Ach Transfers From Us Bank Account To Bangkok Bank

[Jingthing]

Apparently, some US banks don't like to do this.

I am talking about situations where you maintain US account/address and are doing ACH transfers to Bangkok Bank Thailand via Bangkok Bank New York. Accounts in the same name.

Which banks are good with this and/or which US banks have nixed this?

Specifically, any experiences with

ETRADE BANK

CITIBANK

WELLS FARGO (heard this one works)

SUNTRUST BANK

I assume in all cases you do need to go through the test deposit thing to verify the links.

Info on what I'm talking about --

http://www.bangkokbank.com/Bangkok%20Bank/Business%20Banking/SMEs/Transfering%20Funds/Receiving%20Funds/Pages/Receiving%20Funds%20from%20USA.aspx

http://www.bangkokbank.com/Bangkok%20Bank/Business%20Banking/SMEs/Transfering%20Funds/Receiving%20Funds/Pages/Advice_Internet_Banking.aspx

Edited April 28, 2011 by Jingthing

[Langsuan Man]

As far as I know all banks require this test deposit. My reluctance all along has been how are your going to translate the "cents" test deposit to the "baht" deposit as reported in your Bangkok Bank account

Maybe the TV poster who works for BB will chime in here

BTW. If you do the figures on the cost of these EFTS to Bangkok Bank versus a normal E*trade Wire at $25 it doesn't appear to be a very good deal IMHO

[Jingthing]

As far as I know all banks require this test deposit. My reluctance all along has been how are your going to translate the "cents" test deposit to the "baht" deposit as reported in your Bangkok Bank account

Maybe the TV poster who works for BB will chime in here

BTW. If you do the figures on the cost of these EFTS to Bangkok Bank versus a normal E*trade Wire at $25 it doesn't appear to be a very good deal IMHO

Yes I think they all do the test deposits. The cents thing is no problem at all; you just call the info line to find out. The potential problems come from the US banks not wanting to do this in the first place because it might seem fishy to do an ACH to BB NYC, or whatever their reasons. Clearly, each US bank has their own schtick. That's what I asking about, specific experiences with my list of banks.

[wildoates]

I use Wells Fargo, but not Bangkok bank. I had a bangkok bank account, but the fees started adding up. Each deposit in the NY BBK was $5 off the top, then another $8-10 when it got here. these were direct deposit check, so I got 2 per month. I do a wire transfer to SCB from Wells Fargo for a fee of $25 no matter how much it is, and SCB does not charge anything at this end. Dong this 1 x pr month and I pick the date of the transfer works out better for me.

[flying]

Chase has worked well for me.

Although these days I just use the routing number & go direct from my bank locally to NY BKB

( because I am in the USA presently )

As for the test amounts....yes they can be tricky & you need to round up or down

while using something like XE to calculate it.

[Langsuan Man]

Chase has worked well for me.

Although these days I just use the routing number & go direct from my bank locally to NY BKB

( because I am in the USA presently )

As for the test amounts....yes they can be tricky & you need to round up or down

while using something like XE to calculate it.

flying I am not doubting you but since the verification process requires you to report the exact amount in cents that shows up in your account, where is the wiggle room in Baht ?

[flying]

Chase has worked well for me.

Although these days I just use the routing number & go direct from my bank locally to NY BKB

( because I am in the USA presently )

As for the test amounts....yes they can be tricky & you need to round up or down

while using something like XE to calculate it.

flying I am not doubting you but since the verification process requires you to report the exact amount in cents that shows up in your account, where is the wiggle room in Baht ?

No problem

It is just that the reported amount in my case was USD cents

Since they send a tiny amount like say 12 cents which shows up in Thailand as 3.59 baht or something like that.....you need to convert that back to USD for the US banks verification process.

So when I converted from what I saw in my BKB account it was not a round number

So I rounded it up or down? I forget which but know I had to do both because the first was incorrect

Not to worry though as they give you more than one try to verify

Likely it would be round up if past x.50 & round down if under that.

Also remember to use the Thai banks conversion not any online one as they are different at times.

PS: I made a mistake earlier... I used Capital One in the past not Chase

Also Cap 1 charges nothing for the transfer so it is nice you only pay the small BKB fees

Edited April 29, 2011 by flying

[lopburi3]

If you receive SMS from Bangkok Bank for such deposits it will list the original currency amount as well as the baht amount and conversion rate each time.

I can not remember if such deposit was even made for my USAA account. The key is to set it up as an account you do not have control over so no attempt will be made to withdraw funds from it.

I can say system has worked flawlessly for me during the last 14 months. USAA no charge, Bangkok Bank NY reduce 5k to $4,990. Normal baht conversion 1/4% at Bangkok. Time range from 24 to 48 hours during weekdays.

[jfchandler]

I'm pretty sure SCB does charge a fee for incoming wire transfers from abroad... All the Thai banks do...

And if somehow they've switched from charging an explicit fee, then I'd almost guarantee they're taking their cut thru a reduced exchange rate known as DCC, Dynamic Currency Conversion...

They're not handling your money for free...

I use Wells Fargo, but not Bangkok bank. I had a bangkok bank account, but the fees started adding up. Each deposit in the NY BBK was $5 off the top, then another $8-10 when it got here. these were direct deposit check, so I got 2 per month. I do a wire transfer to SCB from Wells Fargo for a fee of $25 no matter how much it is, and SCB does not charge anything at this end. Dong this 1 x pr month and I pick the date of the transfer works out better for me.

[jfchandler]

No, that's not correct below, and has the potential to end up giving you the wrong amounts...

The correct approach, as one poster states above, is to call the customer service line at BKK Bank, give them your account number and verify your security info, and then have them look up the detail of the trial deposits transaction at issue.

The BKK Bank CSR will then tell you over the phone exactly what the incoming two trial deposit amounts were, typically in U.S. $ cents... They're very versed at doing this, and do it all the time.... And of course, they also have their English language phone service, so no language issues involved.

As for the test amounts....yes they can be tricky & you need to round up or down

while using something like XE to calculate it.

[flying]

No, that's not correct below, and has the potential to end up giving you the wrong amounts...

Yes my bad but I caught it in the next post

Also remember to use the Thai banks conversion not any online one as they are different at times.

Edited April 29, 2011 by flying

[jfchandler]

In response to Jing's OP...

The link to BKK Bank via their New York branch should work with pretty much any U.S. bank that has an online ACH service...

Because BKKB's New York branch has its own U.S. routing/ABA #, creating a link to it is the same as creating a link to any other U.S. bank. You just use the New York branch's ABA number and for the account number, use the actual BKK Bank account number you have in Thailand. BKK Bank does the rest.

Most U.S. banks do use the trial deposits method for verifying/establishing account links for ACH transfers... But that's easy to do for the BKK Bank link, simply as explained above, by calling BKK Bank once the deposits have posted and having them tell you the U.S. cents amounts over the phone, then keying those back into your home account's verification process.

Some U.S. banks now have been moving toward allowing an easier alternative method, at least for regular domestic links, where they ask you to enter the online banking user ID and password for the account you're linking to... But I've never had the opportunity to try that for a BKK Bank link, as yet. But even for those banks that allow that, which avoids the two-three day trial deposits delay, they still allow trial deposits as an alternative.

Specifically as to the banks Jing mentioned, I do know for certain the link works fine with E*Trade, and I can't recall actually ever hearing of a bank where the process didn't work (aside from past problems BofA had at some points). After all, you're linking to a bank with a U.S. ABA/routing number.

[jfchandler]

PS: I made a mistake earlier... I used Capital One in the past not Chase

Also Cap 1 charges nothing for the transfer so it is nice you only pay the small BKB fees

Capital One has two different bank companies, and various and different checking and savings accounts offered thru each, sometimes with different terms...

But when I look at their National Direct Banking web site under their Rewards Money Market account info, for example, I see the following:

Outbound wire transfer (if applicable): $20.00

Not sure what the "if applicable" means, and they don't seem to explain it.

http://www.capitalon...nt/disclosures/

And likewise for their Interest Plus Online Savings account, I see the following note in the answer to question No. 13:

Note there is a $20.00 service charge to process an outbound wire.

http://www.capitalon...gs-account/faq/

So I'm curious, what variety of Cap One account are you suggesting offers free wire transfers, particularly international ones that typically are higher priced than domestic ones??

Edited April 29, 2011 by jfchandler

[flying]

So I'm curious, what variety of Cap One account are you suggesting offers free wire transfers, particularly international ones that typically are higher priced than domestic ones??

Again remember I am in the US although I have used this same account while in Thailand

But I thought this discussion was mainly about transfers from one US bank to Bangkok Bank NY so it is not considered International for free but domestic for free.

It is Cap 1 direct banking. Also known as Capital One Direct. It assumes you have other accounts with them such as credit cards.I have my business credit card accounts with them. So back when I opened the direct bank account it was very easy & all done online.

The fee is free for domestic transfers. I have never used them for International transfers because

Bangkok Bank has a New York branch & it is treated as a domestic transfer hence the free of charge.

But even when I do transfers from my credit union in person it is half of a normal International fee because again it is domestic through BKB NY

But the Cap 1 for free is hard to beat

Edited April 29, 2011 by flying

[Jingthing]

Thanks for the all the feedback so far.

To be clear, I was hoping to keep this topic rather limited to destination BB NYC ACH transfers from USA banks. Not looking to discuss other international transfer options here, such as SWIFT, to compare and contrast cost benefits vs. ACH.

Another question of interest. Assuming you have been through the test deposit process to verify an ACH link. Isn't that always the LAST TIME you need to do that step for the same linkage assuming the BB destination account info is all the same?

Oh, about Citibank. That might be a very bad option because at least for my account there the ACH limits are only 2000 USD per transaction and you are limited on the number of transactions per month.

Edited April 29, 2011 by Jingthing

[jfchandler]

We're really talking about two different but similar things here....

a domestic or international wire transfer.... vs. a domestic ACH thru BKK Bank's New York branch and onward to Thailand...

Cap One and most U.S. banks will charge the account holder to do a wire transfer...whether to another U.S. bank or internationally direct to a foreign bank like BKK Bank.

On the other hand, Cap One also is one of many U.S. banks that provide free, do-it-yourself online domestic ACH transfers to other U.S. bank accounts, which would include the BKK Bank New York branch. Schwab, E*Trade, Ally Bank and others all provide the same service and can be used to ACH funds to BKK Bank's New York branch without any sending fee.

Both methods are "transfers" and both can be used to send funds to Thailand. But they're different and separate methods.

[jfchandler]

Jing, in my experience, the trial deposits verification process is a one-time deal for any particular link....

Once it's done, it should remain in place, as long as the sending and receiving bank accounts do not change.

And indeed, different U.S. banks do have different ACH limits on per transaction, per day and sometimes per month amounts...

The brokerage related bank accounts like Schwab and E*Trade seems to have higher or effectively no limits on such things, whereas sometimes the more traditional banks have lower limits.... But of course it varies by each bank's policy.

[flying]

Another question of interest. Assuming you have been through the test deposit process to verify an ACH link. Isn't that always the LAST TIME you need to do that step for the same linkage assuming the BB destination account info is all the same?

Yes you only need do the verification once. After that it is a linked account in your drop down transfer menu.

[Rama]

I've been looking into this recently also. I'll throw another monkey wrench into the mix. Citibank charges only $10 I believe to transfer from one Citibank account to another in your name at another Citibank international. And I believe HSBC charges nothing for premier account holders to do transfers from your HSBC account in one country to another.

SunTrust was recommended to me, but I looked at their wire transfer fees and account fees, Wells Fargo seems to be a better deal.

[jfchandler]

HSBC USA requires total account holdings of $100K or more (at basically no interest in today's environment) to qualify for their Premier account status, which includes international funds transfer capability.

CitiBank has different kinds of fee structures depending on the type of account a person has with them. I believe the CitiBank Gold accounts and higher have the most preferential arrangements, but those also require significant deposits...

The other issue about CitiBank is they, like other foreign banks, are allowed only one banking location in Thailand, which happens to be their HQ location at Asoke and Sukhumvit. Same with HSBC, which has its branch near the Saladaeng BTS station. Fine if you live in BKK, not so great if you live elsewhere.

The one good thing about CitiBank's ATMs at their BKK location is that they don't charge the Thai banks' 150 baht ATM withdrawal fee. So a person can use their U.S. CitiBank card there without incurring the 150 baht fee...and any other U.S. bank card there with no Citibank ATM fee... Though I suspect CitiBank does charge its own account holders its own foreign currency fee when they use their U.S. CitiBank bank cards outside the U.S.

Edited April 29, 2011 by jfchandler

[Jingthing]

Good information here, thanks.

Here is the root of the concern I have about this.

In the FAQ on Suntrust's website about setting up ACH transfers it states clearly ACH transfers out of the country are not allowed.

Can of worms, huh?

Technically, an ACH to BB NYC is a domestic transfer to New York. But in reality it is an international transfer. So wouldn't attempting such transfers be against their stated policy ... or is it? Surely they know what's going on, wouldn't they?

[el jefe]

I've set up ACH transfers to Bangkok Bank (NY) from both Schwab and TD-Ameritrade. Both websites indicated the same thing as Suntrust -- that only domestic transfers are permitted. As has been stated (all of JFChandler's posts are spot on), you're transferring to the domestic branch of Bangkok Bank. I had no trouble verifying the test amounts, completed the set-up process and have made many transfers without any problems.

If the banks didn't want to do this, they could easily block specific routing/ABA numbers.

[Jingthing]

Thanks.

OK, here's another fun question.

HOW LONG (as in approximate business days) does it usually take to go through the verification process with US banks? I know it varies, but let's say you started the process on a Monday, when could you expect the test deposits to show up?

[trisailer]

I just read a brochure about transferring to BB NY for your account in Thailand. Read it at the bank BB while waiting for service. I'm not sure it is what you want, but might be worth a check.

Years ago I looked into setting it up and was told that I would have to go to NY to do it in person.

[jfchandler]

Jing, I agree with what's been said above by El... You are doing a domestic ACH from your home bank to a bank branch in New York. The ACH you execute doesn't go any further with that. What the New York bank does beyond that is a different transaction. And, as stated, if there was some problem with the transaction, banks and/or the feds would prevent it. And indeed, BKK Bank is very upfront and public about the method, and has been for some years... It's not like it's any kind of secret. The instructions and fees are clearly listed on their web site.

As for the timing, in the U.S., it usually takes two to three business days for the trial deposits to show up in your would-be linked account. Different sending banks can be quicker or slower a bit depending on which cash transfer service they're using internally, and how fast the would-be linked bank posts incoming deposits to your account ledger. Because of the handling by the New York branch and then onward sending to Thailand, I'd probably figure 4-5 business days in total to complete the linking process... assuming you have access to BKK Bank online banking and can see/know promptly when the deposits arrive in baht.

[jfchandler]

I just read a brochure about transferring to BB NY for your account in Thailand. Read it at the bank BB while waiting for service. I'm not sure it is what you want, but might be worth a check.

Years ago I looked into setting it up and was told that I would have to go to NY to do it in person.

BKKB has a web site with all the necessary info... as follows:

http://www.bangkokbank.com/BANGKOK%20BANK/PERSONAL%20BANKING/TRANSFERING%20FUNDS/RECEIVING%20FUNDS/Pages/Receiving%20Funds%20from%20USA.aspx

And, the New York branch doesn't host any consumer accounts or business... So at least in today's world, there'd be no reason to go there, and an individual can't set up a bank account there. For us simple consumers, it's merely a transit point on the USA-Thailand banking highway.

And please note: this highway is only a one-way route... USA to Thailand. Once you've get up the correct online banking link in the USA, unfortunately, you CANNOT use that same link to pull funds out of your BKK Bank account in Thailand and move them to the U.S.

[Bkk71]

Jing, I agree with what's been said above by El... You are doing a domestic ACH from your home bank to a bank branch in New York. The ACH you execute doesn't go any further with that. What the New York bank does beyond that is a different transaction. And, as stated, if there was some problem with the transaction, banks and/or the feds would prevent it. And indeed, BKK Bank is very upfront and public about the method, and has been for some years... It's not like it's any kind of secret. The instructions and fees are clearly listed on their web site.

As for the timing, in the U.S., it usually takes two to three business days for the trial deposits to show up in your would-be linked account. Different sending banks can be quicker or slower a bit depending on which cash transfer service they're using internally, and how fast the would-be linked bank posts incoming deposits to your account ledger. Because of the handling by the New York branch and then onward sending to Thailand, I'd probably figure 4-5 business days in total to complete the linking process... assuming you have access to BKK Bank online banking and can see/know promptly when the deposits arrive in baht.

All US government direct deposit payments to Thailand, such military or civilian retired pay, Social Security pay, Veterans Administration benefits, etc. are sent through Bangkok Bank New York. It is considered a domestic transfer because of the Bangkok Bank New York address. The funds should be available in Thailand within two working days of receipt in New York.

[lopburi3]

Direct deposit of government pensions is an entirely different item and requires a non ATM access account in Thailand and I suspect is keyed to an agreement that the bank will refund falsely withdrawn money (after recipients death).

For the normal bank to bank ACH transfers being discussed here there is no such requirement for a special account.

[jfchandler]

Lopburi... I don't do one of those direct deposit govt paycheck arrangements with BKK B. (One reason is, I don't choose to have to make a bank branch visit every month with ID in order to collect the deposited funds). But since the issue's been raised, maybe you know the answer...

If someone has made the arrangements to have their federal pension or SS payment direct deposited to BKK Bank, with all the requirements that go along with that particular arrangement, does BKK Bank charge the same handling fees on those funds that they do on regular U.S. to Thailand transfers???

i.e., a handling fee by the New York branch, and then a 0.25% (minimum 200 baht, maximum 500 baht) commission on the Thailand end...

Or do they handle the federal direct deposits simply at the day's buying TT rate with no surcharges tacked on?

[lopburi3]

I also do not do it and have deposit made into US account so could not do more than guess (banks like to charge fees).