Retiree: Best Way For Regular Transfer Of Usd To Thailand?

[Manassas]

Getting ready to retire with plans to spend part of year in Thailand on wife's land (eventually full time). Will want to transfer funds for monthly expenses and occasional larger purchases (vehicle purchase/home renovation). Read a thread some time ago that strongly recommended using Bangkok Bank for ACH transfers. Is this still the consensus among expats? I know a lot has changed in banking.

I have an SCB account now. Very convenient to send small amounts online to Thailand although incur a $35 fee on the US end. I'm setting up a trust account with a regional US bank to handle pension deposits that offers free ACH. We will be visiting Thailand around April. I am wondering if I should proceed to open a Bangkok Bank account to facilitate future fund transfers. What are the pros and cons? Or am I just as well off using SCB?

Any good threads discussing this? I've looked but can't find the one I read a couple of years ago.

Many thanks!

[Langsuan Man]

Pros are that it is a lot cheaper than what you are currently paying for International wires

Cons are that once your funds are in Thailand in your Bangkok Bank account you will have to pay a fee to get them into your SCB account unless you do it via a cash deposit. Another con is that you must have a local address along with your Passport when opening a Bangkok Bank Savings account

If you do go for a Bangkok Bank online account then make sure that your account is coded correctly for you to have online banking since the default option is to require a work permit. This is incorrect but not all branches are aware of the coding requirement

If you haven't read it yet go here for full information :

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

[Theo007]

I use the AEON ATM at Big C Extra then put the money into my Thai account. That avoids paying the 150 baht service fee.

[rfukata]

I do pretty much the same (even the bank) you mentioned for sending money to Thailand from US.

The cost is $35 at the US side and everything virtually works perfect for me. Just to avoid paying the

$35 frequently, I wire the money every 3 -4 month and try to choose when the exchange rate is more favorable (if lucky).

I think there is 1 difference for my wire transfer though, since I live up country, the money gets sent to BKK and then

routed to upcountry which then incurs a bank service fee on the amount of transfer.

[JusMe]

For regular monthly expenses, use the AEON atm. Get a high withdrawal at one go (can't remember exactly what it is, and it might vary depending on the restrictions you've put on your "home" bank), and no atm fees at this end. My bank charges me a basic $3.00 for the transaction.

Great way to manage money outside Thailand, but ensure you've got enough for your monthly expenses. For a large purchase, you might want to make other arrangements, such as SWIFT transfers (i.e. $35 cost)

[daxbr]

or:

Write a personal check and deposit to Thai bank account. TT exchange rate, 153 Baht fee regardless of amount, 30 days waiting to clear.

Edited January 15, 2013 by daxbr

[Pib]

For you folks mentioning your home country sending bank charged you $35 (I'm assuming that healthy charge is a SWIFT fee because ACH is usually free to a low charge), don't forget there is also an approx 0.25% (200 baht min, 500 baht max) funds receiving/conversion on the Thai bank end. Say you get charged the 500 baht max, well, that's another $16-$17 on top of the $35....let's just say you are up around $50 total per transfer. Now have an account with a U.S. bank that does not charge for ACH transfers (plenty of banks like this), then you are now down to now more than $17 per transfer. As far as I know, Bangkok Bank is the only Thai bank you can ACH money to since Bangkok Bank has an routing number due to their New York operation which flows it to your local Bangkok Bank branch.

Of course the cheapest and fastest way to get money is to have a home country bank account which provides a no foreign transaction fee debit card that may even reimburses for any local Thai bank ATM charges (AEON ATMs do not charge a fee). Usually such debit cards allow up to $1000 withdrawal per day which should be more than enough to cover daily living expenses. I have two such Visa debit cards and now only do ACH transfers in case of needing BIG money within a few days....going on 2 years now since I did my last ACH transfer...the debit cards take care of my Thailand living expense needs....money immediately in hand with zero fees....and you get an exchange rate that equals the TT Buying rate (give or take a few stang) which is the rate you get for wire/SWIFT/ACH transfers. Once I get the money out of the AEON ATM at my local Lotus mail, many times I take about another 20 steps to the Bangkok Bank outlet in the mail and deposit the money using a Cash Deposit Machine...this way I have just recharged my Thai bank account to pay local bills via internet banking or if using the Thai bank debit card. Yeap, getting/using a no foreign transaction fee debit card makes it easy & fast to get money with no transfer fees

[Manassas]

I believe that's the advice I got previously. That is, because Bangkok Bank has a New York operation that you can do ACH transfers from a US bank to Bangkok bank that can avoid the $35 wire fee and still get get the benefit of converting USD to Baht on the Thai end and getting a decent rate.

It seems that's still the case but people have developed a lot of other options. I'm just looking to transfer funds on a quarterly basis with the occasional larger transfer for big purchases.

[rsokolowski]

I use Bangkok Bank and transfer the funds directly from my Navy Federal Credit Union account (through the NY branch of Bangkok Bank). Thai bank account number, but NY branch routing number. My credit union even allows me to set up a recurring transfer is I want (every week, two weeks, or once a month).

[jcgodber]

Using Bank of Bangkok for a ACH transfer is a good idea and works well BUT there is a charge at the New York end AND another charge here in Thailand. You can check the Bank of Bangkok web site for their charges.

Less than USD 50.00 Free

USD 51.00 - 100.00 USD 3.00

USD 100.01 - 2,000.00 USD 5.00

USD 2,000.01 - 50,000.00 USD 10.00

USD 50,000.01 or more USD 20.00

Bangkok Bank in New York charges the following fees for funds transfers initiated via the US ACH

system:

1.

Bangkok Bank in

Thailand also charges a

fee of 0.25% of the

amount in the Baht

currency (minimum of

THB 200; maximum of

THB 500) when the funds

[meatboy]

we use scb and bkkb,scb always seem to give that little extra for tt rates,i always recomend if you have the funds and reading your posts this seems the case why not trans.your yearly expences at the time you move to los.that way you cut down on trans.fees,your pensions at home are paid into your bank acc.then when its time[1yr.] what the exchange rate till its in your favour if your lucky and do the same every yr.but one thing is dont think if its a good rate one yr.its goner be the same every yr.try and work out what rate you are comfortable with.eg.exchange rates against the bht.at this moment are quite low,so for all expats that rely on a higher rate every month now finds it hard as its not cheap to live here anymore.good luck.

[sfokevin]

Basic Citibank savings or checking account allows you to make wire transfers online for $30...

https://online.citibank.com/US/JRS/pands/detail.do?ID=WireTransfers

Between this and Pib's AEON ATM method you would be covered...

[wayned]

I use Bangkok Bank. Both my Social Security and private retirement funds are directly deposited in my account via New York. Cost me $5 for each deposit in NY and 200 baht in Bangkok for each deposit every month, you won't find anything cheaper and it's has worked well for over 7 years.

[bunnydrops]

I use Bangkok Bank. Both my Social Security and private retirement funds are directly deposited in my account via New York. Cost me $5 for each deposit in NY and 200 baht in Bangkok for each deposit every month, you won't find anything cheaper and it's has worked well for over 7 years.

Wayned--I am about to set up an account for my SS check. I know it has to be a direct deposit account that can not have ATM card. As I understand it Bangkok Bank is the only bank in Thailand that the US will send the SS check to. My question is how did you inform SS of this account and what did they need as prove that it meets requirements?

[lopburi3]

If SS will be your only US income would highly advise payment into a US bank with no ACH fee (such as USAA) and take from there into your Thai Bangkok Bank account via ACH when required. You do not have to visit any office and have ATM access this way. But it also provides a US debit card and funds for online purchase or other expenses in the US and a checking account for the occasional requirements that only that will fill. Believe keeping a US account to be a good move.

[bunnydrops]

If SS will be your only US income would highly advise payment into a US bank with no ACH fee (such as USAA) and take from there into your Thai Bangkok Bank account via ACH when required. You do not have to visit any office and have ATM access this way. But it also provides a US debit card and funds for online purchase or other expenses in the US and a checking account for the occasional requirements that only that will fill. Believe keeping a US account to be a good move.

I would very much like to do that--or should I say continue to do that, but my understanding is if I live outside the US for more that 6 months, I have to report that fact and they can stop payments to my US bank. Then I have to pick up at embassy or have an approved bank account in Thailand. What they are doing is being sure that if I die, someone other than myself isn't taking the money out with ATM card or ACH transfers online.

[JimGant]

I would very much like to do that--or should I say continue to do that, but my understanding is if I live outside the US for more that 6 months, I have to report that fact and they can stop payments to my US bank.

yes, you have to report that fact -- but unless you're living in Cuba or North Korea, you're allowed to have your SS check direct deposited in a US financial account. By advising the SSA that you're living abroad, you're then subject to a periodic questionnaire to determine your existence.

Thailand is not on the list that has a "direct deposit" agreement with the SSA. That, I suppose, is why the more stringent requirement for "in person" retrieval of your SS direct deposit into Bangkok Bank.

If you have a Thai wife, and she qualifies for a spousal/survivor SS check (married to you for at least 5 years while living in the States, but not necessarily a US citizen), her SS check also can still be direct deposited into a US account. Tell her, however, to expect questionnaires.

[JLCrab]

Even though the branch is located in NYC, an account with Bangkok Bank is subject to the foreign account reporting requirements (FBAR) currently at any time during the year you maintain more than $10,000 in combined foreign accounts.

Edited April 11, 2013 by JLCrab

[Pib]

Even though the branch is located in NYC, an account with Bangkok Bank is subject to the foreign account reporting requirements (FBAR) currently at any time during the year you maintain more than $10,000 in combined foreign accounts.

Correct, because the account is with an "in-Thailand" branch of Bangkok Bank; the NY branch is only being used for ACH routing number purposes.