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

[Pib]

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.

Unless the U.S. bank has some specific rule, "generally" federal law prohibits more than 6 outbound transfers from a savings or money market account per month ; however, since around 2009 six transfer can be exceeded without penalty depending on the method of transfer/withdrawal. See this Link for more info.

Now, Bangkok Bank does allow 5 free transfers via ibanking per month before they start charging a transfer fee. Maybe that is why you mentioned 5 since you are Bangkok Bank customer like me.

[riclag]

Hi, You can also try Etrade.They have free checking and no transaction fee debit card. But they want a $5000 balance monthly.You must have a US address. They have a toll free #. Its best to talk to them

Here are some transfer options https://us.etrade.com/search-results?q=ach%20transfer

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.

[IBoldnewguy]

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

If you (or close relative) have served in US Military - USAA Bank may be a no fee option. Or Charles Schwab bank (which is a separate entity from CS Brokerage) if you reside in the states, I keep only $1.00 in trading acct. and use the checking - no monthly fee, no ATM fee or Foreign use fee. (you didn't mention why it had to be on-line).

Edited February 9, 2014 by IBoldnewguy

[TallGuyJohninBKK]

Hi, You can also try Etrade.They have free checking and no transaction fee debit card. But they want a $5000 balance monthly.You must have a US address. They have a toll free #. Its best to talk to them

I don't believe that's correct anymore. Some couple years ago, E-Trade switched to having a 1% foreign currency fee on ATM withdrawals and purchases made abroad. So they're less advantageous compared to fee-free brokers like Schwab and Fidelity.

I do like them as a brokerage, although their regular transaction fee of $9.99 isn't among the better prices out there for stock transactions. But also, AFAIK, you need to have a brokerage or other similar type account with them in order to have either their checking or savings accounts.

Also, for some reason, they're one of the financial outfits that won't allow you to designate a beneficiary for your accounts with them unless the beneficiary has a SSN or ITIN number, which can rule out a lot of Thai folks.

[Oscar2]

thank you so much everyone for all the excellent advice given here. i will take a look at Schwab and State Farm. the USAA sounds good too. someone suggested a military connection? don't know about that... the address issue could of course be a problem...

i had etrade years ago (during the tech stock boom) and i didn't like them. won't be doing biz with them again.

JimGant, no there is no charge for the savings account but i believe as mentioned, it is limited to 5 transactions per month. i probably do 10.

and no i don't send THB to USA. i hold THB, CHF and EUR in Thailand and transfer using Paypal. Paypal takes a commission of course but it is easier and cheaper than making a wire transfer from here which costs 1400 THB (at Kasikorn Bank).

[IMA_FARANG]

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.

That is correct.

You can not open a personal account with Bangkok Bank New York.

However, if you have a Bangkok Bank account in Thailand you CAN do a ACH transfer through the Bangkok Bank in New York to your Bangkok Bank account in Thailand.

This is because Bangkok Bank in New York is not a commercial retail bank in the U.S. and therefore can not open such things as a savings or deposit account for U.S. citizens.

So they merely act as an agent to transfer money from your U.S. bank account in your U.S. bank and transfer the funds through their New York bank to your Bangkok Bank account in Thailand.

My monthly Social Security pension is sent by direct deposit to my U.S. bank account.

They then do a ACH transfer through Bangkok Bank New York which is forwarded to my Bangkok Bank account in Thailand for deposit.

Normally takes 2 or 3 days to process from my U.S. bank until it shows in my Bangkok Bank account in Thailand.

You can however, if you are in New York, walk into the Bangkok Bank building there and they do have a person who will arrange for those transfers to be made monthly.

You will need all the details of your:

• U.S. Bank (name, account number, location, etc.)
• Bangkok bank details (location, account number, etc.)

to get this transfer process started.

My U.S. bank charges a fee for this ACH transfer, but it is still the cheapest way of transferring money through the banking system.

It is cheaper than to do a wire transfer to Thailand from my U.S. bank.

[Pib]

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.

That is correct.

You can not open a personal account with Bangkok Bank New York.

However, if you have a Bangkok Bank account in Thailand you CAN do a ACH transfer through the Bangkok Bank in New York to your Bangkok Bank account in Thailand.

This is because Bangkok Bank in New York is not a commercial retail bank in the U.S. and therefore can not open such things as a savings or deposit account for U.S. citizens.

So they merely act as an agent to transfer money from your U.S. bank account in your U.S. bank and transfer the funds through their New York bank to your Bangkok Bank account in Thailand.

My monthly Social Security pension is sent by direct deposit to my U.S. bank account.

They then do a ACH transfer through Bangkok Bank New York which is forwarded to my Bangkok Bank account in Thailand for deposit.

Normally takes 2 or 3 days to process from my U.S. bank until it shows in my Bangkok Bank account in Thailand.

You can however, if you are in New York, walk into the Bangkok Bank building there and they do have a person who will arrange for those transfers to be made monthly.

You will need all the details of your:

• U.S. Bank (name, account number, location, etc.)
• Bangkok bank details (location, account number, etc.)

to get this transfer process started.

My U.S. bank charges a fee for this ACH transfer, but it is still the cheapest way of transferring money through the banking system.

It is cheaper than to do a wire transfer to Thailand from my U.S. bank.

If you are transferring your SS benefit each month to your Bangkok Bank account why even involve your U.S. bank which also charges a fee you mentioned above...plus there are the Bangkok Bank fees which apply after your transfer from your U.S. bank.

Just give the Social Security folks the Bangkok Bank New York routing number and your in-Thailand Bangkok Bank account number...bypass your U.S. bank all together....avoid your U.S. bank sending fee...just incur the Bangkok Bank fees...and it would probably arrive a little faster since it don't have to be relayed by your U.S. home bank.

But you would need to setup a Bangkok Bank Direct Deposit savings account since this is a U.S. govt pension...otherwise Bangkok Bank would eventually catch this/spot it as an incoming U.S. govt pension from coding in the transfer and block/hold the incoming funds until a Direct Deposit account is setup. Of course there are limitations to a Bangkok Bank Direct Deposit account such as no ATM/Debit card and you must withdraw/transfer funds in person. Maybe you are using your U.S. bank as a middle man to avoid the requirement to setup a Direct Deposit account as a transfer from your U.S. bank would just appear as a typical funds transfer and be stripped of the coding identifying it as a govt pension which would allow it to be deposited into a typical Bangkok Bank savings account. But if you want to avoid your U.S. bank sending fee/bypass them all together then setting up a Direct Deposit account may be of benefit.

Edited February 10, 2014 by Pib

[riclag]

I believe some people use the direct deposit into USA banks for the promotional benefits such as free services "etc"

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.

That is correct.

You can not open a personal account with Bangkok Bank New York.

However, if you have a Bangkok Bank account in Thailand you CAN do a ACH transfer through the Bangkok Bank in New York to your Bangkok Bank account in Thailand.

This is because Bangkok Bank in New York is not a commercial retail bank in the U.S. and therefore can not open such things as a savings or deposit account for U.S. citizens.

So they merely act as an agent to transfer money from your U.S. bank account in your U.S. bank and transfer the funds through their New York bank to your Bangkok Bank account in Thailand.

My monthly Social Security pension is sent by direct deposit to my U.S. bank account.

They then do a ACH transfer through Bangkok Bank New York which is forwarded to my Bangkok Bank account in Thailand for deposit.

Normally takes 2 or 3 days to process from my U.S. bank until it shows in my Bangkok Bank account in Thailand.

You can however, if you are in New York, walk into the Bangkok Bank building there and they do have a person who will arrange for those transfers to be made monthly.

You will need all the details of your:

• U.S. Bank (name, account number, location, etc.)
• Bangkok bank details (location, account number, etc.)

to get this transfer process started.

My U.S. bank charges a fee for this ACH transfer, but it is still the cheapest way of transferring money through the banking system.

It is cheaper than to do a wire transfer to Thailand from my U.S. bank.

If you are transferring your SS benefit each month to your Bangkok Bank account why even involve your U.S. bank which also charges a fee you mentioned above...plus there are the Bangkok Bank fees which apply after your transfer from your U.S. bank.

Just give the Social Security folks the Bangkok Bank New York routing number and your in-Thailand Bangkok Bank account number...bypass your U.S. bank all together....avoid your U.S. bank sending fee...just incur the Bangkok Bank fees...and it would probably arrive a little faster since it don't have to be relayed by your U.S. home bank.

But you would need to setup a Bangkok Bank Direct Deposit savings account since this is a U.S. govt pension...otherwise Bangkok Bank would eventually catch this/spot it as an incoming U.S. govt pension from coding in the transfer and block/hold the incoming funds until a Direct Deposit account is setup. Of course there are limitations to a Bangkok Bank Direct Deposit account such as no ATM/Debit card and you must withdraw/transfer funds in person. Maybe you are using your U.S. bank as a middle man to avoid the requirement to setup a Direct Deposit account as a transfer from your U.S. bank would just appear as a typical funds transfer and be stripped of the coding identifying it as a govt pension which would allow it to be deposited into a typical Bangkok Bank savings account. But if you want to avoid your U.S. bank sending fee/bypass them all together then setting up a Direct Deposit account may be of benefit.

[Pib]

Yeap, with some banks a monthly direct deposit of a pension/paycheck would prevent the charge of a monthly bank account maintenance fee and in some cases also allow reimbursement of local ATM fees.

[JimGant]

But if you want to avoid your U.S. bank sending fee/bypass them all together then setting up a Direct Deposit account may be of benefit.

This subject has many threads. But, the bottom line is that, the Direct Deposit method requires that you show up in person to collect the money. Yes, then you can deposit it in another account that has an ATM/Debit card connection, or that can be accessed thru Internet banking. But the time and gas required to physically retrieve the monthly SS deposit certainly "costs" more than the $3 your bank is charging to do an ACH transfer thru BB NY. And, remember, the Direct Deposit charges by Bangkok Bank (front and back end) are the same as doing an ACH transfer yourself. And, what about if you're incapacitated? Yeah, work arounds have been reported -- but why put yourself in that situation for $3/month. If $3/mo is such a big deal, find another bank that doesn't charge for ACH transfers.

Direct deposits are tailored to arrive exactly on pay day, while doing an ACH will necessarily build in a one of two day delay. But, if you're living hand to mouth, and two days is too much, why, you can't afford to be logging into Thai Visa.

[TallGuyJohninBKK]

Yeap, with some banks a monthly direct deposit of a pension/paycheck would prevent the charge of a monthly bank account maintenance fee and in some cases also allow reimbursement of local ATM fees.

Service Credit Union -- for anyone with any familial military connection past or present -- is one of these kinds of checking accounts with their Service Plus Checking.

Arrange direct deposit of your pension with them, and they reimburse their normal 1% foreign currency fee on their VISA debit card at month's end, as well as refund other banks' ATM fees, including international, up to certain limits per month -- up to $20 of other bank's ATM charges and up to $20 of their 1% ISA fees on purchases and ATM withdrawals.

https://www.servicecu.org/civilian/content/Top_checking.asp?

[Pib]

Yeap, with some banks a monthly direct deposit of a pension/paycheck would prevent the charge of a monthly bank account maintenance fee and in some cases also allow reimbursement of local ATM fees.

Service Credit Union -- for anyone with any familial military connection past or present -- is one of these kinds of checking accounts with their Service Plus Checking.

Arrange direct deposit of your pension with them, and they reimburse their normal 1% foreign currency fee on their VISA debit card at month's end, as well as refund other banks' ATM fees, including international, up to certain limits per month -- up to $20 of other bank's ATM charges and up to $20 of their 1% ISA fees on purchases and ATM withdrawals.

https://www.servicecu.org/civilian/content/Top_checking.asp?

Yeap, similar to St Farm Bank which increases the amount of monthly ATM reimbursement if you have a Direct Deposit coming in. Link

[joealx]

But if you want to avoid your U.S. bank sending fee/bypass them all together then setting up a Direct Deposit account may be of benefit.

This subject has many threads. But, the bottom line is that, the Direct Deposit method requires that you show up in person to collect the money. Yes, then you can deposit it in another account that has an ATM/Debit card connection, or that can be accessed thru Internet banking. But the time and gas required to physically retrieve the monthly SS deposit certainly "costs" more than the $3 your bank is charging to do an ACH transfer thru BB NY. And, remember, the Direct Deposit charges by Bangkok Bank (front and back end) are the same as doing an ACH transfer yourself. And, what about if you're incapacitated? Yeah, work arounds have been reported -- but why put yourself in that situation for $3/month. If $3/mo is such a big deal, find another bank that doesn't charge for ACH transfers.

Direct deposits are tailored to arrive exactly on pay day, while doing an ACH will necessarily build in a one of two day delay. But, if you're living hand to mouth, and two days is too much, why, you can't afford to be logging into Thai Visa.

I thought that only U.S. government ACH transfers are the ones where you have to "show up". Am I wrong?

[JimGant]

I thought that only U.S. government ACH transfers are the ones where you have to "show up". Am I wrong?

US Gov't International Direct Deposits are the ones where you have to show up, at least in Thailand, which isn't on the approved list for International Direct Deposits. Presumably, if it were, you would NOT have to show up in person. Private ACH transfers, including non-Gov't pensions, have no "show up" requirement.

[irish jack]

how do I transfer my social security to Bangkok bank in nong khan,thailand. thank you. Irish jack

[fusion58]

On 2/8/2014 at 9:49 PM, Suradit69 said:

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.

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."

 

 

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

Just curious: Is Bangkok Bank the only Thai bank with a U.S. branch, or are there others?

[Pib]

22 minutes ago, fusion58 said:

Just curious: Is Bangkok Bank the only Thai bank with a U.S. branch, or are there others?

Some other Thai bank have branches in the US like Kaiskorn in LA.....but what their function is for in the US I don't have a clue.  

https://www.kasikornbank.com/en/branch/Pages/overseas-branch2.aspx

 

I do know no other Thai bank other than Bangkok Bank every provided ACH Receiving capability to its Thailand branches via/thru their NY branch.  And as you know effective 1 Apr 19 with Bangkok Bank's ACH IAT policy usage of that capability will drop way down since US banks/credit unions/financial companies do not offer ACH IAT "sending" capability for retail accounts.

[BigT73]

42 minutes ago, fusion58 said:

Just curious: Is Bangkok Bank the only Thai bank with a U.S. branch, or are there others?

Citibank, but they have changed the rules for opening a acct, now its 1 mil bht.  Its fee free to transfer globally and instant can also have a foriegn currency acct to recieve US dollars.