A good American bank for expats in Thailand?

[BKKJohn]

I'm at the end of my rope with Chase Bank, which has for years made it very difficult to manage my finances while in Thailand (like regularly blocking my debit card when I'm at the ATM or store). Now they've become impossible, changing their wire transfer rules... I won't go into all that.

So I'm looking for a new American bank that's friendlier to citizens living overseas. Any recommendations? I get monthly direct deposits that have to be to a US bank. I prefer a bank that can communicate via email, rather than forcing me to calling them LD (they offer collect calls, which I've never figured out how to do here), and I just reach a support office in Manila.

Thanks for any useful suggestions. Not particularly interested in your own horror stories; I have enough of my own.

[lopburi3]

You want a US bank and a Thai bank. For US end USAA is good choice if you have had military service or family - but any that allow ACH transfers free with online access should be fine. For Thailand Bangkok Bank is the obvious choice for easy ACH (the only bank having) cheap transfers using there New York office

As example this month had deposit made to USAA and on Feb 2 requested transfer of $4,000.00 on internet - on 4 Feb at about 0930 received SMS that 129,191.61 baht had been deposited into my Bangkok Bank account here in Thailand.

Forget about using US debit cards - use cards of your local account for Thailand - save fees and avoid issues. For international or us use/mail order the US bank cards may serve if not tied to shipping address.

[Mr Red]

You want a US bank and a Thai bank. For US end USAA is good choice if you have had military service or family - but any that allow ACH transfers free with online access should be fine. For Thailand Bangkok Bank is the obvious choice for easy ACH (the only bank having) cheap transfers using there New York office

As example this month had deposit made to USAA and on Feb 2 requested transfer of $4,000.00 on internet - on 4 Feb at about 0930 received SMS that 129,191.61 baht had been deposited into my Bangkok Bank account here in Thailand.

Forget about using US debit cards - use cards of your local account for Thailand - save fees and avoid issues. For international or us use/mail order the US bank cards may serve if not tied to shipping address.

I use the same combination and it works flawlessly. Good internet banking service with Bangkok Bank also -- over three years with this combo and not one issue.

[Suradit69]

I use Bank of America in the US and, as needed, do a domestic transfer to the New York branch of Bangkok Bank from BofA or my brokerage money market fund, using the account number of my account at the Pattaya branch of Bangkok Bank.

Never had a problem. Access Bank of America or the brokerage account online and as soon as the money is deposited to my account in baht here, Bangkok Bank sends me a SMS with all the details,

Edited February 6, 2015 by Suradit69

[fredge45]

Charles Scwab has been good for me for both holding a stock portfolio as well as banking needs. ACH free to Bangkok Bank NY.

Don't bother trying to get any beneficiary going as long as you are using a foreign address. Seems that none of the banks will do that for a brokerage or banking account. They are required to allow it for an IRA though. Go figure...

Use a domestic 'merican address and have all statement etc sent electronically.

[soisanuk]

Capital 360 is an online bank (previous to Capital buying them out, it was INGDirect) - https://home.capitalone360.com/

I have used them for several years, but when I opened my account you did need a US Address. They have a feature called P2P (Person to Person) - it is set up in the same manner as a payee for bill payment. You can send funds electronically (no fee). When setting up the initial entry, you include name, bank ACH number, account number, and email address of recipient. When I set it up, I entered my name (as it shows on my online profile with Bangkok Bank), Bangkok Bank's NY Branch ACH number, and my Bangkok Bank Account number here in Thailand.

When I transfer funds to Thailand, I select P2P as my transaction, I then click on my name and it goes to a screen that has my information for my Bangkok Bank Account. I enter data requested which includes amount and date I want it sent if not immediately. When I confirm the information, shortly thereafter I receive an email telling me I have funds to pick up and a link. The linked page has me enter my account number and Bangkok Bank's ACH number twice then click on the button for picking up the funds.

It usually takes about 3 business days for the funds to be deposited in my account here in Thailand. So if there is a weekend or holidays it takes a bit longer, e.g., send on Thursday - in bank Tuesday. Capital 360 is regular bank with FDIC insured deposits - it just does everything online.

I haven't needed to contact them, but if I did, I would use Skype and dial their 800 number as it is a free call on Skype so I don't mind (too much) the "please hold, your call is important to us" that you can get from most companies when trying to call them.

[wwest5829]

Bangkok Bank, New York Branch is in compliance with U.S. banking regulations. I do an Elecrronic Funds Transfer from my retirement account holder (my Social Security is deposited there every month) to Bangkok Bank in NY. It is available to me here at any Bangkok Bank location in two business days.

I set Social Security up for direct deposit and an automatic monthly EFT monthly to Bangkok Bank. Works without any issue. As I have maintained a U.S. Mailing address, I have had no issue using my U.S. Issued credit cards. Works for me.

[arjunadawn]

You want a US bank and a Thai bank. For US end USAA is good choice if you have had military service or family - but any that allow ACH transfers free with online access should be fine. For Thailand Bangkok Bank is the obvious choice for easy ACH (the only bank having) cheap transfers using there New York office

As example this month had deposit made to USAA and on Feb 2 requested transfer of $4,000.00 on internet - on 4 Feb at about 0930 received SMS that 129,191.61 baht had been deposited into my Bangkok Bank account here in Thailand.

Forget about using US debit cards - use cards of your local account for Thailand - save fees and avoid issues. For international or us use/mail order the US bank cards may serve if not tied to shipping address.

Yes, I second this. If you have ever had military service you can open USAA bank. This is hands down the best bank I have ever used. I just ATM my money each month and the bank picks up all the fees. Incredible to say I actually like a bank but its in many ways a great vet benefit. Hope you can apply.

[PhuketFarang]

Another vote for Capital One 360 here. Free transfers to Bangkok Bank and they have to international usage fees on their bank cards.

After informing them over a year ago that I will be living here, never had to remind them again that I'm using my card internationally. Never had a blocked charge from them.

Excellent customer service too.

[Barontt]

I have a Citibank US account and also a Citibank Citigold Thailand account. I frequently transfer money from the Thailand account to the US, online, and it is instantaneous, 24/7. And Free. Haven't yet tried transferring money the other way, though.

Problem with Citibank Thailand bank account is that transfers from that account to a Thai bank, such as SCB, takes 2 business days. Both ways, from Thai bank to Citi or Citi to Thai bank.

[asiaexpat]

Any US bank that allows ACH transfers should work for you. I use Discover, Capital One, Bank of America and USAA that all will do ACH to Bangkok Bank. However, Bank of America charges a fee so I rarely make a transfer with them. Have been successful with all these when I use the ACH transfer to my Bangkok Bank account. Discover is a little slow and usually takes 5 days for the money to show up in my BB account. USAA is usually 3 days in my experience and I recommend them.

[Rockhopper]

How does one set up an account with Bangkok Bank of New York that allows one to transfer funds to their bank in Chiang Mai? When I inquire at a Bangkok Bank in Chiang Mai I am told that it cannot be done.

[PhuketFarang]

How does one set up an account with Bangkok Bank of New York that allows one to transfer funds to their bank in Chiang Mai? When I inquire at a Bangkok Bank in Chiang Mai I am told that it cannot be done.

Here's how, from Bangkok Bank itself. http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/TransferingFunds/TransferringIntoThailand/ReceivingFundsfromUSA/Pages/ReceivingFundsfromUSA.aspx

[chilli42]

I use Citibank here. Like all banks they have those odd rules imposed by the Finance Ministry. Have to say I have been quite happy with them and have been banking with them 20 years. You can also link to accounts in the US if with Citibank. Finally I you keep B3 million on deposit (any kind of security) with them they give you their Gold service - which is exceptional.

[Pinot]

Charles Scwab has been good for me for both holding a stock portfolio as well as banking needs. ACH free to Bangkok Bank NY.

Don't bother trying to get any beneficiary going as long as you are using a foreign address. Seems that none of the banks will do that for a brokerage or banking account. They are required to allow it for an IRA though. Go figure...

Use a domestic 'merican address and have all statement etc sent electronically.

This is a no brainer. Charles Schwab is the way to go with refunds on all ATM transactions. Open a brokerage account with an American address is the easy way to do it. They also have International accounts, the banking is a little different but still free ATM transactions.

Yes, I have to call them sometimes but email is reliable for most things. It's also a great investment site.

You should have a Skype account for those calls to America but Schwab will accept the charges for a call.

Charles Schwab and Skype, two good choices for the American expat.

[TheKnave]

Another vote for Charles Schwab.

Do ACH transfers to Bangkok Bank New York, credited to your Thai Bangkok Bank account, and use that for living expenses. Avoid using the US card, except for cash advances in a bank or known safe ATM.

If you are mad at your money, use Bank of America - a more fee-happy bunch of thieves never existed. Except Chase, of course...

[1FinickyOne]

I have heard good things about Schwab as well, however, my personal experience is with a branch of a somewhat local bank - and the key has been that they know me… I have a debit card w/them that works at ATMs but only a partial refund of charges and if I want $ wired, I call and tell them how much and they send it the same day… arrives next day at Kasikorn...

[poweratradio]

Transfers for Canadians.... Any good advice???

[BudRight]

Technically Bangkok Bank is a US Bank, since they have an ABA number and their New York branch has a routing number for ACH Pushes (but not Pulls, they warn). Even the US Federal Government does direct deposit to them. Just provide the NY routing number and the local (Thai) account number on the direct deposit form.

Otherwise, USAA is good, though they only refund $15 in ATM fees per month (international included). With Thai ATMs charging $6 per withdrawal that's only two free uses per month.

Edit: I haven't used Skype since I discovered Google Voice.

Edited February 6, 2015 by BudRight

[thrilled]

Schwab works for me.They reimburse ATM fees.Being USAA does the same,I will start using both.

[KhnomKhnom]

Notify your bank regularly that you are using their issued cards abroad from usa, etc. Mine wants a notice by Internet every , surprise, 90 days. There is a click choice for that on many bank by Internet sites.

Otherwise, read here about Bangkok Bank.

[kerrysum]

Yes, there is such a bank.... It is called the Bend Over Bank....

Mostly controlled by, well, you fill in the blanks....

Nuff said.....

[johnh869]

https://www.navyfederal.org/nfoaa-signin.php

These people are Tops!! This is what I use....Largest credit union in the world.

[ToS2014]

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You want a US bank and a Thai bank. For US end USAA is good choice if you have had military service or family - but any that allow ACH transfers free with online access should be fine. For Thailand Bangkok Bank is the obvious choice for easy ACH (the only bank having) cheap transfers using there New York office

As example this month had deposit made to USAA and on Feb 2 requested transfer of $4,000.00 on internet - on 4 Feb at about 0930 received SMS that 129,191.61 baht had been deposited into my Bangkok Bank account here in Thailand.

Forget about using US debit cards - use cards of your local account for Thailand - save fees and avoid issues. For international or us use/mail order the US bank cards may serve if not tied to shipping address.

I use the same combination and it works flawlessly. Good internet banking service with Bangkok Bank also -- over three years with this combo and not one issue.

I also agree. The only catch with opening a USAA account is the military or past military requirement. They are also quite easy to correspond with using their secure emai.l

[CaptHaddock]

For most or all of the banks mentioned the OP will need a physical US address in order to open the account. There's the rub.

[csabo]

What new wire transfer rules? I know in 2013 Chase made some modifications. Is there something newer?

I use Chase and they are a little paranoid about security. Every month my rentor transfers $1500 to my Chase account and every month its frozen. Its absolutley retarded but it does not really hamper my banking here so I let it continue. Their wire fee is $40 which is a little on the high end for a US bank but it works well to my KTB account here. Chase does give me 4 free atm uses monthly anywhere in the world but of course the local ATM will charge a fee. I learned quick to not use Citibank abroad. Loads of fees and poor exchange rates. I will close that account as soon as I get to the states.

Yes the Bangkok Bank NY plan than many people use is great IF Bangkok bank opens an account for you. I tried without a work permit and they insested I buy insurance from them before opening an account. I have not tried since getting my work permit which I will do soon as this must be the best way to get money from the US to here.

I also tried the Scwhab route as that is a good solution as well. Important...i tried opening the account from here and was "flagged" for violating the Patriot Act. I now use Hotspot Shield to convert my IP to a US location when doing any banking online to prevent this again.

As far a calls go its true, many banks offer collect calling but I can never get passed my cell operator here so Skype has been the best fix for that and its peanuts for a short call to the states. But back to Chase, I probably would have dumped them long ago but the manager at my branch is a doll and treats me like gold and for that reason alone I stay with them. I can call her or email her and any problem I have gets fixed. If you do go to the states to open an account, I recommend going into the branch and having a face to face with the manager. Tell them your situation and that you may need assistance from aboad and dont want to talk to a robot. It has saved me a lot or grief over the past few years.

[smotherb]

Charles Scwab has been good for me for both holding a stock portfolio as well as banking needs. ACH free to Bangkok Bank NY.

Don't bother trying to get any beneficiary going as long as you are using a foreign address. Seems that none of the banks will do that for a brokerage or banking account. They are required to allow it for an IRA though. Go figure...

Use a domestic 'merican address and have all statement etc sent electronically.

Yeah, I have been with Schwab for more than 40 years of overseas work and living. Not only are they full service--

banking, investing, funding--but they repay your ATM fees, do wire transfers for free or a small charge, and their customer support phone system is the best I have ever used. Get one of the many internet phone services, your calls to the toll-free US support number are free.

[smotherb]

Bangkok Bank, New York Branch is in compliance with U.S. banking regulations. I do an Elecrronic Funds Transfer from my retirement account holder (my Social Security is deposited there every month) to Bangkok Bank in NY. It is available to me here at any Bangkok Bank location in two business days.

I set Social Security up for direct deposit and an automatic monthly EFT monthly to Bangkok Bank. Works without any issue. As I have maintained a U.S. Mailing address, I have had no issue using my U.S. Issued credit cards. Works for me.

If you use your debit card, you can get your SS monies at any Thai ATM the day it is posted to your US account; why wait two days?

[Sviss Geez]

How does one set up an account with Bangkok Bank of New York that allows one to transfer funds to their bank in Chiang Mai? When I inquire at a Bangkok Bank in Chiang Mai I am told that it cannot be done.

Here's how, from Bangkok Bank itself. http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/TransferingFunds/TransferringIntoThailand/ReceivingFundsfromUSA/Pages/ReceivingFundsfromUSA.aspx

In other words Bangkok Bank in Chiang Mai is correct, individuals cannot open accounts with BBL in New York for this purpose, the fund transfers are simply processed through BBL New York.

[Pinot]

For most or all of the banks mentioned the OP will need a physical US address in order to open the account. There's the rub.

You don't need a US address with Schwab, but you may want one.

I recently changed from a domestic Schwab account to an International Schwab account because of information I read on TV. I use to have to jump through some hoops with that American address. So, now I give them my real address here in LOS.

Some subtle differences between the two accounts:

Only $500 ATM withdrawals but you can make multiple withdrawals. You can't trade Mutual funds (because you're outside the US). Paying bills or sending money to people is harder with an International account, easy with regular Schwab. It's like being in a separate division of Schwab. You conduct business from your brokerage account. There maybe other differences but those are the big ones.