A good American bank for expats in Thailand?

[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

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.

They were not correct. You can open up an account with Bangkok Bank of New York that allows one to transfer funds to the Bangkok Bank in CM (or any Bangkok Bank) simply by opening an account at any Bangkok Bank. Bangkok Bank is Bangkok Bank. Heck, you can even do bank transactions all they way down here in Phuket! They are pretty connected.

[Pinot]

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.

I was going to write Chase is screwing you, but then I read about your bank manager. Having that person is worth your expenses. If she leaves, you go to go to Schwab.

Having a personal relationship with banker is a great thing to have because sooner or later, the poop will hit the fan. This is Thailand.

Phuket immigration use to require a letter from your banker stating how much money you were pulling out of your account every month. Can you imagine trying to get a letter like that out any US bank? That didn't ask for that forgery this year but it would be great to have a banker you knew.

[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.

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?

I draw more than the SS amount from my financial account and I do not use any debit cards. System works well for me.

[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?

I draw more than the SS amount from my financial account and I do not use any debit cards. System works well for me.

Well, if it works, go for it. I use Schwab, they reimburse me for any ATM fees, internet access is all it takes to transfer any amount I need, and since I have been with Schwab over 40 years, they do most wire TXs without a transmission charge. However, the ability to get $1k a day from the ATM is sufficient for most of my needs.

[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.

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.

Yikes. Schwab's international account eliminates the single best product of the US financial markets: low-cost index funds. Sounds like a terrible account.

[DrDave]

I use a combination of BofA and E*Trade in the US, and Bangkok Bank in Thailand.

BofA offers a no-fee Visa credit card with no international transaction fees, and the exchange rate seems to parallel the Thai bank T/T rates.

The downside to BofA is that when transferring funds online over a certain amount (1,000 USD, I think), you must have either a US cell phone to receive a security code via SMS, or buy a code generating card ($20) that has a little button you push to display a security code. I don't have a cell phone with a US number, and I've gone through 2 of the flimsy security cards - one died within weeks, the second one was DOA. Thus, I cannot make online transfers from BofA to my Bangkok Bank account.

With E*Trade (brokerage, not bank account), international wire transfers can be initiated online, and are only $25. The receiving account must have the same title (owner name) as the E*Trade account owner. I believe that this applies to ACH transactions as well as wire transfers. The thing I especially like about E*Trade is that I can setup transfers to both send and receive funds from my BofA account. That is, I can "push" funds from E*Trade to BofA, and I can also "pull" funds from BofA to E*Trade. E*Trade also provides you with a very robust SecureID security code generating device at no charge.

[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.

Yikes. Schwab's international account eliminates the single best product of the US financial markets: low-cost index funds. Sounds like a terrible account.

No, all it does is eliminate buying mutual funds. All the low cost index ETFs are there. Mutual Funds are on the way out, ETFs are taking over...no, they've taken over. Schwab has some of the best, lowest cost ETFs that you can trade with no fee.

I'm not a tout for Schwab. As a customer I just really appreciate how easy it is to do business with them from here.

[Pinot]

I use a combination of BofA and E*Trade in the US, and Bangkok Bank in Thailand.

BofA offers a no-fee Visa credit card with no international transaction fees, and the exchange rate seems to parallel the Thai bank T/T rates.

The downside to BofA is that when transferring funds online over a certain amount (1,000 USD, I think), you must have either a US cell phone to receive a security code via SMS, or buy a code generating card ($20) that has a little button you push to display a security code. I don't have a cell phone with a US number, and I've gone through 2 of the flimsy security cards - one died within weeks, the second one was DOA. Thus, I cannot make online transfers from BofA to my Bangkok Bank account.

With E*Trade (brokerage, not bank account), international wire transfers can be initiated online, and are only $25. The receiving account must have the same title (owner name) as the E*Trade account owner. I believe that this applies to ACH transactions as well as wire transfers. The thing I especially like about E*Trade is that I can setup transfers to both send and receive funds from my BofA account. That is, I can "push" funds from E*Trade to BofA, and I can also "pull" funds from BofA to E*Trade. E*Trade also provides you with a very robust SecureID security code generating device at no charge.

I've got a B of A Visa, that I occasionally have to use, and it charges me whenever I charge something Internationally, so I stay away from it. This is good news for me. I got to get the right one.

I wouldn't mind the security. It's there for a reason. Yea, they could do it better.

[BudRight]

I use a combination of BofA and E*Trade in the US, and Bangkok Bank in Thailand.

BofA offers a no-fee Visa credit card with no international transaction fees, and the exchange rate seems to parallel the Thai bank T/T rates.

The downside to BofA is that when transferring funds online over a certain amount (1,000 USD, I think), you must have either a US cell phone to receive a security code via SMS, or buy a code generating card ($20) that has a little button you push to display a security code. I don't have a cell phone with a US number, and I've gone through 2 of the flimsy security cards - one died within weeks, the second one was DOA. Thus, I cannot make online transfers from BofA to my Bangkok Bank account.

With E*Trade (brokerage, not bank account), international wire transfers can be initiated online, and are only $25. The receiving account must have the same title (owner name) as the E*Trade account owner. I believe that this applies to ACH transactions as well as wire transfers. The thing I especially like about E*Trade is that I can setup transfers to both send and receive funds from my BofA account. That is, I can "push" funds from E*Trade to BofA, and I can also "pull" funds from BofA to E*Trade. E*Trade also provides you with a very robust SecureID security code generating device at no charge.

I've got a B of A Visa, that I occasionally have to use, and it charges me whenever I charge something Internationally, so I stay away from it. This is good news for me. I got to get the right one.

I wouldn't mind the security. It's there for a reason. Yea, they could do it better.

Here's the card. In case the link gets removed, it's the 'BankAmericard Travel Rewards Credit Card.' There's a modest signup bonus as well.

https://www.bankofamerica.com/credit-cards/products/bankamericard-travel-rewards-credit-card.go

[Langsuan Man]

First of all you need a bank that will not charge you a foreign exchange fee for your ATM withdrawals: That eliminates E*trade Bank

Secondly, you don't open up an account with the Bangkok Bank's New York branch: You open up a Bangkok Bank account here in Thailand and then use Bangkok Banks US Routing number for low cost electronic transfers from your US bank to your Thai Bangkok Bank account. The NY Bangkok Bank is not a retail bank so you can't open up an account with them anyway

Thirdly, you need to find a credit card that doesn't charge a foreign exchange fee: That eliminates the Visa or Master Card offered by USAA (as well as their ATM debit card) and does not require an annual fee, such as Capitol One's " World " rewards card that has no fee and gives you cash rewards for all you purchases

Unfortunately there is no bank that offers all that you need, you should have a combination of banks that together will provide you with the services you need a the lowest cost

If I am going to need a large number of wire transfers both in numbers and amounts I use a Credit Union in the US that only charges $20 per wire for any amount to Thailand

I have USAA as my main bank because they are used to dealing with customers overseas and I can do everything via email, so I have my pension direct deposited with them and then use their free bill pay and EFTS services

I have a State Farm account for their free EFTS to my Thai Bangkok Bank via the New York branch and their reimbursement of Thai bank ATM foreign card fee (180 THB)

I have a Schwab account and Fidelity account for the same reasons

Fortunately I have a US address so it was easy to set up these accounts. Would not be so easy if I had just a Thai address, which unfortunately limits you options

Finally for those who think that opening a number of different bank accounts is not necessary, just remember that these banks and credit card companies can change their rules at any time they want, so having a back up is prudent, especially since you are overseas and can't do a whole lot while here

[lopburi3]

But what is not used is not needed. I do not use ATM to withdraw money from US account so not concerned with fee.

I use local baht card in Thailand (normal bank Visa) so no foreign exchange fee issues.

Do not disagree it good to have several options - but you can spend your life in worry and search forever if you want to cover every option - retirement should not involve that.

[Langsuan Man]

Nothing to worry about once you get it set up and I gain the flexibility that you don't have. If the dollar goes up I can react quickly, you are stuck with whatever exchange rate was in place when you built up your "local baht card" funds.

Thorough proper prior planning I no longer have to worry and search for every option and can enjoy the fruits of my labor in retirement

[Lumbini]

Same combination here also the Bangkok Bank in NY seems to help much when I transfer to that bank from my different US accounts abroad . Use my Bangkok Bank ATM card here after transfers .

Edited February 9, 2015 by Lumbini

[BKKSnowBird]

+1 for Schwab. Used them for years in Thailand but agree it is important to have a back up. I bet Schwab will not rebate ATM fees forever. Some months they have rebated me $30 in fees.

Capital One and Barclay have credit cards with no intetnational fees and both give cash back. Chase and American Express do also on some of their premium cards but not worth the annual fee for me.

[Fookhaht]

Any chance this thread can be moved over to "jobs, economy and banking?"

[DirtyDan]

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

Same process as listed here using the NY BKK bank. The only difference is a Canuck needs to open a US dollar account (CIBC/TD) and then wire transfer to BKK bank (although it could be done in C$, but with the USD account, you're saving the int'l fees).

[gt162]

What happens when I retire in Thailand in the near future and my address changes from USA to Thailand? Do American banks and financial institutions do any thing different?

Granted I can have mail forwarding service to deliver snail mail which I don't expect to have too many since I use internet banking and have all my financial account statements to send thru email only.

Any advice?

[CaptHaddock]

What happens when I retire in Thailand in the near future and my address changes from USA to Thailand? Do American banks and financial institutions do any thing different?

Granted I can have mail forwarding service to deliver snail mail which I don't expect to have too many since I use internet banking and have all my financial account statements to send thru email only.

Any advice?

Never tell them you live in Thailand. Give them only your US mail forwarding address. Transfer your US landline number to Google Voice which you can set up on your Thai cell phone and make sure that is the only number the financial institutions have for you. Get a vpn so that when you login to a US financial account they see only the US ip number.

Make sure you have many bank accounts since you won't able to open a new one from abroad. Us banks that have free ACH and free bill paying features. Same with credit cards. Use Capital One, Pentagon Federal or other cards that do not have foreign transaction fees. Try to make frequent charges on all cards so that they do not close you for inactivity.

In Thailand open an account at Bangkok Bank and follow the directions above so that you can transfer money from your US bank to your Bangkok Bank account via ACH.

For starters.

[Saastrajaa]

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.

Yes, Schwab is great, especially since they refund all of your ATM fees worldwide...I use it to carry the bulk of my spending money when I visit Thailand. However, you absolutely must provide a US address when you open the account, and that's where they'll send the card to. If you should lose the debit/ATM card, realize that the US address they have for you is the only place they'll send the new card to.

[asiaexpat]

I have used CapitalOne 360, Bank of America, USAAA, and Discover Bank in past. USAA and Discover do not require a brokerage account like some recommend banks do and have provided free and efficient ACH transfers to BBL NY. The funds usually arrive in my BBL Thailand account in 3 working days. I continue to use Discover Bank due to interest rates on accounts and easy online management of accounts.

[Crossy]

A post with possible legal implications has been removed along with the sensible replies to it.   We do not allow 'name and shame' posts or topics.  

[bkk6060]

BKk Bank is the best bet I think but some lack of information here I believe.

The NY bank is not a place you can walk in and open an account.

And last I checked you cannot do it online.

So OP, it is not easy to just walk into any BKK bank in Thailand or any bank for that matter and open an account. The rules have been tightened within the past year.

A lot depends on your residency status and Visa.