Bangkok Bank - How can I open a direct deposit account so I can do bank transfers from a USA bank ?

[wayned]

Instructions and policy in this website: http://www.bangkokbank.com/bangkokbank/personalbanking/dailybanking/transferingfunds/transferringintothailand/receivingfundsfromusa/pages/receivingfundsfromusa.aspx

[lopburi3]

Full information on this transfer system is available on this web page:

http://www.bangkokbank.com/bangkokbank/personalbanking/dailybanking/transferingfunds/transferringintothailand/receivingfundsfromusa/pages/receivingfundsfromusa.aspx

Not more than USD 50.00

Free

USD 50.01 - 100.00

3.00

USD 100.01 - 2,000.00

5.00

USD 2,000.01 - 50,000.00

10.00

USD 50,000.01 or more

20.00

[csabo]

To me it seems like A hastle trying to tell them what you want.I decided to use schwab.All the ATM fees are reimbursed.No fuss no muss.

Word to the wise. Don't try to open a Schwab account while outside the USA (or use the trick below). I went all the way through the process, opened the account, got online access, started to link another US bank for a transfer to fund the account, saw the 2 small deposits from Schwab into my other bank to establish a link and then FROZEN. I called Schwab from here and asked what happened. They said my Thai IP flagged and now there was absolutely no way for me to do any Schwab banking of any kind until I walked into a branch in the USA with two forms of ID and there was no way around it. If this information was posted somewhere or the bank prevented me going through the whole process, I could have routed my application through a USA computer using Teamviewer or a VPN and they would have never known I was out of the country. That aside, I agree, Schwab is the way to go for US expats. The interest is good, the wire rates are $25 (very low) not that you need it with the ATM freebies, the ATM fees are reimbursed, it's really a nice product. Applying online was a snap and had I been in the US would have completed. After opening an account you need to print out and mail in a form to get the Visa Platinum Debit card and checks which are not automatically provided after opening the account (the form is mailed or possibly faxed to florida and the card gets mailed after processing).

Edited September 18, 2014 by csabo

[Pib]

BKK Bank NY fee is $5.00 not $10.00

It a sliding scale fee based on the amount sent...it's can be $0, 3, 5, 10, or $20. For most typical amounts people send it's $5 or $10. See the bangkok bank website for full details.

[ChiangraiTony]

It isn't a special account. The terms "direct deposit" was confusing to whoever you spoke to. You open an ordinary savings account at a branch of Bangkok Bank in Thailand. Yes you have an ATM card and yes you can make withdrawals in Thailand once the transfer is completed ... usually in two or three days, allowing also for weekends or holidays.

Domestic transfers can be made from your US bank (or other payer) to Bangkok Bank in New York using exactly the same name and account number that you have on the account in Thailand.

It is a domestic transfer (no need for an International transfer) from an American bank in dollars. The dollars you deposit in NY will appear as a baht bank deposit in your account here in a couple of days and your passbook entry will show it is a foreign exchange deposit, which may be useful in future with Immigrations. The NY branch will charge $10 and your local branch Baht 200 for transfer ... at least that's what I'm charged when transferring monthly amounts in the $2000 to $4000 range. My US bank does not charge for a domestic electronic transfer, so the cost is minimal and the exchange rate is the one posted by Bangkok Bank.

Depending on what your payer or transferring bank require, you can use the ABA number or Fed routing number below. No need for an international transfer and no need for a Swift code.

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

Keeping your existing Thai account, if you choose, you can also go to Bangkok Bank in Thailand and open a US Dollar account. Having two accounts (one Thai account and one US Dollar account) with Bangkok Bank can be beneficial. Here's how:

Assuming that you already have an account in a US bank, you can do a domestic transfer to Bangkok Bank in New York City, (the domestic transfer fees are low). The funds being transferred from your US bank account go directly into your Bangkok Bank US Dollar account. (Note: You cannot open a US Dollar account in NYC, you can only open this type account in Thailand).

Your US dollars can remain in this account without any time limit.

What does that mean?

It means that you can keep your US dollars in Bangkok Bank without exchanging into Thai Baht, and when the Thai baht gets weaker against the dollar or (the US dollar gets stronger) you can then at that point in time transfer your funds from the US Dollar account at Bangkok Bank into your other Bangkok Bank Thai account.

SCB has a similar program except they only offer 1-year time limit. After such time you are obligated to transfer out of your US Dollar account. In this regard, Bangkok Bank offers a superior program.

Hopefully someone will find this helpful.

[blazes]

Nearly all the replies to this thread describe a process that seems incredibly complicated.

Why not just go to an ATM and withdraw from your "home" bank account?

[lopburi3]

1. Because ATM withdrawal is limited by both home country and machine to relatively small amounts (at a rather large fee for most cards/machines.

2. Because ATM may not work for international links when you need.

3. Because every ATM card usage is a chance for skimmer to get your information.

4. Because card can become defective.

5. Because ATM can eat card for lunch.

[csabo]

Nearly all the replies to this thread describe a process that seems incredibly complicated.

Why not just go to an ATM and withdraw from your "home" bank account?

Some banks (Citibank) charge foreign transaction fees along with ATM fees when using an ATM in Thailand. I used a Citibank card and withdrew $600 US from a Citibank ATM in Bangkok and was charged almost $30. That seems like something you wanna do on a regular basis?? The banks are gonna love you.

[oTwoPies]

You don't want the special Direct Deposit account at Bangkok Bank unless you are having a U.S. govt/private pension sent directly to Bangkok Bank as this type of account comes with some restrictions such as no ATM card, no online transfer outs, and a person must appear in person at a branch to accomplish a withdrawal/transfer.

Go to this Bangkok Bank webpage and open up the link talking about the Direct Deposit account.

PIB:

Your replies are normally very accurate but this time you seem to have overlooked a number, in my mindset, important points regarding the op's request for a Direct Deposit Account namely:-

i) Security: It is nigh on impossible for anyone, other than the account owner, to access the funds without passport ID and an in-person visit to the bank. Maybe a bind but extremely secure by Thai standards. No hacked ATM card, no virus hacked Internet access; nothing but a personal visit, to almost any Bangkok Bank anywhere in Thailand, will suffice and even then, the paper work must be filled in, in person, in front of the teller. Security in the extreme but my conclusion (at the end) explains why this is important to me.

ii) My Bangkok Bank Savings Foreign Currency Deposit Account (to give it its full title) is in £ sterling, with the funds held in £ sterling in Bangkok Bank, IN BANGKOK, until required. I opened the account in Chiang Mai but, as I said, the funds are held in £ sterling in Bangkok until I wish to transfer all, or just some, of the monies into Baht.

iii) I get the Bangkok Bank TT £ sterling / Baht exchange rate at the time of the exchange and not the exchange rate at the time of transfer from the UK. See the URL below to see how much better than the counter rate the TT rate is:-

http://www.bangkokbank.com/bangkokbank/webservices/rates/pages/fx_rates.aspx

I can choose my time of exchange, and the amount as and when rates are optimum. This account is available in many currencies other than £sterling.

There are NO Bangkok Bank charges for the transfer from £ sterling to Baht though there is a nominal receiving fee which I believe is a maximum of B500. This is applied to the funds when they are received in Bangkok.

iv) and finally, the ease of repatriation of funds from my £ sterling Bangkok Bank account, in Bangkok, to my UK £ sterling account with an absolute minimum of hassle, if the necessity arises. There are no paperwork requirements if the transfer is under $20k and, as £ sterling is being transferred to £ sterling, no exchange rate loss either.

Conclusion: I have no hesitation in allowing my UK pension to accumulate in a UK account and then transferring my requirements either annually, bi-annually or as and when required rather than pay monthly transfer fees with the uncertainty of the exchange rate that will be given at the time the funds are received.

C'est la vie

p.s. I am not interested in entering into any long and drawn out discussion of the above FACTS. This information is available on the Bangkok Bank website and from any competent, i.e. trained, teller or manager. I also believe the other banks offer similar systems but it is up to you to check the security.

p.p.s. I have had the account for over two years without a hi-cup

p.p.p.s. My Bangkok Bank Baht account has ATM access, with the point of sale set to zero (my decision), with a chip and pin on the ATM card. The chip and pin is another security plus. At the time of opening the $ sterling / Baht accounts Bangkok Bank was the only one offering chip and pin on a Baht account.

[Pib]

IMO the only big negative about a Bangkok Bank Direct Deposit account is the requirement to visit a branch to accomplish a withdrawal/transfer...no-can-do via ATM or ibanking transfer. This could turn into a real problem if in serious need of money but you are physically unable to visit a branch...like maybe you are laid-up in a hospital...or you would much prefer to get your money out of an ATM which are practically on every other soi in Thailand. Probably not the best or convenient banking approach unless a person is overly concerned about the security of their account because of ATM and ibanking security concerns.

Now I have a Bangkok Bank Direct Deposit account that I got years ago when first arriving Thailand and was still trying to figure out the best way to flow money into Thailand at an acceptable funds transfer cost. This is before I got setup nicely with better U.S. bank accounts and no foreign transaction fee debit and credit cards. At one point I just decided to have part of my monthly military retirement pension flow to Thailand monthly....I gave the military pension agency the Bangkok Bank NY branch routing number and my in-Thailand Bangkok Bank regular savings account and for a few months the payment arrived just fine.

Then around the 3d or 4th month I noticed the payment was late in arriving and a letter from Bangkok Bank also showed up in my mailbox saying they had identified the monthly incoming funds as a U.S. govt pension payment (easy to do due to the coding) and I needed to come in an open a Direct Deposit account if I wanted to continue to receive the payment...otherwise the payment on-hold would be sent back in 30 days and future payments would be sent back also. So, I went in a opened a Direct Deposit account and let the pension payment continue to flow for another month or two before stopping it as I was getting tired of the constant visits to the bank to get/transfer money. I still have that account with some baht in it just in case it may become of use in the future due to bank policy changes or my personal desires. Plus, I started getting my no foreign transaction fee debit (which reimburse ATM fees) and credit cards yet which now handle all of my Thailand living money needs. Plus the Visa/Mastercard exchange rates are plus or minus a few stang of the Thai bank TT Buying Rate used for incoming wire transfers.

Like as of this posting the Visa exchange rate is 32.16 baht/USD and the Bangkok Bank TT Buying Rate 32.17 baht/USD. And with my Visa cards I get the money "immediately" in-hand...don't have to wait days for an incoming wire transfer...and I get the money with "absolutely" no fees which makes it a better deal than doing a wire transfer. And I can lookup the Visa exchange rate before going to the bank to see if I like today's exchange rate. But of course you can get more money via a wire transfers; however, between my cards I could withdraw up to $4,000/day (approx Bt128K) if needed and I had that much money.

Back to the security concern, personally I keep the bulk of my day-to-day living money is a Bangkok Bank account with "no ATM card" issued against it as ATM skimming or PIN comprise seems to be the biggest concern among folks. With no ATM card against the account a person don't have to worry about that. But I do have another Bangkok Bank account "with ATM/debit" card which I keep at a low level for security reasons, and I keep it topped up by simply tranferring funds to it via ibanking from my No ATM account as needed. It satisfies my security concerns.

I would recommend to anyone coming to live in Thailand to get some "no foreign transaction fee" debit and credit cards and home country bank accounts which offer low cost wire transfer fees. For Americans, the Schwab and St Farm debit cards are no fee cards and reimburse ATM fees...and many of the Capital One credit cards are no fee cards and provide 1.5% cash back also....I use these cards almost daily in Bangkok...been doing it for years.

[larsjohnsson]

I am also Canadian and had issues with banks until I opened a HSBC account here and when I get to bkk I just walk in or up to the atm and get what I need, much easier to move money back and forth ...

We can also walk in or up to the atm and get what we need. But we can also move the money over internet with our laptops or smartphones. And it takes about 30 seconds to do it

[oTwoPies]

I mentioned in post #39 why a visit to the bank with passport ID and bank book, though a pain, was worthwhile to myself due to the associated increased security. However, I failed to mention or explain why IMHO the security of personal accounts in Thai banks that implement two factor authentication using SMS texts are not as safe as one is lead to believe. If anyone is interested in a little light reading of financial and bank security systems and issues they are welcome to read the text and, more importantly, follow the external links and research the issues raised in the URL:-

http://www.entrust.com/multifactor-authentication-techniques-equal/

the above link shows two factor security using SMS texts to a users mobile phone have already been compromised with significant financial losses! If you are not that interested, but have taken the trouble to read this far, then at least open and read this URL:-

http://www.bankinfosecurity.com/eurograbber-smart-trojan-attack-a-5359/op-1

granted the user had to be a little silly but just remember, this attack was almost two years ago and the situation involving hacks on bank accounts is only going to get worse by being more sophisticated. If you look at the picture in the comment (place marker 8/29/12 4:48am) of the URL (page down to the comments section):-

http://lifehacker.com/5938565/heres-everywhere-you-should-enable-two-factor-authentication-right-now

you will see a multi factor bank account identification system that uses a card reader. A hacker attacking one of these bank accounts needs both the card reader which is easily obtained, the card which is not so easy to obtain or clone as we are talking chip & pin AND the card pin together with the banks user ID and password. This system is just far more secure than an SMS based authentication. Please keep in mind even this system is still possible to hack but much more difficult than the SMS based ID verification. The only Thai bank I know that implements ID validation using a similar card reader system (the same system I use to access my UK bank accounts via the Thai Internet) is, yes you have guessed, Bangkok Bank however, at the present time, this card reader security is limited to Bangkok Bank's Thai company accounts. The bad news is, even if you have a Bangkok Bank Thai company account, you cannot use the card reader security system on your personal accounts

Please do not get me wrong as:

i) I am no security expert, though I do have significant knowledge

ii) I sometimes transfer significant sums of monies to Thailand therefore I want the highest level of security available

iii) I am not paranoid and I have no axe to grind it is just as simple as I personally do not believe Thai Internet banking is secure

iv) My understanding of the contracts the Thai banks require you to sign in order to access your accounts via the Internet banking system state unequivocally the two part SMS ID validation removes ALL responsibility from the bank. Let me ask the rhetorical questions:-

1) if their system is so secure, why do Thai banks not accept responsibility for any Internet banking losses whereby two part SMS validation has been implemented?

2) Did you read and understand the implications of the Internet banking contract you signed which, at a later date, may have included an on-line contract update with an electronic signature?

I do not have sight of all Thai Internet bank contracts so I can only detail my experience of one of the well know Thai banks. In essence, their on-line contract update, which required my electronic signature, relating to their new terms and conditions for Internet banking access stated:-

i) if I asked them to do something and they did not follow my instructions, any losses or costs/charges incurred were my responsibility.....

ii) if they did something I had not asked, any losses or costs/charges incurred were my responsibility.....

(Think carefully about the above two conditions because, in effect, no matter what the bank does I have to cover any losses or as we like to say, "Heads I win, tails you loose.")

iii) any transaction, instigated via my logging on to their Internet banking system using any form of computing or mobile device was deemed to be genuine if the bank received the correct response to their validation SMS.

I find the change to my Internet banking terms and conditions, with respect to item iii) interesting especially with regard to the second URL I have listed above. The change to the terms and conditions of my Internet banking access contract came after the release of the the Eurograbber trojan and, more importantly, specifically stated that the loss was my responsibility as a two part SMS authentication code had been generated by the bank and they had received the correct response. Naturally I did not agree to these changes of terms and conditions and only leave a minimum balance in order to keep the account active.

As I have said many times, this is just my opinion and I am not suggesting by any means anyone should abandon Thai Internet banking. I am just trying to make readers aware of some of the security issues and associated implications. Once readers have all of the facts they can more readily make an informed decision.

I hope this is an adequate explanation as to why I would prefer to visit a bank rather than trust either the nearest ATM, with the possibility of one of the miniature scanners attached, or use Thai Internet banking.

May I just say thanks for the time you folks have taken to read my post and I hope you have also read and understood the implications of the information contained in the links I have provided. Hopefully, this has given you food for thought and improved your understanding of Internet banking security issues and help you to reach an informed decision. As you can see, it is sure not all plain sailing

[Strangebrew]

Got a citibank account in US if so then what you is go to citibank at asok and suknspit. open account there then link us account with Bangkok account and transfer money online free of charge. If not your SOL unless you want to do a 15 plus hour to open one stateside.

[DevXfactor]

Lot's of good information based on the OP. Suradit69 perfectly outlined the process I use.

I have a couple of accounts in the US that receive monthly direct deposits. I used the online banking of my US banks to setup 'external transfers' to the NY Bangkok bank branch which goes directly into my local Bangkok Bank savings account I opened at SeaCon Square. I have setup monthly scheduled transfers that occur a couple of days after my monthly deposits arrive in my US bank accounts. It could not be easier. I use my local Bangkok Bank ATM card for whatever I need here. Because the external transfers are ACH transfer from a US bank to a US bank not SWIFT international wire transfers the fees are much lower.

I transfer > $2,000 and < $50,000 so the fee is $10 + 200B, so roughly $16.25 per transfer, it is in my local account in 2 days.

[paulhen]

I sent an email the day of Suradit69`s post to the help desk of BKK Bank New York to the attention of Mr. Thitipong Prasertsilp, VP & Branch Manager but have had no reply as yet. I inquired about opening an account there.

I still hope for some input from TV members.

[Pib]

I sent an email the day of Suradit69`s post to the help desk of BKK Bank New York to the attention of Mr. Thitipong Prasertsilp, VP & Branch Manager but have had no reply as yet. I inquired about opening an account there.

I still hope for some input from TV members.

Bangkok Bank NY is a wholesale type bank...they don't deal with retail customers.

http://www.bangkokbank.com/BANGKOKBANK/INTERNATIONALNETWORK/INTERNATIONALBRANCHES/NORTHAMERICA/Pages/BranchinUSA.aspx

All the talk about using the Bangkok Bank NY branch is about using their "routing number" in combination with your "in-Thailand Bangkok Bank branch savings account number" to accomplish ACH funds transfers--and it works well and is low cost. To accomplish such transfers you do not need an account with the NY branch (even if you could get one as a retail customer); you only use their routing number...absolutely zero need to have an account with them to accomplish ACH funds transfers. Your account is with your in-Thailand Bangkok Bank branch.

[DevXfactor]

I sent an email the day of Suradit69`s post to the help desk of BKK Bank New York to the attention of Mr. Thitipong Prasertsilp, VP & Branch Manager but have had no reply as yet. I inquired about opening an account there.

I still hope for some input from TV members.

Paulhen, where are you located? I opened my Bangkok Bank account while in Thailand. I am not sure they open accounts at the NY Branch if you are in the US or elsewhere. Once you have an Bangkok Bank account, you can use the NY branch to perform transfers as it will have a US Bank Branch routing number which you use with your Bangkok Bank account number (issued in Thailand).

[lopburi3]

As said you use a normal Thailand Bangkok Bank account - New York is just the path the money takes to get here - you do not have any account with Bangkok Bank New York.

[paulhen]

I am located in Chiang Mai which is where my account is located. But the transferor is my bank in Canada. They say they do not know ACH so I think maybe the banks in Canada do not participate in the ACH system - does anyone know it to be othrrwise? If it is possible, how can I force my bank to use it in lieu of SWIFT when they refuse to do any overseas transfers at all,

[paulhen]

I am located in Chiang Mai which is where my account is located. But the transferor is my bank in Canada. They say they do not know ACH so I think maybe the banks in Canada do not participate in the ACH system - does anyone know it to be othrrwise? If it is possible, how can I force my bank to use it in lieu of SWIFT when they refuse to do any overseas transfers at all,

[Pib]

I am located in Chiang Mai which is where my account is located. But the transferor is my bank in Canada. They say they do not know ACH so I think maybe the banks in Canada do not participate in the ACH system - does anyone know it to be othrrwise? If it is possible, how can I force my bank to use it in lieu of SWIFT when they refuse to do any overseas transfers at all,

In your earlier post you said you were with TD Bank. I surfed around on the TD Bank web site a little...gets a little confusing since TD operates in Canada and the U.S. and seem to use slightly different names depending on the product you are thinking about. Maybe with a Canadian TD account ACH is not available for a typical user (maybe for businesses though), but the TD site also said a person could open a TD U.S. account without living in the U.S.,.you could use your Canadian address. See this link. I expect their U.S. online banking has ACH capability like typical U.S. ibanking but I'm guessing.

[ToddinChonburi]

There is a lot of good infomation in here. Thanks guys for all the great info.

[paulhen]

I received a definitive reply from Bangkok Bank in New York which supports what one reply to my post stated:

New York Branch is a Federal Limited Branch and not licensed to operate as a retail bank. We cannot open Personal accounts therefore, we are unable to assist you on your request.