Wire Transfer Problem - Urgent

[speicher]

Problem transferring money to thailand - Catch 22

I am an american moving to thailand with thai wife, will try to get Non-O visa once there.

I have been trying with several banks here in the U.S. to set up a wire transfer before I go so I can move the money once I get there, However I dont yet have a thai bank account.

Problem is no bank will let me set up transfer without having the thai bank account info first and sign form.

Even if I try to fill out the paper work and sign a signature card before I go.

There only solution is for me to fly back with account info and sign paperwork and only then afterward will i be able to execute transfer from thailand by internet or phone. Any solutions?

Would a thai bank cash a sizable check drawn on a U.S bank?

Any help would be greatly appreciated...... thank you

[venturalaw]

Problem transferring money to thailand - Catch 22

I am an american moving to thailand with thai wife, will try to get Non-O visa once there.

I have been trying with several banks here in the U.S. to set up a wire transfer before I go so I can move the money once I get there, However I dont yet have a thai bank account.

Problem is no bank will let me set up transfer without having the thai bank account info first and sign form.

Even if I try to fill out the paper work and sign a signature card before I go.

There only solution is for me to fly back with account info and sign paperwork and only then afterward will i be able to execute transfer from thailand by internet or phone. Any solutions?

Would a thai bank cash a sizable check drawn on a U.S bank?

Any help would be greatly appreciated...... thank you

I never wire transfer funds any longer due to the cost. The answer for me was to open a Schwab account - you are required to open a brokerage account along with a checking account. No minimum balance and the checking pays annual interest at the rate of 1%. You are able over the internet to transfer funds via your Schwab account from any other bank account. Once the money is in your Schwab checking, you can access it at the rate of $2,500 per day from any ATM worldwide and Schwab picks up the cost associated with the transfer. It's the best deal around regarding accessing your money from Thailand. You receive the money at the Thai ATM in Thai baht of course, and then you can open a Thai bank acct. to deposit the funds.

[Mobi]

I cannot believe you don't have US banks who will accept telephonic instructions.

All the major UK banks have facilitates whereby you can set up ,what we call: "telephone banking". You have to apply in advance to set it up, and they will give you a series of telephone pass-codes etc that you use when calling into the bank. They will also do further security checks on the phone before accepting your instructions.

I have been using telephone banking for years, as I consider it more secure than the internet , and all conversations are recorded in the event that something goes wrong.

I suggest you check out a few more banks and be sure to ask for telephone banking facilities.

[Jingthing]

Open a Citibank account. They have online transfers. I don't believe you have to set up a previous wiring agreement in the US to use them. I haven't tried this yet in real life, but poking around my online account, that's what it looks like. 25 dollars per wire.

[Mobi]

Open a Citibank account. They have online transfers. I don't believe you have to set up a previous wiring agreement in the US to use them. I haven't tried this yet in real life, but poking around my online account, that's what it looks like. 25 dollars per wire.

UK banks will not permit you to transfer funds online to Thailand. SWIFT transfers, via telephone or written instructions are no problem, but internet transfers are a no no - always have been. I don't know exactly why, but I think it is because Thailand has not signed up to some international banking protocol.

So I would be very surprised if you can transfer online from Citibank.

[Jingthing]

Again talking about US Citibank accounts, I would be surprised if you can't do online SWIFT transfers. People with Citibank checking accounts (US) let us know. I have an account there but haven't tried it yet. I did do through the steps to start to do it and it seemed clear that they provide that service.

IF they do, and I admit I may be wrong, they are indeed a rare exception. Etrade bank used to do that, but then they stopped. I opened an account there for that reason only, the buggers.

Edited July 19, 2009 by Jingthing

[CWMcMurray]

You could always have your bank issue a cashiers check and open an account and deposit it once you get here.

Big down side is that it will take about a month to clear.

[venturalaw]

You could always have your bank issue a cashiers check and open an account and deposit it once you get here.

Big down side is that it will take about a month to clear.

Closer to 2 months actually.

[thaiphoon]

UK banks will not permit you to transfer funds online to Thailand.

Jing jing. This is not true. I regularly transfer funds from my Natwest account in the UK to Bangkok Bank by internet banking. But I had to set up this facility and is not part of their 'standard service'. Funds transfer limit is from memory GBP 25k per day.

[Mobi]

If all else fails, get a blank transfer form from your bank. Go through it with them to make sure you know exactly how to fill it in - In fact fill in everything except the Thai bank details.

Bring the form to Thailand, open your Thai bank a/c, put the Thai bank account details on the form, including the SWIFT code, and EMS the form back to US bank, along with a signed letter confirming the transfer instructions.

Should work fine, and save you an airfare.

[thaiphoon]

Problem transferring money to thailand - Catch 22

I am an american moving to thailand with thai wife, will try to get Non-O visa once there.

I have been trying with several banks here in the U.S. to set up a wire transfer before I go so I can move the money once I get there, However I dont yet have a thai bank account.

Problem is no bank will let me set up transfer without having the thai bank account info first and sign form.

Even if I try to fill out the paper work and sign a signature card before I go.

There only solution is for me to fly back with account info and sign paperwork and only then afterward will i be able to execute transfer from thailand by internet or phone. Any solutions?

Would a thai bank cash a sizable check drawn on a U.S bank?

Any help would be greatly appreciated...... thank you

As you say, is not easy because you do not have a thai bank account. And thai banks are, IMHO, not the easiest to deal with or most helpful. But here is a suggestion that I throw into the melting pot. Why don't you talk to HSBC in Bangkok. Explain what you want to do. Then get your US bank to wire the funds to HSBC USA to forward onto HSBC Bangkok with instructions "to open and credit account". You can send over paperwork to HSBC in Bangkok in advance and show them your passport etc when you arrive in Thailand - and the account is ready for you. I used to work in banking and we did this sort of thing before, but maybe the rules and processes may have changed now due to money laundering etc. My thoughts anyway for your consideration ...

[tpthai2]

Problem transferring money to thailand - Catch 22

I am an american moving to thailand with thai wife, will try to get Non-O visa once there.

I have been trying with several banks here in the U.S. to set up a wire transfer before I go so I can move the money once I get there, However I dont yet have a thai bank account.

Problem is no bank will let me set up transfer without having the thai bank account info first and sign form.

Even if I try to fill out the paper work and sign a signature card before I go.

There only solution is for me to fly back with account info and sign paperwork and only then afterward will i be able to execute transfer from thailand by internet or phone. Any solutions?

Would a thai bank cash a sizable check drawn on a U.S bank?

Any help would be greatly appreciated...... thank you

You are correct:

I did this for years with no problem until this year. US Banks no longer permit transfers unless you make those transfers "at the counter" as they now tell me.

There may be exceptions of course but I have not found them. On exception: Wells Fargo. You must apply on-line but you can call there International Banking center for instructions.

many forms to fill out. (yes, you must have a Thai Bank account.) And when you do you will still have to be "at the counter" to transfer funds with US banks.

I was caught completely unaware on this. My bank of several years stalled and

played me until I finally found out going up the chain.

In an emergency you may want to consider doing this: Send a check or checks on your account to an trusted friend, to his account. (yea, better be most trusted.) Provide banking information for transfer to (Your Thai bank,) have the friend deposit your checks in his account and then transfer the monies to your account from his bank. This is legal. Emergency only method.

The transfer process is getting more and more difficult. Would be good open a thread on this I think. Seems to be a US thing at the moment.

Edited July 19, 2009 by tpthai2

[thaiphoon]

If all else fails, get a blank transfer form from your bank. Go through it with them to make sure you know exactly how to fill it in - In fact fill in everything except the Thai bank details.

Bring the form to Thailand, open your Thai bank a/c, put the Thai bank account details on the form, including the SWIFT code, and EMS the form back to US bank, along with a signed letter confirming the transfer instructions.

Should work fine, and save you an airfare.

Yep, this will work fine, but there is going to be a slight delay in you receiving your funds

[Langsuan Man]

Everyone is making this too difficult

First off find out HOW your current bank handles wire (SWIFT) transfers

We know that you cannot not set it up before you get to Thailand but they should / will tell you what their procedures are once you get to Thailand

Follow those instructions once your Thai Bank has given you all your account details and their SWIFT number

Even if a US bank does not accept telephonic transfer request they most certainly will accept a FAX transfer request

Jingthing with all due respect Citbank is the worst bank to deal with for transfers since even using their online system you must make a telephone call to obtain a code number to finish the transaction, plus they have the worst exchange rate of any bank I have ever dealt with

E*trade for instance, only requires a fax using their form

[LostInBKK]

I'm American too and this is what I do...it's been working out great for me.

2 Bank accounts in the USA.... 1 savings account w/ HSBC Direct (www.hsbcdirect.com) which you can set up online, and one account with my normal bank....

I also have MY OWN account with Bangkok Bank in Thailand. They have a branch in New York City and use standard US routing numbers, no SWIFT codes necessary.

I just transfer from my HSBC account to my BKK Bank account online and 4 or 5 days later, it's there. I've transferred up to 5K at once and no problems. Setting up the BKK Bank account on your bank transfers list for HSBC only takes a few days too. You'll need to convert the small amounts they deposit to verify the account on the exact same day it shows up in your account that way the #'s are accurate.

I also had a joint Bank Of Ayudhya account (closed it because they wouldn't give me my own account) with my wife and have wired 8-10K at a time from my normal bank over the phone, but I am set up w/ their military banking which allows you to do that type of thing over the phone.

[Jingthing]

Jingthing with all due respect Citbank is the worst bank to deal with for transfers since even using their online system you must make a telephone call to obtain a code number to finish the transaction, plus they have the worst exchange rate of any bank I have ever dealt with

Jingthing with all due respect Citbank is the worst bank to deal with for transfers since even using their online system you must make a telephone call to obtain a code number to finish the transaction, plus they have the worst exchange rate of any bank I have ever dealt with

Have you done that recently? When I did the test start the code was going to be sent to my EMAIL address. But like I said I didn't get that far in the process so that is why I am asking you have you done this recently? Exchange rate? HUH? I always send dollars and convert IN Thailand. Who cares about exchange rate of the US bank? It would be daft to convert to baht BEFORE sending.

It is true, each bank does things differently.

Edited July 19, 2009 by Jingthing

[KK-Mike]

Everyone is making this too difficult

First off find out HOW your current bank handles wire (SWIFT) transfers

We know that you cannot not set it up before you get to Thailand but they should / will tell you what their procedures are once you get to Thailand

Follow those instructions once your Thai Bank has given you all your account details and their SWIFT number

Even if a US bank does not accept telephonic transfer request they most certainly will accept a FAX transfer request

Jingthing with all due respect Citbank is the worst bank to deal with for transfers since even using their online system you must make a telephone call to obtain a code number to finish the transaction, plus they have the worst exchange rate of any bank I have ever dealt with

E*trade for instance, only requires a fax using their form

This is the way my US Bank works also, they have a form which I fill out and fax to them. Then in an hour I phone my bank as they require this phone call, verify with the bank that I did send the fax and the next banking day in Thailand my money has been transfered. Very easy to do.

[Jingthing]

Banks often make a distinction if you are sending to a foreign bank account in YOUR exact name from a bank account with the same name. In other words, sometimes they allow that remotely but do not allow wires to other targets.

[Langsuan Man]

name='Jingthing' date='2009-07-20 01:10:52' post='2881805']

Exchange rate? HUH? I always send dollars and convert IN Thailand. Who cares about exchange rate of the US bank? It would be daft to convert to baht BEFORE sending.

It is true, each bank does things differently.

Because the exchange rate is set by the US Bank. Go to the thread about Thai Banks charging for ATM use and there are many examples of the exchange rate being set by the home bank and it can vary by a large amount

When I bought my Condo I had to use several US banks to obtain my deposit and Citibank had the lowest exchange rate of them all and believe me when you are trying to come up with 10% of a 2 million Baht condo you are very aware of the exchange rate spreads

Recently I was in Frankfurt and used a Citibank ATM, at a Citibank branch, and I received an exchange rate that was 2 Euros BELOW the published exchange rate plus the annoyance of charging me both a foreign exchange fee and a separate fee for using a non Citibank ATM (Citibank is like a franchise, only your local Citibank is fee free)

Needless to say I closed that Citbank account

[ericthai]

Dude,

don't you have a brother, mom, dad or sister you trust to give them the money and let them transfer for you when you open an account? Or talk to a lawyer set up an escrow account and have him transfer when you get here. Also talk to your bank about an international purchase order payment, make the payee you.

You can write youself a check, but it takes about 1 month and the thai bank will charge you $10 fee. Not sure about any limit on the amount. I have done this with checks for $7,000 USD no problems, never tried anything higher than that. You can always just leave the money in your US account and take it out as needed via ATM.

Does your wife have a thai bank already, if so transfer to her account until you open yours. If you trust her mom, Dad etc transfer to her Their account and then when you get here transfer to yours. (but becarful and make sure she knows you can trust them)

I have a Federal credit union bank in the USA, which allows me to do international wire transfer via email. I send an internal email to the bank from my account on their server with all the wire info and then they wire it. Not sure if any other banks in the US can do that,

[Brigante7]

Problem transferring money to thailand - Catch 22

I am an american moving to thailand with thai wife, will try to get Non-O visa once there.

I have been trying with several banks here in the U.S. to set up a wire transfer before I go so I can move the money once I get there, However I dont yet have a thai bank account.

Problem is no bank will let me set up transfer without having the thai bank account info first and sign form.

Even if I try to fill out the paper work and sign a signature card before I go.

There only solution is for me to fly back with account info and sign paperwork and only then afterward will i be able to execute transfer from thailand by internet or phone. Any solutions?

Would a thai bank cash a sizable check drawn on a U.S bank?

Any help would be greatly appreciated...... thank you

I might be wrong and I'm sure somebody will correct me if I am but if you have an ATM card with your bank account can't you go in to your bank in Thailand and ask to withdraw money from your card by simply putting your card in to a card terminal entering your pin number and you can then deposit the money in to your Thai account?

Brigante7.

[djc45]

Problem transferring money to thailand - Catch 22

I am an american moving to thailand with thai wife, will try to get Non-O visa once there.

I have been trying with several banks here in the U.S. to set up a wire transfer before I go so I can move the money once I get there, However I dont yet have a thai bank account.

Problem is no bank will let me set up transfer without having the thai bank account info first and sign form.

Even if I try to fill out the paper work and sign a signature card before I go.

There only solution is for me to fly back with account info and sign paperwork and only then afterward will i be able to execute transfer from thailand by internet or phone. Any solutions?

Would a thai bank cash a sizable check drawn on a U.S bank?

Any help would be greatly appreciated...... thank you

I might be wrong and I'm sure somebody will correct me if I am but if you have an ATM card with your bank account can't you go in to your bank in Thailand and ask to withdraw money from your card by simply putting your card in to a card terminal entering your pin number and you can then deposit the money in to your Thai account?

Brigante7.

atm card that has the "visa" logo on it, your passport go inside the bank and you can withdraw as much as you like

its easy no fees just make sure you have the funds in the bank you are withdrawing from

no need for swift

[phetaroi]

I'm American too and this is what I do...it's been working out great for me.

2 Bank accounts in the USA.... 1 savings account w/ HSBC Direct (www.hsbcdirect.com) which you can set up online, and one account with my normal bank....

I also have MY OWN account with Bangkok Bank in Thailand. They have a branch in New York City and use standard US routing numbers, no SWIFT codes necessary.

I just transfer from my HSBC account to my BKK Bank account online and 4 or 5 days later, it's there. I've transferred up to 5K at once and no problems. Setting up the BKK Bank account on your bank transfers list for HSBC only takes a few days too. You'll need to convert the small amounts they deposit to verify the account on the exact same day it shows up in your account that way the #'s are accurate.

I also had a joint Bank Of Ayudhya account (closed it because they wouldn't give me my own account) with my wife and have wired 8-10K at a time from my normal bank over the phone, but I am set up w/ their military banking which allows you to do that type of thing over the phone.

Similar here. I have a Premiere account with HSBC in America (over $100,000 USD). When I got here I opened an USD account and a THB account at HSBC Thailand. Transfer of funds in remarkably easy over the computer. I had to admit, I do not have any idea how it would be with a regular account, but with Premiere it is a cinch.

Where I did have a problem was in cashing incoming checks here in Thailand. HSBC said they could only cash checks after I had been a customer for a year...and that was based on US fed rules.

[retiredusn]

At Wells Fargo all I did was give my sister the power of attorney (limited)and then once I had a Thai bank she just sign my name and swift account # ,, no problem .............

[lopburi3]

1. They should not require the bank information to set up the wire transfer agreement - if they do use an account with your family. Once the wire transfer agreement is signed you should be able to add account by phone/password or fax or by letter to permit sending to your new Thai account.

2. US banks do not (by law or normally) require personal over the counter appearance to transfer SWIFT funds this year or any other. But they do require an initial agreement to be signed in person.

3. You can transfer domestically to Bangkok Bank for accounts in Thailand using bill pay service that most banks offer. This is cheaper than SWIFT but takes a little longer. Details are found on Bangkok Bank web site under business banking international transfers.

4. Once you set up an account you can deposit checks - it will take about 3-4 weeks to clear and there will be a $10 (and perhaps more) charge for each check. OK for large checks for yourself - not good for small checks made out to you.

5. If you have problems with your bank and they refuse, and you can not find a better one, perhaps you can have family send (if you want to use SWIFT) until you make a visit back.

6. You should obtain a non immigrant O visa before you leave the US. If you plan to extend one year at a time a single entry is all you need.

Edited July 20, 2009 by lopburi3

[Jingthing]

Because the exchange rate is set by the US Bank.

I find this hard to believe! If the US bank is sending DOLLARS to Thailand by SWIFT to be converted to baht in Thailand, how could the US bank possibly set the dollar/baht exchange rate?

Edited July 20, 2009 by Jingthing

[Gary A]

I use Citibank in the US. I have a Siam Commercial account here in Thailand. I usually make one or two wire transfers per year. The cost of each transfer from Citibank is a flat $30 regardless of the amount of the transfer. Siam Commercial bank also has a charge, but not more than 500 baht.

I do the transfers online without any problem. No phone calls and no hassle. I have been doing it this way since Citibank decided to charge a three percent currency exchange fee for ATM transactions. I no longer use my ATM card.

If I make the transfer during a business day, the money will be in my Siam account the next day. I certainly don't have any love affair with Citibank but they do make wire transfers simple. You set it up once and can use the same saved information the next time.

ADDED - I ALWAYS transfer US dollars to get the best exchange rate. No way would I ask Citibank to do the exchange.

Edited July 20, 2009 by Gary A

[Jingthing]

Thank you Gary. This confirms that Citibank is a good option for a lot of us. Be advised thought that it can be a bear to OPEN a Citibank account if you don't actually have strong connections to the US, such as a landline phone number with your name on the bill.

Lopuburi3: 1. They should not require the bank information to set up the wire transfer agreement - if they do use an account with your family. Once the wire transfer agreement is signed you should be able to add account by phone/password or fax or by letter to permit sending to your new Thai account.

2. US banks do not (by law or normally) require personal over the counter appearance to transfer SWIFT funds this year or any other. But they do require an initial agreement to be signed in person.

3. You can transfer domestically to Bangkok Bank for accounts in Thailand using bill pay service that most banks offer. This is cheaper than SWIFT but takes a little longer. Details are found on Bangkok Bank web site under business banking international transfers.

4. Once you set up an account you can deposit checks - it will take about 3-4 weeks to clear and there will be a $10 (and perhaps more) charge for each check. OK for large checks for yourself - not good for small checks made out to you.

5. If you have problems with your bank and they refuse, and you can not find a better one, perhaps you can have family send (if you want to use SWIFT) until you make a visit back.

6. You should obtain a non immigrant O visa before you leave the US. If you plan to extend one year at a time a single entry is all you need.

Bank policies differ. For example Wachovia, now Wells Fargo used to require that you first do an ACTUAL WIRE during a live walk in to the target account of your proposed repetitive wiring agreement to start a repetitive wiring agreement.

I agree there is no law I am aware of that REQUIRES people to always walk in to a branch to do a SWIFT. Some banks do require this, most have some way you can set up a WIRING AGREEMENT so that you can do remote wires LATER. Again, this is really bank to bank. Shop around. This is also why I advocate that future expats open MULTIPLE USA bank accounts BEFORE leaving the US. The banks can fail, get bought out, change policies and then it can be very difficult and costly to open new US accounts and wiring agreements once you are no longer in the US.

Another caveat -- sometimes the real problems/limitations of any particular bank's policies are not revealed until you actually do a wire. Another reason to open MULTIPLE accounts.

Yes, I know this sounds PARANOID. Believe me, it is not. I have already greatly benefited from my "paranoid tactics". If I had been lazy and relied on only one account, I would be in a similar situation to the OP. Especially recently, banks in the US have been very fluid, to say the least.

Edited July 20, 2009 by Jingthing

[venturalaw]

I'm American too and this is what I do...it's been working out great for me.

2 Bank accounts in the USA.... 1 savings account w/ HSBC Direct (www.hsbcdirect.com) which you can set up online, and one account with my normal bank....

I also have MY OWN account with Bangkok Bank in Thailand. They have a branch in New York City and use standard US routing numbers, no SWIFT codes necessary.

I just transfer from my HSBC account to my BKK Bank account online and 4 or 5 days later, it's there. I've transferred up to 5K at once and no problems. Setting up the BKK Bank account on your bank transfers list for HSBC only takes a few days too. You'll need to convert the small amounts they deposit to verify the account on the exact same day it shows up in your account that way the #'s are accurate.

I also had a joint Bank Of Ayudhya account (closed it because they wouldn't give me my own account) with my wife and have wired 8-10K at a time from my normal bank over the phone, but I am set up w/ their military banking which allows you to do that type of thing over the phone.

Is there any charge to transfer the money from Bangkok Bank NY to the account in Thailand?

[Jingthing]

The Bangkok Bank option sounds good. However many of us use our bank accounts for visa purposes and started with another bank. So it would be a hassle to switch Thai banks. Perhaps future expats should seriously look into starting with Bangkok Bank.

Edited July 20, 2009 by Jingthing