ACH from Bangkok Bank New York

[JimGant]

For many years, my ACH transfers from my USAA bank account to my Bangkok Bank account, via Bangkok Bank New York, have been pretty much the same, time wise: I originate the transfer between 0800 and 1000 USAA time (Texas), and it gets to Thailand about 36 hours later.

Thus, historically, a Texas time morning request on a Monday would, 36 hours or so later, arrive in my Bangkok Bank account between 0845 and 0945 on Wednesday, Thai time.

And this has been the way of the last several years -- until my last two transfers. Last month, instead of a morning arrival, it was logged in at 1600. And today, the arrival was logged in at 1459. Not that it was critical -- I didn't need the money at noon. But it is a curiosity. Maybe Bangkok Bank has discovered the concept of the "float"......

Anyway, anybody else seen later ACH arrivals, like with your Direct Deposit?

[Suradit69]

ACH transfers are usually sent in batches and may take longer, as well as being cheaper, than a wire transfer.

My broker makes transfers for free at the end of the business day in which they are received. So if I notify them I want to transfer money on Monday morning in Thailand, it won't actually be sent until the end of business on Monday in NY and won't be handled until Bangkok Bank NY opens for business Tuesday morning in NY, Tuesday evening in Thailand. I generally expect to get an SMS in Thailand about the deposit being made on Wednesday in Thailand, but wouldn't be surprised if I didn't see it until Thursday morning. If anything, in recent months it's been processed quicker than in the past. Of course weekends and either US or Thai holidays can slow things down.

If your bank is doing ACH transfers, especially if they are done for free, they would probably send the transfers to the Clearing House in batches, so any delay you've experienced could be attributable to them rather than Bangkok Bank. If you want speedier transactions, you'd probably need to ask your bank to do a wire transfer rather than using ACH.

Automated Clearing House (ACH)

While it may seem similar to a wire transfer, a transaction accomplished with the help of an automated clearing house (ACH) is not the same thing. The banking system has used the ACH method for close to 40 years. These types of transactions can be quite convenient. They are the sorts of transactions that you make when you use online bill pay, and often when you use your debit card.

When you arrange for the electronic transfer of funds, all of the information is included in a batch, which is then sent to the clearing house. All of the transactions in the batch then handled by the clearing house, rather than as a direct bank to bank transaction. Additionally, banks receive their ACH transactions at once as well, processing those as a single transaction, in a batch. This simplifies the process, since each individual transaction does not need individual attention; it is all automated.

As a result, your money is not available as quickly as it often is with a wire transfer. The ACH process is more convenient, and less expensive, but it also takes a little bit longer. This is why you often have to make sure that bill payments are scheduled a little bit early. Additionally, when you deposit a check, the ACH system means that the funds from the writer’s bank will not be cleared until the batch is run. So you will not have access to all of your money until at least the next day in many cases (and sometimes longer). You need to account for this when making deposits and planning on automatic bill pay and other transactions. Otherwise, you might be subject to overdraft fees.

Wire Transfer vs. ACH

Because a wire transfer requires the individual bank to bank process, it is usually more expensive than an automated clearing house, which requires minimal involvement by individuals at financial institutions. Many ACH transactions come with only a small fee, or even no fee at all, since they are run with more efficiency. However, if you want a better guarantee that your money will arrive on time, it might be worth it to pay the wire transfer fee.

With both cases, it is possible for errors to be made. However, since you often get to review the information before it is sent with a wire transfer, the method is a little more secure. Also, because identities are verified with wire transfers that take place between bank accounts, there is less chance of fraud. Wire transfers that take place between financial institutions are generally considered quite secure.

https://www.depositaccounts.com/blog/difference-between-wire-transfer-and-ach.html

Edited July 22, 2016 by Suradit69

[JimGant]

If your bank is doing ACH transfers, especially if they are done for free, they would probably send the transfers to the Clearing House in batches, so any delay you've experienced could be attributable to them rather than Bangkok Bank. If you want speedier transactions, you'd probably need to ask your bank to do a wire transfer rather than using ACH.

USAA does their ACH batch transfers in the early afternoon New York time (as said, my transfer request is in around 0800, Texas time). Bangkok Bank New York sends these amounts, via SWIFT transfer, across the pond sometime before they close in the afternoon. Thus, my transfer awaits the doors opening in Thailand (or at least it has historically) the following morning. And for many years now, my transfer has been posted shortly thereafter, between 0845 and 0945.

What now? Posted at 1600 in Thailand -- doubtful New York was awake in the midnight to 4 AM corridor to send this SWIFT transfer later than normal.....

Anyway, maybe a short term aberration. Just wondered if others have seen this posting difference.

[wpcoe]

My latest transfer came through on Wednesday -- I got the phone call at 3:19pm. I initiated the transfer last Friday, but wasn't expecting anything until Thursday since it was a five-day holiday "weekend," but apparently that department doesn't get all the bank holidays?

[JimGant]

My latest transfer came through on Wednesday -- I got the phone call at 3:19pm.

Historically, had your transfers been arriving in the morning?

[Utley]

My transfer were delayed this month as well; but Thailand had a bank holiday at the end of June and the U.S. had the 4th of July holiday right afterward. Those two occurrences delayed the ACH transfer by several days.

[Thailand J]

I ordered an ACH transfer to NY Bangkok Bank on Monday night, the money arrived Wed at 8:35am. This was my first ACH transfer.

Previous SWIFT transfers had always showed up in the morning, everytime.

[JimGant]

That has been my experience for several years -- until just recently, i.e., Monday night (Thai time), then received between 8:30 and 9:30AM Wednesday in Thailand (or Tues/Thur, or Wed/Fri, no holidays). That your ACH showed up at 8:35 tells me maybe this new slowdown for me has something to do with USAA.

[Pib]

I haven't done an ACH transfers for around 5 years now, but when I did from my U.S. banks such as USAA they usually arrived in the morning/I got the SMS in the morning...but some arrived in the morning. And if I remember right regardless of when I got the SMS, morning or afternoon, I got that day's opening TT Buying Rate versus a later in the day rate. But on some days, the opening rate is the only rate for the day, other days they have 2 or a few more rates during the day, and on wild forex days due to some world/financial event I've seen over a half a dozen rate changes during the day from Bangkok Bank. And one time I saw SCB's rate change approx 15 times on one of those wild forex days.

And since the OP said the latest arrival was the 21st/Thursday afternoon this week, maybe because Mon-Wed was a combination official and unofficial holidays...with 18 & 19 (Mon and Tuesday) being official Bank of Thailand holidays and the 20th Wednesday being an unofficial holiday that many bank employees (especially back office/central processing staff vs front line bank employees) just take off/take leave which causes final processing of transfers to get slowed down due to low holiday staffing. So, come the 21st/Thursday everyone (or at least more) were back to work and cleared out the backlog of incoming transfers which required that final manual, human being review to finalize the transfer's posting.

This link shows BOT bank holidays for 2016. Also had a bunch of holidays in April and May.

Edited July 23, 2016 by Pib

[Pib]

I haven't done an ACH transfers for around 5 years now, but when I did from my U.S. banks such as USAA they usually arrived in the morning/I got the SMS in the morning...but some arrived in the morning. And if I remember right regardless of when I got the SMS, morning or afternoon, I got that day's opening TT Buying Rate versus a later in the day rate. But on some days, the opening rate is the only rate for the day, other days they have 2 or a few more rates during the day, and on wild forex days due to some world/financial event I've seen over a half a dozen rate changes during the day from Bangkok Bank. And one time I saw SCB's rate change approx 15 times on one of those wild forex days.

And since the OP said the latest arrival was the 21st/Thursday afternoon this week, maybe because Mon-Wed was a combination official and unofficial holidays...with 18 & 19 (Mon and Tuesday) being official Bank of Thailand holidays and the 20th Wednesday being an unofficial holiday that many bank employees (especially back office/central processing staff vs front line bank employees) just take off/take leave which causes final processing of transfers to get slowed down due to low holiday staffing. So, come the 21st/Thursday everyone (or at least more) were back to work and cleared out the backlog of incoming transfers which required that final manual, human being review to finalize the transfer's posting.

This link shows BOT bank holidays for 2016. Also had a bunch of holidays in April and May.

Whoop....in the last part of my first sentence I mean to say "...but some arrived in the afternoon."

[Thailand J]

I have never got any calls or sms from Bangkok Bank when the money arrived. I went to their website, clicked on "My settings" and "alert and notification" but I can't find an option that would tell them to do so.

[Pib]

I have never got any calls or sms from Bangkok Bank when the money arrived. I went to their website, clicked on "My settings" and "alert and notification" but I can't find an option that would tell them to do so.

Review the Bangkok Bank SMS Remittance Alert "Enroll Now - it's easy" page. You must enroll at an ATM or at their Call Center number.

http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/SMSAlerts/Pages/SMSRemittanceAlert.aspx

Edit: Earlier I included a statement that it may not work if a "joint account" (a statement I have now removed) but it does work as I just followed the procedures via Call Center method and it worked for my joint account.

Additionally, for those accounts you do not have a debit card for, such as one of our (the wife and I) regular Bangkok Bank joint accounts "without debit card," which we intentionally wanted that way, you will have to ask the branch to try to set that up but they probably will not be able to because a debit card is needed on the account/it's a joint account...I think the debit card is driver in this case. We were both at the branch (main branch on Bangkok Silom Rd) and they tried...two different reps showed us the error they got on their screen when trying to set it up, but without a debit card assigned to the account it was a no-go. And you will notice in the two different setup methods, a debit card is required. However, but, if it a special Direct Deposit account setup to receive U.S. govt pensions which does not allow a debit card the branch "can" set it up for you even without a debit card as it was setup for my Direct Deposit account years ago by the bank clerk.

Edited July 24, 2016 by Pib

[lopburi3]

It works fine on a joint account but suspect you must both request in person at branch rather than using ATM to set up (as is also the case for setting up internet banking).

[Pib]

I just include this additional info in a separate post regarding Bangkok Bank various SMS Services. Some services are "not" available to joint accounts like their basic SMS Account Alert and SMS 2 Way Alert as when you look into the Terms and Conditions tab for enrollment conditions you will see a statement along the lines of:

• The service is only available for individually-held accounts.

or

• The service is not available for joint accounts.

Where you are probably use to being able to get most service on a joint account in your home country, under Thailand banking laws/regulations there are some strange restrictions on certain banking services depending on whether it's a individual only account or joint account.

You can review more at this Bangkok Bank webpage talking their various SMS services available, not to imply all the fine/details is included there.

[55Jay]

I've only been doing routine monthly ACHs since March or April this year. Schwab via BB NY branch.

All but the last one, 30 June 2016, posted to my local BB account between 09-1000 hrs. The one at the end of June posted @ 1638.

[IMA_FARANG]

ALL incoming funds transfers for Bangkok Bank pass first through the Bangkok Bank main office in Silom Road, Bangkok.

It only takes one person with the authority to read the transfer, verify it is valid, and hit the enter button on a computer to forward that transfer to your Bangkok Bank branch office.

The problems start when there are "bank holidays" and the authorized person is not working at Silom road that day, for whatever reason.

When the system is operating normally, the transfer is very quick.

But there is a 12 hour time difference between New York and Bangkok. so if the batch file is sent from New York at midnight, it arrives in Bangkok at 12 noon Thai time.(the International Date line)

It is the person in Bangkok that is authorized to approve the batch file transfer who pushes the "enter" button on his or her computer hat makes the transfer happen....and normally they arrive at work by 8 a.m. Thai time.

Until then your funds transfer is "pending".

Most senior staff in banks in Bangkok do not work at night.

in London or New York people do work at night.

As the Jimmy Buffet song says, "Changes in Latitudes, Changes in Attitudes".

[bubba1]

ALL incoming funds transfers for Bangkok Bank pass first through the Bangkok Bank main office in Silom Road, Bangkok.

It only takes one person with the authority to read the transfer, verify it is valid, and hit the enter button on a computer to forward that transfer to your Bangkok Bank branch office.

The problems start when there are "bank holidays" and the authorized person is not working at Silom road that day, for whatever reason.

When the system is operating normally, the transfer is very quick.

But there is a 12 hour time difference between New York and Bangkok. so if the batch file is sent from New York at midnight, it arrives in Bangkok at 12 noon Thai time.(the International Date line)

It is the person in Bangkok that is authorized to approve the batch file transfer who pushes the "enter" button on his or her computer hat makes the transfer happen....and normally they arrive at work by 8 a.m. Thai time.

Until then your funds transfer is "pending".

Most senior staff in banks in Bangkok do not work at night.

in London or New York people do work at night.

As the Jimmy Buffet song says, "Changes in Latitudes, Changes in Attitudes".

Really doubt that each transaction is manually touched by a human. What's your source of this BS?

[Pib]

It wouldn't surprise me that every incoming international transfer is quickly looked at by humans at Thai banks; otherwise, Thai holidays and weekends would not hold up transfers. Plus I guess for some banks like SCB I think they routinely call folks regarding the rate before posting.

Plus I would be surprised if any transfers post to a person's account outside of daylight working hours instead of posting during all 24 hours of the day and night.

Edited July 24, 2016 by Pib

[bubba1]

It wouldn't surprise me that every incoming international transfer is quickly looked at by humans at Thai banks; otherwise, Thai holidays and weekends would not hold up transfers. Plus I guess for some banks like SCB I think they routinely call folks regarding the rate before posting.

Plus I would be surprised if any transfers post to a person's account outside of daylight working hours instead of posting during all 24 hours of the day and night.

It's too risky to allow a person to check each transaction because they make mistakes. Information technology and software does it all except for some error transactions or exceptions which are checked manually.

If you think Somchai and Somsee are checking each transaction this is totally wrong.

Edited July 24, 2016 by bubba1

[Pib]

Prove it...you can't. Nor can I or ima-farang prove our opinion. Plus checking a transaction does not mean they are doing anything other than some basic eyeball checks and very simple click approve, reject, etc....nor actually going in and entering any data. And they could be looking at batches of X-amount that all get posted at the same time if passing the automated checks and human eyeball checks.

[JimGant]

I've only been doing routine monthly ACHs since March or April this year. Schwab via BB NY branch.

All but the last one, 30 June 2016, posted to my local BB account between 09-1000 hrs. The one at the end of June posted @ 1638.

Yeah, for many years all mine were between 0845-1000hrs, until lately. The 22 July was 1459; the 22 June was 1600 (the bank closes at 1530, but I guess some IT work continues on 'til the workers are out the door).

That both your Schwab and my USAA latest transfers moved to the afternoon says something is going on with Bangkok Bank (New York, Thailand?), not with our sending banks.

Anyway, no big deal -- just a curiosity. Maybe a 'float' involved - I noted my direct debit from Bangkok Bank for DTAC and water used to be at 02:51; then in March, it moved to 05:12 (on the dot, month to month). Talk about a squeeze, if, indeed, that's what's happening......

[bubba1]

Prove it...you can't. Nor can I or ima-farang prove our opinion. Plus checking a transaction does not mean they are doing anything other than some basic eyeball checks and very simple click approve, reject, etc....nor actually going in and entering any data. And they could be looking at batches of X-amount that all get posted at the same time if passing the automated checks and human eyeball checks.

Lol. Banks don't work that way in Thailand. Get a grip. Even Cambodia isn't that far behind. The computer programs run in scheduled batches. Even in Western Europe or North America something won't on a non business day for most transactions.

[Thailand J]

we'll only know for sure if we can find someone in Bangkok Bank who understands the question and has the right answer

Somehow I have always assumed that an employee came in in the morning to approve my transaction...and continue to believe so.

[sdultra]

what are you being charged to do these ACH's via BB NY?

[lopburi3]

Fees

Transferred Amount	Fee (USD) for  Bangkok Bank’s New York Branch in US	Fee (THB) for  Bangkok Bank in Thailand
Not more than USD 50.00	Free	0.25% of the transfer     value (minimum 200Bt,         maximum 500Bt)
USD 50.01 – 100.00	3.00
USD 100.1 – 2,000.00	5.00
USD 2,000.01 – 50,000.00	10.00
USD 50,000.01 or more	20.00

Note: Bangkok Bank’s New York Branch in the US and Bangkok Bank in Thailand will deduct fees as indicated above from the transferred amount, prior to depositing funds into your account.