NY Branch Bangkok Bank Direct Deposit, with full availability in Thailand..

[dbx]

Once upon a time the NY Branch of Bangkok Bank had a U.S. Swiftcode ... Making it possible for direct deposits in the United States to appear in a local Bangkok Bank account.

So essentially, without the use of an ATM the money could be drawn almost immediately.

Anyway, does anyone no if this is still possible?

Even the local Branch managers don't seem to know.

[ubonjoe]

Yes it is still possible See: http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/TransferingFunds/TransferringIntoThailand/ReceivingFundsfromUSA/Pages/ReceivingFundsfromUSA.aspx

Moved to the Business forum

[dbx]

Ty for the link!

[lopburi3]

This is not normally SWIFT (which can be done direct to Thailand) - it is normally done as a much cheaper ACH transfer to New York branch of Bangkok using FED routing number 026008691 - your account number gets it to your account in Thailand by internal international bank transfer from them.

Bangkok Bank

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

[dbx]

Thanks for the explanation Lop.

[IMA_FARANG]

As I previously posted IF you are drawing a U.S. Social Security pension it IS possible to have your pension DIRECT DEPOSITED to your Bangkok Bank account monthly here In Thailand.

There are some requirements and forms to fill out both for Bangkok Bank here in Thailand and the Social Security to set this up.

But once it is set up and working your Social Security funds appear every month in your Bangkok Bank account here by direct deposit. from the U.S Social Security.

if you are seriously interested in this the social Security office in Manila can help you set it up.

I've had my direct deposit set up and working since November 2014. Took me two months to get it approved however

There are certain rules and limitations, but it can be done.

[dbx]

If I understand how it works, I can .. Using my BOA app, transfer to my BKK Bk account from 2k to 50k $ for to fee of 10 dollars.

So all I need do, as I see it is every few months park my money in U.S. And the use my app and move 30-40k or whatever.

So instead on 50$ bank wires... It's 10$ and usually same day!

A home run!

[lopburi3]

Actually it will normally be about 2 work days using ACH transfers. There will also be a fee between 200-500 baht (.25%) taken in baht before deposit to your account here (as is also the case with bank wire/SWIFT). Still much better than almost any other choice and works well.

The SS account mentioned above requires a special non ATM/internet access account be set up - normal transfers from your bank can be done to any regular account.

[Pib]

If I understand how it works, I can .. Using my BOA app, transfer to my BKK Bk account from 2k to 50k $ for to fee of 10 dollars.

So all I need do, as I see it is every few months park my money in U.S. And the use my app and move 30-40k or whatever.

So instead on 50$ bank wires... It's 10$ and usually same day!

A home run!

For this ACH transfer BOA will charge an upfront $3 sending fee for a 3 business day transfer...this will be a separate fee that appears on your BOA account and is not taken from the amount you want to send. BOA also has 1 day and Same Day transfer at a higher fee....$10 and $25, respectively, if I remember right.

After the money leaves BOA, there would be the $10 Bangkok Bank New York branch fee for an amount over $2K up to $50K as you mention which is sliced off as it flows through them. Different fees for different amounts like $2K and below...or above $50K. So, if you say transfer $5,000, $10 is sliced off as the NY branch fee and $4,990 continues on to your in-Thailand Bangkok Bank branch where their currency receipt/conversion fee of 0.25% (Bt200 min, Bt500 max) is applied. Both fees are applied "before" posting to your account and will not reflect on your sending bank or Bangkok Bank ibanking/passbook which which fools some folks into thinking no fees were applied but above mentioned fees were indeed applied....this is why they can never get the receive exchange rate to match any of the exchange rates posted on the bank's website. The fees apply for government/commercial direct deposit of pension/pay, adhoc transfers like our $5K example, etc.

Still a lot cheaper than a SWIFT transfer which banks charge approx $35 for and then the SWIFT transfers also incurs the Bangkok Bank 0.25% (Bt200 min, Bt500 max) receiving fee.

[lopburi3]

Note that if you opt for Bangkok Bank SMS alerts for foreign deposits full details will be provided for every transaction from New York sending amount including the exchange rate used.

[thrilled]

I just use schwab.All ATM fees reimbursed.Works for me.

[arunsakda]

Works great. Never timed it exactly. (The transfers take only a couple days to complete)