Americans. Which American bank is best to use in Thailand?

[TallGuyJohninBKK]

You also have to check the Thai bank's ATM you use in Thailand, the rates and safety differ.

Stick to the bigger banks and stay clear of AEON and TMB. My ATM from Europe was blocked after using AEON and TMB has the worst exchange rates by far from all Thai banks.

There is an app, Thai Baht Exchange that gives you the current rates and locates ATM's, handy to use.

I'm afraid you advice is off in several respects...

1. All Thai banks' ATM machines, with one type of pretty rare exception, offer the same international exchange rates. The differences come in based on what type of card is being used (VISA, MC, other) and the extent to which your card-issuing bank doesn't or doesn't charge foreign currency and foreign ATM use fees.

Exchange rates offered by Thai banks WILL vary for counter transactions and currency booth transactions. But the exchange rates for international ATM withdrawals are controlled by the card networks that handle those transactions -- VISA, MC, etc.

If you use the exact same foreign bank card at approx the same time in BKK Bank, Siam Commercial and Thai Military Bank ATMs, the resulting exchange rates should be identical.

2. As for AEON ATMs, they are the best deal going in Thailand because they don't charge the foreign card fees of 150 or 180 baht per withdrawal that are charged by all the regular Thai banks. Foreigners in Thailand use AEON ATMs every day and rarely have any problems like the one you described.

I don't know what caused your European card to be blocked, but it wasn't based on the mere fact that you had used an AEON ATM instead of one beloning to any regular Thai bank.

[TallGuyJohninBKK]

I see some negative comments about using the BOA card in Thailand. Since I have a BOA Travel Rewards card I was planning to use in Thailand. can someone detail the charges/fees I will encounter. According to my card I have the following: No annual fee and no foreign transaction fees. I earn 1.5 points per $1 on all purchases without expiration dates or point limits and get a 10 percent points bonus annually. I have recently purchased tickets for our upcoming trip and used my points to reduce the cost by $1,000. However, I'm always looking for a better deal.

I believe you're describing a rare and, from what I understand, relatively recently added credit card that is one among many offered by Bank of America. Another member here did a review of the BofA Travel Rewards card, and it does have the features you mention, as I recall.

http://www.thaivisa.com/forum/topic/483106-banking-for-americans-in-thailand-101/?p=6584743

Unfortunately, it's pretty much the only BofA card that does, at least based on the last time I checked. All of Bank of America's debit cards and most of their credit cards have foreign currency transaction fees and/or foreign ATM use fees. So for most BofA customers, using their cards in Thailand is a BAD deal.

PS - A quick look at BofA's website shows them offering some two dozen different credit cards. I didn't check the fees status of every single one of them, but I believe most charge 2 or 3% foreign currency fees on foreign purchases. And this website suggests that the Travel Rewards card is the only BofA credit card that doesn't charge that fee.

http://www.nerdwallet.com/blog/top-credit-cards/no-foreign-transaction-fee-credit-card/

Also, while BofA has some agreements with some banks in other countries to waive those fees when you use those other banks' ATMs with your BofA debit card, BofA has no such fee waiver agreements with any banks in Thailand.

In short, the BofA Travel Rewards card is a rare exception among a pretty poor stable of BofA banking products for Thailand expats.

And, just fyi, the BofA office in Bangkok has no ATMs and provides no consumer banking services to the great unwashed expat masses.

Edited December 23, 2013 by TallGuyJohninBKK

[nomad127]

If you are eligible, USAA is the best in my opinion. Not only are they setup for people traveling worldwide, they give ATM refunds up to 20 USD a month.

[westsail]

I have a Citibank account in the U.S. and Bangkok Bank acct in Thailand. I linked my Citi acct to Bangkok Bank in New York, and I can transfer money to my acct in Thailand free of charge.

[lopburi3]

Some banks in the US insist on sending one or two small amounts first online to Bank of Bangkok that you

confirm online within 7 business days. However, when I called Bof B to ask them the amount(s) they

received, the branch manager said he did not know because such small amounts went into fees charged

and were not reportable, at least not by him. Therefore I was not able to confirm the amounts online to

my US bank, so could not send larger amounts via ACH from that bank to BofB. The BofB account

involved is a joint account so cannot be used online. Any suggestions?

Those are called trial deposits, and are a commonly used method that your home bank uses prior to establishing any online link with an external bank on your behalf.

The advise the branch manager at BKK Bank gave you is simply wrong. Call the main customer service number in Thailand for BKK Bank, 1333, and give them your account info as requested and approx when the deposits were made, and they will give you the amounts of those small deposits, and more importantly, the original amounts in U.S. cents -- not the converted amount in baht.

PS - If you're calling from outside Thailand, the number for BKK Bank is (+662) 645-5555.

Your U.S. bank wants you to confirm the amounts deposited in U.S. currency in order to confirm the online link. The amounts that BKK Bank converted into baht prior to depositing into your account are meaningless for this purpose.

And you'll get this info from BKK Bank in Thailand, not from the New York branch in the U.S., which only serves as a pass-through.

As said the amount can be obtained by calling - or set up with US bank as one way (you do not have control of the foreign account) and expect no test depost would be required. Also set up SMS alerts for your account and any deposit will be sent to your phone with all information. As for joint account you can have internet access regardless of what that mis-informed manger thinks - just tell him to submit the paperwork and call head office. I have been down that road - first no access - then maybe Thai wife name access - then issued in my name without a problem. But you do have to set up in office rather than using ATM You can explain your friends have and ask that he check with hqs to help save face if he says can not do.

[lopburi3]

If you are eligible, USAA is the best in my opinion. Not only are they setup for people traveling worldwide, they give ATM refunds up to 20 USD a month.

I believe USAA now charges 1% foreign transaction fee on there debit card so not the best (but much better than those charging 3%).

[TallGuyJohninBKK]

That's correct... USAA does now have a 1% foreign currency fee on their debit card.

[TallGuyJohninBKK]

I have a Citibank account in the U.S. and Bangkok Bank acct in Thailand. I linked my Citi acct to Bangkok Bank in New York, and I can transfer money to my acct in Thailand free of charge.

The U.S. to New York BKK Bank to Thailand BKK Bank route is probably the most economical route for getting U.S. $ here -- other than using a totally no-fee U.S. ATM VISA card at AEON ATMs.

But, the BKK Bank route is not FREE. The New York branch charges a sliding scale handling fee on all but smaller amounts under $50 and the Thailand branch where you receive the funds will charge a 0.25% commission, minimum 200 and maximum 500 baht.

It's because BKK Bank charges both a handling fee and a commission on those transfers than a no fee ATM card combined with a no fee AEON ATM can produce a better yield.

But, the BKK Bank route is generally better than the typical foreign wire transfer, especially if one's home bank doesn't charge for the outgoing domestic transfer to BKK Bank New York.

PS - Might be worth it to pay a bit closer attention to the details of your financial transactions.

Edited December 24, 2013 by TallGuyJohninBKK

[westsail]

I have a Citibank account in the U.S. and Bangkok Bank acct in Thailand. I linked my Citi acct to Bangkok Bank in New York, and I can transfer money to my acct in Thailand free of charge.

The U.S. to New York BKK Bank to Thailand BKK Bank route is probably the most economical route for getting U.S. $ here -- other than using a totally no-fee U.S. ATM VISA card at AEON ATMs.

But, the BKK Bank route is not FREE. The New York branch charges a sliding scale handling fee on all but smaller amounts under $50 and the Thailand branch where you receive the funds will charge a 0.25% commission, minimum 200 and maximum 500 baht.

It's because BKK Bank charges both a handling fee and a commission on those transfers than a no fee ATM card combined with a no fee AEON ATM can produce a better yield.

But, the BKK Bank route is generally better than the typical foreign wire transfer, especially if one's home bank doesn't charge for the outgoing domestic transfer to BKK Bank New York.

PS - Might be worth it to pay a bit closer attention to the details of your financial transactions.

That's interesting. I will check into the fees. There are no fees or commissions on these transfers reported on my BKK Bank acct in Thailand or my Citibank acct. When I receive an incoming transfer they don't sprecify the exchange rate so it would be hard to tell if there was a fee charged in NY. I wonder how the exhange rate you receive on interbank transfers compares to the exchange rate at an ATM machine in Thailand. I assumed that the exhange rate on ATM withdrawals would not be as good.

Edited December 24, 2013 by westsail

[Pib]

You will not see the above mentioned Bangkok Bank fees on your sending bank acct or on your local Bangkok Bank account/passbook. The Bangkok Bank New York branch fee is sliced off as the money flows through them and the local Bangkok Bank fee is applied before the incoming transfer is posted to your account.

The ATM echange for a no foreign transaction fee debit card is very similar to the TT Buying Rate used for incoming transfers. Very similar usually being plus or minus 0.25%.

Sent from my Samsung S4 (GT-I9500)

Edited December 24, 2013 by Pib

[lopburi3]

If you have sms (free) reporting of foreign deposits it indeed will provide the exact exchange rate used and the fee charged in the range 200-500 for conversion here. It will report the actual amount received from Bangkok Bank New York also.

[Pib]

If you have sms (free) reporting of foreign deposits it indeed will provide the exact exchange rate used and the fee charged in the range 200-500 for conversion here. It will report the actual amount received from Bangkok Bank New York also.

Yeap, the Funds Remittance SMS does provide that info...a good SMS to sign up for. But just for those not familiar with the Bangkok Bank funds transfer/receipt fees, those fees will not appear on your Bangkok Bank account/passbook...and I guess that is why some people think the transfer is fee-free...I've seen quite a few posts social security pension recipients who think the transfer is free and they also wondered why they could never get one the the Bangkok Bank TT Buying Rate updates during the day to match the exchange rate they calculated (for those who even attempted to determine the exact rate received) and that's because they were not considering the fees since they didn't see them. Definitely sign up for the Funds Remittance SMS....lets you see/determine the fees applied, exchange rate received, and notification the money has been posted to your account.

[Pib]

You will not see the above mentioned Bangkok Bank fees on your sending bank acct or on your local Bangkok Bank account/passbook. The Bangkok Bank New York branch fee is sliced off as the money flows through them and the local Bangkok Bank fee is applied before the incoming transfer is posted to your account. The ATM echange for a no foreign transaction fee debit card is very similar to the TT Buying Rate used for incoming transfers. Very similar usually being plus or minus 0.25%. Sent from my Samsung S4 (GT-I9500)

A real world example....a little after I posted above I did an ATM withdrawal (on an AEON ATM to avoid the foreign card Bt150 fee) for Bt20K ($614.19) using one of my no foreign transaction fee Visa debit cards....the charge that hit my U.S. bank account was calculated to a 32.56 baht/USD rate which matched the Visa exchange rate. I just looked at the Bangkok Bank TT Buying Rate in affect when I did the withdrawal their rate was 32.66 at that time...so on this withdrawal the Visa exchange rate was 0.3% lower....where I said plus or minus 0.25% earlier I meant "approximately 0.25%. Sometimes the Visa rate will be better. I usually check the Visa exchange rate before I go make a large withdrawal to see what the rate is for the day and determine whether I want to maybe wait another day or so in case the Forex market has been highly variable and I want to give the Visa rate a day or two to catch up since it usually lags the TT Buying Rate by a day or two....TT Buying Rates can change numerous times during the day but the Visa/Mastercard rate only changes once a day.

However, I still came out with more baht in hand by using my no foreign transaction fee card since there were absolutely no fees applied along the way but if I had sent the money via ACH transfer from my U.S. bank to my Bangkok Bank account there would have been $11.12 in Bangkok Bank NY branch and local branch fees. Now I would never have transferred such a low amount as $614.19 but if I had those $11.12 in fees equate to around 1.8% in fees....but if I had transferred $2000 the same $11.12 fee would have applied which equates to 0.55% in fees. Plus by using my debit card I had the money immediately in hand versus waiting a couple of business days for the funds transfer to arrive and not knowing what the exchange rate will be until it arrives.

[JimGant]

Could you tell me at what amount the top fee of 500 baht is charged for. ? Thx

200,000 baht, or higher.

Had you ACHed USDs thru Bangkok Bank NY, arriving in Thailand on 12/25, you would have received the TT buying rate of 32.57 baht per dollar. Thus, sending $6,150. 62, or any higher amount, would result in the maximum 500 baht fee on the receiving end. (From NY, 10 bucks is lopped off, so only $6,140.62 crosses the pond. This, times 32.57, equals 200,000 baht -- the cut off point for the 500 baht max tail end fee.)

Effective rate received: 32.436 [199,500/6,150.62]

[NeverSure]

Thanks for all of the replies. I didn't expect to get so much good information.

1. How do you open an account with BKK in NY when you aren't there? Most banks in the US require you to go in personally with ID to open an account.

2. For people like me who don't have income in baht, and who don't feel comfortable having a lot of money in a Thai bank, What is wrong with having a couple of Schwab accounts and then just using an ATM to get cash for rent, etc? Why any account in Thailand at all?

One Schwab account could have some real money in it but no ATM card. The other account could have an ATM, and get online transfers from the larger account and stay around, say 100,000 baht which isn't too much to lose to scammers if it comes to that???

When does the need for a Thai bank arise?

Edited December 25, 2013 by NeverSure

[danmarnj]

Citibank has a couple of branches in BKK; one on Asok and Sukhumvit and another on Silom. They don't have a lot of ATM locations besides those two branches that I am aware of.

If you setup a Citigold checking account in the US, they don't charge int'l fees and of course use of the Citi ATM's are also charge free. There are also Citi branches in Singapore, Hong Kong and Shanghai and possible more Asian locations.

The catch ? You need a minimum balance in your Citigold account of at least $50,000.

What I also like about Citibank ATM (and I am not a customer or card holder) is that i can withdraw 30K baht at the ATM in Silom. BKK bank only allows me 15K or less depending upon the exchange rate at the time. I take out the larger amount so i use the ATM less because of the 150 trans fee

[lopburi3]

You open Bangkok Bank accounts in Thailand. The New York branch is just used as a transfer point.

Local account is used for local payments. Scheduled or account transfers. Checks are not common here so transfers much more used.

[Pib]

Cut and paste from Bangkok Bank web site regarding the two Bangkok Bank fees associated with ACH transfers (i.e., using the Bangkok Bank New York routing number and your local/in-Thailand Bangkok Bank branch account number. Neither of these fees will appear on your Sending bank or Receiving bank accounts/passbook (that's why some folks think no Bangkok Bank fees were applied in a transfer but there were indeed fees)...but if you are setup to receive the Bangkok Bank Funds Remittance SMS, the SMS will show the amount received at the local branch, the exchange rate, the local currency receipt/conversion fee, and the amount & time of posting to your account.

New York branch pass-thru fee (i.e, as the funds are flowing through the NY branch X-amount is sliced-off as a fee on its journey to the local bank account)

Local Branch Currency Receipt/Conversion fee

Note: above is talking Bangkok Bank fees only...it's not talking any fees your Sending banking may apply. Most U.S. banks do not charge an ACH transfer fee, but the more greedy ones do charge an ACH fee...sometimes pretty small like $3...sometimes much higher. Also please note there are four fee transition points on the Bangkok Bank NY branch fee schedule one of which is at the $2,000 point....if you send $2,000 there would be a $5 fee, but if you send $2,000.01 to $50,000 it jumps to a $10 fee...so, if you routinely send yourself "approximately" $2,000 you might want to make sure you don't send a penny more than $2,000 to avoid another $5 in fees.

[TallGuyJohninBKK]

2. For people like me who don't have income in baht, and who don't feel comfortable having a lot of money in a Thai bank, What is wrong with having a couple of Schwab accounts and then just using an ATM to get cash for rent, etc? Why any account in Thailand at all?

One Schwab account could have some real money in it but no ATM card. The other account could have an ATM, and get online transfers from the larger account and stay around, say 100,000 baht which isn't too much to lose to scammers if it comes to that???

When does the need for a Thai bank arise?

Well, one reason a lot of folks keep Thai bank deposits is to satisfy the Immigration financial requirements for retirement or marriage extensions of stay.

And, there's some convenience in having a local account for paying misc bills via online banking.

But other than that, I think a lot of us do exactly what you're suggesting. The combo of a Scwab account on the U.S. end combined with Aeon ATMs on the Thai end can be a great deal/set-up for Americans with income originating there.

[Gonsalviz]

Since you said, "...I want to open new bank accounts in my town in the USA..." I guess a lot depends on where your town is in the U.S. (thousands of towns in the U.S.) and which banks have brick-and-mortar branches in your town, whatever that town may be. And if there was a BoA branch in your town and since you said you want to use their ATM/debit to get money when in Thailand, we'll BoA cards come with a foreign transaction fee so that might not be a good choice.

BoA has got to be the most expensive way to deal internationally.

[Gonsalviz]

Why not just use a Thai bank.

I use Kasikorn. Never had a problem with them. They charge a maximum 500 Baht fee for incoming transfers. I can send any amount from my bank in the states for $25. You can send only what you will use when you want. I do think there is a 200 Baht fee per year for an ATM card but you don't need one. With your passport and account book, you can draw out money anytime at a branch. There are many branches in shopping malls open 7 days a week.

Beats the heck out of being double charged for an ATM card over here.

[TallGuyJohninBKK]

The better alternative is to do an often free ACH domestic transfer from a U.S. bank checking account to Bangkok Bank's New York branch, which then forwards the funds to your BKK Bank account in Thailand. That saves on the cost of an international wire transfer fee, which is often more than $25 depending on the bank, although it's offset a bit by the smaller handling fee the New York branch charges. But the commission costs on the Thai bank end will be the same. So it's an overall net savings.

But the best alternative for anyone who has access to an AEON ATM, is to to use a VISA debit card attached to a U.S. checking account that charges no foreign currency fee, and then simply withdraw the funds fee-free as-needed from AEON in Thailand with no wire transfer fee, no funds transfer commission charge and no Thai ATM charge. That at the exchange rate usually will be as good or a bit better than the "buying TT rate" used for wire transfers.

Another version of the best alternative, for someone who doesn't have access to AEON ATMs, is to still use a U.S. checking account debit card with no foreign currency fee, but one that also refunds other banks' ATM fees, like Charles Schwab, State Farm or others. That way, you can use any Thai ATM, pay the 150b Thai bank fee upfront, and then have it reimbursed at month's end. And still come out better than any regular international wire transfer of funds from the U.S. to Thailand.

The ATM approach tends to work best for routine living expenses, since AEON ATMs currently are limited to 20,000 baht per withdrawal. But if larger amounts are needed, the BKK Bank New York branch route is still going to be an economical choice.

[Guest siamjourney]

I'm very glad someone started this thread. I've been making horrible BOA to Siam transfers for years and they keep getting worse, not better. As of last month BOA apparently has a new policy of charging 3% on foreign ATM withdraws. It used to be about a $6.00 fee. That was in a addition to K-Bank or whatever's $5.00 fee. So it was over $11.00 to take out 20,000 baht. Most ATM restrict you to 20 bills so 20k is the max. You determine your own interest rate because the fees will be the same whether you take out 5k or 20k. Terrible!

So now taking out 20k at a K-Bank in Siam will create a $18.50 charge, plus the $6+ fee plus the K-bank fee. I contacted BOA online and finally got a supervisor who said she'd refund most of my recent withdraw fees and get rid of the $6+ fee for the future. It's still terrible.

I set up a XETrade account a few years ago to transfer amount larger than 20k. They charge $22 per transaction and make their money on the exchange rate. It's better than the ATM withdraw route or BOA wire transfers but it's not ideal. Getting money from the USA to an account here is a question of looking for the best worst solution.

For fun (not really!) yesterday I put in requests for fictional transfers of $5000 to K-bank. I first looked up the exchange rate at xe.com. Most online currency calculators seem to have similar rates. I used that as a base of comparison. Xe.com said that $1.00=33.1 THB. That meant that 5k was 165,551 baht. That's what you'd really want to get in an ideal world on 1/7/14 in Siam.

To get that from 20k from withdraws at an ATM you would have to do approximately 8 transfers. The ATM fees from both sides would total about $190.00

To get that 20k from xetrade.com you would pay them $22 for the wire transfer plus lose 2,949 THB on the exchange rate. Their rate was $1.00 = 32.52 THB. To complete the wire transaction you would lose $111.00 vs. the xe.com original quoted rate.

To get the 20k via a BOA wire transfer would be the worst way to go. The supervisor online suggested this method and I almost fell for it. The fee of $35 from BOA for the wire transfer seems semi-reasonable but when you're about to complete the trade you will notice that they screw you on the exchange rate as well. $1.00 = 31.44 THB!!! That means they take $252.00 on the trade plus their $35.00 fee for a total loss of $287.00!

From what I've read in this thread the Bangkok Bank transfer via NYC seems like a decent way to go. I'll investigate TallGuyJohninBKK's suggestions later to see if that's even better. I set up a new Bangkok Bank account today and they said I could apply for online banking. Apparently you can't set up the NYC ACH transfer info there. In fact the manager said it wasn't even possible. I told her I believed that it was possible and I would get more info.

I would greatly appreciate someone explaining the details about how to setup a BOA or whatever USA bank account to get the money to Bangkok Bank in NYC so you can access it here at a local branch. Please tell me and others the correct ACH routing numbers to get the funds there correctly. If anyone has used TallGuyJohninBKK's methods I'd appreciate knowing how successful that was.

[Pib]

I would greatly appreciate someone explaining the details about how to setup a BOA or whatever USA bank account to get the money to Bangkok Bank in NYC so you can access it here at a local branch. Please tell me and others the correct ACH routing numbers to get the funds there correctly. If anyone has used TallGuyJohninBKK's methods I'd appreciate knowing how successful that was.

Plenty of folks using ACH to transfer funds to their local/-in-Thailand Bangkok Bank account via Bangkok Bank New York....many people have their Social Security and Military pension automatically transferred monthly this way. I've used it many times over the years/in the recent past to include transfers from my BoA account....I really should close this BoA account since I don't really use it since I have other primary banks now. All the info you need is at this Bangkok Bank webpage.

Its really simple--exactly the same as if you were setting up a funds transfer link from your BoA account to any other U.S. bank. The Bangkok Bank NY branch is a U.S. bank for commercial/wholesale banking purposes (no retail customers) but you can use their ACH routing number in combination with your local Bangkok Bank account number to transfer funds--it's that simple...don't try to over complicate it. It's no different than setting up a transfer link between BoA and say JP Morgan, Schwab Bank, whatever U.S. bank/credit union comes to your mind. The funds are only "flowing through" the NY branch; you can not get a retail account with them nor do you need one....you are just using their routing number to route the funds to your in-Thailand Bangkok Bank account.

After establishing the BoA funds transfer link with Bangkok Bank you can do ACH transfers from BoA for as little as a BoA $3 fee for a 3 business day ACH transfer...I did it many times up until a few years ago when I switched to other bank's that charge "zero" to do an ACH transfer...plus I got a couple of no foreign transaction fee debit cards which pretty much eliminated my need to do periodic ACH transfesr as I can get my day-to-day living money (up to $2000 a day if I was rich enough and could spend that much a day in Thailand) immediately out of a AEON ATM absolutely fee-free vs waiting for an ACH transfer to arrive and paying those associated fees.

Never-ever, repeat, never-ever allow the Sending bank to convert to baht before sending as you will get a lower exchange rate in the 2-4% ballpark than the TT Buying Rate you will get from Thai banks. Sending banks just love to try to convince you (trick you) into converting before sending as it's a basically hidden fee that earns them 2-4% of your transfer. Plus, when the money arrives the Thailand bank in "whatever currency" their currency conversion/receipt fee of 0.25% (Bt200 min, Bt500 max) is still applied. Always send in your home country currency, U.S. dollars in your case.

So, once you got the funds transfer link setup with BoA, an ACH 3 business day transfer would cost you a $3 BoA fee, a $5-10 fee as the funds flowed through the Bangkok Bank NY branch (they use a sliding scale fee based on the amount you send but $5 or $10 probably covers 99% of transfer done), and then a 0.25% (Bt200 min, Bt500 max) at the receiving/in-Thailand Bangkok Bank branch. Example: Sending $20K would cost you BoA fee of $3, Bangkok Bank NY fee of $10 (it's sliced off the $20K as it flows through the NY branch), and then a Bt500 fee (the max) or approx $15 is applied to the arriving $19,990 at the in-Thailand branch which equates to total fees of $28....which also equate to 0.14% in fees to transfer the $20K starting the trip. When the dust settles there were $28 in fees along the way with $19,975 being converted to baht/posted to your account. And you get about the best dollar to baht exchange rate the common man can get which is the Thai bank TT Buying Rate compared to a significantly lower exchange rate offered by U.S. banks.

Don't try to over-complicate it...it's just like setting up any other U.S. domestic ACH funds transfer link. I've got more U.S. bank accounts than I really need (like that BoA account) but I've established a funds transfer link to Bangkok Bank NY in bank account so whenever in the future I do need to do an ACH transfer, like needing BIG money withing a few business days) I prepared to hit the send button from any of my U.S. bank accounts.

And yes, the Bangkok Bank manager was correct in they could not set the transfer link up for you; you must log onto your BoA internet banking and setup the funds transfer link from that end. And unless something has change you can't transfer more than $1000 at time via BoA internet banking unless you have SafePass setup via a SafePass card (which they will only mail to addresses within the 50 U.S. States & costs $20...I have one of these cards) or OTP via cell phone (only sent to U.S. cell phone carriers; not to any international number).

P.S. There are better banks than BoA...lower fees, such as zero ACH sending fees and no foreign transaction fee debit cards like Schwab Bank just to name one. IMHO BoA is one of the more evil, fee hungry banks when you look at their fee schedules.

Edited January 8, 2014 by Pib

[Guest siamjourney]

Pib,

Thanks for the great info! Very useful. I set up BOA to transfer to Bangkok Bank in NYC and am waiting for small test transfers before actually using it. $28 is a lot less than the other methods I described.

I have the SafePass card so that's not an issue for larger transfers.

BOA is an incredibly easy bank to hate. Can one set up an account with Schwab Bank without physically being in the States? That sounds like a much better choice then BOA for future transfers.

Thanks!

[Pib]

Pib,

Thanks for the great info! Very useful. I set up BOA to transfer to Bangkok Bank in NYC and am waiting for small test transfers before actually using it. $28 is a lot less than the other methods I described.

I have the SafePass card so that's not an issue for larger transfers.

BOA is an incredibly easy bank to hate. Can one set up an account with Schwab Bank without physically being in the States? That sounds like a much better choice then BOA for future transfers.

Thanks!

Setup Schwab Brokerage/Bank accounts without being in the States? Yes, but you will still need an U.S. Residence Address for the application...you can have a separate mailing address. When setting up the brokerage and checking account you do this on a combo form and you do not need to fund either one, but it's probably better if you do fund one. You apply for a savings account if desired on a separate form. I applied for a brokerage, checking, and savings accounts at the same time via mail....included info for Schwab to fund the checking account via an ACH pull. Later on I put a little money into the brokerage account (very little and I have never made a trade), and put good chunks of money into the checking and savings accounts...the checking account is the source funding for the no foreign transaction fee debit card. I have a monthly deposit going to the savings account (but you don't need to have this for any of the accounts...I just happen to be doing it) and periodically ACH money big chunks of money to the checking/savings account from one of my other bank accounts....when the Schwab checking account gets low due to ATM withdrawals I just transfer some funds over from the savings account to the checking account....the transfer is immediate. If you don't have a U.S. Residence address you can use Schwab will probably tell you that you need to apply for a Schwab International account which has completely different (and higher) funding requirements. And if you are applying for a single account you may be able to do all of this online; but for a joint account like I applied for I had to mail in the applications. Good luck.

Edit: The only difference between a BoA and Schwab ACH transfer to Bangkok Bank is BoA has a $3 sending fee where Schwab doesn't have a fee. But the Bangkok Bank NY and local Bangkok Bank fees still apply. Plus Schwab has the no foreign transaction fee Visa debit card....BoA debit and credit cards have a foreign transaction fee of X-amount...that's why both my BoA debit & credit cards lives in my safe unused except for occassional use of the credit card for a stateside Ebay buy to keep the card active. The BoA debit card and credit cards are fine for use in the States, but when using them for foreign transactions they can eat your lunch in foreign transaction fees. BoA is a fine bank in many ways; not so fine in other ways...plus I don't like how they operated during the recent Great Recession.

Edited January 9, 2014 by Pib

[TallGuyJohninBKK]

Good comprehensive advice and answers offered by Pib here...

I'll just add one footnote re the process of setting up a U.S. to Thailand online transfer capacity via Bangkok Bank and their New York branch.

You'll use the BKKB New York routing number as listed on the BKKB web link Pib posted above, and then the full BKKB local account number, when you enter those two details into your U.S. account's linking setup information.

That typically will result in your U.S. bank sending a pair of small trial deposits to your BKK Bank account, which will arrive there in Thailand converted to baht.

In order to confirm the online link on the U.S. end with your sending bank's online banking, you'll need to verify the two trial deposit amounts in U.S. cents -- not the baht amounts that will show up in your BKK Bank account and their online banking.

So, once the two trial deposits post to your BKK Bank account, you'll need to call BKK Bank's main customer service number, give them your account info, and ask them to give you the original sending currency amounts. Then you'll use those two small amounts in cents to confirm the accounts link in your U.S. account's online banking.

I believe you can also set up your BKK Bank account to send an SMS to your Thai mobile number any time a foreign deposit is made, and that message will contain those same details. But I always have just called BKKB and gotten the cents amounts over the phone.

[WBS2555]

Whenever I received funds from Overseas, I receive a notification SMS Remittance Alert on my Thai mobile phone when money arrive in my Bangkok bank account. It gives a complete details of the funds transferred in Thai Baht and in foreign currency, the exchange rate and fees. The service eligible to the Bangkok bank account holder only, you should ask foreign banks to send transactions to Bangkok Bank directly by quoting Bangkok Bank's SWIFT address BKKBTHBK.

It easy to apply via Bangkok Bank ATM or at their service call center. It's free of charge!

http://www.bangkokbank.com/BANGKOKBANK/PERSONALBANKING/DAILYBANKING/SMSALERTS/Pages/SMSRemittanceAlert.aspx

Sent from my iPad using Thaivisa Connect Thailand mobile app

[fifthcolumn]

I use Fidelity, they reimburse atm fees as well although I seek out Aeon. Actually, I bring in a wad of cash and change it at Superrich.

I had some bs eith Schwab years back. Thought it a real Mickey Mouse operation.

I use a local bank I trust in states plus Fidelity for other things plus another entity.

I loathe big banks. Citi and BofA in particular. They will never touch my money.

If visiting a few times a year, get local atm. Bring some cash in and deposit. Use your bsnk at home for emergencies.

[lopburi3]

Whenever I received funds from Overseas, I receive a notification SMS Remittance Alert on my Thai mobile phone when money arrive in my Bangkok bank account. It gives a complete details of the funds transferred in Thai Baht and in foreign currency, the exchange rate and fees. The service eligible to the Bangkok bank account holder only, you should ask foreign banks to send transactions to Bangkok Bank directly by quoting Bangkok Bank's SWIFT address BKKBTHBK.

It easy to apply via Bangkok Bank ATM or at their service call center. It's free of charge!

http://www.bangkokbank.com/BANGKOKBANK/PERSONALBANKING/DAILYBANKING/SMSALERTS/Pages/SMSRemittanceAlert.aspx

Sent from my iPad using Thaivisa Connect Thailand mobile app

This thread is about Americans who have ACH option from US which is normally much cheaper than sending by SWIFT.