international wire transfer new rules for US Citizens

[Nowhereman60]

Friday evening I called my bank in the US to transfer my month pensions to my Bangkok Bank account. I have been doing this for years each month, but things seems to change alot this month. There are new rules but my banks never explain it to me I just found it on the net here http://www.icba.org/files/ICBASites/PDFs/SummaryRegEFinalRemittanceTransferRules.pdf

well my bank asking me questions about my history with the bank, including what accounts I have, what monies go into these accounts, how long have I been banking with them. So after all this interrogation I gave the information for the transfer. When it came to the Swift Code BKKBTHBK I was told no such swift code in there system and they could not do the transfer. They said everything changes recently and to call Bangkok Bank. Well I called and of course they knew of no change in the Swift Code. So I did some research and found a site the breaks down the swift code for all Bangkok Bank located outside of Thailand. It showed the swift code for Bangkok Bank Silom Road as BKKBTHBKXXX. The three X meaning branch office which in Bangkok Bank case is none so the XXX. Well, I called my bank back and it worked. Now tomorrow I should receive my money. Keep you updated. My bank the US also increase the transfer fee from $20 to $30 and had to inform me that they are not responsible if I give them wrong information my transfer fee would not be returned.

This is just to inform you of the crap I went through and wonder if anyone else had this problem lately.

[Pib]

Why do you use the pricy SWIFT method compared to the much cheaper ACH method? Why not use ACH transfer method which is free or low cost at many U.S. banks. I got several U.S bank accounts and all but one provide "free" ACH transfer with the exception of one which charges $3 fee. Now if I use those same banks to initiate a SWIFT transfer (which they will gladly do due to the higher fee they charge) then I'm talking a $25 and up fee. Plus if you use the ACH method to transfer to your Bangkok Bank account via the Bangkok Bank New York branch (i.e, using the NY branch ACH routing number) then its classified as a domestic vs international transfer. See this Bangkok Bank webpage for more info.

[yankee99]

$30 is a very good price for a international wire from the usa.

[camble]

I transfer ACH to Bangkok Bank. They charge $10 USD plus a percentage not to exceed 500 baht. Takes 3 business days.

[Nowhereman60]

I just establish an account to use the ACH with my bank, they will send two despoits of 50 cent each, I must verify the amount when it is deposited into my Bangkok Bank account. Hope it works. Thanks for advise.

[Pib]

I transfer ACH to Bangkok Bank. They charge $10 USD plus a percentage not to exceed 500 baht. Takes 3 business days.

Yeap, when flowing through the NY branch they slice off a $10 fee for amounts $2000.01 to $50K (mostly $5 for amounts $2K and less) and the local branch charges 0.25% (Bt200min, Bt500max). That local fee even gets charged on SWIFT transfers unless telling your sending bank to have any such fees charged back to your sending account...but when the dust settles you still got charged the fee. I haven't done an ACH transfer for a couple of years since I've been using my no foreign transaction fee debit cards but before the ACH transfer usually took 2 to 3 business days to post to my Bangkok Bank account...got a couple in less than 48 hours...plenty fast enough for me and without the pricy SWIFT fee.

[Gonsalviz]

I transfer ACH to Bangkok Bank. They charge $10 USD plus a percentage not to exceed 500 baht. Takes 3 business days.

I transfer using a Swift code for $25 fom my bank and Kasikorn charges me 500 Baht. I call in the evening and it is posted to my account the next morning.

Edited November 3, 2013 by Gonsalviz

[moradave]

Coming soon to all US banks? JP Morgan Chase bank is banning all international wire transfers and some ACH transfers for both small and some large businesses:

http://www.infowars.com/chase-bank-limits-cash-withdrawals-bans-international-wire-transfers/

Edited November 3, 2013 by moradave

[yankee99]

Coming soon to all US banks? Chase bank is banning all international wire transfers and some ACH transfers for small businesses:

http://www.infowars.com/chase-bank-limits-cash-withdrawals-bans-international-wire-transfers/

a bunch of BS ^^^^^ some always want to make a fire when there is none.

http://www.forbes.com/sites/halahtouryalai/2013/10/17/no-jpm-isnt-banning-international-wire-transfers-no-limits-on-withdrawals-either/

http://www.foxbusiness.com/government/2013/10/17/jpmorgan-chase-denies-new-capital-controls-on-accounts/

Edited November 3, 2013 by yankee99

[ericthai]

Coming soon to all US banks? JP Morgan Chase bank is banning all international wire transfers and some ACH transfers for both small and some large businesses:

http://www.infowars.com/chase-bank-limits-cash-withdrawals-bans-international-wire-transfers/

I don't believe this at all. How are business suppose to conduct international business if they cant wire transfer. Maybe JP doesn't want to do it, but all banks no way. Also,it's an easy money maker for the bank so why stop. Banks are in business to make money which they do by imposing fees, lending and investments.

I inforwars but I dont believe everything he posts.

[dorayme]

I have been sending monies to Thailand using the Bangkok Branch in New York and haven't had problems. It seems to be easier, cheaper and quicker.

http://www.bangkokbank.com/BangkokBank/BusinessBanking/BusinessSolution/TransferingFunds/ReceivingFunds/Pages/ReceivingFundsfromUSA.aspx

[Pib]

Coming soon to all US banks? Chase bank is banning all international wire transfers and some ACH transfers for small businesses:

http://www.infowars.com/chase-bank-limits-cash-withdrawals-bans-international-wire-transfers/

a bunch of BS ^^^^^ some always want to make a fire when there is none.

http://www.forbes.com/sites/halahtouryalai/2013/10/17/no-jpm-isnt-banning-international-wire-transfers-no-limits-on-withdrawals-either/

http://www.foxbusiness.com/government/2013/10/17/jpmorgan-chase-denies-new-capital-controls-on-accounts/

Agree with you analysis...but it also seems its a way for some banks just to hike some fees or get customers to move into more profitable accounts. Some financial companies/banks seem to be going done of the road of slowly implementing/raising fees for many things....kinda like how the airlines have went over the last 5 years....will be putting a dollar into the airplane bathroom before long...I think I'll just take a pee in the gallery area instead and then say Thai taxi drivers pee anywhere they want to so why can't I.

[pmarlin]

BOA made the change last month. When I made my transfer last month on-line I had to pick the reason for the transfer, Like Business, family living expenses or from several other options. It was just one more step to make the transfer.

[Suradit69]

I have been sending monies to Thailand using the Bangkok Branch in New York and haven't had problems. It seems to be easier, cheaper and quicker.

http://www.bangkokbank.com/BangkokBank/BusinessBanking/BusinessSolution/TransferingFunds/ReceivingFunds/Pages/ReceivingFundsfromUSA.aspx

Yes. No problem. My broker charges $0 since Bangkok Bank's NY branch makes it a domestic transfer to a bank in the US. Bangkok Bank in the US deducts $5 or $10 and in Thailand Baht 200. No new rules.

The stuff about Chase Bank is just them wanting to drop accounts that don't generate enough in fees for them. No one is banning international transfers, they just want you to pay more for services.

[55Jay]

Coming soon to all US banks? JP Morgan Chase bank is banning all international wire transfers and some ACH transfers for both small and some large businesses:

http://www.infowars.com/chase-bank-limits-cash-withdrawals-bans-international-wire-transfers/

Oh god, not again.....

[wimpy]

How does the exchange rate compare to using a no foreign transaction fee debit card at an Aeon ATM?

[55Jay]

I just establish an account to use the ACH with my bank, they will send two despoits of 50 cent each, I must verify the amount when it is deposited into my Bangkok Bank account. Hope it works. Thanks for advise.

For a routine, monthly US pension, check out the Charles Schwab Bank checking account and their no fee ATM/Debit card. There are a few other options mentioned on this banking/finance thread as well.

If it works for your situation, and you are able to open one of these, DDS your pension into above account. It's available immediately, no on-line transfers or phone calls, no waiting for the ACH or wire to show up (weekends/bank holidays ), and you avoid middle man transfer fees entirely.

Schwab limits (my) ATM pulls to $1,000/day, so as we normally burn through about 60k Baht/mo, two visits to AEON ATM usually does the trick.

[55Jay]

Pib, I can hear you banging away on your keyboard all the way up here in Korat!

Cheers, mate.

J

[Nowhereman60]

I can report my international wire transfer did arrive this morning. So using that extra three X;s in the swift code worked if anyone else runs into this same problem in the future.

[Pib]

How does the exchange rate compare to using a no foreign transaction fee debit card at an Aeon ATM?

When you say "how does the exchange rate compare...", what rate are you referring to? The TT Buying Rate used for incoming wire transfers, a debit card with foreign transaction fees, etc? Unclear on what you want to compare to a no foreign fee transaction debit card at an AEON ATM?

But I will say at this time, the exchange rate given by an AEON ATM or Thai bank ATM is the Visa/MasterCard exchange rate unless you allow a Thai bank ATM to offer your their DCC rate and you accept. As far as I know AEON don't attempt the DCC ripoff. So, the basic/core ATM exchange rate is the Visa/MasterCard exchange rate and then you must substrate any percentage and/or flat fees your "card-issuing" bank (not Visa/MasterCard) may have attached to the card which effectively lowers you exchange rate. That's the card-issuing bank effectively lowering the exchange through its fee; not Visa/MasterCard. Oh yea, Visa/MasterCard may applies a 0.15 to 1% currency fee but it all depends on your "card issuing" if they pass that fee along to you or absorb it. For a card to be a no foreign transaction fee card the card-issuing bank must absorb the Visa/MasterCard fee and also not apply any fees of its own like the Schwab debit card that is frequently mentioned. And in closing the TT Buying Rate and Visa/MasterCard exchange rates are always pretty close to each other...say plus or minus 0.25 stang usually except when the Forex market is volatile as the TT Buying Rate will change numerous times during the day but the Visa/MasterCard rates are set once for a whole day/24 hr..usually linked to a U.S. East Coast time.

[wimpy]

I was wondering how the rate you get using BB's ACH transfer compares with "a no foreign transaction fee debit card at an Aeon ATM" - such as a Schwab debit card.

[Pib]

I was wondering how the rate you get using BB's ACH transfer compares with "a no foreign transaction fee debit card at an Aeon ATM" - such as a Schwab debit card.

Usually plus or minus a few stang...sometime the TT Buying Rate is a little better...sometimes the card rate is a little better...depends on the Forex market. But with an ACH transfer you will have some fees and a day to three wait for the funds to arrive; with a no fee debit card you get the funds immediately in hand with no fees. But if you need BIG money since debit cards are usually limited to around $1000 per day unless you can do a counter withdrawal for a higher amount (depends on the card-issuing bank), then a person needs to use ACH.

[wimpy]

I have a $2000 limit on the card. With Aeon's new limit of 20,000 baht per transaction, I have to do three transactions to reach my limit. Invariably, fearing fraud, Visa blocks my card and I have to call to get it working again. A real pain. Sounds like the ACH transfer might be worth the fees. Thank you for the info.

[Pib]

I have a $2000 limit on the card. With Aeon's new limit of 20,000 baht per transaction, I have to do three transactions to reach my limit. Invariably, fearing fraud, Visa blocks my card and I have to call to get it working again. A real pain. Sounds like the ACH transfer might be worth the fees. Thank you for the info.

Many of Visa/MasterCard's fraud flags are determined by the card-issuing bank. I found this out when calling Visa due a call I will talk more about below...the Visa rep said they have around 758 possible flags which can be used to determine fraudulent transactions with many flag determined/picked by the card-issuing bank depending on the bank's policies/restrictions on a card/account.

A couple months ago when using my Schwab card in AEON ATM the card initially rejected saying I needed to contact my bank...I reinserted the card, it worked this time, and withdrew Bt20K...and then I immediately reinserted it again and withdrew Bt11K which got me real close to my $1000 daily limit. When I got home a voicemail had been left for me from Visa concerned about some transactions...I called them, told them it was indeed me and how that first transaction had rejected but the other two worked OK...and they said a flag in their system had caused the rejection and I should call my card issuing bank (Schwab) to tell them I'm in Thailand but Visa would remove the flag--what they didn't say is it was a temporary removal. I had been using my Schwab card "for years" in Thailand with no card rejections. Well, I didn't call Schwab, used the card one or two more times over the next week with no problems and then the card rejected and it continued to reject when reinserting...the ATM display said I needed to call my card issuing bank. I did call Schwab, told them I'm indeed in Thailand...will be for an undetermined period, they said OK and said they would have Visa remove the flag on me...sounded like a "long term" flag removal...time will tell. Card been working fine for a month or two now after 4 to 6 more withdrawals I estimate...as mentioned, time will tell if the flag was indeed removed for a long term period or maybe just removed period.

So, call your card-issuing bank, tell them you are working/assigned/living in Thailand for X-period and hopefully the bank will have the Visa/MasterCard flag removed on you. Depends on your bank on what and how they implement/enforce their policy on foreign ATM withdrawals....the banks have different policies regarding foreign withdrawals. Good luck.

[fletchsmile]

Sounds like all the hassles are on the US end with your bank there struggling to cope with new changes in the US, plus the person you spoke to generally not knowing what they were doing. You gave an incomplete SWIFT code to your US bank, and the person you gave it to has little clue about how SWIFT messages work - otherwise they would have either spotted it was incomplete or just looked up the code for you.

The person you called at Bangkok Bank is quite correct. There has been no change in the BBL SWIFT code. It has been BKKBTHBKXXX for as long as anyone cares to remember

Cheers

Fletch

[kurtmartens]

BOA made the change last month. When I made my transfer last month on-line I had to pick the reason for the transfer, Like Business, family living expenses or from several other options. It was just one more step to make the transfer.

I transfer money a few times a month from my BofA account. Either via ACH to BKK Bank or SWIFT to Kbank. Never had an issue, was this reason? What type of account do you have? Am curious if certain levels of accounts are getting different service.

[Nowhereman60]

Sounds like all the hassles are on the US end with your bank there struggling to cope with new changes in the US, plus the person you spoke to generally not knowing what they were doing. You gave an incomplete SWIFT code to your US bank, and the person you gave it to has little clue about how SWIFT messages work - otherwise they would have either spotted it was incomplete or just looked up the code for you.

The person you called at Bangkok Bank is quite correct. There has been no change in the BBL SWIFT code. It has been BKKBTHBKXXX for as long as anyone cares to remember

Cheers

Fletch

I gave the same Swift code I have gave them every month for three years. This is also the one on their web site BKKBTHB. So please don't give me this crap like you are a know it all. Something changed I don't know what, Maybe their system changed to accept more digits so I needed the XXX but don't tell me it's always been that way. That Bullshit.

[papersource]

My wire transfer from the USA was just DENIED to to new regulations.

I have regularly been requesting wire transfers by fax for the last 9 years from my USA bank to my account at SCB. Never had a problem before this.

Now the bank is telling me that the new regulations prohibit wire transfer requests by fax or phone. All wire transfers from personal accounts must originate in a USA branch so that the consumer can sign forms that they have been informed of the fees involved. ($25)!

So, I have to spend thousands of dollars to flyback, rent a car, hotels etc. so that I can sign a form that says I agree to pay $25!!

I need to find out about ACH transfers and didn't know that they could be sent to Thai bank.

Regulation overreach by a total police state!

[yankee99]

Sounds like all the hassles are on the US end with your bank there struggling to cope with new changes in the US, plus the person you spoke to generally not knowing what they were doing. You gave an incomplete SWIFT code to your US bank, and the person you gave it to has little clue about how SWIFT messages work - otherwise they would have either spotted it was incomplete or just looked up the code for you.

The person you called at Bangkok Bank is quite correct. There has been no change in the BBL SWIFT code. It has been BKKBTHBKXXX for as long as anyone cares to remember

Cheers

Fletch

I gave the same Swift code I have gave them every month for three years. This is also the one on their web site BKKBTHB. So please don't give me this crap like you are a know it all. Something changed I don't know what, Maybe their system changed to accept more digits so I needed the XXX but don't tell me it's always been that way. That Bullshit.

Woke up on the wrong side of the bed i guess.....

[pmarlin]

BOA made the change last month. When I made my transfer last month on-line I had to pick the reason for the transfer, Like Business, family living expenses or from several other options. It was just one more step to make the transfer.

I transfer money a few times a month from my BofA account. Either via ACH to BKK Bank or SWIFT to Kbank. Never had an issue, was this reason? What type of account do you have? Am curious if certain levels of accounts are getting different service.

To me it isn't an issue just another block to check when making the transfer. For a fact like it better because now the Bank gives you a detail receipt showing all fees and cost and the actual amount that will be credited to you transfer account. This started on 1 Oct 13 so I'm sure it was some new banking requirement. Other than providing the reason for the transfer it was normal.