Bank Of America money transfer to Bangkok bank

[sirineou]

a couple of months when my wife was in Thailand she opened an account with Bangkok bank for the purpose of transferring funds from BOA in the US to Thailand.

I made a first attempt to transfer $500 as a trial, five days later the transfer failed

BOA offered me a confusing explanation of why it failed, and Bangkok bank could not comment on BOA's website.

Is anyone using the BOA website to transfer funds to Bangkok bank, and if so what are the steps necessary, and what are the best options for the lowest cost and best conversion rate?

Thank you

[attrayant]

It might help if you post BoA's confusing explanation (redacting sensitive information, of course). Maybe somebody here can make sense of it.

[Loptr]

You have to use the Bangkok Bank NY routing numbers to make the transfer...

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

[Rooo]

Moved to banking.

[Langsuan Man]

The first step is usually two trial deposit of a few cents from your BOA account to your Bangkok Bank Account using the Bangkok Bank US Routing number followed by your Thai Bangkok Bank account number

But is sounds like you just jumped into a $500 trial instead of a small amount to see it if worked, When it doubt follow the instructions as listed on the Bangkok Bank instruction page

Advice to senders using US bank internet banking services

If you have a US bank account, you can conveniently transfer funds to the receiver's Bangkok Bank account in Thailand via the internet using the US ACH system and the 9-digit routing number of Bangkok Bank's New York branch.

Service benefits

• Fees are lower than for most other international wire transfer services in the US payment system.
• You can make transfers directly online via the internet banking service provided by your own bank in the US.
• The recipient will get a better conversion rate for their funds because the USD amount will be converted to Thai Baht at the daily Bangkok Bank exchange rate in Thailand.
• Funds will be received in Thailand within two business days after our New York branch receives the money transfer from your US bank account.
• You can check your inwards funds transfer via Bualuang iBanking for personal accounts,BIZ iBanking for business accounts, or Bualuang Phone 1333 or (66) 0-2645-5555.

How to use the service

1. You can initiate the transaction via the internet banking service linked to your US bank account. In general, the process to complete this is as follows:
   • Go to the Domestic Interbank Transfer menu
   • Go to the Inter Institution Transfers option
   • Select Bangkok Bank's New York branch as the recipient bank
     • Enter the 9-digit routing number of Bangkok Bank's New York branch as 026008691
     • Enter the bank name as Bangkok Bank, New York branch
     • Enter the account number of the recipient at Bangkok Bank in Thailand
       - For Thai Baht account, enter the 10-digit account number
       - For US Dollar account, enter the first 16-digit account number
     • Enter the name of the recipient account in Thailand, if required.
       
       If you want to transfer funds into a third party account, you must use the internet banking service of banks in the United States which allow the remitter to specify the beneficiary’s name. Otherwise, the payment instruction Bangkok Bank receives may not carry the correct beneficiary name and Bangkok Bank will have to return funds to the remitter.
       
       You should check with your US bank for the correct transfer menu for ACH payment. The terms and conditions of internet banking services may vary between banks. You should read all related terms and conditions of your account carefully before initiating any transaction. Bangkok Bank is not involved in the provision of internet banking services by banks in the US.
       
       *Please click here to view more details abouton USD accounts, terms and conditions of deposit-withdrawal transactions.
2. After the registration process, the US bank will initiate two trial deposits by sending small amounts of less than USD 1.00 to the recipient’s bank account in Thailand. This is to verify that the recipient's account is valid. The bank in the US will send an email asking the recipient to check and confirm the trial deposit amounts.
   
   The sending of trial deposit amounts depends upon the terms and conditions of the originating banks in the US and may vary from bank to bank. Bangkok Bank will be able to credit the recipient’s account in Thailand only when the name and account number of the recipient in the transfer instruction matches the name and account number at Bangkok Bank.
3. You will then need to ask the recipient in Thailand to check the exact amount of the two trial deposits. The recipient can do this by calling Bualuang Phone on 1333 or (66) 0-2645-5555.
   
   Using the information provided by the recipient, you will be asked by the bank in the US to confirm the exact amount of the trial deposits. If this is correctly confirmed by you, the funds transfer can be made.
   
   Bangkok Bank will be able to credit the recipient’s account in Thailand only when the name and account number of the recipient in your transfer instruction from the banks in the US matches the recipient’s name and account number at Bangkok Bank.

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

[pmarlin]

The first step is usually two trial deposit of a few cents from your BOA account to your Bangkok Bank Account using the Bangkok Bank US Routing number followed by your Thai Bangkok Bank account number

But is sounds like you just jumped into a $500 trial instead of a small amount to see it if worked, When it doubt follow the instructions as listed on the Bangkok Bank instruction page

Advice to senders using US bank internet banking services

If you have a US bank account, you can conveniently transfer funds to the receiver's Bangkok Bank account in Thailand via the internet using the US ACH system and the 9-digit routing number of Bangkok Bank's New York branch.

Service benefits

• Fees are lower than for most other international wire transfer services in the US payment system.
• You can make transfers directly online via the internet banking service provided by your own bank in the US.
• The recipient will get a better conversion rate for their funds because the USD amount will be converted to Thai Baht at the daily Bangkok Bank exchange rate in Thailand.
• Funds will be received in Thailand within two business days after our New York branch receives the money transfer from your US bank account.
• You can check your inwards funds transfer via Bualuang iBanking for personal accounts,BIZ iBanking for business accounts, or Bualuang Phone 1333 or (66) 0-2645-5555.

How to use the service

1. You can initiate the transaction via the internet banking service linked to your US bank account. In general, the process to complete this is as follows:
   • Go to the Domestic Interbank Transfer menu
   • Go to the Inter Institution Transfers option
   • Select Bangkok Bank's New York branch as the recipient bank
     • Enter the 9-digit routing number of Bangkok Bank's New York branch as 026008691
     • Enter the bank name as Bangkok Bank, New York branch
     • Enter the account number of the recipient at Bangkok Bank in Thailand

       - For Thai Baht account, enter the 10-digit account number

       - For US Dollar account, enter the first 16-digit account number

     • Enter the name of the recipient account in Thailand, if required.

       If you want to transfer funds into a third party account, you must use the internet banking service of banks in the United States which allow the remitter to specify the beneficiary’s name. Otherwise, the payment instruction Bangkok Bank receives may not carry the correct beneficiary name and Bangkok Bank will have to return funds to the remitter.

       You should check with your US bank for the correct transfer menu for ACH payment. The terms and conditions of internet banking services may vary between banks. You should read all related terms and conditions of your account carefully before initiating any transaction. Bangkok Bank is not involved in the provision of internet banking services by banks in the US.

       *Please click here to view more details abouton USD accounts, terms and conditions of deposit-withdrawal transactions.

2. After the registration process, the US bank will initiate two trial deposits by sending small amounts of less than USD 1.00 to the recipient’s bank account in Thailand. This is to verify that the recipient's account is valid. The bank in the US will send an email asking the recipient to check and confirm the trial deposit amounts.

   The sending of trial deposit amounts depends upon the terms and conditions of the originating banks in the US and may vary from bank to bank. Bangkok Bank will be able to credit the recipient’s account in Thailand only when the name and account number of the recipient in the transfer instruction matches the name and account number at Bangkok Bank.

3. You will then need to ask the recipient in Thailand to check the exact amount of the two trial deposits. The recipient can do this by calling Bualuang Phone on 1333 or (66) 0-2645-5555.

   Using the information provided by the recipient, you will be asked by the bank in the US to confirm the exact amount of the trial deposits. If this is correctly confirmed by you, the funds transfer can be made.

   Bangkok Bank will be able to credit the recipient’s account in Thailand only when the name and account number of the recipient in your transfer instruction from the banks in the US matches the recipient’s name and account number at Bangkok Bank.

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

With BoA you don't need to do this with ACH transfers if you are doing one way to Bangkok Bank. Bangkok bank is listed when you set it up and you don't even need the routing number, just the account number and the name on the account. I set mine up in about a minute and have been making transfers fir almost a year now. Maybe the OP had a problem with the name being correct.

[Dogberry]

deleted

Edited November 3, 2014 by Dogberry

[Pib]

With BoA you don't need to do this with ACH transfers if you are doing one way to Bangkok Bank. Bangkok bank is listed when you set it up and you don't even need the routing number, just the account number and the name on the account. I set mine up in about a minute and have been making transfers fir almost a year now. Maybe the OP had a problem with the name being correct.

It's still going ACH, it's just you are setting it up a "Send direction only" versus Send and Pull. And BoA is just looking up the routing number automatically based on the bank name you entered. I setup such a Send only link also the last time I updated a BoA to Bangkok Bank transfer link...up until a few years ago they only offered Send and Pull which required the trial deposits method.

With a Send and Pull usually trial deposits method is used by the bank to accomplish the validation. Quite a few U.S. banks now offer two methods to setup an ACH transfer link....either Send and Pull...or just Send only. If setting up for Send only trial deposits are not used to setup the link.

But if setting up for Send and Pull link with Bangkok Bank "do not" attempt a Pull as it Bangkok Bank will reject the pull attempt and then BoA (or whatever U.S. bank you use) may freeze the transfer link thinking a fraudulent transaction may have been attempted.

Remember, due to Bank of Thailand regulations getting money "out of Thailand" usually takes a trip to the bank unless you have a work permit and have previously submitted documentation to get approval to add international transfer capability to your Thai bank ibanking...and that ibanking transfer amount is limited to salary repatriation. But even with that capability to send money "from" your Thai bank account ibanking it wouldn't help with a foreign bank trying to "pull" money using an ACH pull transfer request.

Edited November 3, 2014 by Pib

[sirineou]

Thanks for all the responses, I read all of them and appreciate the input,

as it turned out, my wife had opened the account in Thailand under her maiden name and when we input the info in the BOA fund transfer page we input her married name, so the name did not match the account. I will correct the mistake and try again.

I have no problem with the wife having the account under her maiden name, but does any of you think this might become a problem with the US government? since the account was opened my wife has become a US citizen. she holds both Thai and US passports, the Thai passport is under her maiden name but the US passport is under her married name. also we keep less than $10,000 in the account.

[Pib]

Name mismatches can always cause problems or concerns with govt agencies, banks, etc., since some people use different names to do illegal things. Kinda like how the name mismatch caused a problem in your funds transfer attempt since I expect you initially setup the transfer link as sending to an account you owned but with BoA using her married name as registered on the BoA account and then her name not being the same on the Bangkok Bank account end....that can be a flag for money laundering...raise concerns...cause transfer problems.

However, if the funds transfer link had been set as sending the money to "another" person because of using her maiden name which can make her look like another person, then the funds transfer would have probably went through. Thai banks can get very picky on name mismatches, name typos, etc. Don't know if there is a sending fee difference or other disclosure requirements when sending this way.

But when it comes down to the IRS if the wife is reporting the interest earned on her account (whether in her maiden or married name), Uncle Sam can not get her for tax evasion. Just because a name change exists or during the tax year a name change occurs like usually happens when getting married the IRS is really concerned you are not trying to avoid paying taxes by playing an old, new name game with the IRS. And as you mentioned, there would be no FBAR reporting requirement for no more than $10K in the account (actually the aggregate of all foreign accounts in case she has other foreign accounts also) at any millisecond during the year.