in the US needs to send money to my Bangkok Bank account, and they can send either by SWIFT transfer (for which they charge 35 USD) or ACH transfer (free).

SWIFT transfer from them has worked fine in the past, however since they don't charge for ACH transfer, I'd like them to send it via ACH. Their bank is JPMorgan Chase. Would they have to go through the inconvenient test transfer procedure if I ask them to send via ACH to my Bangkok Bank account (via NY)?

Would the funds still go through if they try to send the funds (using the Bangkok Bank NY ABA number) without going through the initial test transfer procedure?

[Pib]

If you have your Bangkok Bank account setup to sent you a SMS message every time you get a deposit, the SMS will tell you the amount in foreign currency "received" and the exchange rate. If not, just go to the bank and fill out this one page simple form and they will set it up for you. Even for a 1 cent deposit, like test deposits to set up a PayPal or foreign bank account link, will be reflected in the SMS message received and, in the exchanged baht amount in your passbook printout. Or, you can see the exchange baht amount via your Bangkok Bank interent banking, assuming you have that access. For me so far in getting numerous such SMS notices from my automatic monthly deposits, setting up my stateside banks to Bangkok Bank funds transfer links, PayPal link, etc., the Exchange Rate has always been the Update 1 "TT" rate for the date posted to my Bangkok Bank account. Divide that TT rate into the baht amount posted to your account and it will come out to several decimal places with the "cents' amount received...round to that nearest cent value and that is the amount received; and in the case of a test transfer the amount sent. Or, you can just ask the bank teller (I've done this before also) who will go get a printout showing the foreign currency amount received and the exchange rate given. Bangkok Bank in NY does not charge anything/slice off a fee for these test transfers/setting up accounts transfer...probably some banking-wide industry agreement plus these test transfers are specially coded.

Edited May 27, 2010 by Pib

[hyperdimension]

Pib, it looks like you are responding to the original post from last year and not the questions that I posted today.

Can anyone answer my questions that I posted today? i.e. If someone needs to transfer money to you via ACH through Bangkok Bank NY, do they need to go through the test transfer procedure, or can they simply do a transfer first go?

[craigt3365]

Pib: Great info on the SMS. I will get that setup for sure. Thanks!!!!

Hyperdimension: I did not have to do a test transaction. I use USAA and just setup BBNY for funds transfer. Though I did do a $60 test just to make sure.

It did take some paperwork on the BB Pattaya side. But no biggie. Sometimes the funds are here the next day, sometimes it takes 2-3 days. But I have done many and never had a problem. Works great!

[hyperdimension]

craigt3365, was that paperwork that you went through related to setting up to receive funds via ACH?

Is an ACH transfer effectively similar to a SWIFT transfer, in that as long as you give the sender the right banking details, after a few days you receive the money first go?

My concern has been whether, unlike SWIFT transfers, there needs to be some extra setting up of an ACH "relationship" with a sender before you can receive funds via ACH through Bangkok Bank NY.

[craigt3365]

Yes, the paperwork was to setup the deal at the Bangkok Bank branch. Guess they are worried about money laundering, etc. It was easy though. I setup USAA via their online system. It is limited to 5k a pop unless you increase the limit, as Jim mentioned above. But yes, you do need to set that up at your home bank.

I am not a bank expert, but an ACH is technically different from a SWIFT transfer...but the end results in this case are pretty much the same. I have done both and the time is the same. But I find the ACH easier for me. I can now do everything automatically via their online systems.

Hope that helps!

[Pib]

Pib, it looks like you are responding to the original post from last year and not the questions that I posted today.

Can anyone answer my questions that I posted today? i.e. If someone needs to transfer money to you via ACH through Bangkok Bank NY, do they need to go through the test transfer procedure, or can they simply do a transfer first go?

Depends on the internet banking system used by your sending bank.

[JimGant]

A finance company in the US needs to send money to my Bangkok Bank account, and they can send either by SWIFT transfer (for which they charge 35 USD) or ACH transfer (free).

The information at the bottom of the following link should fit your need. The fact that some formal paperwork is involved, plus the fact that it's a "push" only direct debit operation, most likely precludes any trial deposit goat rope.

CLICK HERE

The ACH service to Bangkok Bank NY is free. But, you'll be paying the Bangkok Bank NY fee ($10 for amounts between $2001 and $50000) to get your money across the pond (which, incidentally, goes SWIFT encoded, for those who still think this method is somehow hoodwinking the Feds).

[longball53098]

Somebody correct me if I am wrong on this but I read that in order to set up this ACH transfer system with BBK NY the person using this system must be the account holder on both ends. If you only hold an account in Pattaya and someone in the US tries to set up the ACH in NY the bank in the US will not allow it.

[Pib]

Somebody correct me if I am wrong on this but I read that in order to set up this ACH transfer system with BBK NY the person using this system must be the account holder on both ends. If you only hold an account in Pattaya and someone in the US tries to set up the ACH in NY the bank in the US will not allow it.

Expect it depends on the rules of the bank's funds transfer system. It's that way with the BoA internet funds transfer/banking system, but I don't know how/if they really confirm it's the same account holder (i.e., same name) on both ends other than confirming knowledge of the test transfer amounts.

[hyperdimension]

A finance company in the US needs to send money to my Bangkok Bank account, and they can send either by SWIFT transfer (for which they charge 35 USD) or ACH transfer (free).

The information at the bottom of the following link should fit your need.

Thanks, that does seem relevant. I will quote the section below:

How to apply for the Direct Deposit Service if you are receiving payments from private organizations:

1. Request the 'Authorization Agreement for Automatic Deposits (ACH Credits)' form or Direct Deposit form from the private organization that you are receiving payments from. Complete the form to request the Direct Deposit service.

2. Open a savings account at any branch of Bangkok Bank in Thailand. If you already have an account with Bangkok Bank, you can use your existing bank account for this service.

3. Submit the form with the required information for account opening and the following supporting documents:

- Identity Card/Government Official ID Card/Passport together with a customer identification document such as your Social Security Card, Annuitant ID Card etc.

- A letter from the organizations authorized to make payments, as evidence of your right to receive the payments from the company.

4. After verifying your documents, Bangkok Bank will sign your 'Authorization Agreement for Automatic Deposit form (ACH Credits)' or Direct Deposit form and return the original form for you to mail to the US company asking them to approve the request and initiate direct deposits into your account.

5. After the request to receive direct deposits is approved, your payments will be electronically deposited directly to your Bangkok Bank account.

So it seems like there does indeed need to be some setup work before funds can be sent via ACH. However I think it's the requirement of the sending organization and not Bangkok Bank.

My problem is that the private organization I deal with does not provide any "'Authorization Agreement for Automatic Deposits (ACH Credits)' form or Direct Deposit form". When I questioned them about requirements to transfer via ACH, they simply state it's similar to SWIFT transfer; I just need to provide them with ABA number etc.. Step 4 states that Bangkok Bank needs to see and sign this form that supposedly originates from the private organization. However, I think this form is not for Bangkok Bank to approve anything, but for the sending organization to approve. So it's up to the organization whether they want to go through an approval process before sending via ACH to someone for the first time; Bangkok Bank will simply receive the funds into my bank account when they arrive in any case. That is my current understanding; please correct me if I am wrong.

I have provided the US finance company the details to transfer the funds via ACH and they have already initiated the transfer. If my understanding (above) is correct, I should see the funds in my Bangkok Bank account soon.

Edited May 29, 2010 by hyperdimension

[Pib]

A finance company in the US needs to send money to my Bangkok Bank account, and they can send either by SWIFT transfer (for which they charge 35 USD) or ACH transfer (free).

The information at the bottom of the following link should fit your need.

Thanks, that does seem relevant. I will quote the section below:

How to apply for the Direct Deposit Service if you are receiving payments from private organizations:

1. Request the 'Authorization Agreement for Automatic Deposits (ACH Credits)' form or Direct Deposit form from the private organization that you are receiving payments from. Complete the form to request the Direct Deposit service.

2. Open a savings account at any branch of Bangkok Bank in Thailand. If you already have an account with Bangkok Bank, you can use your existing bank account for this service.

3. Submit the form with the required information for account opening and the following supporting documents:

- Identity Card/Government Official ID Card/Passport together with a customer identification document such as your Social Security Card, Annuitant ID Card etc.

- A letter from the organizations authorized to make payments, as evidence of your right to receive the payments from the company.

4. After verifying your documents, Bangkok Bank will sign your 'Authorization Agreement for Automatic Deposit form (ACH Credits)' or Direct Deposit form and return the original form for you to mail to the US company asking them to approve the request and initiate direct deposits into your account.

5. After the request to receive direct deposits is approved, your payments will be electronically deposited directly to your Bangkok Bank account.

So it seems like there does indeed need to be some setup work before funds can be sent via ACH. However I think it's the requirement of the sending organization and not Bangkok Bank.

My problem is that the private organization I deal with does not provide any "'Authorization Agreement for Automatic Deposits (ACH Credits)' form or Direct Deposit form". When I questioned them about requirements to transfer via ACH, they simply state it's similar to SWIFT transfer; I just need to provide them with ABA number etc.. Step 4 states that Bangkok Bank needs to see and sign this form that supposedly originates from the private organization. However, I think this form is not for Bangkok Bank to approve anything, but for the sending organization to approve. So it's up to the organization whether they want to go through an approval process before sending via ACH to someone for the first time; Bangkok Bank will simply receive the funds into my bank account when they arrive in any case. That is my current understanding; please correct me if I am wrong.

I have provided the US finance company the details to transfer the funds via ACH and they have already initiated the transfer. If my understanding (above) is correct, I should see the funds in my Bangkok Bank account soon.

You are correct for this type of transfer. The ABA routing number of the Bangkok Bank NY and your Bangkok Bank (in Thailand) account number is all you need to provide. The forms you mentioned are usually meant to minimize errors in transmission by having the receiving the bank fill out part of the form for the sending bank/agency...it's assumed the receiving bank is less likely to provide incorrect routing info than the customer. Still a lot of people out there who will give you a Deer in the Headlights type look when you ask for ABA routing and account numbers. But now days more and more organizations will even accept the info via phone after they verify you are really you. Also keep in mind the transfer won't be totally free. While the sending bank/agency may not charge anything, Bangkok Bank NY will slice off a small amount (their fee) as it passes through them and your receiving in-Thailand Bangkok Bank will apply a fee of 200 to 500 Baht depending on the amount. See the Bangkok Bank web site for details of their charges. But the ACH transfer will still be a lot cheaper than a SWIFT transfer.

Edited May 29, 2010 by Pib