Why is Russia such a cesspool?

[Pib]

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.

Yea, the USAA standard outbound transfer limit is $5,000/day, but you can get that significantly raised (permanently) via sending in a request with justification ...or at least I got mine raised significantly north of $5K by sending in such a request via the online ibanking email...took them about 2 days to approve.

[TallGuyJohninBKK]

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.

I would do a bit of checking re the idea you have above about doing Citibank U.S. to Citibank Thailand funds transfers.

AFAIK, unless you have a high level U.S. account with Citi as in Gold or higher, you're likely to get hit by both foreign currency fees and probably funds transfer fees as well if you use any kind of Citibank-based transfer method.

Just to be clear, the BKK Bank New York transfer method that is the subject of this thread only works when the receiving bank account on the Thai end is a Bangkok Bank account. You can't use the BKKB NY method to send to any other recipient Thai bank accounts.

Also, the Bangkok Bank New York transfer method is specifically intended for handling payments like those from Social Security.

Regular payments from the UK or US

If you currently receive payments such as pensions, annuities or payroll from US or UK government agencies or private organizations, you can arrange for your payments to be directly deposited into your Bangkok Bank account in Thailand via the bank's New York or London branches.

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

Edited April 1, 2014 by TallGuyJohninBKK

[TallGuyJohninBKK]

Here's the full explanation from BKKB on setting up government payment direct deposits:

From March 1, 2013, the US Treasury Department will cease issuing paper cheques for federal benefits such as pensions, annuities or payroll, including Social Security and Veterans Affairs payments and will transfer benefits electronically via direct bank deposit.

If you currently receive your payments via cheque, you will need to notify your Federal Benefit Agency of the US account you wish to have your payments directly deposited into by March 1, 2013. As Bangkok Bank is the only provider in Thailand offering Direct Deposit services into a Thai bank account, you will need to request your US government agency or private organization route your payments into your Bangkok Bank account via the Bangkok Bank New York branch. If you currently reside in Thailand, you can apply for the service in person at any Bangkok Bank branch near you (except the micro branches).

Benefits of the Direct Deposit Service

• You no longer need to visit the bank branch to cash or send your US Treasury or company issued cheques for collection.
• No risk of losing cheques.
• Receive your funds faster.
• Funds will be converted into Baht using the rate receiving electronic funds transfers (Buying TT rate) which is better than the rate for buying foreign cheques (Buying sight bill rate).

How to apply: If receiving payments from a US Government Agency

1. Download the 'Direct Deposit Sign-up Form (SF1199A)' from www.socialsecurity.gov/online. Complete the form to sign up for Direct Deposit with your relevant US government agency.
2. Open a savings account at any Bangkok Bank branch (except micro branches). If you already have an account with Bangkok Bank, you can use your existing bank account for this service, however we will need to change the type of account in line with the Direct Deposit’s terms and conditions.
3. Complete a 'Direct Deposit Service Application' form, which you can pick up at any Bangkok Bank branch (except the micro branches). You can also opt to fill out an SMS Remittance Alert Service Request Form to receive an SMS notification on your mobile phone when funds have been successfully transferred into your Bangkok Bank account.
4. Submit all forms to Bangkok Bank with the following supporting documents:
   • Identification Card/Government Official ID Card/Passport together with a customer identification document such as your Social Security Card, Annuitant ID Card etc.
   • A document from the relevant agency giving evidence of your right to receive the payments.
5. After verifying your documents, Bangkok Bank will submit your application to the government agency asking them to approve your request to receive the funds via Direct Deposit.
6. After the request is approved by the US Government Agency, your payments will be electronically deposited directly into your Bangkok Bank account.

Important

If you use a direct deposit service to receive funds from a US Government Agency, you must appear in person at a Bangkok Bank branch to withdraw the funds.

Bangkok Bank cannot authorize the withdrawal of funds from your direct deposit account by an appointed representative, or via ATM or any other electronic channel. You must appear in person at a Bangkok Bank branch to withdraw the funds. You can, however, open a normal savings or current account and transfer the funds from your direct deposit account to this account. You may then withdraw your funds as usual via ATM or any other electronic channel.

You can also opt to directly contact the US Government Agencies to send funds into your savings account with Bangkok Bank. However, we still need to request that you change your savings account to a Direct Deposit account. Failure to comply will result in Bangkok Bank not being able to deposit funds transferred from the US Government Agency into your account.

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

Under the sub-link for:

Advice to Bangkok Bank customers receiving payments from US government agencies
or private organizations (Direct Deposit)

[JimGant]

Benefits of the Direct Deposit Service into your Bangkok Bank Account

You no longer need to visit the bank branch to cash or send your US Treasury or company issued cheques for collection.

No risk of losing cheques.

Receive your funds faster.

Funds will be converted into Baht using the rate receiving electronic funds transfers (Buying TT rate) which is better than the rate for buying foreign cheques (Buying sight bill rate).

Let's compare this with having your Fed checks direct deposited into a US financial account, one that allows ACH service (96.7% do) --and one whose daily ACH cap exceeds whatever is being direct deposited (easy to raise this cap, in my experience).

"You no longer need to visit the bank branch to cash or send your US Treasury or company issued cheques for collection."

-- Yeah, but you -- and I mean YOU -- have to visit the bank in person, at the counter, to access your money.

"Bangkok Bank cannot authorize the withdrawal of funds from your direct deposit account by an appointed representative, or via ATM or any other electronic channel. You must appear in person at a Bangkok Bank branch to withdraw the funds. You can, however, open a normal savings or current account and transfer the funds from your direct deposit account to this account. [Gosh darn, what a nice feature!] You may then withdraw your funds as usual via ATM or any other electronic channel.[Really?]"

-- So, you become bedridden. But you need some money soonest, 'cause you're living hand to mouth, 'cause that's why you have Direct Deposit, 'cause that means you get your money a couple of days sooner than an ACH transfer.

Wifey poo is starving. But your local Bangkok Bank manager says,"rules are rules." (He just had a lecture from headquarters about how not to mess with Uncle Sam -- something about FATCA.....). Besides, the manager asks, "where's the doctor's report to confirm your husband's condition?" (Thai doctors make house calls?) Worse, you're not even married. So you send your best pal Fred to the bank to get your money. The manager almost chokes to death from laughter.

"No risk of losing cheques."

Samo samo direct depositing in your Hometown USA bank.

"Funds will be converted into Baht using the rate receiving electronic funds transfers (Buying TT rate) which is better than the rate for buying foreign cheques (Buying sight bill rate)."

Yeah, yeah. Amazingly, ACH transfers also get the Buying TT rate......

"Receive your funds faster."

Ok, will concede that one. But, if you need all your pension exactly on pay day, it's no wonder you're not eligible to open a US bank account. Doing an ACH takes less than 36 hours in my experience (USAA). And, as I may not want all my pension Direct Deposited to Thailand on the first of the month (Air Force), I can tailor amounts and dates with ACH.

And, the cost of Direct Deposit is the same as doing a self-directed ACH -- $10 front end (for amts > $2k), and 200-500 baht backend. And, by sending three pensions once every three months, there are even economies of scale.

Anyway, I know some on this forum swear by Direct Deposit, at least the ones who haven't been confined to wheel chairs. For me, with my Bangkok Bank in Doi Saket, a vacation to Phuket would take some extra planning, if I had Direct Deposit.....

....'cause, as said, if I had Direct Deposit, I would be living hand to mouth. So, a vacation to Phuket -- with unanticipated happenings -- could become a financial nightmare. But, remember......

"You can, however, open a normal savings or current account and transfer the funds from your direct deposit account to this account. "

"Hello, Fred?"

[TallGuyJohninBKK]

You're right Jim... The physical presence in the bank to withdraw funds is a drawback to the BKKB direct deposit scheme.

Presumably, they want to make sure YOU are still alive and kicking, and the funds aren't being siphoned away by who knows who.

Some people probably would regard that requirement as a minor inconvenience in a world full of bigger ones -- at least until they're unable to make it to the bank for whatever reason.

I'm amazed that anyone would have a portfolio of home country bank accounts from which they can't find at least one that allows free ACH transfers in amounts sufficient to cover a monthly benefits check (and thus suitable for use in depositing the benefits check and then ACHing it yourself to BKK Bank New York). But then again, I find myself being amazed quite often here.

Edited April 1, 2014 by TallGuyJohninBKK

[nkped]

Opened a Bangkok Bank account earlier this year. They did require me to complete a W-9 Form and explicitly said that was due to FATCA requirements. I know that will get some people excited.

I also set up my USAA account for ACH transfers. Determining the amount of the two test transfers by phone was a bit of a challenge.

I made a transfer of $1,000 earlier this year without any problem.

I'm going to have to make some larger transfers this summer and this thread alerted me to possible concerns at the US end.

[TheAppletons]

Opened a Bangkok Bank account earlier this year. They did require me to complete a W-9 Form and explicitly said that was due to FATCA requirements. I know that will get some people excited.

I also set up my USAA account for ACH transfers. Determining the amount of the two test transfers by phone was a bit of a challenge.

I made a transfer of $1,000 earlier this year without any problem.

I'm going to have to make some larger transfers this summer and this thread alerted me to possible concerns at the US end.

Funny, I never had to do the two "test transfers" when I set up my credit union account for transfers into my BKK Bank account. Don't know why and I know of at least one other person who uses a credit union who also didn't need to do test transfers.

[Heng]

It's a wonderful system. Wish other banks here had the same option.

[Pib]

Opened a Bangkok Bank account earlier this year. They did require me to complete a W-9 Form and explicitly said that was due to FATCA requirements. I know that will get some people excited.

I also set up my USAA account for ACH transfers. Determining the amount of the two test transfers by phone was a bit of a challenge.

I made a transfer of $1,000 earlier this year without any problem.

I'm going to have to make some larger transfers this summer and this thread alerted me to possible concerns at the US end.

Funny, I never had to do the two "test transfers" when I set up my credit union account for transfers into my BKK Bank account. Don't know why and I know of at least one other person who uses a credit union who also didn't need to do test transfers.

Purely up to your bank whether they require verification deposits method or not to set up the transfer link. Some of my U.S. banks do, some don't. And it can also depend whether you are trying to setup a push link only or a push and pull link. But if setting up a push and pull transfer link never try to pull money from Bangkok Bank because Bangkok Bank will reject the pull request and when your U.S. bank receives the rejection your bank may lock/block the link pending further investigation into whether a fraudulent transaction had been attempted.

[stevegeo]

Just transferred VIA ACH last week no problems as far as I know. I have not checked BKB but do know the was taken out of the credit union.

[Jingthing]

That's really important to note as above.

NEVER even try to move the money back to your U.S. account from Bangkok Bank via ACH.

[TheAppletons]

That's really important to note as above.

NEVER even try to move the money back to your U.S. account from Bangkok Bank via ACH.

Presumably you and Pib mean don't try this from the U.S. You aren't saying if I walked into BKK Bank here and asked them to move money to my U.S. account it would be refused?

[Jingthing]

That's really important to note as above.

NEVER even try to move the money back to your U.S. account from Bangkok Bank via ACH.

Presumably you and Pib mean don't try this from the U.S. You aren't saying if I walked into BKK Bank here and asked them to move money to my U.S. account it would be refused?

That is an ENTIRELY different matter.

That would be a SWIFT transfer.

We are talking about online ACH domestic money transfers between two USA banks.

Most any U.S. bank and also Bangkok Bank New York which is a U.S. bank.

So you can move from most any U.S. bank by ACH to Bangkok Bank New York but never in reverse because people doing this to send to Thailand don't actually have Bangkok Bank NEW YORK accounts.

But once the money is in Thailand, you are dealing with an international transfer.

[mania]

Funny, I never had to do the two "test transfers" when I set up my credit union account for transfers into my BKK Bank account. Don't know why and I know of at least one other person who uses a credit union who also didn't need to do test transfers.

I have done many transfers over the years from 2k to 25k at a time

This two deposit test usually is associated with total online transfers.

If your doing via phone etc it will not be mentioned.

But initially most total online type working accounts require the two deposit test of under $1 each to initially

allow you to link the accounts

One can see why....You need to demonstrate you have complete control of both accounts.

Remember this is all done online & not in person so they need to see something

The hard part or I imagine the hard part that one poster was referring to was probably due to conversion rates

They will do two deposits at once of under $1 say.... 12 cents & 23 cents but of course it will show up in your account here as baht

When you convert it will not be a whole number

The trick is just round up if it is above.5 or down if not

The beauty of the total online system if you have one like say Capital One Online Banking is they charge nothing to transfer to Bangkok Bank NY

So you save that one domestic transfer fee that others will need to pay getting their money into BKB NY

Edited June 24, 2015 by mania

[TheAppletons]

@mania, all of my transfers have been total online. For whatever reason, I wasn't required to do the two deposit test. I suspect it was because my credit union did not require it.

[mania]

@mania, all of my transfers have been total online. For whatever reason, I wasn't required to do the two deposit test. I suspect it was because my credit union did not require it.

I guess that could be a possibility

Could be bank/credit unions call.

But also did you initially set up the link in personor by phone? Or totally remote/online...meaning were you already at a remote location/foreign country when you did your first transfer

totally online to a new account with no previous in person or by phone conversation to set it up?

In my experience like you my credit union has always allowed it with no trial deposit.

But......I had initially set that precedence of transfers with BKB when I still lived there.

The Cap One setup I mention as being totally online meant I have never spoken to a person

at Cap One & was living out of country alreay...so I figured that is why they wanted a test. It was a simple matter to verify took about a day for it to be all done.

Also was their money they test deposited

Edited June 24, 2015 by mania

[Pib]

That's really important to note as above.

NEVER even try to move the money back to your U.S. account from Bangkok Bank via ACH.

Presumably you and Pib mean don't try this from the U.S. You aren't saying if I walked into BKK Bank here and asked them to move money to my U.S. account it would be refused?

Yes, Don't try to initiate the pull using your U.S. bank as Bank of Thailand rules/policies control/restrict outflow of funds which is why you see so many ThaiVisa posts regarding folks having problems in sending money out of Thailand without the right paperwork, work permit, begging on one knee, etc. Know if you were pulling the money from another U.S. bank there is absolutely no problem.

And to use the words from the Bangkok Bank webpage talking the ACH fund transfer process:

[Langsuan Man]

Opened a Bangkok Bank account earlier this year. They did require me to complete a W-9 Form and explicitly said that was due to FATCA requirements. I know that will get some people excited.

I also set up my USAA account for ACH transfers. Determining the amount of the two test transfers by phone was a bit of a challenge.

I made a transfer of $1,000 earlier this year without any problem.

I'm going to have to make some larger transfers this summer and this thread alerted me to possible concerns at the US end.

If you had checked the box at USAA that says can only make deposits to this account then you would not have had to go through the (test transfer) verification routine:

For those having problems with the verification it is really simple to get around this limitation. Just sign up for automatic notification of deposits in your Thai Bangkok Bank account and you will receive an SMS showing the US dollar (cents) amount of the test transfers. If your US bank requires that information. Of course you could call Bangkok Bank and get that info but why bother, you will use the notification service in the future anyway

[TheAppletons]

@mania, all of my transfers have been total online. For whatever reason, I wasn't required to do the two deposit test. I suspect it was because my credit union did not require it.

I guess that could be a possibility

Could be bank/credit unions call.

But also did you initially set up the link in personor by phone? Or totally remote/online...meaning were you already at a remote location/foreign country when you did your first transfer

totally online to a new account with no previous in person or by phone conversation to set it up?

In my experience like you my credit union has always allowed it with no trial deposit.

But......I had initially set that precedence of transfers with BKB when I still lived there.

The Cap One setup I mention as being totally online meant I have never spoken to a person

at Cap One & was living out of country alreay...so I figured that is why they wanted a test. It was a simple matter to verify took about a day for it to be all done.

Also was their money they test deposited

I opened my BKK bank account in person, of course, prior to moving here. Didn't say anything to BKK Bank about wanting to transfer in money from another account. Nothing set up with them in person or on the phone regarding transfers.

Went back to the US and set up transfer authority online to my new account at BKK Bank at my credit union's website. Again, nothing in person or on the phone.

I had read about "test deposits" but figured I'd just try one on my own to see if it worked. It did and it's been relatively smooth sailing ever since.

[mania]

I opened my BKK bank account in person, of course, prior to moving here. Didn't say anything to BKK Bank about wanting to transfer in money from another account. Nothing set up with them in person or on the phone regarding transfers.

Went back to the US and set up transfer authority online to my new account at BKK Bank at my credit union's website. Again, nothing in person or on the phone.

I had read about "test deposits" but figured I'd just try one on my own to see if it worked. It did and it's been relatively smooth sailing ever since.

Yes in the instances I was referring to it was all online no human interaction.

So I could understand wanting to see control of accounts thru test transfers.

Also it was not the receiving bank BKB who set the tests it was the sending bank Cap-1

[jb5music]

I guess there was still Bangkok Bank NY back in 2014? I'm posting this Aug 2015 and there is no trace of any Bangkok Bank NY online banking site. All there is is a strange Facebook page and their address and phone number in New York. How would you log in to manage external BB Thailand ACH transfers without a Bangkok Bank New York Online website, user ID? How do you open an account? I'm in the US for awhile and I wanted to try to open a New York Bangkok Bank account. There used to be a USA Bangkok Bank branch in LA several years ago. I remember contacting them about ACH transfers then. I specifically remember them telling me the two entities were entirely unrelated even though they had the same name.

[asiaexpat]

Read BBL Thailand web page to find out how to set up transfers using the ACH system in USA to transfer to your BBL account in Thailand. There are also many posts in TV about this. The BBL NY is only a commercial bank and you can not open an account there as an individual.

[TheAppletons]

I guess there was still Bangkok Bank NY back in 2014? I'm posting this Aug 2015 and there is no trace of any Bangkok Bank NY online banking site. All there is is a strange Facebook page and their address and phone number in New York. How would you log in to manage external BB Thailand ACH transfers without a Bangkok Bank New York Online website, user ID? How do you open an account? I'm in the US for awhile and I wanted to try to open a New York Bangkok Bank account. There used to be a USA Bangkok Bank branch in LA several years ago. I remember contacting them about ACH transfers then. I specifically remember them telling me the two entities were entirely unrelated even though they had the same name.

There is still a Bangkok Bank NY branch.....but you can't open an account there as an individual. You open an account at a local Bangkok Bank branch in Thailand and then - using the Bangkok Bank NY's routing number - transfer money from your USA bank account into your Thailand branch account using the Bangkok Bank NY branch as the intermediary.

The Bangkok Bank website will have information on how it works and how to set it up....lotta other threads on here too that outline the procedure.

[Pib]

When using the Bangkok Bank New branch "routing number" maybe think of it as a correspondent/intermediary bank between your U.S. bank and your "in-Thailand" Bangkok Bank account. So, to route money to your "in-Thailand" Bangkok Bank account you use that account number in combination with the NY branch routing number which also turns it into a domestic versus international transfer. You don't need an account with the NY branch nor can you get one as a retail customer as it's a commercial/wholesale/cooperate account type branch....not for any Joe off the street (i.e.., retain customer). You money is not going to an account in the NY branch...it's only passing through the NY branch....the NY branch is acting like a middle man between your U.S. bank and your in-Thailand Bangkok Bank branch.

Don't try to over-complicate it. You can transfer money to your in-Thailand Bangkok Bank account via low cost ACH domestic transfer by using the NY branch routing number versus having to use the pricey SWIFT/wire method. This method has been in-place for many years and used by thousands of folks (to include me) with U.S. bank accounts to transfer funds, setup Direct Deposit of their government pensions, etc.

[Jingthing]

I agree with that but for those just starting out with this be clear that some U.S. banks will impose transfer limits on these transactions.

So if you need to transfer 10K USD in a week and your bank (as mine does) limits to 2K per transaction, you're screwed. So test this first before there is any time pressure.

[Langsuan Man]

I agree with that but for those just starting out with this be clear that some U.S. banks will impose transfer limits on these transactions.

So if you need to transfer 10K USD in a week and your bank (as mine does) limits to 2K per transaction, you're screwed. So test this first before there is any time pressure.

Most banks have limits on Electronic Funds Transfers on a daily basis but most allow almost unlimited transfers using wire transfers like SWIFT

[Pib]

2K is really low....I have several U.S. banks and the lowest I have at one of those banks is $5K/day...the others are way north of that. Now USAA does start you off at $5K but you can get that raised....mine has been raised far north of that.

[Jingthing]

I agree with that but for those just starting out with this be clear that some U.S. banks will impose transfer limits on these transactions.

So if you need to transfer 10K USD in a week and your bank (as mine does) limits to 2K per transaction, you're screwed. So test this first before there is any time pressure.

Most banks have limits on Electronic Funds Transfers on a daily basis but most allow almost unlimited transfers using wire transfers like SWIFT

I obviously was not talking about SWIFT. The topic of this thread is clearly about ACH to Bangkok Bank. In my case, it's not only daily limits, they have monthly limits as well and not very high. I am just saying to new people, don't assume your U.S. bank doesn't do similar as I have heard other reports over the years about this as well.

[Jingthing]

2K is really low....I have several U.S. banks and the lowest I have at one of those banks is $5K/day...the others are way north of that. Now USAA does start you off at $5K but you can get that raised....mine has been raised far north of that.

USAA sounds great but it's only for military people, etc.

[Pib]

2K is really low....I have several U.S. banks and the lowest I have at one of those banks is $5K/day...the others are way north of that. Now USAA does start you off at $5K but you can get that raised....mine has been raised far north of that.

USAA sounds great but it's only for military people, etc.

USAA was just an example....even evil Bank of America allows ACH transfers far, far north of 2K/day. Not uncommon to see 5K/day ACH transfer limit with a lot of banks/credit unions but 2K is really low.