Wire Transfer -- Usa To Thailand -- Not Possible

[jfchandler]

Jim, is this right??? You're saying USAA Fed Savings Bank allows its customers to do online-initiated ACH funds transfers to other U.S.A-based accounts with no charge. So you're ACHing for free to BKK Bank's New York Branch, which, as most folks by now understand, automatically sends those funds onward to one's local BKK Bank account in Thailand.

By doing a free domestic ACH (which quite a few other banks similarly allow including E*Trade, Ally Bank, and others), you're saving on the normal $25/$35 or more SWIFT international funds transfer fee that many/most U.S. banks charge -- probably including USAA Fed Savings Bank, as well.

Of course, for American folks, if they don't have a Thai bank account with BKK Bank, this approach doesn't work. Though particularly for Americans, the process described above provides a compelling reason to have/keep a BKK Bank account.

As to other Thai banks, I'm not entirely clear. I know a few do also have American ABA/routing numbers. But in all the banking posts here on TV, I can't recall anyone ever documenting a similarly successful U.S.A. to Thailand funds transfer using a domestic ACH to the Thai bank's American ABA/routing number, and then having that bank forward those funds on to that bank in Thailand...

Has anyone ever documented that, with any bank other than BKK Bank???

Banks that do their own ACH transfers, like USAA Federal Savings Bank, don't charge anything -- and it only takes 2 business days.

[JimGant]

You're saying USAA Fed Savings Bank allows its customers to do online-initiated ACH funds transfers to other U.S.A-based accounts with no charge. So you're ACHing for free to BKK Bank's New York Branch,

Yes. And this is the best way -- at least for us ordinary folk -- to turn dollars into baht -- unless you somehow have free SWIFT privileges -- or an ATM card that gives the Interbank Exchange Rate *and* reimburses all fees, including the Visa/MC network foreign transaction fees.

[jfchandler]

You're saying USAA Fed Savings Bank allows its customers to do online-initiated ACH funds transfers to other U.S.A-based accounts with no charge. So you're ACHing for free to BKK Bank's New York Branch,

Yes. And this is the best way -- at least for us ordinary folk -- to turn dollars into baht -- unless you somehow have free SWIFT privileges -- or an ATM card that gives the Interbank Exchange Rate *and* reimburses all fees, including the Visa/MC network foreign transaction fees.

Right, examples of the latter being E*Trade Bank, Charles Schwab Bank and a few others.... Never had to do a real ACH to Thailand yet... except for some test mini transfers just to make sure my part of the BKK Bank method worked properly...in case I ever need it.

[laxman1960]

That is great information to know. Wished I knew it sooner.

So if someone needs to send me money here, they can just do a domestic transfer to Bangkok Bank in NY using the Bangkok Bank ABA and my account number here? Wow..would have saved some people some money for sure.

Thanks,

Dan

I don't have an account with Key Bank in the U.S., but I don't believe that they won't do an international wire transfer for their customer there.... Probably can't order it online. Might have to go into branch. But I'd be shocked if they don't do ANY international wires.

The OP might consider calling their 1-800 customer service number, and getting a better explanation. They are a big bank with many locations in different states. The OP may have just gotten a bank manager who was clueless.

As mentioned above, if the OP happens to have a BKK Bank account already, then he can have Key or any other U.S. bank do a DOMESTIC wire to the BKK Bank branch in New York using their ABA/routing number, and his Thailand BKK Bank account number, and the funds will arrive quickly here in Thailand.

[cshort64]

Hi. I have not had any problems with wire transfers and I have used several banks, but if I make a suggestion try Bangkok Bank branch in NYC, you can wire transfer from Key Bank to Bangkok Bank in NYC with their ACH number then have the money automatically moved into your Thai Bangkok bank account. I'm not a big fan of Bangkok Bank but that will save you $45 per wire transfer.

You can always move it out of BBK later but it will save you some $.

Just a thought

CHS

[longball53098]

I have a question about this please?

Can just anyone do an ACH transfer to BKK bank NY into another persons account?

For some reason I thought the person making the transfer in the US had to be the owner of both accounts on both ends of this transaction

Anyone?

[JimGant]

For some reason I thought the person making the transfer in the US had to be the owner of both accounts on both ends of this transaction

From the Bangkok Bank website explaining ACH transfers:

In case you want to transfer funds into a third party account, you must use the internet banking service of banks in the United States which allow the remitter to specify the beneficiary's name. Otherwise, the payment instruction Bangkok Bank receives may not carry the correct beneficiary name and Bangkok Bank will have to return funds to the remitter.

I don't know how this works in reality. When I set up my ACH between USAA and Bangkok Bank, I had the option to choose something like "I only have control over the 'push' account (USAA), not the receiving account at Bangkok Bank." I actually chose this option, since I knew I'd only be 'pushing,' and as such, I didn't even have to go thru the 'two trial deposits' drill.

Sounds like, with USAA anyway, this would work if I wanted to ACH to a 3rd party account with Bangkok Bank.........

But, that's moot. Since with Bangkok Bank Internet banking I'm allowed to include 3rd party 'push only' accounts under the internet account umbrella, money sent to my Bangkok Bank account can, with a few keystrokes, be forwarded on to any and all 3rd party accounts I have registered with my Bangkok Bank Internet banking setup. All's that's required is that my 3rd party recipients have Bangkok Bank accounts -- the same requirement that would exist if I wanted to ACH via Bangkok Bank NY to these same 3rd party recipients.

Thus, nothing really gained by being able to ACH directly to 3rd parties.

[jfchandler]

Yes, what you say below, as described above, is correct....

Two caveats: Some people have had problems, in the past, when trying to move very large amounts of money in this manner. One specific thing was Bank of America used to freeze and/or drop the BKKB link for their customers if they moved over a certain amount, $5,000 or $10,000, I can't recall. And there is a U.S. govt. review that supposedly occurs if any single sending amount is $10,000 or above.

I haven't heard or seen many reports from people using this method lately... I believe the BofA problem has been resolved. And, it's not the way to go if you're moving money for purchase of a condo and such, because in those instances you want/need for legal purposes the kind of paperwork documentation that occurs with an international wire transfer.

But for monthly or quarterly living expenses or to top up a Thai bank retirement deposits account, it's a good way to go -- especialy if either a) the amounts you want to send are too large to be conveniently handled thru an ATM in Thailand and/or you don't have access to one of the various U.S. bank accounts (like those mentioned above) that allow fee-free foreign ATM withdrawals and don't charge foreign currency surcharges.

Lastly, the BKK Bank method certainly works when the holder of the account is the same name both for your sending U.S. bank and your receiving account with BKK Bank.

I'm not sure whether this same method works when the name on the sending account is different than on the receiving account, such as if a guy in the U.S. was trying to send money in this manner to a Thai GF's account or such. I don't believe I've ever seen any reports on the situation with different names.

But..I see Jim G has weighed in on this point above...

From the Bangkok Bank website explaining ACH transfers:

In case you want to transfer funds into a third party account, you must use the internet banking service of banks in the United States which allow the remitter to specify the beneficiary's name. Otherwise, the payment instruction Bangkok Bank receives may not carry the correct beneficiary name and Bangkok Bank will have to return funds to the remitter.

So if someone needs to send me money here, they can just do a domestic transfer to Bangkok Bank in NY using the Bangkok Bank ABA and my account number here? Wow..would have saved some people some money for sure.

Thanks,

Dan

Edited April 15, 2010 by jfchandler

[lopburi3]

Chase charges me $3 and Bangkok bank charges .25% or a minimum of 200 baht to a maximum of 500 baht. But the best news is it takes 3 business days and the money is available. Simple, ain't it?

Only if you are sending $50 or less. Any amount higher has money taken at Bangkok Bank New York on an ACH transfer per the below table.

# Bangkok Bank in New York charges the following fees for funds transfers initiated via the US ACH system:

Transferred Amount Fee

Less than USD 50.00

Free

USD 51.00 - 100.00

USD 3.00

USD 100.01 - 2,000.00

USD 5.00

USD 2,000.01 - 50,000.00

USD 10.00

USD 50,000.01 or more

USD 20.00

# Bangkok Bank in Thailand also charges a fee of 0.25% of the amount in the Baht currency (minimum of THB 200; maximum of THB 500) when the