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[ginooooo]

Trying to decide before moving to Thailand is any of the retired military there using USAA as their banker, credit cards, etc as their banker in the US? Any problems? Transfers of money to Thai bank?

Thank you for any help.

[jarhead50200]

we have a vfw here, on your browser go to vfw chiang mai, they have all the information on that. you can keep your usa bank account or open account here for direct deposit.

[amexpat]

USAA is excellent for everything.

Best to open an ordinary savings acct at Bangkok bank branch near you, then have retirement funds, social security, etc direct deposited to USAA, then transfer for free to Bangkok Bank NY as needed using BKNY r/t and your savings acct number. Works like a charm. Bangkok bank charges a small fee for the transfer and the exchange rate is very good. Just be sure your name on usaa and bkk accounts are identical or you will have to fill out more forms. Of course, being ex-military you are used to lots of forms.

Would advise against opening a local account that is designated for direct deposit. That requires you to show up in person to withdraw funds, plus you lose control of when and how much is transferred. There is a lot of discussion of this under subjects like "social security direct deposit" or some such searchable titles.

Re credit card: you might have to call them in advance if you are going to make a large purchase in TH because they are diligent about protecting (themselves) against fraud.

I hope this helps.

[richard10365]

I send (direct deposit) my pension check straight to Bangkok Bank via their New York branch. It is true you do have to go in every month to transfer get your money. I transfer my money to an account with an ATM card. The money always arrives about the 2nd of the month unless there is a holiday. I've been doing this for about 7 years with no problems.

[ginooooo]

USAA is excellent for everything.

Best to open an ordinary savings acct at Bangkok bank branch near you, then have retirement funds, social security, etc direct deposited to USAA, then transfer for free to Bangkok Bank NY as needed using BKNY r/t and your savings acct number. Works like a charm. Bangkok bank charges a small fee for the transfer and the exchange rate is very good. Just be sure your name on usaa and bkk accounts are identical or you will have to fill out more forms. Of course, being ex-military you are used to lots of forms.

Would advise against opening a local account that is designated for direct deposit. That requires you to show up in person to withdraw funds, plus you lose control of when and how much is transferred. There is a lot of discussion of this under subjects like "social security direct deposit" or some such searchable titles.

Re credit card: you might have to call them in advance if you are going to make a large purchase in TH because they are diligent about protecting (themselves) against fraud.

I hope this helps.

Thanks and looks like a good option. Can I do the transfer from USAA to NY branch to my current Bangkok Bank in Phayao via computer also? Also do you have to go to the local branch to get this all done instead?

[ginooooo]

I send (direct deposit) my pension check straight to Bangkok Bank via their New York branch. It is true you do have to go in every month to transfer get your money. I transfer my money to an account with an ATM card. The money always arrives about the 2nd of the month unless there is a holiday. I've been doing this for about 7 years with no problems.

You have to go in to transfer? Not done by internet? If you and wife have joint accounts can both her and your retirement checks go into the same account or would have to have separate accounts in the NY branch and in the branch in Thailand.

[JimGant]

Thanks and looks like a good option. Can I do the transfer from USAA to NY branch to my current Bangkok Bank in Phayao via computer also? Also do you have to go to the local branch to get this all done instead?

Yes. You'll have to set-up an ACH link between your USAA account and Bangkok Bank (BB), using BB NY's routing number, and your BB account number in Thailand. Easy to do -- and even easier if you have BB internet banking, as you *may* be asked to verify two trial deposits to validate account authority -- and you can see these deposits on-line as they occur.

USAA has a $5000 ACH cap, but easily raised (I set mine to $30k).

To transfer, simply log into your account on USAA's website, bring up the transfer function, fill in the amount, and push the button. No charge from USAA, just the BB NY fee and the receiving .25% fee in Thailand. Exactly what you'd pay if you set up your gov't checks to be sent to a direct deposit account (which can't be a joint account -- which would defeat the security purpose of in-person retrieval).

And as Amexpat says, the inconvenience of a direct deposit account, where you have to appear in person to get the money (which can't happen if you're in the hospital, for example), ain't worth it. Particularly if you can, instead, control the timing and amounts being sent across the pond -- then have access to those amounts via your ATM/Debit card -- or via BB internet banking. And, it you're back in the States several months per year -- and have your Thai utilities direct debited from your BB account -- well, one more reason to nix having a direct deposit account.

USAA will allow a Thai address. Plus, they have a toll-free number in Thailand.

Should you wish to have a large amount wired -- with one day service (ACH takes two days, in my experience), set-up a template with USAA, pre-filled in with all the account and SWIFT info. Then, you just call USAA's wire service number, give them your template name, and amount to be sent. Viola. Only drawback is the $35 fee. (I've sent up to $25k via ACH with no problem. And the extra day doesn't bother me. So, SWIFT is rarely used these days. But it's there if I needed it....)

USAA passes on the Visa/MC networks' 1% foreign transaction fee, both with their credit and debit/ATM cards. With ATM, they will refund the 150 baht Thai ATM fee (you have to scan the ATM slip), so for emergencies I can use USAA plastic for cash. However, I use the Schwab Debit/ATM card for most cash, as they don't charge the 1% fee -- and they automatically reimburse the 150 baht fee. But, if you don't count pennies, your BB Be1st ATM card works just fine for cash, with the cost of cash falling between Schwab and USAA ATM cards.

I do use the USAA credit card, because it's 1% cashback feature neutralizes the 1% foreign transaction fee. There are better deals -- like Capital One. However, I've not made the effort -- primarily because I'm not sure of the requirement for US address....

Edited November 7, 2011 by JimGant

[amexpat]

I send (direct deposit) my pension check straight to Bangkok Bank via their New York branch. It is true you do have to go in every month to transfer get your money. I transfer my money to an account with an ATM card. The money always arrives about the 2nd of the month unless there is a holiday. I've been doing this for about 7 years with no problems.

You have to go in to transfer? Not done by internet? If you and wife have joint accounts can both her and your retirement checks go into the same account or would have to have separate accounts in the NY branch and in the branch in Thailand.

ginooooo, Jim Grant may have cleared this up for you, but to be sure:

You don't have to do anything with Bangkok Bank except open an account at a convenient branch. You log in to USAA and use that account number along with the r/t number of Bangkok Bank NY. The money goes into your local account in a couple of days. You don't have to notify Bangkok Bank at all.

It is all done online. It's almost too easy, isn't it. Just dive in and follow the instructions on USAA.

The only case where you would have to go in to the branch is if you had opened the account as a direct deposit account. Don't do it.

If you transfer into your wife's (or any other) account, you will get a call from Bangkok bank to do some paperwork because the names on the sending/receiving accounts don't match.

I once transfered from a brokerage acct and had to do that because one acct used my middle initial and the other my middle name - no huge deal.

[hml367]

deleted

Edited November 8, 2011 by hml367

[ginooooo]

Thank you again. I was thinking about sending both our retirement checks and my 401k money straight to Bangkok Bank in NY but I would also like the freedom of buying stuff in the US, paying bills like IRS, etc which I could do easy with USAA. Flexibility will be important.

[JimGant]

If you transfer into your wife's (or any other) account, you will get a call from Bangkok bank to do some paperwork because the names on the sending/receiving accounts don't match.

I once transfered from a brokerage acct and had to do that because one acct used my middle initial and the other my middle name - no huge deal.

I've not sent to a 3rd party, but USAA does allow you to designate the "account holder" exactly the same name as that on the BB recipient account. My BB account name isn't the same as that with USAA, which has my middle initial and Jr. In fact, the BB account is a joint account, so the "account holder" name that goes out with the transfer has both our names listed.

I suspect this works no sweat -- and would with a 3rd party -- because of this qualifier:

In case you want to transfer funds into a third party account, you must use the internet banking service of banks in the United States which allow the remitter to specify the beneficiary’s name.

Otherwise, the payment instruction Bangkok Bank receives may not carry the correct beneficiary

name and Bangkok Bank will have to return funds to the remitter.

And, as said, USAA is one such bank. Suspect, amexpat, that your brokerage isn't.

One other instruction from the BB website:

If you live in the US and want to transfer funds to your Bangkok Bank account in Thailand, you should advise Bangkok Bank of your contact email address, telephone number and full street address in the US by sending an email to: [email protected]. This will allow Bangkok Bank to contact you for more information if an incomplete payment instruction is received.

I've never done this, and don't believe it sounds like something you'd do ahead of time -- in hopes they'll keep it on file for any future glitches. And, if my money didn't show up, I think I'd be on the phone with BB, not exchanging emails. But, it is another avenue for follow-ups.

[ginooooo]

If you transfer into your wife's (or any other) account, you will get a call from Bangkok bank to do some paperwork because the names on the sending/receiving accounts don't match.

I once transfered from a brokerage acct and had to do that because one acct used my middle initial and the other my middle name - no huge deal.

I've not sent to a 3rd party, but USAA does allow you to designate the "account holder" exactly the same name as that on the BB recipient account. My BB account name isn't the same as that with USAA, which has my middle initial and Jr. In fact, the BB account is a joint account, so the "account holder" name that goes out with the transfer has both our names listed.

I suspect this works no sweat -- and would with a 3rd party -- because of this qualifier:

In case you want to transfer funds into a third party account, you must use the internet banking service of banks in the United States which allow the remitter to specify the beneficiary's name.

Otherwise, the payment instruction Bangkok Bank receives may not carry the correct beneficiary

name and Bangkok Bank will have to return funds to the remitter.

And, as said, USAA is one such bank. Suspect, amexpat, that your brokerage isn't.

One other instruction from the BB website:

If you live in the US and want to transfer funds to your Bangkok Bank account in Thailand, you should advise Bangkok Bank of your contact email address, telephone number and full street address in the US by sending an email to: [email protected]. This will allow Bangkok Bank to contact you for more information if an incomplete payment instruction is received.

I've never done this, and don't believe it sounds like something you'd do ahead of time -- in hopes they'll keep it on file for any future glitches. And, if my money didn't show up, I think I'd be on the phone with BB, not exchanging emails. But, it is another avenue for follow-ups.

Thanks again. Looks like a joint account with both USAA and Bangkok bank will work for the both of us.

[richard10365]

I just want to add, if the money comes to Thailand from the U.S. Treasury in the form of a pension or social security check then you have to send it to an account that requires you to go in and transfer it to an ATM account if you want access to your money with an ATM card. If the money is coming from a bank account such as USAA then it can go directly to a Thai bank account with an ATM card.

[ginooooo]

I just want to add, if the money comes to Thailand from the U.S. Treasury in the form of a pension or social security check then you have to send it to an account that requires you to go in and transfer it to an ATM account if you want access to your money with an ATM card. If the money is coming from a bank account such as USAA then it can go directly to a Thai bank account with an ATM card.

Thanks. However I have never used or wanted an ATM or debit card. Cash is king.

[JimGant]

Thanks. However I have never used or wanted an ATM or debit card. Cash is king.

Well, if you want to go into the bank lobby, passbook in hand, every time you want cash, might as well set-up a direct deposit account, with all the drawbacks that entails. But,then, you won't be bothered by any pesky ATM card to get your cash. Just at the mercy of convenience, time of day, location -- and your health.

Of course, if you're worried about someone stealing your ATM/Debit card -- and making debit purchases -- BB's ATM/Debit card allows you to neuter the debit feature, thereby relegating it to an ATM card only. Then, no line in the lobby -- and the option for cash, when visiting a bank is inconvenient -- or impossible.

Cash may be king. But the utility to get that cash into your fat fingers certainly plays a part.

[amexpat]

Thanks. However I have never used or wanted an ATM or debit card. Cash is king.

Heck, I know a guy here who doesn't have or want a cell phone.

[JimGant]

Heck, I know a guy here who doesn't have or want a cell phone.

I can sympathize with that. My cell phone, rarely turned on, is primarily used to find the wife in Big C -- after several tiring acquisition pursuits around her known haunts.