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[longball53098]

I had a really great surprise today. I initiated my usual wire transfer from my US account at Chase Bank to my SCB account here in Thailand. I expected the usual 12 to 18 hour transfer time. When I looked this morning at my SCB balance the money had already arrived and had been there since yesterday. I was so surprised that I had to look at the actual logged deposit time into my account and then the actual wire completion time recorded by Chase Bank and to my shear amazement the wire transfer from the Chase system in to the SCB system and my account was a mere 23 minutes. I could not believe my eyes so I double checked the times and the entire transaction from the time I actually pressed complete on my Chase On line banker was less than 1 hour. I still am surprised and I don't know how this happened so quick but very happy and I hope this is a sign of more "swift" transfers. Anyone else had this experience?

[Phil Conners]

Yeah that is fast. Until this I've always though the 1-2 days it takes for me was pretty quick. In time, with the technological advances, international transfers will probably be instantaneous just like a local transfer today.

[saintofsilence]

Yes I do a swift transfer monthly and If I do it early in the morning the money only takes a couple of hours most times ,

[atsiii]

Yes I do a swift transfer monthly and If I do it early in the morning the money only takes a couple of hours most times ,

How do you initiate this Swift transfer from here? I'm wanting to do the same thing; to transfer $1000 from my U.S. bank account (with debit card) to my new K-bank account here in Thailand, but when I went into the Koh Chang branch of K-bank, they actually told me to go outside and withdraw money using the ATM until I had what I wanted to deposit. Ridiculous. So my question is: how do you do this simple transaction?

Edited March 31, 2011 by atsiii

[Phil Conners]

Yes I do a swift transfer monthly and If I do it early in the morning the money only takes a couple of hours most times ,

How do you initiate this Swift transfer from here? I'm wanting to do the same thing; to transfer $1000 from my U.S. bank account (with debit card) to my new K-bank account here in Thailand, but when I went into the Koh Chang branch of K-bank, they actually told me to go outside and withdraw money using the ATM until I had what I wanted to deposit. Ridiculous. So my question is: how do you do this simple transaction?

It depends on your bank. In my case my US bank require me to send them a fax with the transfer details. Other banks have other procedures. Ask your bank.

[saintofsilence]

Yes I do a swift transfer monthly and If I do it early in the morning the money only takes a couple of hours most times ,

How do you initiate this Swift transfer from here? I'm wanting to do the same thing; to transfer $1000 from my U.S. bank account (with debit card) to my new K-bank account here in Thailand, but when I went into the Koh Chang branch of K-bank, they actually told me to go outside and withdraw money using the ATM until I had what I wanted to deposit. Ridiculous. So my question is: how do you do this simple transaction?

The only way that I know is through online banking,international transfer from your US Bank to kbank .

Edited March 31, 2011 by saintofsilence

[Pib]

Longball53098,

What was Chase's/Sending bank fee for the transfer? Did you use an actual SWIFT transfer which usually incurs a healthy fee or are you just saying it was a swift/quick/fast transfer maybe using a low cost/free ACH method? Or.....? I see for Chase business accounts there is a $40 Sending bank SWIFT fee; so I'm assuming their is a similar fee (maybe lower, maybe higher) for personal accounts https://www.chase.co..._compare_prices which may be a bad assumption. Thanks.

[longball53098]

Pib,

The transfer is actually a wire transfer directly from my account at Chase to my account at SCB. This has been set up for more than 5 years now originally before I left the US. This is a SWIFT wire transfer using the normal SWIFT codes. Not the BKK ACH thing in New York. SCB has no branches in the US that I know of that can do an ACH transfer.

The Chase fee for a personal account wire transfer international is $40 USD and this comes out of my Chase account. The fees for SCB depend on the amount received and converted to THB up to a max of 500B.

[flying]

Pib,

The transfer is actually a wire transfer directly from my account at Chase to my account at SCB. This has been set up for more than 5 years now originally before I left the US. This is a SWIFT wire transfer using the normal SWIFT codes. Not the BKK ACH thing in New York. SCB has no branches in the US that I know of that can do an ACH transfer.

The Chase fee for a personal account wire transfer international is $40 USD and this comes out of my Chase account. The fees for SCB depend on the amount received and converted to THB up to a max of 500B.

As a side note...transfers using the ACH system online from Chase to Bangkok bank NY & then to Thailand are free from Chase

Of course you do pay the small BK bank fee

http://www.bangkokbank.com/Bangkok%20Bank/Personal%20Banking/Transfering%20Funds/Transferring%20into%20Thailand/Receiving%20Funds%20from%20USA/pages/receiving%20funds%20form%20usa%20fee.aspx

[Pib]

Pib,

The transfer is actually a wire transfer directly from my account at Chase to my account at SCB. This has been set up for more than 5 years now originally before I left the US. This is a SWIFT wire transfer using the normal SWIFT codes. Not the BKK ACH thing in New York. SCB has no branches in the US that I know of that can do an ACH transfer.

The Chase fee for a personal account wire transfer international is $40 USD and this comes out of my Chase account. The fees for SCB depend on the amount received and converted to THB up to a max of 500B.

If you can, you might want to consider getting a US bank account that provides free or low cost online ACH transfer capability. A periodic $40 fee sure can add up to some big money over time. If SCB don't have any ACH transfer/routing capability like Bangkok Bank, you might want to consider opening a Bangkok Bank account.

USAA and Schwab banking provide free online ACH transfers...transfers take 2 business days to hit my Bangkok Bank account.. Bank of America charges a $3 ACH fee and takes 3 business days...and if I remember right they charge $25 for a 1 business day transfer. I have accounts with all three of these banks...don't use the BofA account much more...pretty much just a backup to my USAA and Schwab accounts....I use the USAA account to do transfers the most only because I signed up with them a little before opening my Schwab banking over the last 4 months....all done from Thailand using my APO address....called to sign up with USAA and mailed application for Schwab accounts. This would pretty much eliminate the Sending bank fee, but you would need to wait and extra day or two for the money to arrive compared to the 1 day in your post. A few months ago a USAA transfer only took approx 1.5 days. But I'm doing a lot less transfers now days since I'm using my no-fee/no foreign transaction fee Schwab Visa debit card to get the majority of my day-to-day living expenses from AEON ATMs (could use any ATM but I don't want to cost Schwab an ATM reimbursement fee)....and the Visa exchange rate is averaging a little better than the TT Buying rate given my Thai banks in funds transfers. In closing, good deal you are getting swift/fast funds transfers, but there are US banks (like the ones I mentioned above) that don't charge any funds transfer fee or only charge a low fee.

Edit: must be too early in the morning, just noticed flying's post above that says Chase provides free online ACH transfers. Heck, keep Chase bank, open a Bangkok Bank account, use Chase's online ACH transfer capability, wait and extra day or so for the money, save approx $40 per transfer (although as the ACH transfer will use the Bangkok Bank NY branch routing number the NY branch will slice off a $5 to $10 as the money flows through them on to your in-Thailand branch...but hey, you still savings $30-$35 per transfer. Cheers.

Edited April 3, 2011 by Pib