Us Bank International Wire Transfer Fees..?

[Valjean]

I transfer from my US account (Fidelity) the Bank of Bangkok branch in New York City. That's a US bank and you don't pay any international transfer fees. In a day the money shows up in my Bangkok Bank Thailand account. Assume with any online banking in the US you just need to set up Bangkok Bank US and send the money.

I don't understand your post.

Are you saying you actually OPENED a bank account at the Bangkok Bank in New York, or only that your US bank used the Bangkok Bank as their intermediary bank?

I think what you have to do is open an account here in Thailand with Bangkok Bank first. Any account with any branch with Bangkok Bank will do. Bangkok Bank NY will not let you open an account. Money is automatically transfered to Thailand when it's properly routed to Bangkok Bank NY with the type of account, name on the account, and account number. Bangkok Bank NY is the intermediate bank.

I use to send money from my Bank of America account the same way.

That is correct. My bank account is with Bangkok Bank Thailand. I never had any dealing with Bangkok Bank US except to get their routing number (or ABA). I just transfer to my account number + the US office routing number and it ends up my Thailand account, in baht. Very simple and easy - and cheap.

[popshirt]

My bank account is with Bangkok Bank Thailand. I never had any dealing with Bangkok Bank US except to get their routing number (or ABA). I just transfer to my account number + the US office routing number and it ends up my Thailand account, in baht. Very simple and easy - and cheap.

Can you share the ABA for Bangkok Bank US please? Thanks.

[Valjean]

My bank account is with Bangkok Bank Thailand. I never had any dealing with Bangkok Bank US except to get their routing number (or ABA). I just transfer to my account number + the US office routing number and it ends up my Thailand account, in baht. Very simple and easy - and cheap.

Can you share the ABA for Bangkok Bank US please? Thanks.

BANGKOK BANK PUBLIC CO., LTD.

Routing Number 026008691

29 Broadway Fl 20, New York, NY 10006

(212) 422-8200

[IMA_FARANG]

There are 3 separate fees involved with most SWIFT transfers from the US.

1. Your US bank fee for a foreign wire transfer - range $15 to over $50 (remember that this can be a large amount transferred and price remains the same so do the math to come up with a percentage).

2. Transfer bank fee. In the case of Bangkok Bank that is $5 taken off the total exchange prior to sending on to Thailand.

3. Currency conversion fee. At Bangkok Bank that is 0.25% with 200 baht minimum and 500 baht maximum. The exchange rate used is 100% of the TT rate for that day.

In summary I would not be comfortable in using this system for transfers below about $5,000. But the larger the better.

I transfer money monthly for my Thai Girlfriend and her family (rent, etc.)

Use a small bank in Massachusetts (I have an account in the bank) to a joint account in Bangkok Bank in BKK.

Wire Transfer fee is $15 per each wire transfer from my bank.

I have seen the reciepts from Bangkok Bank. In all cases I recieve the quoted daily rate from Bangkok Bank for changing Dollars to Baht. (No discount or fee). Transfer takes about 2 days, but might be longer if a weekend or holiday interferes.

I never have had to pay a fee at the recieving end, if the money is left in Baht. May be a fee to try to convert it back to dollars in BKK, but I never do that.

[chuck6660]

Hi..

For those who wire money from the USA to LOS..

A quick survey - What are you really being charged by your US Bank..?

My California Bank wants to charge me an International Wire Transfer Fee of a flat $30 up front. Seems a bit steep..??

Thanks

ChrisP

$25.00 from Navy Federal Credit Union from on base in Japan.

$15 Wire Tranfer fee from Community Bank (Bank of America) on US Army Base in Korea to BKK Bank. Same for past 3 years.

[dclaryjr]

Hi..

For those who wire money from the USA to LOS..

A quick survey - What are you really being charged by your US Bank..?

My California Bank wants to charge me an International Wire Transfer Fee of a flat $30 up front. Seems a bit steep..??

Thanks

ChrisP

I send $1K every month--SWIFT from my local Wells Fargo Bank. The paperwork I sign says the charge is $35 but they only take $15 from my account. I haven't lodged a formal protest!

[lopburi3]

There are 3 separate fees involved with most SWIFT transfers from the US.

1. Your US bank fee for a foreign wire transfer - range $15 to over $50 (remember that this can be a large amount transferred and price remains the same so do the math to come up with a percentage).

2. Transfer bank fee. In the case of Bangkok Bank that is $5 taken off the total exchange prior to sending on to Thailand.

3. Currency conversion fee. At Bangkok Bank that is 0.25% with 200 baht minimum and 500 baht maximum. The exchange rate used is 100% of the TT rate for that day.

In summary I would not be comfortable in using this system for transfers below about $5,000. But the larger the better.

I transfer money monthly for my Thai Girlfriend and her family (rent, etc.)

Use a small bank in Massachusetts (I have an account in the bank) to a joint account in Bangkok Bank in BKK.

Wire Transfer fee is $15 per each wire transfer from my bank.

I have seen the reciepts from Bangkok Bank. In all cases I recieve the quoted daily rate from Bangkok Bank for changing Dollars to Baht. (No discount or fee). Transfer takes about 2 days, but might be longer if a weekend or holiday interferes.

I never have had to pay a fee at the recieving end, if the money is left in Baht. May be a fee to try to convert it back to dollars in BKK, but I never do that.

Are you making a SWIFT internationl transfer or a domestic transfer to Bangkok Bank, New York? If you are making an international transfer there are fees involved. I have not checked paperwork for years but Bangkok Bank New York would take off $5 from the total sent on. Bangkok Bank in Thailand would take fee accounding to the below (taken from www.bangkokbank.com website today):

International Fund Transfers

1. Into Thailand

0.25% Thai Baht amount

200 Baht (minimum fee)

500 Baht (maximum fee)

2. Out of Thailand

400 Baht (minimum)

[cm-happy]

Citi bank charge a flate $30.00 regardless of amount. This fee does not all go to the bank. Most US banks use the Federal reserve systems Fedwire which charge back to the bank so that the receiving bank here in LOS does not receive the funds directly from the customers home banks but via FEDWIREl

[lopburi3]

Citi bank charge a flate $30.00 regardless of amount. This fee does not all go to the bank. Most US banks use the Federal reserve systems Fedwire which charge back to the bank so that the receiving bank here in LOS does not receive the funds directly from the customers home banks but via FEDWIREl

I do not believe so. Febwire is a US domestic system and does not send money direct to foreign banks. Any use of Fedwire would be to a US correspondent bank only.

[Firefan]

My sending US broker charges zero as I have some special status (they must earn too much on me!) but yes -corresponding BKK Bank NY charge $5, and receiving BKK Bank here another 500 Baht as per above. Total cost less than $20 so I can live with that. CHeers!

[ProThaiExpat]

There has been much news lately about "off-shore" baht rates and "on-shore" rates. I gathered that the BOT pegged the "on-shore rate" and so if you can get your overseas money sent to Thailand dollar denominated, you will get the "on-shore rate" which may be as much as a baht higher.

I think the "off-shore rate" is governed by speculators.

I have a hospital bill to pay in a couple of days and I am going to try to get them to charge me in dollars so the transaction will hit my brokerage account as a dollar transaction and who knows, I might save a few thousand baht if it goes through.

Much has been said in the past about "teller originated sales transactions" where you use your debit card at your local bank and avoid many of the fees discussed in this thread. In such a case, you would be governed by the Visa conditions, whatever they might be.

I was happy to see others find the free wire transfer from brokerage to local Thai bank to be the least expensive, fee wise, as I do.

Plan B is to try to wire the U.S. dollars from brokerage to Hospital's local account. Will be interesting to see what the hospital will use as a convesion rate.

Will sure try the "discount for cash" arguement as well.

Will advise.

[lopburi3]

There has been much news lately about "off-shore" baht rates and "on-shore" rates. I gathered that the BOT pegged the "on-shore rate" and so if you can get your overseas money sent to Thailand dollar denominated, you will get the "on-shore rate" which may be as much as a baht higher.

I think the "off-shore rate" is governed by speculators.

I have a hospital bill to pay in a couple of days and I am going to try to get them to charge me in dollars so the transaction will hit my brokerage account as a dollar transaction and who knows, I might save a few thousand baht if it goes through.

Much has been said in the past about "teller originated sales transactions" where you use your debit card at your local bank and avoid many of the fees discussed in this thread. In such a case, you would be governed by the Visa conditions, whatever they might be.

I was happy to see others find the free wire transfer from brokerage to local Thai bank to be the least expensive, fee wise, as I do.

Plan B is to try to wire the U.S. dollars from brokerage to Hospital's local account. Will be interesting to see what the hospital will use as a convesion rate.

Will sure try the "discount for cash" arguement as well.

Will advise.

You might want to reconsider that hospital payment plan. I can say for a fact the rate you will receive on a baht/dollar exchange done by Bangkok Bank in Thailand will be a loss compared to the normal Visa/bank exchange rate (at least it was for me several years ago when they pulled that stunt on me). Additionally now most US banks will charge the normal overseas usage fee on top of any dollar charge if it occurred outside of the US (so you can not even evade that extra charge). Check your bank fine print as it is a new change for some banks, others have been charging for several years. No free rides in banking. Better to use cash from local ATM and replenish your Thai account by Wire Transfer.

[sendbaht]

Union Bank of California charges us $40.

Charles Schwab charges us $25.

[Gary A]

"I get a free wire transfer a quarter from Schwab."

As do I. I set up a "standing wire order" for future transfers. Too, my Schwab rep will do the order via email, rather than a phonecall. Too, with free checks and an ATM card that allows free withdrawals worldwide, it's a hard combo to beat.

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From Charles Schwab;

Thank you for your interest in Charles Schwab & Co., Inc. We believe we can offer you the support and guidance you need to navigate the U.S. market. As one of the largest full-service financial services firms in the U.S., Schwab provides securities brokerage and investment services to over 7 million accounts.

I hope that you will find Schwab the right place for your consolidation.

Our representatives are knowledgeable about the needs of international investors. I am a member of a dedicated team of highly skilled representatives ready to assist you. I attempted calling you at the phone number provided in your email. But unfortunately, the circuit to Thailand could not go through.

Schwab also offers foreign exchange wire service for the world's most popular currencies, with rates often more competitive than most major banks. You may conveniently exchange currencies to or from U.S. dollars, and because Schwab manages it all - your account, the wires and the currency conversions - you can start your wire transfer process with a single phone call.

The standard outgoing wire fee at Schwab is $25 for each transaction. But we have ATM VISA Card and Check features for international account. Those functions may help you save on wire fees.

The currency exchange fee when you use your ATM card is 1%.

For the outgoing foreign wire, our clients usually contact Foreign Exchange and Wires Team for an indicative quote of Schwab's conversion rate and details on the foreign currency wire process. It varies according to the currency, which I do not have the first hand information. Their contact phone number is 1-602-355-7300 option 1 or 2, then option 4 (outside the U.S.)