Those needing U.S. banking while living in Thailand ... be paranoid before you leave

[skatewash]

I'm a member of Navy Federal credit union in the U.S. and asked them if they can do ACH transfers to Bangkok bank.

The answer I got was ambiguous - meaning I don't think the person I talked to really knew (nor did the manager).

They're official policy is the only do ACH transfers to U.S. banks.

I then told her that Bangkok bank has a New York physical address and would that make any difference.

Basically, the only straight answer I got was that they'll do a wire transfer (over the phone) to Bangkok bank.

Does anyone out there use NFCU and has anyone done an ACH transfer with NFCU (Navy Federal credit union)?

Thanks

The key is don't ask, just do it online with NFCU. You will have to have a Bangkok Bank account obviously.

Not an NFCU member, but they probably have a page for setting up accounts for ACH transfers. Once you are there, use the routing number for the Bangkok Bank New York branch. It's a legit ACH routing number and the computer doesn't care. Likely NFCU will make two transfers of less than a dollar to Bangkok Bank and you will have to get those amounts from the Thailand branch of Bangkok Bank where you opened your account and report them back online to NFCU. You have to get the amounts in USD which can be a real challenge over the phone so you should probably do this while you are in Thailand and can visit your Bangkok Bank branch in person

The Bangkok Bank website gives a national phone number for checking the deposit amounts. That did not reflect ground truth in March as the person who answered that number told me I would have to call the branch where I opened my account.

Bangkok Bank has a free service where they will text you whenever an overseas transfer arrives in your account in Thailand. This is especially helpful because the SMS notification will have the amount of the transfer in USD, which can be used to report back to your US bank the amount of their test deposits. Also, it's a great comfort to be notified immediately when the overseas transfer is available in your account. Of course, you need to be in Thailand to receive the SMS notification.

[55Jay]

I'm a member of Navy Federal credit union in the U.S. and asked them if they can do ACH transfers to Bangkok bank.

The answer I got was ambiguous - meaning I don't think the person I talked to really knew (nor did the manager).

They're official policy is the only do ACH transfers to U.S. banks.

I then told her that Bangkok bank has a New York physical address and would that make any difference.

Basically, the only straight answer I got was that they'll do a wire transfer (over the phone) to Bangkok bank.

Does anyone out there use NFCU and has anyone done an ACH transfer with NFCU (Navy Federal credit union)?

Thanks

The key is don't ask, just do it online with NFCU. You will have to have a Bangkok Bank account obviously.

Not an NFCU member, but they probably have a page for setting up accounts for ACH transfers. Once you are there, use the routing number for the Bangkok Bank New York branch. It's a legit ACH routing number and the computer doesn't care. Likely NFCU will make two transfers of less than a dollar to Bangkok Bank and you will have to get those amounts from the Thailand branch of Bangkok Bank where you opened your account and report them back online to NFCU. You have to get the amounts in USD which can be a real challenge over the phone so you should probably do this while you are in Thailand and can visit your Bangkok Bank branch in person

The Bangkok Bank website gives a national phone number for checking the deposit amounts. That did not reflect ground truth in March as the person who answered that number told me I would have to call the branch where I opened my account.

I am an NFCU member, and explored all this with them. 'Got the same answer you did, @jjJJ. They will only do wire transfers, and that's accomplished by faxing them a form (every transaction, every time). For me, I have the forms with me when I travel as a backup, but my investment company/broker is cheaper & easier option for transferring money into Thailand so I don't use NFCU. I do carry their GoRewards VISA card, also just as a backup (if used, no foreign transaction fees, and I'd immediately go online and transfer the funds necessary to avoid any finance charges, and if I remember correctly, they refund any ATM fees as well). My investment firm charges no transaction fees, only requires a free phonecall, and the money's in my account the next day, so that's my SOP.

Wasn't aware NFCU now offers a no FTF credit card for other than active duty. I'll check it out, thanks for mentioning that.

[slipperylobster]

As an expat, I find Capital One to be a good company to do business with, all the way around. Credit cards do not have a "foreign transaction fee" at all, and provide generally competitive exchange rates. CapitalOne360 banking services can also support moving money around to various US banks, including Bangkok Bank of NY. You can sign up for CapitalOne360 online. No need to fly back to the US to visit any banks. And no need to pay the higher SWIFT and wire transfer fees.

I just signed up with them. It was fairly simple to do..online. The only thing I forgot was to put a physical address on my application. They do not accept P.O. Box numbers, or mail forwarding services. Fortunately, I am a trustee for property in New York..and as such, am the owner of that physical address.

Capital One has far exceeded my expectations, and I am closing my other accounts in favor of them.

Last thing is...."I got a Secured Credit Card" with Capital One. My other bank would not do it. (Bankrupt 15 years ago...but never established new credit). Now they are FedEx...ing my card to me. Great news. I easily got both the Credit Card, Checking Account, and Savings Account in just a few days...and one phone call.

[slipperylobster]

I'm a member of Navy Federal credit union in the U.S. and asked them if they can do ACH transfers to Bangkok bank.

The answer I got was ambiguous - meaning I don't think the person I talked to really knew (nor did the manager).

They're official policy is the only do ACH transfers to U.S. banks.

I then told her that Bangkok bank has a New York physical address and would that make any difference.

Basically, the only straight answer I got was that they'll do a wire transfer (over the phone) to Bangkok bank.

Does anyone out there use NFCU and has anyone done an ACH transfer with NFCU (Navy Federal credit union)?

Thanks

The key is don't ask, just do it online with NFCU. You will have to have a Bangkok Bank account obviously.

Not an NFCU member, but they probably have a page for setting up accounts for ACH transfers. Once you are there, use the routing number for the Bangkok Bank New York branch. It's a legit ACH routing number and the computer doesn't care. Likely NFCU will make two transfers of less than a dollar to Bangkok Bank and you will have to get those amounts from the Thailand branch of Bangkok Bank where you opened your account and report them back online to NFCU. You have to get the amounts in USD which can be a real challenge over the phone so you should probably do this while you are in Thailand and can visit your Bangkok Bank branch in person

The Bangkok Bank website gives a national phone number for checking the deposit amounts. That did not reflect ground truth in March as the person who answered that number told me I would have to call the branch where I opened my account.

I am an NFCU member, and explored all this with them. 'Got the same answer you did, @jjJJ. They will only do wire transfers, and that's accomplished by faxing them a form (every transaction, every time). For me, I have the forms with me when I travel as a backup, but my investment company/broker is cheaper & easier option for transferring money into Thailand so I don't use NFCU. I do carry their GoRewards VISA card, also just as a backup (if used, no foreign transaction fees, and I'd immediately go online and transfer the funds necessary to avoid any finance charges, and if I remember correctly, they refund any ATM fees as well). My investment firm charges no transaction fees, only requires a free phonecall, and the money's in my account the next day, so that's my SOP.

Companies such as XE, can electronically debit your NFCU account and then wire funds (in Baht) to your bank in Thailand. No need to fax forms....you can do this all online. I can do 7000 dollars or more...at a time. (I forgot the limit). That keeps me in baht for three months for a one time 21 usd fee. Not bad..compared to atm's.

Edited July 17, 2015 by slipperylobster

[jjJJ1133]

As an expat, I find Capital One to be a good company to do business with, all the way around. Credit cards do not have a "foreign transaction fee" at all, and provide generally competitive exchange rates. CapitalOne360 banking services can also support moving money around to various US banks, including Bangkok Bank of NY. You can sign up for CapitalOne360 online. No need to fly back to the US to visit any banks. And no need to pay the higher SWIFT and wire transfer fees.

I just signed up with them. It was fairly simple to do..online. The only thing I forgot was to put a physical address on my application. They do not accept P.O. Box numbers, or mail forwarding services. Fortunately, I am a trustee for property in New York..and as such, am the owner of that physical address.

Capital One has far exceeded my expectations, and I am closing my other accounts in favor of them.

Last thing is...."I got a Secured Credit Card" with Capital One. My other bank would not do it. (Bankrupt 15 years ago...but never established new credit). Now they are FedEx...ing my card to me. Great news. I easily got both the Credit Card, Checking Account, and Savings Account in just a few days...and one phone call.

Thank you for that information. You told me EXACTLY what I need to do. Love the forum - is so very helpful for us "rookies" getting ready to make the BIG move.

[JimGant]

I'm not an NFCU member, but they certainly can do an ACH transfer to your Bangkok Bank account, routing thru Bangkok Bank New York. As nkped said, BBNY has a legitimate routing (ABA) number, as do most foreign banks with a US presence. Thus, signing up with your Bangkok Bank account number (makes no difference that it's a savings account), and BBNY's routing (ABA) number, would be the same as signing up for ACH with a US financial institution -- as both result in legitimate domestic ACH transfers. The difference, of course, is that after the domestic ACH leg, BBNY encodes your transfer into SWIFT encoding, then sends it across the pond.

Probably the folks at NFCU believed you were talking about an International ACH Transfer (IAT), which requires additional encoding on top of the normal ACH encoding -- and many US institutions haven't yet expanded (and many probably won't) to IAT enabling. BBNY accomplishes the same security by changing from the ACH train in New York, to the SWIFT boat for further transfer to Thailand.

jj, sounds like you have a military connection. If so, suggest you open an account at USAA, just to have a backup US account (the theme of this thread) in case NFCU tilts. USAA, being military, is, as you'd expect, expat friendly. Even has a toll free phone number in Thailand.

I do all my ACH transfers to Thailand from them, and they're free and fast (less than two business days) for an ACH. (Not sure if NFCU has fees, 'tho' they wouldn't be too much, I'm sure). Anyway, USAA (like NFCU per their website) has a daily $5000 ACH limit -- but myself and a few others on this forum were able to raise this substantially with a phone call. And setting up an ACH to your Bangkok Bank account from USAA is a snap -- no trial deposits required when you check the "I don't have authority over transfer account" block. (Of course you do have authority, if its your account, but since you can't reverse ACH transer from Bangkok Bank, it makes no difference.)

Anyway, get a USAA account, and first thing establish an ACH transfer link with your NFCU account -- then with your Bangkok Bank account. Then, if NFCU has ACH fees and/or won't raise your $5000 ceiling (if needed), then just do a free ACH "pull" from NFCU into your USAA account -- and then a "push" on to Thailand. As many threads on this forum have shown, an ACH transfer is the cheapest way to get money to Thailand, unless you have a completely fee free card, with no foreign transaction fee, and which reimburses owner ATM fees (like Schwab). (Or free SWIFT wires, offered by some brokerages.)

Good luck

Edited July 17, 2015 by JimGant

[nkped]

I'm a member of Navy Federal credit union in the U.S. and asked them if they can do ACH transfers to Bangkok bank.

The answer I got was ambiguous - meaning I don't think the person I talked to really knew (nor did the manager).

They're official policy is the only do ACH transfers to U.S. banks.

I then told her that Bangkok bank has a New York physical address and would that make any difference.

Basically, the only straight answer I got was that they'll do a wire transfer (over the phone) to Bangkok bank.

Does anyone out there use NFCU and has anyone done an ACH transfer with NFCU (Navy Federal credit union)?

Thanks

The key is don't ask, just do it online with NFCU. You will have to have a Bangkok Bank account obviously.

Not an NFCU member, but they probably have a page for setting up accounts for ACH transfers. Once you are there, use the routing number for the Bangkok Bank New York branch. It's a legit ACH routing number and the computer doesn't care. Likely NFCU will make two transfers of less than a dollar to Bangkok Bank and you will have to get those amounts from the Thailand branch of Bangkok Bank where you opened your account and report them back online to NFCU. You have to get the amounts in USD which can be a real challenge over the phone so you should probably do this while you are in Thailand and can visit your Bangkok Bank branch in person

The Bangkok Bank website gives a national phone number for checking the deposit amounts. That did not reflect ground truth in March as the person who answered that number told me I would have to call the branch where I opened my account.

Bangkok Bank has a free service where they will text you whenever an overseas transfer arrives in your account in Thailand. This is especially helpful because the SMS notification will have the amount of the transfer in USD, which can be used to report back to your US bank the amount of their test deposits. Also, it's a great comfort to be notified immediately when the overseas transfer is available in your account. Of course, you need to be in Thailand to receive the SMS notification.

Not necessarily. Your Thai mobile phone may be able to receive SMS notifications in the U.S. I won't say that is true of all locations as I don't know. I know mine does in Anchorage.

[skatewash]

I'm a member of Navy Federal credit union in the U.S. and asked them if they can do ACH transfers to Bangkok bank.

The answer I got was ambiguous - meaning I don't think the person I talked to really knew (nor did the manager).

They're official policy is the only do ACH transfers to U.S. banks.

I then told her that Bangkok bank has a New York physical address and would that make any difference.

Basically, the only straight answer I got was that they'll do a wire transfer (over the phone) to Bangkok bank.

Does anyone out there use NFCU and has anyone done an ACH transfer with NFCU (Navy Federal credit union)?

Thanks

The key is don't ask, just do it online with NFCU. You will have to have a Bangkok Bank account obviously.

Not an NFCU member, but they probably have a page for setting up accounts for ACH transfers. Once you are there, use the routing number for the Bangkok Bank New York branch. It's a legit ACH routing number and the computer doesn't care. Likely NFCU will make two transfers of less than a dollar to Bangkok Bank and you will have to get those amounts from the Thailand branch of Bangkok Bank where you opened your account and report them back online to NFCU. You have to get the amounts in USD which can be a real challenge over the phone so you should probably do this while you are in Thailand and can visit your Bangkok Bank branch in person

The Bangkok Bank website gives a national phone number for checking the deposit amounts. That did not reflect ground truth in March as the person who answered that number told me I would have to call the branch where I opened my account.

Bangkok Bank has a free service where they will text you whenever an overseas transfer arrives in your account in Thailand. This is especially helpful because the SMS notification will have the amount of the transfer in USD, which can be used to report back to your US bank the amount of their test deposits. Also, it's a great comfort to be notified immediately when the overseas transfer is available in your account. Of course, you need to be in Thailand to receive the SMS notification.

Not necessarily. Your Thai mobile phone may be able to receive SMS notifications in the U.S. I won't say that is true of all locations as I don't know. I know mine does in Anchorage.

Well, that's good to know. I had no idea it was possible. What I don't know about phones could fill a book ;-)

[55Jay]

https://www.navyfederal.org/account-management/ach.php

Link to NFCU ACH info page. Seems they are still on about checking accounts..... Good luck in your endeavors.

[Langsuan Man]

Whatever mobile carrier you have in Thailand you must enable International roaming and then text's will be free whenever you are out of Thailand. It is a small one time fee, 20 THB for DTAC for instance, and allows for me to receive "one time passwords"and account alerts from Bangkok Bank and SCB when needed

[jjJJ1133]

https://www.navyfederal.org/account-management/ach.php

Link to NFCU ACH info page. Seems they are still on about checking accounts..... Good luck in your endeavors.

Thanks 55Jay for that link.

[hawker9000]

https://www.navyfederal.org/account-management/ach.php

Link to NFCU ACH info page. Seems they are still on about checking accounts..... Good luck in your endeavors.

Note that #1 at this link specifies:

"You can make a one-time future-dated or recurring transfer to a (non-commercial) personal checking account at most financial institutions in the United States.". (boldface added by me)

So this'll work if what you're doing is making a transfer to the New York branch of Bangkok Bank - but not to other banks which are in Thailand (unless they happen to have branches in the U.S., which I don't think any others do). My question would be, does having a Bangkok Bank account in Thailand "count", or must you open an account specifically at the New York branch in the U.S.?

Information here makes it sound like just having the BB account in Thailand is all you need. (That and the 9-digit routing no. specified in the linked page.)

Edited July 19, 2015 by hawker9000

[skatewash]

So this'll work if what you're doing is making a transfer to the New York branch of Bangkok Bank - but not to other banks which are in Thailand (unless they happen to have branches in the U.S., which I don't think any others do). My question would be, does having a Bangkok Bank account in Thailand "count", or must you open an account specifically at the New York branch in the U.S.?

Information here makes it sound like just having the BB account in Thailand is all you need. (That and the 9-digit routing no. specified in the linked page.)

Yes, you are eligible to use Bangkok Bank New York Branch for sending money from the US to Thailand simply by having an account at a Bangkok Bank in Thailand. You are not required to open an account at Bangkok Bank New York Branch (not sure you could if you wanted to), but by following the instructions at the link you provided above which explain in detail with step-by-step instructions how to set it up, you can ACH transfer from a US financial account to the Bangkok Bank NY Branch and the money will appear in your Thai Bangkok Bank branch in a matter of days.

The set up must be done one time only (and can be done completely online). From then on I can initiate the transaction from my US financial institution online, and when the money appears in my Bangkok Bank branch in Thailand I receive an SMS on my mobile, notifying me of the amount of money sent and exchange rate used. I've never experienced a problem with their service.

I believe Bangkok Bank is the only Thai bank to have a branch in the US. It is the only Thai bank that offers this service.

[SpokaneAl]

So this'll work if what you're doing is making a transfer to the New York branch of Bangkok Bank - but not to other banks which are in Thailand (unless they happen to have branches in the U.S., which I don't think any others do). My question would be, does having a Bangkok Bank account in Thailand "count", or must you open an account specifically at the New York branch in the U.S.?

Information here makes it sound like just having the BB account in Thailand is all you need. (That and the 9-digit routing no. specified in the linked page.)

Yes, you are eligible to use Bangkok Bank New York Branch for sending money from the US to Thailand simply by having an account at a Bangkok Bank in Thailand. You are not required to open an account at Bangkok Bank New York Branch (not sure you could if you wanted to), but by following the instructions at the link you provided above which explain in detail with step-by-step instructions how to set it up, you can ACH transfer from a US financial account to the Bangkok Bank NY Branch and the money will appear in your Thai Bangkok Bank branch in a matter of days.

The set up must be done one time only (and can be done completely online). From then on I can initiate the transaction from my US financial institution online, and when the money appears in my Bangkok Bank branch in Thailand I receive an SMS on my mobile, notifying me of the amount of money sent and exchange rate used. I've never experienced a problem with their service.

I believe Bangkok Bank is the only Thai bank to have a branch in the US. It is the only Thai bank that offers this service.

I don't recall performing any setup actions other than providing my bank, and later my credit union, with Bangkok Bank's routing number and the account number where I wanted the money to be transferred to. For ease and simplicity, I transfer the money to my sister-in-law's Bangkok Bank savings account and when I institute a transfer it is in the account that day or the next.

[skatewash]

So this'll work if what you're doing is making a transfer to the New York branch of Bangkok Bank - but not to other banks which are in Thailand (unless they happen to have branches in the U.S., which I don't think any others do). My question would be, does having a Bangkok Bank account in Thailand "count", or must you open an account specifically at the New York branch in the U.S.?

Information here makes it sound like just having the BB account in Thailand is all you need. (That and the 9-digit routing no. specified in the linked page.)

Yes, you are eligible to use Bangkok Bank New York Branch for sending money from the US to Thailand simply by having an account at a Bangkok Bank in Thailand. You are not required to open an account at Bangkok Bank New York Branch (not sure you could if you wanted to), but by following the instructions at the link you provided above which explain in detail with step-by-step instructions how to set it up, you can ACH transfer from a US financial account to the Bangkok Bank NY Branch and the money will appear in your Thai Bangkok Bank branch in a matter of days.

The set up must be done one time only (and can be done completely online). From then on I can initiate the transaction from my US financial institution online, and when the money appears in my Bangkok Bank branch in Thailand I receive an SMS on my mobile, notifying me of the amount of money sent and exchange rate used. I've never experienced a problem with their service.

I believe Bangkok Bank is the only Thai bank to have a branch in the US. It is the only Thai bank that offers this service.

I don't recall performing any setup actions other than providing my bank, and later my credit union, with Bangkok Bank's routing number and the account number where I wanted the money to be transferred to. For ease and simplicity, I transfer the money to my sister-in-law's Bangkok Bank savings account and when I institute a transfer it is in the account that day or the next.

It's possible you didn't have to setup anything with your financial institution, if you were requesting the transfer by phone. I should have emphasized that I request the transfer completely online, I make absolutely no phone calls. My understanding is that if you wish to do the transfer online, then you need to follow the one-time set up as specified by Bangkok Bank in their step-by-step instructions (link). I also note that in the instructions they say the setup may not be necessary because your financial institution (bank, credit union, investment managing company, or other financial institution) may not require it. As it happens my bank, credit union, and investment management company, all three, required the setup as described below.

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.

Edited July 19, 2015 by skatewash