Sending Funds Via Bangkok Bank in New York Question

[Chao Lao Beach]

Looking at the best way to have a monthly royalty paid from an investment in USA.

I read on here that Bkk Bank has a (non teller) branch in NY and will use good rates and a $5 fee per transaction.

This is not SWIFT, and that the company can just use internet banking with a ACH? number.

Is that right ?

I asked my local Branch of Bkk Bank and they have no idea and assured me that Bangkok Bank is not in USA !!!

Has anyone done this? Is it real info that was posted here?

do I just use my local BKK Bank account number, any tips ?

Thanks

[phuket Mike]

Certainly works from the Bangkok Bank in London and looking at their website the process is the same from New York

http://www.bangkokbank.com/bangkokbank/personalbanking/dailybanking/transferingfunds/transferringintothailand/receivingfundsfromusa/pages/receivingfundsfromusa.aspx

[Pib]

This method to transfer funds to your local/in-Thailand Bangkok Bank account by using the Bangkok Bank New York branch has been around for a long time.

Basically it's an Automated Clearing House (ACH) transfer...millions of such ACH transfers done daily in the U.S. Since the Bangkok Bank NY is a U.S. bank branch it has a ABA/ACH routing number you can use...no need to have an account at the NY branch...in fact, they don't accept retail customers as it's a cooperate/wholesale type branch but you can still use their ABA routing number to transfer funds to your in-Thailand Bangkok Bank account. Many U.S. folks use this method to do low cost adhoc transfers, pension payments such as social security/military retirement payments, etc. I've used in many times over the years...used it for adhoc transfer and for a while my military retirement pension.

See this Bangkok Bank webpage for more into. There is a New York branch fee that is sliced off the payment as it flow through them to your in-Thailand Bangkok Bank account...and when it arrives your in-Thailand account the standard 0.25% (Bt200 min, Bt500 max) fee is applied which is applied to all types of incoming foreign transfers such as SWIFT, wire, ACH, etc. Neither of these fees will appear anywhere as they are applied before the funds are posted to your account.

[camble]

Takes 3 business days

[IMA_FARANG]

If this works here is a contact address:

You may contact me at below number or my Funds Transfer Officer, Ms. Arthlyn George at (212) 329-9237.

Best regards,

Sirivan Chuaypradit

Bangkok Bank Public Company Limited

29 Broadway, 19^th Floor

New York, N.Y. 10006

Tel: (212) 329-9201

----------------------------------------------

Call them and they should be able to give you details of how to do it.

You WILL need a Bangkok Back account number to have funds transferred to,

You may have to set this up with your U.S. funds source also.

(A cut and paste job from an old email of mine from them)

These are New York telephone numbers so from the U.K. they are international calls.

Edited November 1, 2015 by IMA_FARANG

[Suradit69]

No need to phone anyone or turn it into a major production (and the branch manager & phone number shown in the post above do not appear to be the current ones).

You should already have a Bangkok Bank account opened in Thailand. When you transfer money to the branch in New York make sure you use that account number and your name exactly as it appears on the account here.

Otherwise it's exactly the same as making any other domestic US bank transfer. Give your sending bank your account information and the Fed routing number or CHIPS ABA number shown below. Aside from encountering holidays and weekends, the money will appear in baht in your account here in about 3 days and it will be designated a foreign sourced deposit if you need to shown your bank account info for immigrations.

If you sign up for Bangkok Bank SMS service, you'll get a message sent to you when the deposit is received locally with the details about the exchange rate and charges.

Mr. Thitipong Prasertsilp, VP & Branch Manager
29 Broadway, 19th Floor,
New York NY 10006
Business Hours: Mon-Fri (9:00a.m. to 5:00 p.m.)
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 November 1, 2015 by Suradit69

[Chao Lao Beach]

Thanks you all so much for your replies.

[bangmai]

all you need is the routing number for BKK Bank NY, and your account number...in NY, they will know by the account number that it is a Thai based account. 5 usd is for up to 2000.00 then it is 10.00 up to 50,000. You have to link your source US account with BKK Bank, first and that involves a couple of trial deposits for 3 or 4 thb each....that can be tricky as you must tell your home bank how much was put in, in USD.

[PhDEducation]

Just maintain a $250 minimum balance or you will be charged $89 for your transaction fee plus the $11.83 for transferring.

[bangmai]

Just maintain a $250 minimum balance or you will be charged $89 for your transaction fee plus the $11.83 for transferring.

maintain a 250 usd balance where? The banks you do the ach from, to bkkbank NY could have a million different rules...hopefully you have found one by now that 1) has no minimum balance, no monthly fee, and doesn't charge for an ach.

Doctor, you seem to be a soldier of misfortune...not American...are you Canadian?

[Pib]

Just maintain a $250 minimum balance or you will be charged $89 for your transaction fee plus the $11.83 for transferring.

maintain a 250 usd balance where? The banks you do the ach from, to bkkbank NY could have a million different rules...hopefully you have found one by now that 1) has no minimum balance, no monthly fee, and doesn't charge for an ach.

Doctor, you seem to be a soldier of misfortune...not American...are you Canadian?

Yea...what are you talking about regarding a $250 min balance, $89 fee, etc...etc....etc?

The only fee the Bangkok Bank New York branch charges as it passes through them on the way to your in-Thailand Bangkok Bank account is shown below.

And when it arrives you in-Thailand Bangkok Bank account a 0.25% (Bt200 min, Bt500 max) is applied.

Neither of these fees will show anywhere as they are applied before posting to your account.

[PhDEducation]

Hello Bangmai, you are so correct! I am a solider Of extremely bad luck. Answer is coming from Bangkok and the minimal fee is 11.63 from New York. The policy started October 1, 2015. Yes, must maintain. $250 USD in the Foreign Deposit Account. Please look onto the sight, topic stating FDA and it's mentioned. The call center will misinform you.

The reason for me being on this sight is not to criticize but to inform. I do not wish to have this topic disappear. I want every foreigner in Thailand to be aware of problematic areas with Thailand banks.

I am an American!

[PhDEducation]

Star Member, I don't disagree but I'm referring to a foreign deposit account where as my money comes in an USD. I transfer my USD at will depending on the exchange rate.

[oncearugge]

Hello Bangmai, you are so correct! I am a solider Of extremely bad luck. Answer is coming from Bangkok and the minimal fee is 11.63 from New York. The policy started October 1, 2015. Yes, must maintain. $250 USD in the Foreign Deposit Account. Please look onto the sight, topic stating FDA and it's mentioned. The call center will misinform you.

The reason for me being on this sight is not to criticize but to inform. I do not wish to have this topic disappear. I want every foreigner in Thailand to be aware of problematic areas with Thailand banks.

I am an American!

The Bangkok Bank transfer system has served me well for years. Less than 24 hour cash transfers from the UK and it has never failed or even had a hiccough .

I think the problems Americans have is more to do with the American banking system than the Thai system.

[CaptHaddock]

Star Member, I don't disagree but I'm referring to a foreign deposit account where as my money comes in an USD. I transfer my USD at will depending on the exchange rate.

But most of us transfer into a BBK Bank baht account, not a USD account. For baht accounts there is no $250 minimum balance requirement.

[Pib]

Hello Bangmai, you are so correct! I am a solider Of extremely bad luck. Answer is coming from Bangkok and the minimal fee is 11.63 from New York. The policy started October 1, 2015. Yes, must maintain. $250 USD in the Foreign Deposit Account. Please look onto the sight, topic stating FDA and it's mentioned. The call center will misinform you.

The reason for me being on this sight is not to criticize but to inform. I do not wish to have this topic disappear. I want every foreigner in Thailand to be aware of problematic areas with Thailand banks.

I am an American!

You are intermixing the fee on the particular account you have, a Foreign Currency Deposit (FCD) account, which has a minimum deposit fee....and a receiving fee associated with an incoming international transfer which would be applied to any type of account such as a FCD or regular baht account. Two different things.

The great majority of folks will have a regular Thai baht account which has no minimum deposit fee. Now there is one possible account maintenance fee and that occurs if you let it drop below Bt2,000 for over one year "and" there is no user activity as in a deposit/withdrawal/transfer (has to meet both the balance and time criteria) they may start charging you a Bt50/month fee but usually the bank will notify you before starting that fee giving you a chance to go make a 1 baht deposit/withdrawal to show user activity. This fee is geared toward accounts that have been forgotten/abandoned.

Then you have a receiving fee for an incoming international transfer which applies to all types of accounts. Since you gave the example of the minimal fee is $11.63 you must be talking a transfer of between $100.01 to $2,000....that range would incur a $5 fee at the NY branch as the funds flowed through them onto your in-Thailand Bangkok Bank branch. Now add-in the 0.25% (Bt200 min, Bt500 max) local receiving fee...for a $2,000 amount that would incur the Bt200 min fee or at 35.5 baht/dollar coverts to$5.63. Total fee $10.63. Maybe you made a $1 typo by saying $11.63.

Any particular reason you have a FCD? You don't get any better exchange rate when converting from the FCD to your Thai baht account as the TT Buying Rate is given at that time....same TT Buying Rate given for a incoming transfer coming directly to a Thai baht account. And remember, you still get hit with the 0.25% (Bt200 min, Bt500 max) when the foreign funds originally arrive. Yes, I can understand that with a FCD you can convert funds to baht at the drop of a hat but with the speed of SWIFT/ACH transfers now days and since exchange rates usually don't change much from day-to-day (and they have as good of a chance going up and going down) I don't know if having to deal with the minimum balance requirements and various possible fees of a FCD is worth it. If you have a FCD just to play the exchange rate game I'm not sure it's worth it; if you have it for other reasons then maybe so.