Spreaders of Conspiracy Theories: Unmasking the Motivations Behind the Lies

[Jingthing]

A very specific question indeed.

If you've setup ACH transfers (not SWIFT) from a U.S.A. bank to Bangkok Bank New York (which flows to your Thailand Bangkok Bank account) you know what I'm talking about, I'm sure.

Otherwise, you don't, and no this isn't about U.K. to BB London transfers (which is also supported).

As many Americans know things are changing this year on SWIFT transfers from the U.S.. Tightening up, already reports of new problems and roadblocks.

So my question is whether this new world order has hit the ACH transfer to Bangkok Bank (hopefully it never will).

So if you done such an ACH transfer recently, at least as recently as this year 2014, please report if there have been any new and surprising issues with that.

Also mention if all is normal, if you please.

Thanks in advance.

Edited March 26, 2014 by Jingthing

[kimbathewhitelion]

What is the ACH Transfer? I have a SWIFT with B of A which over the last year has moved International transfer fees from $45 to $60 per transfer (including hidden or as they call them "Other" fees). Now as I try to add a new bank today, I'm required to have a US locked or US Corp current prepaid phone with international text messaging so I can input an SMS transfer code. I say a US phone because only US phone numbers are allowed for verification via SMS.

Sent from my iPad using Thaivisa Connect Thailand

[kimbathewhitelion]

Reading...copy & paste: The Automated Clearing House (ACH) is an electronic network for financial transactions. ACH processes large volumes of both credit and debit transactions which are originated in batches. Basically "e-banking". So this is not a Topic of transferring monies between a personal US Account & a personal BK Account?

If not, is there an easier way for me to transfer monies between personal accounts between the two countries without all the increasing costs, hidden fees & the necessity of having to fly back to the originating country to verify such transfers (in my case either in person or via SMS using a US phone capable of in-country text messaging.

Sent from my iPad using Thaivisa Connect Thailand

[Jingthing]

There have been many threads on this.

Bangkok Bank and ONLY Bangkok Bank provides a method to transfer funds from the U.S. or the U.K. to Thailand without using SWIFT.

To emphasize, this is not possible with any other Thai bank.

The online internal online transfers would be possible from most ALL U.S. and U.K. banks.

In fact the transfer is DOMESTIC, internal to the U.S. or the U.K.

There is somewhat of a complicated initial setup involving verifying test deposits (starting from the U.S. or U.K. bank).

Once you're set up, it's just like doing a domestic transfer.

The funds are transferred from your U.S. or U.K. bank account to BANGKOK BANK New York or London, using your Thai Bangkok Bank account number.

Bangkok Bank handles the rest, and transfers to Thailand.

You never actually have an account in New York or London.

This has been a popular method.

Fees are low.

You don't worry about SWIFT.

I'm hoping it stays the same, but hope and five dollars buys a coffee at Starbucks.

Anyway, for those interested in this setup, search the forum, there are multiple threads, and even information on the Bangkok Bank website.

This thread is really about recent reports of people already using this system from the U.S.

The reason this is about the U.S. system is because as far as I know it is the U.S. that has recently gotten hard core about international transfers, not the U.K, so this concern as far as I know would not be of interest to U.K. people.

Cheers.

Edited March 26, 2014 by Jingthing

[Jingthing]

Here you go:

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

I don't see a link about the U.K. system, sorry.

[Langsuan Man]

There is no worry about EFTS using Bangkok Bank, since it has a US routing number ( 026008691) therefore is considered the same as a US bank. Other than the name Bangkok, there is nothing in the number to indicate that it is a foreign bank. As you have deduced as far as the EFTS system is concerned you are transferring domestically and unless you exceed the $10,000 threshold there should never be a problem

BTW. These types of transfers are known both as EFTS (electronic funds transfer system) and ACH (automated clearning house) and are the same

[longball53098]

I just made a ACH transfer from my Chase Bank account to my BBL account in the last 2 weeks. All was normal for me and as I initiated it on a Thursday it took a day or so longer due to the weekend. I have used this service for 3 years now and make a transfer about every 3 or 4 months.

[Duvidl]

Same here. Today from Citibank to NY Bangkok Bank via ACH. No problems, takes about 3 business days.

[55Jay]

You may also avail SWIFT from your US bank to BKB New York as a domestic transfer.

I did this twice as my US bank limits free ACH transfers to $2,500/day ~ $7,500/week.

I paid $14.00 each domestic wire vs. $25 International, and both posted in my BKB account in under 24 hours. I just checked my bank's webpage and they've added some Dodd-Frank compliance language to the international wire info and some tie up with Wells Fargo (oh joy).

"In order to comply with the Dodd Frank Act's Section 1073 on International Remittances, Navy Federal has partnered with Wells Fargo to send international wire transfers and provide foreign currency exchange."

Nice to have BKB New York, avoid the International mumbo jumbo and do a domestic transfer.

Edited March 27, 2014 by 55Jay

[Jingthing]

Thanks for the feedback.

I don't get the point about using SWIFT to transfer domestically though.

I doubt that would interest many people.

SWIFT is a bigger hassle now.

If you want to do the Bangkok Bank New York thingie, the thing to do is ACH domestic transfer.

Most people people using other Thai banks or who have not set up the ACH transfer link from a U.S. bank account, they will still be using SWIFT.

If somebody else doesn't do this, I probably will, I think we need a dedicated thread on changes in people's experiences using SWIFT from the U.S. to Thailand.

[55Jay]

Hi JT,

Didn't mean to intrude on your ACH thread, it was just a side-bar comment as you mentioned SWIFT from the US was getting more difficult in 2014.

Some US banks, such as my CU, have ACH limits and if people want to move larger sums all at once, SWIFT is usually the way to do it. Sending from a US bank to Bangkok Bank NY avoids the "international" category, ie - sending from US to another Thai bank without a US presence.

In this way, Bangkok Bank, even for SWIFT, presents an slight advantage in a similar way as ACH from a US bank to BKB New York.

[Jingthing]

No problem.

SWIFT is really important.

I still think I need SWIFT and I'm getting worried about what's going to happen when I try it later this year.

But I think it's so important that it should be a separate thread.

[Pib]

What is the ACH Transfer? I have a SWIFT with B of A which over the last year has moved International transfer fees from $45 to $60 per transfer (including hidden or as they call them "Other" fees). Now as I try to add a new bank today, I'm required to have a US locked or US Corp current prepaid phone with international text messaging so I can input an SMS transfer code. I say a US phone because only US phone numbers are allowed for verification via SMS.

Sent from my iPad using Thaivisa Connect Thailand

Reading...copy & paste: The Automated Clearing House (ACH) is an electronic network for financial transactions. ACH processes large volumes of both credit and debit transactions which are originated in batches. Basically "e-banking". So this is not a Topic of transferring monies between a personal US Account & a personal BK Account?

If not, is there an easier way for me to transfer monies between personal accounts between the two countries without all the increasing costs, hidden fees & the necessity of having to fly back to the originating country to verify such transfers (in my case either in person or via SMS using a US phone capable of in-country text messaging.

Sent from my iPad using Thaivisa Connect Thailand

Do yourself a favor and switch from pricey SWIFT transfers to ACH transfers if you have a bank account in another country that supports ACH transfers from the U.S. like Bangkok Bank. Sure SWIFT transfers are a little faster but a heck of a lot more expensive than ACH transfers which take 1 to 4 business days to complete the transfer. You can do ACH transfers from BoA to your in-Thailand Bank account for a mere $3 three business day transfer plus the sliding scale Bangkok Bank New York branch fee which is usually $5 or $10. And regarding the BoA ACH sending fee, many U.S. banks don't charge any ACH sending fee, but we all know (or at least I feel) BoA is a little more fee-greedy than most U.S. banks. And on the in-Thailand Bangkok Bank branch end the 0.25% (Bt200 min, Bt500 max) fee will apply for SWIFT/ACH or any type of incoming wire transfer. I still have a BoA account but don't use it for ACH transfer anymore since my other U.S. banks do not charge any ACH sending fee and don't require the SMS password/passcode like BoA does to setup an ACH transfer link or when transferring funds of a certain amount.

Many, many U.S. folks have been using this low cost ACH transfer method for years to do transfers from their personal U.S. bank account, monthly direct deposit of their Social Security, Military Retirement pensions, etc. I use to use it quite a bit up until a few years ago when I switched to using no foreign transaction fee debit cards that reimburse ATM fees, or no foreign transaction fee credit cards which have no cash advance fee and then I pay the withdrawal same day via ibanking to prevent any interest charge. While use of no foreign transaction fee debit/credit cards are good for small amounts say in the $,1000 to $2,000 per transaction range, ACH transfers can be for much more...usually at least up to $5,000 via ibanking...more if you have got approval from your bank to permanently raise your daily ACH transfer limit or able to walk into the branch and initiate an counter ACH transfer....and some people can have high amounts transfers by a fax/phone call because they setup such an authorization with their bank before leaving the States.

If using BoA you can substititue their SMS password/passcode requirement by getting a BoA SafePass card (one time fee of $19.99 which also covers future replacements cards)...this SafePass card issues you a code by squeezing a button on the card and a code appears in the cards window....I've had such a card for around 4 years now and its still going strong...but it pretty much lives in my hot safe all the time...and when the battery in the card finally does dies I can get a replacement card free...however, but, BoA will only mail the initial/replacement SafePass card to a U.S. address (they won't even mail it to a U.S. Miltary APO/FPO address)...so you'll need to have the card mailed to whatever U.S. address you have on file with BoA.

Yeap, do yourself a favor and dump the pricey SWIFT transfers. For more info, see this Bangkok Bank webpage on how to use ACH transfers to your Bangkok Bank account.

[joealx]

"So if you done such an ACH transfer recently, at least as recently as this year 2014, please report if there have been any new and surprising issues"

smooth as silk, no issues, example is I do it Tuesday night 9 PM Bangkok time, it's in my account Thursday morming about 9 30 AM-- I get a sms confirmation

[Pib]

"So if you done such an ACH transfer recently, at least as recently as this year 2014, please report if there have been any new and surprising issues"

smooth as silk, no issues, example is I do it Tuesday night 9 PM Bangkok time, it's in my account Thursday morming about 9 30 AM-- I get a sms confirmation

Do you mind mentioning what U.S. bank you use and if you paid a Sending bank ACH Fee. Some banks are good at moving an ACH transfer same day; others use some sliding scale ACH transfer period like BoA which charges $3 for a three business day ACH transfer, $10 for next day ACH transfer, and $25 for a same day wire transfer (or that the fee that appears in my standard BoA account which I wonder why I still have sometimes). And then other banks like USAA which does not charge an ACH sending fee seem to move the ACH tranfers very fast with previous posters saying the money arrived their Bangkok Bank account in 1 to 2 days. One time several years ago I got an ACH transfer from USAA Bank to Bangkok Bank (no USAA Sending fee) in approx 18 hours.

[kimbathewhitelion]

What is the ACH Transfer? I have a SWIFT with B of A which over the last year has moved International transfer fees from $45 to $60 per transfer (including hidden or as they call them "Other" fees). Now as I try to add a new bank today, I'm required to have a US locked or US Corp current prepaid phone with international text messaging so I can input an SMS transfer code. I say a US phone because only US phone numbers are allowed for verification via SMS.

Sent from my iPad using Thaivisa Connect Thailand

Reading...copy & paste: The Automated Clearing House (ACH) is an electronic network for financial transactions. ACH processes large volumes of both credit and debit transactions which are originated in batches. Basically "e-banking". So this is not a Topic of transferring monies between a personal US Account & a personal BK Account?

If not, is there an easier way for me to transfer monies between personal accounts between the two countries without all the increasing costs, hidden fees & the necessity of having to fly back to the originating country to verify such transfers (in my case either in person or via SMS using a US phone capable of in-country text messaging.

Sent from my iPad using Thaivisa Connect Thailand

Do yourself a favor and switch from pricey SWIFT transfers to ACH transfers if you have a bank account in another country that supports ACH transfers from the U.S. like Bangkok Bank. Sure SWIFT transfers are a little faster but a heck of a lot more expensive than ACH transfers which take 1 to 4 business days to complete the transfer. You can do ACH transfers from BoA to your in-Thailand Bank account for a mere $3 three business day transfer plus the sliding scale Bangkok Bank New York branch fee which is usually $5 or $10. And regarding the BoA ACH sending fee, many U.S. banks don't charge any ACH sending fee, but we all know (or at least I feel) BoA is a little more fee-greedy than most U.S. banks. And on the in-Thailand Bangkok Bank branch end the 0.25% (Bt200 min, Bt500 max) fee will apply for SWIFT/ACH or any type of incoming wire transfer. I still have a BoA account but don't use it for ACH transfer anymore since my other U.S. banks do not charge any ACH sending fee and don't require the SMS password/passcode like BoA does to setup an ACH transfer link or when transferring funds of a certain amount.

Many, many U.S. folks have been using this low cost ACH transfer method for years to do transfers from their personal U.S. bank account, monthly direct deposit of their Social Security, Military Retirement pensions, etc. I use to use it quite a bit up until a few years ago when I switched to using no foreign transaction fee debit cards that reimburse ATM fees, or no foreign transaction fee credit cards which have no cash advance fee and then I pay the withdrawal same day via ibanking to prevent any interest charge. While use of no foreign transaction fee debit/credit cards are good for small amounts say in the $,1000 to $2,000 per transaction range, ACH transfers can be for much more...usually at least up to $5,000 via ibanking...more if you have got approval from your bank to permanently raise your daily ACH transfer limit or able to walk into the branch and initiate an counter ACH transfer....and some people can have high amounts transfers by a fax/phone call because they setup such an authorization with their bank before leaving the States.

If using BoA you can substititue their SMS password/passcode requirement by getting a BoA SafePass card (one time fee of $19.99 which also covers future replacements cards)...this SafePass card issues you a code by squeezing a button on the card and a code appears in the cards window....I've had such a card for around 4 years now and its still going strong...but it pretty much lives in my hot safe all the time...and when the battery in the card finally does dies I can get a replacement card free...however, but, BoA will only mail the initial/replacement SafePass card to a U.S. address (they won't even mail it to a U.S. Miltary APO/FPO address)...so you'll need to have the card mailed to whatever U.S. address you have on file with BoA.

Yeap, do yourself a favor and dump the pricey SWIFT transfers. For more info, see this Bangkok Bank webpage on how to use ACH transfers to your Bangkok Bank account.

Very much appreciated. ; )

Sent from my iPad using Thaivisa Connect Thailand

[joealx]

"So if you done such an ACH transfer recently, at least as recently as this year 2014, please report if there have been any new and surprising issues"

smooth as silk, no issues, example is I do it Tuesday night 9 PM Bangkok time, it's in my account Thursday morming about 9 30 AM-- I get a sms confirmation

Do you mind mentioning what U.S. bank you use and if you paid a Sending bank ACH Fee. Some banks are good at moving an ACH transfer same day; others use some sliding scale ACH transfer period like BoA which charges $3 for a three business day ACH transfer, $10 for next day ACH transfer, and $25 for a same day wire transfer (or that the fee that appears in my standard BoA account which I wonder why I still have sometimes). And then other banks like USAA which does not charge an ACH sending fee seem to move the ACH tranfers very fast with previous posters saying the money arrived their Bangkok Bank account in 1 to 2 days. One time several years ago I got an ACH transfer from USAA Bank to Bangkok Bank (no USAA Sending fee) in approx 18 hours.

I use Schwab (on the broker side,not the bank). No fees from Schwab. The broker's link can be set up online, and you have to mail in an application from the bank's link.

[ubonjoe]

No problem for me. I get my monthly transfer on the 3rd of every month without a problem.

[Pib]

"So if you done such an ACH transfer recently, at least as recently as this year 2014, please report if there have been any new and surprising issues"

smooth as silk, no issues, example is I do it Tuesday night 9 PM Bangkok time, it's in my account Thursday morming about 9 30 AM-- I get a sms confirmation

Do you mind mentioning what U.S. bank you use and if you paid a Sending bank ACH Fee. Some banks are good at moving an ACH transfer same day; others use some sliding scale ACH transfer period like BoA which charges $3 for a three business day ACH transfer, $10 for next day ACH transfer, and $25 for a same day wire transfer (or that the fee that appears in my standard BoA account which I wonder why I still have sometimes). And then other banks like USAA which does not charge an ACH sending fee seem to move the ACH tranfers very fast with previous posters saying the money arrived their Bangkok Bank account in 1 to 2 days. One time several years ago I got an ACH transfer from USAA Bank to Bangkok Bank (no USAA Sending fee) in approx 18 hours.

I use Schwab (on the broker side,not the bank). No fees from Schwab. The broker's link can be set up online, and you have to mail in an application from the bank's link.

Thanks...good to know. I also have a Schwab account with ACH transfer links to Bangkok Bank already setup...it's just I've never used them to do a transfer to Bangkok Bank yet.

[thrilled]

With the us FATCA,I see problems down the road.I'm just going to continue to do schwab.No ATM. Fees.

[beechguy]

I use Bank of America for ACH transfers, usually twice a month through Bangkok Bank, no problems.

[streetlite]

I use ACH transfer to my NY BK branch from Citibank twice a month. No problems. No US fees, small BK fee. Get close to going exchange rates. 3 business days until completion. Citi e-mails me to show the progress of the transfer.

[asiaexpat]

Monthly ACH from Discover Bank and USAA Bank to Bangkok Bank with no problems. Discover is slow- usually 4-5 days to my BKK account, but USAA is always within 3 days.

[Jingthing]

OK ... ACH to BB NYC is OK! Perhaps going forward only post any new problems if any.

Sent from my Lenovo S820_ROW using Thaivisa Connect Thailand mobile app

[IMA_FARANG]

I use ACH transfer to my NY BK branch from Citibank twice a month. No problems. No US fees, small BK fee. Get close to going exchange rates. 3 business days until completion. Citi e-mails me to show the progress of the transfer.

That's good to hear. I'm considering opening a CitiBank account in the U.S., then having my Social Security made by direct deposit to my CitiBank account, and now I will definately look into doing a monthly transfer to my new Citibank account in Thailand.

I am going back to the U.S. for 3 weeks in April, and I will definately check out the possibility of doing this.

I asked another bank in the U.S. about ACH tranfers through Bangkok Bank in New York and my U.S. bank said that an ACH transfer was only possible for BUSINESS accounts, not PERSONAL accounts.

As of October 2013 that same U.S. bank told me they could no longer do SWIFT account transfers to Bangkok due to "new Federal regulations", but they never said what those new "Federal regulations " were.

I don't think they really know what they can do. They seem confused.

From what i understand not even many "experts" really understand what the new banking act really means .... it's like 135 pages of garble and even the lawyers aren't sure how to interpret some of it.

It will take some test cases to sort it all out.

[IBoldnewguy]

Here you go:

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

I don't see a link about the U.K. system, sorry.

Thank you for a interesting question that produced some very informative answers....

[Jingthing]

ACH 2000 dollar limit issue:

OK, this is a RELATED question, not exactly fully on topic, but close enough, so I think it makes sense to ask it here rather than a new thread.

Some of you have lots of experiences with these BB ACH transfers.

I don't.
I have a little.

Which is why I'm asking.

Some years ago when I setup my ACH link between my U.S. bank and BB NYC, when I made the first transfers, I got a very loud message on the website clearly saying the amount is limited to 2000 dollars for each transfer ... though you can do multiple transfers but I think you have to wait some days before each next transfer.

I forget what was that about? Does anyone know? Was it about any newer LINK to another bank or was there something about the BB link that U.S. banks see as different and to be restricted.

My last transfer, last year, I didn't notice any text about a 2000 dollar limit. Does that mean there isn't one anymore, do you think?

Yes I know I could either call my U.S. bank or just try to do an over 2000 ACH transfer to BB, but I'd rather ask here first, because I don't want to do anything to red flag this with my U.S. bank. OK, call me paranoid if you wish.

I vaguely recall this 2000 dollar limit being discussed here years ago, perhaps with a way to upper the limit, but I don't remember what was said.

Cheers.

Edited April 1, 2014 by Jingthing

[55Jay]

ACH 2000 dollar limit issue:

OK, this is a RELATED question, not exactly fully on topic, but close enough, so I think it makes sense to ask it here rather than a new thread.

Some of you have lots of experiences with these BB ACH transfers.

I don't.

I have a little.

Which is why I'm asking.

Some years ago when I setup my ACH link between my U.S. bank and BB NYC, when I made the first transfers, I got a very loud message on the website clearly saying the amount is limited to 2000 dollars for each transfer ... though you can do multiple transfers but I think you have to wait some days before each next transfer.

I forget what was that about? Does anyone know? Was it about any newer LINK to another bank or was there something about the BB link that U.S. banks see as different and to be restricted.

My last transfer, last year, I didn't notice any text about a 2000 dollar limit. Does that mean there isn't one anymore, do you think?

Yes I know I could either call my U.S. bank or just try to do an over 2000 ACH transfer to BB, but I'd rather ask here first, because I don't want to do anything to red flag this with my U.S. bank. OK, call me paranoid if you wish.

I vaguely recall this 2000 dollar limit being discussed here years ago, perhaps with a way to upper the limit, but I don't remember what was said.

Cheers.

I'm limited by 2k /day or 7,500 per week at my primary credit union. I've asked for an increase and they said no. So I did a couple large wires. Done deal.

Others in the banking forum have said they've gotten an increase at other banks/credit unions - USAA was one that I remember.

Log in and check the external transfer area for info about ACH limit, see what it says.

[Jingthing]

Thanks ... so it sounds like it's about all ACH transfers based on whatever their limit is then.

Sent from my Lenovo S820_ROW using Thaivisa Connect Thailand mobile app

[Pib]

It's purely up to your U.S. banks the amount they allow per transfer, per day, per month, etc. It varies widely between banks. And the fact you are sending to Bangkok Bank via ACH has no impact...it's just another bank with an ACH routing number. I got several U.S. bank accounts and each one of them is different in how much they allowed to be transferred per transaction, per day, per month, etc. For my banks the authorized transfer amounts range from around $5K per transaction to unlimited. Regarding the unlimited like my BoA account (which I don't know why I still really have and got very little in it), but I just logged on to see what the limits are as I remembered them being high...below is a quote from the transfer page when I selected a transfer to Bangkok Bank short of hitting the transfer button (as you will see it says there is no limits for outbound transfers):

Transaction Limits

For your protection, certain limits may apply to your inbound transactions based on your experience with transferring to and from accounts you own at other financial institutions. There are limits for both daily and monthly inbound transfers.

No limits apply for outbound transactions, but all Transfers Outside the Bank are subject to an internal risk screen. In the event that the bank determines that the risks associated with a particular transaction require that it be delayed or canceled, we will notify you. We may request that you provide additional details on the transaction before we continue processing it.

Your personal inbound limits are:

Daily: $2,000,000.00 Monthly: $2,000,001.00

Your daily and monthly limits include the value of any transactions that are in process.

3 Business Day
Service

Next Business Day
Service

Inbound Transfers

Monthly *More information on monthly periods $20,000.00 $5,000.00 Daily $10,000.00 $2,000.00 Remaining Daily $10,000.00 $2,000.00

Footnote
* Monthly (rolling 30 day period)