Transferring funds from America to Thailand (Bangkok Bank)

[321Rich]

Two part question about Bangkok Bank individual personal account(s): If one opens an account with Bangkok Bank in NewYork USA and then later retires in Thailand —

— (1) Would you keep (be assigned) the same account number when opening an account in Thailand?

— (2) Is there any expected benefit(s) in moving money into a New York Bangkok Bank account as opposed to simply leaving the said funds in a credit union and then, once in Thailand, transferring the money from the credit union to your chosen Bangkok bank branch?

Thanks for any useful information.

[lopburi3]

New York does not have personal accounts - your account must be located at a branch in Thailand (done on vacation trip or after arrival here).

The New York branch acts as your method to move funds with US ACH system at low cost to your account in Thailand - so you keep money in whatever bank/fund you want and when you want you have them send using the New York routing/address as a domestic transaction and your account number tells them where to deposit in Thailand. You avoid SWIFT or other international transfer fees only pay the nominal Bangkok Bank changes.

[metisdead]

As noted from above, I set up a repetitive wire transfer service from my bank in the USA through the Bangkok Bank in New York, I used my existing account here in Thailand. I call the bank's wire transfer desk in the USA when they open (night time in Bangkok) make the transfer, the US bank charges me $40 for this service, there are no transfer fees by BKK Bank (none that I know of anyway). The following morning, provided it is a weekday and not a holiday here in Thailand, when the bank opens, my money is in my account here.

[Pib]

You cannot open a retail customer account with Bangkok Bank NY branch; they only open accounts for corporate/wholesale customers.

Zero need to have an account with the NY branch to send money from the U.S. to your "in-Thailand" Bangkok Bank branch. You just use your in-Thailand Bangkok Bank account number with the routing number of the NY branch. It's that simple.

Just follow the instructions at the Bangkok Bank website for ACH funds transfers from the U.S. to your Bangkok Bank account. And remember, "do not" let your U.S. sending bank convert/exchange the funds...send in dollars...otherwise you'll get a lower exchange rate of around 2 to 4% from your U.S. bank in comparison to the Bangkok Bank exchange rate. Sending banks just love to exchange/convert funds as it earns them a nice little 2 to 4% profit/indirect fee at your expense.

[dorayme]

The above is correct. I have maintained a Bangkok Bank account in Thailand and transferred funds from my U.S. bank through the Bangkok Branch in NYC to my Thailand account using the instructions in the Bangkok Bank website.

My credit union several years ago decided they would no longer transfer funds Internationally so I opened an account with Chase.

[keeniau96]

From your bank in USA do a domestic transfer to BKK NYC, most banks (including Chase) do that transfer for free. Per Pib above, check the BKK bank website for exact instructions, it is quite simple and very cost effective. The only bit of complication are the two test transfers which your USA bank will make to ensure that the link you have set up to BKK NYC is OK. Those transfer actually zip through the NYC office and into your Thai bank account, thence they will show up as baht. You have to report the arriving value to your bank in US$, so have to guess at the forex conversion. Hopefully somebody will chime in with the way to get the Thai arrival in US$, I know it is simple but never did it that way.

[lopburi3]

For arrival amount.

1. Call Bangkok Bank in Thailand.

2. Set up SMS alert prior to using.

3. Set up transfer account as send only from your home bank and transfers may not be required (as they can not be returned).

[HLover]

Just curious, how much is the transfer charge from your bank in America to BKK bank in Thailand? (in dollars)

[Pib]

Just curious, how much is the transfer charge from your bank in America to BKK bank in Thailand? (in dollars)

Total fees for accomplishing an ACH transfer to your Bangkok Bank account would be any Sending Bank ACH transfer fee (most are free...some charge around $3) plus the Bangkok Bank fees shown below. There will be no correspondent/intermediary bank fees since it's handled as a domestic transfer versus an international/SWIFT transfer. :

Example: I have several U.S. bank accounts....none of them charge a routine ACH transfer (i.e., transfer to complete within 3 business days) with the exception of Bank of America account I still have which charges a $3 sending fee. So, let's say I transfer $2,000 from one of my U.S. banks that does not charge a sending fee or say its a $2,000 monthly pension payment....total charge would be $5 NY branch fee...which means $1995 arrives my in-Thailand Bangkok Bank branch where the dollar to baht exchange occurs....0.25% fee (Bt200 min, Bt500 max) is applied which would result in the Bt200 min charge in this case (approx $5.70 at current approx exchange rate)...so when the dust settled a total of $10.70 in fees waa applied on the $2,000 transfer. Neither the NY branch fee or the local branch fee will appear anywhere on your account....those two fees are deducted before posting to your account and will not appear in your passbook/ibanking....this fools some people into thinking the transfer was totally free but it wasn't. You can receive a free SMS which details out the transfer to include exchange rate, amount received, local fee, amount and time of posting, etc. Total amount of fees will vary depending on the amount transferred...just use the fees chart above to calculate....and don't forget any ACH sending fee your U.S. bank may apply....most do not charge an ACH if doing a standard ACH transfer...but most do charge a fee if you want the transfer to occur same day or within one business day which they might refer to as a Wire or Fedwire transfer.

[gchurch259]

Your US Bank is ripping you off, change banks. The fee should be no more than $10.00 USD. When my Consulting Company receives payment from a customer in the US they deduct $10.00 transfer cost between there HSBC account and my Bangkok Bank Branch account in NYC. BKK deducts 200THB or 500 THB depending on the size of the transfer. You should not pay intewrnational transfer rates between banks in the US.

As noted from above, I set up a repetitive wire transfer service from my bank in the USA through the Bangkok Bank in New York, I used my existing account here in Thailand. I call the bank's wire transfer desk in the USA when they open (night time in Bangkok) make the transfer, the US bank charges me $40 for this service, there are no transfer fees by BKK Bank (none that I know of anyway). The following morning, provided it is a weekday and not a holiday here in Thailand, when the bank opens, my money is in my account here.

[Jeffrey346]

As noted from above, I set up a repetitive wire transfer service from my bank in the USA through the Bangkok Bank in New York, I used my existing account here in Thailand. I call the bank's wire transfer desk in the USA when they open (night time in Bangkok) make the transfer, the US bank charges me $40 for this service, there are no transfer fees by BKK Bank (none that I know of anyway). The following morning, provided it is a weekday and not a holiday here in Thailand, when the bank opens, my money is in my account here.

I'm a bit confused.. I use BKK Bank NY to do 3 transfers each month from 3 different sources. My bank charges me $1.50 and BKK Bank NY charges $5. for each transfer. BKK Bank Thailand has the funds in my account the next working day and charges me B200 for each transfer.

What confuses me me is why you are paying $40. and no BKK fees and why the need to call the bank in NY?

[Searat7]

I set up an FX dollar account at Bangkok Bank here. I can go into my USA bank's website and transfer up to $10,000 for a $10 fee. At the receiving end I pay the equivalent of 500 baht in dollars (for $9990 transfer). Then I can go online at BB website and convert to baht as needed or when the exchange rate is good. At the beginning I used Bangkok Bank in New York but I prefer the FX account when one is able to send larger amounts (vs. a monthly pension check).

[HerbalEd]

When I transferred money from my local bank in Oregon, USA to my Bangkok Bank acct. in BKK I was charged $40, so I see no advantage in routing through NY branch of Bangkok Bank if, as I'm reading here, there is a $40 fee to do so. Why go to the extra step/trouble if the fee is the same?

Now, by having the money transferred from my Morgan Stanley acct. I'm able to transfer money anywhere in the world as many times as I want for zero fee, and that has included transfers as large as $800,000.

Edited March 30, 2016 by HerbalEd

[lopburi3]

There is no $40 fee to do so. You were charged $40 by who? Not by Bangkok Bank. And hard to believe any US bank could change $40 for an ACH transfer (most do not charge anything). Are you sure SWIFT international wire transfer was not used? About that price would be normal for that service.

[HerbalEd]

There is no $40 fee to do so. You were charged $40 by who? Not by Bangkok Bank. And hard to believe any US bank could change $40 for an ACH transfer (most do not charge anything). Are you sure SWIFT international wire transfer was not used? About that price would be normal for that service.

Over the years I've done many money transfers from various banks in USA to my Bangkok Bank acct. in BKK and and none of these US banks offered anything except SWIFT transfer.

As to the bank doing it for free goes: Are you kidding?? Banks charge for virtually everything. I won't be surprised if they start charging me to walk in the door.

Edited March 30, 2016 by HerbalEd

[lopburi3]

But you are using international transfers - by using the Bangkok Bank New York address and routing it can be done using normal domestic ACH transfer and New York takes care of the transfer into your account in Thailand. Normally takes a day longer but much cheaper.

I use USAA bank and ACH transfers are indeed free.

[skatewash]

There is no $40 fee to do so. You were charged $40 by who? Not by Bangkok Bank. And hard to believe any US bank could change $40 for an ACH transfer (most do not charge anything). Are you sure SWIFT international wire transfer was not used? About that price would be normal for that service.

Over the years I've done many money transfers from various banks in USA to my Bangkok Bank acct. in BKK and I was always changed a fee by my US bank ... somewhere between $30 & $40.

Indeed, you were, because you were doing a direct SWIFT international wire transfer from your US bank to your Bangkok Bank account in Thailand, which did not in any way involve Bangkok Bank's New York Branch. $30 - $40 is the usual cost of this service.

Had you used ACH to transfer the money to Bangkok Bank's New York Branch you would have been charged considerably less. Pib's post http://www.thaivisa.com/forum/topic/906659-transferring-funds-from-america-to-thailand-bangkok-bank/#entry10584582 explains the process involved quite well.

This post http://www.thaivisa.com/forum/topic/906659-transferring-funds-from-america-to-thailand-bangkok-bank/#entry10586804 explains the costs involved which depend on the amount of money you transfer:

Edited March 30, 2016 by skatewash

[Pib]

There is no $40 fee to do so. You were charged $40 by who? Not by Bangkok Bank. And hard to believe any US bank could change $40 for an ACH transfer (most do not charge anything). Are you sure SWIFT international wire transfer was not used? About that price would be normal for that service.

Over the years I've done many money transfers from various banks in USA to my Bangkok Bank acct. in BKK and and none of these US banks offered anything except SWIFT transfer.

As to the bank doing it for free goes: Are you kidding?? Banks charge for virtually everything. I won't be surprised if they start charging me to walk in the door.

You are with the wrong banks. The more fee-evil banks do indeed charge high SWIFT, wire, and even ACH fees. The less fee-evil banks do not charge anything for a standard ACH transfer, and there wire and SWIFT fees are significantly lower than than the fee-evil banks. And U.S. credit unions can be worst for transfer fees and the smaller credit union may not even offer free ACH transfers, only wire and SWIFT transfers at a healthy fee.

[pmoeser]

I have successfully transferred money to Thailand this way. I'm planning a trip back to America. Has anyone transferred money from Thailand to America through NY Bangkok Bank?

[bernard75]

 

There is no $40 fee to do so. You were charged $40 by who? Not by Bangkok Bank. And hard to believe any US bank could change $40 for an ACH transfer (most do not charge anything). Are you sure SWIFT international wire transfer was not used? About that price would be normal for that service.

Over the years I've done many money transfers from various banks in USA to my Bangkok Bank acct. in BKK and and none of these US banks offered anything except SWIFT transfer.

As to the bank doing it for free goes: Are you kidding?? Banks charge for virtually everything. I won't be surprised if they start charging me to walk in the door.

You are with the wrong banks. The more fee-evil banks do indeed charge high SWIFT, wire, and even ACH fees. The less fee-evil banks do not charge anything for a standard ACH transfer, and there wire and SWIFT fees are significantly lower than than the fee-evil banks. And U.S. credit unions can be worst for transfer fees and the smaller credit union may not even offer free ACH transfers, only wire and SWIFT transfers at a healthy fee.

 

Unfortunatlly, mosts dont check their options.

[lopburi3]

I have successfully transferred money to Thailand this way. I'm planning a trip back to America. Has anyone transferred money from Thailand to America through NY Bangkok Bank?

This is receive service only - there is no provision for ACH payments from Bangkok Bank New York.

For normal use you should be able to use your debit card

[Pib]

You are definitely right that many do not fully understand the funds transfer options their banks offer. And I expect many are confused in the difference between a SWIFT, Wire, and ACH transfer especially with how some banks tend to use vague language in describing their transfer options in hopes of hooking/confusing the customer into using a more costly transfer method. And what can make it even more confusing is the same transfer network may be used however the speed of the transfer will be a prime cost driver.

Since funds are transferred using the Bangkok Bank NY branch routing number a low cost ACH transfer can be used...it's treated as a domestic transfers. Do it from your ibanking setup if desired. Now if you call in or physically go to the branch to initiate the transfer then typically banks increase the fee significantly.

Anyway, take a look at the webpage for example of Wire/SWIFT fees at the 10 largest U.S. banks....both international and domestic wires. Some healthy fees you will see...I also included a fee summary chart from the webpage..

http://www.mybanktracker.com/news/wire-transfer-fee-comparison-top-10-us-banks

Now go to this web page and see the much lower fees for an ACH transfer....most free or just a few dollars.

https://www.nerdwallet.com/blog/banking/ach-transfers-costs-send-money-banks-online/

[metisdead]

As noted from above, I set up a repetitive wire transfer service from my bank in the USA through the Bangkok Bank in New York, I used my existing account here in Thailand. I call the bank's wire transfer desk in the USA when they open (night time in Bangkok) make the transfer, the US bank charges me $40 for this service, there are no transfer fees by BKK Bank (none that I know of anyway). The following morning, provided it is a weekday and not a holiday here in Thailand, when the bank opens, my money is in my account here.

I'm a bit confused.. I use BKK Bank NY to do 3 transfers each month from 3 different sources. My bank charges me $1.50 and BKK Bank NY charges $5. for each transfer. BKK Bank Thailand has the funds in my account the next working day and charges me B200 for each transfer.

What confuses me me is why you are paying $40. and no BKK fees and why the need to call the bank in NY?

The $40 is the fee charged by Wells Fargo, I'm finding out on here that ain't such a good deal now. I do not call the Bangkok Bank in NY. By my calculations now, looks like BKK Bank reduces the TT rate by about -0.13725 Baht per dollar for their transfer fee.

[Pib]

Now, by having the money transferred from my Morgan Stanley acct. I'm able to transfer money anywhere in the world as many times as I want for zero fee, and that has included transfers as large as $800,000.

If you did any of those transfers to a Thai bank, upon receipt they charged approx 0.25% (Bt200 min, Bt500 max) to receive/convert funds....that fee varies a little among Thai bank but 0.25% (Bt200 min, Bt500 max) is the rule of thumb fee. Morgan Stanley may not have charged you anything but the Thai bank did unless Morgan Stanley had them reverse the fee charge. This fee is applied "before" posting to your account and does not appear anywhere...that is, not on your Sending bank account or on your Thai bank account....this can fool many into thinking their transfer was free but it wasn't.

Here is a snapshot from the Bangkok Bank website detailing fees to receive an international funds transfer. Please note the first note in the snapshot talking you will "not" receive the full amount of the transfer do to fees being applied "before posting."

http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/CurrencyExchange/Pages/Fees.aspx#1

[bernard75]

 

Use transwerwise or if you you can bitcoin.

 

<deleted>? Are you too blind, learning resistance or just really stuck in the system of your "advisor"? Just trying to help...

"<deleted>" Wasnt me and there was nothing preluding that!!!

Edited March 30, 2016 by bernard75

[Pib]

As noted from above, I set up a repetitive wire transfer service from my bank in the USA through the Bangkok Bank in New York, I used my existing account here in Thailand. I call the bank's wire transfer desk in the USA when they open (night time in Bangkok) make the transfer, the US bank charges me $40 for this service, there are no transfer fees by BKK Bank (none that I know of anyway). The following morning, provided it is a weekday and not a holiday here in Thailand, when the bank opens, my money is in my account here.

I'm a bit confused.. I use BKK Bank NY to do 3 transfers each month from 3 different sources. My bank charges me $1.50 and BKK Bank NY charges $5. for each transfer. BKK Bank Thailand has the funds in my account the next working day and charges me B200 for each transfer.

What confuses me me is why you are paying $40. and no BKK fees and why the need to call the bank in NY?

The $40 is the fee charged by Wells Fargo, I'm finding out on here that ain't such a good deal now. I do not call the Bangkok Bank in NY. By my calculations now, looks like BKK Bank reduces the TT rate by about -0.13725 Baht per dollar for their transfer fee.

They do not reduce the TT Buying Rate given for the incoming transfers. It just the fee is applied immediately after the conversion and before posting to your account. This makes it appear you got a lower exchange rate and explains why many can never get one of the bank's TT Buying Rates of the day to match the rate they got....it's because the fee was not taken into account and applied at the right time in doing the calculation.

[HerbalEd]

There is no $40 fee to do so. You were charged $40 by who? Not by Bangkok Bank. And hard to believe any US bank could change $40 for an ACH transfer (most do not charge anything). Are you sure SWIFT international wire transfer was not used? About that price would be normal for that service.

Over the years I've done many money transfers from various banks in USA to my Bangkok Bank acct. in BKK and and none of these US banks offered anything except SWIFT transfer.

As to the bank doing it for free goes: Are you kidding?? Banks charge for virtually everything. I won't be surprised if they start charging me to walk in the door.

You are with the wrong banks. The more fee-evil banks do indeed charge high SWIFT, wire, and even ACH fees. The less fee-evil banks do not charge anything for a standard ACH transfer, and there wire and SWIFT fees are significantly lower than than the fee-evil banks. And U.S. credit unions can be worst for transfer fees and the smaller credit union may not even offer free ACH transfers, only wire and SWIFT transfers at a healthy fee.

Thanks. I get it now. My hometown in Oregon is a small town with unsophisticated, unworldly banks who rarely ever do international transfers.

Anyway, it's a moot point for me for me now. As I wrote earlier, now, with my Morgan Stanley wealth-management account, I'm able to transfer any amount of money, world wide, and as often as I want for zero fee. The only thing I pay is a small fee to BKK Bank, and I get a great exchange rate.

Edited March 30, 2016 by HerbalEd

[ggt]

Keep track of your transaction paperwork...when you convert US $dollars to Thai baht...you will likely have to fill-out a FACTA form showing your micro-managing US government bureaucrats...details of the money you took away from their control and deposited in a foreign bank account...

They are quite jealous of you taking their money out of the country...

Enjoy your stay...be aware of scams to remove you from your hard earned money...

[HerbalEd]

Now, by having the money transferred from my Morgan Stanley acct. I'm able to transfer money anywhere in the world as many times as I want for zero fee, and that has included transfers as large as $800,000.

If you did any of those transfers to a Thai bank, upon receipt they charged approx 0.25% (Bt200 min, Bt500 max) to receive/convert funds....that fee varies a little among Thai bank but 0.25% (Bt200 min, Bt500 max) is the rule of thumb fee. Morgan Stanley may not have charged you anything but the Thai bank did unless Morgan Stanley had them reverse the fee charge. This fee is applied "before" posting to your account and does not appear anywhere...that is, not on your Sending bank account or on your Thai bank account....this can fool many into thinking their transfer was free but it wasn't.

Here is a snapshot from the Bangkok Bank website detailing fees to receive an international funds transfer. Please note the first note in the snapshot talking you will "not" receive the full amount of the transfer do to fees being applied "before posting."

http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/CurrencyExchange/Pages/Fees.aspx#1

Capture.JPG

I'm well aware of the BKK Bank fee, but it is so small I didn't think it worth mentioning.

[sas_cars]

I set up an FX dollar account at Bangkok Bank here. I can go into my USA bank's website and transfer up to $10,000 for a $10 fee. At the receiving end I pay the equivalent of 500 baht in dollars (for $9990 transfer). Then I can go online at BB website and convert to baht as needed or when the exchange rate is good. At the beginning I used Bangkok Bank in New York but I prefer the FX account when one is able to send larger amounts (vs. a monthly pension check).

You mean to say, you hold a USD account with Bangkok bank here in Bangkok? Are you sure that the incoming charge by bangkok bank is only 500 THB equivalent in USD? If I remember correctly, they usually charge this 500 THB + some percentage of incoming amount i.e. 0.25 % , so a total 2 type of fees for incoming funds in a foreign currency account, that's the reason I was never interested in opening a foreign currency account here in Thailand.