Bangkok Bank Again

[JimGant]

I checked yesterday while in Bangkok; the New York branch of Bangkok Bank can be used to accept direct deposits from the U.S. Treasury but nothing else - and I mean that literally.

Wrong. You can also have private pensions direct deposited via Bangkok Bank NY into your Thai bank account. And such an account does NOT have the no-ATM, in-person withdrawal restrictions of a US Gov't Direct Deposit account. But why do this -- the cost is the same as having the pension deposited into a US financial account (assuming you have a no ACH fee FI) -- then using your on-line banking, and a few key strokes, to effectively do your own indirect Direct Deposit, but having the flexibility of altering amounts and timing. From the BB website:

How to apply: If receiving payments from a private organization

Request the 'Authorization Agreement for Automatic Deposits (ACH Credits)' form or Direct Deposit form from the private organization you receive payments from. Complete the form to request the Direct Deposit service.

Open a savings account at any Bangkok Bank branch in Thailand. If you already have an account with Bangkok Bank, you can use your existing bank account for this service.

Submit the form with the required information for account opening and the following supporting documents:

Identity Card/Government Official ID Card/Passport together with a customer identification document such as your Social Security Card, Annuitant ID Card etc.

A letter from the organizations authorized to make payments, as evidence of your right to receive the payments from the company.

After verifying your documents, Bangkok Bank will sign your 'Authorization Agreement for Automatic Deposit form (ACH Credits)' or Direct Deposit form and return the original form to you.

Mail the signed form to the US company asking them to approve the request and initiate direct deposits into your account.

After the request to receive direct deposits is approved, your payments will be electronically deposited directly into your Bangkok Bank account.

You can have your funds deposited into your U.S. bank account and use your U.S. bank debit card to perform a "bank to bank" transfer - which is free - obtaining the cash at the teller window of your local Thai bank.

As PIb points out, it most likely won't be free -- unless using a Schwab or State Farm Debit/ATM card -- as most card issuers at least pass on the network's 1% foreign transaction fee.

So, assuming you could get a $10,000 pull from the counter -- the 1% foreign transaction fee will cost you $100 (and consider yourself lucky if that's the only fee your issung bank has). But to ACH $10,000 thru BB NY will cost you only $27 ($10 on the NY end, 500 baht on the receiving end). Then, if you don't like Bangkok Bank's services within Thailand, just have an on-line account with them -- and use a few key strokes to send your money to your bank of choice.

[JimGant]

One example; at the ATM you can request a small simple print out of the last 5 or 10 transactions or similar, or a print out of every transaction for the current month, etc. (The print out will be the same paper used currently for printed slips at each ATM).

I guess there will be a fee, but if the fee is minimal quite a good idea. Hope it comes soon.

Why would you want to stand in line for an ATM machine to do a printout that you can do in the comfort of your own home with on-line banking? I'm only familiar with Bangkok Bank's on-line banking, but I bet all the others allow you to view transactions of your choice, including date time grouping -- then hit "print."

Then, maybe, not all of us can subscribe to on-line banking............. I dunno.

[Pib]

The name of Direct Deposit account for U.S. govt pensions payments is really a misnomer for a name. Sure it's an account to receive the direct deposit of your U.S. govt pension, but it' really just a regular account in the pensioner's name only (joint acct not allowed) and has funds withdrawal restrictions on it in the form of no ATM access or ibanking transfers out (must show-up in person to withdraw funds...this proves you are still alive). A person can effectively have a regular savings account with the same restrictions by not having an ATM card issued against the acct nor having ibanking.

And even with the so called Direct Deposit acct for U.S. Govt Pensions a person can also transfer whatever and from wherever kinds of funds into it...the govt pension, a private pension, or just occasional funds transfer from your U.S. bank. You could even walk up to bank counter or bank cash deposit machine and deposit money into the acct...or have someone else transfer money to your direct deposit acct. It just a regular acct but with certain withdrawal/transfer restrictions.

But if it's a U.S. govt pension it will need to be setup as a Direct Deposit account as coding in the transfer identifies the payment as a U.S. Treasury payment from some govt agency (SSA, DFAS, etc) and the bank computers will eventually identify the monthly transfer as a U.S. govt pension payment. Like some of that coding a person can see on their U.S. banking ibanking when the monthly pension payment arrives. That's exactly what happened to me years back when I first got to Thailand, was trying to figure out how I wanted to feed myself money from the U.S., and initially decided I would just have my military retirement pension flow directly to Bangkok Bank. I set it up to transfer via the NY branch to our joint acct (the wife and I) and the pensions payments arrived just fine for a few months. Then the a payment didn't show up at the first of the month...about a week later I got a letter from Bangkok Bank saying I needed to come in and setup a Direct Deposit acct; otherwise, they could not accept the payments. I went and did that, I let the monthly pension payment flow for a few more months and even did normal money transfers from my U.S. bank to the acct when needing extra money...no problem. But I stopped pension payments to the direct deposit acct after a few more months as I switched to different/cheaper ways of getting money transferred. I still have the Direct Deposit acct with just enough in it to avoid charges...I kept it open just in case some future Thai banking or U.S. govt policy change might make it advantageous to use the Direct Deposit acct....like maybe making it truly, totally free to transfer pensions payments versus the standard transfer fees which now apply (i.e., the NY branch ACH fee and the local branch receiving fee).

[Utley]

As PIb points out, it most likely won't be free -- unless using a Schwab or State Farm Debit/ATM card -- as most card issuers at least pass on the network's 1% foreign transaction fee.

I have a VISA debit card issued by TD Bank (Toronto Dominion I believe) when they took over my Florida bank a few years ago and have never been charged a transaction fee when transferring funds to Thailand. Maybe I have just been lucky and never realized it.

[Utley]

I didn't know Bangkok Bank was so behind the times.I was going to use them for my social security payments,but I don't think so now.

I checked yesterday while in Bangkok; the New York branch of Bangkok Bank can be used to accept direct deposits from the U.S. Treasury but nothing else - and I mean that literally. If you wish to use Bangkok Bank for all your banking in Thailand then you will need two accounts; one with your local branch and one with their N.Y. branch. When your monthly benefit payment arrives in your N.Y. branch account you will have to withdraw those funds physically at your local Bangkok Bank branch and then deposit the funds while still at the window into your local Bangkok Bank account; and they will charge you a foreign exchange transfer fee. Or of course you could go to another bank to deposit your funds.

You can have your funds deposited into your U.S. bank account and use your U.S. bank debit card to perform a "bank to bank" transfer - which is free - obtaining the cash at the teller window of your local Thai bank. Then deposit the funds into your local Thai bank account while still at the window (K Bank for instance). Just be aware that not all Thai banks are equipped and/or have the staff knowledge to perform a bank to bank transfer. I use Bangkok Bank for that purpose; I would assume that a large branch of K Bank could do the same.

I asked the Thai customer service person at Bangkok Bank why I should use the Bangkok Bank N.Y. branch to obtain funds and subject myself to an exchange fee when a bank to bank transfer using my U.S. debit card is free. She of course did not have or just would not answer the question.

FYI - a bank to bank transfer using your U.S. debit card requires the card, your passport and the amount of cash you desire (within your withdrawal limits of course).

You do not open an account with the Bangkok Bank "New York" branch; you only use their ACH "routing number" along with your "in-Thailand" Bangkok Bank account number. Same process used when you use ACH to transfer money from a U.S. bank to your Bangkok Bank account.

The NY branch is only a commercial bank; not a retail bank for the common joe on the street. Basically, the money just flows through the NY branch which has a ACH routing number to your in-Thailand branch account. Also sounds like you are talking about a "Direct Deposit" account with Bangkok Bank which they do require for U.S. govt pensions such as social security, military retirement, etc. Such an account complies with U.S. law which is attempting to minimize those cases where a pensioner dies, nobody notifies the U.S. govt sending the monthly pension of the pensioners death which would usually stop the pension, and the money continues to flow-in. And if the account was a joint account (which it can't be) the joint account owner like maybe the spouse might not notify the U.S. govt, continue to receive, withdraw, and spend the pensioner's pension illegally. Yeap, it happens. Yea, yea, I know a U.S. govt pension can flow to a U.S. joint account, but Thailand is not the U.S. With a Bangkok Bank Direct Deposit account it can only be in your name with no ATM access or ibanking transfer capability...you can view the account on ibanking but you just can't transfer money out of it. Here's Bangkok Bank's webpage on Direct Deposit account setup...Link....and remember you will first need an account opened at a Bangkok Bank branch "in-Thailand." And here's Bangkok Bank's webpage on transferring money to your in-Thailand branch using their NY branch ACH routing...Link.

You would be better off having your U.S. pension first flow into your U.S. bank account and they have it transferred from that U.S. bank account to your Bangkok Bank account...this way, the govt pension coding is not longer in the transfer data coding and instead just has normal money transfer coding. While a Direct Deposit account does have it "show up personally restrictions" it does provide a way for your U.S. govt pension to go directly to your Bangkok Bank account versus first being sent to your U.S. bank account and they a follow-on transfer being required which may or may not incur additional fees.

A 200 to 500 currency receipts/transfer fee is common for all Thai banks. Getting funds via debit card is always an option (that's primarily how I get all my day to day living money in Thailand), but unless the debit card is a "no foreign transaction fee" debit card (most are not...most have a 1 to4% fee) you would get hit with the fee every time you used the card outside of Thailand...whether you used the card at the bank counter or in the ATM. As I said most U.S. debit cards do have a foreign transaction fee but some don't such as Schwab, State Farm, CapOne.

I stand corrected - you do not open an account with Bangkok Bank's N.Y. branch - but you do need 2 accounts; one for the government direct deposit and a second for normal banking transactions.

"If you use a direct deposit service to receive funds from a US Government Agency, you must appear in person at a Bangkok Bank branch to withdraw the funds.

In compliance with US regulations, Bangkok Bank cannot authorize the withdrawal of funds from your direct deposit account by an appointed representative, or via ATM or any other electronic channel. You must appear in person at a Bangkok Bank branch to withdraw the funds. You can, however, open a normal savings or current account and transfer the funds from your direct deposit account to this account. You may then withdraw your funds as usual via ATM or any other electronic channel.

You can also opt to directly contact the US Government Agencies to send funds into your savings account with Bangkok Bank. However, we still need to request that you change your savings account to a Direct Deposit account. Failure to comply will result in Bangkok Bank not being able to deposit funds transferred from the US Government Agency into your account."

As I mentioned elsewhere, I have a VISA debit card issued by TD Bank (Toronto Dominion I believe) issued to me when they took over my Florida bank a few years ago. I use the card at the Bangkok Bank teller window to withdraw funds from my U.S. bank account and have never been charged a transaction fee.

[wayned]

I didn't know Bangkok Bank was so behind the times.I was going to use them for my social security payments,but I don't think so now.

If you are going to have your US social security payments directly deposited into a Thai bank, you have no choice, Bangkok Bank is the only Bank in Thailand approved to receive.the payments. You have to set up a special account in your name only and you must go to the bank to withdraw the funds in person, no proxy withdrawals.. You cannot have ATM or internet services on the account. I've had mine deposited direct for over 7 years and go to the bank and transfer the funds to another account that has ATM and internet as I do not have a US bank account. The funds are deposited on the 3rd of each month into your account through BKB branch in NY. They deduct $5 for their services and BKB in Thailand deduct 200 baht. You can set it up so that when the funds are deposited and converted to baht you can receive an SMS. The funds are usually available on the same day, either the 3rd or the Friday before if it is a weekend. My deposits have come on time for 7 years with only a couple of hiccups (late deposits). The only problem is the hassle of having to go to the bank. The closest BKB to me is 65 kilometers away.

[Pib]

As I mentioned elsewhere, I have a VISA debit card issued by TD Bank (Toronto Dominion I believe) issued to me when they took over my Florida bank a few years ago. I use the card at the Bangkok Bank teller window to withdraw funds from my U.S. bank account and have never been charged a transaction fee.

From looking at the TD Bank web site (cut and paste image below) it looks like you do get hit with the standard Visa 1% currency exchange fee (i.e., TD Bank apparently does not absorb this cost like Schwab, State Farm, CapOne, etc)...and I expect it might not show up as a separate fee but instead it would just be a 1% lower exchange rate given. I expect this 1% Visa fee applies whether you use a counter withdrawal or ATM withdrawal...the key is not how you withdrawed the money but was it a foreign transaction. And "if" you did happen to use the debit card in an ATM in Thailand, TD Bank would also charge a $2.50 fee.

[allalong]

go and start your own threads US bank account holders , This thread is about (or was) about Limits on ATM withdrawls and sms for transaction notification with Bangkok Bank in thailand

Edited April 13, 2013 by allalong

[Pib]

Info on Bangkok Bank SMS Services can be reviewed here: Link

so the information I was given at a branch about not able to receieve SMS when activity on my account, was incorrect?

Correct...or there was a misunderstanding. See above link regarding what Bangkok Bank provides for SMS services not to imply the services send you an SMS for any and all activity....only selected activity. The easiest way to sign up for the SMS services is on their ATM...takes about a minute...I did it about a month ago for a new account I opened...you need to authorized the SMS service for each account in case a person has more than one account.

[Pib]

I'm not a K-Bank customer and since a lot of farangs talk about having K-Bank accounts, maybe a K-Bank account will provide the desired account balance SMS notifications...apparently it's not a 24 hour service and they have two different SMS packages a person can sign up for and each cost 20 baht/month. Here the K-Bank link for more info: Link

Edited April 14, 2013 by Pib

[metisdead]

A post containing a personal insult has been removed.

[keith101]

Does KBANK require a Work Permit to open an account? I have a Non-Immigrant O with retirement extension. Both Tanachart and SCB turned me away with no WP.

i just recentley took most of my funds out of bkk and opened an account with KBANK after being refused a debit card to use my money so walked out . didnt need a wp just my passport with 1 year non imm o visa and my bkk bank book as well as my yellow book and after i got my new card went to atm and applied for debit and immediately got an answer of approved and now use my atm card for online debit as well . great bank and will close bkk after songkran when its safe(safer) to go out again.

[tomcreeduk]

Just popped into KBank in Phuket with a passport ( no visa or work permit of any kind apart from my 30 day stamp when I arrived) & my wife who is Thai. Waited in the que and a member of staff opened me up a bank account all within 15 minutes. I had to deposit 2000 baht and paid 500 baht for my cash card and he set everything up for me with no agro. I get a text message to say when the account receives or releases money & Internet banking ( apparently ) I need to log in and work it all out yet. Didn't really have a Permeant address. We used the room her mum stays in a resident address. I told the member of staff myself & my wife will be flying back home to the UK in a couple of days & needed the account to send spending money over prior to our trip as well as not having thousands of baht in our hand luggage when we travel all over Thailand on our holidays. I believe it will cost £20 (1000 baht) to send from UK & a fee for the bank to receive the money in Thailand but I believe it's probably a small price to pay rather than someone emptying my safe of leaving my hand luggage in a taxi. Really was quite straight forward. I'm sure there are better accounts to have or use for across the ocean payments but its a start.

Any comments be welcome or advise.

Edited April 17, 2013 by tomcreeduk

[zeekgarcia]

"FYI - a bank to bank transfer using your U.S. debit card requires the card, your passport and the amount of cash you desire (within your withdrawal limits of course)."

So what do you do to do this and what do you say you want to do?

Which bank will do this and do you have any accounts at this bank?

One time I went in with my US atm/debit card, Thai id, and passport and asked them if I could do a cash advance on the card and they said no.

Edited April 24, 2013 by zeekgarcia

[zeekgarcia]

I didn't know Bangkok Bank was so behind the times.I was going to use them for my social security payments,but I don't think so now.

I checked yesterday while in Bangkok; the New York branch of Bangkok Bank can be used to accept direct deposits from the U.S. Treasury but nothing else - and I mean that literally. If you wish to use Bangkok Bank for all your banking in Thailand then you will need two accounts; one with your local branch and one with their N.Y. branch. When your monthly benefit payment arrives in your N.Y. branch account you will have to withdraw those funds physically at your local Bangkok Bank branch and then deposit the funds while still at the window into your local Bangkok Bank account; and they will charge you a foreign exchange transfer fee. Or of course you could go to another bank to deposit your funds.

You can have your funds deposited into your U.S. bank account and use your U.S. bank debit card to perform a "bank to bank" transfer - which is free - obtaining the cash at the teller window of your local Thai bank. Then deposit the funds into your local Thai bank account while still at the window (K Bank for instance). Just be aware that not all Thai banks are equipped and/or have the staff knowledge to perform a bank to bank transfer. I use Bangkok Bank for that purpose; I would assume that a large branch of K Bank could do the same.

I asked the Thai customer service person at Bangkok Bank why I should use the Bangkok Bank N.Y. branch to obtain funds and subject myself to an exchange fee when a bank to bank transfer using my U.S. debit card is free. She of course did not have or just would not answer the question.

FYI - a bank to bank transfer using your U.S. debit card requires the card, your passport and the amount of cash you desire (within your withdrawal limits of course).

You do not open an account with the Bangkok Bank "New York" branch; you only use their ACH "routing number" along with your "in-Thailand" Bangkok Bank account number. Same process used when you use ACH to transfer money from a U.S. bank to your Bangkok Bank account.

The NY branch is only a commercial bank; not a retail bank for the common joe on the street. Basically, the money just flows through the NY branch which has a ACH routing number to your in-Thailand branch account. Also sounds like you are talking about a "Direct Deposit" account with Bangkok Bank which they do require for U.S. govt pensions such as social security, military retirement, etc. Such an account complies with U.S. law which is attempting to minimize those cases where a pensioner dies, nobody notifies the U.S. govt sending the monthly pension of the pensioners death which would usually stop the pension, and the money continues to flow-in. And if the account was a joint account (which it can't be) the joint account owner like maybe the spouse might not notify the U.S. govt, continue to receive, withdraw, and spend the pensioner's pension illegally. Yeap, it happens. Yea, yea, I know a U.S. govt pension can flow to a U.S. joint account, but Thailand is not the U.S. With a Bangkok Bank Direct Deposit account it can only be in your name with no ATM access or ibanking transfer capability...you can view the account on ibanking but you just can't transfer money out of it. Here's Bangkok Bank's webpage on Direct Deposit account setup...Link....and remember you will first need an account opened at a Bangkok Bank branch "in-Thailand." And here's Bangkok Bank's webpage on transferring money to your in-Thailand branch using their NY branch ACH routing...Link.

You would be better off having your U.S. pension first flow into your U.S. bank account and they have it transferred from that U.S. bank account to your Bangkok Bank account...this way, the govt pension coding is not longer in the transfer data coding and instead just has normal money transfer coding. While a Direct Deposit account does have it "show up personally restrictions" it does provide a way for your U.S. govt pension to go directly to your Bangkok Bank account versus first being sent to your U.S. bank account and they a follow-on transfer being required which may or may not incur additional fees.

A 200 to 500 currency receipts/transfer fee is common for all Thai banks. Getting funds via debit card is always an option (that's primarily how I get all my day to day living money in Thailand), but unless the debit card is a "no foreign transaction fee" debit card (most are not...most have a 1 to4% fee) you would get hit with the fee every time you used the card outside of Thailand...whether you used the card at the bank counter or in the ATM. As I said most U.S. debit cards do have a foreign transaction fee but some don't such as Schwab, State Farm, CapOne.

I stand corrected - you do not open an account with Bangkok Bank's N.Y. branch - but you do need 2 accounts; one for the government direct deposit and a second for normal banking transactions.

"If you use a direct deposit service to receive funds from a US Government Agency, you must appear in person at a Bangkok Bank branch to withdraw the funds.

In compliance with US regulations, Bangkok Bank cannot authorize the withdrawal of funds from your direct deposit account by an appointed representative, or via ATM or any other electronic channel. You must appear in person at a Bangkok Bank branch to withdraw the funds. You can, however, open a normal savings or current account and transfer the funds from your direct deposit account to this account. You may then withdraw your funds as usual via ATM or any other electronic channel.

You can also opt to directly contact the US Government Agencies to send funds into your savings account with Bangkok Bank. However, we still need to request that you change your savings account to a Direct Deposit account. Failure to comply will result in Bangkok Bank not being able to deposit funds transferred from the US Government Agency into your account."

As I mentioned elsewhere, I have a VISA debit card issued by TD Bank (Toronto Dominion I believe) issued to me when they took over my Florida bank a few years ago. I use the card at the Bangkok Bank teller window to withdraw funds from my U.S. bank account and have never been charged a transaction fee.

When you go to the Bangkok Bank teller window what do you say you want to do?

Is your limit the daily atm withdrawal rate or the daily purchase rate?

Do you have any accounts at this bank branch or do you know anyone there?

Have you been able to do this at multiple branches and even other banks?

Thanks for your time and info!

[Wavefloater]

This is a bit off-topic, but I want to deposit in Bangkok Bank's 10-month fixed term (3% pa). But there seems to be mixed experiences from the posters about Bangkok Bank . It would be great to hear from someone who has a fixed term deposit there to know what your experiences have been. I work here -- work permit, etc. so there shouldn't any hassle opening an account.

What I'd like to know is which Pattaya/Jomtien branch I should go to and has the bank been good to deal with for this kind of service? I'm fed up with SCB's bad customer service. That's where I currently have my money. SCB seems like a very farang-unfriendly bank.

[Pib]

This is a bit off-topic, but I want to deposit in Bangkok Bank's 10-month fixed term (3% pa). But there seems to be mixed experiences from the posters about Bangkok Bank . It would be great to hear from someone who has a fixed term deposit there to know what your experiences have been. I work here -- work permit, etc. so there shouldn't any hassle opening an account.

What I'd like to know is which Pattaya/Jomtien branch I should go to and has the bank been good to deal with for this kind of service? I'm fed up with SCB's bad customer service. That's where I currently have my money. SCB seems like a very farang-unfriendly bank.

I started doing the fixed account thing with Bangkok Bank in 2011....I've done a 11 month fixed account, 5 month fixed account, and right now have a 7 month fixed account. I use the Chaeng Wattana Branch in the same building at Bangkok Immigration for my fixed accounts. No problems at all.

When it's time to do my annual extension of retirement I go to the branch and in less than 10 minutes I have the letter to satisfy immigration that I have at least 800K baht in a Thai bank....charge for the bank letter is 100 baht---sure beats the trek to and much higher cost of getting a income letter from your embassy. Then I go in early January to the branch to get the 15% withholding tax document needed to file for a refund of the withholding tax...takes the branch about 3 minutes to issue the tax doc...and this tax doc has satisfied the local tax office which gives me the refund of tax withheld.

Yeap, no problems in using Bangkok Bank fixed accounts....or regular savings accounts....or ibanking...and I have accounts at three different branches. Sorry, can't help with Pattaya branch recommendations since I live in Bangkok. Good luck.

[Wavefloater]

This is a bit off-topic, but I want to deposit in Bangkok Bank's 10-month fixed term (3% pa). But there seems to be mixed experiences from the posters about Bangkok Bank . It would be great to hear from someone who has a fixed term deposit there to know what your experiences have been. I work here -- work permit, etc. so there shouldn't any hassle opening an account.

What I'd like to know is which Pattaya/Jomtien branch I should go to and has the bank been good to deal with for this kind of service? I'm fed up with SCB's bad customer service. That's where I currently have my money. SCB seems like a very farang-unfriendly bank.

I started doing the fixed account thing with Bangkok Bank in 2011....I've done a 11 month fixed account, 5 month fixed account, and right now have a 7 month fixed account. I use the Chaeng Wattana Branch in the same building at Bangkok Immigration for my fixed accounts. No problems at all.

When it's time to do my annual extension of retirement I go to the branch and in less than 10 minutes I have the letter to satisfy immigration that I have at least 800K baht in a Thai bank....charge for the bank letter is 100 baht---sure beats the trek to and much higher cost of getting a income letter from your embassy. Then I go in early January to the branch to get the 15% withholding tax document needed to file for a refund of the withholding tax...takes the branch about 3 minutes to issue the tax doc...and this tax doc has satisfied the local tax office which gives me the refund of tax withheld.

Yeap, no problems in using Bangkok Bank fixed accounts....or regular savings accounts....or ibanking...and I have accounts at three different branches. Sorry, can't help with Pattaya branch recommendations since I live in Bangkok. Good luck.

Thanks -- good to know.

Finding a Pattaya branch to deal with shouldn't be too difficult.