Us Checking Account To Bbk Savings Account

[TravelerEastWest]

Some time has gone by so I am strating a new thread - here is the old one:

http://www.thaivisa.com/forum/topic/575737-bangkok-bank-new-york-transfer/

First, a big thank you to Jim Gant.

Next, I opened a BBK Bank savings account the other day.

I tried to get ACH info to New York BBK from the local BBK staff person but they were dizzy and could not understand me - ditto for their phone call to two people at the head office.

Then I returned to the above thread and found a perfectly clear link to the BBK bank ACH transfer method.

I need to set up the ACH transfer now with my US bank (Compass Bank).

I logged into my Compass account but did not see a ACH transfer tab - only normal account to account tabs. So I mailed the bank for help.

Lets see what they say next week.

I am looking forward to the simplicty of this new transfer method.

[Jingthing]

Assuming your USA bank supports online transfers from that bank to external USA bank accounts, that IS ACH transfer. Just because it isn't labeled as such doesn't matter. If they only support transfers between internal accounts within that bank, you'd be out of luck. As far as the USA bank is concerned, you'll be transferring to another US bank, Bangkok Bank New York. You'll need to go through the test deposit verification process. I suggest just starting to attempt to set up a link to Bangkok Bank New York and their online system should explain the test deposit thing. I also suggest NEVER telling the US bank about your desire to ACH transfer to Thailand. None of their business and it only clouds the issue and raises a red flag that can't help you.

Edited October 6, 2012 by Jingthing

[mania]

Funds Transfer from USA to Thailand Edited October 6, 2012 by mania

[Langsuan Man]

Your problem is your Compass Bank account. A quick read indicates that ACH transfers (which is what BB uses) is limited to Commercial accounts

1. Additional Services for Commercial Accounts Only
   
   1. 
      
   2. Wire Transfer Service
      
   3. ACH Payment Service
      

see: http://www.bbvacompa...nking/terms.jsp

Index #7

[Jingthing]

Good catch. Typically, USA banks would offer ACH transfers though to regular accounts. Bad luck on that one.

[maxman71]

I've been living and working in Thailand for over 7 years now, and had set up a Thai Ltd. Co. After I first moved here in July 2005, I set up a Thai Ltd. Co. in Sept 2005 and was able to transfer funds from my US credit union account to my Thai personal account (with Krung Thai Bank) and then transferred funds from that account to the Thai Ltd. Co. account as start-up/registered capital for the Thai Ltd. Co..

All this was 7 years ago. A lot has changed since then and it is still changing as far being able to move money in and out of the US. With the much more aggressive enforcement of offshore account reporting and now the US FATCA laws that will sooner or later take effect, US banks are getting more inquisitive and difficult about transfers in and out of the US, and not just between the US and Thailand.

I've checked out some other US banks, and Citi appears to be able to allow more "graceful" transfers between Thailand and US, at least. Citi has two branches in BKK; one at the intersection of Asok and Sukhumvit, and another on Silom at United Square (or nearby there). There are also Citi ATM's at both these locations. I have been told by the Citi rep in the US where I recently set up a CitiGold account that once I set up an account with one of the Citi branches in Thailand, I will be able to transfer funds between the Citi US and Thai accounts fairly easily. Also, use of the Citi ATM's in Thailand using my US Citi ATM/debit card will not incur ATM fees at the Citi ATM's in Thailand. Note that this particular Citi account I set up in the US requires a minimum balance of USD 50,000. But if you have those sort of funds available on the US side, it appears thus far to be worth it. Citi also has numerous branches/ATM's in Hong Kong, Singapore, Shanghai, Taiwan, Japan, Indonesia that also enable these features outside of Thailand. It even may be that a Citi account in the US with less than USD50K may also be able to enjoy overseas Citi ATM use without fees, but I don't know for sure

There is considerable controversy concerning how foreign banks are going to implement the US FATCA laws that were passed by Congress in 2010, and slated to be implemented in 2013. The Thai Finance minister back in April 2012(I think this is the correct month), stated to the press that since Thailand is going to be part of an ASEAN financial/trade pact, and ASEAN as a group has agreed to adopt and implement US FATCA regs, Thailand will also work to implement and abide by the US FATCA requirements. Last I heard, the US might be backing off the 2013 date for implementation for another year to 2014, to give foreign banks more time to get their information gathering/reporting mechanisms in place.

So, for US citizens living in Thailand, US FATCA appears to be reality sooner or later, and getting set up with a bank that will be able to report the info on US Citizen accounts to the IRS relatively easily appears to me to be the best way to go. Otherwise, going to other banks, like indigenous Thai banks, could possible result in all sorts of hassles during the US FATCA implementation process. Imagine the potential confusion when various Thai banks scramble to gather and report US Citizen account and ID info they are required to do under US FATCA and report it accurately to the IRS.

I also note that BofA also has a branch in BKK, but my personal preference is Citi. Aside from Citi and BofA, I know of no other US-based bank with a branch in Thailand. And no, I am not and never have been a Citi employee and never have been affiliated with Citi in any way, other than having one of their credit cards.

[mania]

Imagine the potential confusion when various Thai banks scramble to gather and report US Citizen account and ID info they are required to do under US FATCA and report it accurately to the IRS.

I would not be surprised to see Thai banks that do not have or need a US presence just stop opening accounts for US citizens.

I mean after all what do they really get for all the added work & threats?

[Langsuan Man]

Wait till you see what a lousey exchange rate that Citibank gives you here in Thailand. My experience with them goes back to 1999 and they have always been S_ _ _ _ _ Bank

As far as the whole Citi network, that is another false hood. They are more like franchises than bank branches. I learned this when I wanted to get Euros out of a Citibank ATM in a Citibank lobby in Frankfurt using my US Citibank card and was was charged a fee for an "out of network " ATM card (plus a much lower exchange rate than was published)

Finally they are pretty much useless unless you live in Bangkok and can use their ATM

BTW. B of A does not have a commercial banking operation here in Thailand, only a small business to business operation out of an office in one of the tower complexes off of Wireless Road

[JimGant]

I logged into my Compass account but did not see a ACH transfer tab - only normal account to account tabs. So I mailed the bank for help.

Traveler, in the previous thread that you linked, above, you said this:

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

Apparently, that wasn't Compass Bank. Looks like you took a step backwards.

[SunSeek01]

I can wire money from my BoA account to Kasi, $ 45 to wire in USD, then Kasi does the exchange rate for a much better rate for me. If BoA does the exchange it's only $ 35 fee but I lose almost 1 % ! Must have a BoA SafePass card to do it all online. Maybe too late for you but just FYI.

[curtklay]

I can wire money from my BoA account to Kasi, $ 45 to wire in USD, then Kasi does the exchange rate for a much better rate for me. If BoA does the exchange it's only $ 35 fee but I lose almost 1 % ! Must have a BoA SafePass card to do it all online. Maybe too late for you but just FYI.

I was doing this too, and it worked well. Recently my SafePass card's battery died, and BofA will not send a new one to Thailand. They also refused to send it to a friend in the US to forward it to me. Without a SafePass, they limit you to $1000 at a time and a maximum of $2500 per week, and charge $45 each time! Have you run into this yet?

[CaptHaddock]

All this was 7 years ago. A lot has changed since then and it is still changing as far being able to move money in and out of the US. With the much more aggressive enforcement of offshore account reporting and now the US FATCA laws that will sooner or later take effect, US banks are getting more inquisitive and difficult about transfers in and out of the US, and not just between the US and Thailand.

Well, that's not my experience. I do ACH transfers between USAA Federal Savings Bank and Bangkok Bank without any interference or questioning. These two banks are the least likely to decline my business or limit my activity which is why I chose to use them. USAA has a customer base of military people many of whom live abroad and Bangkok Bank has a non-retail branch in New York City, alone among the Thai banks. There are some other US banks that have been equally welcoming to expats, but to choose a US bank from outside that group or a Thai bank other than BKK is to ask for difficulty, in my opinion, without any compensating benefit.

[pmarlin]

I can wire money from my BoA account to Kasi, $ 45 to wire in USD, then Kasi does the exchange rate for a much better rate for me. If BoA does the exchange it's only $ 35 fee but I lose almost 1 % ! Must have a BoA SafePass card to do it all online. Maybe too late for you but just FYI.

You can also a USA cell phone account and numbber to make transfers in addition to the SafePass card. I keep a number current for other reasons but that miight be too expensieve for some.

[TravelerEastWest]

I logged into my Compass account but did not see a ACH transfer tab - only normal account to account tabs. So I mailed the bank for help.

Traveler, in the previous thread that you linked, above, you said this:

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

Apparently, that wasn't Compass Bank. Looks like you took a step backwards.

Jim,

It was some time ago but as I recall with my Vanguard fund account the ACH was setup on the Vanguard side which was then approved by Compass. All done online as I recall with no fees. and I make fund purchases regularly vua ACH from Compass to Vanguard.

Langsuan Man,

Thank you for the link. I have a commercial account so that is not a challenge

The fees part is always interesting - in the past everything was basically free and now the fees are going up.

I am already making ACH transfers so I assume I am safe from the $50 setup fee. The $1 transaction fee is OK if it all can be done smoothly on the internet.

ACH Payment Service (Available only on commercial accounts)

• Set-up fee
  
• Usage Fee
  
• Returned Item Fee
  

• $50 / account set-up
  
• $1 / ACH payment
  
• $3 / returned item
  

Jingthing,

Your practical advice is much appreciated.

Mania,

Thank you for the link.

Maxman71,

Thank you for the information.

Edited October 7, 2012 by TravelerEastWest

[Pib]

If I was with a bank/credit union that didn't provide "free, or at least very low cost" ACH transfer capability I would change unless there was some other service(s) offered by that bank/credit union like maybe high interest rates, no foreign transaction fee debit cards, etc., that made it a good deal to stay with them. Banks/credit unions that don't offer free/low cost ACH capability are just cornering the customer into using their other high fee services like having to SWIFT the money instead. I'm still with one credit union that doesn't offer ACH but will gladly provide SWIFT transfers at $50 a pop (a fee cash cow for them); but they offer high savings interest and some other nice things so I still have some money with them. Fortunately, I have other bank/credit union accounts which provide fee inbound and outbound ACH transfer capability which allows me to transfer money in and out of that credit union at no charge--no thanks to the credit union, but thanks to my other bank accounts. But many credit unions do offer free/low cost ACH capability.

Usually a person has to have several accounts with several banks/credit unions in order to reap the best and avoid the bad (fees) from each...and also to have so redundancy if one bank changes its policy like deciding to charge a fee where they didn't before. A person shouldn't be no more reluctant in switching banks than switching insurance, cell phone service, etc. Yea, Yea, I know it's not as easy to switch banks as to switch insurance/cell phone service/etc., but it's not hard with a little bit of planning and may take a couple of months to get that other account fully established/in full use. And after you get more than one bank account it makes it even easier to drop one bank while retaining your other bank(s) and putting another bank into your banking portfolio.

And I don't use that fancy "portfolio" word like I'm a rich guy because I ain't...but I have figured out in today's financial world you have to be diversified, not only in your investments but also in your day-to-day banking needs. Otherwise, you are just setting yourself up for headaches and frustrations...and possibly a lot of fees. I know, preaching to the choir to many.

[Pib]

I can wire money from my BoA account to Kasi, $ 45 to wire in USD, then Kasi does the exchange rate for a much better rate for me. If BoA does the exchange it's only $ 35 fee but I lose almost 1 % ! Must have a BoA SafePass card to do it all online. Maybe too late for you but just FYI.

I was doing this too, and it worked well. Recently my SafePass card's battery died, and BofA will not send a new one to Thailand. They also refused to send it to a friend in the US to forward it to me. Without a SafePass, they limit you to $1000 at a time and a maximum of $2500 per week, and charge $45 each time! Have you run into this yet?

How old was your SafePass card?

I received a SafePass card in Dec 2009, which was first shipped to my U.S. address on record with BoA and then my sister remailed it to me here in Bangkok. You are right in that they will not mail a SafePass card to an address outside the 50 states; no even to a military APO/FPO address which is an official U.S. Postal System address, but a U.S. address outside the 50 states. However, every other mailings comes to my mailing address here in Bangkok which is a military APO address....almost monthly I still get junk mail from BoA like those checks to write yourself a credit card loan, transfer credit card balances, etc.

Now, although for some reason I still have a BoA account which I probably should close but since I keep enough in it to avoid in monthly fees I haven't closed it...maybe I keep hoping for a BoA turn around from being a evil bank to a not-so-evil bank. Anyway, my SafePass card now lives in my safe but a few minutes ago I took it out pressed the button twice and got codes displayed each time...so it's still working after 2 years and 9 months.

[curtklay]

I can wire money from my BoA account to Kasi, $ 45 to wire in USD, then Kasi does the exchange rate for a much better rate for me. If BoA does the exchange it's only $ 35 fee but I lose almost 1 % ! Must have a BoA SafePass card to do it all online. Maybe too late for you but just FYI.

I was doing this too, and it worked well. Recently my SafePass card's battery died, and BofA will not send a new one to Thailand. They also refused to send it to a friend in the US to forward it to me. Without a SafePass, they limit you to $1000 at a time and a maximum of $2500 per week, and charge $45 each time! Have you run into this yet?

How old was your SafePass card?

I received a SafePass card in Dec 2009, which was first shipped to my U.S. address on record with BoA and then my sister remailed it to me here in Bangkok. You are right in that they will not mail a SafePass card to an address outside the 50 states; no even to a military APO/FPO address which is an official U.S. Postal System address, but a U.S. address outside the 50 states. However, every other mailings comes to my mailing address here in Bangkok which is a military APO address....almost monthly I still get junk mail from BoA like those checks to write yourself a credit card loan, transfer credit card balances, etc.

Now, although for some reason I still have a BoA account which I probably should close but since I keep enough in it to avoid in monthly fees I haven't closed it...maybe I keep hoping for a BoA turn around from being a evil bank to a not-so-evil bank. Anyway, my SafePass card now lives in my safe but a few minutes ago I took it out pressed the button twice and got codes displayed each time...so it's still working after 2 years and 9 months.

PIB: My card is just under 3 years old. I complained to them that they send me credit cards, ATM cards, and plenty of mail, so what's the problem with the SafePass card? They would not budge, or give me any logical reason for not sending it. Their restrictions on wire transfers without SafePass are ridiculous. I told them I would have to move my money elsewhere, which I did. They didn't seem to care. Citibank will transfer up to $50,000 at a time for $30, online or by phone. I have a 35 year history with BofA and have always been happy with them, but no more. I hope your SafePass continues to work, but be aware that it may quit. If you still have a US address on record with them, you should have no problem getting it sent there. Edited October 7, 2012 by curtklay

[Pib]

Yea, when BoA implemented their SafePass policy in transferring money it made it a lot harder unless you still lived in the U.S. with cell phone service or got a SafePass card at a cost of $20. And although they do offer low cost ACH transfer at $3 for a 3 business day transfer, it still ain't free like all my other bank accounts that offer free & easy ACH transfer capability. Then BoA got an even worst name durng the recent financial crisis and even tried to start charging a month fee for debit card use which they backed off on. Yea, while I was still living in the States BoA met my banking needs, but after moving to Thailand their policies & fees are not really that friendly and of course use of their debit or credit cards ouside of the U.S. comes with high foreign transaction fees.

Preaching to the choir when I say a bank that may meet a person's banking needs when living within the home country may not meet and be fee-expensive when living outside the home country. I know I sure learned that when moving to Thailand but have since opened expat friendly accounts with USAA, State Farm, Schwab, Captial One, and Pentagon Credit Union, with each having it pluses in terms of online banking, debit cards, and/or credit cards. And the key pluses when I refer to debit card is "no foreign transaction fee" with ATM fee reimbursement and for credit card with Capital One and Pentagon the no foreign transaction fee and cash back (up to 2% on the CapOne Visa card). I wouldn't have this many different accounts/cards if I still lived in the States because I really didn't need to transfer money between banks/overseas nor worry about foreign transaction fees. But since I know live in Thailand I needed to open these accounts to cover all my banking needs with no fees and to have redundancy in case of policy changes (like one bank deciding to start charging a foreign transaction fee).

Yeap, I'm a firm believer in shopping around and changing as necessary for banking and cards needs. I think when it comes to changing banks the great majority of folks just think it will be too hard, when it really ain't in most cases especially if you also still have a home country address...just takes a little bit of planning during the account transition period. And actually, there could be very little planning needed if the first bank account is being kept...it's just a matter of starting to use the second account once opened....then if wanting to shut down the other account a person can do it with piece of mind they have the new bank account already up and running.

[curtklay]

Yea, when BoA implemented their SafePass policy in transferring money it made it a lot harder unless you still lived in the U.S. with cell phone service or got a SafePass card at a cost of $20. And although they do offer low cost ACH transfer at $3 for a 3 business day transfer, it still ain't free like all my other bank accounts that offer free & easy ACH transfer capability. Then BoA got an even worst name durng the recent financial crisis and even tried to start charging a month fee for debit card use which they backed off on. Yea, while I was still living in the States BoA met my banking needs, but after moving to Thailand their policies & fees are not really that friendly and of course use of their debit or credit cards ouside of the U.S. comes with high foreign transaction fees.

Preaching to the choir when I say a bank that may meet a person's banking needs when living within the home country may not meet and be fee-expensive when living outside the home country. I know I sure learned that when moving to Thailand but have since opened expat friendly accounts with USAA, State Farm, Schwab, Captial One, and Pentagon Credit Union, with each having it pluses in terms of online banking, debit cards, and/or credit cards. And the key pluses when I refer to debit card is "no foreign transaction fee" with ATM fee reimbursement and for credit card with Capital One and Pentagon the no foreign transaction fee and cash back (up to 2% on the CapOne Visa card). I wouldn't have this many different accounts/cards if I still lived in the States because I really didn't need to transfer money between banks/overseas nor worry about foreign transaction fees. But since I know live in Thailand I needed to open these accounts to cover all my banking needs with no fees and to have redundancy in case of policy changes (like one bank deciding to start charging a foreign transaction fee).

Yeap, I'm a firm believer in shopping around and changing as necessary for banking and cards needs. I think when it comes to changing banks the great majority of folks just think it will be too hard, when it really ain't in most cases especially if you also still have a home country address...just takes a little bit of planning during the account transition period. And actually, there could be very little planning needed if the first bank account is being kept...it's just a matter of starting to use the second account once opened....then if wanting to shut down the other account a person can do it with piece of mind they have the new bank account already up and running.

Capital One is great, except for their quirky policy of not sending renewal cards overseas. But they do accomodate me by sending them to a US friend who forwards it to me. I'm going to check into the other banks you mentioned.

[Pib]

I only have a CapOne Visa credit card, no CapOne bank account, but that credit card is great. No foreign transaction fee, Visa exchange rate that equals the TT Buying Rate plus or minus a few stang (usually better), and I get 2%/1% cash back. Like all my Lotus, Big C buys get 2% cash back...1% cash back for fuel, medical, restaurants, etc., and I have the cash back feature set to credit my account whenever I accumulate $25 in cash back. Been using the card going on 2 years now....use it whenever possible...covers much of my day-to-day living cost...never a problem....never had to call CapOne to authorize usage in Thailand. And I'm covered by U.S. credit card consumer protection laws; not the practically non-existent Thai consumer protection laws....or should I say the Thai bank/store protection laws.

[richsilver]

Last week I initiated an ACH transfer from E-Trade in New York to Bangkok Bank. After several days the money was returned, rejected by Bangkok Bank, When I contacted them they told me it was because the transfer information was missing a beneficiary name (I guess that's me). I have successfully done this kind of transfer in the past (not recently) with no problem. However, this time my sending account at E-Trade was an IRA account and I'm guessing this may have caused the problem.

Now that my funds are in my checking account I would like to try again, but I'm in a bit of a hurry now and would not like to have another 'missing beneficiary'.

Alternatively, I can do an ACH transfer to my account at Charles Schwab and either do an ACH to Bangkok Bank or send a wire.

Any suggestions (keeping in mind that speed is important)?

[JimGant]

Now that my funds are in my checking account I would like to try again, but I'm in a bit of a hurry now and would not like to have another 'missing beneficiary'.

If you've already set-up the ACH transfer option between your checking acct bank and Bangkok Bank (normally, using the two trial deposit system, although this is not universally true, particularly if set-up as 'send only), then it should be greased for success.

ACH transfers are batch within the US, and the best speed to your Bangkok Bank acct in Thailand would be two business days. However, some banks, like BofA, have middlemen for their ACH system, and take longer (but you can pay more to speed up the transfer, but not necessarily to two business days).

Wire transfers are normally one business day, but usually cost considerably more than the ACH via Bangkok Bank method. Plus, if you haven't already established a wire transfer option with your bank, paperwork and time can be involved to set-up.

I suspect your E-trade ACH failure was due to your name not exactly the same in both accounts.

Edit:

Actually, looking at E*Trade ACH options on their website, it says you cannot do an ACH (they call it "quick transfer") from an IRA account to an external account.

Edited October 19, 2012 by JimGant

[TravelerEastWest]

I have an update - Compass Bank is not helpful with ACH outward transfers and while I do have a free once a month wire transfer I can't use it as you need to go into the bank to set it up and I am in Thailand.

My current Compass Bank ACH transactions that work well were all setup from outside Compass. Example the money is pulled from Compass by Vanguard.

I wonder if there is a way to request an ACH transaction from My Bangkok Bank account in Thailand or their branch in New York?

[Pib]

I'm pretty sure you will find out Bangkok Bank, whether in-Thailand, or their New York branch which is really more of a commercial vs retail bank for personal savings/checking accounts does not "initiate" inbound transfers (a.k.a., pull money from an account in another bank). Additionally, ACH are for financial transaction in the U.S. Lucky Bangkok Bank has the branch in New York with a routing number which supports the receipt & relay/flow-through of the customer initiated transfer.

[JimGant]

As Pib says, no can do, as you would need a personal account with Bangkok Bank NY -- and they're a commercial bank.

Why not open a savings or checking account with USAA? You no longer have to have a military affiliation for their banking options. I would think this could all be done on-line (maybe not, if they won't accept signature facsimiles). However, as a new customer, you would need to provide a US mailing address.

Once opened, easy to set-up an ACH transfer link with Bangkok Bank. Free transfers; two business days in transit.

In any event, you need to label Compass Bank as "history."

[TravelerEastWest]

In any event, you need to label Compass Bank as "history."

Compass bank service has been going downhill since they were bought by another bank. Maybe I do need to replace them.

Meanwhile I do have an account at Schwab which I rarely use - maybe its time to start using them on a regular basis. I can say one thing they are very polite on the phone, and I think they do ACH transactions without a fee.

[Pib]

In any event, you need to label Compass Bank as "history."

Compass bank service has been going downhill since they were bought by another bank. Maybe I do need to replace them.

Meanwhile I do have an account at Schwab which I rarely use - maybe its time to start using them on a regular basis. I can say one thing they are very polite on the phone, and I think they do ACH transactions without a fee.

Yeap, Schwab does free ACH transfers. I have a brokerage (no balance required), checking, and savings account with them. And their Visa debit card available with their checking account is a no foreign transaction fee card and even reimburses for ATM fees....but I don't contribute to trying to kill the golden goose in using ATMs in Thailand that charge the 150 baht foreign card fee which in turn Schwab would have to reimburse me for....instead I use AEON ATMs which don't charge the fee.

Heck, since I've got a couple of Visa debit cards that are no foreign transaction fee cards (Schwab and State Farm cards) I rarely do ACH transfers anymore...just occasionally when I need a BIG chunk of money within a couple of days....and the last need for a BIG chunk of change to do a big buy was about 18 months ago. Otherwise, I just use the debit cards (up to $1000 on each allowed per day), get the money immediately in-hand out of the AEON ATM, no fees at all, and the Visa exchange rate basically equals (usually a little better) than the TT Buying Rate given for wire/ACH transfers. Use of these debit cards is how I keep my Bangkok Bank account charged up....I go to my nearby Lotus, get the money from the ATM AEON, take approx 20 steps to the Bangkok Bank outlet in the mall and use their Cash Deposit Machine to deposit the money to my account....takes a grand total of around 5 minutes if no line in front of the cash deposit machine....sometimes there is one person in front of me and it takes me 10 minutes to complete the process of getting money immediately in hand from my U.S. banks and deposited in my Bangkok Bank account.

Since it's been so long since I've done an ACH transfer maybe I should log onto one of my accounts and do a practice/almost transfer--just not hit that final Submit button--someday I may need to do another ACH transfer and wouldn't want to forget how.