Savings vs Checking for Incoming Wire Transfers

[Ponbkk]

I manage both personal Bangkok Bank checking/savings account and one S.C.Bank institution's checking/saving. I can transfer easily between either entitiy's checking and saving so interest rate is not an issue below ...

I've only sent a couple incoming transfers from USA to to my, I believe, personal checking account over my many years in Thailand. Is there any difference between sending incoming wire transfers to my checking account versus my savings account? I can do either? I would expect incoming fees to be same.

For the institution I was told to use the savings account (meeting registrations, donations) if the account number would be advertised outside Thailand. Is this agreed?

[Suradit69]

I manage both personal Bangkok Bank checking/savings account

I've only sent a couple incoming transfers from USA

Transfer the money to your account by making a domestic transfer to the New York branch (using the same account number you use in Thailand). For transfers of a few thousand dollars at a time, I'm charged $10 in NY and Baht 200 in Thailand. Doubt it makes any difference what the account type is, but if you're concerned, send an email to the NY branch and ask the manager.

United States

New York Branch

Mr. Thitipong Prasertsilp, VP & Branch Manager

29 Broadway, 19th Floor, New York

NY 10006

Business Hours: Mon-Fri (9:00 am to 5:00 pm)

Tel: (1-212) 422-8200

Fax: (1-212) 422-0728

SWIFT: BKKB US 33

E-mail: [email protected]

FED Routing No: 026008691

CHIPS ABA: 0869

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

[Pib]

It shouldn't make a difference at all....I've never heard of any problems in sending money to your Thai bank checking/current account. A lot of U.S. ibanking systems do ask if the account you are sending to is a checking or savings account, but I don't know why...probably some internal U.S. domestic banking thing....but just the fact it's asking but still allows you to send supports it's OK to do it although I know we are talking the sending of funds to your Bkk Bk account. Basically you just need to use the routing number and correct account number, be it a savings or checking account number.

[Ponbkk]

Thanks for all the advise!

I wonder if SCB has a correspondent in the USA?

On the personal banking incoming wire question.

Agreed. Cannot matter which one, either into savings or checking. I'm going to try the other personal account next time and will let ya all know if I run into anything.

For the institutoion account advertising using savings or checking for something like registration fees

I got some further information on the suggestion to advertise only the savings account:number (not checking) to others when making public where to foreign wire funds (even interbank deposit) for institution purposes. I list it here for any criticism ...

1) giving a checking number opens you to international fraud as that account can be drawn on internationally,

whereas only authorized officers inside the country with ID and the book can withdraw or transfer money from the savings;

2) generally the savings keeps the big balance (interest) as it is just sense to fund the checking only the little necessary.

Thank you all for our comments.

[chiang mai]

"SCB's corresponding bank is CITIBANK, routing number # 021000089. SCB's US$ account with CITIBANK is # 10939775".

http://www.thaivisa.com/forum/topic/509718-scb-correspondent-bank/

And what you wrote about the security aspect of savings accounts is absolutely correct, the book and the holder are required for all transactions.