maderaroja Posted November 21, 2015 Share Posted November 21, 2015 That's what I thought. Oh well - keep using the credit cards then - so expensive :-( Thanks Get another bank account at a different western bank. The sending bank should have no problem with a bank to bank ACH transfer, It is a computer transaction only. They don't send real money. Link to comment Share on other sites More sharing options...
Dan5 Posted November 21, 2015 Share Posted November 21, 2015 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. I've been doing international wire transfers for many years and have always known them as wire transfers. Of course they use SWIFT codes which are the international routing codes for banks. But this is the first time I've ever heard someone call them SWIFT transfers. Link to comment Share on other sites More sharing options...
Dan5 Posted November 21, 2015 Share Posted November 21, 2015 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. I've been doing international wire transfers for many years and have always known them as wire transfers. Of course they use SWIFT codes which are the international routing codes for banks. But this is the first time I've ever heard someone call them SWIFT transfers. Wire transfers are also know as TTs. Link to comment Share on other sites More sharing options...
jacko45k Posted November 21, 2015 Share Posted November 21, 2015 Well read a dozen posts and still don't know what ACH stands for, sounds like the USA makes banking complex. Link to comment Share on other sites More sharing options...
chiang mai Posted November 21, 2015 Share Posted November 21, 2015 Well read a dozen posts and still don't know what ACH stands for, sounds like the USA makes banking complex. Automated Clearing House. Link to comment Share on other sites More sharing options...
sandyf Posted November 22, 2015 Share Posted November 22, 2015 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? The first step would be to request a SWIFT enquiry from the remitting source. This would reveal where the funds actually went and determine who would be responsible for the necessary action to recover funds. Link to comment Share on other sites More sharing options...
lopburi3 Posted November 22, 2015 Share Posted November 22, 2015 Actually for SWIFT believe you will have been required to sign paperwork that essentially absolves anyone but you for such transfers (so make very sure all information is totally correct). As long as the bank did what you instructed it is not there problem. That said suspect they will act to trace for you. Link to comment Share on other sites More sharing options...
sandyf Posted November 22, 2015 Share Posted November 22, 2015 Actually for SWIFT believe you will have been required to sign paperwork that essentially absolves anyone but you for such transfers (so make very sure all information is totally correct). As long as the bank did what you instructed it is not there problem. That said suspect they will act to trace for you. If you request a SWIFT enquiry, the bank is obliged to provide it, takes about 7 to 10 days, and then it is up to you what you do with it. The bank is not obliged to follow up if it shows you made a mistake on the instructions. In my case it showed that the funds had in fact reached the the intended account, but the recipient had denied receipt. When I provided the receipt details he blamed me for not using ACH, something that was virtually impossible for international customers. He later posted an apology to international customers and said SWIFT transfers would be accepted. Link to comment Share on other sites More sharing options...
Langsuan Man Posted November 22, 2015 Share Posted November 22, 2015 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 Just remember that the first line that says Not more than USD 50.00 free is only free at the US end, you will still pay the 200 THB minimum at the Thailand end Link to comment Share on other sites More sharing options...
DrDave Posted November 22, 2015 Share Posted November 22, 2015 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. Me too. Using my E*Trade account, I've pulled funds from BofA into E*Trade, then pushed them to Bangkok Bank. All via the ACH, no problem. Not all US banks, however, allow you "pull" funds online, but some definitely do. Link to comment Share on other sites More sharing options...
Maestro Posted November 22, 2015 Share Posted November 22, 2015 ...Using my E*Trade account, I've pulled funds from BofA into E*Trade, then pushed them to Bangkok Bank. All via the ACH, no problem... Bangkok Bank Ltd has subsidiaries in many countries. I assume that you "pushed", ie transferred, money from E*Trade to Bangkok Bank New York via ACH. Link to comment Share on other sites More sharing options...
lopburi3 Posted November 22, 2015 Share Posted November 22, 2015 Believe if he used ACH that would be the case - that is specific to USA as far as I and Wiki know. Automated Clearing House (ACH) is an electronic network for financial transactions in the United States. https://en.wikipedia.org/wiki/Automated_Clearing_House Link to comment Share on other sites More sharing options...
Pib Posted November 22, 2015 Share Posted November 22, 2015 ...Using my E*Trade account, I've pulled funds from BofA into E*Trade, then pushed them to Bangkok Bank. All via the ACH, no problem... Bangkok Bank Ltd has subsidiaries in many countries. I assume that you "pushed", ie transferred, money from E*Trade to Bangkok Bank New York via ACH. He could have pulled them into his ETrade account then pushed them to Bangkok Bank. I've done the same before by pulling into my Schwab brokerage account and then pushing out to Bangkok Bank or any other U.S. bank account. This is when I first opened my Schwab brokerage and Schwab Bank accounts and was doing some testing of setting up transfers links and verifying they worked with some push and pull actions. Link to comment Share on other sites More sharing options...
DrDave Posted November 22, 2015 Share Posted November 22, 2015 ...Using my E*Trade account, I've pulled funds from BofA into E*Trade, then pushed them to Bangkok Bank. All via the ACH, no problem... Bangkok Bank Ltd has subsidiaries in many countries. I assume that you "pushed", ie transferred, money from E*Trade to Bangkok Bank New York via ACH. He could have pulled them into his ETrade account then pushed them to Bangkok Bank. I've done the same before by pulling into my Schwab brokerage account and then pushing out to Bangkok Bank or any other U.S. bank account. This is when I first opened my Schwab brokerage and Schwab Bank accounts and was doing some testing of setting up transfers links and verifying they worked with some push and pull actions. Correct. To clarify my post, my ETrade account is setup to be able both pull and push funds from my USA BofA account, and push funds to my Bangkok Bank account via the NY branch. All activity is accomplished via the ACH. Link to comment Share on other sites More sharing options...
Maestro Posted November 22, 2015 Share Posted November 22, 2015 Believe if he used ACH that would be the case - that is specific to USA as far as I and Wiki know. Automated Clearing House (ACH) is an electronic network for financial transactions in the United States. https://en.wikipedia.org/wiki/Automated_Clearing_House But does everybody know this? Didn't I see just the other day a post by a member who was incredulous that his US bank said it could not make an ACH transfer to his bank in Thailand (not Bangkok bank)This still leaves me wondering how the OP phrased his question to his American, presumably US, bank to get the answer he says he got. OP: "I want to make an ACH transfer from my account with your bank to BKK bank" Banker (checks on his computer): "I don't see any BKK bank" OP: "Oh, it's Bangkok Bank, in Thailand" Link to comment Share on other sites More sharing options...
chiang mai Posted November 22, 2015 Share Posted November 22, 2015 ...Using my E*Trade account, I've pulled funds from BofA into E*Trade, then pushed them to Bangkok Bank. All via the ACH, no problem... Bangkok Bank Ltd has subsidiaries in many countries. I assume that you "pushed", ie transferred, money from E*Trade to Bangkok Bank New York via ACH. He could have pulled them into his ETrade account then pushed them to Bangkok Bank. I've done the same before by pulling into my Schwab brokerage account and then pushing out to Bangkok Bank or any other U.S. bank account. This is when I first opened my Schwab brokerage and Schwab Bank accounts and was doing some testing of setting up transfers links and verifying they worked with some push and pull actions. Correct. To clarify my post, my ETrade account is setup to be able both pull and push funds from my USA BofA account, and push funds to my Bangkok Bank account via the NY branch. All activity is accomplished via the ACH. As far as the ACH system is concerned and in reality, you are not transferring to your account in Bangkok you are transferring to Bangkok Bank New York, the last leg, to Thailand, is purely internal to Bangkok Bank and is not within the ACH system. Link to comment Share on other sites More sharing options...
hhgz Posted November 22, 2015 Share Posted November 22, 2015 Why don't people use SWIFT? So many farangs purposely make things more complicated than necessary. Link to comment Share on other sites More sharing options...
chiang mai Posted November 22, 2015 Share Posted November 22, 2015 Why don't people use SWIFT? So many farangs purposely make things more complicated than necessary. Because an ACH is very low cost or free whereas a SWIFT transfer can cost USD 20 or more. Link to comment Share on other sites More sharing options...
lopburi3 Posted November 23, 2015 Share Posted November 23, 2015 Why don't people use SWIFT? So many farangs purposely make things more complicated than necessary. Because an ACH is very low cost or free whereas a SWIFT transfer can cost USD 20 or more. Normally costs a lot more - and may require being done in person at bank unless advance signing of paperwork has been done to allow international transfers by alternate arrangement. ACH is normally a simple test transaction and on list to be done when needed. Not to mention that US local banks will not have a clue - SWIFT is not something they work with on a normal workday - ACH is routine. Link to comment Share on other sites More sharing options...
Langsuan Man Posted November 23, 2015 Share Posted November 23, 2015 Many times when a US Bank hears the name Bangkok Bank they automatically assume that it is a foreign bank, you have to make sure that they understand that is has a US branch with a US routing number, once they see the routing number the name is no longer an issue I had to point this out to USAA Savings Bank when they told me that I could not use the ACH to EFTS to a "foreign" bank Link to comment Share on other sites More sharing options...
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