Setting Up An International Wire Transfer

[schwegger]

I've had an account with the Thai Farmers (Kasikorn) Bank on Rat-U-Thit road,Phuket for a while

and yesterday I tried (without success) to get the relevant information which would allow me to

setup an international wire transfer from my Ameritrade account to my Kasikorn account.

Ameritrade require a Correspondent Bank in the states and an ABA number for this bank.

Eventually, I managed to get a list of corresponding banks,but the goodly people at Kasikorn,

supplied me with swift bank codes instead of the correct ABA routing codes.

I was wondering if anybody had managed to set this tranfer up? The freely available ABA

routing number for the Bank of America (New York) is 026008593.I found this via the bank

website....but I'm not sure if it will work.

Anyway,I was hoping somebody could point me in the right direction,since the locals at this

branch are clueless.

Thanks.

[Jingthing]

If I were you, I would contact Ameritrade customer service. I think there is a good chance they will be fine with the SWIFT code and may ask you to enter some kind of null string in the other items. Maybe you have asked them already, but I think you probably can do this with SWIFT only. I have other US banks/brokerages that ask for this extra stuff on their generic forms and have never had a problem with SWIFT only.

[telldem]

You only need the swift code and your account number.

Posted with Thaivisa App http://apps.thaivisa.com

[ericg1953]

As posted before...if you ask your KBank for their wiring instructions it shouldnt be any problem to supply it to ameritrade and have them wire your funds.

Edited March 27, 2012 by ericg1953

[beachyman]

I've had an account with the Thai Farmers (Kasikorn) Bank on Rat-U-Thit road,Phuket for a while

and yesterday I tried (without success) to get the relevant information which would allow me to

setup an international wire transfer from my Ameritrade account to my Kasikorn account.

Ameritrade require a Correspondent Bank in the states and an ABA number for this bank.

Eventually, I managed to get a list of corresponding banks,but the goodly people at Kasikorn,

supplied me with swift bank codes instead of the correct ABA routing codes.

I was wondering if anybody had managed to set this tranfer up? The freely available ABA

routing number for the Bank of America (New York) is 026008593.I found this via the bank

website....but I'm not sure if it will work.

Anyway,I was hoping somebody could point me in the right direction,since the locals at this

branch are clueless.

Thanks.

I'm pretty sure aba is a north American thing I only used it for transfers to my American account. Swift and iban are more prevalent elsewhere including Thailand. I believe there is an online look up for the latter codes if you google. Better to send usd and have them converted here us banks rape you with forex in my experience w bank of America and former wamu.

[wdr]

Kasikorn Bank - A Disgusting Experience

I transfered on Wednesday March 21 from a Swiss bank account to a Kasikorn account and still not received the transfered amount till today morning Wednesday 28

Also use the S.W.I.F.T code for Kasikorn bank.

An email to them, they never reply !

Better open an account with UOB or CIM Bank, at least those bank work professional and any transfer will completed within max 2 days

[Langsuan Man]

If Ameritrade wants the correspondent bank along with the SWIFT code then who are we to argue with what they want !

I have found that banks here in Thailand are so disorganized that this type of information is only known to those employees in the International Funds Transfer Department

I would suggest a quick email to Kasikorn Bank Los Angeles Branch will get you their ABA routing number

[email protected]

Source:

http://www.kasikornb...sBranches2.aspx

Some US Banks want the correspondent bank and some don't so there is no one size fits all answer

[Langsuan Man]

Kasikorn Bank - A Disgusting Experience

I transfered on Wednesday March 21 from a Swiss bank account to a Kasikorn account and still not received the transfered amount till today morning Wednesday 28

Also use the S.W.I.F.T code for Kasikorn bank.

An email to them, they never reply !

Better open an account with UOB or CIM Bank, at least those bank work professional and any transfer will completed within max 2 days

Why do you assume the blame lies with Kasikorn, is your Swiss bank perfect ?

[wdr]

I never had with my Swiss bank any problem at all.

Transfer to Malaysia Bank - Same Day

Transfer to Hong Kong Bank - Same Day

Transfer to any bank in Thailand - Minimum 3 day's. Kasikorn now 1 week

Amazing Thailand. new HUB of delays?

[Pib]

I've had an account with the Thai Farmers (Kasikorn) Bank on Rat-U-Thit road,Phuket for a while

and yesterday I tried (without success) to get the relevant information which would allow me to

setup an international wire transfer from my Ameritrade account to my Kasikorn account.

Ameritrade require a Correspondent Bank in the states and an ABA number for this bank.

Eventually, I managed to get a list of corresponding banks,but the goodly people at Kasikorn,

supplied me with swift bank codes instead of the correct ABA routing codes.

I was wondering if anybody had managed to set this tranfer up? The freely available ABA

routing number for the Bank of America (New York) is 026008593.I found this via the bank

website....but I'm not sure if it will work.

Anyway,I was hoping somebody could point me in the right direction,since the locals at this

branch are clueless.

Thanks.

I'm pretty sure aba is a north American thing I only used it for transfers to my American account. Swift and iban are more prevalent elsewhere including Thailand. I believe there is an online look up for the latter codes if you google. Better to send usd and have them converted here us banks rape you with forex in my experience w bank of America and former wamu.

IBAN is primarily used by European banks; ABA primarily used by U.S. banks; SWIFT used worldwide but usually pricey.

[Firefan]

The BoA routing number you have found will do the trick. And yes; TDameritrade says they require it so for people here to say they don't is not really relevant.

Cheers!

[drm200]

Wire Transfer to Kasikorn Bank

1. Kasikorn bank provides you with a SWIFT code for wire transfers to your account. This is all you need if you are transferring monies from a bank institution.

2. Institutions such as Fidelity, Ameritrade, etc are not banks and do not have the ability to do direct bank to bank SWIFT transfers. In order to do a transfer they must use a bank intermediary (sometimes called correspondant bank). They do this by using the Fedwire system (ABA system) to contact an intermediary bank who has access to the SWIFT system.

Here are the valid instructions to make a wire transfer to Kasikorn from Fidelity/Ameritrade & others who want to remit funds to Thailand. These instructions use JP Morgan as the intermediary:

JPMorgan Chase Bank, New York (ABA021000021)

For credit KASIKORNBANK PCL, Head Office, Bangkok, Thailand

Swift Code: KASITHBK

Account number: 0014 875101

Further credit to the account of Mr./Mrs. __________________

With Kasikorn Bank Branch: ____________________________

Baneficiary’s account number: __________________________

These instructions were provided to me by KASIKORN Bank in Los Angeles in response to my email to them.

[drm200]

I made a critical typo error in the above post with the Kaskorn Account number. The correct instructions are:

JPMorgan Chase Bank, New York (ABA021000021)

For credit KASIKORNBANK PCL, Head Office, Bangkok, Thailand

Swift Code: KASITHBK

Account number: 001-1-875101

Further credit to the account of Mr./Mrs. __________________

With Kasikorn Bank Branch: ____________________________

Baneficiary’s account number: __________________________

[Naam]

IBAN is primarily used by European banks; ABA primarily used by U.S. banks; SWIFT used worldwide but usually pricey.

SWIFT is the way to go. USD 25 (plus minus $5) fees for any amount is quite fair. use it since many years, time lapsed till credited usually one weekday, rarely two weekdays.

from Asia to Europe and from Europe to US quite often same day due to time difference. from Asia to the Americas same day if instructions are given Asia mornings.

[Thailand J]

I set up my Vanguard account this way:

Intermediary Bank : HSBC Bank USA

Swift Code; MRMDUS33

Beneficiary Bank: Karsikorn Public Company Limited

Swift Code:KASITHBK

Vanguard doesn't charge anything. HSBC charges $25. Takes 1-2 days.

[drm200]

I'm using Fidelity on the U.S. side. I have the choice to send US dollars or have Fidelity convert to Thai Baht and send Thai Baht. Fidelity does not charge for the wire transfer, but they do charge for converting to Thai Baht.

I've now made 3 wire transfers of equal amounts. For the first transfer I had Fidelity convert the dollars to baht and then send Thai baht to Kasikorn. For the next two transfers, I had Fidelity send dollars direclty (no conversin) and then let Kasikorn do the conversion to Thai baht.

Using the published exchange rate for each day of transfer, I was able to calculate the following "losses" for each transaction based upon the number of baht received vs official exchange rate of the day:

Transfer #1 Fidelity does the fx convestion - amount lost in transfer 2237 baht - transfer time 3 days

Transfer #2 Fidelity sends dollars - amount lost in transfer 1002 baht - transfer time 12 hours

Transfer #3 Fidelity sends dollars - amount lost in transfer 1118 baht - transfer time 12 hours

So in my case, it is much more economical (and much faster) to send USD and not let Fidelity do the currency conversion. It appears that Kasikorn is taking about 1000 baht for each incoming wire transfer (whether they do an foreign currency conversion or not).

I've also compared the cost of wire transfer vs accesing baht using my Fidelity ATM card. I withdrew Thai baht from various ATM's and then verified the US dollars deducted from my account. Amazingly, it seems that using the ATM method is slightly better (less transaction losses) than the wire transfer. (It should be noted however that Fidelity refunds all ATM charges ... and many banks do not).

I hope this information is helpful.