Geeeezzzz.

[magic]

For a while I have been attempting to simply wire transfer money from any one of my accounts in the U.S. (online brokerage, banks) to my Siam Commercial Bank account. I understood that I could just get the needed account numbers & routing numbers, then the magic would happen. But, this task has proven impossible because:

The banks in the U.S. require a "corresponding U.S. bank routing number" in order to do the transaction.

(Siam bank does not have one) Oh great..

So, my question for any Americans is, how do you transfer assetts to your Thai bank account?

The main reason for the transfer of funds is becuase I am charged $20 in America everytime I use the ATM here! complete ding-dongness I must say.

[lopburi3]

All you should have to do is tell your US bank the SWIFT code, name, account number and address. All banks have agreements and SWIFT provides the routing. A quick Google come up with "SICOTHBK" as the swift code but you can confirm this with a call to 02777-7777.

You US bank is lazy if they have not offered to look up the routing for you - it is not exactly classified information.

[Guest endure]

I notice that on a Bangkok Bank card that I have they giive both the SWIFT code and a Routing Number (FOR USA) as well.

[lopburi3]

Bangkok Bank has a US branch with an ABA number. Most Thai banks do not have that.

[Michael W]

I am charged $20 in America everytime I use the ATM here! complete ding-dongness I must say.

That's an insanely huge amount. If you don't mind me asking, what U.S. bank charges such a huge fee for using a foreign ATM? Just as a point of reference, when I used to live in the U.S. I kept my money in Bank of America, a bank fairly notorious for their various fees, and I don't remember ever getting hit for more that $3 for a few thousand baht Thai bank ATM withdrawal. Before The Big Move I moved all my U.S. money to Citibank specifically because they don't charge fees for using non-Citibank ATMs.

[sfokevin]

I used my Citibank ATM last week - no fee but the exchange rate they used was well below market so I calculated that it cost me $2.00US per ATM

Try Fidelity Brokerage. They have no fee for the first 5 ATM withdrawls/month and the exchange rate is right on with what is traded that day (No 1-2% cut taken)

Has anyone tried Citibanks online foreign wire transfer? Is it as smooth as they advertise?

What other US bank/Brokerage has online foreign wire transfer capabilities?

Edited April 19, 2006 by sfokevin

[Carmine6]

I used my Citibank ATM last week - no fee but the exchange rate they used was well below market so I calculated that it cost me $2.00US per ATM

Try Fidelity Brokerage. They have no fee for the first 5 ATM withdrawls/month and the exchange rate is right on with what is traded that day (No 1-2% cut taken)

Has anyone tried Citibanks online foreign wire transfer? Is it as smooth as they advertise?

What other US bank/Brokerage has online foreign wire transfer capabilities?

I've used Citibank's service and it's pretty easy. You click for a one time transaction passcode, which is mailed to the e-mail of record for security purposes. Then you use that to make the transfer.

You can also save the recipient data so you don't have to keep entering it. But they charge something like $30 and transfer at 99% of the exchange rate.

By the way, if you qualify for gold comission status with Fidelity, international wire transfers are free. They just go over at 99% of the exchange rate, which I think only a Bangkok Bank transfer can beat. The only thing is you have to walk into a Fidelity branch since there's no way to set up a standing authorization. Or at least no one I've asked knows of a way to set up a standing order, either over the phone or in a branch.

[Carmine6]

For a while I have been attempting to simply wire transfer money from any one of my accounts in the U.S. (online brokerage, banks) to my Siam Commercial Bank account. I understood that I could just get the needed account numbers & routing numbers, then the magic would happen. But, this task has proven impossible because:

The banks in the U.S. require a "corresponding U.S. bank routing number" in order to do the transaction.

(Siam bank does not have one) Oh great..

So, my question for any Americans is, how do you transfer assetts to your Thai bank account?

The main reason for the transfer of funds is becuase I am charged $20 in America everytime I use the ATM here! complete ding-dongness I must say.

I don't what banks you're using but you should switch. Neither WAMU nor Citibank asked for the correspondant U.S. bank routing number. They just needed the SWIFT code and worked from that.

Fidelity asks for the correspondant bank, but not the account number. Somehow I found the correspondant banks for Bangkok Bank on their website. In the US, they are Bangkok Bank - NY branch, JPMorgan Chase, and Bank of NY. Siam Commercial doesn't seem to make it that easy. Once in a while someone at Fidelity will ask for the correspondant account number as well, but I just tell them it's worked without it before.

The folks in NY can look this up. What are you paying the transfer fee for if not to for them to do some work?

Theoretically, the SWIFT code and the recipient account number should be enough to get the money where it's intended, but they ask for other information just to be sure it's going to the right place, and probably for money laundering reasons.

[Gary A]

Here are the codes I got from my Pattaya branch Siam Commercial Bank;

S.W.I.F.T CODE  SICOTHBK

 

TELEX NO. 20455 SIAMFX TH.

 

The Siam Commercial Bank Public Company Limited

 

For Pattaya Branch Of Account No. XXXXXXXXXXX

 

My name XXXXXXXXXXXXXXXX

 

9 Rachadapisek Rd. Bangkok 10900 Thailand

I use US Citibank for wire transfers. The amount wired has always been in the Siam bank the very next business day.

Citibank does free ATM transactions if you have a minimum of $6,000 US in your linked accounts. HOWEVER on April 7th they raised their foreign currency exchange rate from one percent to two percent! Bastards! The exchange rate for ATM transactions and wire transfers is exactly what this link shows. http://finance.yahoo.com/currency/convert?...from=USD&to=THB

[Gary A]

I should have added that the two percent foreign exchange rate is for ATM transactions only. The wire transfer fee is a flat $30 US regardless of the amount wired (In dollars NOT baht). The Siam Bank fee is less than 500 baht.

[otherstuff1957]

I can't help with the wire transfer fees, but, if you're looking for a cheaper ATM option, try moving your funds into a Credit Union or a small, local bank. I have my US money in a small bank that only has 3 or 4 branches. Obviously, they can't charge their customer's a fee for using other banks' ATMs, so my withdrawals are free, even in Thailand.

[barryofthailand]

Transfers are possible with SCB, but much easier with Krung Thai, or Bangkok Bank. The last two banks mention do not have to wait in que, and receive money transfers in 24 hrs. All other banks have to wait in que and takes about 6 or 7 days. I keep an account with both krung Thai and SCB.

Barry

[Michael W]

The exchange rate for ATM transactions and wire transfers is exactly what this link shows. http://finance.yahoo.com/currency/convert?...from=USD&to=THB

Hmm, I've always used Oanda as my reference: http://www.oanda.com/convert/classic?expr2...pr=THB&exch=USD which is slightly different -- as I guess all FX converters tend to be when you go to enough decimal places. Is the Yahoo one the more standard reference, then, or is there such a thing?

[Gary A]

I have never compared currency converters but since I use Yahoo for my home page I know what I'm going to get if I make a transaction that day.

The exchange rate for ATM transactions and wire transfers is exactly what this link shows. http://finance.yahoo.com/currency/convert?...from=USD&to=THB

Hmm, I've always used Oanda as my reference: http://www.oanda.com/convert/classic?expr2...pr=THB&exch=USD which is slightly different -- as I guess all FX converters tend to be when you go to enough decimal places. Is the Yahoo one the more standard reference, then, or is there such a thing?

[Michael W]

Some (near) real time data:

Just did a 12000 baht Bangkok Bank ATM withdrawal from my U.S. Citibank account. The highest posted (buy) rate at Bangkok Bank is currently 37.59 baht/US$. Checking just now my Citibank account online it converted 12000 baht to US$321.83 or 37.29 baht/US$ however it seems to be (since April 7) now accessing a 1 % "foreign fee" for non-Citibank ATM withdrawals. So that's an additional $3.22 or an effective Citibank rate of 36.92 baht/US$ which is about 98.2 % of what you could get for a straight cash exchange from Bangkok Bank. For comparison the current Yahoo rate is 37.765 and the current Oanda rate is 37.802.

[magic]

well my banks are:

California National Bank, First Federal Bank, & Ameritrade. They ALL want a corresponding US routing number which Siam will NOT give me. So my only alternative is to wait for a check to arrive to deposit in my account here. This truely sucks!

[lopburi3]

Did you tell them this was a "foreign wire transfer" and provide them the SWIFT code? Some of them may think "Bangkok" is a town in Nebraska and treating it as a domestic transfer.

The other factor may be lack of a wire transfer agreement as most banks will not do these without you signing an agreement first in there office. Once that is on file you can normally make transfers by the means they outline and using the password they give you. A see no reason other than lazy to be requesting anything of you other than the name/account number/SWIFT address (although they often will ask your and bank address just to be double sure).

[Gary A]

I do my Citibank wire transfers totally on-line. They send me an authorization code number via email and the money is in my Siam account the next day.

[Gary A]

I just went to the Citibank on-line site to see if I had read it right;

* Effective April 7, 2006, we will impose a charge equal to 2% on all foreign currency transactions except for transactions at a Citibank ATM, where the charge will remain at 1% of the transaction amount.

Some (near) real time data:

Just did a 12000 baht Bangkok Bank ATM withdrawal from my U.S. Citibank account. The highest posted (buy) rate at Bangkok Bank is currently 37.59 baht/US$. Checking just now my Citibank account online it converted 12000 baht to US$321.83 or 37.29 baht/US$ however it seems to be (since April 7) now accessing a 1 % "foreign fee" for non-Citibank ATM withdrawals. So that's an additional $3.22 or an effective Citibank rate of 36.92 baht/US$ which is about 98.2 % of what you could get for a straight cash exchange from Bangkok Bank. For comparison the current Yahoo rate is 37.765 and the current Oanda rate is 37.802.

[Michael W]

I just went to the Citibank on-line site to see if I had read it right;

* Effective April 7, 2006, we will impose a charge equal to 2% on all foreign currency transactions except for transactions at a Citibank ATM, where the charge will remain at 1% of the transaction amount.

Well, all I can tell you is what I'm seeing. I have a checking acct (from where I withdraw) linked to a money market acct which together require a minimum balance of, I think, $6k, so maybe they're giving me a better rate, or Bangkok Bank ATMs are treated special, or there's a glitch, or something. Anyway, here's a partial screen capture of my online activity statement so you can see for yourself (note they've yet to access a 'foreign fee' for my last withdrawal):

Edited April 20, 2006 by Michael W

[sfokevin]

Gary does the 1-2% fee apply to the wire transfers or just the ATM?

Does Citibank change it into Baht or does your Thai Bank?

In general how is the exchange rate for Citibank wire transfers?

Edited April 20, 2006 by sfokevin

[Carmine6]

well my banks are:

California National Bank, First Federal Bank, & Ameritrade. They ALL want a corresponding US routing number which Siam will NOT give me. So my only alternative is to wait for a check to arrive to deposit in my account here. This truely sucks!

These banks seem small enough that they may actually need this information, or at least think they do. Maybe Ameritrade with get their act together after the TD Waterhouse merger.

If you have to keep these accounts, just open another US account at a more internationally friendly bank. Then you can transfer money to that account and out to Thailand.

Edited April 20, 2006 by Carmine6

[Gary A]

You make the wire transfer in dollars so there is just the $30 flat fee. Siam Commercial Bank does the exchange to baht and that is a small charge. I don't know exactly what that fee is but it appears to be between 200 and 500 baht. I get the same exchange rate as what shows on Yahoo.

All the confusion on my part is how they handle the ATM transactions. I STILL don't know how they handle that. It looks like they are taking one percent off the top even though their web site now says two percent. My branch is in California. Maybe that makes a difference too???????? My bank statement doesn't show any charge for the ATM transaction but the exchange rate is not as good as a wire transfer.

Gary does the 1-2% fee apply to the wire transfers or just the ATM?

Does Citibank change it into Baht or does your Thai Bank?

In general how is the exchange rate for Citibank wire transfers?

[sfokevin]

My Citibank ATM is the same - I was in Bangkok last week; My Citibank statement shows no charge but the exchange rate is lower by 1-2%. My Citibank account is a basic account and I do not maintain high balances.

Has anyone done business or used the Citibank ATM at their office on Sathorn Rd?

Does anyone have a Thai Citibank savings/ATM account linked to a US Citibank account?

Seems like an ideal money transfer solution if the two accounts could be linked with no cost for transfers between accounts - has anyone done this?

Edited April 21, 2006 by sfokevin

[Kruang]

I use Bank of America for funds transfers from the the US to my Bangkok Bank account. These transfers can be initiated online and are handled as ACH transfers, not wire transfers. They take about 3 business days, but the charge is only $3 for up to $10,000 per transaction. Bangkok Bank converts to baht at the TT (telegraphic transfer) rate, which is about as good as you can get.

If anyone has a cheaper way to move funds from the US, I'd be glad to know about it.

[kudroz]

I use Bank of America for funds transfers from the the US to my Bangkok Bank account. These transfers can be initiated online and are handled as ACH transfers, not wire transfers. They take about 3 business days, but the charge is only $3 for up to $10,000 per transaction. Bangkok Bank converts to baht at the TT (telegraphic transfer) rate, which is about as good as you can get.

If anyone has a cheaper way to move funds from the US, I'd be glad to know about it.

If you send money by the SWIFT system, it's very costy ($20-$40) per transfer - but if you send the money using an ABA, then it usualy cost under $5.

The problem I am having with my bank is that I want to send thru the ABA system, but I don't know what information to put there since there is a "corresponding" bank that the transfer has to go thru (Bangkok Bank in NY then to Bangkok Bank here in Thailand).

My bank doesn't allow me to input a corresponding bank or anything of the like so I can't send the funds using the ABA routing method... and I have to pay for the SWIFT fees.

What is the information that you enter to initiate a transfer using the ABA method? Do you have to input a corresponding bank or more than 1 ABA number?

[Kruang]

The ABA routing number that I use for Bangkok Bank Public Co, Ltd. is 026008691.

I use Bank of America for funds transfers from the the US to my Bangkok Bank account. These transfers can be initiated online and are handled as ACH transfers, not wire transfers. They take about 3 business days, but the charge is only $3 for up to $10,000 per transaction. Bangkok Bank converts to baht at the TT (telegraphic transfer) rate, which is about as good as you can get.

If anyone has a cheaper way to move funds from the US, I'd be glad to know about it.

If you send money by the SWIFT system, it's very costy ($20-$40) per transfer - but if you send the money using an ABA, then it usualy cost under $5.

The problem I am having with my bank is that I want to send thru the ABA system, but I don't know what information to put there since there is a "corresponding" bank that the transfer has to go thru (Bangkok Bank in NY then to Bangkok Bank here in Thailand).

My bank doesn't allow me to input a corresponding bank or anything of the like so I can't send the funds using the ABA routing method... and I have to pay for the SWIFT fees.

What is the information that you enter to initiate a transfer using the ABA method? Do you have to input a corresponding bank or more than 1 ABA number?

[sfokevin]

So Kruang if I understand you correctly you can use your Bank of America Outside Bank transfer function... You enter the New York branch of Bangkok Bank ABA number along with your Thailand savings account number - Correct? The New York Bangkok Bank transfers your money to your Thailand account with no problem and additional fees other than the $3 charged by B of A? That seems way too easy and convenient for a Thai bank!!!

Edited April 23, 2006 by sfokevin

[gwkenny]

So my only alternative is to wait for a check to arrive to deposit in my account here. This truely sucks!

I don't view foreign (non-thai bank) checks as an alternative. If you are lucky, it'll take just over 30-days. If you're timing is bad, it'll be almost 60 days. Average, 45-days to clear.

You'll also get about the worst exchange rate over that period as well.

This includes cashier's checks. Foreign check clearing is still in the dark ages. That is if your bank will accept it. They really hate accepting foreign checks.

g-

[Kruang]

So Kruang if I understand you correctly you can use your Bank of America Outside Bank transfer function... You enter the New York branch of Bangkok Bank ABA number along with your Thailand savings account number - Correct? The New York Bangkok Bank transfers your money to your Thailand account with no problem and additional fees other than the $3 charged by B of A? That seems way too easy and convenient for a Thai bank!!!

Yes, you use the Outside the Bank transfer feature, and add an account for Bangkok Bank Public Co, Ltd. The Bank of America website has a database that includes Bangkok Bank, so just use the search feature. All you have to provide is the name on your account and the account number at Bangkok Bank. BofA will make a couple of trial micropayments that you will have to verify. Then you're up and running. The amount BofA will let you transfer (per transaction and per month) depends on your account.

There don't appear to be any charges from the Bangkok Bank end, but there could be small charges that don't appear on my statements.

By the way, I'm not sure whether Bank of America supports this feature for any other Thai banks. I checked for Siam Commercial Bank, and BofA didn't have them in their database.