PayPal to Thai banks? Specifically Krung Thai Bank?

[timmyp]

I am trying to send money from my PayPal account in the U.S. to my account at Krung Thai Bank. To do this, PayPal requires that I enter the routing number. The routing number is 9-digits, and it is not the same as the swift code. The swift code for Krung Thai Bank is

KRTHTHBK

but does anyone know the routing number? An internet search for the routing number gave me a routing number that doesn't work. It lists a branch of Krung Thai Bank in Los Angeles. That unusable number is

122042124

http://www.thaiseoboard.com/index.php?topic=160730.0;wap2

When I enter the above routing number, PayPal says that no such bank exists.

Does anyone know the routing number for Krung Thai Bank?

(Note that the routing number is for the bank, and doesn't matter which branch)

Has anyone been able to successfully send money from PayPal to Krung Thai Bank?

When I call the bank, I just get an automated answering maze, and never get connected to a human...

[monty]

More chance of getting an answer here!

I do not think you can send funds directly from a US paypal account to a Thai bank account.

Most likely you'll need to create a Thai paypal account, move funds from the US paypal to the Thai one and then transfer out.

A Thai paypal account has all the Thai banks included in a drop down menu when wanting to add a bank account to withdraw to.

[Pib]

Since KrungThai Bank has no banking operations in the U.S., they do not have a routing number used for banks in the U.S. Among Thai banks, only Bangkok Bank has U.S. operations and a routing number as far as I know. I have Bangkok Bank linked as one of my banks in my PayPal profile.

[timmyp]

I believe PayPal in the U.S. can wire money to a Thai Bank. People on this website have stated that they have had success with it. It sounds like Pib has had success as well?

I don't believe there is a PayPal-Thailand, like there are for other countries. In Japan, Japanese banks will not allow money to be sent from PayPal-U.S. to a Japanese bank, but they do allow it from a PayPal-Japan account, which is technically a separate company from PayPal-U.S. (so separate that money cannot be sent from PayPal-U.S. to PayPal-Japan). But this is not the case for Thailand.

[timmyp]

I made some progress here myself, and want to post the info for anyone who might be having similar trouble.

I found out that in order to send money from a U.S. PayPal account to Krung Thai Bank, the money needs to be sent via New York Bank of Mellon, with whom Krung Thai has a service agreement.

Info on that service agreement is here

http://www.thefreelibrary.com/The+Bank+of+New+York+Expands+Global+Payment+and+Trade+Servicing...-a0138668374

and here

http://www.adrbnymellon.com/dr_profile.jsp?cusip=501102107

Therefore, a routing number for New York Bank of Mellon has to be used, which is

021000018

I am sending a payment from my PayPal account, and it will take 3-4 days to clear. I'll post the results when I get them.

[monty]

Keep us updated, first I ever hear this would be possible.

But there definitely is a Thai version of Paypal, I attached for example screenshots of the "add bank" part in the Thai paypal version.

[timmyp]

Hey, you're right, thanks for the correction... I did a quick search for it, couldn't find it, and just assumed there wasn't one.

[Pib]

I made some progress here myself, and want to post the info for anyone who might be having similar trouble.

I found out that in order to send money from a U.S. PayPal account to Krung Thai Bank, the money needs to be sent via New York Bank of Mellon, with whom Krung Thai has a service agreement.

Info on that service agreement is here

http://www.thefreelibrary.com/The+Bank+of+New+York+Expands+Global+Payment+and+Trade+Servicing...-a0138668374

and here

http://www.adrbnymellon.com/dr_profile.jsp?cusip=501102107

Therefore, a routing number for New York Bank of Mellon has to be used, which is

021000018

I am sending a payment from my PayPal account, and it will take 3-4 days to clear. I'll post the results when I get them.

Be interesting to hear what fee New York Bank of Mellon applies as I wouldn't be surprised if they don't charge an intermediary bank fee. But maybe they won't. How much ends up in your KTB account of what ever total amount you send will help tell the story. I expect KTB will charge the customary Thai bank fee for receiving/converting funds of 0.25% (200 baht min, 500 baht max)...and any other missing money would be any Bank of Mellon fee and any PayPal currency conversion fee.

Edited July 2, 2013 by Pib

[racyrick]

Keep us updated, first I ever hear this would be possible.

But there definitely is a Thai version of Paypal, I attached for example screenshots of the "add bank" part in the Thai paypal version.

PPthai1.png

PPthai2.png

What is the web address to get the Thai banks?

Is it just paypal.com and you enter Thai address?

Thanks

[monty]

Keep us updated, first I ever hear this would be possible.

But there definitely is a Thai version of Paypal, I attached for example screenshots of the "add bank" part in the Thai paypal version.

PPthai1.png

PPthai2.png

What is the web address to get the Thai banks?

Is it just paypal.com and you enter Thai address?

Thanks

No specific URL to go to Thai Paypal.

When you register a Paypal account, they ask you location/address (and preferred language. either Thai or English), if you choose Thailand and give a Thai address, you automatically will always end up in the Thai version of Paypal after you log on.

When you have a Thai Paypal, and you go to "profile" and choose "link or add bank account", then you will only get Thai banks you can choose out.

Remember, Paypal has a rather complex fraud prevention mechanism, so it's possible that trying to register a Thai Paypal while not actually being in Thailand might get blocked.

I registered mine in Thailand, linked a Thai ATM card and a Thai bank account, and have had no problem logging in and using it while abroad.

[racyrick]

Keep us updated, first I ever hear this would be possible.

But there definitely is a Thai version of Paypal, I attached for example screenshots of the "add bank" part in the Thai paypal version.

PPthai1.png

PPthai2.png

What is the web address to get the Thai banks?

Is it just paypal.com and you enter Thai address?

Thanks

No specific URL to go to Thai Paypal.

When you register a Paypal account, they ask you location/address (and preferred language. either Thai or English), if you choose Thailand and give a Thai address, you automatically will always end up in the Thai version of Paypal after you log on.

When you have a Thai Paypal, and you go to "profile" and choose "link or add bank account", then you will only get Thai banks you can choose out.

Remember, Paypal has a rather complex fraud prevention mechanism, so it's possible that trying to register a Thai Paypal while not actually being in Thailand might get blocked.

I registered mine in Thailand, linked a Thai ATM card and a Thai bank account, and have had no problem logging in and using it while abroad.

Thank you for the info.

I live in Thailand, so should not be a problem

[timmyp]

Here's the latest on my attempt to send money from my U.S. PayPal account to Krung Thai Bank.

The transfer didn't work. Krung Thai Bank has an agreement with New York Bank of Melon, so I had to enter the routing number for the New York Bank of Melon. For the account number, I entered my account number at Krung Thai Bank. The transfer was rejected 5 days later with the reason, "The New York Bank of Melon does not recognize that account number."

I'm going to Krung Thai Bank today to see if I can straighten out the problem. I'll post my progress later.

[timmyp]

So, my attempt to transfer money from my PayPal-US account failed. When adding a new bank account to a PayPal account, PayPal sends 2 tiny trial money transfers into that account, just a few pennies. After those tiny transfers arrive, you have to tell PayPal the amounts of the tiny transfer ($0.02 and $0.06, or whatever the amounts are). Once those amounts are confirmed, then that bank account gets added to your PayPal account.

So, to recap here, in order to send money from an account in the U.S. to Krung Thai Bank, it must be sent via New York Bank of Melon, with whom Krung Thai Bank has a business agreement with.

My transfer from PayPal to NY Bank of Melon started out fine, but the tiny trial transfers never made it to my account at Krung Thai, so PayPal said, "sorry, New York Bank of Melon doesn't recognize that account number," because it's actually an account number at Krung Thai Bank.

So, back to square one. In my hunt, I found this very handy posting about someone sending money via PayPal:

http://www.thaivisa.com/forum/topic/311138-paypal-and-thai-bank-accounts/

Basically, just as monty said above, you gotta have a Thai-PayPal account. Follow the directions from the link pasted above, and you can set up a Thai-PayPal account and still keep any other PayPal account open.

Of course, if you have already have a PayPal account linked to your email address, you'll have to create a new email address to get a Thai-PayPal account.

As of now, I created a new Thai-PayPal account, then I sent some funds from my US-PayPal account to that new Thai-PayPal account. I am currently trying to transfer money from my Thai-PayPal account to my bank account at Krung Thai Bank. Thai-PayPal says that it will take about 5 days to process everything, after which I'll post the results.

In going from US-PayPal -->Thai-PayPal --> Thai bank, the currency conversion is going to cost you, as Pib pointed out. That's one of the spots PayPal makes its money.

I might be to have my clients pay me in baht instead of whatever currency....

[SlideRiceFC]

It typically takes 7 days (guess 5 working days) for my money from my Thai Paypal account to hit my KTB account. I think Paysbuy also let's you send/receive funds from Paypal so that would have been another possibility for getting your money from your US account to Thailand. But since you've already set up a Thai Paypal account I guess that would be a more complicated/costly method. But it is fairly simple to set up if you just want a backup method and also has the added advantage of letting you fund the account and receive funds from most of the major banks in Thailand as well as counter service at 7-11 and Tesco.

[timmyp]

Total joy and good news. I was able to successfully link my bank account at Krung Thai Bank with my Thai-PayPal account. Thai-PayPal sends a couple of tiny trial transfers, which went through after 5 days (kinda slow, but it worked!). I am now transferring a larger sum of money. It appears that transferring an amount in U.S. dollars from my Thai-PayPal account to my Krung Thai Bank account doesn't cost anything to convert to baht, and just uses PayPal's exchange rate for the day. This is nice, because generally when converting between currencies within a PayPal account, it costs a rather high conversion fee.

[wooloomooloo]

It appears that transferring an amount in U.S. dollars from my Thai-PayPal account to my Krung Thai Bank account doesn't cost anything to convert to baht, and just uses PayPal's exchange rate for the day. This is nice, because generally when converting between currencies within a PayPal account, it costs a rather high conversion fee.

PayPal make their money on the f/x rate so there's certainly a cost.

I transfer money from my UK PayPal account to my mother-in-law's PayPal account in LOS every month then withdraw funds to her account. For the convenience and the moderate amounts involved, I'll stick with PayPal.

[eriksen]

Hey, you're right, thanks for the correction... I did a quick search for it, couldn't find it, and just assumed there wasn't one.

Assume things in LOS? really?

[Rv Hawee]

Make a Paypal US to paypal thai transfert then thai paypal to your thai bank.

I alredy did it from France and it works. As I don't have card attached to my french bank account i needed for the first time to aurthorise the wire by a form then the staff at the bank authorized it. It take longer time, almost 12 days ( include weekend), the transfert rate was a little less than bank to bank but it worked.

I compared with the older transfert from french bank to thai bank. 3 time slower but a little less expensive for the fee. I think it's worth it.