Usa Bank Wire Transfers To Bangkok Bank

[hml367]

Signature required means going into the bank and proving your identity. ATM's usually have lower limits because there is no verification of who is using the card. Signature required, meaning you must be face to face with a bank employee, and they are supposed to verify your identity.

So, this is an over-the-counter transaction with a credit card -- by definition, a "cash advance" operation. And, you are not being charged a 'transaction fee', nor is interest being charged (which, I guess, if you paid your balance immediately, would not be noticed)?

What bank is this?

Signature required/over-the-counter transaction... you can call it what you want, it is a transaction that requires proof of identity to the institution that makes the transaction.

I am charged nothing by my credit union.

There have been many other posts about different institutions not charging or refunding. Most of the institutions I recall being mentioned require a deposit of a certain amount. The institution makes money using that money. It's ok for the depositor because they are still getting some return.

ACH transactions may not always be immediately available. It depends on the relationship of the customer and the receiving institution. The reason I was given by USAA bank is that an ACH transaction can be cancelled within 5 business days. This was a few years ago that they gave me that answer. I had an ACH transaction cancelled from my account at another institution 4 days ago.

The financial institution I use currently is a federal credit union. I don't have large amounts in the accounts. My money is direct deposited. I make a signature withdrawal inside Bangkok Bank and have it deposited into my Bangkok Bank account. I have also done this with Bank of Ayudaya in the past. Bangkok Bank is more convenient for me.

I believe anytime you take cash and are not buying merchandise it is a cash advance. An ATM transaction in which you receive cash is a cash advance without a signature or proof of identity.

MSPain

[Mekong Bob]

Some have said that dollars from their Vanguard (USA) account can be transferred to Bangkok Bank (Chiang Mai) without a transfer fee. Bank of America (USA) only charges me $3, but Bangkok Bank hits me twice on a $10K transfer ($10 in New York and 500 baht in Thailand). These fees are not readily apparent. My passbook shows only the baht amount deposited. Unless I ask for the details, Bangkok Bank does not provide the breakdown. I had to ask.

Vanguard responders - are you sure your transfers to Bangkok Bank are free (no fees)?

[Langsuan Man]

These fees are not readily apparent. My passbook shows only the baht amount deposited. Unless I ask for the details, Bangkok Bank does not provide the breakdown. I had to ask.

Bangkok Bank makes it perfectly clear what they charge for these EFTS transfers via their New York branch

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

[Mekong Bob]

These fees are not readily apparent. My passbook shows only the baht amount deposited. Unless I ask for the details, Bangkok Bank does not provide the breakdown. I had to ask.

Bangkok Bank makes it perfectly clear what they charge for these EFTS transfers via their New York branch

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

Right you are, and I'm not surprised at all that a bank has fees for such services. Unfortunately, these fees are charged, but not shown in the account holder's passbook. Instead, you see only the baht amount deposited after the fees.

I think some incorrectly assumed there were no fees charged by Bangkok Bank.

We now know better.

[NancyL]

We just got a letter from our U.S. credit union that after the end of Feb 2013 they will no longer do wire transfers to foreign banks. Something about changes in reporting requirements to the U.S. government. I looked at our last wire transfer and it listed the Huey Kaew branch of Bangkok Bank, not the NY branch, so the credit union would probably consider it a foreign wire transfer.

The letter didn't mention the practice of simply writing a personal check against my account and depositing it into a foreign bank. I assume that's OK. We transfer funds just once a year, always during the first quarter of the year, so I had better get myself organized to do the 2013 transfer before the end of Feb.

I found it amazing that the credit union said fewer than 1/10 of 1% of their customers did wire transfers to foreign banks annually. This is the credit union that serves the employees and retirees of a multi-national Fortune 100 company. They have a small six-lady call center and they're very used to talking with members living overseas -- most (I suspect) are active employees on temporary assignments out of the U.S, not retirees who haven't been to the U.S. for years.

The letter said something about how their liability for foreign wire transfers were going to increase, by law, and they didn't want to pass this cost along to all their members when so few need these services.

Edited December 6, 2012 by NancyL

[TallGuyJohninBKK]

Thanks to LSM for posting above the fees chart that BKK Bank New York uses in charging a handling fee for U.S. to Thailand funds transfers sent via an originating ACH transfer. Contrary to what several people posted above, BKK Bank charges a sliding fee based on the amount being sent... And then, on the Thailand receiving end, the BKK Bank branch here will charge an additional 0.25% commission, minimum 200 baht and maximum 500 baht.

For large amount funds transfers, BKK Bank New York is probably the most economical xfer route available to Americans. But for smaller amounts, as has been demonstrated many times here, no-fee ATM withdrawals using a no-foreign currency fee fee U.S. VISA logo debit card combined with using no-fee AEON ATMs in Thailand provide the absolute most economical method of moving from US$ into Thai baht.

The exchange rates used by the AEON ATMs are set by the card networks involved, VISA or MC... And those card network rates are almost always going to be slightly better, especially the better rate VISA logo cards, than the standard buying TT rates used by the various Thai banks for both international wire transfers and potentially counter withdrawals.

As for HML's report, it's pretty rare to find any U.S. credit card that does NOT charge a cash advance fee on ATM or counter withdrawals and also doesn't charge any foreign currency exchange fee. And then, on top of those two fees, there's also the common practice that the credit card holder will begin charging interest on the counter or ATM withdrawal from the date of the withdrawal -- no 30 day grace period.

One example of this is PenFed's Promise VISA credit card. It doesn't charge any foreign currency fee or cash advance fee. But even the Promise card starts charging interest from the date of the withdrawal, currently at 9.99% variable APR.

[hml367]

Thanks to LSM for posting above the fees chart that BKK Bank New York uses in charging a handling fee for U.S. to Thailand funds transfers sent via an originating ACH transfer. Contrary to what several people posted above, BKK Bank charges a sliding fee based on the amount being sent... And then, on the Thailand receiving end, the BKK Bank branch here will charge an additional 0.25% commission, minimum 200 baht and maximum 500 baht.

For large amount funds transfers, BKK Bank New York is probably the most economical xfer route available to Americans. But for smaller amounts, as has been demonstrated many times here, no-fee ATM withdrawals using a no-foreign currency fee fee U.S. VISA logo debit card combined with using no-fee AEON ATMs in Thailand provide the absolute most economical method of moving from US$ into Thai baht.

The exchange rates used by the AEON ATMs are set by the card networks involved, VISA or MC... And those card network rates are almost always going to be slightly better, especially the better rate VISA logo cards, than the standard buying TT rates used by the various Thai banks for both international wire transfers and potentially counter withdrawals.

As for HML's report, it's pretty rare to find any U.S. credit card that does NOT charge a cash advance fee on ATM or counter withdrawals and also doesn't charge any foreign currency exchange fee. And then, on top of those two fees, there's also the common practice that the credit card holder will begin charging interest on the counter or ATM withdrawal from the date of the withdrawal -- no 30 day grace period.

One example of this is PenFed's Promise VISA credit card. It doesn't charge any foreign currency fee or cash advance fee. But even the Promise card starts charging interest from the date of the withdrawal, currently at 9.99% variable APR.

I agree it would be hard to find a situation like I have. I didn't look for it, it just happened at my credit union and I still do not no why. I have contacted both my credit union and Visa regarding the situation, so I am not taking advantage of a mistake as far as I can tell. Doesn't make sense to me why neither can tell me why.

As for daily interest on cash advances, as I said, I make an online account transfer from the same institution into my credit card account the same day I make the withdrawal and that transfer is instantaneous. Since the daily balance is figured at the end of the day, they cancel each other out.

This is working out well for me. I am very aware it may change at any time.

MSPain

PS What about Charles Schwab ?

Edited December 6, 2012 by hml367

[mania]

We just got a letter from our U.S. credit union that after the end of Feb 2013 they will no longer do wire transfers to foreign banks. Something about changes in reporting requirements to the U.S. government. I looked at our last wire transfer and it listed the Huey Kaew branch of Bangkok Bank, not the NY branch, so the credit union would probably consider it a foreign wire transfer.

Yes if sent to Bangkok Bank NY it is treated & charged as a domestic transfer.

Which is usually half the price. In our Credit Union it is $20 instead of $40 for their part of the work.

Bangkok Bank NY charges their flat fee & Bangkok Thailand their small fee

As outlined in Langsuan Mans post

http://www.thaivisa....25#entry5906987

If other US credit unions & perhaps banks follow in the direction you mention I think

Bangkok Bank NY may be the only option for many sending funds from the US

The US has become a government gone wild when it comes to these things. I am afraid it will not get easier.

Edited December 6, 2012 by mania

[JimGant]

One example of this is PenFed's Promise VISA credit card. It doesn't charge any foreign currency fee or cash advance fee. But even the Promise card starts charging interest from the date of the withdrawal, currently at 9.99% variable APR.

Sounds like hmi's game plan would work for a PenFed Visa credit card (and, what some travelers do, is pre-pay their credit card account, with enough credit balance to cover their trip's ATM pulls. With no cash advance fee, or foreign currency fee, this is akin to hml's method).

But, if you didn't pre-pay, pay same-day, interest would probably be more than 9.99%, if a cash advance.....

The interest rate on cash advances is often significantly higher than it is on purchases or balance transfers. If you carry balances with both high-interest cash advances and low-interest purchases on the same card, it is current industry practice to apply payments to the low-rate balance first, increasing total interest rate costs.

Hml, wait an extra day next time and see what you get.....

[JimGant]

Nancy, blame Dodd-Frank and the Consumer Protection Act for no more wire transfers.....

Under the new rules and provisions, after February 7, 2013, covered international wire transfers conducted by remittance transfer providers and sent by consumers in the United States to individuals and businesses in foreign countries will require appropriate disclosures prior to and at the time of payment; cancellation and refund rights; investigation and remedy of errors by remittance transfer providers; and liability standards for remittance transfer providers for the acts of their agents. As a result, the Bank determined that the new potential risks associated with international wire transfers were too great for a non-core service.

http://www.fhlbny.co...ases/index.aspx

I can see the potential for the domestic ACH to Bangkok Bank New York procedure to also be affected, since these transfers are packaged into SWIFT transfers at BB NY. That the pipeline looks a little different than a conventional SWIFT transfer may not matter.....

[hml367]

One example of this is PenFed's Promise VISA credit card. It doesn't charge any foreign currency fee or cash advance fee. But even the Promise card starts charging interest from the date of the withdrawal, currently at 9.99% variable APR.

Sounds like hmi's game plan would work for a PenFed Visa credit card (and, what some travelers do, is pre-pay their credit card account, with enough credit balance to cover their trip's ATM pulls. With no cash advance fee, or foreign currency fee, this is akin to hml's method).

But, if you didn't pre-pay, pay same-day, interest would probably be more than 9.99%, if a cash advance.....

The interest rate on cash advances is often significantly higher than it is on purchases or balance transfers. If you carry balances with both high-interest cash advances and low-interest purchases on the same card, it is current industry practice to apply payments to the low-rate balance first, increasing total interest rate costs.

Hml, wait an extra day next time and see what you get.....

I don't know if PenFed offers no currency conversion fee. That would be the biggest difference.

My APR right now is 7.9 on both merchandise and cash advance.

The other difference would be if there is a balance on purchases and a balance on cash advance, any monies paid into the credit card account are applied to the purchases first. So if there coudld be a balance from cash advances. Then there could be a finance charge on the cash advances.

For me, at this time, this is the best way to go.

MSPain

Edited December 6, 2012 by hml367

[TallGuyJohninBKK]

PS What about Charles Schwab ?

What about Schwab??? They no longer have any credit card product, after having sold it to FIA/BofA some time back... Back when they did, it had no foreign currency fee and offered 2% cash back on all purchases. Alas, no more.

But as for their checking account and linked VISA debit card, it still has no foreign currency fee, no 1% card network fee, and automatically reimburses other banks' ATM charges without any monthly limit, usually at month's end.

Certainly continues to be one of the best bank card to use anywhere outside the U.S.

[TallGuyJohninBKK]

I don't know if PenFed offers no currency conversion fee. That would be the biggest difference.

PenFed offers a variety of credit card products, and each individual card has different terms. However, some months back, they made a policy change to have no foreign currency fees on most, if not all, of their credit card products. Note, I said foreign currency fee...

As for cash advance fees, I suspect most of their credit card products DO charge cash advance fees and then interest on the sums advanced. However, their Promise VISA card happens to be one of their cards that DOES NOT charge advance fees, though it does charge interest on the advances.

I've never tried to pre-pay a credit card at PenFed or elsewhere, because I never have any need or reason to use a credit card for getting cash. If I'm going to transfer cash into a credit card account in order to fund a credit card cash advance, I might just as well use any number of my no-fee VISA debit cards just to pull the cash directly and avoid the complication.

[TallGuyJohninBKK]

Sounds like hmi's game plan would work for a PenFed Visa credit card (and, what some travelers do, is pre-pay their credit card account, with enough credit balance to cover their trip's ATM pulls. With no cash advance fee, or foreign currency fee, this is akin to hml's method).

Jim, I too have read here in the past about seemingly most Europeans using the pre-pay their credit card method, apparently because in many of their countries, it's much harder to find/obtain no foreign currency fee debit cards, whereas in the U.S., they're pretty easy to obtain if someone really wants to get one.

I remember from reading those posts that some banks would not allow their customers to ADVANCE funds into a credit card account where there was no balance and amount owing. In those instances, even if they transferred the funds into their credit card account the same day they did a foreign ATM pull, they'd still get hit with a flat percentage rate cash advance fee and then a day or nominal minimum amount of interest....

[JimGant]

I remember from reading those posts that some banks would not allow their customers to ADVANCE funds into a credit card account where there was no balance and amount owing. In those instances, even if they transferred the funds into their credit card account the same day they did a foreign ATM pull, they'd still get hit with a flat percentage rate cash advance fee and then a day or nominal minimum amount of interest....

I kinda remember seeing that too. Imagine, dem pesky bankers trying to end-run dem annoyin' custermers.

[CPT]

PS What about Charles Schwab ?

What about Schwab??? They no longer have any credit card product, after having sold it to FIA/BofA some time back... Back when they did, it had no foreign currency fee and offered 2% cash back on all purchases. Alas, no more.

But as for their checking account and linked VISA debit card, it still has no foreign currency fee, no 1% card network fee, and automatically reimburses other banks' ATM charges without any monthly limit, usually at month's end.

Certainly continues to be one of the best bank card to use anywhere outside the U.S.

I have been using BofA forever and took advantage of a current stint in the US to look for a bank with better customer service after a couple bad experiences with BofA over the last 3 years. When I started looking for an alternative I anticipated going with a small, local bank or credit union but came across the Schwab checking account and very much look forward to saving $10+ per atm transaction.