Linking Bangkok Bank account with US account

[Senechal]

I am trying to setup my US bank account to transfer funds directly to Bangkok Bank's US subsidiary (ie: Not a wire transfer, but a direct account transfer).

For those unfamiliar with this setup, it's described here: http://www.bangkokbank.com/bangkokbank/personalbanking/dailybanking/transferingfunds/transferringintothailand/receivingfundsfromusa/pages/receivingfundsfromusa.aspx

I'd be hugely grateful if anyone has experience with this setup and can answer a couple quesitons:

First: My understanding is that if one is purchasing a condo, the funds must originate outside of Thailand. Given that there's no wire transfer involved in this process, will a direct account-to-account transfer complicate the required "proof" that the funds originated internationally?

My second question is:

I also understand that when transferring funds into Thailand, is that it's important that the funds arrive as US dollars. (ie: Not be converted abroad). The reason for this as I understand it, is that Thailand has a different exchange rate offshore than it does domestically. The international exchange rate for baht is supposed to be much worse. If I use this direct (ie: "non-wire transfer") method to transfer funds into my Bangkok Bank account does that mean the conversion to THB takes place at a significantly worse exchange rate?

( Given these two questions, I'm pretty close to concluding that the direct transfer from a US account to a Bangkok Bank account is probably not a great idea if you're talking about a significant amount of cash, or if you're talking about a condo purchase. )

Any answers to those questions? Thanks in advance.

[Senechal]

Also -- if anyone has used Bangkok Bank in New York, do you know how long it take for deposits to reach Bangkok accounts? Is it about the same as a US-to-US transfer, or longer?

Edited August 12, 2014 by Senechal

[dinger]

Can't help you with #1 or #2 but # 3 : usually 2 to 3 days once you input the transfer request at your bank. At least that is the amount of time at my bank others may be different. Don't forget weekends and holidays don't count

[beechguy]

Also -- if anyone has used Bangkok Bank in New York, do you know how long it take for deposits to reach Bangkok accounts? Is it about the same as a US-to-US transfer, or longer?

There are several threads on this already, and I consider a member named PIB, well informed. You should probably try the search function.

As to speed, how fast do you want it. Briefly, I use Bank of America, they charge $25 for same day, $10 for next day, and $3 for 3 day service. When it actually is credited to the BKK account, depends on weekends, holidays, etc, but always reliable. There is a small flat rate fee at Bangkok Bank NY, and a small receiving fee at the bank in Thailand. NY is $5-$10 dependent on amount and, local 200-500 Baht, dependent on amount.

Exchange rates are the TT rate of the bank, send dollars and get exchange at that rate.

Seems to me there is enough documentation, with your U.S. bank and Bangkok Bank, that it should be obvious the funds originated outside of Thailand.

[Suradit69]

I regularly transfer dollars from my Bank America account in the US or my Vanguard Money Market account to the NY branch of Bangkok Bank using the same account number I use with Bangkok Bank in Pattaya.

When I get the SMS from Bangkok Bank to show the deposit has been credited to my account here in Thailand, it indicates the dollar amount, the exchange rate and the baht deposit. So the bank here recognizes this as a foreign exchange deposit.

These deposits are all designated as foreign originated in my savings account passbook. In the past when I used the full Baht 800,000 in the account for the retirement extension of stay, Immigrations accepted these as being from foreign sourced deposits based on the designation in my passbook and the letter from my bank manager. I now combine income and bank balance, but still get the bank manager's letter & photocopies of my passbook for Immigrations and all the deposits made via the NY branch are shown as foreign exchange deposits.

I also used this method a number of years ago to transfer money to buy my condo. The money went into my Bangkok Bank account and, per my instructions, was then transferred to the account of the seller. No problem.

I normally instruct my broker online to transfer money to the New York branch of Bangkok say on a Monday evening here/Monday morning in NY. The transfer is made at the close of business Monday night there/Tuesday morning here. So Bangkok Bank in NY sees the transfer Tuesday morning in NY/Tuesday evening in Thailand. I receive the SMS notice that the baht have been deposited in my account here either Wednesday or Thursday in Thailand. Obviously, if you do a transfer on Friday or going into a holiday (either US or Thai holiday) that's going to add some days to the equation.

Edited August 12, 2014 by Suradit69

[SaratogaRay]

If you have a savings account with a debit account in the USA as in Citi Bank which also has a branch in BKK an it's their premier

account. You just withdraw in $ US dollars an exchange where you get the best rate. You have paper trail for government.

[keeniau96]

Very simple with USA bank to BKK bank NYC to your BKK account in TH. Easiest and lowest cost process is to use internet banking to set up a transfer link at your bank exactly as detailed in the OP link. At my bank this is a free transfer. The BKKbk-NYC will charge 500 baht fixed plus a small percentage of the amount, typically totaling around US$12-14. Transfer time from your original send to arrival in your Thai account will be 1-3 working days, in large part due to how fast your USA bank send it out (mine has a 1 day delay with extra-cost option for fast service). The only tricky part is setting up the original transfer link from your bank to BKK bank. Your bank will send two or three test transfers of trivial sums (3-12 cents) and you have to see how much arrives at the destination, then verify those sums at your bank. If they match then all is OK and you can make real trasfers from then onward. The touchy part is that you will receive the baht exchanged value of those original trivial cents, so how to figure that out. I took a guess at the exchange rate and it turned out spot on for the first one error on the second but a retry with slightly different rate worked OK. Have since found out that you could set up a SMS at your BKK bank account in TH to send you what was originally received.

Sounds a bit tricky but actually easier doing it than writing about it, and it works smooth every time afterward.

[Pib]

OP,

Whether your bank calls its transfer method a wire transfer, SWIFT transfer, ACH transfer, etc., it's just a name for an "electronic" transfer being transferred over a certain network. Like the SWIFT and ACH transfer networks are completely separate networks and each requires a different receiving bank "address/code." Like how the SWIFT network requires a SWIFT code such as BKKBTHBK for Bangkok Bank and the ACH system requires a ABA routing number 026008601 for Bangkok Bank New York branch. Each of these transfer methods has different "maximum" amounts, associated fees, and estimated arrival times frames. Usually for an online ACH transfer it will have daily transfer limit which is not conducive for transferring BIG amounts like usually needed when buying a home....a person might have to go to a branch in person...each bank has different online ibanking limits/rules...but if I remember right BoA has some of the more liberal rules/higher limits when using SafePass.

A SWIFT transfer can arrive within hours...but usually takes a day or two when considering the Receiving bank's processing time also. You might pay a high fee for a SWIFT transfer and the money gets transmitted immediately, but that don't mean it will get "posted" to your Thai bank account immediately as the receiving banks has checks it may do...and remember, weekends and holidays in either country don't count in the transfer period. ACH transfers such as a 3 business day ACH transfer BoA offers will take 2 to 4 business days usually. But free ACH transfer can also arrive in less than a day....like I've had free ACH transfers from USAA bank arrive in less than 24 hours (hit on the timing gates just right I guess), but usually it takes 1 or 2 business days. SWIFT/wire can be pricey and really only, usually shaves a little bit off the arrival time.

To provide documentation the funds arrived from outside of Thailand you need to get a foreign exchange form/letter from the receiving Thai bank...this will also make it much easier later on to expatriate the money back to your home country.

Whether you use SWIFT, ACH, wire, smoke signals, etc., be durn sure the "Sending/transmitting" bank, repeat the Sending bank such as your BoA is instructed "not" to convert to Thai baht as your home country bank will surely give you a lower exchange rate than the Thai bank TT Buying Rate....and this lower exchange rate can easily be several percent lower which adds up to BIG money in a large amount transfer.

Edited August 13, 2014 by Pib

[Langsuan Man]

I really wonder if Bangkok Bank will issue a Foreign Exchange Certificate for funds transferred using the EFTS system to Bangkok Bank Thailand via Bangkok Bank New York.

I do it all the time but see no option for indicating that the transfer is for the purpose of purchasing a condo which is the correct language to be used on a SWIFT Wire request to get a Thai Bank to issue the certificate

Would like to know if any members here at TV have been successful in obtaining the FEC using the Bangkok Bank funds transfer system instead of a SWIFT wire(s)

[Suradit69]

When I did the transfer the local branch manager was forewarned that the transfer was being made for the purchase of the condo. I authorized him to transfer the money to the seller's account once it settled. since I wasn't in Thailand when the transfer was completed. I bought the condo from an elderly Thai lady and she explained it all to the bank manager. I never asked for the FEC because I have/had no intention of selling the condo or repatriating the funds, but I would think that could be worked out with the bank manager before the transfer is made.

[Pib]

I've seen quite a few posts where folks go to their bank to get a foreign exchange transfer certificate for significant amounts of money they transfer into Thailand...just in case they need to expatriate money later on.

Per Bank of Thailand regulations, Thai banks are required to issue a certificate for $50,000 USD (or equivalent). For lessor amounts the bank can issue a letter showing the same info as the certificate.

[Senechal]

I've seen quite a few posts where folks go to their bank to get a foreign exchange transfer certificate for significant amounts of money they transfer into Thailand...just in case they need to expatriate money later on.

Per Bank of Thailand regulations, Thai banks are required to issue a certificate for $50,000 USD (or equivalent). For lessor amounts the bank can issue a letter showing the same info as the certificate.

Right, but this is an ACH transfer from XXX bank USA, to Bangkok Bank, New York. The question is, does this US-to-US transfer create any issues when requesting an international transfer certificate.

ACH transfers carry no additional data like intended usage of the funds.

[Pib]

I've seen quite a few posts where folks go to their bank to get a foreign exchange transfer certificate for significant amounts of money they transfer into Thailand...just in case they need to expatriate money later on.

Per Bank of Thailand regulations, Thai banks are required to issue a certificate for $50,000 USD (or equivalent). For lessor amounts the bank can issue a letter showing the same info as the certificate.

Right, but this is an ACH transfer from XXX bank USA, to Bangkok Bank, New York. The question is, does this US-to-US transfer create any issues when requesting an international transfer certificate.

ACH transfers carry no additional data like intended usage of the funds.

The ending point of the transfer is an "in-Thailand" Bangkok Bank branch as its routed through the Bangkok Bank New York branch. It creates no issues in asking for the certificate simply because its a transfer coming from outside of Thailand....how it's sent via wire, SWIFT, ACH, smoke signals makes no difference.

Heck, many times SWIFT transfers go through correspondent/intermediary banks within your home country after leaving the Sending bank in your home country...same thing as the ACH transfer going through the Bangkok Bank New York branch which is basically acting as a intermediary bank to relay the funds to your in-Thailand Bangkok Bank branch.

The "reason for a transfer" or notes you can put on some transfers is really just to explain to the Sending and Receiving banks why you are sending the money...to comply with anti-money laundering laws in each country....allow the Sending or Receiving bank to evaluate whether the money should be sent/received or blocked...or reported...etc. When getting the certificate you can tell the bank clerk the reason for the incoming money...that's what I did years back when transferring over $215K for us to buy our Bangkok home/patch of dirt. I used SWIFT to do that simply because I had that cash in a U.S. credit union that only did in-person wire/SWIFT transfers...it took two days to arrive Bangkok Bank.

And although I also note coded the SWIFT transfer to "Buy a Residence" that note coded didn't appear on the Bangkok Bank receiving end...so a few weeks after the funds arrived I went to Bangkok Bank to get the certificate, told the Bangkok Bank clerk the reason for the transfer, she entered that on the foreign transfer certificate/letter...all is good. Now, if in the future if I sell my Bangkok home and want to expatriate the funds back to the U.S. I should have an easy time doing it since I have that certificate.

Edited August 13, 2014 by Pib

[TallGuyJohninBKK]

BKKbk-NYC will charge 500 baht fixed plus a small percentage of the amount, typically totaling around US$12-14.

That's not quite right. There are potentially two different fees when using the BKK Bank New York to Thailand route.

1. is a sliding scale handling fee between $3 and $20 U.S. that the New York branch charges, depending on the amount of the transfer. See the subsection titled "Fees".

http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/TransferingFunds/TransferringIntoThailand/ReceivingFundsfromUSA/Pages/ReceivingFundsfromUSA.aspx#PO1a_11_1

2. is a commission charged by the receiving BKK Bank branch in Thailand, which is set at 0.25% of the amount sent, minimum 200 baht and maximum 500 baht.

Edited August 13, 2014 by TallGuyJohninBKK

[Heng]

*bump*

Has anyone encountered any other banks that offer this service? Local transfer that automatically routes to home country bank?

:-)

[Langsuan Man]

*bump*

Has anyone encountered any other banks that offer this service? Local transfer that automatically routes to home country bank?

:-)

Bangkok Bank has an exclusive in this department. They also have it using their London office but remember that this ability is only one way. From your home country to Thailand, not from Thailand to your home country

[Heng]

Thanks for the reply. Yeah, I've already been using their NYC to TH service for several years now and think it's great. I haven't heard of other banks doing it, nor does Google reveal any other banks that do it.

What I'm looking for is a bank that does the same thing but will route it to Singapore or HK (well, not as much anymore).

Edited October 26, 2014 by Heng