Does Bankok Bank issue FETF on EFT transfers from USA?

[wpcoe]

Bangkok Bank has a nice little perk where any bank in the USA can electronically transfer funds (often for free) to Bangkok Bank accounts in Thailand, taking advantage of Bangkok Bank's New York office being on the domestic US interbank transfer system.

In the days of the old Tor Tor Sam, I know it was highly suggested (required?) to indicate as "Reason for transfer" on a SWIFT transfer "For purchase of condo xxx." The EFT system to transfer funds from a domestic US bank to Bangkok Bank has no provision for such remarks.

Has anyone here used the above-mentioned EFT transfer method to their Thai Bangkok Bank account and subsequently received an FETF from Bangkok Bank?

[ToddinChonburi]

you need to use the swift system because of money laundering laws. you state that you are transferring 100,000 dollars to buy a condo . change to baht when it arrives in Thailand.

[skatewash]

In 2013 I transferred in excess of $50,000 from my US brokerage to Bangkok Bank in Thailand through their New York Branch using the ACH system (as described in the very informative directions at the excellent Bangkok Bank website). I accomplished this online and there was no way provided for me to indicate the purpose of the transfer (either a limitation of the ACH system or my brokerage's online system).

When the money arrived no automatic Foreign Exchange Transfer report was generated, though I thought it would have been triggered by the amount being in excess of $50,000. I had to go to my Bangkok Bank branch and request a "Condo purchase letter," which when received consisted of two pages: a brief letter explaining (in Thai) that I am purchasing a specific unit in a condo development, the date of the transfer, the amount of the transfer (in THB and USD), and reference number of the transfer; along with a computer generated credit advice bearing the reference number showing the details of the foreign exchange transfer (looked like a screen print actually). Interestingly, in the credit advice it indicated that the transfer from BB NY Branch was received by SWIFT transfer, but my ordering institution was listed as ACH. So, my guess is that there was an ACH transfer from my brokerage to BB NY Branch and then a SWIFT transfer from there to BB in Thailand.

In any case, there was no indication in the credit advice of the purpose of the transfer for the reason outlined above. That information was provided by me in person at my BB branch after the fact. I needed to show them the condo Purchase and Sales Agreement. The letter cost me 100 THB. All went very smoothly at BB regarding this "condo purchase letter," as I imagine my branch does a lot of business with foreigners purchasing condos. I only paid the regular BB NY Branch foreign exchange transfer fees, my ACH transfer from my brokerage was free (insert plug for Vanguard here ;-).

Caveat: I haven't been to the Land Office to officially transfer ownership from the developer to me, so I can't report that the Land Office accepted the "condo purchase letter" I received from BB. But, I fully expect that it will be accepted when I do the transfer this year.

I don't think you need to use the SWIFT system from your US financial institution if you'd prefer (for reasons of reduced cost) to use the ACH to BB NY Branch alternative.

[abrahamzvi]

One mistake. using the NY Bangkok Bank transfer costs $10 per transaction.

[skatewash]

One mistake. using the NY Bangkok Bank transfer costs $10 per transaction.

It is a $10 fee if you are sending an amount between

USD 2,000.01 - 50,000.00

The fee depends on the amount sent. The fee schedule can be found here under Fees: http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/TransferingFunds/TransferringIntoThailand/ReceivingFundsfromUSA/Pages/ReceivingFundsfromUSA.aspx

The amount actually transferred is reduced by the fee specified above before the money is transferred from Bangkok Bank NY Branch. Plus you are charged an additional fee for the actual currency conversion that takes place at Bangkok Bank in Thailand.

0.25% of the transfer value

(minimum 200 Baht, maximum 500 Baht)

http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/CurrencyExchange/Pages/Fees.aspx

Plus realize that the exchange rate you get is less favorable than the "real" exchange rate; one of the ways the bank makes money is on the difference between these two rates.

All that said, I believe the Bangkok Bank NY Branch method of sending money to Thailand from the US is the cheapest way (and most convenient way) to go. It's the way I use and recommend.