Bangkok Bank New York Transfer

[tomahawk]

I transfer money from US bank to Bangkok Bank in NY and this is supposed to be no fees but I always lose money when I get from Thai bank. Does anyone know why this happens? Thank you.

[JimGant]

and this is supposed to be no fees

Electronic Funds Transfer via ACH to BB NY incurs front-end fees of from zero ($50 or less sent); $3 (>$50-$100); $5 (>$100-$2000); $10 (>$2000-$50k); and $20 for >$50k.

When it arrives in Thailand, there's a .25% back-end fee, minimum 200bt, maximum 500bt. This fee is not apparent, but can easily be seen by comparing the actual baht you received with the baht you would have received, had there been no backend fee, using the buying TT rate on the day received (usually tranche 1, the early AM TT rate posted).

Also, remember the amount that arrives in Thailand is net of the front end fee incured in New York.

Who or what makes you believe using BB NY is feeless?

http://www.bangkokba...ndsfromUSA.aspx

Edited August 11, 2012 by JimGant

[lopburi3]

And it is always clearly spelled out if you have SMS sent to your phone - the total deposit in baht - the original amount in USD less the New York deduction - the exchange rate - the receipt charge.

[TravelerEastWest]

JimGant,

Thank you for your post which is the clearest one yet on the subject - I remember a truely long thread a while back that got me dizzy with all the different thoughts..

I have a bank comparison question for you:

Currently I transfer via ACH from my US checking account to my US Vangard fund account with no fee.

Next, as needed I transfer $5,000 or more at a time to SCB using CitiBank as the intermediary bank. No fee from Vangard (as long as the transfer is $5,000 or more) and a flat $15 fee from CitiBank.

Next, I get a call from SCB confirming the transaction and the money goesw into my SCB savings account. SCB charges a small fee of around 200 to 500 Baht depending on teh transaction total which seems to match Bangkok Bank more or less.

So my total fees are something like $22; $30 max for say $50,000 transferred.

Since I do not have a US to Thailand wire fee would there be any savings in using Bangkok Bank as my Thai bank instead of SCB?

My assumptions are that the exchage rate from US dollars to Thai baht by the two banks are very similar on average, and that the main savings in using Bangkok bank is little or no wire fees from New York to Thailand.

[Langsuan Man]

It depends upon what fee your US Bank charges for a wire . I have a US credit union that only charges me $20 for an International wire, regardless of the amount transferred, which goes directly to my SCB account

Using the Bangkok Bank NY branch method (same credit union, no fee for EFTS) my break even transfer amount is around $2,000 US

BB NY fee = $5 ( USD 100.01 - 2,000.00----5.00 ) + THB 500 ( minimum of THB 200; maximum of THB 500) $16.12 = TOTAL $21.12

[Pib]

As far as I know all Thai banks charge a receiving/conversion fee in the 0.25% (200 baht min, 500 baht max) when the money arrives Thailand...this fee applies whether the money arrives in foreign currency as in converted using the Thai bank's TT Buying Rate or arrives in baht (i.e., your home country/sending bank convert to baht before sending...probably with a bad exchange rate).

So, since Thai banks are going to charge a fee on this end and provide TT Buying Rates which are very close to each other, in order to reduce the total transfer costs whether using SWIFT, ACH, etc., you need to minimize the charges on the home country/sending/intermediatary bank end. Plenty of U.S. banks provide free ACH transfers and do not need/charge an intermediatary bank fee. Schwab, USAA, State Farm, Capital One, etc., are a couple of examples of banks which provide free Sending bank ACH transfers. Heck, even evil Bank of America (a.k.a., Fees-R-Us) doesn't charge an intermediary bank fee, but they do charge a $3 sending fee for a 3 business ACH transfer.

And as JimGrant identified if using Bangkok Bank and doing an ACH transfer through their New York branch $5 to $10 for a typical transfer amount will be sliced off as it flows through them..then your Bangkok Bank "in-Thailand branch" would apply their receiving/conversion fee.

The fastest/cheapest/no-cost way to receive money is to use a "no foreign transaction fee" Visa debit card and use an AEON ATM since it does not charge the 150 baht foreign card fee that Thai bank ATMs charge. And if you don't have easy access to an AEON ATM you could use any Thai bank ATM and hopefully your home country bank will reimburse that 150 baht fee (Schwab, State Farm, etc. reimburse). But of course you need to be in-Thailand to use the debit card. With such a debit card like comes with certain U.S. bank account like Schwab Bank, State Farm Bank, and some others you have the money immediately in-hand with no home country or in-Thailand fees. And the Visa exchange rate usually beats the Thai bank TT Buying rate just a little. A no foreign transaction fee Mastercard debit card works the same way but usually their exchange rate is just a little less than the Thai bank TT Buying rate...but remember, you won't have any Sending/Receiving fees.

Personally, I haven't done a wire transfer for over a year since I've been using a couple U.S. no foreign transation fee debit cards from Schwab Bank and State Farm bank. And that last wire transfer was only because I needed a BIG chunk of money within a week for a large buy; otherwise, just using my two Visa debit cards with a combined $2000/day withdrawal limit more than meets my day-to-day money needs. What I usually do, is go to my nearby Lotus where an AEON ATM is and withdraw the money. In some cases I then take about 20 steps to a Bangkok Bank outlet cash deposit machine also in the Lotus mall, deposit the baht into my Bangkok Bank account, and within 5 to 10 minutes I have just recharged my Bangkok Bank account for internet banking/debit card use...and all of this done with "zero transfer fees"...plus I got my money in 5-10 minutes versus waiting X-business days for it to post to my account plus being dinged with transfer fees. Yeap, having a U.S. bank account(s) that provides a no foreign fee debit card (preferably Visa) makes money transfers no cost, fast, and free--but you need to be in-Thailand to use an ATM.

Edited August 11, 2012 by Pib

[JimGant]

Since I do not have a US to Thailand wire fee would there be any savings in using Bangkok Bank as my Thai bank instead of SCB?

Your intermediary bank fee of $15 serves as your wire fee, meaning your front end cost would be at least $5 less if you went the ACH method via BB NY to your Bangkok Bank account, at least for amounts between $2001 and $50k.

Also, it sounds like it would be less complicated to go via BB NY via ACH -- rather than an ACH to Vanguard, then whatever finger jerking required for a Vanguard wire via Citibank. And, not sure you'd save any time with your current method, since you have an ACH hoop in this method, thus not being able to realize the one-day normal SWIFT wire time frame. Instead, it sounds like you'd experience no better than the normal two day ACH timeframe via BB NY.

But, if you're comfortable in the current mode, what's 5 bucks.

Langsuan Man -- are you sure SCB doesn't have a 200-500 baht backend fee? Traveler reports such, as do many others in the Google world. As such, your breakeven point, with a $20 wire fee, wouldn't begin until sending $50k. Anything less gives the nod to ACH via BB NY.

[CaptHaddock]

And it is always clearly spelled out if you have SMS sent to your phone - the total deposit in baht - the original amount in USD less the New York deduction - the exchange rate - the receipt charge.

Are you speaking particularly of Bangkok Bank? If so, how do you initiate such an SMS? I don't see an option for that on the "Alerts & Notifications" configuration page.

[lopburi3]

Yes it is Bangkok Bank option and did this prior to having online access so believe there is an option on ATM to do so - or was done by phone banking computer access. Has been long enough ago to forget (more than a few minutes).

Both ATM and Phone can be used per below website links.

http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/TransferingFunds/TransferringIntoThailand/Pages/SMSRemittanceAlert.aspx

[TravelerEastWest]

1) Your intermediary bank fee of $15 serves as your wire fee, meaning your front end cost would be at least $5 less if you went the ACH method via BB NY to your Bangkok Bank account, at least for amounts between $2001 and $50k.

Yes, I see I actually do have a wire fee, I didn't see it at first.

2) Also, it sounds like it would be less complicated to go via BB NY via ACH -- rather than an ACH to Vanguard, then whatever finger jerking required for a Vanguard wire via Citibank. And, not sure you'd save any time with your current method, since you have an ACH hoop in this method, thus not being able to realize the one-day normal SWIFT wire time frame. Instead, it sounds like you'd experience no better than the normal two day ACH timeframe via BB NY.

Hmm, I suddenly see a big time improvement - Vanguard requires a two week wait between receiving funds from my US checking account and sending it via CitiBank to SCB in Thailand.

So in summary:

1) Back end fees and exchange rates for SCB and Bangkok Bank are about the same.

2) Using a free ACH transfer from my US bank checking account to the New York Bangkok Bank to my Thai Bangkok Bank will be quick and roughly the same fees or slightly less.

3) Also one less step in the transfer process

Does that sound about right?

[JimGant]

I don't see an option for that on the "Alerts & Notifications" configuration page.

Yeah, interesting you have to request this information thru an ATM or phone banking option. You would think you could get the same info on-line, by requesting on-line, and not having to rely on an SMS for the info...

[JimGant]

Does that sound about right?

Yep. And my experience with the ACH method to Bangkok Bank has been flawless. I've sent several times amounts of $20k -- and am sure I could send much more than this if I needed to. Plus, the processing/enroute time has been consistently the same -- I finger poke my 'send' request on-line with my USAA bank at 9:00PM Thai time (9:00AM USAA/San Antonio time), and 36 hours later the funds are in my account in Thailand.

[TwentyBaht]

My experience, ACH transfer USAA Bank--Bangkok Bank NY--local Bangkok Bank account has been the same as that of JimGrant post. Solid way to transfer.

And, as Pib posts, regarding a "no transaction fee" debit card. My experience (Schwab card) also.

Best of both worlds, IMHO.

Cheers

[CaptHaddock]

Yes it is Bangkok Bank option and did this prior to having online access so believe there is an option on ATM to do so - or was done by phone banking computer access. Has been long enough ago to forget (more than a few minutes).

Both ATM and Phone can be used per below website links.

http://www.bangkokba...tanceAlert.aspx

Thanks for the info. I'll set it up.

[hansje]

How fast does BB NY to BB BKK go and other way around brw? Instant because of same bank?

[JimGant]

How fast does BB NY to BB BKK go and other way around brw? Instant because of same bank?

The ride across the pond, NY to BKK, is a SWIFT encoded transfer, but I doubt this is on Bangkok Bank dedicated circuitry. In any event, it (usually) takes no more than a single business day, with the transfer near real time, but with a slower paperwork catchup.

The longest part of the overall transfer we're talking about in this thread is the ACH part to NY, as ACH transfers are batch transfers.

Transfers from BKK to NY? Dunno. A lot of paperwork and hoops to jump through. After that -- I guess electrons are oblivious to where they're being sent.