Banking For Americans In Thailand 101

[JimGant]

Hmmm. If all the fee free ATM cards are no longer possible, ACH will be the only game in town (from a financial standpoint).

Even using a card that only passes on the network's 1% fee, e.g., USAA (and for sure excluding those like Chase, that charge 3% plus $5!).

......the savings over a Visa logoed card charging 1% would be: $14 for a $5000 transfer; $47 for a $10k transfer; and $121 for a $20k transfer. But for a MC logoed card, the savings would be: $41, $101, and $230.

Criteria:

-- No 150 baht ATM owner fee

-- Buying TT rate: 30.00 baht to the USD

-- Visa FX rate: 30.08 (assuming the 8 satang advantage seen by Visa over the TT rate)

-- Effective Visa rate: 29.78 (30.08 x .99)

-- MC FX rate: 29.92 (assuming 8 satang disadvantage off the TT rate)

-- Effective MC rate: 29.62

-- No ACH fee, but a $10 NY end fee, and 374, 500, 500 baht back end fees, respectively.

-- Effective ACH rates: 29.87; 29.92; 29.96

And, if the dollar trends downward during the period your exhausting these ACHed amounts, well, a little additional 'profit.' But, of course, that works in reverse. Oh well.

Wonder if this is the future.......?

[vagabond48]

I am still confused about which ATM / Debit card can still be used at AEON ATM's since they are the only way to obtain cash without paying the 150-180THB Thai Bankers Association foreign ATM fee

I was perfectly happy with E*trade and their $1000 limit at AEON until E*trad Bank started charging the 1% currency conversion fee (as did USAA Bank)

I then opened a Capital One Bank account because they didn't charge the 1% currency conversion fee at AEON but then they switched networks so my card would not longer work at AEON. Am very happy with Cap Ones Rewards Credit Card with their no currency conversion fee and points but that doesn't solve the AEON cash restriction

Was going to open a Schwab account but vagabond48's post above has me worried that they (Schwab) are moving in the direction of tightening up their ATM / Debit card issuance

Which seems to me that the only US Bank ATM/ Debit card that can be used at AEON is the one issued by State Farm Bank

Is this correct or is there another US Bank that is accepted by AEON and has no currency conversion fee ?

Don't go by my experience. I probably over used the card. I called a number of times to extend my withdrawal limit for my 2 schwab accounts to $4K each. I was trying to save money by avoiding wire transfers. I probably should have been more conservative and stayed a bit under their radar.

I applied last week for a PFCU atm card because some misinformed rep told me there were no foreign fees. Now I read, that was wrong. They are charging $1.50 + 2%. You have got to call companies at least 2 to 3 times just to confirm phone information.

[TallGuyJohninBKK]

Re Pentagon Federal, I think there probably was some confusion, at one end or the other, between their credit cards vs. their debit card.

A while back, PFCU changed their policy to make at least most of their credit cards not have any foreign currency fee for purchases.

But, I don't believe they ever made that same change for ATM withdrawals using their debit card.

More broadly, there are many U.S.-based debit cards that don't charge foreign currency fees...

The issue is.... a lot of them are local or state-based accounts. The list of fee free cards is narrower when you're talking about nationally available cards.

For starters, take a look at the two websites I posted above in Post #265 for lists of the major banks and CU's and their fee policies.

Meanwhile, FWIW, despite Vagabond's unfortunate experience above, I have heard or seen any indication of any kind of broad change in policy or approach by Charles Schwab and their cards. And, as he points out, the Fidelity brokerage also offers a similar fee-free card.

One thing Vagabond.... it wasn't clear from your earlier post.... were you using/keeping money in Schwab's linked brokerage account. Or did you have an empty brokerage account and just using their checking account only?

I ask because, at some point, it wouldn't surprise me if Schwab began to trim accountholders who aren't using their brokerage account since, after all, Schwab is principally a brokerage firm. As I said, I haven't heard any reports of them doing that. But if there was a reason for them to cancel an account, I'd imagine that could be at the top of the list of potential reasons, particularly after a number of years of having the account.

Edited June 17, 2013 by TallGuyJohninBKK

[Pib]

I haven't used the Schwab brokerage account yet...guess I'm too comfortable with the mutual funds I have right now...but I do keep a small amount in the brokerage account even though a person is not required to have any amount in it. And I plan to adjust that amount up and down just a little each year by moving money between the Schwab brokerage and Schwab checking/savings account just to show activity. Probably best to show some activity in all accounts even if it just moving money around once a year (i.e, like move some money in today...and a little later on move it out if it earns more money somewhere else).

Also, my no foreign transaction fee debit cards even reimburse for foreign ATM withdrawals, but to date I have never used a Thai bank ATM charging the approx. Bt150 foreign card fee because I have easy access to AEON ATMs here in Bangkok which do no charge at fee.....and I don't want to help kill the ATM Reimbursement Golden Goose or maybe have bank eyes turned towards me because I'm basically costing the bank money by causing Bt150 reimbursements to me (Bt180 for a MasterCard). Heck, if a person just makes two reimbursable withdrawals per month, that's $10 a month or $120 a year you are costing the bank and the amount of money you keep in the bank may not be enough for them to recover that costs through them loaning some of your money out for mortgages, making bank investments/stock market gambles, etc....and they are not making any money off of you from the foreign ATM withdrawal usage because remember no fee is being charged by them. Yeap, when you cost the bank money they may just see if they can find a legal way to let you go.

[vagabond48]

Re Pentagon Federal, I think there probably was some confusion, at one end or the other, between their credit cards vs. their debit card.

A while back, PFCU changed their policy to make at least most of their credit cards not have any foreign currency fee for purchases.

But, I don't believe they ever made that same change for ATM withdrawals using their debit card.

More broadly, there are many U.S.-based debit cards that don't charge foreign currency fees...

For starters, take a look at the two websites I posted above in Post #265 for lists of the major banks and CU's and their fee policies.

One thing Vagabond.... it wasn't clear from your earlier post.... were you using/keeping money in Schwab's linked brokerage account. Or did you have an empty brokerage account and just using their checking account only?

You are probably right about the confusion between credit and debit cards with the low level (ranking) phone reps regardless that I always make sure to emphasize that I need info on their debit/ATM card. This happens with other institutions. When I inquiry about a debit card, they begin taking about their credit card and I have to stop them and remind them I want info on debit/check/atm card.

Re: Schwab, I never used my brokerage account. Even though I had one, I don't recall if you had to open one up to open their banking "high yield" accounts.

[Pib]

When I opened my Schawb accounts about two years ago the opening of brokerage and checking accounts (with debt card) were joined at the hip/done on the same application form. But opening a savings account was done on a separate application.

Sent from my Samsung S4 (GT-I9500)

[TallGuyJohninBKK]

Yes, my experience is the same as Pib's -- afaik, you cant open the Schwab checking account without at the same time openinga Schwab One brokerage account.

I never used the brokerage account at all for the first couple years, but ended up later putting some maturing CD funds into it. Kept my US address of record withb them, and never have had any problems.

Like Pib, I've almost never used their ATM fee reimbursements, as long as I have no fee aeons available. But it's good to have that bebefit available, just in case.

Meanwhile, another thing folks here looking for atm fee refunds can consider is something called Kasasa rewards checking accounts offered by many smaller banks. Those typically have no FCF and often also reimburse atm fees, if u use the card enough for POS during the month. and pay good interest too.

Can check at Kasasa.com to find rewards accounts available for the zip code of yr residence.

[vagabond48]

Like both of you, I have never taken advantage of the fee refunds which saved Schwab more than $1000 since the introduction of the 150B surcharge. Apparently that did not help in my application closure.

That did not matter. After being away from the US for many years, I plan to return to the US in a couple of months. I will apply for a Schwab account once again and see if they will accept. I will also apply for the State Farm Bank as well. I did State Farm online but was declined.

Edited June 17, 2013 by vagabond48

[Langsuan Man]

I still don't seem to be able to get an answer., specific to AEON. I don't want a Schwab account so that I can get reimbursed for the 150-180 THB Thai Bankers association charged by Thai banks for the use of a foreign ATM / Debit card, am only considering it since it appears to work at the AEON ATM's

And yes, the guide referenced earlier does list other US issued Bank cards that do not charge a foreign transaction fee but whether or not they will work in AEON ATM's is the issue. Just like the Capital One Bank ATM / Debit card does not charge a foreign transaction fee but no longer works on the AEON network

I don't want to go to all the trouble of opening another US bank account, to obtain a foreign currency transaction free card, only to find out once I get back to Thailand that it won't work with AEON

Are my only two options to use the fee free AEON ATM's the cards issued by Schwab and State Farm ?

[Pib]

Unless something has changed I don't think AEON supports those cards which "only have" CIRRUS network capability....like an ATM only card with "no" Visa/MasterCard logo and only the CIRRUS network identification on the back. Captial One ATM only cards switched to something along those lines a few years ago, but I think Capital One's "debit" cards had the CIRRUS network identification on the back "but also" the Visa/MasterCard logo on the front which provided additional/multiple network interconnection capability and they worked in AEON ATMs. I'm sure someone will correct me if wrong.

I'm sure you have more options than Schwab and State Farm...just be sure the debit card comes with the Visa or MasterCard logo versus some "single network, no Visa/Masercard logo" card. Banks websites are pretty clear about which logo their cards are issued under (i.e., Visa/MasterCard/AMEX/etc).

I haven't seen anyone lately complaining about their debit card not working in a AEON ATM; I've only seen the complaints regarding foreign transaction fees charged by their home country bank.

[TallGuyJohninBKK]

That was my recollection too re the problem with Cap One and AEON ATMs....

I never had a Cap One VISA or MC logo debit card. But I did have a Cap One ATM card (NO VISA or MC logo) associated with a savings account that stopped working with AEON once Cap One made their card network change to Cirrus.

So, AFAIK, any U.S. bank debit card that has a VISA or MC logo on the front ought to work perfectly fine with AEON ATMs. Then it's just a matter of finding a preferrably VISA logo debit card from an institution that a) doesn't charge its own foreign ATM withdrawal fee and 2] doesn't charge a foreign currency fee. And there are relatively lots of those.

LSM, I think you're over-stating the extent of the problem with card usability with AEON ATMs. These days, VISA and MC logo debit cards are far more common and prevalent that non-logo ATM only cards like the Cap One one. And maybe I'm getting old here, but I don't recall hearing of folks having problems using VISA logo debit cards at AEON ATMs...

Edited June 17, 2013 by TallGuyJohninBKK

[Pib]

You think a normal debit card (i.e., issued with bank account) can be fee-laden for international transactions. Take a look at the fee structure for the 10 best "prepaid" debit cards according to this Top10Reviews article.

It almost seems a fee is applied for just looking at a prepaid debit card much less using it internationally or in the home country. But if a person can't get a normal debit card via opening of a bank account and needs a debit card, then I guess pre-paid debit cards do serve a niche in the market.

[maphraw]

This might be a bit off topic but last year when I wanted US10,000 transferred to my SCB account in Thailand I went to my SCB bank and wrote a check for $10,000 from my US bank (a savings account with free checking--M&T Bank). SCB charged me about 300 Baht up front and told me it would take about 45 days for the money to be deposited into my SCB savings account. I asked why it took so long but got no answer. My guess is they play with the money. After about 5 weeks the $10,000 was deposited into my SCB account at a reasonably good exchange rate. There was no foreign transaction fee from M&T Bank for the check. Since I wasn't in any kind of hurry to get the US10,000, it seemed like a reasonable way to transfer money from the US to Thailand. Of course, I lost some interest on the ten grand while SCB was holding the money.

By the way, I have an M&T VISA debit card and unfortunately they charge a hefty foreign transaction fee when I use it here in Thailand.

[Pib]

This might be a bit off topic but last year when I wanted US10,000 transferred to my SCB account in Thailand I went to my SCB bank and wrote a check for $10,000 from my US bank (a savings account with free checking--M&T Bank). SCB charged me about 300 Baht up front and told me it would take about 45 days for the money to be deposited into my SCB savings account. I asked why it took so long but got no answer. My guess is they play with the money. After about 5 weeks the $10,000 was deposited into my SCB account at a reasonably good exchange rate. There was no foreign transaction fee from M&T Bank for the check. Since I wasn't in any kind of hurry to get the US10,000, it seemed like a reasonable way to transfer money from the US to Thailand. Of course, I lost some interest on the ten grand while SCB was holding the money.

By the way, I have an M&T VISA debit card and unfortunately they charge a hefty foreign transaction fee when I use it here in Thailand.

I doubt SCB held/played with the money...just my opinion. I expect it was just the unfast process of mailing/sending the check back to your issuing bank...probably through some middle man processing company...and the process of your bank paying out the money and finding its way back to SCB through a cheap but unfast method. I don't think Thai banks interface electronically to most other countries banking system to process checks faster...of course, many countries don't talk to each other electronically for some financial actions...it's still a mail/courier system. You might wanted to check your home country bank statement and see what day the check posted to your account as that would at least tell you how long it took for the check to reach the bank.

I expect you got the SCB "check" exchange rate which is 0.2baht/USD lower than their TT Buying Rate used for wire transfers. From looking at SCB exchange rate webpage at this millisecond in time it shows a TT Buying Rate (used for wire/SWIFT/ACH type transfers) @ 30.55 and the check buying exchange rate @ 30.35. 30.55 times $10,000 is 305,500 baht.....30.35 times $10,000 is 303,500 baht. So, your got 2000 baht (approx. $65) less that if wiring the money over where you would have received the TT Buying Rate.

Or maybe said another way, fee-wise you really paid 2000 baht + 300 baht for a total of 2300 baht (approx. $75) to wait 5 weeks to get your money posted to your account. I think I would prefer to use a low cost ACH transfer to get the money in approx. 2-3 business days. For example with a Bangkok Bank account and using their Bangkok Bank New York branch as the routing branch and assuming your Sending bank did not charge an ACH sending fee (many don't), then a $10,000 transfer would have cost you approx. $27.

See below Bangkok Bank wire transfer fees which in a $10,000 cash would have been $10 as it flowed through the NY branch and then Bt500 (approx. $17) on the local/in-Thailand Bangkok Bank branch.

Bangkok Bank is the only Thai bank having U.S. ACH capability; other Thai banks have to use the usually pricey SWIFT method which usually costs $20-$50 on the Sending end and there still may be intermediary bank fees....then you will have the Thai bank funds receipt/conversion fee of 0.25% (Bt200 min, Bt500 max). But even a SWIFT transfer might be cheaper than cashing a check and getting a 0.2baht/USD lower exchange rate. A lot will depend on what funds transfer fees your home country bank charges and if they must use intermediary banks (more fees) to get the money to your Thai bank account.

Edit: just finished looking at the M&T website...appears they charge a low $3 fee to transfer funds to another U.S. bank (i.e., such as Bangkok Bank NY...you don't need an acct at the NY branch...you only use their ACH routing number)...and you can transfer up to $10,000 per day. Link. Yeap, I think I would get a Bangkok Bank account, use an ACH transfer, save a lot of money/fees in getting money to Thailand, and get your money in a couple of business days vs 5 weeks.

Edited June 19, 2013 by Pib

[TallGuyJohninBKK]

Killer analysis there, Pib...

For Americans, aside from doing no-fee in the U.S. and Thailand ATM transactions, which certainly are possible via AEON et. al., the BKK Bank New York route is pretty well established as the most economical means of moving money from the States to Thailand.

Better and faster than depositing a check. Better than any international wire transfer rates I've ever seen. Better than any of the foreign currency services. Better than Paypal... Better than taking an advance on one's credit card... Etc etc...

Periodically, folks pop up with their own latest and greatest discovery. But when you end up sorting out all the details, invariably, those supposed great deals don't turn out to be so great by comparison.

If there is a generally available better way (by better I mean economical) than no-fee ATMs or BKK Bank's New York route, no one's yet been able to prove it with clear and demonstrable evidence.

Edited June 19, 2013 by TallGuyJohninBKK

[taxout]

The bank gets its hands on the proceeds from your check ASAP. I have no doubt about that, though no doubt the bank would like you to think the money's deep in the hold of a schooner somewhere crossing the Pacific.

In fact, it holds up payment of the proceeds to you as a credit issue, out of concern that the check might be forged. While your bank will bounce the check back quickly if there are insufficient funds or if the signature is obviously forged, if it's a passable forgery and the bank pays out, you have the right to object to the payment of the forged check once the bank notifies you of the checks it's paid from your account. That is, it's legally possible for the check to bounce back to the Thai bank several weeks after it's been sent for collection.

Whether the banks' concern is reasonable or just an excuse to hold onto your money can of course be debated.

[maphraw]

Thanks for the information Pib. I already have a Bangkok Bank account in Thailand. So all I need to do is send the ACH routing number for the Bangkok Bank in New York to my M&T Bank account and they will then transfer the money to the Bangkok Bank in New York. If possible, could you elaborate a little on how exactly I would go about doing this. I would have to send my Bangkok Bank account number to their branch in New York and to my M&T Bank as well. Is that right? Or should I contact my M&T Bank in the States and tell them what I would like to do and explain that they can transfer the money to the Bangkok Bank in New York which would then transfer the money to my account in Thailand. Thanks for all of your info. It is really very helpful. By the way how might I get the NY BBL's ACH routing number?

[vagabond48]

I'm not sure if it has been mentioned here.

How does a US citizen go about getting a Bangkok Bank account in NY?

Do I need to make a visit to the NY branch or can it be done either online and/or snail mail?

[Stjohnm]

I've had an account here for so long, it's probably all changed since before I had one but whenever I check TC rates are still better than Cash, Credit Card & foreign card ATM rates. Remember TiT & not every ATM machine takes foreign cards & the best exchange rate you'll get as an individual is normally when you do a SWIFT TT transfer.

Sent from my iPhone using ThaiVisa app

[Pib]

Thanks for the information Pib. I already have a Bangkok Bank account in Thailand. So all I need to do is send the ACH routing number for the Bangkok Bank in New York to my M&T Bank account and they will then transfer the money to the Bangkok Bank in New York. If possible, could you elaborate a little on how exactly I would go about doing this. I would have to send my Bangkok Bank account number to their branch in New York and to my M&T Bank as well. Is that right? Or should I contact my M&T Bank in the States and tell them what I would like to do and explain that they can transfer the money to the Bangkok Bank in New York which would then transfer the money to my account in Thailand. Thanks for all of your info. It is really very helpful. By the way how might I get the NY BBL's ACH routing number?

To transfer funds to your Bangkok Bank account you just need to use the Bangkok Bank NY ACH "routing number" and your in-Thailand Bangkok Bank account number. It's basically that simple.

The funds transfer occurs/gets setup "exactly" like you were transferring money to any bank in the U.S...that is, enter their routing number and your account number. A person does "not" setup a separate account with Bangkok Bank NY as their NY branch is a commercial bank...not for the common retail customer. However you can still use them for an ACH transfer to your in-Thailand Bangkok Bank account by specifying the NY branch "routing number" in the funds transfer.

Just follow the Step-by-Step setup instructions/Advice to Senders using US Internet Banking Services/How to Use the Service at this Bangkok Bank webpage. Two trial deposits in the range of 1 to 99 cents will be sent to your Bangkok Bank account, find out what those deposits amounts were, and they verify these amounts on the M&T online banking...then a funds transfer link is setup. I'm assuming your M&T online banking funds transfers works like the great majority of other U.S. banks online banking when setting up a funds transfer link with another bank. Once that link is verified/setup you just use that link anytime you want to transfer funds from M&T to your Bangkok Bank account. NOTE: you cannot, repeat, cannot, pull funds from your Bangkok Bank account...you can only send funds...if you try to pull funds the transaction will reject and the funds link might get shut down. As you know Bank of Thailand regulations do not make it easy to transfer funds out of Thailand unless you have a work permit, proper docs, etc....but transferring funds into the country is welcomed with open arms.

As mentioned you must find out what trial deposits amounts arrived your Bangkok Bank account in order to complete verification of the funds link setup...you can either go to your local Bangkok Bank to find out a few days after you initiated the setup of the funds transfer link or you can use an even easier way which is setup SMS Remittance Alert on your Bangkok Banks account....it's very easy to setup using your debit/ATM card at a Bangkok Bank ATM. See the heading titled "Subscribe Now to for Fee SMS Alert" at above mentioned link. That way when the trail deposits arrive/post to your account you will receive an SMS telling you the U.S. dollar amount rec'd (e.g.., 0.23USD,etc), the exchange rate given, and amount posted to your account...no need to go to your bank or try calling the bank to get the USD amount that arrived. Just be sure to setup the SMS Remittance Alert before you initiated the funds transfer link on your M&T online banking.

And don't worry about transfer fees on these ACH trial deposits... no fees are applied to these setup deposits. And in the future when you send over money like say $10,000 (always send U.S. dollars...let Bangkok Bank do the exchange...don't let M&T do the exchange/send baht as you will probably loose around 3% in a lower exchange rate from M&T plus still get hit with the Bangkok Bank transfer fees) you will get an SMS saying X amount was rec'd/posted to your account on date X at exchange rate Y. Unless something has changed it will also show the local 0.25% Bangkok Bank currency receipt/conversion fee being applied/subtracted but it will not show the Bangkok Bank NY pass-thru fee...but what you will see in the SMS is that X amount less dollars arrived than what you sent...so if you sent say $1000 and the SMS says $995 arrived Thailand then that missing $5 is the Bangkok Bank NY pass-thru fee.

Once again the Bangkok Bank webpage that provides the needed info is at: Link

I'm not sure if it has been mentioned here.

How does a US citizen go about getting a Bangkok Bank account in NY?

Do I need to make a visit to the NY branch or can it be done either online and/or snail mail?

You do "not" need an account with the NY branch...they dont' accept retail/common joe customers...they are a commercial bank operation however you can still use them for ACH funds transfer from your U.S. bank to your Bangkok Bank account in Thailand. Just use the NY branch "routing number" and your in-Thailand Bangkok Bank account number. As I mentioned above, I recommend you setup SMS Remittance Alert to get an SMS when funds arrive, how much arrived, etc.

Once again, no account needed with the NY branch...you are only using their ACH routing number. I've been doing it for many years along with many other expats who have Bangkok Bank accounts. Bangkok Bank is the only Thai bank with a ACH capability via their NY branch. Sure makes things a lot cheaper than using a SWIFT transfer which usually has a pricey Sending bank fee...then you get hit with the receiving bank fees also......better to use ACH transfer as usually no Sending bank fee is applied (or a low fee like maybe $3) on top of the receiving bank fee. Also, since ACH is being used the use of intermediary banks (and their associated fees) is almost always eliminated where it's more common with SWIFT transfers.

[55Jay]

That was my recollection too re the problem with Cap One and AEON ATMs....

I never had a Cap One VISA or MC logo debit card. But I did have a Cap One ATM card (NO VISA or MC logo) associated with a savings account that stopped working with AEON once Cap One made their card network change to Cirrus.

So, AFAIK, any U.S. bank debit card that has a VISA or MC logo on the front ought to work perfectly fine with AEON ATMs. Then it's just a matter of finding a preferrably VISA logo debit card from an institution that a) doesn't charge its own foreign ATM withdrawal fee and 2] doesn't charge a foreign currency fee. And there are relatively lots of those.

LSM, I think you're over-stating the extent of the problem with card usability with AEON ATMs. These days, VISA and MC logo debit cards are far more common and prevalent that non-logo ATM only cards like the Cap One one. And maybe I'm getting old here, but I don't recall hearing of folks having problems using VISA logo debit cards at AEON ATMs...

Yep. My CAP1 checking acct ATM/Debit (MC logo) worked once at Aeon, then quit, been a couple years ago at least, recall you all said it was a network change issue. Never tried it again after opening a Schwab acct with Visa logo ATM/Debit card, but keep the CAP1 checking and ATM active as a back up, and still use the credit card.

[TallGuyJohninBKK]

You have a Cap One MC logo debit card that stopped working at AEON ATMs???

If that's correct, why don't you try the Cap One MC again next time you're by an AEON ATM. It would be good to hear the result.

[55Jay]

You have a Cap One MC logo debit card that stopped working at AEON ATMs???

If that's correct, why don't you try the Cap One MC again next time you're by an AEON ATM. It would be good to hear the result.

Yes, and the verdict here was MasterCard logo'd ATM/Debit card and the network change.

Could of been the Aeon ATM that day but sure, I'll give it another shot, see what happens.

[Mike45]

Thanks for the information Pib. I already have a Bangkok Bank account in Thailand. So all I need to do is send the ACH routing number for the Bangkok Bank in New York to my M&T Bank account and they will then transfer the money to the Bangkok Bank in New York. If possible, could you elaborate a little on how exactly I would go about doing this. I would have to send my Bangkok Bank account number to their branch in New York and to my M&T Bank as well. Is that right? Or should I contact my M&T Bank in the States and tell them what I would like to do and explain that they can transfer the money to the Bangkok Bank in New York which would then transfer the money to my account in Thailand. Thanks for all of your info. It is really very helpful. By the way how might I get the NY BBL's ACH routing number?

To transfer funds to your Bangkok Bank account you just need to use the Bangkok Bank NY ACH "routing number" and your in-Thailand Bangkok Bank account number. It's basically that simple.

The funds transfer occurs/gets setup "exactly" like you were transferring money to any bank in the U.S...that is, enter their routing number and your account number. A person does "not" setup a separate account with Bangkok Bank NY as their NY branch is a commercial bank...not for the common retail customer. However you can still use them for an ACH transfer to your in-Thailand Bangkok Bank account by specifying the NY branch "routing number" in the funds transfer.

Just follow the Step-by-Step setup instructions/Advice to Senders using US Internet Banking Services/How to Use the Service at this Bangkok Bank webpage. Two trial deposits in the range of 1 to 99 cents will be sent to your Bangkok Bank account, find out what those deposits amounts were, and they verify these amounts on the M&T online banking...then a funds transfer link is setup. I'm assuming your M&T online banking funds transfers works like the great majority of other U.S. banks online banking when setting up a funds transfer link with another bank. Once that link is verified/setup you just use that link anytime you want to transfer funds from M&T to your Bangkok Bank account. NOTE: you cannot, repeat, cannot, pull funds from your Bangkok Bank account...you can only send funds...if you try to pull funds the transaction will reject and the funds link might get shut down. As you know Bank of Thailand regulations do not make it easy to transfer funds out of Thailand unless you have a work permit, proper docs, etc....but transferring funds into the country is welcomed with open arms.

As mentioned you must find out what trial deposits amounts arrived your Bangkok Bank account in order to complete verification of the funds link setup...you can either go to your local Bangkok Bank to find out a few days after you initiated the setup of the funds transfer link or you can use an even easier way which is setup SMS Remittance Alert on your Bangkok Banks account....it's very easy to setup using your debit/ATM card at a Bangkok Bank ATM. See the heading titled "Subscribe Now to for Fee SMS Alert" at above mentioned link. That way when the trail deposits arrive/post to your account you will receive an SMS telling you the U.S. dollar amount rec'd (e.g.., 0.23USD,etc), the exchange rate given, and amount posted to your account...no need to go to your bank or try calling the bank to get the USD amount that arrived. Just be sure to setup the SMS Remittance Alert before you initiated the funds transfer link on your M&T online banking.

And don't worry about transfer fees on these ACH trial deposits... no fees are applied to these setup deposits. And in the future when you send over money like say $10,000 (always send U.S. dollars...let Bangkok Bank do the exchange...don't let M&T do the exchange/send baht as you will probably loose around 3% in a lower exchange rate from M&T plus still get hit with the Bangkok Bank transfer fees) you will get an SMS saying X amount was rec'd/posted to your account on date X at exchange rate Y. Unless something has changed it will also show the local 0.25% Bangkok Bank currency receipt/conversion fee being applied/subtracted but it will not show the Bangkok Bank NY pass-thru fee...but what you will see in the SMS is that X amount less dollars arrived than what you sent...so if you sent say $1000 and the SMS says $995 arrived Thailand then that missing $5 is the Bangkok Bank NY pass-thru fee.

Once again the Bangkok Bank webpage that provides the needed info is at: Link

I'm not sure if it has been mentioned here.

How does a US citizen go about getting a Bangkok Bank account in NY?

Do I need to make a visit to the NY branch or can it be done either online and/or snail mail?

You do "not" need an account with the NY branch...they dont' accept retail/common joe customers...they are a commercial bank operation however you can still use them for ACH funds transfer from your U.S. bank to your Bangkok Bank account in Thailand. Just use the NY branch "routing number" and your in-Thailand Bangkok Bank account number. As I mentioned above, I recommend you setup SMS Remittance Alert to get an SMS when funds arrive, how much arrived, etc.

Once again, no account needed with the NY branch...you are only using their ACH routing number. I've been doing it for many years along with many other expats who have Bangkok Bank accounts. Bangkok Bank is the only Thai bank with a ACH capability via their NY branch. Sure makes things a lot cheaper than using a SWIFT transfer which usually has a pricey Sending bank fee...then you get hit with the receiving bank fees also......better to use ACH transfer as usually no Sending bank fee is applied (or a low fee like maybe $3) on top of the receiving bank fee. Also, since ACH is being used the use of intermediary banks (and their associated fees) is almost always eliminated where it's more common with SWIFT transfers.

Pim

I called Bangkok Bank per in instructions on their page. I've made it all the way to the point where I am to choose which type of SMS service to enroll but fir the life of me I can't understand if I want 1. SMS Service 2. SMS bla bla or 3. SMS international bla bla

I just can't make out what the recorded voice is saying. I suspect I want either 1 or 3. Which is it?

Thanks

[vagabond48]

You have a Cap One MC logo debit card that stopped working at AEON ATMs???

If that's correct, why don't you try the Cap One MC again next time you're by an AEON ATM. It would be good to hear the result.

Yes, and the verdict here was MasterCard logo'd ATM/Debit card and the network change.

Could of been the Aeon ATM that day but sure, I'll give it another shot, see what happens.

What kind of checking account do you have?

I have a regular checking account and called Cap One to inquire about the debit card. The rep just told me there is no foreign currency rate fee, BUT they charge 3% for ATM cash withdrawals. I did confirm that this was for a debit card.

[55Jay]

You have a Cap One MC logo debit card that stopped working at AEON ATMs???

If that's correct, why don't you try the Cap One MC again next time you're by an AEON ATM. It would be good to hear the result.

Yes, and the verdict here was MasterCard logo'd ATM/Debit card and the network change.

Could of been the Aeon ATM that day but sure, I'll give it another shot, see what happens.

What kind of checking account do you have?

I have a regular checking account and called Cap One to inquire about the debit card. The rep just told me there is no foreign currency rate fee, BUT they charge 3% for ATM cash withdrawals. I did confirm that this was for a debit card.

"Interest On-line Checking". My deal (at the time) was no foreign transaction fees and reimbursement of ATM fees up to $20 a month.

Account conditions can change as do new offers, which may also vary based on geographic location / zip code.

I stopped using CAP1 checking account once I got the Schwab account, but still use the MasterCard credit card.

[Pib]

Pim

I called Bangkok Bank per in instructions on their page. I've made it all the way to the point where I am to choose which type of SMS service to enroll but fir the life of me I can't understand if I want 1. SMS Service 2. SMS bla bla or 3. SMS international bla bla

I just can't make out what the recorded voice is saying. I suspect I want either 1 or 3. Which is it?

Thanks

I hear you about trying to understand some of the interactive voice instructions, especially when the person speaking talks too fast, has an assent you are not use to, and some Thai's speak very hard to understand English...almost as hard to understand as my Thai. Probably 3 based on the instructions at this Bangkok Bank website but it depends on what point in the instructions you are at before you can press 3. However, but, to be sure go to above Bangkok Bank webpage and then open the PDF document in the "Click here to see how to enroll in the SMS Remittance Alert....." Hopefully the instrucitons in this PDF doc will closely match the current interactive voice instructions.

I've never done SMS signup via phone...I've always just did it at the branch or on their ATM. In fact, when I opened another Bangkok Bank account a few months ago I did the SMS Remittance Alert signup at a Bangkok Bank ATM because I forgot to do it during the account signup...so easy. But if you are out of Thailand the only way to do it is via phone...good luck....hope the PDF instructions help.

Also keep in mind the SMS will only be delivered over Thai cell phone carriers like DTAC, AIS, True, etc., as far as I know (but I'm not a 100% sure about this); you won't get the SMS if using a non-Thailand cell phone plan. But maybe there is someone out there who has signed up for SMS Remittance Alert with their foreign cell phone number (i.e., like a U.S./U.K cell phone number) can confirm Bangkok Bank does send the SMS to foreign/long distance/overseas phone numbers....but I'm kinda doubting they do. From looking at the ATM signup PDF instructions it shows where you must enter you "10 digit" phone number...and Thai cell phone numbers are 10 digits long.

Edited June 21, 2013 by Pib

[Mike45]

Thanks Pib

I don't know why I didn't see the PDF link earlier.

It's #3. Yesterday's problem was extending my service on my true sim card.

So now I'm roaming outside of Thailand on my True phone ready for my acknowledgement.

If I remember correctly last time I did an international Remittance I received a phone call letting me know about it. They also told me the exchange rate and asked me if it was acceptable. I said no and was placed on hold then she came back and gave me a better rate.

Are they still doing that?

[Pib]

Thanks Pib

I don't know why I didn't see the PDF link earlier.

It's #3. Yesterday's problem was extending my service on my true sim card.

So now I'm roaming outside of Thailand on my True phone ready for my acknowledgement.

If I remember correctly last time I did an international Remittance I received a phone call letting me know about it. They also told me the exchange rate and asked me if it was acceptable. I said no and was placed on hold then she came back and gave me a better rate.

Are they still doing that?

Nobody has ever called me when doing a transfer to Bangkok Bank. Now I haven't done a transfer going on two years now since I use my no foreign transaction fee debit cards to get money. But when I did do transfers usually around $5K per transfer and about six years when I transferred over $200K in one transfer, the transfers would just arrive and be posted to my account. Heck, when I transferred the $200K amount I was still in the U.S....didn't get to Thailand until a few weeks later. And that $200K amount was the only time I ever included a note as to what the money was for.

But I do see posts where people were contacted by their Thai bank to ask them about the rate...guess it may vary from bank to bank. At this Bangkok Bank webpage take a look at Q&A number 5 & 7. And I have heard you can indeed contact Bangkok Bank in advance of a large transfer...I think I read somewhere if you transferring more than $20K you might be able to arrange a little better rate than their TT Buying Rate usually give to wire transfers.

[Mike45]

It might not have been Bangkok Bank. It would have had to have been a swift wire transfer to Kasikorn Bank then because they are the only two I use.