After reading all the BS on how to apply for payment from a private org. via direct deposit on bangkok bank's website, I thought It was going to be a hell of a hassle.

I called Prudential, gave them the routing # for Bangkok Bank New York branch, and my account # in Thailand

They sent it Friday March 1, it was in my account March 4 Monday afternoon.

Very simple and straight forward, but not according to bangkok bank's website.

What's wrong with Bangkok Bank's web site info/instructions regarding ACH transfer, which basically says to use the NY branch routing number and your local branch account number....which is what you successfully did.

What's wrong with Bangkok Bank's web site info/instructions regarding ACH transfer, which basically says to use the NY branch routing number and your local branch account number....which is what you successfully did.

I'll have to look closer into this.Obviously there is a a difference between direct deposit and a wire transfer and I think it is the fee charged.

What's wrong with Bangkok Bank's web site info/instructions regarding ACH transfer, which basically says to use the NY branch routing number and your local branch account number....which is what you successfully did.

I'll have to look closer into this.Obviously there is a a difference between direct deposit and a wire transfer and I think it is the fee charged.

If you are using the NY branch routing number then you are using an ACH transfer....depending on the company/bank sending the money the transfer fee that company/bank charge for an ACH transfer is usually free or a low charge for a 2-3 day transfer. I have several U.S. bank accounts/mutual fund accounts and all but one charge "zero" sending fee; one charges $3. Now some banks do offer a 1 day ACH transfer for $25. ACH transfers are normally processed by batch only a few times a day (that keeps the cost way down) and if you miss the evening cut off the transfer won't really begin its flow until the next day. However, as mentioned, some banks/companies do offer high-price ACH transfers which supposedly begin their trip within hours and don't wait for the batch transfer method. But generally, ACH transfers are batch processed a couple times a day.

Now above has been talking the the possible "sending" organization ACH fee (i.e., Prudential). Now, it flows through the NY branch a fee is applied/slice off by the NY branch. Around $5 fjor transfers up to/including $2000. The remaining amount flows to your local branch where a 0.25% (200 baht min, 500 baht max) currency receipt/conversion fee is applied.

Now when you say "wire" transfer that usually means a pricy SWIFT transfer where a routing number is not used but is replaced by a SWIFT codes...it does not flow through the ACH channels or the NY branch. So, no fee will be sliced off by the NY branch since it not going through them...you just have the pricy SWIFT sending fee usually charged by the sending bank/company (probably $30 or more) and the 0.25% receiving fee at the local branch.

Now if you were thinking direct deposit requirements for U.S. "govt" pensions, repeat, U.S. govt pensions then the flow follows the same methods as mentioned above but within the ACH coding there is coding identifying it as a "govt" pension...like maybe a social security or military retirement pension, and those have to be received into a special "direct deposit saving account" where you can only withdraw money "in-person"; not a regular saving account where you can use an ATM/Debit card or internet banking to get/transfer money/pay bills.

Pension transfers coming from a private/commercial company like Prudential won't be coded as a "U.S. govt" pension because they are not and can flow into a regular savings acct. These type of transfers are just like sending yourself some money from your own bank acct.

You seem to be very astute about this. Thanks for sharing your knowledge.

For anyone interested, google " bangkok bank direct deposit" and scroll down to my original topic.

PIB you are correct but I suddenly cannot find the reference about the .25% BB fee charged when the money arrives here in Thailand, (200 baht min, 500 baht max) it is suddenly missing from the BB web site

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

PIB you are correct but I suddenly cannot find the reference about the .25% BB fee charged when the money arrives here in Thailand, (200 baht min, 500 baht max) it is suddenly missing from the BB web site

http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/TransferingFunds/TransferringIntoThailand/ReceivingFundsfromUSA/Pages/ReceivingFundsfromUSA.aspx'>http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/TransferingFunds/TransferringIntoThailand/ReceivingFundsfromUSA/Pages/ReceivingFundsfromUSA.aspx

Yea, looks like they have changed the wording to reflect only the "New York" branch ACH routing fee...and dropped the little note about the other fee that also applies when the money hits your "in-Thailand" branch. Just another way to make bank fees more surprising and mysterious.

The "in-Thailand" receiving/conversion fee is still in several places on the Bangkok Bank web site, like Q&A #4 at this Bangkok Bank http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/TransferingFunds/TransferringIntoThailand/Pages/InwardFAQs.aspx'>link on Q&A about transferring funds into Thailand.

And even through I know we are not talking transferring money from overseas into a Foreign Currency Deposit Account, here's another Bangkok Bankhttp://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/Accounts/ForeignCurrencyAccount/Pages/FCDFees.aspx'> linktalking about the "in-Thailand branch" 0.25% (200 baht min, 500 baht max) funds receipt fee for a Telex/SWIFT (it applies to ACH also) transfer.

And here is a today post from lopburi3 regarding a today/realworld ACH transfer and associated fees which went through the NY branch (with its fee) and of course arrived the "in-Thailand" branch (with its fee). Link

Edited March 6, 201313 yr by Pib