Wire Transfer Problem - Urgent

[Gary A]

I did attempt to open a Bangkok bank account in the US. Some people here say they have done it. I was told by Bangkok bank US that they do not do individual accounts.

[ballbreaker]

I did attempt to open a Bangkok bank account in the US. Some people here say they have done it. I was told by Bangkok bank US that they do not do individual accounts.

You don't need an account at the New York branch but you will need one in Thailand. You wire money to NY branch (if in US use ABA number for Bangkok Bank NY) with instructions to deposit in account....you provide name and account number.

Your account number tells NY which branch in Thailand has your account and that is where they send it.

Edited July 20, 2009 by ballbreaker

[Mobi]

If the OP isn't able to transfer his funds to Thailand after this mountain of advice then maybe he should seriously reconsider moving here.

I think the only suggestion that remains to be made is to charter a plane from Fort Knox to fly out his money in gold bars and personally deliver them to him at a bar in Nana Plaza.

[Gary A]

I did attempt to open a Bangkok bank account in the US. Some people here say they have done it. I was told by Bangkok bank US that they do not do individual accounts.

You don't need an account at the New York branch but you will need one in Thailand. You wire money to NY branch (if in US use ABA number for Bangkok Bank NY) with instructions to deposit in account....you provide name and account number.

Your account number tells NY which branch in Thailand has your account and that is where they send it.

My pension checks are direct deposited in my Citibank US account. My idea was to have them direct deposited in a Bangkok Bank account in the US. I would love to close my Citibank account but I haven't been able to find a better bank. Most US banks require you to be a US resident. I have come to the conclusion that US banks don't care for expats. They nearly force you to be a liar and to maintain a US address.

[slapout]

A cashiers check made out to yourself with a US bank which has a corespondent bank in Thailand (most major banks do, but verify) Corespondent bank will give immediate credit when you open account vs exchange rate that day. You can withdraw cash funds (Baht) immediately.

[Jingthing]

I have come to the conclusion that US banks don't care for expats. They nearly force you to be a liar and to maintain a US address.

Exactly! And as poll I did confirms, that is exactly what MOST of us are forced to do. It's a catch 22 because if you don't lie, you are likely to have problems early, but if you do lie, you may have problems later. People generally choose to defer problems though, eh? Monied people with private bankers and accountants, you can ignore this stuff ... 55555

A cashiers check made out to yourself with a US bank which has a corespondent bank in Thailand (most major banks do, but verify) Corespondent bank will give immediate credit when you open account vs exchange rate that day. You can withdraw cash funds (Baht) immediately.

Hmmm. Wouldn't you generally have to walk into an actual US branch to purchase a cashiers check? But I see how it addresses the OP's immediate problem.

Edited July 20, 2009 by Jingthing

[ballbreaker]

My pension checks are direct deposited in my Citibank US account. My idea was to have them direct deposited in a Bangkok Bank account in the US. I would love to close my Citibank account but I haven't been able to find a better bank. Most US banks require you to be a US resident. I have come to the conclusion that US banks don't care for expats. They nearly force you to be a liar and to maintain a US address.

Why not have source of pension checks wire them to Bangkok Bank NY using BB address and ABA number with instructions to deposit in account...your account number and name. You have no need to mention account is in Thailand. Bangkok Bank knows which Thailand branch to send funds by the account number. First 3 digits on account number is the branch.

Wired funds between banks located in US use ABA numbers not swift codes and BB has ABA number.

[corkscrew]

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

Does your Thai wife have a current bank account in Thailand? If so, you just need the address, phone #, account # and SWIFT code for that bank. Then ask your bank to wire $ to it.

[Mobi]

This thread should be pinned under the title:

"1001 ways to transfer money to Thailand"

[JimGant]

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

$5 fee for transfer amounts of $100.01 - $2,000; $10 for amounts between $2000.01 and $50,000 (see BB NY Fees for complete fee list).

Also, on receiving end, there's a .25% fee, with a minimum of 200bt, and a maximum of 500bt.

[JimGant]

Why not have source of pension checks wire them to Bangkok Bank NY using BB address and ABA number with instructions to deposit in account...your account number and name. You have no need to mention account is in Thailand. Bangkok Bank knows which Thailand branch to send funds by the account number. First 3 digits on account number is the branch.

Wired funds between banks located in US use ABA numbers not swift codes and BB has ABA number.

Indeed, why not? Direct deposits in the US are all now ACH transfers, so eliminating a middleman and its additional ACH step should be non-problematic.

From the Bangkok Bank site describing all of this (see HERE):

If you are currently receiving payments such as pensions, annuities or payroll from US government agencies or private organizations, you can arrange for your payments to be directly deposited into your account at Bangkok Bank in Thailand via Bangkok Bank's New York branch instead of receiving United States Treasury or company issued cheques.

[NanLaew]

I transfer money from my Bank of America account in Texas to my Bangkok Bank account in Pattaya by Bank of America's online banking service (via Bangkok Bank NY). This service was suspended for a few months but is working again. Takes about 3 days for funds to post. I think this is via the ACH system and pretty much any major US bank should be able to do the same.

For those having problems doing transfers via internet from the UK, I also transfer money from my Royal Bank of Scotland International account in the Isle of Man to any of my accounts (or my wife's) anywhere in Thailand via their iBanking online banking service. Note they have 2 separate internet banking systems, one for purely domestic transfers, and the iBanking for international ones. With iBanking, the funds are available same working day (virtually instantaneous in the US) depending on the time the transaction is initiated. Both their internet banking systems use card-readers and online 'challenge code & response' methods which takes about 10 days to set up as they mail the hardware to you in the UK. Use a courier to get it sent here.

Neither of these transfer arrangements required me to set them up in person in the US or IoM or sign anything, all done online.

I use Bangkok Banks BuaLuang online banking here to move money around in Thailand including to 3rd party accounts. This did need the paperwork to be signed and submitted at the local branch, took about 3 days to initiate and another couple of days for the PIN in the mail.

US banks handling of 'international' transfers was always behind other countries but now the Department of Homeland Paranoia has gotten it's finger in the mix, it's even worse. For example, Bank of America were proud to announce that I could now transfer money domestically to another account with another bank... as long as that account was also in my name! How (un)handy is that? So, for payments to 3rd parties in the US while I am away, I now use PayPal as it's fast, easy and reliable. All your recipient needs is an email address and a bank account. Depending on the recipients bank, it can take 3-5 days to set up that recipient.

Edited July 25, 2009 by NanLaew

[Gary A]

I can see there are 1001 ways to transfer money to Thailand. I think I'll just continue to pay Citibank US $30 for an on-line transfer once or twice a year.

[zzaa09]

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.

$25 is a bit steep. CitiBank should offer this service free of charge.

[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.

$25 is a bit steep. CitiBank should offer this service free of charge.

Huh? 25 to 30 is LOW for a US bank to do a SWIFT. I have two other banks that charge 60 dollars. Yes I realize it is almost pure profit for the banks. That's how they make a lot of their money these days, fees.

Edited July 26, 2009 by Jingthing

[Dave the Dude]

I investigated the possibility of opening an account with BKK Bank,London with a view to onward monthly pension transfers to my BKK account in LOS.

The fees were MORE expensive than most UK High St banks. Prices quoted in dollars seem about the same as we pay in pounds!

Dave