USD to BKK bank a/c

[JaiLai]

Any issues with USD going ot BKK bank account, do I for any reason have to inform them before hand or will they just convert it to THB once is arrives at that days EX rate?

It's a normal bank account.

I really can't be bothered opening up a USD account

Thanks.

[lopburi3]

No issues - during conversion a fee will be taken in the range 200-500 baht (fee is .25%). Rate will be TT rate for the time changed.

[JaiLai]

No issues - during conversion a fee will be taken in the range 200-500 baht (fee is .25%). Rate will be TT rate for the time changed.

Ok - thanks, that's kind of what I thought.

I was told i'd need to open a USD account, obviously from some one with no idea what they're talking about.

Thanks.

[IMA_FARANG]

Here's my story.

I retired in 2010 and moved to Bangkok.

Until October 2013 I was supporting myself here in Bangkok on monthly wire transfers from my U.S. Bank to my Bangkok Bank account.

On 15 October 2013 my U.S bank ( a small regional Bank) sent a letter to my U.S. mailing address informing me that they would stop any more wire transfers to Bangkok bank effective from 15 October 2013 due to a "new regulation".

What regulation was not ever specified.

I did not receive their letter until December 2013.

For the next 6 months my Social Security monthly pension was deposited to my U.S.bank, but they would not allow me to access my funds in their bank.

I actually had to travel back to the U.S. at my expense to free my money from their clutches.

They insisted I had to keep a monthly balance of a $5000 minimum for them to do monthly transfers of my funds to Bangkok.

It took almost a year, until November 2014 to get it straightened out.

Now I have my monthly Social Security pension direct deposited to my Bangkok Bank account

Took me over 2 months to get that approved through the SSA, but on 1 November 2014 I began to get my Social Security direct deposited to my Bangkok Bank account.

I still don't know why that original U.S. bank stopped my monthly wire transfers in October 2013.

They have never explained that to me.

I had to do a lot of scrambling to pay bills in that bad year, but I am back up and getting my money regularly every month now.

This might not ever happen to you, but it's my story as a warning to you.

Fortunately, for me, I had some money in the Bangkok bank account that I could use to cover the bad times to keep me going.

[lopburi3]

I should have added to my post that you always want to send USD to Thailand and have it converted at the receiving bank for the best exchange rate. By default any incoming USD to a Thai baht account will be converted.

[JaiLai]

Thanks guys.

The money will be my salary on a monthly bases, up until now I have been paid in GBP. My company tells me I need a USD account but I don't see why? I received USD only last week and numerous times before without issues.

I understand about the rate on any given day, this is acceptable to me.

Thanks.

[JaiLai]

Thanks guys.

The money will be my salary on a monthly bases, up until now I have been paid in GBP. My company tells me I need a USD account but I don't see why? I received USD only last week and numerous times before without issues.

I understand about the rate on any given day, this is acceptable to me.

Thanks.

[JaiLai]

Thanks guys.

The money will be my salary on a monthly basis, up until now I have been paid in GBP. My company tells me I need a USD account but I don't see why? I received USD only last week and numerous times before without issues.

I understand about the rate on any given day, this is acceptable to me.

Thanks.

[JaiLai]

Thanks guys.

The money will be my salary on a monthly basis, up until now I have been paid in GBP. My company tells me I need a USD account but I don't see why? I received USD only last week and numerous times before without issues.

I understand about the rate on any given day, this is acceptable to me.

Thanks.

[Bababooey]

By BKK bank account do you mean an account with Bangkok Bank?

I have done ACH transfers to Bangkok Bank New York which then gets sent to my Bangkok Bank account.

The fee from Bangkok Bank New York on transfers of 2K-50K USD is $10.

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

The fee from Bangkok Bank Thailand is 0.25% of the transfer with a min of 200 baht and a max of 500 baht.

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

But looking at the above link there is a wording that I don't recall seeing before, a 150 baht charge if "Paid By Cash".

What does "Paid By Cash" mean?

If the proceeds are deposited in my Bangkok Bank account is that considered being "Paid By Cash"?

If so, how would one not be "Paid In Cash" to avoid this 150 baht fee.

[keeniau96]

Don't know if you are based in USA or UK but best bet is to have your salary deposited in USA bank (or UK bank), then have a domestic wire transfer from that bank to Bangkok Bank in New York (or in London as the case may be). Set up the BKK bank account for direct transfer to your BKK bank account in TH. May sound complicated but it is a one-time setup, not really complicated (check the BKK bank website for details) and about as cheap a transfer as possible. Do it one time then visit your USA (or UK bank account) when desired, make the transfer and several days later it in here, piece of cake (or Bob's your uncle).

[JaiLai]

Don't know if you are based in USA or UK but best bet is to have your salary deposited in USA bank (or UK bank), then have a domestic wire transfer from that bank to Bangkok Bank in New York (or in London as the case may be). Set up the BKK bank account for direct transfer to your BKK bank account in TH. May sound complicated but it is a one-time setup, not really complicated (check the BKK bank website for details) and about as cheap a transfer as possible. Do it one time then visit your USA (or UK bank account) when desired, make the transfer and several days later it in here, piece of cake (or Bob's your uncle).

Totally confused by this, I am based in Thailand, not UK, not US, I don't hold bank accounts in either of those countries, why would I?

What purpose / benefit does what you suggest above have?

Thanks.

[Pib]

No issues in sending USD to your Bangkok Bank account...no need to tell them in advance...you get the TT Buying Rate in effect when the funds arrive....be sure the Sending agency/bank does not convert to Thai baht as you'll get a lower rate from that external of Thailand agency/bank than you get with the receiving Thai bank (Bangkok Bank in your case). No need for a foreign currency account.

keeniau96 was probably thinking you may be based in US/UK and may be sending a reoccurring payment...maybe even a pension payment. "If" you have been talking about a U.S. Govt Pension (like Social Security, Military Retirement, etc), you would either need to setup a special "Direct Deposit" account at Bangkok Bank otherwise they would send this reoccurring U.S. Govt Payment back. There are some restrictions on getting money out of this Direct Deposit account once the funds arrive...the restrictions are you must do it in person and can't get an ATM card for the Direct Deposit account. However, but, a way around this is to first have your U.S. Govt Pension sent to your U.S. bank, and then have retransfer (manually or setup for auto transfer) to your "regular" Bangkok Bank account which can have an ATM card, don't have the restrictions of the Direct Deposit account. Just FYI since your OP post was brief and so many times when this question gets asked it ends up dealing with a pension payment transfer. Cheers.

[JaiLai]

No issues in sending USD to your Bangkok Bank account...no need to tell them in advance...you get the TT Buying Rate in effect when the funds arrive....be sure the Sending agency/bank does not convert to Thai baht as you'll get a lower rate from that external of Thailand agency/bank than you get with the receiving Thai bank (Bangkok Bank in your case). No need for a foreign currency account.

keeniau96 was probably thinking you may be based in US/UK and may be sending a reoccurring payment...maybe even a pension payment. "If" you have been talking about a U.S. Govt Pension (like Social Security, Military Retirement, etc), you would either need to setup a special "Direct Deposit" account at Bangkok Bank otherwise they would send this reoccurring U.S. Govt Payment back. There are some restrictions on getting money out of this Direct Deposit account once the funds arrive...the restrictions are you must do it in person and can't get an ATM card for the Direct Deposit account. However, but, a way around this is to first have your U.S. Govt Pension sent to your U.S. bank, and then have retransfer (manually or setup for auto transfer) to your "regular" Bangkok Bank account which can have an ATM card, don't have the restrictions of the Direct Deposit account. Just FYI since your OP post was brief and so many times when this question gets asked it ends up dealing with a pension payment transfer. Cheers.

Thanks for the clarity.

OP was brief coz it stated everything it needed to, had it been about a pension payment i'd have mentioned that.

[Bababooey]

Receive an overseas funds transfer

• Charge fee from beneficiary

  Note You will not receive the full amount of funds

  as Bangkok Bank will deduct a fee prior to depositing

  funds into your account.

0.25% of the transfer value

(minimum 200 Baht, maximum 500 Baht)

• Charge fee from sender

None

• Pay with cash

Additional 150 Baht fee

• Recipients don’t want to deposit funds into an

  account (choose to hold foreign currency)

  Note Customers must inform the bank at least

  7 days in advance, otherwise the bank will deposit

  funds into the customer’s account on the date

  instructed in the funds transfer instruction.

1,000 Baht per transaction

• Foreign bank sends a payment order via

  another Thai bank into your account with

  Bangkok Bank

Another Thai bank will deduct its fee before

sending funds to Bangkok bank. Bangkok Bank

may also chargea fee depending on how the other

bank sends the funds to Bangkok Bank.

Does anyone know the meaning or paid the 150 baht fee for "Pay With Cash"?

I can't recall seeing this fee on their website a couple of years ago.

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

[stoli]

I should have added to my post that you always want to send USD to Thailand and have it converted at the receiving bank for the best exchange rate. By default any incoming USD to a Thai baht account will be converted.

I must disagree. If you have a FCD (Foreign Currency Deposit) account, your USD to will stay in USD, and sent to your FCD account, . You then convert it to baht when you want to.

[Pib]

I should have added to my post that you always want to send USD to Thailand and have it converted at the receiving bank for the best exchange rate. By default any incoming USD to a Thai baht account will be converted.

I must disagree. If you have a FCD (Foreign Currency Deposit) account, your USD to will stay in USD, and sent to your FCD account, . You then convert it to baht when you want to.

But unless you tell the sending bank to send/keep in USD they may end up converting (at a lower rate than the Thai bank TT Buying Rate), the money arrives your FCD converted to baht already...don't know what the receiving bank would do then when baht arrived for a USD account....maybe convert it back to USD which incurs another currency exchange fee.

But regardless, even if USD do arrive your FCD when you do decide to convert you get the TT Buying Rate which is the same rate a person gets when USD arrives their Thai baht account. You just have faster ability to convert on a moments notice than an incoming transfer which may take hours to days to arrive. But then there are the account maintenance/fees related with maintaining a FCD.

The point is just not let the Sending bank convert before sending because their rate will be lower than the Thai bank TT Buying Rate.

[Pib]

Receive an overseas funds transfer

• Charge fee from beneficiary

  Note You will not receive the full amount of funds

  as Bangkok Bank will deduct a fee prior to depositing

  funds into your account.

0.25% of the transfer value

(minimum 200 Baht, maximum 500 Baht)

• Charge fee from sender

None

• Pay with cash

Additional 150 Baht fee

• Recipients don’t want to deposit funds into an

  account (choose to hold foreign currency)

  Note Customers must inform the bank at least

  7 days in advance, otherwise the bank will deposit

  funds into the customer’s account on the date

  instructed in the funds transfer instruction.

1,000 Baht per transaction

• Foreign bank sends a payment order via

  another Thai bank into your account with

  Bangkok Bank

Another Thai bank will deduct its fee before

sending funds to Bangkok bank. Bangkok Bank

may also chargea fee depending on how the other

bank sends the funds to Bangkok Bank.

Does anyone know the meaning or paid the 150 baht fee for "Pay With Cash"?

I can't recall seeing this fee on their website a couple of years ago.

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

Apparently you can receive money through Bangkok Bank even without an account but there are fees associated with that. When you go to this Bangkok Bank webpage they talk about it....see the last paragraph. Then on that page when you click the Fees tab followed by the Click Here to See Transaction Fees link it takes you to the same page as you listed above. Guess it's an additional fee for receiving money when you don't have an account with Bangkok Bank.

[lopburi3]

I should have added to my post that you always want to send USD to Thailand and have it converted at the receiving bank for the best exchange rate. By default any incoming USD to a Thai baht account will be converted.

I must disagree. If you have a FCD (Foreign Currency Deposit) account, your USD to will stay in USD, and sent to your FCD account, . You then convert it to baht when you want to.

OP clearly stated he does not have and did not want to open a foreign currency account. He does not want his home bank to make the currency conversion.