Random RCBO Trip...What Next?

[Nisa]

Has anybody used this service?

http://www.bangkokba...from%20USA.aspx

and of course can tell me if they had any issues or if there is any negatives or things I need to be aware of?

Edited January 15, 2012 by Nisa

[Thighlander]

very informative post. I live in the US and have a BKK Bank account. I did notice that my account at ING can only do external transfers to a checking account. So, I'm a bit confused to. I just did it from my brokerage account last time, but it looks like this method would allow it to be domestic vs. international, thus the 20 USD savings.

[Likeki]

Been using BOA to transfer money for the last 5 years. Never had a problem. I set up BB as an outside the bank account, they made 2 verication deposits of a few cents each. I went back online with BOA and plugged in the test deposit amounts and that was it. I do the 3 day transfers and its $3.00 a shot.

Now this is not to be confused with Direct Deposits from like Social Security or Federal Retirement......that requires a Direct Deposit account with BB. It can only be in your name and you have to physically show up at the bank to get or transfer your money to a standard BB account to use your ATM etc.

Hope this helps?????

Rich

[Nisa]

Been using BOA to transfer money for the last 5 years. Never had a problem. I set up BB as an outside the bank account, they made 2 verication deposits of a few cents each. I went back online with BOA and plugged in the test deposit amounts and that was it. I do the 3 day transfers and its $3.00 a shot.

Now this is not to be confused with Direct Deposits from like Social Security or Federal Retirement......that requires a Direct Deposit account with BB. It can only be in your name and you have to physically show up at the bank to get or transfer your money to a standard BB account to use your ATM etc.

Hope this helps?????

Rich

Do you happen to have the 3-day link or info? I found that before and only found this link now when I am ready to try it. My bank in the US allows me to setup free transfers to any account in the US and just want to use the BKK Ny Brach service to get the money into an account here ... not concerned with speed.

It sounds a hell of a lot better than what appears to be a bad exchange rate with my ATM, 3% fee and a $5 fee for an international ATM transaction from my bank.

[flying]

I have used the Bangkok Bank NY to transfer money to my Thailand account many times.

Never a problem .....Fast & Cheap

[lomatopo]

Been using BOA to transfer money for the last 5 years. Never had a problem. I set up BB as an outside the bank account, they made 2 verication deposits of a few cents each. I went back online with BOA and plugged in the test deposit amounts and that was it. I do the 3 day transfers and its $3.00 a shot.

Now this is not to be confused with Direct Deposits from like Social Security or Federal Retirement......that requires a Direct Deposit account with BB. It can only be in your name and you have to physically show up at the bank to get or transfer your money to a standard BB account to use your ATM etc.

Hope this helps?????

Rich

How do you handle the SafePass Code requirement for transfers over $1,000? Do you have a SafePass Card?

My mobile does not roam here so I initiate transfers during trips back to the U.S. I was thinking about changing my "mobile phone number of record" with BofA to my GoogleVoice number, which can pass SMSes through via GMail.

In addition to the $3 charge from BofA BBL does charge 500 baht (max.), so all in it is~ $18.

FWIW, there are quite few longish, detailed threads here on this subject.

Edited January 16, 2012 by lomatopo

[richard10365]

I send my retirement check from the U.S. Treasury to my BKK Bank account in Chiang Mai this way every month for the last 8 years. It always works. The only problem is since it is a direct deposit account, I have to personally go to the bank each month to transfer my money to an Bangkok Bank account with an ATM card. Other than that, it works great!

[Langsuan Man]

I send my retirement check from the U.S. Treasury to my BKK Bank account in Chiang Mai this way every month for the last 8 years. It always works. The only problem is since it is a direct deposit account, I have to personally go to the bank each month to transfer my money to an Bangkok Bank account with an ATM card. Other than that, it works great!

Lesson learned; have your check deposited in a US account and then have it transferred via EFTS to the BB NY branch and eliminate all in person show ups. It's bad enough that we have to show Immigration that we are here and still alive ever 90 days, who wants to have to do it every month at your bank !

Before you jump into this Bangkok Bank program, do the math, and depending upon how much you transfer on a monthly basis and how often, sometimes an International wire may be cheaper

Edited January 16, 2012 by Langsuan Man

[Nisa]

Been using BOA to transfer money for the last 5 years. Never had a problem. I set up BB as an outside the bank account, they made 2 verication deposits of a few cents each. I went back online with BOA and plugged in the test deposit amounts and that was it. I do the 3 day transfers and its $3.00 a shot.

Now this is not to be confused with Direct Deposits from like Social Security or Federal Retirement......that requires a Direct Deposit account with BB. It can only be in your name and you have to physically show up at the bank to get or transfer your money to a standard BB account to use your ATM etc.

Hope this helps?????

Rich

How do you handle the SafePass Code requirement for transfers over $1,000? Do you have a SafePass Card?

My mobile does not roam here so I initiate transfers during trips back to the U.S. I was thinking about changing my "mobile phone number of record" with BofA to my GoogleVoice number, which can pass SMSes through via GMail.

In addition to the $3 charge from BofA BBL does charge 500 baht (max.), so all in it is~ $18.

FWIW, there are quite few longish, detailed threads here on this subject.

Can you explain more about this SafePass??? What is it? I plan on transfering a couple thousand a month this way. Are you saying there might be a cheaper way? My bang charges like $60 for an overseas wire and not sure what rate they use. BKK Bang of NY has posted rates and say they use those but I did see a .05% fee. Bottom line is I need to stop with the ATM transactions. If I take out 10k baht it costs me nearly $350.

[lomatopo]

Can you explain more about this SafePass??? What is it?

SafePass is essentially a temporary (10 minutes) One Time Password (six digits actually) sent to your mobile phone of record which you need to enter in order to make a transfer "outside the bank", to your BBl account which you have previously set up as Likeki briefly described. Alternatively you can purchase a SafePass Card, which connects via satellite (I think) and displays a six digit code which is constantly changing but synched to the BofA security system.

[Pib]

Can you explain more about this SafePass??? What is it?

SafePass is essentially a temporary (10 minutes) One Time Password (six digits actually) sent to your mobile phone of record which you need to enter in order to make a transfer "outside the bank", to your BBl account which you have previously set up as Likeki briefly described. Alternatively you can purchase a SafePass Card, which connects via satellite (I think) and displays a six digit code which is constantly changing but synched to the BofA security system.

The SafePass card is simply a credit card looking device tied to your BoA account that generates Safepass codes on its little one line display screen. Press the button on the card and a code immediately appears...enter that code online and you can transfer over $1000. There is no satellite link...it's just the magic of the random coding within the card, probably an internal clock tied to GMT, and how it's tied to your account. You can press the button, read the code, and then enter it online...or before entering it online you could actually press the button several times and get several different codes...any of the codes would work as I have done it before like pressing the button three times over an approx 15 second period...writing down the three numbers but entering the first number...even though it was not the last number issued it still worked since it was less than a minute old. I have one of these SafePass cards which cost $20 from BoA and used it several times since I can't get BoA passcodes delivered via Thai cell phone service, but haven't used the card for over a year since I now also have other bank accounts that do free ACH transfers and don't have the SafePass type of system.

[Nisa]

Thanks for the explanation on the safepass ... I missed where it was a BoA thing and not a BKK Bank thing.

[Pib]

Been using BOA to transfer money for the last 5 years. Never had a problem. I set up BB as an outside the bank account, they made 2 verication deposits of a few cents each. I went back online with BOA and plugged in the test deposit amounts and that was it. I do the 3 day transfers and its $3.00 a shot.

Now this is not to be confused with Direct Deposits from like Social Security or Federal Retirement......that requires a Direct Deposit account with BB. It can only be in your name and you have to physically show up at the bank to get or transfer your money to a standard BB account to use your ATM etc.

Hope this helps?????

Rich

How do you handle the SafePass Code requirement for transfers over $1,000? Do you have a SafePass Card?

My mobile does not roam here so I initiate transfers during trips back to the U.S. I was thinking about changing my "mobile phone number of record" with BofA to my GoogleVoice number, which can pass SMSes through via GMail.

In addition to the $3 charge from BofA BBL does charge 500 baht (max.), so all in it is~ $18.

FWIW, there are quite few longish, detailed threads here on this subject.

In addition tothe $3 BoA charge, Bkk Bk NY will slice off a fee of $5 for amounts between $100.01 to $2000 (higher fees for higher amounts like $10 for $2000.01 to $50,000) plus the in-Thailand Bangkok Bank branch will charge a 0.25% (200 baht min, 500 baht max) funds receipt fee.

So, for example, $2000 transfered would get $5 sliced-off for a fee as it flows through the "NY" branch, $1995 arrives the "in-Thailand" Bkk Bk branch and gets converted using the TT Buying Rate (about the best rate a common man can get)....let's say the TT Buying Rate of the minute is 30 baht/1 USD then $1995 converts to B59,850...0.25% of B59,850 is B149.62...since this B149 is less than the B200 fee a B200 is applied....OK, B200 is $6.67. So, total cost to transfer the funds from BoA to Bkk was $3+$5+$6.67 for total of $14.67 and B59.650 ends up posting to your Bkk Bk account. And if sending that $2000 from a U.S. bank that provides free ACH transfers then there would have only been the Bkk Bk fees of 5+6.67=$11.67. Heck of lot cheaper that any SWIFT-based transfer...if using SWIFT vs ACH the in-Thailand Bkk Bk 0.25% (B200 min, B500 max) fund receipt fee still applies (but not the NY branch fee) so be sure to add that onto what SWIFT front-in fee is charged.

Using the Bkk Bk NY routing number and your in-Thailand Bkk Bk branch account number works no problem. I've used it many times over the years for transfers from several of my U.S. banks, including BoA. But I only do ACH transfers now when I need a big chunk of money fast; otherwise, I just use my Schwab Bank and/or State Farm Bank Visa debit cards which charge no foreign transaction fees (0%) and even reimburse any ATM fees...but I use AEON ATM to avoid any ATM fee for a foriegn card, and the Visa card exchange rate is always just a little more or just a little less than the TT Buying Rate....using this debit card method works great for day-to-day living expenses, the money is in-hand just as soon as the ATM spits it out, and there is no fees of any kind...this is the best, cheapest, and fastest method to do many funds transfers if living in Thailand. So, for you folks out there that haven't got a no foreign fee fee debit card I would highly recommend you open a bank account with a bank which does provide such a card such as Schwab Bank, State Farm Bank, Captial One, etc.

[Lost in LOS]

Safety pass - you cant use it here, I got the card and didnt work. They said it wont work ouside the US, idiots, this is what is needed. I complained that they should have put that on the website, they agreed, and gave me a refund. Still have the worthless card. When I want to do transfers in the states over 1k, I just send an electronic check which is free and good for any amount.

I use my Ameritrade account to transfer to BB in NY and its free, any amount

Been using BOA to transfer money for the last 5 years. Never had a problem. I set up BB as an outside the bank account, they made 2 verication deposits of a few cents each. I went back online with BOA and plugged in the test deposit amounts and that was it. I do the 3 day transfers and its $3.00 a shot.

Now this is not to be confused with Direct Deposits from like Social Security or Federal Retirement......that requires a Direct Deposit account with BB. It can only be in your name and you have to physically show up at the bank to get or transfer your money to a standard BB account to use your ATM etc.

Hope this helps?????

Rich

How do you handle the SafePass Code requirement for transfers over $1,000? Do you have a SafePass Card?

My mobile does not roam here so I initiate transfers during trips back to the U.S. I was thinking about changing my "mobile phone number of record" with BofA to my GoogleVoice number, which can pass SMSes through via GMail.

In addition to the $3 charge from BofA BBL does charge 500 baht (max.), so all in it is~ $18.

FWIW, there are quite few longish, detailed threads here on this subject.

Edited January 16, 2012 by Lost in LOS

[Pib]

Safety pass - you cant use it here, I got the card and didnt work. They said it wont work ouside the US, idiots, this is what is needed. I complained that they should have put that on the website, they agreed, and gave me a refund. Still have the worthless card. When I want to do transfers in the states over 1k, I just send an electronic check which is free and good for any amount.

I use my Ameritrade account to transfer to BB in NY and its free, any amount

I haven't used my BoA SafePass card for about a year but for the 12-18 months I did use it in Thailand in 2009/2010 it worked just fine. Didn't like the $20 fee to get the card; but it worked fine.

Now if trying to "register/intially sign-up/order" a SafePass card from outside the U.S. you can't do it as the BoA/SafePass online banking registration system will error out as it senses your non-US IP address...and BoA won't ship the card to an address outside the U.S., not even a military APO address...only to your home address within the U.S. Maybe using a VPN server with U.S. IP address would successfully allow order of the card but it would still be mailed only to a U.S. address. But once you do successfully signup/register/order and get the card in hand for use (like it being remailed to you from your U.S. residence address), it should have worked fine....mine sure did.

Edited January 16, 2012 by Pib

[Pib]

Edit-deleted double post.

Edited January 16, 2012 by Pib

[Sateev]

Ignoring all the BofA chatter, which is irrelevant to this thread, US institution transfers to Bangkok Bank NY work perfectly; however, when setting up the transfer from your US bank, be sure one way transfer relationship is the policy. One bank (ETrade, IIRC) tried to set up reciprocal transfer arrangements, and was rejected by BBNY. You CAN NOT transfer money the other direction under this program.

Bangkok bank always sends me an SMS when the funds arrive, and it is usually about three business days. Really a great service.

[Pib]

While a two-way online banking transfer link (a.k.a., push & pull funds) can be setup depending on your home country bank's online/internet banking system, or maybe I should say the link indicates/implies you can send money both ways (I have several bank's accounts setup like that), DO NOT try to pull/transfer money from a Thai bank as the Thai bank will reject the request...and then your home country bank may delete/ban your usage of the transfer link due to the rejection. Sending/transferring money to Thailand is easy; sending/transferring/pulling money from Thailand is not, except in certain cases like repatriating funds under certain Bank of Thailand rules (i.e., BOT is like the U.S Federal Reserve of Thailand).

Edited January 16, 2012 by Pib

[Pib]

While a two-way transfer link (a.k.a., push & pull funds) can be setup depending on your home country bank's online/internet banking system, or maybe I should say the link indicates you can send money both ways (I have several bank's accounts setup like that), DO NOT try to pull/transfer money from a Thai bank as the Thai bank will reject the request...and then your home country bank may delete/ban your usage of the transfer link due to the rejection. Sending/transferring money to Thailand is easy; sending/transferring/pulling money from Thailand is not, except in certain cases like repatriating funds or sending home salary under certain Bank of Thailand rules (i.e., BOT is like the U.S Federal Reserve of Thailand).