Bank Of America To Bangkok Bank Ltd

[richard10365]

Here is a service my bank has I just found out about. I don't know if similiar banks have the same.

I can save on my ATM fees with this. ATM fees here in Thailand are $5 US when I use my Bank of America ATM visa card. My Bangkok Bank ATM fees are 20 baht. It adds up if you use your card alot.

My Bank of America online account has a feature that allows me to transfer money from my checking account in the USA to my Bangkok Bank LTD account here in Thailand.

I can transfer my entire pension here for $3 US (3 day process) or $10 US (next day process)

For the 3 day process, I can transfer $10,000. For next day I can only transfer $2000.

I wish I had that much to transfer every month.

[LoveDaBlues]

Richard, have you actually done a transfer yet? I'm also with BOA and I looked into this about a month ago......from what I gleaned it could not be done. Hope you're right this will solve a problem for me.

[richard10365]

Richard, have you actually done a transfer yet?  I'm also with BOA and I looked into this about a month ago......from what I gleaned it could not be done.  Hope you're right this will solve a problem for me.

<{POST_SNAPBACK}>

I did the initial transfer. They sent 34 cents to my Bangkok Bank account.

You have to call to get this info because your bank book will show you had a transfer but that will be in baht. I called Bankok Bank on the phone and they told me the amount in cents BOA sent.

I had to go back online and verify the amount (put .34 next to where it says verify). It responded that the account is verified and I now I am able to send money back and forth.

I have not sent any other money yet because I am waiting for my next pension deposite to try it out.

[LoveDaBlues]

So other than the phone call you were able to do everything online at: www.bankofamerica.com.......is this right?

[richard10365]

So other than the phone call you were able to do everything online at:  www.bankofamerica.com.......is this right?

<{POST_SNAPBACK}>

That is correct. The only people I called was Bankok Bank to get the amount of how much (in US currency) was transfered to my Bangkok Bank account.

Everything else was done online at www.bankofamerica.com.

Now when I open my account on the internet, I have a tab I select (transfer funds) that lets me transfer from my BOA account to my Bangkok Bank account. It also has a option to let you choose next day or 3 day processing.

[thaihome]

I also have BofA account and have never seen this option on their Internet Banking site. A couple of years ago they specifically told me this was not available. What state is your account in? I wonder if there are different rules for each state.

Can you be more specific on how you initiated the option and how each transfer is handled? You say you called a number to get the option, what number? You start the transfer from the web site and then confirm the transfer via e-mail? You say you called a number to get the option, what number?

Thanks, this would be great, especially at the prices you quote.

TH

[LoveDaBlues]

I copied this from the BOA website. When I looked a while back (roughly 1 month ago I think) this option was not available. It sounds like they verify the bank the money is going to (1 time initially) just like Neteller does it. They send an amount of between .01 - .99 cents and you have to enter the amount to prove you are in 'control' of the account and the right account is linked. LDB

I'm a BOA customer in Nevada so when I get back to Thailand it should be no problem to open a bank account in Thailand and then set up the transfer process via the BOA online banking structure. I'll gladly pay $3.00 to be able to transfer a sizable chunk of money with no hassles. LDB

From BOA website:

. Transfers Outside Bank of America (applies only if you have signed up for this service - for personal accounts only)

Within Online Banking you may separately sign up for the option of transferring funds between your linked personal deposit accounts at Bank of America and certain deposit or investment accounts at other financial institutions. An Inbound transfer moves funds into an account at Bank of America from an account outside Bank of America. An Outbound transfer moves funds from an account at Bank of America to an account outside Bank of America. You will need to register each of your non-Bank of America accounts that you wish to use for these transfers. You agree that you will only attempt to register accounts for which you have the authority to transfer funds. Transfers may be Three-Business-Day or Next-Day Transfers.

Three-Business-Day Transfers: Funds will be debited the business day after you initiate the transfer, and will be credited on the third business day after you initiate the transfer.

Next-Day Transfers: Funds will be debited and credited on the business day after you initiate the transfer.

Cut-off Time: The cut-off time for Three-Business-Day Transfers is midnight, ET. The cut-off for Next-Day Transfers is 7:00 p.m. ET. Any three-business-day transfer made after the cut-off time will be initiated the next business day.

Transfer fees may or may not apply to transfers with accounts you own at other financial institutions, depending on the delivery type of the transaction.

Inbound Transfers:

There is no fee for transferring funds into the bank, regardless of the Delivery Type you choose.

Outbound Transfers:

If you transfer money to accounts you own at other financial institutions, the following transfer fees will apply:

- Three-business day processing - $3.00

- Next-day processing - $10.00

Transfers Outside Bank of America are subject to the following dollar limits:

Type Of Limit Three-Business-Day

Transfer Next-Day Transfer

Inbound

Business Day $3,000 $2,000

In Process $3,000 $2,000

Monthly (rolling 30-day period) $6,000 $5,000

Outbound

Business Day $3,000 $2,000

In Process $3,000 $2,000

Monthly (rolling 30-day period) $6,000 $5,000

The above limits apply to the total of all transfers of a specific type for all accounts. Any transfer initiated on a day that is not a business day counts toward the applicable limit for the next business day. A transfer remains “In Process” until fully processed and it will appear as “In Process” on your Transfer Funds tab within Online Banking. Three-Business-Day Transfers typically remain In Process until the close of the third business day after the transfer is initiated, and, for Next-Day Transfers, until the close of the next business day after the transfer is initiated.

Three-Business-Day Transfers are available to all customers, but you agree we may cancel, without prior notice, upon the occurrence of a “Disqualifying Event,” as defined below. Next-Day Transfers are permitted only at our discretion, but you must have completed at least one Three-Business-Day Transfer involving the same non-Bank of America account no less than sixty days prior to the attempted Next Day Transfer. You may determine whether you have been approved for Next-Day Transfers by going to the Transfer Funds tab in Online Banking. Once approved, you will remain eligible for Next-Day transfers, unless we provide you with notice, as required by law.

We may change your dollar limits at any time. Any decrease will be subject to notice, as required by law, but you agree that we may reduce your limits to the amounts stated above without prior notice upon occurrence of a Disqualifying Event.

Each of the following is a “Disqualifying Event”:

Any of your accounts with Bank of America are not current or are not in good standing.

You have had an overdraft, an over-limit item, or an item returned for insufficient funds with respect to any Bank of America account during the current or three prior calendar months.

You have had any prior Transfer Outside Bank of America between accounts at other financial institutions canceled, revoked, or uncompleted due to insufficient funds, revoked authorization, stopped payments, frozen accounts, or any similar reason.

All Transfers Outside Bank of America are immediate. You may not cancel after the information has been transmitted to us.

[richard10365]

I also have BofA account and have never seen this option on their Internet Banking site.  A couple of years ago they specifically told me this was not available.  What state is your account in?  I wonder if there are different rules for each state.

Can you be more specific on how you initiated the option and how each transfer is handled? You say you called a number to get the option, what number? You start the transfer from the web site and then confirm the transfer via e-mail? You say you called a number to get the option, what number?

Thanks, this would be great, especially at the prices you quote.

TH

<{POST_SNAPBACK}>

I have an account in California. I sign onto my online acount.

This leads to a window with 5 main Tabs.

Accounts

Bill Pay & E-Bills

Transfer Funds

Investments

Customer Service

Click on the transfer funds tab. This tabe opens up to transfer options. Select Accounts at other financial institutions option (3rd on the right). Then follow the instructions for setting up your transfer account.

There is an initial amount of money that has to be sent to the Bangkok Bank to verify the right account in Thailand. It is not alot. Mine was 41 cents. BOA will send you an email telling you when the money is sent 3 working days later.

I called Bangkok Bank central office up and asked them to tell me the amount. The told me and I went back to my computer, signed back online, and to the transfer account section.

My next step was to verify the ability to transfer from my BOA account to my Bangkok Bank account by telling BOA the amound Bangkok Bank said they received.

Once that was complete, they informed me my transfer account to Bangkok Bank was now active and I can transfer money immediately.

I dont have the number I called at the Bangkok Bank but you can probably get it from their website online. http://www.bbl.co.th/Bangkok+Bank/main.htm

[LoveDaBlues]

Also, I have a Washington Mutual account here in Las Vegas. The charge to use the ATM card in Thailand is only $3.00 not $5.00 like BOA.

[thaihome]

I have just signed up for this service and added my Bangkok Bank account. Now waiting for the trial transfer results. It appears this goes through the NYC Bangkok Bank branch as they use the ABA routing number for that branch. Will be interested to see how this works as it is much cheaper then the $50 SWIFT wire transfer fees I pay now. The limits may be problem as they are pretty small.

TH

[LoveDaBlues]

I have just signed up for this service and added my Bangkok Bank account. Now waiting for the trial transfer results.  It appears this goes through the NYC Bangkok Bank branch as they use the ABA routing number for that branch.  Will be interested to see how this works as it is much cheaper then the $50 SWIFT wire transfer fees I pay now.  The limits may be problem as they are pretty small.

TH

<{POST_SNAPBACK}>

You need to transfer more than $10,000 at a pop? Wow the BG's must love ya!!!!!!

ps - If it's really a problem just open multiple accounts....problem solved!

Edited August 10, 2005 by LoveDaBlues

[richard10365]

On top of my ATM fees, BOA charges me FTF INTERNATIONAL TRANSACTION FEEs between $3.50 and almost $5.00/ATM transaction.

I think it is worth $3 to transfer to Bangkok Bank.

My ATM card cost me almost 1200 baht in fees every month. To me, thats a weeks worth of food or 1 night in Bangkok.

[LoveDaBlues]

Richard, I haven't seen a cheaper or easier way to transfer a sizable chunk of money as you have discovered. My pension check goes direct deposit to BOA. It will be schweeeeeeet to move money for only $3.00!

Not to mention that in the Thailand boonies sometimes you can only withdraw a few hundred USD (daily limits) using the ATM.

[richard10365]

I havent moved a large amount of money yet. I am going to try in September when my little military pension check gets to my California BOA account.

[LoveDaBlues]

I havent moved a large amount of money yet. I am going to try in September when my little military pension check gets to my California BOA account.

<{POST_SNAPBACK}>

If you can remember please post and let us know how the transfer goes....also check and see if you get a fair exchange rate......I'm guessing you will.

[richard10365]

I havent moved a large amount of money yet. I am going to try in September when my little military pension check gets to my California BOA account.

<{POST_SNAPBACK}>

If you can remember please post and let us know how the transfer goes....also check and see if you get a fair exchange rate......I'm guessing you will.

<{POST_SNAPBACK}>

I'll let you know what happens!

[craigt3365]

if you are x-military...or a former dependent...try USAA. I auto deposit a few hundred dollars a month into a savings account there. My wife's mother has an ATM card and USAA does not charge anything for the first 10 transactions a month.

I use USAA for my checking also...again, first 10 ATM transactions are free. Works great as you never get charged for ATM fees...anywhere!

[Valjean]

This is a very helpful thread for a recently arrived BoA acount owner working here. Thanks to all.

I have needs to move money both ways. Anyone know if it works the other way? From Bangkok Bank to B of A?

[RBWilson]

The process for BofA reuires that the destination bank has an ABA routing/transist ID. Since this is a US based sytem only, it follows that the destination bank has a US office which will accept transfers for their Thai based customers. Apparently Bangkok Bank supports this (via New York). An inquiry to HSBC resulted in a negative reply - no such service offered via their US branches (HSBC - "your global bank" as their ads claim).

It may be of interest to acculumlate a list of other Thai banks offering an ABA routing transfer.

[Kf6vci]

OT - I found that AMEX travellers' cheques are a cheap alternative, since Paypal doesn't operate in Thailand. HSBC lets me order online and charge the order to a credit card, too - without fees when I tried it, but that's unlikely to last). Rather than paying $ 50 for a SWIFT wire, try getting someone fill out traveller cheques completely and then mail them.

[paulfr]

I have both a Wells Fargo and BofA account in California.

I tried doing a BillPay transfer with Wells Fargo to my Bangkok Bank via the Bangkok Bank office in New York. It did NOT work.

WF showed paying the test $30 transfer, but a week later it showed the transfer to be rejected by BB.

I can transfer from WF ot BofA and visa versa. But I could not get money to BB.

JFYI

[lomatopo]

I'd be interested to see the net result of a significant transfer. That is, a summary of all the fees, and the resulting exchange rate.

The ABA routing number for Bangkok Bank PCL (29 Broadway, 20th floor, NY, NY 10006, phone 212 422-8200) is 026008691.

A standard SWIFT wire transfer from Bank of America to Bangkok Bank incurrs a one time fee of $15. Bangkok Bank applies a small fee (b300 minimum/b500 maximum) and the exchange rate is quite favorable.

When you enter the "External Account Information" (i.e. your Bangkok Bank account number) do you drop the "dashes"? I'm guessing yes.

FWIW I gave it a try...

Your request to authorize the account by Trial Deposit has been received.

* Two small deposits will be transferred to your account when you submit your request.

* Within 2 - 3 business days after submitting your request, check your account to identify the deposits.

* Deposits should appear as being from Bank of America Verify, or they may have a more general description depending on your financial institution.

* If the Amounts entered by you match the amounts of the deposits, then the account will be enabled.

We'll send you an email with these instructions in it in 3 days to remind you to return here and verify the deposits.

===========

Getting the exact amounts, in U.S. dollars/cents seems key to the process. Any additonal information re: contact information at Bangkok Bank to determine the transfer amounts from BofA to BB/NYC would be helpful.

Edited August 19, 2005 by lomatopo

[JimGant]

A standard SWIFT wire transfer from Bank of America to Bangkok Bank incurrs a one time fee of $15.

If that means you never have to pay a wire transfer fee ever again, that's great. And the $3 rate (or even $10 for quicker service) is a winner, as my wire fees at USAA are $35.

If your Bangkok Bank account is set up for Internet banking, it would seem you could verify if and when the money arrives on-line.

Just wonder about security issues. Swiss banks issue crypto devices to ensure on-line security. And with USAA, they'll only wire money if the name(s) on the receiving account matches the account at USAA -- otherwise they phone check to the phone number on record.

How, I wonder, does BOA ensure security? Same name accounts, I would think (?), otherwise your money could end up in some hacker's account.

If BOA is pioneering this, other banks will soon follow suit IMO. I'm sure TV posters will stay on top of this, as getting money from farangland to Thailand is a popular subject on this forum.

[lomatopo]

richard10365 Did Bangkok Bank charge the minimum fee (300 baht, .025% up to a max. of 500 baht) for the initial in-bound wire transfer (41 cents in your case)? I was told that BofA (see my post above) would do two small transfers, so now I'm expecting to get dinged for 600 baht.

Also, where did the 41 cents come from? One of your accounts at BofA, or does BofA use their own money for this transaction(s) and then recoup it from you later?

I agree the lower outbound wire transfer costs at BofA ($3/$10 vs. $15 that I pay), and of course being able to do it 'remotely' from Thailand is a huge plus. (Normally I do a wire transfer on a visit back to the U.S.A.)

I am curious about the security issues, it's not clear to me that they are checking that the names on the two accounts match?

[daxbr]

I am looking forward to hear if the second transfer went thru smoothly too. BTW, Ameritrade has the same system of verifying destination bank account but ... no fees for transfer.

[camble]

Some institutions require a voided check to verify account ownership. I recall about 5 years ago, Paypal received a lot of bad press for just accepting whatever ABA routing and account numbers were given by the customer. This .01 to .99 cent transfer seems to be the most popular method of authentication because it's easy.

The transfer methodology is no doubt ACH (automated clearinghouse). Banks and other institutions in the US use this method all the time for very large volumes of transactions. It's just a simple file upload over secure ftp, there's not much validation done within the transaction itself.

I've never heard of ACH being hacked, but the banks would never acknowledge it anyway. Sounds like a low-risk crime because, even if you're caught, the banks wouldn't prosecute for fear of the publicity.

[kidtongue]

Some institutions require a voided check to verify account ownership.  I recall about 5 years ago, Paypal received a lot of bad press for just accepting whatever ABA routing and account numbers were given by the customer.  This .01 to .99 cent transfer seems to be the most popular method of authentication because it's easy.

The transfer methodology is no doubt ACH (automated clearinghouse).  Banks and other institutions in the US use this method all the time for very large volumes of transactions. It's just a simple file upload over secure ftp, there's not much validation done within the transaction itself.

I've never heard of ACH being hacked, but the banks would never acknowledge it anyway.  Sounds like a low-risk crime because, even if you're caught, the banks wouldn't prosecute for fear of the publicity.

<{POST_SNAPBACK}>

Bank of America correspondent bank is Kasikorn.

[richard10365]

richard10365 Did Bangkok Bank charge the minimum fee (300 baht, .025% up to a max. of 500 baht) for the initial in-bound wire transfer (41 cents in your case)?

Also, where did the 41 cents come from? One of your accounts at BofA, or does BofA use their own money for this transaction(s) and then recoup it from you later?

<{POST_SNAPBACK}>

The money came from my account. I called BB to get the exact amount in US currency (.41 cents).

I am not aware of any charges I incurred in Thailand. I am still trying to figure out the fees that were tacked on by BOA.

My pension gets deposited in my BOA account on the 1st of the month. I am doing a visa run to Laos at that time. When I return, I will transfer money to my Bangkok Bank account to see what happens.

[lomatopo]

FYI, I received the following email after intitiating the transfer request process...

We have successfully completed 2 transactions on your account.

Now, you're just a few clicks away from enabling this account for transfers with your Bank of America consumer deposit accounts

Here's what to do next:

1.Inquire directly with your financial institution (by phone, ATM, or in person*) to identify the transaction amounts.

Deposits should show as being from 'TRANSFER' or 'TRANSFER VERIFY'.

2. Log on to Online Banking and access the Transfer Funds tab,

Manage Accounts, Outside the Bank. Click on the

'Verify' link next to the account referenced above.

3. Enter the correct transaction amounts, then press Confirm.

If the transaction amounts you enter are the same that we deposited into your account, then your account will instantly be available for transfers with your Bank of America consumer deposit accounts.

Thanks for using Online Banking.

Sincerely,

Member Service

=========================

I updated my passbook at Bangkok Bank and noticed two deposits; b20.84 and b37.60, so I went to the customer service area and they kindly provided me with a detailed record of each transfer. The exchange rate was 40.87, the amounts transferred were $0.92 and $0.51, and no fees were applies. It shows as a "trial deposit". Note that these amounts do not show up on my on-line account at Bank of America.

So far, so good.

[lomatopo]

Just to follow-up...I verified the amounts of the two transfers and received the following message:

"Your account has been enabled. You may now Transfer to and from this account by clicking Make Transfer and following the instructions on screen"

My Bangkok Bank account now shows up as an account from which or into which I can make transfers.

Note that of the two delivery types, 3-days/$10,000 limit and Next business day/$2,000 limit, the latter is 'greyed out' for me and thus not an option.

To tell the truth this is a nice feature but I'm not sure if I will use it. I currently opt to keep the bulk of my funds in the U.S.A. (BofA & Fidelity). With a Fidelity Visa (debit/ATM) card I can earn interest/dividends in a variety of funds, including tax-exempt money market, and then withdraw funds (limit ~ b19,000+/$500 daily) without fees and at a competitive exchange rate. My most recent withdrawal of b19,000 here cost me $456.55 (41.616) on 1 August 2005.