Can I open Bangkok account in NewYork from Thailand?

[BKResort]

I will like to deposit my SS in NY....Can I open an account in BK Bank NY by phone or online?

[Jingthing]

No.

You probably can't even open one in New York.

It's a special commercial bank, not for the general public.

You want to use the ACH transfer thing between any U.S. bank and Bangkok Bank.

The way to do that is to open a Bangkok Bank account in THAILAND and then set up the links in one of your U.S. bank accounts.

You send the money ACH to Bangkok Bank New York using your THAI bank account number so as far as the U.S. bank is concerned, it is a DOMESTIC transfer.

[Langsuan Man]

Go here and learn about your options:

http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/TransferingFunds/TransferringIntoThailand/ReceivingFundsfromUSA/Pages/ReceivingFundsfromUSA.aspx

Since you are talking about SS there may be a way to do it remotely but as Jingting states it is not through the New York branch but via Bangkok Bank in Thailand

Just remember that if you do have your US Social Security Direct Deposited via Bangkok Bank then you will have to go to a Bangkok Bank branch every month to sign for your money and will receive the annual "are you still alive" form that must be completed and returned

If you have Social Security Direct Deposit into a US bank account and then EFTS the money to Bangkok Bank using the NY Bangkok Bank routing number you eliminate these requirements

[Suradit69]

You have to open (or already have) a Bangkok Bank account in Thailand.

Then you can do a domestic dollar transfer from your US bank to the Bangkok Bank branch in New York using the account number you have in Thailand. In a couple of days you will see a baht deposit in your local Thai account. You can even sign up for SMS messages to alert you to the deposit be credited along with the details,

As far as most retail banking customers are concerned, the NY branch is only for receiving deposits that will be credited to their accounts in Thailand.

New York Branch

Mr. Thitipong Prasertsilp, VP & Branch Manager
29 Broadway, 19th Floor, New York
NY 10006
Business Hours: Mon-Fri (9:00 am to 5:00 pm)
Tel: (1-212) 422-8200
Fax: (1-212) 422-0728
SWIFT: BKKB US 33
E-mail: [email protected]
FED Routing No: 026008691
CHIPS ABA: 0869

Edited July 7, 2015 by Suradit69

[Suradit69]

Go here and learn about your options:

http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/TransferingFunds/TransferringIntoThailand/ReceivingFundsfromUSA/Pages/ReceivingFundsfromUSA.aspx

Since you are talking about SS there may be a way to do it remotely but as Jingting states it is not through the New York branch but via Bangkok Bank in Thailand

Just remember that if you do have your US Social Security Direct Deposited via Bangkok Bank then you will have to go to a Bangkok Bank branch every month to sign for your money and will receive the annual "are you still alive" form that must be completed and returned

If you have Social Security Direct Deposit into a US bank account and then EFTS the money to Bangkok Bank using the NY Bangkok Bank routing number you eliminate these requirements

"you eliminate these requirements "

My monthly Social Security payment is directly deposited to my Bank America account in Chicago and I then make domestic transfers to Bangkok Bank whenever I wish, but I still receive the annual update form from SS every June sent to me in Thailand.

... as do others http://www.thaivisa.com/forum/topic/730884-us-ss-recipients-got-this-years-ssa-7162-yet/

Edited July 7, 2015 by Suradit69

[Langsuan Man]

Only if they applied with a foreign address

[thrilled]

I went and opened A Schwab brokerage account.I have my social security sent there.Then I use ATM's in Thailand.Schwab

Reimburses all. ATM fees.It's easy.

[Jeffrey346]

This is the way I do it. First you need a BKK Bank account opened in Thailand.

NOW.. go to https://fiscal.treasury.gov/GoDirect/social-security-federal-benefits-direct-deposit/directexpress/index.html and open an SS direct deposit account. Your SS will be automatically deposited each month. You will also get a Comerica Bank Visa Debit card free. Now you can transfer from Comerica to BKK in NY for a fee of 1.50 and BKK bank does not know it is a SS deposit.

Why is that important? If you deposit SS funds direct to BKK NY you will need a deposit only BKK Bank account here in Thailand with no ATM card. With this account you can only withdraw funds in person at your BKK branch.

If you do it the way I do, you have a regular BKK Bank savings account with an ATM card and you can get funds at any ATM.

BTW.. Comerica will except your Thai address and mail your Visa card to you here in Thailand.

Edited July 8, 2015 by Jeffrey346

[Guest]

Wow. Gentlemen, thank you all for these really informed and great ideas!

Don't stop now! Keep them coming!

I am about to file for my SS (early) retirement, and do not have an American account anymore, so love these "ping pong" solutions where the money bounces around, ends up in BK bank somehow, and I do not have to go sign for it.

Thank You!

[mmh8]

I am pretty sure that this would be viewed as taking money out of country and will violate latest capital controls of land of free. I'm pretty sure you government wants your dollars to remain on US soil

[dontoearth]

This topic gets brought up every month or so on this board. Rather than a complicated question about banks and money transfers, What is your goal? To avoid the ATM fees? Are there any banking fees? Some banks and brokerage accounts will pay/waive several ATM out of network fees a month and allow you to manage all the money online yourself with no fees. This seems much easier than the wild contortions of opening bank accounts half way around the world. Are you trying to get the best exchange rate? Now that I am clueless about. It does seem to me with worldwide wifi and internet access the only final problem is the exchange rate and avoiding fees.

[kerrysum]

Go here and learn about your options:

http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/TransferingFunds/TransferringIntoThailand/ReceivingFundsfromUSA/Pages/ReceivingFundsfromUSA.aspx

Since you are talking about SS there may be a way to do it remotely but as Jingting states it is not through the New York branch but via Bangkok Bank in Thailand

Just remember that if you do have your US Social Security Direct Deposited via Bangkok Bank then you will have to go to a Bangkok Bank branch every month to sign for your money and will receive the annual "are you still alive" form that must be completed and returned

If you have Social Security Direct Deposit into a US bank account and then EFTS the money to Bangkok Bank using the NY Bangkok Bank routing number you eliminate these requirements

Very true indeed........

[lopburi3]

I am pretty sure that this would be viewed as taking money out of country and will violate latest capital controls of land of free. I'm pretty sure you government wants your dollars to remain on US soil

Total nonsense. Deposit direct or by transfer is fully legal.

Without US account the easy path is to just set up the special account at Bangkok Bank here in Thailand. For most people keeping an account open in the USA is probably a much better option (use for PayPal, Tax refunds, Insurance refunds and such as well as direct SS payment) and just transfer ACH to a Bangkok Bank account here where you have ATM access. But this will require payment if the US bank charges for ACH transfers.

[maderaroja]

No.

You probably can't even open one in New York.

It's a special commercial bank, not for the general public.

You want to use the ACH transfer thing between any U.S. bank and Bangkok Bank.

The way to do that is to open a Bangkok Bank account in THAILAND and then set up the links in one of your U.S. bank accounts.

You send the money ACH to Bangkok Bank New York using your THAI bank account number so as far as the U.S. bank is concerned, it is a DOMESTIC transfer.

Bangkok Bank will charge 5% of the amount transferred, as a fee. They will also do the monetary conversion at a rate that pleases them.

[Jingthing]

No.

You probably can't even open one in New York.

It's a special commercial bank, not for the general public.

You want to use the ACH transfer thing between any U.S. bank and Bangkok Bank.

The way to do that is to open a Bangkok Bank account in THAILAND and then set up the links in one of your U.S. bank accounts.

You send the money ACH to Bangkok Bank New York using your THAI bank account number so as far as the U.S. bank is concerned, it is a DOMESTIC transfer.

Bangkok Bank will charge 5% of the amount transferred, as a fee. They will also do the monetary conversion at a rate that pleases them.

I don't think that is true. There are some fees but 5 percent of total funds, I think that is way more than they charge.

[lopburi3]

Again total nonsense. The charge is openly stated on website - for under most SS amounts that would be $5 at New York of the amount transfered (over 2k it would be $10 for most transfers). At Bangkok there would be a charge of .25% in the range 200-500 baht). The exchange rate used is openly stated on there website and will be that in force at the time received.

[Jingthing]

Again total nonsense. The charge is openly stated on website - for under most SS amounts that would be $5 at New York of the amount transfered (over 2k it would be $10 for most transfers). At Bangkok there would be a charge of .25% in the range 200-500 baht).

Thanks for that. I recently used the service and was well pleased with the amount that came through and yes I'm accounting for the weak baht. I would have noticed BIG TIME if they had taken 5 percent of the amount sent! It's amazing the wild misinformation that is posted here.

Edited July 8, 2015 by Jingthing

[Pib]

^^^^^Ditto to What lopburi3 said. The nonsense comments that some people throw out there.

Below are the two fees charged by Bankgok Bank...taken from their website.

Bangkok Bank New York Branch sliding scale fee (fee sliced off as it flows through them on to your in-Thailand Bangkok Bank branch)

Fee charged at your in-Thailand Bangkok Bank branch.

So, if a person say sent $1700 (or maybe it's a pension payment), $5 is sliced off by the NY branch....$1695 arrives your in-Thailand branch for currency conversion....the branch applies their TT Buying Rate in affect at the time....they then deduct their Bt200 to Bt500 fee...and then the amount is "posted" to your account. Neither of the two fees above will be reflected anywhere on your ibanking or passbook as they are applied/deducted before the funds are posted to your account.

Edited July 8, 2015 by Pib

[riceyummm]

I am pretty sure that this would be viewed as taking money out of country and will violate latest capital controls of land of free. I'm pretty sure you government wants your dollars to remain on US soil

Total nonsense. Deposit direct or by transfer is fully legal.

Without US account the easy path is to just set up the special account at Bangkok Bank here in Thailand. For most people keeping an account open in the USA is probably a much better option (use for PayPal, Tax refunds, Insurance refunds and such as well as direct SS payment) and just transfer ACH to a Bangkok Bank account here where you have ATM access. But this will require payment if the US bank charges for ACH transfers.

Lopburi is correct as usual, but the IRS requires foreign banks to report US citizen's balances of over USD10k for income tax purposes. What leverage the US has on foreign banks is beyond me. Some foreign banks have stopped opening accounts for US citizens, more paperwork than it's worth. Keep your accounts below USD10k and this will never be an issue.

[Pib]

Lopburi is correct as usual, but the IRS requires foreign banks to report US citizen's balances of over USD10k for income tax purposes. What leverage the US has on foreign banks is beyond me. Some foreign banks have stopped opening accounts for US citizens, more paperwork than it's worth. Keep your accounts below USD10k and this will never be an issue.

You are confusing the individual reporting FBAR requirement of over $10K (i.e., where you the individual must file an FBAR with the U.S. Treasury Dept) with the over $50K amount foreign banks must report to the IRS/US Treasury...however, nothing prevents the bank from reporting amounts of equal to or less than $50K.

More info at the FATCA website regarding InterGovernmental Agreements regarding FATCA...Thailand is under the Model 1 IGA...click on this link which will download the IGA in PDF format which talks dollars: Link

[lopburi3]

Actually all Thai banks have agreed to the Treasury Department procedure so there is no problem opening accounts - it just involves taking your taxpayer number now. The 10k figure is for reporting FBAR by US persons; not the foreign account reporting

[timendres]

I am pretty sure that this would be viewed as taking money out of country and will violate latest capital controls of land of free. I'm pretty sure you government wants your dollars to remain on US soil

Total nonsense. Deposit direct or by transfer is fully legal.

Without US account the easy path is to just set up the special account at Bangkok Bank here in Thailand. For most people keeping an account open in the USA is probably a much better option (use for PayPal, Tax refunds, Insurance refunds and such as well as direct SS payment) and just transfer ACH to a Bangkok Bank account here where you have ATM access. But this will require payment if the US bank charges for ACH transfers.

Correct. Since all transactions are being performed by the banks, they will meet any and all reporting requirements (ranting about what the US government requires as far as this reporting, and it's invasion of our privacy and freedom, belongs in other forums). No limitations.

For example, a couple years back, a friend wired 3,000,000 baht directly to my Bangkok Bank account from a US Bank. No issues whatsoever.

Also note, the US government does not care where "your dollars" reside. They only care about their pound of flesh (taxes owed).

[gnatman]

If your goal is to have US SS payments directly deposited to a Bangkok Bank account, it is definitely possible. I have been doing it for 3 years. Go to any Bangkok Bank branch and explain your situation. They have a specific type of account that is done in cooperation with SSA. The funds are deposited from SSA into the NY branch on the 3rd each month and are immediately available for withdrawal from any Bangkok Bank branch. The conversion rate is their posted buy/sell rate and there are no fees. The account does have some restrictions such as no ATM card and no wire transfers in or out of the account. I get around that by going to the bank every month or two and withdrawal the funds and immediately deposit it to a standard Bangkok Bank branch. BTW, I also have accounts set up for my two children and their monthly SS dependents payments are handled the same way. Hope this helps.

[Neocon]

As was mentioned, sign up for BBL's Direct Deposit service at your local BBL branch (not micro branches). BBL has SF-1199a templates with BBL and SSA info already filled in. In general, staff will help you complete the SF-1199a for direct deposit of your monthly SS. The BBL website says you may download a blank SF-1199a - yes you may, but why go through the hassle when BBL already has SF-1199a templates.

If you try to set up direct deposit on your own and have your SS direct deposited into a BBL traditional savings acct, BBL will catch it and make you set up and use a direct deposit acct. BBL will restrict access to your SS funds until such time you open a direct deposit acct.

If local branch staff do not understand your request have them phone BBL's main office on Silom Road (Bangkok). BBL Direct Deposit staff regularly assist local branches with this topic. Staff are very busy the first few business days of each month.

BBL Direct Deposit

Tel: 02-230-1323

Single Name on the Acct (no joint accts)

Acct may receive direct deposit from multiple sources (SS, pension...)

No Checks

No ATM Card

No Online Banking

Funds withdrawals must be made in-person

^BBL's Internal Fraud Prevention Policy (they often say it's US govt policy - it's not)

http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/TransferingFunds/TransferringIntoThailand/ReceivingFundsfromUSA/Pages/ReceivingFundsfromUSA.aspx

[BKResort]

Thank you guys. Good info.

I have my SS money deposit in Direct Express, an US ATM service from the SS, and I keep an adress in the US.

I asked for the option because here I have to pay 2% Thai bank fees to use the card + 150/180 thb. Because my SS payment is under $1000 that will be about 750thb. Looks like I will not save very much if I will have to pay $5 plus 200 to 500 thb using the BK transfer from NY. But I can see that the Direct Express deposit may be not a good deal receiving big amounts. The only advantage of the Direct Express ATM card is that works like any regular ATM car and can be used in any country around the world, and even online.

Looks like to use the AMEX prepaid ATM card is cheaper or FREE, but I am not sure if will work well outside the US. If somebody is using the AMEX prepaid card here, please let me know if is OK.

Thanks.

[cchina184]

^{You have to open the account in person at the main branch for your area. You cannot do so by phone or online. Mine took about three weeks to set up and I received my next social security distribution with no problems. No bigger haircut on the currency swap than with wires. And now I don't have to pay the wire fees. Only occasional problem seems to be when my money is due on a Thai holday, then it can be several days later than normal. Once you have opened the account you cannot get a debit card connected to the account nor can you do transactions online. You must go to the branch where you set up the account and make the withdrawal in person. This has nothing to do with Bangkok Bank, just Uncle Sam making sure no one taps the funds of a dead person. I had an account already open at Bangkok Bank, but I do not know if that is a requirment. It is convenient for me to make one trip to the bank each month and move the SS funds into my regular account that I can access as I please. You can still view the SS account online but no moving of money is possible without a personal appearance by the account owner.}

[Pib]

Thank you guys. Good info.

I have my SS money deposit in Direct Express, an US ATM service from the SS, and I keep an adress in the US.

I asked for the option because here I have to pay 2% Thai bank fees to use the card + 150/180 thb. Because my SS payment is under $1000 that will be about 750thb. Looks like I will not save very much if I will have to pay $5 plus 200 to 500 thb using the BK transfer from NY. But I can see that the Direct Express deposit may be not a good deal receiving big amounts. The only advantage of the Direct Express ATM card is that works like any regular ATM car and can be used in any country around the world, and even online.

Looks like to use the AMEX prepaid ATM card is cheaper or FREE, but I am not sure if will work well outside the US. If somebody is using the AMEX prepaid card here, please let me know if is OK.

Thanks.

Using the Direct Express card outside the U.S. if very, very pricey...higher than the fees mentioned above. OK for the States, but very, very prices to use outside the U.S.

The cost is $3 plus 3% of transaction amount (this is Direct Express fees) plus the Bt150/Bt180 Thai bank/AEON ATM fee. So how many dollars does that add up to say in using the card in a Thai ATM to withdraw Bt30K (approx $882 at Bt34/USD) which you can do at some Thai bank ATMs. $3 plus 3% of $882 which is approx $26.50 plus Bt180 (approx $5.30) for a total of $34.80 in Direct Express and Thai ATM fees--ouch!! $34.80 of $882 is almost 4% in fees---ouch!!

Do a ThaiVisa search and you will find at least one ThaiVisa poster who uses the American Express BlueBird card here in Thailand. It appears the AmEx exchange rate is basically equal (maybe a hair better) that the Visa/Mastercard exchange rate. The only BlueBird ATM fee is $2.50...you would probably have to use a Bangkok Bank ATM since they accept AmEx cards....for use of an American Express or Union Pay card in a Bangkok Bank ATM the ATM fee is only Bt50 (approx $1.50). So, per ATM withdrawal you would incur a total of $4 in fees from AmEx and the Bangkok Bank ATM. The max you can withdraw from a Bangkok Bank ATM is Bt25K (approx $735)....$4 in fees of $735 is a little over 0.5% in fees. A heck of a lot cheaper than using a Direct Express card. And yes, you can have U.S. govt pension Directed Deposited to your BlueBird card account.

[Neocon]

^{You have to open the account in person at the main branch for your area. You cannot do so by phone or online. Mine took about three weeks to set up and I received my next social security distribution with no problems. No bigger haircut on the currency swap than with wires. And now I don't have to pay the wire fees. Only occasional problem seems to be when my money is due on a Thai holday, then it can be several days later than normal. Once you have opened the account you cannot get a debit card connected to the account nor can you do transactions online. You must go to the branch where you set up the account and make the withdrawal in person. This has nothing to do with Bangkok Bank, just Uncle Sam making sure no one taps the funds of a dead person. I had an account already open at Bangkok Bank, but I do not know if that is a requirment. It is convenient for me to make one trip to the bank each month and move the SS funds into my regular account that I can access as I please. You can still view the SS account online but no moving of money is possible without a personal appearance by the account owner.}

You said: "This has nothing to do with Bangkok Bank, just Uncle Sam making sure no one taps the funds of a dead person."

Not true. It's Bangkok Bank's internal fraud prevention policy.

When Bangkok Bank accepts funds transfers via direct deposit from Uncle Sam, the liability for the proper handling of those funds becomes Bangkok Bank's. Before they instituted their current fraud prevention policy, Bangkok Bank suffered high baht losses when family members of deceased annuitants sometimes for years did not report the annuitant's death to the US govt. Uncle Sam eventually came knocking for recoupment. When Uncle Sam sends a recoupment notice it's Bangkok Bank's liability to return the funds. If the annuitant's account has insufficient funds, Bangkok Bank still has to fulfill the recoupment.

My information comes from a senior manager at Bangkok Bank. Your source?

[Gumballl]

I am pretty sure that this would be viewed as taking money out of country and will violate latest capital controls of land of free. I'm pretty sure you government wants your dollars to remain on US soil

What do you mean... do you think that US is bent on stopping its citizens from visiting other countries (for purposes of tourism) or retirement?

What country are you from? Perhaps I should go there, and get a job as a school teacher. It seems that there's a lot to be taught.

[BKResort]

You have to open (or already have) a Bangkok Bank account in Thailand.

Then you can do a domestic dollar transfer from your US bank to the Bangkok Bank branch in New York using the account number you have in Thailand. In a couple of days you will see a baht deposit in your local Thai account. You can even sign up for SMS messages to alert you to the deposit be credited along with the details,

As far as most retail banking customers are concerned, the NY branch is only for receiving deposits that will be credited to their accounts in Thailand.

New York Branch

Mr. Thitipong Prasertsilp, VP & Branch Manager

29 Broadway, 19th Floor, New York

NY 10006

Business Hours: Mon-Fri (9:00 am to 5:00 pm)

Tel: (1-212) 422-8200

Fax: (1-212) 422-0728

SWIFT: BKKB US 33

E-mail: [email protected]

FED Routing No: 026008691

CHIPS ABA: 0869

Thank you very much for the info...