Location of bank account

[Diplomatico]

Thanks very much to everyone for the insight....I received many more responses than I had expected. I'll take the suggestions to solicit the CM posters next with their recommendations. I like the BB New York branch transfer idea; seems like that would save considerably on transfer fees.

(One thing I've learned from this first post - disable the email notification of thread replies on my TV settings, lol.)

[55Jay]

Since you are cominng from the US, and the CIA is tracking foreign money transfers:

http://www.moneynews.com/Economy/CIA-money-transfers-NSA/2013/11/15/id/536880?ns_mail_uid=14623213&ns_mail_job=1546313_11162013&promo_code=159E3-1

you may want to consider getting an account with Bangkok Bank (BB). They have a New York branch that accepts deposits through the US ACH system and then gets the funds converted from dollars and deposited to your Thailand account without a foreign money transfer. You can also set up a direct deposit account with BB for receiving things like Social Security payments that require confirmation that you are still alive before you get access to the money. The direct deposit accounts require special set up and have withdrawal restrictions.

Checking accounts do exist with BB but you do not want one. No one takes personal checks in Thailand. Checks are used primarily for business to business payments.

.

Edited November 17, 2013 by 55Jay

[KittenKong]

I like the BB New York branch transfer idea; seems like that would save considerably on transfer fees.

They have the same system for transfers from the UK. When I looked at it more closely I discovered that their charge was exactly the same as having my own UK bank do the transfer (GBP20 at the UK end and 500B here).

US transfers may be different though.

[Pib]

I like the BB New York branch transfer idea; seems like that would save considerably on transfer fees.

They have the same system for transfers from the UK. When I looked at it more closely I discovered that their charge was exactly the same as having my own UK bank do the transfer (GBP20 at the UK end and 500B here).

US transfers may be different though.

Yea, in the U.S. the Automated Clearing House (ACH) transfer system is used for the bulk of funds transfers....it's usually cheap to free to use via your bank's internet banking system...but it all depends on how evil/fee hungry your bank is as to what fee they may apply. All of my U.S. banks provide free ACH transfer capability on their internet banking system with the exception of a Bank of America account I still have....BoA charges $3 for a 3 business day transfer. But there are some banks that don't even offer the online ACH transfer capability and only offer the pricey SWIFT transfer method...or these banks do use ACH but require you to come to a branch to initiate a transfer where they hit you with a healthy fee--these are the really, really fee hungry (evil) banks. Some banks are just fee hungry in certain product/service areas where they shouldn't be.

[wileycoyote]

Good helpful Posting

[jcnbkk]

Since you are cominng from the US, and the CIA is tracking foreign money transfers:

http://www.moneynews.com/Economy/CIA-money-transfers-NSA/2013/11/15/id/536880?ns_mail_uid=14623213&ns_mail_job=1546313_11162013&promo_code=159E3-1

you may want to consider getting an account with Bangkok Bank (BB). They have a New York branch that accepts deposits through the US ACH system and then gets the funds converted from dollars and deposited to your Thailand account without a foreign money transfer. You can also set up a direct deposit account with BB for receiving things like Social Security payments that require confirmation that you are still alive before you get access to the money. The direct deposit accounts require special set up and have withdrawal restrictions.

Checking accounts do exist with BB but you do not want one. No one takes personal checks in Thailand. Checks are used primarily for business to business payments.

Good advise. I have a BB savings account in Bangkok, and using the account # and the routing # of the BB New York Branch I have set up where I can do ACH transfers from my US bank account to my BB account for $3 a transfer. Takes about 3 days. And open your Thai account in the place you are staying.

[wayned]

In order to have your SSA payments directly deposited correctly into Bangkok Bank you need to set up a special foreign deposit account. Bangkok Bank is the only bank in Thailand authorized by the US government to receive the payments. The account must be in your name only and it cannot have ATM or Internet Banking privileges and you have to withdraw the funds at the bank in person. When I first had my SSA funds deposited I did it to a normal joint account and when the money arrived in NEW York the Bank put a hold on the funds, called me and I had to set up the special account. I went to the local branch and they had to call Bangkok to see what was required as they didn't have a clue.

I set up my account 8 years ago and the funds have arrived on or before the third of every month. New York charges $5 and when the funds are converted to baht in Bangkok they charge 200 baht. The total transaction costs you about $11.50 at the current exchange rate. I have SMS set up on the account and when the funds are available I get a message. If you want to talk to an English speaking representative in the department in BKB in Bangkok send me a PM and I will send you the phone number since I can't post it here. You can transfer funds to any account except than those from the US Government which require that you set up the special account.

Here's the routing info to have funds transferred directly into your account in Thailand through the NY Branch:

To transfer fund from USA, please be informed that SWIFT code needed is of Bangkok Bank in Thailand. The SWIFT code of Bangkok Bank in Thailand is BKKBTHBK, along with the 10-digit of account number and account name.

The routing number of Bangkok Bank New York is:

026008691 and ABA number is: ABA#0869CHIPSUID006475.

[khwaibah]

In order to have your SSA payments directly deposited correctly into Bangkok Bank you need to set up a special foreign deposit account. Bangkok Bank is the only bank in Thailand authorized by the US government to receive the payments. The account must be in your name only and it cannot have ATM or Internet Banking privileges and you have to withdraw the funds at the bank in person. When I first had my SSA funds deposited I did it to a normal joint account and when the money arrived in NEW York the Bank put a hold on the funds, called me and I had to set up the special account. I went to the local branch and they had to call Bangkok to see what was required as they didn't have a clue.

I set up my account 8 years ago and the funds have arrived on or before the third of every month. New York charges $5 and when the funds are converted to baht in Bangkok they charge 200 baht. The total transaction costs you about $11.50 at the current exchange rate. I have SMS set up on the account and when the funds are available I get a message. If you want to talk to an English speaking representative in the department in BKB in Bangkok send me a PM and I will send you the phone number since I can't post it here. You can transfer funds to any account except than those from the US Government which require that you set up the special account.

Here's the routing info to have funds transferred directly into your account in Thailand through the NY Branch:

To transfer fund from USA, please be informed that SWIFT code needed is of Bangkok Bank in Thailand. The SWIFT code of Bangkok Bank in Thailand is BKKBTHBK, along with the 10-digit of account number and account name.

The routing number of Bangkok Bank New York is:

026008691 and ABA number is: ABA#0869CHIPSUID006475.

The Bangkok Bank plaque and entrance is located under the American flag to the left of the Charging Bull. Photos taken 3-1-13.

[Langsuan Man]

In order to have your SSA payments directly deposited correctly into Bangkok Bank you need to set up a special foreign deposit account. Bangkok Bank is the only bank in Thailand authorized by the US government to receive the payments. The account must be in your name only and it cannot have ATM or Internet Banking privileges and you have to withdraw the funds at the bank in person. When I first had my SSA funds deposited I did it to a normal joint account and when the money arrived in NEW York the Bank put a hold on the funds, called me and I had to set up the special account. I went to the local branch and they had to call Bangkok to see what was required as they didn't have a clue.

I set up my account 8 years ago and the funds have arrived on or before the third of every month. New York charges $5 and when the funds are converted to baht in Bangkok they charge 200 baht. The total transaction costs you about $11.50 at the current exchange rate. I have SMS set up on the account and when the funds are available I get a message. If you want to talk to an English speaking representative in the department in BKB in Bangkok send me a PM and I will send you the phone number since I can't post it here. You can transfer funds to any account except than those from the US Government which require that you set up the special account.

Here's the routing info to have funds transferred directly into your account in Thailand through the NY Branch:

To transfer fund from USA, please be informed that SWIFT code needed is of Bangkok Bank in Thailand. The SWIFT code of Bangkok Bank in Thailand is BKKBTHBK, along with the 10-digit of account number and account name.

The routing number of Bangkok Bank New York is:

026008691 and ABA number is: ABA#0869CHIPSUID006475.

Sorry but this is a pretty convoluted way to do it. If you have a US Bank account have the Social Security direct deposited to that account and then have that account automatically EFTS the funds to your Bangkok Bank Account using the BB New York Branch routing number and your Thai Bangkok Bank account number. That way you will not have to deal with going in person to receive your Social Security money in person at Bangkok Bank per their instructions here:

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

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.

[wayned]

That works if you have a US bank account. I was just stating what was required if you don't and you want to have your funds directly deposited in your Bangkok Bank account. I don't have a US bank account and have the funds directly deposited via the info above. Don't go into why I should have a US Bank account as this has been discussed to the extreme in other threads.

[Langsuan Man]

That works if you have a US bank account. I was just stating what was required if you don't and you want to have your funds directly deposited in your Bangkok Bank account. I don't have a US bank account and have the funds directly deposited via the info above. Don't go into why I should have a US Bank account as this has been discussed to the extreme in other threads.

Sorry, but I don't agree with you. I find it onerous enough to have to report to Thai Immigration every 90 days so I will be damned if I will report to Bangkok Bank every month to get my money

[55Jay]

That works if you have a US bank account. I was just stating what was required if you don't and you want to have your funds directly deposited in your Bangkok Bank account. I don't have a US bank account and have the funds directly deposited via the info above. Don't go into why I should have a US Bank account as this has been discussed to the extreme in other threads.

Sorry, but I don't agree with you. I find it onerous enough to have to report to Thai Immigration every 90 days so I will be damned if I will report to Bangkok Bank every month to get my money

Horses for courses.

I don't relish queuing up inside the bank at all.

Much less once a month.

To prove to the US Gub'ment I'm still alive.

Just to get my money..

Or paying the Bangkok Bank middle man every month.

Apparently.

[Dimpys Dad]

I live in the sticks and have personal accounts with Bangkok Bank and Government Savings Bank. I also have joint accounts with my wife at Bangkok Bank, SCB and Krung Thai. I did not have any problem opening any of then at the local branches. I have ATMs with all accounts and Internet Banking with Bangkok Bank and SCB.

As said, there are out of area service charges if you do not use the local ATM and they also charge service charges if you withdraw or deposit funds at another Branch. Bangkok Bank charges 20 baht + 1 baht/thousand for either deposits or withdraws. I do not know the other bank's fees.

I have my SSA retirement payments directly deposited into my personal Bangkok Bank account. It is the only Bank in Thailand authorized to receive direct deposits from the SSA. The funds are deposited on the 3rd of each month through their branch in NY. They deduct $5 in New York and another 200 baht on this end for service. The funds are usually available to be withdrawn, only in person at any branch, the same day after the conversion to baht is completed.

When I set up my SSA payments last year, I was told by my SS office back home that I couldn't direct deposit into Thai Bank (foreign bank). I understand from your post that you are having your payments deposited into your Bangkok Bank account. I also have a Bangkok Bank account and would like to have that option also.

Did I get a lazy representative who didn't want to deal with foreign deposits? What should I do to have this corrected?

Thanks in advance to a reply.

Just go to your Bangkok Bank branch and open a Direct Deposit account with them...once you got the account number just provide the account number along with the Bangkok Bank "New York branch" ACH routing number and you are done...absolutely no different than sending the money to any other domestic bank in the U.S. Expect the SSA rep was thinking in broad terms of they won't usually direct deposit to a foreign bank/country unless they are on the SSA International Direct Deposit (IDD) program...which Thailand is not on....however, but, since Bangkok Bank has its New York branch operation all you need to do is use the Bangkok Bank NY address, their routing number, and your local/in-Thailand Bangkok Bank branch. Been many posts on Thai visa about social security retirees doing this...also military retirees.

Say for a typical pension up to $2000/mo, as that $2000 leaves the govt pension agency to Bangkok Bank NY branch as it flows through the NY branch a $5 fee will be sliced off, $1995 arrives your local/in-Thailand branch, they then convert to baht using their TT Buying Rate, they then apply a 0.25% (Bt200 min, Bt500 max) fee which would be 200 baht (say $6.45 using an exchange rate of 31 baht/USD), and the remaining amount is posted to your account. These two fees are not applied because they are govt pensions, they are applied for any incoming ACH electronic funds transfers. So, total fees out of the $2000 was approx $11.45...pretty cheap compared to SWIFT transfers.

Now, you can use the NY branch routing number with your "regular Bangkok Bank Savings Account number" also vs the special Direct Deposit Account number but what may happen is Bangkok Bank will key-in on the reoccurring U.S. govt pension coming to your regular savings account and block it until you come in and open a Direct Deposit account for the pension to flow to. This happened to me years back with my military retiree pension when I first got to Thailand and was determining how I wanted to send over periodic day-to-day living money. I gave the military pension folks (DFAS) the Bangkok Bank NY routing number and my local account number and the pension flowed fine for a few months, then one month it didn't show up on time...instead I got a letter in the mail from Bangkok Bank saying they had received the monthly payment but would not post it to my account and would need to send it back to DFAS if I didn't come in and setup a Direct Deposit account for the pension to flow to monthly....all part of compliance with a U.S. law. So, I set the Direct Deposit account up, gave DFAS the new account number (you still use the NY branch routing number), and the pension payment continued fine....but I later stopped sending my pension to my Bangkok Bank account as I shifted to using no foreign transaction fee debit cards and a standard ACH funds transfer as/if needed. But even though I got caught by Bangkok Bank I've seen other posts where expats in Thailand have their U.S. govt pensions following to their standard Bangkok Bank savings account. Easy enough for Bangkok Bank to identify such U.S. govt pensions payments such as social security or military pensions due to the coding in the transfers, but I guess some folks are just getting lucky.

Here's a few Bangkok Bank links on the subject for your info. Link 1. Link 2

Edit: P.S. Although Bangkok Bank may have you sign some U.S. type forms which they would mail to the govt retirement agency for you, we'll go ahead and sign them to make the bank happy but tell them you will contact the govt agency with the new account number to get the money flowing. This is what I did with my military pension. Why wait for snail mail to go from Thailand to the U.S. to get the new account info to the SSA...all the SSA cares about is getting a "routing number, account number, and maybe a bank address...use the NY branch address because that is what is loaded in the ACH bank routing number database....not some Thailand address for your particular branch. But even after you contact SSA to give them the info...say same day you get your new Direct Deposit account number....even if Bangkok Bank does mail the docs off when they show up at the SSA they just see the correct banking info is already entered probably due to the pensioner contacting them before the mail arrived.

That is very good and thorough information. I really appreciate your time and willingness to share your knowledge and information. Very helpful.