Cheapest Option(s) for Transfering Money from US Bank to Thai Bank

[Thailaw]

OK, Aeon ATM withdrawals are no longer a "cheap" option, enough said about that. So, what is left? I see the following money transfer options available:

(1) Wire transfer from US bank to Thai bank, perhaps using the ACH transfer option to BKK Bank in NYC.

(2) Deposit a check drawn on a US bank into a Thai bank where the check payee has an account. There is likely a 30 to 45 day clearing delay for this option, but what are the Thai bank charges? I do not think that there are any charges by a US bank for clearing the check. I assume that the exchange rate is determined as of the date that the US bank transfers the funds to the Thai bank, but this may not be for several weeks so some exchange rate risk may be involved and it may allow the Thaii bank to "select" the posting date to the transferees disadvantage.

(3) Continue to use ATM withdrawals and bear a B150 bank fee for each B20,000 (or up to B30,000 depending on the Thai bank and the US bank's daily draw limits) withdrawal (plus any foreign transfer charges imposed by the US bank).

(4) Counter transfers at a Thai bank using a US debit card, which may incur US bank fees, but seems to be free of bank charges in Thailand. The US bank fees may be significant.

(5) Other options?

Specifics: the preferred US bank is BoA, and BKK Bank in Thailand. Accounts at other banks both in the US and Thailand can be opened if it helps creating a long term money transfer solution. Option 1 and perhaps option 2 require, I think, reasonably large transfers to make them cost effective. Transfers of B1 million or more are not a problem, but I do prefer smaller money transfers so as to time exchange rate movements -- that has, in my view, been one of the pluses using Aeon. Details, including advantages and disadvantages, as well as costs/bank fees for each option will be greatly appreciated. Obviously, the bank fees charged by US banks for a specific transfer may vary by the bank involved, but if you know the charges for an option at your US bank that information would be useful. Thanks,

[thrilled]

You can use usforex.But need to send A fairly large amount.You can send it wire/ swift.The banks charge from $30-$50.Can take 10 to 24 hours.Can also go paypal,and Western Union.Not sure of their prices

[shawndoc]

Just wanted to add that Moneygram is usually much cheaper than Western Union, both in fees and exchange rate. Unless WU is running a promo.

[carken]

I'm not one of the lucky "rich" American Farang"s, My family (Thai wife and 2 teenage sons) and I live on my monthly Social Security funding. so I only deal in my monthly SocSec amount. I banked with Wells Fargo for years and have had to use ATM's ever since I got to Thailand(April 2006) so I have been here 8 years, Since my monthly SocSec is small amount I got real tired of paying ATM fees to US and Thai banks. Also ATMs have a 20,000 Baht limit on each withdrawal and most US banks have a daily withdrawal limit. Too make a long story short I was paying $5(150B) to US bank and $5 (150B) to Thai bank (SCB) for a total of $10(300B) a pop every time I used ATM. It took 3 withdrawals to get my monthly SocSec money. Which of course meant I was paying $10 X 3 = $30(1,000B) a month. <deleted>!!!. I kept searching the web every 2 or 3 months for a cheap way to get money. Never found it. A year ago a friend from my home town came to our house (we built new house 3 years ago for 1 Million Baht) for a visit and told me about USAA Bank in San Antonio TX. They don't charge you any ATM fees, domestic or foreign at all and if a foreign bank charges you an ATM fee USAA Bank will rebate that fee back to you every 30 days (statement date). My hometown wasn't San Antonio by the way. I went online and opened a FREE checking account with USAA Bank and deposited only the minimum $25. every month for a year I would transfer small amounts from Wells Fargo to USAA by way of an ACH (free) fund transfer than use my USAA debit card at Thai ATM. USAA never failed to rebate any and all ATM fees. I have never had a problem with USAA Bank . USAA also allows me to use my home address here in Thailand and any snail mail or new debit card(s) are mailed directly from USSA Bank in San Antnio TX at no charge to my Thai home address. I just recently closed my WF account and now have my SocSec funds going to USAA Bank via Direct Deposit. I will no longer pay one red cent to get my SocSec funds to me here in Thailand.

USAA Bank was founded as a service for active and/or past military. I only served the minimum for my tour (4 years) and got out in 1960. However I don't believe they still require any past military affiliations and is hopefully now open to even non-military

Here is USAA Bank URL if you wanna to give'em a try

https://www.usaa.com/inet/pages/bank_main?akredirect=true

[kimbathewhitelion]

I'm not one of the lucky "rich" American Farang"s, My family (Thai wife and 2 teenage sons) and I live on my monthly Social Security funding. so I only deal in my monthly SocSec amount. I banked with Wells Fargo for years and have had to use ATM's ever since I got to Thailand(April 2006) so I have been here 8 years, Since my monthly SocSec is small amount I got real tired of paying ATM fees to US and Thai banks. Also ATMs have a 20,000 Baht limit on each withdrawal and most US banks have a daily withdrawal limit. Too make a long story short I was paying $5(150B) to US bank and $5 (150B) to Thai bank (SCB) for a total of $10(300B) a pop every time I used ATM. It took 3 withdrawals to get my monthly SocSec money. Which of course meant I was paying $10 X 3 = $30(1,000B) a month. !!!. I kept searching the web every 2 or 3 months for a cheap way to get money. Never found it. A year ago a friend from my home town came to our house (we built new house 3 years ago for 1 Million Baht) for a visit and told me about USAA Bank in San Antonio TX. They don't charge you any ATM fees, domestic or foreign at all and if a foreign bank charges you an ATM fee USAA Bank will rebate that fee back to you every 30 days (statement date). My hometown wasn't San Antonio by the way. I went online and opened a FREE checking account with USAA Bank and deposited only the minimum $25. every month for a year I would transfer small amounts from Wells Fargo to USAA by way of an ACH (free) fund transfer than use my USAA debit card at Thai ATM. USAA never failed to rebate any and all ATM fees. I have never had a problem with USAA Bank . USAA also allows me to use my home address here in Thailand and any snail mail or new debit card(s) are mailed directly from USSA Bank in San Antnio TX at no charge to my Thai home address. I just recently closed my WF account and now have my SocSec funds going to USAA Bank via Direct Deposit. I will no longer pay one red cent to get my SocSec funds to me here in Thailand.

USAA Bank was founded as a service for active and/or past military. I only served the minimum for my tour (4 years) and got out in 1960. However I don't believe they still require any past military affiliations and is hopefully now open to even non-military

Here is USAA Bank URL if you wanna to give'em a try

https://www.usaa.com/inet/pages/bank_main?akredirect=true

Off topic, but you are one of the lucky Americans that receive Social Security. Be grateful. Mine jumped to age 67 & have no doubt as I get closer it will jump again to 70. Given, at 70, I know they will say, "sorry, it's all gone".

Sent from my iPad using Thaivisa Connect Thailand

[kimbathewhitelion]

As with the OP, Bank of America is garbage for wire transfers. You can only send 1000 usd at a time with up to $55 in wire fees. I do this a couple times a month to my Kasikorn account of which charges no fees for money received. If I want to transfer more via BofA, I would have to have a US corporate (i.e. a phone locked with a US phone account) phone. Then after paying 20 bucks for a verification card, you push the button on the card, it generates a code & sends it to your registered US phone. Mindful, the authorization code is sent to your US (key, US only) phone of which you then type it into your web banking account...and your money is once again, your money.

Sent from my iPad using Thaivisa Connect Thailand

[SunSeek01]

I have BoA, been thinking of switching to Schwab which I've heard here is good. I did not know about USSA's deal, sounds good. With BoA I don't think there is any limit, I've sent over 2K to my Kasi account. With BoA, you want to send in USD, it cost an extra $ 10, $ 45 instead of $ 35 but BoA exchange rate is bad so better to send in USD and take the Kasi exchange rate which is better.

[hoxman]

As someone mentioned earlier, Schwab is great. They are similar to the USAA account that was also mentioned, in that Schwab refunds any ATM fees that other banks charge, including international banks. They have low fees for wire transfers as well. So I have a Bangkok Bank account for my Thai bank. When ever needed have a wire transfer made, via online, to Bangkok Bank in NYC in USD. Bangkok Bank does the conversion to Thai Baht and it is deposited in my bank in 2 business days.

First time I did the wire transfer I had to call to confirm it, but since then never a problem to make the transaction online.

[kimbathewhitelion]

I have BoA, been thinking of switching to Schwab which I've heard here is good. I did not know about USSA's deal, sounds good. With BoA I don't think there is any limit, I've sent over 2K to my Kasi account. With BoA, you want to send in USD, it cost an extra $ 10, $ 45 instead of $ 35 but BoA exchange rate is bad so better to send in USD and take the Kasi exchange rate which is better.

How are you getting away with 2K wire transfers..?

Sent from my iPad using Thaivisa Connect Thailand

[lopburi3]

OP seems to have the best option as his first choice - do ACH transfers to Bangkok Bank. USAA is a good option for US bank if available but they do require the military tie again unless already a member. But using ATM is not that good as card rate is lower MasterCard and believe they add 1% fee overseas use.

[Casual1]

Schwab and Capital One 360 offer No Foriegn Transaction Fee Debit cards and rebates all ATM charges. Schwab offers a VISA Debit card which has a better exchange rate than Mastercard, Not sure which debit card Capital One 360 offers. Schwab needs signed documents to setup ACH transfers,Capital One 360 can all be done online. Both did not require a minimum deposit (*), Schwab has you open an investment account, but does not require any money or activity with that account.

* I've been told that if you do not have a USA address, you have to open a foriegn account with Schwab which requires a $10,000 deposit.

A search of the forums should give a little better review of each bank.

[Thailaw]

I'm not one of the lucky "rich" American Farang"s, My family (Thai wife and 2 teenage sons) and I live on my monthly Social Security funding. so I only deal in my monthly SocSec amount. I banked with Wells Fargo for years and have had to use ATM's ever since I got to Thailand(April 2006) so I have been here 8 years, Since my monthly SocSec is small amount I got real tired of paying ATM fees to US and Thai banks. Also ATMs have a 20,000 Baht limit on each withdrawal and most US banks have a daily withdrawal limit. Too make a long story short I was paying $5(150B) to US bank and $5 (150B) to Thai bank (SCB) for a total of $10(300B) a pop every time I used ATM. It took 3 withdrawals to get my monthly SocSec money. Which of course meant I was paying $10 X 3 = $30(1,000B) a month. <deleted>!!!. I kept searching the web every 2 or 3 months for a cheap way to get money. Never found it. A year ago a friend from my home town came to our house (we built new house 3 years ago for 1 Million Baht) for a visit and told me about USAA Bank in San Antonio TX. They don't charge you any ATM fees, domestic or foreign at all and if a foreign bank charges you an ATM fee USAA Bank will rebate that fee back to you every 30 days (statement date). My hometown wasn't San Antonio by the way. I went online and opened a FREE checking account with USAA Bank and deposited only the minimum $25. every month for a year I would transfer small amounts from Wells Fargo to USAA by way of an ACH (free) fund transfer than use my USAA debit card at Thai ATM. USAA never failed to rebate any and all ATM fees. I have never had a problem with USAA Bank . USAA also allows me to use my home address here in Thailand and any snail mail or new debit card(s) are mailed directly from USSA Bank in San Antnio TX at no charge to my Thai home address. I just recently closed my WF account and now have my SocSec funds going to USAA Bank via Direct Deposit. I will no longer pay one red cent to get my SocSec funds to me here in Thailand.

USAA Bank was founded as a service for active and/or past military. I only served the minimum for my tour (4 years) and got out in 1960. However I don't believe they still require any past military affiliations and is hopefully now open to even non-military

Here is USAA Bank URL if you wanna to give'em a try

https://www.usaa.com/inet/pages/bank_main?akredirect=true

Looks like a winner -- thanks for the information.

[Thailaw]

As someone mentioned earlier, Schwab is great. They are similar to the USAA account that was also mentioned, in that Schwab refunds any ATM fees that other banks charge, including international banks. They have low fees for wire transfers as well. So I have a Bangkok Bank account for my Thai bank. When ever needed have a wire transfer made, via online, to Bangkok Bank in NYC in USD. Bangkok Bank does the conversion to Thai Baht and it is deposited in my bank in 2 business days.

First time I did the wire transfer I had to call to confirm it, but since then never a problem to make the transaction online.

Thanks. Do you know what BKKBK charges you for receiving the ACH wire transfer in NYC and forwarding the funds on to your account in Thailand? This may be the best route to take if the receiving bank fees of BKKBK are "reasonable".

[gdringjr]

I agree that ACH transfers to Bangkok Bank, New York are one of the cheapest routes to get cash to Thailand. Here are their fees for receiving ACH transfers which are then available to you in one day.

Transferred Amount

Fee (USD)

Not more than USD 50.00

Free

USD 50.01 - 100.00

3.00

USD 100.01 - 2,000.00

5.00

USD 2,000.01 - 50,000.00

10.00

USD 50,000.01 or more

20.00

I have been using ACH transfers from Bank of America to Bangkok Bank, NY for years and it's been OK. I paid B of A three dollars for the three day transfer to Bangkok Bank, NY and then ten dollars (see chart above) to Bangkok Bank. Monthly cost of $13 for moving my money over here with a good exchange rate.

But I just went one better. I just opened a Fidelity account which, similar to Schawb, refunds all ATM fees. I tried my new debit card last week and then checked my balances and found I had paid just .01% more than the current XE.com rate. Fidelity is not even charging the 1% foreign exchange fee at the moment so I recieved my cash, from my US bank (Fidelity) paying vitually nothing.

[lopburi3]

Not sure where you got that chart but it is wrong. BBL NY deducts 5 for transfers under 2000 and 10 from those above (but know there are other categories that I do not use). There will also be a .25% exchange fee in Thailand in range of 200-500 baht.

[gdringjr]

The chart was copied and pasted by myself, about an hour ago, straight from the Bangkok Bank, New York Branch website.

You can find the chart on their website here:

http://www.bangkokbank.com/bangkokbank/personalbanking/dailybanking/transferingfunds/transferringintothailand/receivingfundsfromusa/pages/receivingfundsfromusa.aspx

Lopburi, you may want to let Bangkok Bank know that their chart is wrong.

[Thailaw]

I agree that ACH transfers to Bangkok Bank, New York are one of the cheapest routes to get cash to Thailand. Here are their fees for receiving ACH transfers which are then available to you in one day.

Transferred Amount

Fee (USD)

Not more than USD 50.00

Free

USD 50.01 - 100.00

3.00

USD 100.01 - 2,000.00

5.00

USD 2,000.01 - 50,000.00

10.00

USD 50,000.01 or more

20.00

I have been using ACH transfers from Bank of America to Bangkok Bank, NY for years and it's been OK. I paid B of A three dollars for the three day transfer to Bangkok Bank, NY and then ten dollars (see chart above) to Bangkok Bank. Monthly cost of $13 for moving my money over here with a good exchange rate.

But I just went one better. I just opened a Fidelity account which, similar to Schawb, refunds all ATM fees. I tried my new debit card last week and then checked my balances and found I had paid just .01% more than the current XE.com rate. Fidelity is not even charging the 1% foreign exchange fee at the moment so I recieved my cash, from my US bank (Fidelity) paying vitually nothing.

Thanks for this, very helpful. The bank charges that you describe are very reasonable, both individually and in the aggregate. I have a brokerage account at Fidelity (and RBC), and I may look into getting a debit card from one of them. But the ACH wire transfer route to BKKBK in NYC looks like the way to go, especially for amounts in excess of US$10,000.

Does BKKBK in NYC have an ACH wire transfer code? (as opposed to the Swift Code for wire transfers directly to Thailand). Also, can the ACH wire tranfer from BoA be effected by internet or do you need to call or, worse, send written instructions? Thanks.

[gdringjr]

The no fee debit cards from Schwab, Fidelity, etc. are wonderful for ATM withdrawals up to around $500 but if you need to send big money they don't work so well.

The routing/ACH number for Bangkok Bank, New York is 026008691.

I transfer money online (any amount) from my Bank of America account to my Bangkok Bank (NY) account via ACH transfer. You have to set this up online with Bank of America and there are normally two "test" deposits Bank of America sends to Bangkok Bank to verify it is your account.

You can read about all these details at

http://www.bangkokbank.com/bangkokbank/personalbanking/dailybanking/transferingfunds/transferringintothailand/receivingfundsfromusa/pages/receivingfundsfromusa.aspx

[lopburi3]

The chart was copied and pasted by myself, about an hour ago, straight from the Bangkok Bank, New York Branch website.

You can find the chart on their website here:

http://www.bangkokbank.com/bangkokbank/personalbanking/dailybanking/transferingfunds/transferringintothailand/receivingfundsfromusa/pages/receivingfundsfromusa.aspx

Lopburi, you may want to let Bangkok Bank know that their chart is wrong.

Sorry it was my reading as the format was changed with the copy/paste so I read fee/amount rather than the intended amount/fee:

[BigRick]

Not sure where you got that chart but it is wrong. BBL NY deducts 5 for transfers under 2000 and 10 from those above (but know there are other categories that I do not use). There will also be a .25% exchange fee in Thailand in range of 200-500 baht.

You sir are an encyclopedia of knowledge you have replied with rock solid advice on many previous posts. +1. This hassle is one we all deal with in Thailand the AEON bank charge was a real bummer but I will still use them when convenient because of the money they saved me over 4 years.

Edited March 13, 2014 by BigRick

[Thailaw]

The no fee debit cards from Schwab, Fidelity, etc. are wonderful for ATM withdrawals up to around $500 but if you need to send big money they don't work so well.

The routing/ACH number for Bangkok Bank, New York is 026008691.

I transfer money online (any amount) from my Bank of America account to my Bangkok Bank (NY) account via ACH transfer. You have to set this up online with Bank of America and there are normally two "test" deposits Bank of America sends to Bangkok Bank to verify it is your account.

You can read about all these details at

http://www.bangkokbank.com/bangkokbank/personalbanking/dailybanking/transferingfunds/transferringintothailand/receivingfundsfromusa/pages/receivingfundsfromusa.aspx

Got it! Thanks a lot. I am assuming that my broker will ACH wire transfer money from my account with him to BKKBK for no charge, but I will set up the ACH transfer with BKKBK at BoA for the added flexibility.

This has been very helpful, and thanks to everyone for the information provided. I expect that many Thai residents from the US will find it very helpful.

[lovetotravel]

As someone mentioned earlier, Schwab is great. They are similar to the USAA account that was also mentioned, in that Schwab refunds any ATM fees that other banks charge, including international banks. They have low fees for wire transfers as well. So I have a Bangkok Bank account for my Thai bank. When ever needed have a wire transfer made, via online, to Bangkok Bank in NYC in USD. Bangkok Bank does the conversion to Thai Baht and it is deposited in my bank in 2 business days.

First time I did the wire transfer I had to call to confirm it, but since then never a problem to make the transaction online.

Can you open a Schwab account from Thailand? Or do you have to be in the US? I know USAA allows you to open an account with them even if you are here. Not many US banks allow that now.

USAA refunds ATM fees also, but they charge a 1% foreign transaction fee.

[Casual1]

As someone mentioned earlier, Schwab is great. They are similar to the USAA account that was also mentioned, in that Schwab refunds any ATM fees that other banks charge, including international banks. They have low fees for wire transfers as well. So I have a Bangkok Bank account for my Thai bank. When ever needed have a wire transfer made, via online, to Bangkok Bank in NYC in USD. Bangkok Bank does the conversion to Thai Baht and it is deposited in my bank in 2 business days.

First time I did the wire transfer I had to call to confirm it, but since then never a problem to make the transaction online.

Can you open a Schwab account from Thailand? Or do you have to be in the US? I know USAA allows you to open an account with them even if you are here. Not many US banks allow that now.

USAA refunds ATM fees also, but they charge a 1% foreign transaction fee.

With Schwab, you can open an account online from any where, i opened mine while i was on vacation in thailand, but you need a USA address, wether it be a relative or friends if you dont want to open a foriegn account,which i think requires a $10,000 deposit.

Capital One 360 can be opened online, not sure about a foriegn address though as again, i still have a USA address and will use a relatives when i'm moved over permanently.

Both have 0% foreign transaction fees and both refund all ATM fees and do not charge for ATM withdrawls.

[lovetotravel]

Thanks. I do have a relative there with an address I can use. I've heard such good things about Schwab, I think I'll give it a try!!

http://content.schwab.com/m/q310/schwab_bank_high_yield_investor_checking/ELC44427C-02.html

Here's a great article describing this:

http://thepointsguy.com/2013/07/avoiding-atm-withdrawal-fees-when-traveling-abroad/

[gdringjr]

Thanks. I do have a relative there with an address I can use. I've heard such good things about Schwab, I think I'll give it a try!!

http://content.schwab.com/m/q310/schwab_bank_high_yield_investor_checking/ELC44427C-02.html

Here's a great article describing this:

http://thepointsguy.com/2013/07/avoiding-atm-withdrawal-fees-when-traveling-abroad/

I'm not sure when Casual1 opened his/her Schwab account but when I tried to open a Schwab account six weeks ago I had success but then when I tried to fund it with a transfer from Bank of America they "froze" the account. I called and they said that since the account had been opened from a non U.S. IP address that I would have to come into a Schwab office to verify my identity. No exceptions to this rule. I have no trips planned back to the U.S. for some time so I closed the account.

I then opened a Fidelity Cash Management account which is virtually the same as the Schwab account. It refunds all my ATM fees and as I mentioned earlier I get the XE.com exchange rate. Make sure you are opening these accounts using a U.S. IP or you risk raising red flags and having the account suspended. A U,S, mailing address is a must as well.

Edited March 14, 2014 by gdringjr

[Thailaw]

As someone mentioned earlier, Schwab is great. They are similar to the USAA account that was also mentioned, in that Schwab refunds any ATM fees that other banks charge, including international banks. They have low fees for wire transfers as well. So I have a Bangkok Bank account for my Thai bank. When ever needed have a wire transfer made, via online, to Bangkok Bank in NYC in USD. Bangkok Bank does the conversion to Thai Baht and it is deposited in my bank in 2 business days.

First time I did the wire transfer I had to call to confirm it, but since then never a problem to make the transaction online.

Can you open a Schwab account from Thailand? Or do you have to be in the US? I know USAA allows you to open an account with them even if you are here. Not many US banks allow that now.

USAA refunds ATM fees also, but they charge a 1% foreign transaction fee.

With Schwab, you can open an account online from any where, i opened mine while i was on vacation in thailand, but you need a USA address, wether it be a relative or friends if you dont want to open a foriegn account,which i think requires a $10,000 deposit.

Capital One 360 can be opened online, not sure about a foriegn address though as again, i still have a USA address and will use a relatives when i'm moved over permanently.

Both have 0% foreign transaction fees and both refund all ATM fees and do not charge for ATM withdrawls.

The exchange rate of US$ into THB and the foreign transaction fee, if any, are also important parts of the exchange/transfer cost calculation. The foreign transaction fee is, I believe, an issue with the sender's US bank, as the fee is imposed (or not) by it. The exchange rate is an issue with the Thai bank, as the US bank sends US$ to the Thai bank which converts the US$ into THB at its stated exchange rate. For a short time, BoA charged a foreign transaction fee for outside-the-US credit card purchases, but I have not seen a FTF on any statement from BoA for at least 3 years. I think that BKKBK's exchange rate for US$ into THB is competitive, but I have not done a comparison of the exchange rates offered by the various Thai banks. But to use the ACH wire transfer route, which reduces significantly the wire transfer fees, BKKBK is the only option, I think.

Capital One is problematic for Thai residents, as least as far as my experience is concerned. I have several Capital One accounts and use a Las Vegas mail forwarding service as my US address. After about 1 year I was notified by CO that they had conducted a random check and found that my stated address was not my residence (which they require) and "locked" my accounts with them. They asked for a utility bill in my name with my US address on it, which I could not provide. The issue was resolved, but not without some difficulty. Curiously, BoA told me that they were in the process of closing all accounts held by foreign addressees, and suggested that I use my Las Vegas address, which was no problem for them. And US citizens may have trouble opening and/or maintaining bank accounts in Thailand as the new foreign bank account reporting (by banks) regulations go into effect. You can thank Obama for this mess (among many, many others).

I am sure that the NSA is reading and reviewing all of these posts (as well as my e-mails), so I probably shouldn't say any more.

[Casual1]

Thanks. I do have a relative there with an address I can use. I've heard such good things about Schwab, I think I'll give it a try!!

http://content.schwab.com/m/q310/schwab_bank_high_yield_investor_checking/ELC44427C-02.html

Here's a great article describing this:

http://thepointsguy.com/2013/07/avoiding-atm-withdrawal-fees-when-traveling-abroad/

I'm not sure when Casual1 opened his/her Schwab account but when I tried to open a Schwab account six weeks ago I had success but then when I tried to fund it with a transfer from Bank of America they "froze" the account. I called and they said that since the account had been opened from a non U.S. IP address that I would have to come into a Schwab office to verify my identity. No exceptions to this rule. I have no trips planned back to the U.S. for some time so I closed the account.

I then opened a Fidelity Cash Management account which is virtually the same as the Schwab account. It refunds all my ATM fees and as I mentioned earlier I get the XE.com exchange rate. Make sure you are opening these accounts using a U.S. IP or you risk raising red flags and having the account suspended. A U,S, mailing address is a must as well.

Good point gdringjr, I opened my Schawb account back in may 2011, i do remember i had to call Schwab to verify some information when i got back to america.

[nkped]

I have been banking with Wells Fargo because they suited my needs here in the U.S. I have done wire transfers to my Kasikorn account at $45 a pop. It might cost less if I let them convert it to baht first but their exchange rate sucks. Supposedly, you can make arrangements to initiate additional wire transfers by phone but WF is extremely opaque as to how that would be done.

Wondering around the WF web site, I discovered I can make ACH transfers to a non-WF account and initiate those transfers on line. There may be a fee but I haven't discovered it. The upshot is that I have opened a USAA checking account and confirmed I can make transfers to it. The general idea is to transfer money to the USAA account prior to the next LOS trip and then do a wire transfer to Kasikorn for $25. USAA represents the wire transfer can be initiated over the phone.

Why the two step, at least for now? I have a lot of automatic payments and direct deposits to the WF account. It would be a huge pain to switch over completely.

Edited April 23, 2014 by nkped

[gdringjr]

Switching U.S. banks is a pain if you have direct deposits, several auto payments, tenants depositing to the account, like I have. I just took a deep breath, opened my Fidelity account and started the process of getting deposits and payments switched over. It took about two months to get everything switched over before I closed my Bank of America accounts. I'm glad I did. I now get all my money to Thailand for almost no fees. All ATM fees are rebated including those charged by Thai banks. Free unlimited bill pay and ACH transfers with Fidelity. There is no fee for my ACH transfers to my New York Bangkok bank (Bangkok Bank charges a small receiving fee). The exchange rates are superb. I feel like I've finally gotten one over on the banks.

[JimGant]

The general idea is to transfer money to the USAA account prior to the next LOS trip and then do a wire transfer to Kasikorn for $25. USAA represents the wire transfer can be initiated over the phone.

USAA international wire transfers are now $45, not $25 (unless something recently has changed). They can be done over the phone -- and setting up a "template" with all the pertinent information for the receiving account streamlines matters (you just provide the amount and the "template" nickname).

But, haven't wired from USAA in years, as the ACH transfer is a lot cheaper. And, USAA raised my daily ACH transfer ceiling considerably above the standard $5000.

Might be cheaper to establish a Bangkok Bank account into which to ACH money to Thailand ($5/10 vs $45). Get an online account with Bangkok Bank, then third party transfer to your Kasikorn account. Or switch completely to Bangkok Bank.