Bangkok Bank, Ny

[ginooooo]

This year I will be retiring in Thailand and and have read a lot of retiree's have their pensions, 401k's in the NY branch and use ACH to transfer money to the Bangkok Bank where they live in Thailand.

My question is, money that is in the NY Bangkok branch, are taxes to be declared/paid for NY every year even though not living in NY?

Thank you for any responses.

[lopburi3]

Bangkok Bank does not have such accounts in the US. People have there accounts at there normal banks and transfer using ACH number of Bangkok Bank New York which forwards to Thailand as the account number is your local account in Thailand. There is no tax payment to New York.

[lopburi3]

Will add that you should also sign a wire transfer agreement with your US bank (normally has to be done in person) as a backup in case of problems so that SWIFT transfers could be made during your retirement in Thailand.

[ginooooo]

Bangkok Bank does not have such accounts in the US. People have there accounts at there normal banks and transfer using ACH number of Bangkok Bank New York which forwards to Thailand as the account number is your local account in Thailand. There is no tax payment to New York.

Confused. Are you saying I have to have an American bank account, which I have to have to transfer to Bangkok Bank in NY and then transfer to my local Bangkok bank in Thailand?

[Daveroc]

Bangkok Bank does not have such accounts in the US. People have there accounts at there normal banks and transfer using ACH number of Bangkok Bank New York which forwards to Thailand as the account number is your local account in Thailand. There is no tax payment to New York.

Confused. Are you saying I have to have an American bank account, which I have to have to transfer to Bangkok Bank in NY and then transfer to my local Bangkok bank in Thailand?

As I understand it, Bangkok Banks New York Branch is not set up as a Retail operation, i.e. it does not offer personal banking facilities. It does however offer the transfer services through that office to accounts in Thailand. You may be able to have your pension payments directed through that office for onward transmission rather than going adding another step by involving another Bank. There is a good explanation on Bangkok Banks website regarding the service under the Personal Banking section - Transferring funds.

[FarangBuddha]

Why make things complicated. Assume you have a banking relationship now. Arrange to have you SSI, pensions, etc directly deposited to that account. Also sigh-up for internet and phone wire transfers. When in TL, open your Thai bank account and monthly or quarterly SWIFT transfers

[ProThaiExpat]

Perhaps a little more detail about the origin of your retirement funds will make advice in this thread a little more pointed.

If you funds are from a government agency that permits direct deposits, like SSA for instance, you can direct the deposit to BKK Bank NY which will forward it to your BKK bank account in Thailand. The annoyance of this procedure is that you must physically draw the money from the BKK Bank Direct Deposit Account with your passport and personal appearance in any of their multitude of branches in Thailand.

Direct deposits in other country banks from the US Government can be accessed online and swift transferred to Thailand. Disadvantage of this method is you get hit with conversion fees, deposit fees and currency manipulation by the banks involved.

Thus many choose to maintain their US bank affiliations, direct deposit into those accounts and then ACH transfer to BKK NY for forwarding to Thailand.

I have done both ways and find the direct deposit to BKK NY for transfer to your local branch in Thailand the least expensive way to do it but a slight bit more inconvenient due to the personal appearance at the local branch that is required. If you travel overseas from Thailand for any length of time, the money will be tied up in your BKK Direct Deposit Account until you return and draw it personally.

I spend half the year in Australia so when I am there, I call the Manila office of SSA and change by direct deposit to an Australian Bank and then vice versa.

[jimmym40]

I retirement funds being deposited directly in to my CITI bank account in US. I then do wire transfers from CITI bank to my local Bangkok Bank account. IT IS NOT NECESSARY to have your funds transfered to NY Bangkok Bank then to have wire transfered to thailand. You can do it direct from you local bank to Thailand bypassing NY Bangkok Bank. Check in person with your local bank and have it set up.

[lopburi3]

In most cases it will be cheaper to use ACH transfer and many US banks will not charge for it and the only hit at Bangkok Bank New York for 5,000 dollar (normal) transfer is $10. All receipts in Thailand will be subject to a 200-500 baht (.25%) fee. There is no currency manipulation - you receive the current TT rate on deposited funds.

Most people should keep a US account open and also a credit card to pay international expenses items (and for tax refunds).

For those with USAA accounts you sign on to there website and transfer funds on-line. Funds will appear in local Bangkok Bank account within 48 hours (my last was much less).

[ianguygil]

Bangkok Bank does not have such accounts in the US. People have there accounts at there normal banks and transfer using ACH number of Bangkok Bank New York which forwards to Thailand as the account number is your local account in Thailand. There is no tax payment to New York.

Confused. Are you saying I have to have an American bank account, which I have to have to transfer to Bangkok Bank in NY and then transfer to my local Bangkok bank in Thailand?

As I understand it, Bangkok Banks New York Branch is not set up as a Retail operation, i.e. it does not offer personal banking facilities. It does however offer the transfer services through that office to accounts in Thailand. You may be able to have your pension payments directed through that office for onward transmission rather than going adding another step by involving another Bank. There is a good explanation on Bangkok Banks website regarding the service under the Personal Banking section - Transferring funds.

Daveroc is correct. You do not need to open an account with our New York branch. Your bank in the USA transfers via our NY branch, it is cheaper than a normal SWIFT transfer as we do it using SWIFT formats but on our internal network.

If there are any outstanding questions please let me know, but it seems like the regular posters are doing a pretty good job of answering all here :jap: . Thank you to all, it makes my life a lot easier :jap:

Ian

[Pib]

To the OP: What you have read is other people are using the Bangkok Bank New York, routing number, repeat, routing number to transfer/direct deposit funds to their "in-Thailand" Bangkok Bank branch savings account. That's really what they are saying or trying to say. You do not need a bank account at the Bangkok Bank New York branch to use their routing number. Like when you set up a direct deposit or do an ACH transfer, you give your bank's routing number and your account number and the funds flow to your bank. To flow the funds to your "in-Thailand" Bangkok Bank account, you just provide the NY branch routing number and your in-Thailand BKK Bank account number.

Below is a partial quote from the Bangkok Bank web page that explains it:

By stipulating the 9-digit routing number for Bangkok Bank's New York branch (026008691) in your US transfer instruction, the funds will be transferred via the US ACH system directly to the receiver's Bangkok Bank account in Thailand, for a lower fee than most other international wire transfer services.

Read the full page with details here: http://www.bangkokba...from%20USA.aspx

Now if you don't want to use the free/low cost ACH transfer method, you can use the much higher cost SWIFT transfer method (usually a $20-$50 fee each time) from your States-side bank (you won't be able to use the SWIFT code with any govt agency like SSA, DFAS, OPM, etc., as they only use bank ACH routing numbers), where you use Bangkok Bank's SWIFT Code of BKKBTHBK and your Bangkok Bank account number (the routing number is not used for SWIFT transfers).

Edited January 14, 2011 by Pib

[elshaheen]

Bangkok Bank does not have such accounts in the US. People have there accounts at there normal banks and transfer using ACH number of Bangkok Bank New York which forwards to Thailand as the account number is your local account in Thailand. There is no tax payment to New York.

Confused. Are you saying I have to have an American bank account, which I have to have to transfer to Bangkok Bank in NY and then transfer to my local Bangkok bank in Thailand?

I get paid from the U.S. each month. Do you receive a retirement Social Security check?

It's so easy, U.S. Government > American bank > Bangkok Bank in NYC. Save $20.00 instead of paying $40.00 for overseas transfer. Takes about 2 - 5 days, depending on if 1st or 31 is on a Friday, because Bangkok Bank does not add it to your account until Monday. Or as they did last week, waited until Tuesday (end of Bangkok Holiday).

[ginooooo]

Thanks everyone. We will be visiting the American and Thai embassies next month and open up a local account in Bangkok bank where we live and will for sure be asking a lot of questions there. Perhaps a lawyer in Chiangmai to make sure we do things right. Also got other stuff to find out like if I can make a large initial deposit via a cashier's check.

[pmarlin]

In most cases it will be cheaper to use ACH transfer and many US banks will not charge for it and the only hit at Bangkok Bank New York for 5,000 dollar (normal) transfer is $10. All receipts in Thailand will be subject to a 200-500 baht (.25%) fee. There is no currency manipulation - you receive the current TT rate on deposited funds.

Most people should keep a US account open and also a credit card to pay international expenses items (and for tax refunds).

For those with USAA accounts you sign on to there website and transfer funds on-line. Funds will appear in local Bangkok Bank account within 48 hours (my last was much less).

You can do the same with Bank of America, I set up SWFT wife transfer on-line, didn't have to sign anything, Only thing is if you want to transfer more than a $1000 you need to sign up for safe pass. which they send you code on your cell phone or you can get a credit card size code gererator to get the codes. really easy to use, Funds appear the next banking day.

[ginooooo]

In most cases it will be cheaper to use ACH transfer and many US banks will not charge for it and the only hit at Bangkok Bank New York for 5,000 dollar (normal) transfer is $10. All receipts in Thailand will be subject to a 200-500 baht (.25%) fee. There is no currency manipulation - you receive the current TT rate on deposited funds.

Most people should keep a US account open and also a credit card to pay international expenses items (and for tax refunds).

For those with USAA accounts you sign on to there website and transfer funds on-line. Funds will appear in local Bangkok Bank account within 48 hours (my last was much less).

You can do the same with Bank of America, I set up SWFT wife transfer on-line, didn't have to sign anything, Only thing is if you want to transfer more than a $1000 you need to sign up for safe pass. which they send you code on your cell phone or you can get a credit card size code gererator to get the codes. really easy to use, Funds appear the next banking day.

Thanks. That sounds like a great option. Got BOA near my home and will ask about that. No cell phone but see what their options. Yes, over 100k.

[lopburi3]

In most cases it will be cheaper to use ACH transfer and many US banks will not charge for it and the only hit at Bangkok Bank New York for 5,000 dollar (normal) transfer is $10. All receipts in Thailand will be subject to a 200-500 baht (.25%) fee. There is no currency manipulation - you receive the current TT rate on deposited funds.

Most people should keep a US account open and also a credit card to pay international expenses items (and for tax refunds).

For those with USAA accounts you sign on to there website and transfer funds on-line. Funds will appear in local Bangkok Bank account within 48 hours (my last was much less).

You can do the same with Bank of America, I set up SWFT wife transfer on-line, didn't have to sign anything, Only thing is if you want to transfer more than a $1000 you need to sign up for safe pass. which they send you code on your cell phone or you can get a credit card size code gererator to get the codes. really easy to use, Funds appear the next banking day.

Most banks can ACH transfer but most banks will not allow SWIFT transfers without prior signed agreement (you may be able to change and modify but a basic agreement is normally required to be signed in there presence to prevent fraud) in my limited experience.

[ginooooo]

In most cases it will be cheaper to use ACH transfer and many US banks will not charge for it and the only hit at Bangkok Bank New York for 5,000 dollar (normal) transfer is $10. All receipts in Thailand will be subject to a 200-500 baht (.25%) fee. There is no currency manipulation - you receive the current TT rate on deposited funds.

Most people should keep a US account open and also a credit card to pay international expenses items (and for tax refunds).

For those with USAA accounts you sign on to there website and transfer funds on-line. Funds will appear in local Bangkok Bank account within 48 hours (my last was much less).

You can do the same with Bank of America, I set up SWFT wife transfer on-line, didn't have to sign anything, Only thing is if you want to transfer more than a $1000 you need to sign up for safe pass. which they send you code on your cell phone or you can get a credit card size code gererator to get the codes. really easy to use, Funds appear the next banking day.

Most banks can ACH transfer but most banks will not allow SWIFT transfers without prior signed agreement (you may be able to change and modify but a basic agreement is normally required to be signed in there presence to prevent fraud) in my limited experience.

Another option, thanks. I think in 2007 I called USSA to join them, being retired enlisted, and they said they were not accepting enlisted. Did a google search and now they do. Going to call them again tomorrow as it seems a lot of ex-pats, retired military are using them.

[Pib]

You can join no problem now. In fact I think most any US citizen can now join, although their website implies you need to be affiliated with the US military...but take a look at their web site for the details on membership. But as a military retiree you can definitely join, even if you been retired for many years. I think before you only had a 2 year window after retirement to join...that requirement was dropped back around 2007/2008.

You can join online today. You'll first need to join to get your USAA membership number, which can be done online, and then you can immediately roll into signing up for their online banking, credit/debit cards, and other products if you want to. I'm retired military also, but never joined USAA while on active duty. But did join USAA back in early 2008 when they dropped that 2 year window requirement. Joined just in case I wanted to later take advantage of some of their products later on, like the banking products. At that point in time, my primary bank of Bank of America seemed to provide what I needed for online banking and retirement in Thailand. And that BofA account has continued to serve me well, but that may be changing later this year as I talk about later.

While I'm still with BofA and they have an excellent online banking capability such a $3 ACH outbound transfers/pushes, no fee ACH inbound transfers/pulls but when they implemented SafePass 1 to 2 years ago transferring money online to Thailand got more complicated (impossible) for any amount over $1000. Anything over $1000 and you had to be signed up for SafePass, either the cell version of SafePass or the card version of SafePass. And SafePass only works with domestic/US based cell phone networks...it won't work with overseas based networks, won't send the onetime use SafePass SMS passwords to international phone numbers like trying to send to a person's cell number on a Thailand cell service carrier like AIS, DTAC, True, etc.. And they will not mail a SafePass card (which costs $20) to any address outside the 50 states, not even an APO address like I have. Tried for several months with BofA reps who were truly being helpful in trying to get the card issued and shipped to my APO address, which is an official US address under the US Postal System, but it's still an address out of the physical 50 states. Even tried changing one of my mulitiple account (i.e., checking and savings) addresses to my sisters account in Virginia per BoA recommendation, with the BofA rep making the address change via phone to ensure the address change took. But this didn't help either. After about 3 months of trying to get a SafePass card, I called BofA and said I give up, change my address back to my APO address which they did...and I could see my APO was back in-place by looking at my online profile. Then a few months later my sister in Virginia emails me and says, "Hey, some kind of BofA credit card type looking card for me showed up in her mail." If was a total surprise for me...I had forgotten about the SafePass issue for months. She re-mailed it to me, and I've been using it ever since for transfers over $1000. I guess my sister's address is linked to the SafePass card although I get all other bank correspondence to my APO address and my sister gets no mail for me from BofA other than that one SafePass card mailing. Now, I will admit my attempts to sign up for a SafePass card from Thailand could have been caused by the BofA servers sensing my IP address was coming from Thailand, which the BofA reps said could be the problem although that has absolutely no affect on any of my other BoA online banking. But since sign-up for a SafePass card must be done online by the bank member, a BoA rep can not do it for them via phone. So, if you sign up with BofA, be sure to get the SafePass card "before" you retire and move to Thailand as you may not be able to easily get it once your address changes unless maybe you use a relatives address and/or signup for a VPN connection. Summary: in my case it was a real pain to get the SafePass card.

I have reduced my use of BoA since I signed up for USAA online banking back in early Dec, but I'm keeping BofA as my secondary/backup bank. Plus, it appears later this year BofA will be implementing some major changes in the banking account minimum required balances (like going from $1500 to $5000) to avoid a monthly account maintenance fee and other changes in their fee structure, to include changes in direct deposits minimums to avoid fees. I did the USAA sign-up all online in about 15 minutes...also got one of their credit cards and a debit card. All done online using only my APO address.

USAA ACH transfers, outbound or inbound, are free, but they are limited to $5000/day unless you request a temporary or permanent increase. ACH outbound transfers to Bangkok Bank arrived/get posted to your Bangkok Bank account in 2 business days as other have mentioned. I've only done one transfer so far...submitted the USAA online ACH transfer request on a Monday morning...money posted to my Bkk Bank account Wednesday morning. A BofA ACH outbound transfer will cost $3 for a 3 Business Days ACH transfer, a $10 ACH fee for a Next Day transfer, or a $25 "wire" fee for a Same Business Day transfer. Regarding BofA inbound and outbound transfer limits, their web site states: Quote: "For your protection, certain limits may apply to your inbound transactions based on your experience with transferring to and from accounts you own at other financial institutions. There are limits for both daily and monthly inbound transfers. No limits apply for outbound transactions, but all Transfers Outside the Bank are subject to an internal risk screen. In the event that the bank determines that the risks associated with a particular transaction require that it be delayed or canceled, we will notify you. We may request that you provide additional details on the transaction before we continue processing it." End Quote. Most of my online transfers using BofA were around $2,000 but I did do one $10,000 transfer with no problem....but remember, you need to have the SafePass capability for any transfer over $1000.

I HIGHLY recommend you get your U.S. banking/credit card/debit card accounts setup BEFORE you retire to Thailand as it can can greatly ease the flow of money and prevent a ton of frustration. I mentioned credit/debit cards also, because once again it can be hard to sign-up for certain credit cards once you move overseas, even with an APO address in some cases, and you need to find a card that provide the lowest to no "Foreign Transaction Fee" which deals with any credit/debit card transaction done outside the home country/U.S. Most credit/debit card Foriegn Transation Fees usually fall in the 1 to 3% range (most 2 to 3%) and there will probably also be a Thai bank ATM fee of 150 Baht ($5) per withdrawal. There are cards out there that don't charge a Foreign Tranaction Fee and debit cards that also reimburse for ATM fees, but they are getting fewer everyday.

Yeap, HIGHLY recommend you get your U.S. banking/credit/debit card accounts setup BEFORE you retire to Thailand. Good luck.

Edited January 15, 2011 by Pib

[ProThaiExpat]

Pib: Followed your advice and made an online application for membership with USAA. They accepted me and issued me a membership number online that looked so familiar. I then recalled I used to be a member with them more than fifty years ago while on active duty for their auto insurance product. They canceled me in the late sixties for too many tickets. Evidently their records go back that far as I now recall the number they issued to me online was the same membership number I had fifty years ago.

[Pib]

Pib: Followed your advice and made an online application for membership with USAA. They accepted me and issued me a membership number online that looked so familiar. I then recalled I used to be a member with them more than fifty years ago while on active duty for their auto insurance product. They canceled me in the late sixties for too many tickets. Evidently their records go back that far as I now recall the number they issued to me online was the same membership number I had fifty years ago.

Good deal... Guess they knew you would eventually return and would like your old number back...Welcome back.

[JimGant]

Pib,

After your comprehensive description of BofA's redefinition of a service industry, I not only cut in two my never-used BofA credit card -- but sold all my stock as well.....

[Suradit]

I don't think you can maintain a bank account with Bangkok Bank in NY.

You need to open an account with Bangkok Bank in Thailand. You will then have an account number. You can then make deposits by having your American bank or broker transfer funds to Bangkok Bank NY, using the account number you were given in Thailand.

I do this about quarterly by instructing my broker (on the Internet) to send (I believe it's an electronic transfer) $xx to Bangkok Bank's NY branch. The transfer usually completes in a couple of days, depending on holidays, weekends etc and you can sign up for SMS alerts in Thailand so you'll get a message on your phone as soon as the transfer is complete.

The transfer from your US bank to Bangkok Bank NY should be made in dollars, not baht. They will convert it into baht and it will appear in your account in Thailand.

Check out their websites and you can contact them for assistance:

http://www.bangkokbank.com/Bangkok%20Bank/About%20Bangkok%20Bank/About%20Us/International%20Branches/Pages/Branch%20in%20USA.aspx

[ProThaiExpat]

Pib,

After your comprehensive description of BofA's redefinition of a service industry, I not only cut in two my never-used BofA credit card -- but sold all my stock as well.....

Jim: Welcome to the ex-BA club. I left them more than 40 years ago just after they built their tower in S.F. and when they were debiting accounts before crediting deposits of record. It took a few years but they ended up paying millions in damages for that behavior.

[quandow]

I have a credit union back in the states where my direct deposit pension goes every month. I have a Bangkok Bank account which is one of the accounts I have set up to receive transfers via internet. EVERY month, I go online to my credit union and transfer what amount I think I will need for the month. It costs $2.00 U.S., takes about five days, and I get a decent exchange rate, typically between 29 and 30 baht to the dollar. I then take my atm card and withdraw what I need. VERY hassle-free. SWIFT transfers in my experience cost at least 500 baht regardless of the amount, as well as the time it takes to go to the bank, sit in line, try to apply my limited Thai to the conversation, etc. My $.02 worth.