Is Usaa Bank Really A Us Expat Friendly Bank?

[thaihome]

Can USAA accounts be opened from LOS on the phone or internet and CC applied for and received?

Yes, after reading this thread I opened a checking account over the internet with no problems. I do keep a US mailing address which might have helped. I did put my physical address as being in Thailand.

TH

[JimGant]

Their toll free number from Thailand is: 001-800-531-87220

Mon-Friday: 7:30 AM - 10:00 PM Central time

Sat: 8-6

[Jingthing]

So will they open accounts for people with NO military connections, or not?

[NovaBlue05]

So will they open accounts for people with NO military connections, or not?

Yes. I opened a savings & checking 2 months ago online. It was easy...took about 15 minutes.

Some of their services...insurance perhaps...is restricted to military connected but they seem pretty open in general

[Jingthing]

Great news! I think I will look into them as my most recent SWIFT transfer with Citibank USA was a total nightmare. I don't trust them at all, they have treated me more as a criminal suspect than a valued customer.

[Gary A]

I thought I would give USAA a try. Here is the latest email from them;

Dear Mr *********

USAA is restricted from marketing and/or fulfilling new account requests for individuals residing in specific countries. Unfortunately, Thailand is one of these countries. For this reason, we are unable to proceed with your application request.

We regret any inconvenience.

Thank you,

Roxanne Alderete Ramirez

USAA

Apparently you have to lie about your address. I'm NOT going to do that.

Edited November 12, 2009 by Gary A

[Jingthing]

I have no problem with that. I do the same for ALL of my US based accounts. There is a choice when OPENING a US based account?

Edited November 12, 2009 by Jingthing

[Jingthing]

Another question occurred to me. If you opened the account using a US address and LATER changed it to a Thai address, do you think they would close the account. The poster above said they would not OPEN new accounts with Thailand addresses. That is a different thing than changing the address on an existing account.

[daxbr]

Another question occurred to me. If you opened the account using a US address and LATER changed it to a Thai address, do you think they would close the account. The poster above said they would not OPEN new accounts with Thailand addresses. That is a different thing than changing the address on an existing account.

Quite a few years ago when estatements weren't as popular, I changed address to Bangkok PO Box. Account stayed opened. Since then, I changed it back to US PO Box. Still no problems.

It won't hurt to ask them directly, their toll free number from Thailand is 001-800-531-87220. Hours of Operation: Monday to Friday, 7:30 a.m. – 10 p.m. CT

Saturday, 8 a.m. – 6 p.m. CT

[thaihome]

I just opened an USAA account last week, giving a US mailing address (a forwarder) and giving a Thailand physical address. No problem.

Will probably try my first SWIFT transfer in a few weeks. Will post how it goes.

TH

[Jingthing]

Bottom line, some kind of US address IS required.

[NovaBlue05]

Bottom line, some kind of US address IS required.

Banks seem to vary with their policy. My wife sent her checking debit card to her sister in NongBuaLamphu about 8 years ago where her sister has taken money out of the ATM there every week since. Never had any questions asked and the card has been automatically renewed . We also sent her one of the new USAA debit cards where she has been using that since 3 months. No questions yet. It may be that they maintain the link to their formally "all military" policy by accepting only physical addresses in those countries where the US has bases....I just don't know.

It may be that, while USAA maybe isn't totally expat friendly, they might be the most workable choice of a group of less than desirable options. Probably be safe to just give them your virtual address and then select all statements, correspondence, etc to be online. What type of virtual residence have you been using. I have started looking at some like usa2me, earth mail,etc. although I am probably a year from moving.

[JimGant]

Will probably try my first SWIFT transfer in a few weeks. Will post how it goes.

The easiest way for a SWIFT with USAA is to set up a template for each account in Thailand where you regularly send money. These templates are given names, and when you call USAA to do a wire transfer, you just mention the template's name -- and the amount you want sent. They'll, of course, ask a few security questions, pre-established between you and them. You can do this by phone call during CT business hours, using the toll free Thai number. Or by fax. In the latter case, they'll normally call you back at the registered Thai phone number they have on file. Cost for an international SWIFT: $35.

If you have a Bangkok Bank account, it's a lot easier -- and cheaper -- to do an ACH transfer (saving you at least $25 over a SWIFT). You can set this up, without human intervention, on the USAA site. Then, it's strictly key strokes to send the money -- no phone or faxes involved. (Plenty of info on ACH with Bangkok Bank on this forum, so I won't elaborate.)

I've forgotten the default ceiling on ACH transfers. But, no matter -- I raised it up to my requirement with a simple phone call to USAA.

ACH transfers between USAA and Thailand take two business days, while SWIFT transfers normally take one business day. So if you're in a hurry, it'll cost you. But, a two-day ACH is usually just fine -- and a few days quicker than Bank of America, and several others, that use a middleman, CashEdge, who also adds additional cost to an ACH transfer.

A USAA ATM card costs about 1.5% off the interbank exchange rate (IER) per my rather lengthy spreadsheet, when I was going this route (even more when you include ATM fees on the Thai side). An ACH transfer costs less than half this, so that's what I've been doing of late. (USAA says they only charge the 1% foreign transaction fee, but the figures I accumulated say otherwise.)

The USAA MasterCard (debit and credit) also costs about 1.5% off the IER. But, there's a 1% rebate on all purchases using their credit card (.5% rebate for the debit card in signature mode), so using their MC credit card in Thailand costs about the same as an ACH transfer. Thus, using the USAA MC credit card for shopping in Thailand, and using the Bangkok Bank card in ATM mode only, for needed cash from ACH transfers, maximizes plastic security in Thailand -- and costs about .5%. Not the best you can do -- cost wise -- per recent and lengthy discussions on this forum. But a lot better than most.

USAA does offer a Visa credit card. But transactions with it don't, I believe, have the 1% rebate feature. And, their transactions ride the MC/Cirrus network, so there's no potential upside of using the Visa/Plus network.

And, as said by many, customer service is tops.

[andyc2006]

In the past I've had no problems using my USAA account to send money to my Bangkok Bank account (via ACH). I could do it simply, quickly, and online.

I'm now in a position where I want to send some of that back to my USAA account (moving back to US sooner than expected, and therefore have more than needed in my Thai account and less than I want in my US acct).

I went into my Bangkok Bank branch today and she said my options were SWIFT (400 baht) or Western Union (I didn't ask about this option, assuming it was over-priced and that the SWIFT code would work).

But USAA doesn't have a SWIFT code, according to their website. They give only their ACH # when instructing account holders on how to send funds to the USAA account.

How do all of you do this transaction in reverse?

[NovaBlue05]

I don't understand why the branch can't route it back thru BBK/NY as an ACH transfer....just reverse the original process

[andyc2006]

I don't understand why the branch can't route it back thru BBK/NY as an ACH transfer....just reverse the original process

It's definitely not an option online (BKK Bank doesn't allow you to withdraw via ACH "pulls," only to deposit with "pushes" from other banks).

The bank employee didn't list "pushing" an ACH txn from BKK Bank to USAA as an option. Are you saying that the bank will do it -- and you know this for sure? Or are you merely opining that the bank "should" do it (because they "should" make online withdrawals an option too, but they don't).

[JimGant]

From the BB website on ACH transfers:

Important Note

You cannot transfer funds from Bangkok Bank's account in Thailand to your account with banks or online payment service providers in the US via Bangkok Bank's New York branch and the ACH system. If you initiate direct debit or ACH debit transactions [from Thailand] to Bangkok Bank's New York branch, banks in the US and online payment service providers may suspend your account.

Interestingly, when I set up ACH to BB with USAA, I answered the question about my account in Thailand as something like "I don't have authority over it." As such, the transfer particulars were set up as "push" only. No trial deposits required.

I got curious, so I set up another ACH to BB (to a second account), this time indicating I *did* have authority over it. Well, as advertised, USAA sent two trial deposits to my account in Thailand. But then, USAA notified me that the BB system had advised that no "pull" operations were allowed -- so it defaulted to a "push" only operation.

So, there's no way I can physically log onto USAA and attempt to "initiate" an ACH transaction from Thailand. That option just isn't available. Nor can I log onto the BB internet banking site to try this -- that option isn't there.

A few years ago, BB hadn't yet placed a block on ACH "pull" operations, so you then could physically initiate such an operation. And, unlike SWIFT transfers, where additional information related to security is required, ACH transfers originating outside the US were restricted. This is why, apparently, Bank of America suspended ACH operations to Thailand (they've now been reinstated).

And, as of Sept 2009, the Feds have tightened up even more with cross border ACH operations -- focusing particularly on money *entering* the US -- and the ACH sytem. New security software is now required, and fines for violations increased (since you still can physically do a "pull" into the ACH system -- unless, like BB, you implement a firewall).

Here's what I got when I recently went to the Virginia taxation (TAX) website. They, like many, are scrambling to avoid fines by having you 'certify' that your ACH payment transaction did NOT cross the border:

New federal banking regulations have imposed additional reporting requirements on all electronic banking transactions that directly involve a financial institution outside of the territorial jurisdiction of the United States at any point in the process. These are called International ACH Transactions (IAT). At present, TAX does not support IAT. If an international transaction is processed by TAX as a domestic transaction, it may be rejected by your bank, subjecting you to late penalties. By instructing TAX to process your electronic banking transaction, you are certifying that your transaction does not directly involve a financial institution outside of the territorial jurisdiction of the United States at any point in the process. If your transaction is IAT, you will need to make payment using a paper check.

Anyway, too much information, I know. My concern is that "push" operations will, if they haven't already, come under similar scrutiny. And ACH to Thailand will be stopped, at least until the new procedures and software (expensive) can be put into place.

[JimGant]

You can send a SWIFT to USAA. And, per the BB website, believe it's only 300 baht. A lot cheaper than the $35 USAA charges for going the othe way.

You use the Bank of New York Mellon, and their SWIFT code, as the intermediary.

See HERE and click on "Foreign Incoming Wire Transfers."

[thaihome]

.... This is why, apparently, Bank of America suspended ACH operations to Thailand (they've now been reinstated).

...

That’s a good explanation. BofA always told me their “ACH Vendor” prohibited transfers to Thailand. I figured there was a woman running the show whose husband had left her for a sweet young Thai girl.

TH

[craigt3365]

I love USAA. They are great to deal with. I have been with them for over 35 years and was setup when I was a dependent, my father being in the USAF. I have traveled all over the world, and had problems in several countries. Recently in Portugal where my MasterCard was stolen. They generally have a toll free number to call from whatever country you are in. And if they don't, which happened to me one time, I called collect and they accepted the call! Their website is pretty easy to use also and I do all my banking online. 100%.

I transferred $150k a few months ago to my wife's account at SCB in Pattaya. Took only 2 days. Was a breeze. But I am now going to open a Bangkok Bank account and try this EFT process...seems to be much cheaper.

USAA also offers auto insurance in Thailand. Not sure if they are competitive or not, but here in the US, I have never seen anyone able to beat their rate. And their service is the best.

Does anyone have experience with their auto insurance in Thailand?

[thaiedward]

My thanks to all on this thread.

I've opened accounts with USAA and, in the process learned that they are a "Reciprocal Insurance Company" and that they're the only US insurance outfit with an AAA rating. Pretty impressive.

And since this 'bank' is owned by its account-holders...well, that's bit different than dealing with so many banks. I'm suitably impressed both with USAA and the TV site.

Thanks again.