Can a U.S. citizen open an account at Bangkok Bank New York on-line?

[Oscar2]

i'm a U.S. citizen and have a checking account and a savings account at Citibank, U.S.A (have had for 30 years). i haven't written a check in 10 years now and probably never will again but i use my checking account to pay my American Express bill each month, my storage, U.S. Master Card, etc. via Citibank on-line banking on the internet. for many years this was free to me but now i am being charged US $14.00 per month to maintain this account. my savings account which only has a little cash in it has many restrictions and it is useless to me at this point.

i've read a lot of positive things about Bangkok Bank USA on this forum. i've perused their website and don't see anything about the possibility of opening an account on-line, if there are any monthly fees involved, how much, etc. only a contact for a Khun Prasertsilp in N.Y.

does anybody know if it is possible to open an account there on-line from Thailand, how much it costs, etc.? i can't imagine so many people have traveled all the way to N.Y., USA just to open an account there.

i do have an account here in Thailand with Bangkok Bank, including internet banking.

thanks in advance for any info or web links any members may have.

[partington]

The New York branch of Bangkok Bank is not a retail customers bank, and so does not do personal accounts, whether you apply in person or not.

[JSixpack]

I don't think so, but I could be wrong. You transfer thru BBK NY to your local BB account.

Best to change from Citibank to one of those newfangled online-only banks for much lower charges. You don't need brick-and-mortar. You probably don't need checks.

[LucidLucifer]

Why don't you contact them and ask?

[JimGant]

does anybody know if it is possible to open an account there on-line from Thailand, how much it costs, etc.?

Bangkok Bank of New York is not a retail bank, so you can't open an account, even if face to face. For us expats, it's strictly a conduit for transferring funds from a US financial institution to Thailand.

The New York Branch is licensed by the Office of the Comptroller of the Currency (“OCC”) and is located in New York, New York, with only 28 employees currently. It is not insured by the FDIC. The New York Branch primarily engages in the following 3 significant business activities:

(1) Funds transfer (dollar clearing) activities; the New York Branch acts as a correspondent for Head Office and other branches of the Bank and also processes Fedwire, CHIPS and ACH transactions. The Branch also conducts trade-related services, such as L/C reimbursement, advice, issuance and confirmation of letters of credit, export bills for collection and acting as collecting agent of Head Office.;

(2) Lending activities that largely relate to Thai companies or businesses in the U.S.A, mainly through referrals from Head Office and also through participations in loan syndications; and

(3) Treasury activities consist primarily of management of funds to ensure timely settlement of CHIPS and Fedwire end of day positions in accordance with the requirements of both payment systems, maintenance of the OCC’s required Capital Equivalency Deposit (CED), investment of surplus funds in interbank money market investments and maintaining liquidity positions according to the strategic plan and directives from the International Banking Group (IBG), Head Office

[chiang mai]

+1 same is true of BBL UK.

[Oscar2]

thanks for the replies. looks like i'm stuck with Citibank at USD $14/month.

[TallGuyJohninBKK]

As everyone has said, NO, the New York Branch of BKKB basically does not open or host accounts for retail customers.

But, paying $14 a month with Citibank seems CRAZY!!!!

There are all kinds of U.S. bank and credit union accounts you can open online that have no monthly fees and provide internet banking.

You preferably should have some kind of U.S. mailing address and an ID like a passport or driver's license in order to do an online account opening.

The various brokerages like Schwab, Fidelity and others also offer free checking accounts and debit cards as part of their brokerage accounts, if you want them.

Edited February 8, 2014 by TallGuyJohninBKK

[Pib]

No...they don't do retail accounts. It's basically functions as a wholesale/trade/corporate services bank branch.

See this link for more info: Link

To use the NY branch for low cost ACH transfers utilizing their ACH routing number you will also need an in-Thailand Bangkok Bank branch account number....then your transfers can be treated as Domestic ACH transfers avoiding the higher cost international transfer fees like SWIFT fees.

P.S. sounds like it may be time to dump Citibank...switch to a bank that does not charge a monthly maintenance fee, does not charge for ACH transfers, and even provides no foreign transaction fee debit cards...they are out there like Schwab, State Farm, etc. While you are at it, get a Capital One no foreign transaction fee Visa/Mastercard credit card. Why pay evil bank fees when there are much less fee-hungry banks out there. Switching banks does take a little bit of effort and planning but better your money stays in your pocket versus going into the evil bank's fee pocket. Preach to the choir I'm sure.

Edited February 8, 2014 by Pib

[Suradit69]

You only need a single account at Bangkok Bank and that would be opened in Thailand. You can use that account number to make dollar deposits through the NY branch, but they would then appear in baht in your Thai account.

Bangkok Bank’s New York branch is a US federal chartered branch which functions as a wholesale bank. There are many services available including trade finance, corporate lending, remittances and deposit accounts. The New York branch is a member of all major US dollar clearing systems, including ACH which facilitates the payment of social security, retirement benefits, and E-Commerce.

http://www.bangkokbank.com/BangkokBank/InternationalNetwork/InternationalBranches/NorthAmerica/Pages/Default.aspx

While the above note seems to suggest they will open deposit accounts, further information indicates that such accounts are "restricted."

New York Branch

The New York branch is a US federal chartered branch which functions as a wholesale bank.

There are many services available including:

• Trade Finance
• Corporate Lending
• Remittance/Funds Transfer
• Deposit Accounts (restricted)

Please contact the branch directly for more details:

New York Branch

Mr. Thitipong Prasertsilp, VP & Branch Manager
29 Broadway, 19th Floor, New York
NY 10006
Business Hours: Mon-Fri (9:00 am to 5:00 pm)
Tel: (1-212) 422-8200
Fax: (1-212) 422-0728
SWIFT: BKKB US 33
E-mail: [email protected]
FED Routing No: 026008691
CHIPS ABA: 0869

http://www.bangkokbank.com/BangkokBank/InternationalNetwork/InternationalBranches/NorthAmerica/Pages/BranchinUSA.aspx

Edited February 8, 2014 by Suradit69

[Pib]

You only need a single account at Bangkok Bank and that would be opened in Thailand. You can use that account number to make dollar deposits through the NY branch, but they would then appear in baht in your Thai account.

Just to ensure everyone understands this assumes the person sends U.S. dollars by not selecting/allowing the U.S. sending bank to convert to baht before sending. A good many banks attempt this ripoff displaying funds transfer screens/selections with warm & fuzzy or vague wording that may fool the sender into thinking that allowing the U.S. sending bank to convert to baht "before sending" is a good deal--but it ain't. It ain't a good deal because the sending bank will surely give a significantly lower exchange rate (probably around 3% lower) than the higher TT Buying Rate Bangkok Bank gives (actually all Thai banks give their TT Buying Rate for incoming foreign currencies). DO NOT allow your sending bank to convert your dollars/euros/pounds/etc., before sending; let the receiving Thai bank do the conversion.

[CaptHaddock]

This is the reason that before moving to Thailand US citizens should open a number of bank and brokerage accounts. It might be possible to open a bank account after having left the US, but I wouldn't bet on it. The last time I opened an account at a credit union to get a good CD rate, they insisted on a copy of my electric bill showing my name and US address. Even when I visit the US I won't be able to open a new account under that requirement.

Last year I did open a credit card with Capital One by providing a mail forwarding address, but the CapOne person asked me if it was my mailing address. I said yes. He didn't ask for my actual address, but the CapOne application for a checking account does ask for both mailing and physical addresses.

The OP might get away with using the real address of a friend or relative, but if that address is in a state with an income tax he exposes himself to liability for that tax by doing so.

In my opinion the OP should keep the Citibank account and consider the $14 per month to be a good deal at this point.

[Oscar2]

thanks again for all the replies. does anyone have any names of U.S. banks that charge less than USD $14/month and can be opened on-line? i see Schwab mentioned a few times but am not interested in ever buying U.S. stocks or bonds again. i also see Capital One mentioned. i have both Visa and Master Card with them (very high interest rates). are you saying that they have savings/checking accounts too? sorry i just got up and only had one coffee...still a little lazy to look... i don't send U.S. dollars to myself in Thailand. in fact i don't own any dollars. and i send Baht as necessary to pay bills via a couple of paypal accounts. i only need a vehicle in which i can use to pay a couple of bills each month in USD. and usd 14/month seems silly.

thanks for all the detailed info on Bangkok Bank USA. if someone ever needs to send me USD now i know to use my Bangkok Bank account and not my Kasikorn account.

State Farm? are they in the banking biz? i used to use them to insure my automobiles when i lived in USA which seems like a gazillion years ago.

[Pib]

Regarding Schwab, you don't have to trade stocks to have a checking and savings account with them. When opening an account a brokerage & checking account is opened on the same combo application...the checking acct comes with a no foreign transaction fee debit card. If you also want a savings account that's a separate, simple application. You "do not" have to fund the brokerage account, ever trade stocks, etc. Schwab is more than just a brokeage company. Same for State Farm...it's into more than just insurance...it also has a banking business along with mutual funds, etc. Lots of companies now days have a variety of financial products/services in their portfolio.

If your CapOne cards have high interest it may be a credit rating issue...for folks with good to excellent credit CapOne interest rates for many of their cards is the same as other major financial companies in the U.S. Most (maybe all) current CapOne credit cards are no foreign transaction fee cards. CapOne also has a banking business along with no foreign transaction fee debit cards.

If you are allowing your home country bank to convert the dollars to baht before sending you most likely getting a significantly lower exchange rate (i.e., basically a hidden fee). Always send in dollars..."do not" allow your home country bank to convert before sending. Many banks will attempt this ripoff.

Chase is generally known as one of the more fee-hungry banks. Many U.S. banks are much less fee-hungry.

Edited February 9, 2014 by Pib

[JimGant]

https://online.citibank.com/US/JRS/pands/detail.do?ID=Packages

There are ways to avoid Citibank fees, although these may not fit your situation (and I can't figure out how you're billed $14/mo, based on the above link).

And you do say you also have a savings account -- and the Feds allow 5 monthly transactions before penalty. Are they charging you for that account as well? If not, close the checking account and rely solely on the savings account.

One option, per the above link:

1. Make 1 Direct Deposit AND 1 Bill Payment each monthly statement period and pay no monthly service fee, OR

2. Keep $1,500 in prior calendar month combined average balances in either your Basic Checking or with a linked Basic Savings account.

Anyway, after 30 years with Citi, a phone call to see if they'll waive the fee may be in order. Might prevent the goat rope of trying to open an account in the US from abroad.

[JimGant]

You only need a single account at Bangkok Bank and that would be opened in Thailand. You can use that account number to make dollar deposits through the NY branch, but they would then appear in baht in your Thai account.

Just to ensure everyone understands this assumes the person sends U.S. dollars by not selecting/allowing the U.S. sending bank to convert to baht before sending. ....

Correct -- for a SWIFT wire transfer. But you don't have the option to select a foreign currency for a domestic ACH transaction, which is what the use of Bangkok Bank NY as a conduit turns out to be. And BB NY automatically sends your dollars across the pond -- and you are not given the option to send baht, even if you wanted to. But, yeah, there are times when the more expensive SWIFT transfer is called for (e.g., faster transit time required and/or you have an ACH transfer cap that is too low).

[wayned]

USAA if you meet the requirements! $50 minuimun deposit and full ATM and internet banking services.

Edited February 9, 2014 by wayned

[TallGuyJohninBKK]

This is the reason that before moving to Thailand US citizens should open a number of bank and brokerage accounts. It might be possible to open a bank account after having left the US, but I wouldn't bet on it. The last time I opened an account at a credit union to get a good CD rate, they insisted on a copy of my electric bill showing my name and US address. Even when I visit the US I won't be able to open a new account under that requirement.

Captain, I've opened a lot of online bank accounts since moving, and my experience has been different than yours as cited above.

Typically, the banks will want a listed residence address of some kind and some form of ID like a driver's license, state ID card number or passport number. Usually, that's enough, although some do ask for more. But that certainly isn't the norm. When they do ask for more, usually something else like another bank statement or credit card statement showing your address will suffice.

In terms of mail forwarding addresses, which a lot of us keep and use (and pay for) for mail reasons, those will usually work fine for bank account and brokerage purposes. And, it's no accident that a lot of the companies providing that service are in Texas and Florida, which are no-state income tax states.

One other thing...just as an added measure, when applying online for a new account, it can be helpful to use an Internet VPN with a location that matches the city of your residence address being used on your application. Believe it or not, some banks do look at the IP address being used and correlate that (or don't) to an applicant's residence address -- at least at the time of application.

FWIW, Capital One seems to be among the most pickey lately about opening new accounts, and I had a bad time with them on address issues recently. I'd be looking elsewhere than Cap One at least in terms of bank accounts (not credit cards).

[TallGuyJohninBKK]

thanks again for all the replies. does anyone have any names of U.S. banks that charge less than USD $14/month and can be opened on-line? i see Schwab mentioned a few times but am not interested in ever buying U.S. stocks or bonds again. i also see Capital One mentioned. i have both Visa and Master Card with them (very high interest rates). are you saying that they have savings/checking accounts too? sorry i just got up and only had one coffee...still a little lazy to look... i don't send U.S. dollars to myself in Thailand. in fact i don't own any dollars. and i send Baht as necessary to pay bills via a couple of paypal accounts. i only need a vehicle in which i can use to pay a couple of bills each month in USD. and usd 14/month seems silly.

thanks for all the detailed info on Bangkok Bank USA. if someone ever needs to send me USD now i know to use my Bangkok Bank account and not my Kasikorn account.

State Farm? are they in the banking biz? i used to use them to insure my automobiles when i lived in USA which seems like a gazillion years ago.

Capital One is good for no foreign currency fee credit cards, but they're really tough on expats trying to open new bank accounts. I wouldn't go there.

State Farm is a good online banking choice, with no foreign currency fee for use abroad, and no monthly fee.

As stated, Schwab is the same with no foreign currency fee, a free no fees checking account, and no requirement to trade stocks in the companion brokerage account.

Ally Bank is another big online banking entity that would be fine for paying U.S. bills online, but I believe their debit card does have a foreign currency fee, so you wouldn't want to use it for withdrawing dollars or making purchases abroad.

There also are a lot of credit unions that provide good, no cost checking accounts, but it depends on your background, location, personal circumstances on whether you meet their eligibility requirements. Pentagon Federal Credit Union is a good choice that is open to anyone by joining an affiliated association with a small one time fee, and they consistently have some of the best CD rates in the nation, along with their PenFed Promise no fees for anything VISA credit card.

There also are a lot of smaller regional/local bank choices that are available, depending on one's residence address location. Look at depositaccounts.com to get an idea of what's available where your address is located.

Another good resource is:

https://www.checkingfinder.com/

Just enter your zip code and it will give you a list of so-called rewards checking accounts that are either available nationally and/or locally where your address is. Those accounts typically are free, have online banking and bill pay, and pay interest if you use their debit card a certain number of times per month. But not all allow online account opening, so you have to specify that in your search criteria.

Edited February 9, 2014 by TallGuyJohninBKK

[wayned]

I found that most banks will not let you open an account without a US address. USAA with a minimum deposit of $50, ATM and internet access. Schawb will also let you open a foreign acccount, but the minimum deposit is $10,000.

[Langsuan Man]

With my experience with both Citibank in Thailand and in the US I wouldn't hold my breath that they will waive anything as Jim Gant suggests. Nor would I even consider CaptHaddock's advice to continue to get charged $14 a month to get what everyone else is getting for free

If you have a US address (or APO address) I would change banks immediately. I can't remember how long ago it was that I paid any bank to have an account with them. Of course I am not counting the Thai bank requirement to pay for the ATM card annually. But a US bank; if I don't get free checking / savings they don't get my business

As others have mentioned Capital One Bank, Schwabb, and State Farm Bank don't levy a foreign currency transaction fee when you use a Thai ATM, although some will waive or re-imburse the 150-180 THB Thai Bankers Association fee for the use of a foreign ATM card

State Farm bank also allows you to use your ATM card for free at AEON ATM's to get Thai Baht instantly

[Duvidl]

I have a Citibank account and a Bangkok Bank account which I use to make monthly ACH transfers via the BB NY branch. I know nothing about a $14/month charge from Citbank.

[umbanda]

No, you don't. I had the same intentions. I called NY. It is not like a typical bank branch, only can be used for transfers and business.

[Duvidl]

Well, however you want to describe the Bangkok Bank NY office, branch - whatever - it can be used to make ACH transfers from Citibank to the Bangkok Bank in Thailand, as clearly described on both the Bangkok Bank and Citibank websites.

[Langsuan Man]

I have a Citibank account and a Bangkok Bank account which I use to make monthly ACH transfers via the BB NY branch. I know nothing about a $14/month charge from Citbank.

See post # 15 and you may be exempt from the fee based upon the quote:

1. Make 1 Direct Deposit AND 1 Bill Payment each monthly statement period and pay no monthly service fee, OR

2. Keep $1,500 in prior calendar month combined average balances in either your Basic Checking or with a linked Basic Savings account.

[TallGuyJohninBKK]

I found that most banks will not let you open an account without a US address.

Yes, but that address can take different forms that are usually OK with most banks.

A person's own address, a truthworthy friend of relative's address, or a mail forwarding service address, among other potential options.

These days, with most banks, there's little actual use of a physical mailing address, other than to mail out replacement debit or credit cards every few years, and sometimes for mailing of annual 1099 interest earning statements, although many banks are making those available online also. Monthly statements these days are almost always online, unless you want to pay extra for mailed paper copies.

Mainly, except for issuing new/replacement bank cards, the address is just to establish eligibility for opening the account -- although legally under U.S. law, a U.S. citizen living abroad ought to have that right also. But most/many U.S. banks persist in interpretting the so-called Patriot Act in a different way.

[SpokaneAl]

Find a decent credit union in the US. That is what I use, and have for decades to do all the stuff that you listed, including wire transfers to a Thai branch of Bangkok Bank via their NY branch ($14 per wire).

I pay no monthly fees, and also maintain several unrelated credit cards for bill paying etc. I suggest unrelated credit cards in case of fraud issues, which happen more and more frequently. With unrelated cards, if you have problems with one, you can get that one cancelled and replaced while still having others to begin handling your bill paying.

At the end of each month I simply transfer the applicable amount to pay off 100% of the credit card bill. That provides a bit of safety in case of fraud or errors, and earns me a few points towards those obscenely high airline tickets.

Sent from my iPad using Thaivisa Connect Thailand mobile app

[Duvidl]

Here is information from the Bangkok Bank's website describing ACH transfers:

Holders of US bank accounts can save on fees for international funds transfers by transferring funds from the United States to Thailand via the US Automated Clearing House system (US ACH) and Bangkok Bank's New York branch.

By stipulating the 9-digit routing number for Bangkok Bank's New York branch (026008691) in your US transfer instruction, the funds will be transferred via the US ACH system directly to the receiver's Bangkok Bank account in Thailand, for a lower fee than most other international wire transfer services.

Benefits of the service

• Fees for funds transfers via the US ACH system and Bangkok Bank's New York branch are up to USD 20 lower than most other international wire transfer services in the US.
• You can make transfers directly online via the internet banking service provided by your own bank in the US.
• You will enjoy a better exchange rate because the USD amount will be converted to Thai Baht at the daily Bangkok Bank exchange rate in Thailand.

Who can use it?

The service is available for holders of US bank accounts transferring funds to recipients with a Bangkok Bank account in Thailand. It is particularly useful for:

• Making funds transfers via the internet banking services of US banks
• Receiving payments from US government agencies or private organizations (Direct Deposit service)
• Receiving E-Commerce payments from online payment service providers in the US

[Mrjlh]

I talked to them years ago when I first got my first Thai O-A VISA. This is what I was told at the time and I don't think the policy has changed. You could call to verify.

If you are a "Thai National" and "only" a Thai National living in the USA, they allow them to open an account at he NY Office while in the USA. It's for sending money back and forth to Thailand. An example would be a Thai individual coming to the USA to go to college or to work and the family needs to send them money or the person needs to send money home. They also allow inter bank transactions but again only for Thais.

They extend the service to Expats but only if you open a Bangkok Bank account in Thailand while in Thailand. You then use BB NY routing number and the Thai branch account number. It's simple and works easily. Also some may not know it but you can use either your Bangkok Bank ATM card # or your savings account number to pay both Discover, Visa and Master Card bills.

[TallGuyJohninBKK]

Find a decent credit union in the US. That is what I use, and have for decades to do all the stuff that you listed, including wire transfers to a Thai branch of Bangkok Bank via their NY branch ($14 per wire).

The route of sending money from the U.S. via BKKB's New York branch involves a sliding scale of fees based on how much is being sent.

Hopefully, your U.S. bank allows free domestic ACHs, which means you can route the money to BKKB's New York Branch without charge. But once there, they charge a sliding scale handling fee on all but the smaller amounts at the New York branch, and then the Thai BKKB branch charges a 0.25% receiving fee, minimum 200 baht and maximum 500 baht. But it's usually still a better deal than traditional international wire transfers.