US Paypal -> Bangkok Bank vs. NY Branch ACH fees ?

[chubby]

US Paypal -> Bangkok Bank vs. NY Branch ACH fees ?

Today, I set up test deposits to my Be1 Visa tourist visa Savings Acct @ BBL

And I'm wondering the pro's and con's of using it vs. ACH via the NY Branch , fee's etc

I also was looking for a way to send a gf a little cash outside of Western Union's 10% cut, and send her a test amount, which she accepted, but is this a lower cost way than Western Union to send a friend money in BKK ? thx

[Lunghans]

Easy to find out: http://thefeecalculator.com plus PayPal give a lower exchange rate on the Dollar 1 USD = 31.6376 THB, normal rate 1USD = 32.78 THB.

Edited May 9, 2014 by Lunghans

[gchurch259]

Do not know what ACH is ?

I have a BKK account which has Internet Banking, so I have all my Consultant Fees sent to NYC Branch of BKK. I then can use ATM or Internet Banking to transfer to my Family and/or friends. Very small fee taken for BKK out of the funds which originate in USA. I have not had any luck with Western Union in BKK.

Jerry

[Pib]

As a rule of thumb PayPal's exchange rate will be approx 2 to 2.5% lower than the Thai bank TT Buying Rate used for incoming wire transfers. And of course there could be some direct/upfront PayPal fees depending on where and for what you are sending the funds.

[Pib]

Easy to find out: http://thefeecalculator.com plus PayPal give a lower exchange rate on the Dollar 1 USD = 31.6376 THB, normal rate 1USD = 32.78 THB.

Where are you getting that 32.78 baht/USD? Probably a Forex/FX trading/wholesale average buy/sell rate which is not the rate that banks give.

The avearge Thai bank TT Buying Rate used for incoming wire transfer at this millisecond in time is 32.44 baht/USD

[Carmine6]

If you're thinking western union, consider moneygram. The Moneygram CEO was on CNBC yesterday talking about trying to take market share from western union. So they've lowered fees. I did a comparison and for 15,000 baht they were about $10 less. They give a better rate and the fee was the same for a bank account funded transaction that takes 3 days. That's about a 2 percent difference.

[Jeffrey346]

BKK's fees are much lower than Paypal's fees. PP will charge you 2.5% plus give you a lower exchange rate. BKK will charge a flat $5.00 + B200 and whatever the TT rate is at the time of transfer. You are much better off with BKK

[wwest5829]

Easy to find out: http://thefeecalculator.com plus PayPal give a lower exchange rate on the Dollar 1 USD = 31.6376 THB, normal rate 1USD = 32.78 THB.

Where are you getting that 32.78 baht/USD? Probably a Forex/FX trading/wholesale average buy/sell rate which is not the rate that banks give.

The avearge Thai bank TT Buying Rate used for incoming wire transfer at this millisecond in time is 32.44 baht/USD

Pib, using the American Clearing House, electronic funds transfer into my Bangkok Bank account via the Bangkok Bank NYC Branch results in my getting access in my account in two working days, SMS message of receipt and the regular Bangkok Bank exchange rate given. The cost to me is $5.00, I no longer use wire transfers due to the higher cost. At one point my credit union did wire transfers stated in Thai Baht. This resulted in the loss of $3,000 in fees and a very poor exchange rate. My appeal to U.S. Regulators supported the credit union's process. Hard lesson learned.

[FredNL]

Don't use PayPal !!! It's the most criminal organisation on the internet !!!

More than a year ago I transfered 200,000 THB from my PayPal account to my "verified" Bangkok Bank account. It never arrived !!! An investigation done by the Bangkok Bank learned me that PayPal never had transfered the money. When I got myself a lawyer to have everything solved because PayPal denied everything, they just closed my account without giving a reason. On my account was over 400,000 THB. Up till now I never have received a Baht. My lawyer is having cases againt PayPal in Califonia, Luxembourg and Singapore. I am not the only one.

Be warned !!!

Another thing to think about. Why don't mayor internet stores use PayPal ???

It's the biggest scam on the internet !!!

[Pib]

Easy to find out: http://thefeecalculator.com plus PayPal give a lower exchange rate on the Dollar 1 USD = 31.6376 THB, normal rate 1USD = 32.78 THB.

Where are you getting that 32.78 baht/USD? Probably a Forex/FX trading/wholesale average buy/sell rate which is not the rate that banks give.

The avearge Thai bank TT Buying Rate used for incoming wire transfer at this millisecond in time is 32.44 baht/USD

Pib, using the American Clearing House, electronic funds transfer into my Bangkok Bank account via the Bangkok Bank NYC Branch results in my getting access in my account in two working days, SMS message of receipt and the regular Bangkok Bank exchange rate given. The cost to me is $5.00, I no longer use wire transfers due to the higher cost. At one point my credit union did wire transfers stated in Thai Baht. This resulted in the loss of $3,000 in fees and a very poor exchange rate. My appeal to U.S. Regulators supported the credit union's process. Hard lesson learned.

Yeap, as you mentioned, I also have no Sending bank ACH fee, a $5 or $10 sliding scale fee as the funds flow throw the Bkk Bk NY branch (fee $10 when over $2,000), and then the 0.25% (Bt200 min, Bt500 max) currency receipt/conversion fee on my in-Thailand/local Bangkok Bank branch end. Then a person gets the TT Buying Rate which is about the best rate a common man can get. I've used ACH numerous times over the years from my U.S. banks to Bangkok Bank....and I can't count the number of posts I've made to folks who are still using the pricey SWIFT/wire transfer method even when they may have a Bangkok Bank account and could avail themselves of an ACH transfer...just don't make sense sometimes.

Where you mentioned "the cost to me is only $5.00" I'm assuming you are referring only to the NY branch flow-thru fee for a transfer up to $2,000 (over $2,000 it jumps to $10)... and remember you also still have the 0.25% (Bt200 min, Bt500 max) fee on the in-Thailand branch end which at a minimum is going to pull the Bt200 min fee (approx $6.25) for a total transfer cost of $11.25. Unless that SMS has changed it will notify you of the local fee, but not the NY branch fee....but you know a fee was applied because the SMS shows how much arrived before they applied their local fee.

Been a couple of years since I've done any ACH transfers since I've been using my no foreign transaction fee debt cards which reimburse local ATM fees to get my money....that way I have zero fees and money immediately in hand.

[bangarang]

What I usually do is receive payments via paypal and then send to US account and use the ATM to withdrawl money. With the ATM and Outside the Bank ATM fees it works out to be the same as what you get if you were to send money directly into your thai account because the Currency Exchange rate is much lower than whats posted on www.xe.com

It takes 7 days to process into your Thai account where as it takes 1.5days (I find) to process to my american bank.

The trick is to use the Yellow Bank ATM because you can withdrawl 30,000thb at a time. I just withdrawl the cash then immediately deposit into my thai banks Cash Deposit Machine.

[soisanuk]

Yeap, as you mentioned, I also have no Sending bank ACH fee, a $5 or $10 sliding scale fee as the funds flow throw the Bkk Bk NY branch (fee $10 when over $2,000), and then the 0.25% (Bt200 min, Bt500 max) currency receipt/conversion fee on my in-Thailand/local Bangkok Bank branch end. Then a person gets the TT Buying Rate which is about the best rate a common man can get. I've used ACH numerous times over the years from my U.S. banks to Bangkok Bank.

I use the NY Branch ACH number and my Thai Bangkok Bank account number - takes about 3 business days to arrive - the fees mentioned are correct. Based on the amount I send - usually once a month - the NY Branch fee is $10US and Bangkok fee is 500 Baht (maximum fee per transaction). If I recall correctly, to use the NY Branch method for transferring funds, you need to also have online banking with Bangkok Bank.

[Langsuan Man]

I don't really know it you have to have online banking with Bangkok Bank to use their EFTS transfer to the New York Bangkok Bank office from a US Bank account. You can verify the first test deposit via a phone call to the call center

There is no mention of any requirement to have Bualuang iBanking on the Bangkok Bank instructions page here:

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

But I sure would not do it without online banking at both ends. I want to know exactly when the money is in my account and certainly soon enough to know if there is a problem

[Stan7444]

BKK's fees are much lower than Paypal's fees. PP will charge you 2.5% plus give you a lower exchange rate. BKK will charge a flat $5.00 + B200 and whatever the TT rate is at the time of transfer. You are much better off with BKK

Here are my experiences. I use PayPal all the time for sending money to the US with no problems and do not mind the fee since the receipient gets the money in their account (so they have informed me) within 1-2 business days. However, using PayPal to transfer money into my Bangkok Bank account will take up to 10 business days, which PayPal does not bother to advise you until you complain having not received the money quickly, so never use them coming this direction. So have money sent to me via SWIFT wire transfer, which cost $50 fee with a better exchange rate than PayPal. Cost more but guaranteed to be in my account within 2 business days.

[padeakin]

The cheapest way to transfer currency into and out of Thailand is to match people at each end of the transaction, so for example if Someone (lets call him A) in Thailand wants change Thai Baht to GBP and send money to the UK, and someone in the UK (lets call him B ) wants to change GBP to Thai Baht and send money to Thailand, the bank could be cut out of process, no need to actually do any currency conversion, ‘A’ pays his Thai Baht into Bs Thai account, ‘B’ pays GBP into As UK account.

The mid exchange rate should be used, that is half way between the two rates (different rate in each direction) that the bank charges. This will cut the profit that banks are making from us, when they adjust the exchange rate in each direction, as well as charging a fee for doing it.

The good news is that this is now possible using the latest peer-to-peer technology, I have been using this system from ‘Transferwise.com’ and making big savings on my foreign currency transactions. Unfortunately they have not yet set this up for Thailand. They are planning on expanding to Thailand but do not have a time scale for this yet.

If you are interested have a look at Transferwise.com if you would like them to set this up for Thailand please Email them at [email protected] if they get enough requests maybe they will be persuaded to set this up sooner.

Edited May 10, 2014 by padeakin

[Pib]

I don't really know it you have to have online banking with Bangkok Bank to use their EFTS transfer to the New York Bangkok Bank office from a US Bank account. You can verify the first test deposit via a phone call to the call center

There is no mention of any requirement to have Bualuang iBanking on the Bangkok Bank instructions page here:

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

But I sure would not do it without online banking at both ends. I want to know exactly when the money is in my account and certainly soon enough to know if there is a problem

You don't have to have ibanking with Bangkok Bank to use their ACH EFTS transfer capability. I didn't for many years when during ACH transfers to my Bangkok Bank account. Having Bangkok Bank ibanking only gives you another method to determine if the money has arrived/been posted to your account. Other methods to determine if the money has posted to your account is calling the bank to check account balance, using your debit card to check your balance, sliding your passbook into a passbook update machine, having your account setup to get the SMS Remittance heads up, and probably some other methods which don't come to mind right now.

[scoutman360]

Yeap, as you mentioned, I also have no Sending bank ACH fee, a $5 or $10 sliding scale fee as the funds flow throw the Bkk Bk NY branch (fee $10 when over $2,000), and then the 0.25% (Bt200 min, Bt500 max) currency receipt/conversion fee on my in-Thailand/local Bangkok Bank branch end. Then a person gets the TT Buying Rate which is about the best rate a common man can get. I've used ACH numerous times over the years from my U.S. banks to Bangkok Bank.

I use the NY Branch ACH number and my Thai Bangkok Bank account number - takes about 3 business days to arrive - the fees mentioned are correct. Based on the amount I send - usually once a month - the NY Branch fee is $10US and Bangkok fee is 500 Baht (maximum fee per transaction). If I recall correctly, to use the NY Branch method for transferring funds, you need to also have online banking with Bangkok Bank.

I have used this method for years and always been happy with the exchange rate and low fees until recently. My credit union this year imposed limits of $5,000 max for ACH transfers. No fault to Bangkok Bank, though.

[JimGant]

So have money sent to me via SWIFT wire transfer, which cost $50 fee with a better exchange rate than PayPal. Cost more but guaranteed to be in my account within 2 business days.

Yes, SWIFT is the fastest way to send money to Thailand, but at a cost. And ACH transfer times vary widely, many banks using a middleman (including Bank of America). And since ACH transfers are batch processed, if your bank slow cycles these batches, well, you'll be waiting several days for your money.

Other banks, besides not even charging for an ACH transfer, are fairly quick. USAA takes no more than 33 hours, in my experience (if no weekends/holidays): Go on-line at midnight Monday, Thai time (noon San Antonio) and initiate the transfer. And at 0900 on Wednesday, your money should be there. And like a SWIFT, you'll get the buying TT rate, plus the .0025 backend fee. But, you won't be paying a frontend fee of $50. Only $5 or $10.

Yes, USAA has a $5000 transfer cap -- but this can be tripled, even for relatively new customers. Or, if you've been with them for 47 years, you can raise it to $30k (maybe more, but why?).

[bamboozled]

How do I open an account with Bangkok Bank New York? Do I need to open it at that branch in the US or open an account at any Bangkok Bank branch in Thailand.

...pity, I already have two Thai accounts with little money in them at Siam and Kasikorn but alas not Bangkok Bank!

Thanks all....

[pmarlin]

So have money sent to me via SWIFT wire transfer, which cost $50 fee with a better exchange rate than PayPal. Cost more but guaranteed to be in my account within 2 business days.

Yes, SWIFT is the fastest way to send money to Thailand, but at a cost. And ACH transfer times vary widely, many banks using a middleman (including Bank of America). And since ACH transfers are batch processed, if your bank slow cycles these batches, well, you'll be waiting several days for your money.

Other banks, besides not even charging for an ACH transfer, are fairly quick. USAA takes no more than 33 hours, in my experience (if no weekends/holidays): Go on-line at midnight Monday, Thai time (noon San Antonio) and initiate the transfer. And at 0900 on Wednesday, your money should be there. And like a SWIFT, you'll get the buying TT rate, plus the .0025 backend fee. But, you won't be paying a frontend fee of $50. Only $5 or $10.

Yes, USAA has a $5000 transfer cap -- but this can be tripled, even for relatively new customers. Or, if you've been with them for 47 years, you can raise it to $30k (maybe more, but why?).

I use BoA and they have three ways to send ACH, Same day Cost $25, next business day $10, and 3 business days $3. I just made a next business day transfer last week. Made it Monday night , thai time, and Bangkok Bank posted it 0915 Wed morning. Fast enough for me.

Edited May 11, 2014 by pmarlin

[Pib]

How do I open an account with Bangkok Bank New York? Do I need to open it at that branch in the US or open an account at any Bangkok Bank branch in Thailand.

...pity, I already have two Thai accounts with little money in them at Siam and Kasikorn but alas not Bangkok Bank!

Thanks all....

You can't open a Bangkok Bank NY branch account as they are a wholesale/cooperate branch...they don't open retail accounts for the common guy. You must have an "in-Thailand" Bangkok Bank account. Then you use the NY branch routing number and your in-Thailand branch account number to do low cost ACH transfers to your in-Thailand branch. With all other Thai banks you are stuck in using pricey wire/SWIFT transfers. Now that you have experience in opening Kbank and SCB account, then opening a Bangkok Bank account should be old hat to you so you can then use the low cost ACH transfer method.

Here's the Bangkok Bank webpage with more info about transferring money to a Bangkok Bank account via their NY Branch.

[Langsuan Man]

I use BoA and they have three ways to send ACH, Same day Cost $25, next business day $10, and 3 business days $3. I just made a next business day transfer last week. Made it Monday night , thai time, and Bangkok Bank posted it 0915 Wed morning. Fast enough for me.

With all the banks in the US that don't charge anything for ACH, why pay BoA anything ?

If I have learned anything from Thai VIsa it is that Bank of America is a lousy bank for expats

[pmarlin]

I use BoA and they have three ways to send ACH, Same day Cost $25, next business day $10, and 3 business days $3. I just made a next business day transfer last week. Made it Monday night , thai time, and Bangkok Bank posted it 0915 Wed morning. Fast enough for me.

With all the banks in the US that don't charge anything for ACH, why pay BoA anything ?

If I have learned anything from Thai VIsa it is that Bank of America is a lousy bank for expats

Because I can transfer as much money as I want. No limits like USAA and others have,

[bamboozled]

...thank you, Pib.

[chubby]

guess, I'm wondering if Paypal is worthwhile as a backup.

or perhaps my back up should be to make sure I can do wire and/or swift transfers from 1 or 2 banks ..... hmm

I'm also wondering does paypal in thailand, work the same, would a thai person link it to one of their bank accounts and add/subtract money that way ?

[chubby]

so paypal (outside thailand) -> thai person is OK.

but, personal (linked to US bank) paypal -> Bangkok Bank Limited, is probably worse and riskier than just a ?"SWIFT" transfer ?

so, don't bother it seems, as a backup, Maybe I need an alternative to Schwab Checking. for some reason, Schwab Moneylink (brokerage) allow transfers to BBL, (though my BBL account is a Be1 savings plan), whereas Cap One 360, won't (saying the "linked accounts" must be a checking account only),

Maybe the "Moneylink" is not a "linked account", has anyone transferred money FROM BBL- > Schwab Brokerage ; I'm guessing this may be a bad idea moving money out of Thailand, for some legal reasons, though.....

thx

[chubby]

When one does a "wire" to Bangkok Bank does it go to the NY branch routing number, and hence qualify as a "domestic" instead of international wire?

[slipperylobster]

Easy to find out: http://thefeecalculator.com plus PayPal give a lower exchange rate on the Dollar 1 USD = 31.6376 THB, normal rate 1USD = 32.78 THB.

Same true with most companies I have tried....and, most Atm's. If somebody is getting 32.78 over a wire/atm...let me know. Perhaps a direct conversion at the bank with USD in hand would get you close...

Edited May 14, 2014 by slipperylobster

[Langsuan Man]

When one does a "wire" to Bangkok Bank does it go to the NY branch routing number, and hence qualify as a "domestic" instead of international wire?

Up to you

If you submit a SWIFT wire request using the SWIFT code for Bangkok Bank in Thailand it will go directly to Bangkok Bank in Thailand. ( BKKBTHBK )

If you submit a SWIFT wire request using the SWIFT code for Bangkok Bank in New York it will go directly to Bangkok Bank in New York ( BKKBUS33 )

If you initiated the SWIFT wire from the US to Bangkok Bank New York it would qualify as a domestic wire but in most cases would be more expensive than a ACH or EFTS, which is the main purpose of using the New York branch

Edited May 15, 2014 by Langsuan Man

[Pib]

When one does a "wire" to Bangkok Bank does it go to the NY branch routing number, and hence qualify as a "domestic" instead of international wire?

If using there routing number it does...you are just paying a much higher transfer price to accomplish the transfer a little faster/get the transfer launched faster. A free/low cost batch ACH transfer will usually complete its trip in 2 to 3 business days compared to 1 to 2 business days for a pricy SWIFT/wire transfer. If it's that important to get the money transfer completed a little faster and make the banksters a little richer then that's your call.

Sent from my Samsung S4