Bank Of America To Bangkok Bank Ltd

[richard10365]

Thanks for the info regarding using MyPay. For sending that monthly retirement check automatically, definitely no use sending it to a U.S. bank first, just to turn around and resend it. Now if DFAS will only recognize Thai banks for VFR-direct payments (i.e., DFAS sends direct to an in-country Thai bank vs going thru an intermediary bank) that would eliminate another wire transfer fee other than the fee the receiving Thai bank charges.

Question: under the way you have your money transmitted from DFAS, do you get an "in-country" exchange rate or a lower "wholesale/off shore exchange rate?" I expect since the transfer probably still goes thru a intermediary bank (Bangkok Bank NY I expect), you are probably getting the higher in-country TT rate. Thanks and Happy New Year.

I'm getting the higher in-country TT rate.

[wattanin]

Hi Everyone--

This thread is so interesting!

I am going to Bangkok. Instead of transferring my money from a bank in USA to a bank in Thailand, can I deposit my "Trveling Check" brought from USA in my bank account in Thailand? If so, how much does any fee cost me?

Thanks, guys!

[Pib]

Hi Everyone--

This thread is so interesting!

I am going to Bangkok. Instead of transferring my money from a bank in USA to a bank in Thailand, can I deposit my "Trveling Check" brought from USA in my bank account in Thailand? If so, how much does any fee cost me?

Thanks, guys!

Bringing travelers checks would definitely be about the cheapest way, especially if your bank/credit union doesn't charge anything or very little to issue the checks. The fee to cash a travelers check at a Thai bank is around 30 baht "per" travelers check cashed, whether it's a $1000, $500, $100, etc., travelers check. So to minimize your exchange/fee costs bring the higher amount traveler checks (e.g., $1000 vs $100 traveler check).

[Pib]

Thanks for the info regarding using MyPay. For sending that monthly retirement check automatically, definitely no use sending it to a U.S. bank first, just to turn around and resend it. Now if DFAS will only recognize Thai banks for VFR-direct payments (i.e., DFAS sends direct to an in-country Thai bank vs going thru an intermediary bank) that would eliminate another wire transfer fee other than the fee the receiving Thai bank charges.

Question: under the way you have your money transmitted from DFAS, do you get an "in-country" exchange rate or a lower "wholesale/off shore exchange rate?" I expect since the transfer probably still goes thru a intermediary bank (Bangkok Bank NY I expect), you are probably getting the higher in-country TT rate. Thanks and Happy New Year.

I'm getting the higher in-country TT rate.

Thanks. Wanted to confirm whether DFAS converts the dollars at some wholesale rate and then transfers baht, or they transfer dollars and the dollars get converted at the Thai bank at the TT rate. I'm glad you confirmed it's the later. Thanks again.

[wattanin]

Many thanks, "Pib."

Does a bank give me in BATH or USD when to encash a check?

[blizzard]

you want a bath" u need to go to one of the soapy establishments!

[Pib]

Many thanks, "Pib."

Does a bank give me in BATH or USD when to encash a check?

When you cash the traveler's check issued in a foreign currency like the USD, you get Baht.

[popshirt]

All of you Bank of America transfer to Bangkok Bank clients should keep your fingers crossed.

In my experience, over a 2 year period, the transfer sometimes works and sometimes it doesn't.

I had it all set up too, and managed several transfers successfully.

Then for some reason, BofA "locked" my "outside of bank" transfer option.

It took 10 emails and almost one month before I was given the lame excuse that "Bangkok Bank refused the transfer."

On checking with Bangkok Bank, they said this is not true as all my transfer information was correct, it would have been routed thru Bangkok Bank New York City and into my account, no problem.

Customer service wants to speak to me by telephone. This is very inconvenient as the 1-800 number does not work with my telephone service in Thailand.

I called BofA using their regular U.S. area code number and was told that internet banking is an entirely separate operation and they could do nothing for me.

Finally got it cleared up and several transfers were made successfully.

Last month my option to transfer was "locked" again. It is still locked as I write this after about 7 or 8 emails back and forth, all of the replies are "scripted" and don't really address the problem.

My account is with BofA in Southern California where there are lots of Thais living.

I also have an account with Citibank. Because the BofA outside the bank option is locked, I am now asking Citibank to request transfer of funds from BofA and have no problem with them wiring to Bangkok Bank. They do charge a fee however that is more than I paid at BofA.

Several friends of mine have had very good service from ING Bank (the online bank) which is FDIC insured. I am going to move my banking to ING as there are no fees for ATM withdrawals anywhere in the world and will make life easier for me.

My message here for BofA customers is, don't count on this working for you over the long term or every time you need it. It doesn't!

UPDATE:

Sorry for repeating my earlier post, but I wanted interested parties here to know the final outcome with Bank of America.

When I was in the US a few months ago I determined to get to the bottom of the problem. After many calls (my local branch could do nothing for me as internet banking is another business apparently) I finally came to speak with a surly individual who was part of the "security department" or something like that. He informed me that I had been "coded" and that this was a serious thing and furthermore there was nothing that could be done to remove such a code. I have been "coded" for money laundering! At least that is what he presumed. Me, who has never transferred more than 5K a month to Thailand! He responded to me as one would to a criminal, already convicted, and lucky to be out of jail. He also suggested I close my account with B of A and use some other bank as there is no way I could be removed from such a dreadful "no fly" list in my lifetime. And this after being a customer of B of A for almost 40 years! Being coded means not only are international transfers prohibited but it is also impossible to make a transfer to my US Citibank account. No transfers outside the bank, period. End of story. End of relationship.

[Pib]

Amazing Bank of America...looks like you got on their bad side whether you did anything wrong or not. Yeap, time to say goodbye to BoA in your case.

[Pib]

Just an update for your Bank of America (BOA) account holders (like me) which have been using the BOA Internet Outside Bank Transfer Function (low cost and easy) to transfer funds from your BOA account to your Bangkok Bank account in Thailand "using the Bangkok Bank PCL New York Automatic Clearing House (ACH) routing number." This BOA Internet Banking function will no longer work for you for Bangkok Bank PCL as BOA no longer has an internet banking/ACH agreement with Bangkok Bank PCL. Found this out during a call to BOA Internet Banking Technical Support. Thought you might want to know if you had problems starting very recently in Jan 09 in getting this particular BOA Internet Banking Outside Bank Transfer Function to work for the Bangkok Bank PCL New York. I expect the Bangkok Bank PCL ACH routing number will still work for "non-internet based banking/paper-based" transfers; it just no longer will work on this particular BOA Internet Banking function. Guess it's back to more cumbersome paper-based transfers, maybe higher cost SWIFT code vs ACH routing number transfers, and/or change banks. Just FYI.

Edited February 4, 2009 by Pib

[HYENA]

I have BOA and found their petty fees to be a headache. After being charged for everything and its brother, I took some advice and switched to Charles Schwab. THey make you open a brokerage account in order to get a checking account. Once you have the checking account (no stupid fees for anything ever...balances, atm either theirs or others and if charged all will be refunded).

So Using my Schwab account, my fiancee has an atm card and she gets the REAL exchange rate. My friend went into a BOA branch last week and tried to get some baht. THey said "no fee, the real exchange rate" when he got there, they wanted $40 and were giving him 32b/$1. he was so pissed off and made such a scene they called security (I laughed my butt off at that one).

With Schwab, there are NO FEES FOR ANYTHING (I'm not kidding). I took advice from people here and sure enough...she took some money out to buy some business for us to sell here and the rate was 35.1 the exact rate it was that HOUR she withdrew it. I've been happy as a clam with them. THeir online banking is new so they have a ways to go to compare with ease of BOA but the freebies make it well worth it. I've had it with nickel and diming of banks who already MAKE MONEY on my money and have the nerve to charge me a *(& penny to access it.

Think about it...worldwide FREE atm fees and the forex rate is the rate you get out of the atm. it doesn't get any easier and more fair than that! After playing so many headache games and my friend being lied to last week, I'll need to close my 3 accounts with BOA once my k-1 visa is finished. There's no excuse any bank should charge YOU for putting YOUR MONEY in THEIR BANK so they can make money off you....the nerve to charge you to access it? They make too many billions to make it excusable. In the old days, they didn't do this. It's the greed that pisses me off.

I'm happy I found Schwab. Everyone who has used them found their free promises are true.

Edited February 5, 2009 by HYENA

[richard10365]

Just an update for your Bank of America (BOA) account holders (like me) which have been using the BOA Internet Outside Bank Transfer Function (low cost and easy) to transfer funds from your BOA account to your Bangkok Bank account in Thailand "using the Bangkok Bank PCL New York Automatic Clearing House (ACH) routing number." This BOA Internet Banking function will no longer work for you for Bangkok Bank PCL as BOA no longer has an internet banking/ACH agreement with Bangkok Bank PCL. Found this out during a call to BOA Internet Banking Technical Support. Thought you might want to know if you had problems starting very recently in Jan 09 in getting this particular BOA Internet Banking Outside Bank Transfer Function to work for the Bangkok Bank PCL New York. I expect the Bangkok Bank PCL ACH routing number will still work for "non-internet based banking/paper-based" transfers; it just no longer will work on this particular BOA Internet Banking function. Guess it's back to more cumbersome paper-based transfers, maybe higher cost SWIFT code vs ACH routing number transfers, and/or change banks. Just FYI.

I'm sorry to hear this ended. It might have something to do with the financial crisis and problems BOA is having. I just hope Bangkok Bank doesn't start having problems.

[mackayae]

BOA is back online with Bangkok Bank.

[Pib]

Well, it does seem to be back online. I just initiated a transfer...and the BOA system didn't do a loop back/reject on me. But since I selected the 3 business day vs 1 business day transfer option it could be mid week before I can confirm the funds arrived in my Bangkok Bank account...but I expect the transfer will process OK-fine.

[JimGant]

But since I selected the 3 business day vs 1 business day transfer option

Is that '1 business day' option really a wire transfer (with its higher fee)? Almost by definition, the considerably cheaper ACH transfers have a slower transit time than wire transfers.

[jfchandler]

On the BofA end, that's a one business day option to move the funds from your BofA account to the recipient account in the U.S., in this case, BKKB New York branch. Then there would be additional time for BKKB to move the funds from New York for credit to your local account in Thailand, though, not long, based on past experience.

In the case of BofA, they give you the normal ACH timing option for free, as most banks do, or the one day option for an extra fee.

[Pib]

But since I selected the 3 business day vs 1 business day transfer option

Is that '1 business day' option really a wire transfer (with its higher fee)? Almost by definition, the considerably cheaper ACH transfers have a slower transit time than wire transfers.

The 1 business day ACH transfer out option costs you a $10 BOA fee while the 3 business day ACH transfer out option costs $3. You are only using an ACH routing number versus a completely different code used for SWIFT/wire transfers. It's purely up to BOA on how fast they transfer your money and how much they charge/you want to pay. When transferring money "into" your BOA account, the ACH transfer fee is zero/free regardless of a 1 or 3 day transfer. Summary: when you are depositing money into your BOA account via online transfer, there is no BOA fee (i.e., increasing BOA total deposits...they happily accept your money) and they initiate the pull of money immediately from your other bank; but when transferring money out of your BOA account, BOA charges you for it and kinda drag their feet in giving up your money. Guess it's called hanging onto your money as long as possible while making an additional buck (or $3 or $10).

[JimGant]

Having a 'two speed' ACH feature is kinda nice. I only have one ACH option -- and sometimes that can be too slow, warranting using the considerably more expensive (but fast) SWIFT wire option.

But, unlike BofA, my bank is content with one-way ACH service to Thailand. Slow, but sure.

[jfchandler]

It's nice that the Bank of America-BKK Bank connection seems to have been restored....at least in the online sense.

But folks reading this should be aware of the other significant limitation about this approach, assuming it's still in effect the same as it was previously.

While this approach enabled BofA account holders in the U.S. to essentially ACH funds to their Bangkok Bank accounts, there was a catch.

In the past, there were numerous TV (Thai Visa) reports that folks who tried to send larger amounts for purposes like retirement visa qualification and such (I'm trying to remember, was the supposed limit $5K or $10K U.S. and over) often found their online BKKB link in their BofA online banking profile later either frozen and/or subsequently removed.

There was lots of talk about larger dollar value transfers triggering some kind of money laundering review that led to the freezings, even for very legitimate, ordinary transfers. But the smaller dollar value transfers seemingly passing through without any trouble.

Dunno if anyone wants to risk trying a larger transfer to see if those past limits are still in effect.

I know for a time a few months ago, my entire "outside the bank transfers" module in BofA online banking was dead/inaccessible. I called BofA about it, and they said it was nothing particular about my account (and I hadn't done any Thailand-BKKB transfers then.) They blamed it on a system problem stemming from them having consolidated BofA's computer systems with those of one of the banks they had acquired, LaSalle or one of the others.

But lately, I seem to be able to access that module just fine again, and my BKKB link is still there and seemingly alive.

[Carmine6]

This is a technical loophole. The ACH system is intended for US domestic transfers and payments. Bangkok Bank happens to receive the funds in their NY branch and forward them to Thailand. Some banks will not care if transfers are done this way. Pension trustees probably don't care.

But B of A does seem to care when they figure it out. Probably because they have so many customers, they see it more often that other banks. Witness all the posters here.

B of A apparently knows it's a way of getting around the wire system and the fees. Their legal counsel may also think this is suspicious. Whatever the situation, once they figure it out, expect them to cut it off and maybe flag the account.

Considering this is the only bank that seemt to have cut these transfers off, I'm surprised people don't just start with other banks to begin with.

[Pib]

I switched to BOA as one of my banks because they had such a robust online funds transfer/payment system; I don't think "most" other U.S. banks have an online funds transfer system as good as BOA's, especially in the funds transfer arena. I sure know the four other banks/financial firms I currently/recently used do not have an "OutsideBank" module in their online system that allows easy and cheap transfers to other banks; instead, you need to go visit a brick-and-mortar branch and/or pay a high fee...and if transferring funds overseas you ended up paying those high SWIFT charges. I ain't no banking system lawyer but I'm sure the ACH transfer via Bangkok Bank is completely legal and the recent problems have probably been caused by some high dollar transfer amounts...that is, getting that 800,000 Baht (approx $23,000 USD) into your Bangkok Bank account in a couple high dollar transfers over a few months so you you extend you can get a extension of stay on a retirement visa. BOA is probably watching for possible money laundering a little better than most banks. I'm just glad BOA re-added Bangkok Bank to their authorized OutsideBank Online Module transfer list...good news for many farang living in Thailand.

[Carmine6]

I switched to BOA as one of my banks because they had such a robust online funds transfer/payment system; I don't think "most" other U.S. banks have an online funds transfer system as good as BOA's, especially in the funds transfer arena. I sure know the four other banks/financial firms I currently/recently used do not have an "OutsideBank" module in their online system that allows easy and cheap transfers to other banks; instead, you need to go visit a brick-and-mortar branch and/or pay a high fee...and if transferring funds overseas you ended up paying those high SWIFT charges. I ain't no banking system lawyer but I'm sure the ACH transfer via Bangkok Bank is completely legal and the recent problems have probably been caused by some high dollar transfer amounts...that is, getting that 800,000 Baht (approx $23,000 USD) into your Bangkok Bank account in a couple high dollar transfers over a few months so you you extend you can get a extension of stay on a retirement visa. BOA is probably watching for possible money laundering a little better than most banks. I'm just glad BOA re-added Bangkok Bank to their authorized OutsideBank Online Module transfer list...good news for many farang living in Thailand.

There's nothing illegal about it. However, that doesn't mean they have to allow it. This is an unusual way of transfering money to Thailand no matter what people want to think.

As you note, they have to watch for money laundering activites per the Patriot Act. So fly under the radar.

[Rainmon]

Re arranging online transfer of funds from U.S. Banks to Bangkok Bank in Thailand via BKKB's New York branch (as discussed at great length above)....

I've just finished successfully linking both my Bank of America and HSBC checking accounts to my Thailand-based Bangkok Bank savings account. In both cases, it involved using the normal trial deposits method at the U.S. end, and then waited for the funds to arrive in my BKK Bank account. A quick call to BKKB customer service to get the original U.S. $ amounts for the trial deposits, since they show up here in baht, and then back online to my U.S. accounts to confirm the trial deposit amounts and finalize the online bank account linking.

Having done that, I also just did a successful online transfer of U.S. $ from my BofA account to my BKKB account, just a few bucks to make sure it really worked. And it DID... in just a couple of business days.

As previously mentioned in earlier posts, BofA charges $3 per online transfer transaction, I think the New York branch of BKK Bank charges a similar amount, and then BKKB in Thailand charges between 200 min. and 500 max. baht, depending on the size of the transfer. So in general, that is a better financial deal than a $40 (more or less depending on the bank) international wire transfer.

Now that I've also linked my HSBC account in the U.S. to my BKKB account, I'll also be trying a trial run actual funds transfer there soon.

As guidance on this, for anyone who hasn't read ALL of the prior posts in this thread, prevailing wisdom is to keep any single online funds transfer (amount and fees combined) below $5,000 U.S. as larger amounts seem to trigger bad reactions, such as BofA disconnecting/voiding your transfer link.

John, formerly from L.A.

Wachovia Bank will also work with the linked bank account transfer, I did 2 large transfers above 5000 each with no problems to Bangkok Bank NY and on to my BKK bank acct in Thailand.

The fee with Wachovia is $3 and BKK Bank fee is 500 baht, I personally hate BOA and will never have an account with them again, although some good people work there, it is just too big and they cannot seem to figure out how to manage such a large operation efficiently.

[Pib]

Well, it does seem to be back online. I just initiated a transfer...and the BOA system didn't do a loop back/reject on me. But since I selected the 3 business day vs 1 business day transfer option it could be mid week before I can confirm the funds arrived in my Bangkok Bank account...but I expect the transfer will process OK-fine.

The transfer came through OK-fine and in 3 business days. Total transfer costs were $3 by BOA plus $5 by Bangkok Bank New York plus 200 Baht (about $5.70) by the local Bangkok Bank branch, which totals up to a little less than USD $14.

[mackayae]

I have decided to use a better mousetrap than BOA. I will still keep my BOA account but will now use my HSBC account. Transfers, in and out, are free with HSBC. You can open your new HSBC account, set up transfers, in and out, to various banks, including BBL, without leaving your barstool.

[ding]

Wells Fargo just sent out a change of terms notice regarding international transfers;

_________________________________

Wells Fargo ATM and check card transactions; Foreign currency conversion fee -renamed, international purchase transaction fee.

Fee for network or merchant converted transactions outside the US is 3% of total amount. There's a $2 ATM fee for non WF ATM's.

Collections-Domestic: Incoming/Outgoing Items with or w/o documentation will be $25 per item. There's a $25 In/Out Domestic Collection fee Inbound/Outbound without entry claims.

Foreign Drafts, $30 per order. International Item collection of $250 or more, $75 each.

_________________________________

I have to take this notice to my banker for translation into English, but it doesn't look good.

And WF isn't too friendly with Thailand. Thailand's not on their list of countries for their global remittances service, "ExpressSend".

Are there any new tips or changes to getting the USD into the LOS? Schwab, HSBC

SCHWAB LINK

Edited January 26, 2010 by ding

[stevemck]

Edited January 30, 2010 by stevemck

[RedOctober]

Does BOA still offer the funds transfer option? This thread is 2 years old.

[gk10002000]

I started looking into US banks in Thailand for similar reasons and because I had some questions on other services that might be available. A quick Internet search shows Citibank in Bangkok also.

[gk10002000]

I started looking into US banks in Thailand for similar reasons and because I had some questions on other services that might be available. A quick Internet search shows Citibank in Bangkok also.

Use Pay Pal? Just read an interesting article about that.

http://www.associatedcontent.com/article/7862204/using_paypal_to_transfer_money_overseas.html