My American bank can't initiate ACH - Can BKK bank initiate the ACH transfer?

[kanderson]

My bank said that if my bank BKK bank could initiate the ACH transfer - no problem.

I'm thinking that's not the way it works. Can anyone confirm please.

thanks in advance.

[chiang mai]

The sending bank always initiates a transfer, never a receiving bank.

[kanderson]

That's what I thought.

Oh well - keep using the credit cards then - so expensive :-(

Thanks

[lopburi3]

Nonsense - in the ACH system either bank can normally do a transfer once link established - but to Bangkok Bank it is one-way only - from the US bank to Bangkok Bank. So you instruct your US bank using whatever system is in place to make the transfer to Bangkok Bank. And they should set it up as send only. This is set up as if the receiving account is not yours (so should not be able to access your account).

[Pib]

^^^What lopburi3 said....in a normal ACH transfer "within the U.S." a person can push or pull money. I push push and pull money between my U.S. banks via ACH all the time.

However, in Bangkok Bank's case they do not allow an ACH pull via their NY branch routing...they will reject the pull if initiated from your sending bank...all part of Thai banking regulations to control the outflow of funds from Thailand.

[chiang mai]

^^^What lopburi3 said....in a normal ACH transfer "within the U.S." a person can push or pull money. I push push and pull money between my U.S. banks via ACH all the time.

However, in Bangkok Bank's case they do not allow an ACH pull via their NY branch routing...they will reject the pull if initiated from your sending bank...all part of Thai banking regulations to control the outflow of funds from Thailand.

I worked for banks in the US and UK for ten years until 2004 and have never once even heard of a pull transfer being initiated successfully, certainly today the UK will not allow them so somethings wrong with this somewhere!

[Pib]

^^^What lopburi3 said....in a normal ACH transfer "within the U.S." a person can push or pull money. I push push and pull money between my U.S. banks via ACH all the time.

However, in Bangkok Bank's case they do not allow an ACH pull via their NY branch routing...they will reject the pull if initiated from your sending bank...all part of Thai banking regulations to control the outflow of funds from Thailand.

I worked for banks in the US and UK for ten years until 2004 and have never once even heard of a pull transfer being initiated successfully, certainly today the UK will not allow them so somethings wrong with this somewhere!

Using the U.S. ACH system a person can push or pull funds. A person can pull funds from his account at bank A by initiating the pull transaction from his bank B. Lost count of the number of times I've done it. Been that way for many years in the U.S.

[lopburi3]

I did not make it up - I do it often using one bank to pull funds from another US bank and then push them to Bangkok Bank - have been doing this for years.

[chiang mai]

OK if you say so then I believe you, am just curious to understand the mechanism and how it works in detail. I tried to do similar between HSBC UK and HSBC Hong Kong several years ago, I held accounts at both banks and wanted to "pull" funds but was forbidden from doing that anywhere within HSBC. And in a prior life in the US I was our banks rep. at MACHA for system purposes, at that time "pull" was considered to be impossible.

But not to belabor the point, the OP has his answer.

[TravelerEastWest]

Using a stock account I can easily send money to Thailand via ACH (BBK) or pull money from a normal US bank. Has been this way for years.

Perhaps HSBC is not setup for this basic business transaction?

[lopburi3]

We are only talking US domestic ACH transfers (between US registered Banks) - not international transfers such as SWIFT.

[chiang mai]

Using a stock account I can easily send money to Thailand via ACH (BBK) or pull money from a normal US bank. Has been this way for years.

Perhaps HSBC is not setup for this basic business transaction?

Can push but cannot pull (Internationally), at one time it was the standard and the norm. and I believe it still is so.

Edited November 21, 2015 by chiang mai

[chiang mai]

We are only talking US domestic ACH transfers (between US registered Banks) - not international transfers such as SWIFT.

Ah OK, I read the OP as it being internationally since he used the words American bank in the title but then talked about BBK in the body of the OP, I kinda thought that was still the case but thanks for clarifying.

[lopburi3]

Thought that might be the issue - it is a unique setup as Bangkok Bank New York is a US registered bank with ACH routing number so can receive domestic ACH transfers (often free) - and by the account number they internally forward/convert to baht into Thailand account of holder at a much lower free than most international transfers would be.

[TallGuyJohninBKK]

The U.S. ACH system is specific to the U.S., and for transfers between U.S. financial institutions. It doesn't generally apply, and isn't used, for international transfers (although you can domestic "push" ACH funds from any U.S. bank that allows it to Bangkok Bank's New York routing office, and then onward to BKK Bank in Thailand).

Among U.S. banks, offering an ACH transfer capability thru online banking is pretty common these days, though some do it for free, and others want to charge usually a small per transfer fee. But there are still some banks that simply don't offer that capability for their accounts.

Curiously, I was reading an article yesterday re online account security where it reported that, taking it a step further, Capital One 360 doesn't allow international wire transfers out of its accounts, supposedly as a fraud prevention measure. Was surprised to read of that...

OP, what exactly are you trying to accomplish???

If one U.S. bank won't allow you to do a domestic ACH (to Bangkok Bank N.Y.), then surely another U.S. bank will.

PS... to use that BKK Bank transfer method via U.S. ACH, you do obviously have to have a BKK Bank account in Thailand to serve as the receiving account for the funds. It doesn't work going to any other Thai banking company as the receiving account.

It's not the same as a regular international wire transfer where the sending and receiving banks can be any variety.

Edited November 21, 2015 by TallGuyJohninBKK

[mesquite]

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

"You cannot transfer funds from Bangkok Bank's account in Thailand to your account with banks or online payment service providers in the US via Bangkok Bank's New York branch and the ACH system. If you initiate direct debit or ACH debit transactions to Bangkok Bank's New York branch, banks in the US and online payment service providers may suspend your account."

[micmichd]

What happens if a foreign institution (German pension funds in my case) initiates a money transfer to my account at Bangkok Bank, and then my money never gets there?

Which party is liable?

[Pib]

Sure it will get there as that is a sending/push transfer. It will most likely be sent via SWIFT.

[Maestro]

My American bank can't initiate ACH - Can BKK bank initiate the ACH transfer?

If the receiving bank, in your example a bank apparently called "BKK bank", is located in the USA, your US bank can initiate an ACH transfer to the receiving bank, otherwise you must instruct your US bank to make a SWIFT transfer. Some US banks, eg Bank of America, are not familiar with the term "SWIFT", in which case you should give instructions for an "international wire transfer", which the bank will probably understand and then make a SWIFT transfer if the receiving bank is a member of SWIFT, as the banks in most countries are.

[SOTIRIOS]

..you hear crazy stories about Thai Bank setting and applying arbitrary rules....and in many cases refusing to 'play ball' with foreign banks...

...but I do believe that 'Sender' must enter into communication with 'Receiver' before any Transfers can be initiated...

...in this case maybe they prefer a 'Direct Transfer' rather than a 'Batch Transfer' because it would translate to a larger fee for them......

[Jimi007]

I have been using ACH transfers from Bank of America to Bangkok Bank for many years. You have to do an initial setup online and B of A sends two small deposits to your BKK Bank account. You must tell B of A the exact amount of the transfer in US currency, although it arrives in your account as Baht. Once you have that established, you can go online to B of A and transfer funds though Bank of Bangkok's New York branch. B of A charges $3 to $5 depending on the speed of the transfer. I think they also charge more of larger amounts of money being transferred . Bank of Bangkok NY changes $5 for up to $2000, then Bank of Bangkok Thailand takes 200 Baht and puts the rest in your account.

[lopburi3]

Below are Bangkok Bank New York transfer fees. On receipt there is a .25% fee in range of 200 minimum to 500 baht maximum deducted from the deposit amount after conversion to baht.

Fees

Transferred Amount

Fee (USD)

Not more than USD 50.00 Free

USD 50.01 - 100.00 3.00

USD 100.01 - 2,000.00 5.00

USD 2,000.01 - 50,000.00 10.00

USD 50,000.01 or more 20.00

[Pib]

I have been using ACH transfers from Bank of America to Bangkok Bank for many years. You have to do an initial setup online and B of A sends two small deposits to your BKK Bank account. You must tell B of A the exact amount of the transfer in US currency, although it arrives in your account as Baht. Once you have that established, you can go online to B of A and transfer funds though Bank of Bangkok's New York branch. B of A charges $3 to $5 depending on the speed of the transfer. I think they also charge more of larger amounts of money being transferred . Bank of Bangkok NY changes $5 for up to $2000, then Bank of Bangkok Thailand takes 200 Baht and puts the rest in your account.

BoA Sending fees follow:

Note that there are two prices for an outbound international (SWIFT) transfer...either $35 or $45.. The $35 fee is if you let BoA convert from dollars to baht...and of course get about a 3% lower exchange rate than the Thai bank TT Buying Rate. Bascially BoA is just slipping in an indirect fee via a lower exchange rate. Heck if you were say sending $2,000 and the BoA exchange rate is 3% lower, 3% amount to $60 plus the $35 upfront fee...for a total of $95...ouch!!! Always send dollars...don't let the Sending convert the funds; let the receiving Thai bank convert the funds. Banks outside of Thailand don't give the Thai baht a very good exchange rate since the Thai baht is basically only used within Thailand/an exotic currency/not a major currency.

The second international transfer price of $45 is when you send in dollars...don't let BoA convert for you. But due to BoA low exchange rate you will still most likely be far better offer sending in dollars.

But neither of these international fees come into play if using ACH...like using the Bangkok Bank NY Banch routing number... because it's classified as domestic transfer and is low cost compared to an international transfer (a.k.a., SWIFT).

As far as I know they do not charge a fee for a large transfer amount. The amount each person can transfer is based individually, but from my experience their limits a HIGH...enough to meet the needs of even rich folks.

And of course if routing your transfer through the Bankgok Bank NY branch you will have their fee and the in-Thailand Bangkok Bank receiving fee as already identified

[Jimi007]

I have been using ACH transfers from Bank of America to Bangkok Bank for many years. You have to do an initial setup online and B of A sends two small deposits to your BKK Bank account. You must tell B of A the exact amount of the transfer in US currency, although it arrives in your account as Baht. Once you have that established, you can go online to B of A and transfer funds though Bank of Bangkok's New York branch. B of A charges $3 to $5 depending on the speed of the transfer. I think they also charge more of larger amounts of money being transferred . Bank of Bangkok NY changes $5 for up to $2000, then Bank of Bangkok Thailand takes 200 Baht and puts the rest in your account.

BoA Sending fees follow:

Capture.JPG

Note that there are two prices for an outbound international (SWIFT) transfer...either $35 or $45.. The $35 fee is if you let BoA convert from dollars to baht...and of course get about a 3% lower exchange rate than the Thai bank TT Buying Rate. Bascially BoA is just slipping in an indirect fee via a lower exchange rate. Heck if you were say sending $2,000 and the BoA exchange rate is 3% lower, 3% amount to $60 plus the $35 upfront fee...for a total of $95...ouch!!! Always send dollars...don't let the Sending convert the funds; let the receiving Thai bank convert the funds. Banks outside of Thailand don't give the Thai baht a very good exchange rate since the Thai baht is basically only used within Thailand/an exotic currency/not a major currency.

The second international transfer price of $45 is when you send in dollars...don't let BoA convert for you. But due to BoA low exchange rate you will still most likely be far better offer sending in dollars.

But neither of these international fees come into play if using ACH...like using the Bangkok Bank NY Banch routing number... because it's classified as domestic transfer and is low cost compared to an international transfer (a.k.a., SWIFT).

As far as I know they do not charge a fee for a large transfer amount. The amount each person can transfer is based individually, but from my experience their limits a HIGH...enough to meet the needs of even rich folks.

And of course if routing your transfer through the Bankgok Bank NY branch you will have their fee and the in-Thailand Bangkok Bank receiving fee as already identified

You seem to be correct! From my last transfer of $2000, $3 fee to B of A. $5 deducted by BKK bank, I notice if over $2000, it's a $10 deduction. So I get $1,995 @ 35.42, the TT rate for that day and time, minus 200 Baht, into my Phuket branch account. I think you may be correct that the B of A fee remains the same, but the Bangkok Bank fees go up the more you transfer... This is for ACH transfers. SWIFT transfers are much more expensive as you stated.

I also noticed I could not transfer to Siam Commercial Bank through ACH as they don't have a US branch.

Edited November 21, 2015 by Jimi007

[connda]

Change US banks. There is something wrong with yours. What bank so that everyone knows and can avoid it.

[connda]

I have been using ACH transfers from Bank of America to Bangkok Bank for many years. You have to do an initial setup online and B of A sends two small deposits to your BKK Bank account. You must tell B of A the exact amount of the transfer in US currency, although it arrives in your account as Baht. Once you have that established, you can go online to B of A and transfer funds though Bank of Bangkok's New York branch. B of A charges $3 to $5 depending on the speed of the transfer. I think they also charge more of larger amounts of money being transferred . Bank of Bangkok NY changes $5 for up to $2000, then Bank of Bangkok Thailand takes 200 Baht and puts the rest in your account.

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

[Jimi007]

I have been using ACH transfers from Bank of America to Bangkok Bank for many years. You have to do an initial setup online and B of A sends two small deposits to your BKK Bank account. You must tell B of A the exact amount of the transfer in US currency, although it arrives in your account as Baht. Once you have that established, you can go online to B of A and transfer funds though Bank of Bangkok's New York branch. B of A charges $3 to $5 depending on the speed of the transfer. I think they also charge more of larger amounts of money being transferred . Bank of Bangkok NY changes $5 for up to $2000, then Bank of Bangkok Thailand takes 200 Baht and puts the rest in your account.

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

Yep, that's it! It's been years since I set it up and looked at that page. $10 for up to $50K is pretty good, I wonder what the Thailand side on Bangkok Bank charges for that amount.

[Pib]

0.25% (Bt200 min, Bt500 max)

[HomeinThailand]

Kanderson....if you want funds from the US to Bangkok your US bank will initiate it. If you happen to have a Bangkok Bank account there is no overseas transfer fees. You will just tell them, 'I need to transferwire money to the Bangkok Bank in New York. The name on the account is _______, the account number is _________ and the routing number is 026008691 (this is the Bangkok Bank routing number in NY).' Been sending money hear for years, to my account and wifes, and only get charged the state to state fees. If I call first thing in the AM at the bank, I have my money next day AM here. You just need to make sure the transfer hits the FED before 3pm and you should be golden. Friday's can be tricky since some banks close early on Fridays. Some banks have no fees from state to state. If you don't have a Bangkok Bank account you will need the SWIFT code from the bank here in Thailand and it will be an overseas transfer. It will take longer but you will get your money. It sounds like you may have spoken to someone at your bank that doesn't have a clue.

[wwest5829]

OK, I can only speak for my experience during the last two years.

1). My SS payment is directly deposited into my American bank (held by a brokerage).

2). Once a month an electronic funds transfer is sent to Bangkok Bank, NY Branch. Yes, this is sent through ACH as one American bank to another American bank.

3). Bangkok Bank notifies me here in Thailand that my funds have been deposited and at what exchange rate.

No credit card cash withdrawals, no SWIFT wire transfers with the attendant higher fees.