First ACH transfer, smooth!

[zlodnick]

Im new to the internet and things take me awhile. I read dozens of posts and asked for advice on ACH transfers.

It took me a couple of weeks to set it up so I can transfer funds from my US bank to my BB account. I think it would take a few minutes for most people to do this.

After sending the trial transfers, I had it figured out and it was a piece of cake.

Last Friday, I sent my first transfer and it was so easy. Took all of about 30 seconds!

I transfered $3,000. Went to the bank today and my account was credited 105,730 Bht. That figures out to 35.24 bht to the dollar. Thats pretty dam good considering my bank used to charge me 3% foreign transaction fee.

The thing is, I dont see where I was charged anything by either bank. Only $3,000 was deducted from my US bank and at 35.24 bht to the $, that doesnt leave much room for BB to charge me anything. Im not complaining, I wish I knew about this a long time ago. This is definately the way to go.

I would like to thank Pib and the others who guided me through the process.

Respectfully, Z

[Sophon]

You were charged 10 USD by Bangkok Bank, New York and 265 THB (0.25%) by Bangkok Bank, Bangkok.

Amount transferred from your U.S. Bank 3,000 USD.

Fee for transfer charged by Bangkok Bank, New York 10 USD

Amount transferred to Thailand 2,990 USD

Exchanged at Tuesdays mornings exchange rate for TT transfers 35.45 = 105,995 THB

Fee charged by Bangkok Bank, Bangkok 0.25% of 105,995 THB = 265 THB

Amount credited your Bangkok Bank account 105,730 THB.

Sophon

[Sophon]

Since the charges from Bangkok Bank depends on the amount, you may not be charged the same amounts on your next transfer. Here are the charges for future reference:

Fee for sending the transfer:

Fee for receiving the transfer:

Sophon

[zlodnick]

Sophon,

Thank you for that information.

Its a darn good deal, cheaper and easier for me.

Regards, Z

[Pib]

The fees charged by the Bangkok Bank NY branch and your local Bangkok Bank branch are applied "before" the funds are posted to your account and these two fees will not appear anywhere on your Bangkok Bank ibanking/passbook/etc., nor on your Sending bank account statement. It fools a lot of people into thinking no fees were applied but they were indeed applied.

Sophon's post above describes the sequence in how the fees are applied and the resulting effective exchange rate after the fees were applied, although the actual TT Buying Rate exchange rate was a little higher.

Definitely a lot cheaper sending funds via ACH compared to the pricey SWIFT method.

[skatewash]

If the OP is in Thailand I would encourage him to sign up for BB's free SMS service to be notified of any foreign deposits into his bank account. The SMS will let you know when the money was received in the BB branch account, the amounts in USD and THB, the exchange rate used, and the fees charged by the BB branch.

[Langsuan Man]

If the OP is in Thailand I would encourage him to sign up for BB's free SMS service to be notified of any foreign deposits into his bank account. The SMS will let you know when the money was received in the BB branch account, the amounts in USD and THB, the exchange rate used, and the fees charged by the BB branch.

Even if the OP is not in Thailand so long as his Thai registered phone is set to roaming (for a very small one time fee) he can receive these text messages since SMS messages are free to receive outside of Thailand

[Mike45]

Since the charges from Bangkok Bank depends on the amount, you may not be charged the same amounts on your next transfer. Here are the charges for future reference:

Fee for sending the transfer:

Sending.jpg

Fee for receiving the transfer:

Receiving.jpg

Sophon

I'm trying to figure out my ACH transfer calculation received in my BB act today.

$40,000.00 USD-$10= $39,990.00 X 35.54= 1,421,244.6

1,421,244.6−500 baht

=1,420,744.6 baht

I received:

27 Aug 2015 09:45

International Transfer

1,418,345.20

Can anyone see why my calculation is so far off?

[Mike45]

I figured it out myself. The 8:am rate was actually 35.48

39,990×35.48

=1,418,845.2

1,418,845.2−500

=1,418,345.2

[JimGant]

although the actual TT Buying Rate exchange rate was a little higher.

Pib, what are you seeing that I'm not? The Tuesday buying TT rate, 0830, was, indeed 35.45. And as has been seen historically, ACH transfers via Bangkok Bank NY are queued at the door for the 0830 bell.

[Pib]

although the actual TT Buying Rate exchange rate was a little higher.

Pib, what are you seeing that I'm not? The Tuesday buying TT rate, 0830, was, indeed 35.45. And as has been seen historically, ACH transfers via Bangkok Bank NY are queued at the door for the 0830 bell.

Yes, correct...I just mean when people don't take in account the fees (which don't appear on their account statement/passbook) the exchange rate they calculate is lower than the actual TT Buying Rate they got....then some get all upset that the bank cheated them but the bank didn't...it was just the customer not taking in account fees and not doing the math properly.

[JimGant]

Yes, correct...I just mean when people don't take in account the fees (which don't appear on their account statement/passbook) the exchange rate they calculate is lower than the actual TT Buying Rate they got....then some get all upset that the bank cheated them but the bank didn't...it was just the customer not taking in account fees and not doing the math properly.

Gotcha. I need to take a refresher course on reading comprehension.