Tricky Money Transfer Question

[Gonzo the Face]

This is a bit convoluted but I hope someone has a quick answer .

I have a bank account in the US that is set up for E Banking.

I have a Bangkok Bank account in Thailand set up to receive So Sec monthly payments paid thru Bangkok Bank in New York.

My question:

Can I transfer by E Banking from my US bank account to me here in Thailand, going thru the Bangkok Bank in New York, the same way as is done with my So Sec checks? 

I have been told both yes and no by bank staff and before going higher and deeper in Bkk Bnk, I am curious if anyone here has or does this currently.

I am told that it is cheaper than regular wire transfer methods

Anyone?

[NancyL]

Yes, if you can do ACH transfers with your U.S. bank.  Not every U.S. bank is set up to do ACH transfers.  They're sometimes called "interbank" transfers.  You just input the routing number for Bangkok Bank -- 026008691 and the account number for your local Bangkok Bank account.  Bangkok Bank will know where it goes because the first three digits of your BB account identifies the branch.    

 

The first time I did it with my U.S. credit union, I called them on the phone and they talked me thru the screens of their internet banking on how to do it.  Don't confuse anyone on the U.S. end by saying it's a Thai bank.  As far as they're concerned it's a U.S. bank.  If you look up the routing number listed,  you'll see it's assigned to BB NYC http://check-routing-numbers.com/026008691/ 

[neilrob]

Yes, I agree with Nancy. I have done this many times. It works well.

[mania]

Yup as Nancy said

 

Also complete instructions here

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

 

Scroll down & expand step by step section called.................

Advice to senders using US bank internet banking services

 

 

Edited August 16, 2016 by mania

[KhonKaenKowboy]

In my case, if first involved "linking accounts," which is done by them putting a few cents in your BKKBANK account, then you will have to tell your US Bank, how much they put in your BKKBANK account. which was automatically forwarded to your account in Thailand...so you will be converting THB back to US cents.  When I start collecting SS, I will just get the direct deposit into my USBank,  and only transfer 2-4 times per year.  Instead of the 12 the Hardway Club pays for.  Not possible for those living check to check......

[Langsuan Man]

5 hours ago, Gonzo the Face said:

Can I transfer by E Banking from my US bank account to me here in Thailand, going thru the Bangkok Bank in New York, the same way as is done with my So Sec checks? 

 

As others have stated Yes  you can transfer from your US Bank to your Thai Bangkok Bank account.  The good news is that you can also eliminate having your SS checks deposited directly into your BB account and have them depoisted to your US Bank Account and then transfered to Thailand. (you can automat this process with your US bank via a standing order)

 

This will eliminate the current requirement that you personally visit your Bangkok Bank branch every month to "sign" for your money.  This monthly "proof of life"  is only required if your checks automatically go to a foreign bank.  If they go to a US based account then there is only the annual form that must be submitted proving that you are still alive and entitled to benefits 

[mania]

10 hours ago, KhonKaenKowboy said:

In my case, if first involved "linking accounts," which is done by them putting a few cents in your BKKBANK account, then you will have to tell your US Bank, how much they put in your BKKBANK account. which was automatically forwarded to your account in Thailand...so you will be converting THB back to US cents.  When I start collecting SS, I will just get the direct deposit into my USBank,  and only transfer 2-4 times per year.  Instead of the 12 the Hardway Club pays for.  Not possible for those living check to check......

 

That was true in my case too (Capital One Bank)

When converting cents to baht have to round up or down depending

 

Funny thing is in reality I have always read that confirming is to allow transfers/withdrawals of monies from that bank (BKB NY in this case)

Not for depositing money into that bank but withdrawing

 

So as we know it is not allowed to use BKB NY for anything but intermediary sending so it should not

matter but like you I did do the verification process

 

[WinnieTheKhwai]

Another confirmation; it also works well when transferring US dollar Paypal balance to Thailand without incurring the silly Paypal exchange rates.  Transferring to the Bangkok Bank NY branch is just like any other domestic US transfer, and then they transfer it to your Thai Bangkok Bank account.  Fees do apply, it goes something like this: 

 

(The example is from some time ago when the exchange rate was worse, but the fees indicated are pretty much the same. You lose the least money when transferring amounts like $2000 USD. (At $2000 you still get the minimum TT receive free of 200 Baht while the US Branch processing fee is still the lower amount, so transferring $2000 is actually slightly better than $2500, see the example below.)

 

 

For comparison I also included what it would be like if you just withdraw using an ATM: that results in a worse exchange rate. (Also the ATM free went up to 180 Baht so it's even worse now.)

Edited August 17, 2016 by WinnieTheKhwai

[jmd8800]

When I set up my US bank to BB NYC account I went to a local Bangkok Bank branch and asked them to tell me in US dollars how much the deposit was for. They did the calculations and I was on my way. I was thinking that using xe.com or other exchange rate tables might not be accurate enough.

[KhonKaenKowboy]

I would hate to see people do things the easy way, but BKKBank's website gives a history of its exchange rates...in this case it would be a "TT Buy" rate, and if it changed 5 times in one day. you would likely want to use the first one on the date recorded by your deposit in your passbook.

Edited August 17, 2016 by KhonKaenKowboy

[lopburi3]

If your home bank offers the option for one way (outgoing only) transfer you would select that as you can not draw money from Bangkok Bank New York.  There may not be any requirement for test deposit in this case.

[KhonKaenKowboy]

I would be more worried about the outgoing, than the incoming, and I'd rather test with 20 cents than 20K.  Even if you get refunded ATM fees; if you buy a condo, this will be the best way to send funds to a Thai Bank.

[NancyL]

I'd read on the Bangkok Bank website the need to send the "test transfer" and did that with a small amount, like $5 but there never as a need to tell my U.S. credit union about it.  It is set up for a one-way money transfer, which they call an "interbank transfer" and didn't need a test.  The way the gal at the credit union customer service explained it to me, it's like a have a car note or something at Bangkok Bank NYC for all they care.  

 

Like KKK, I make transfers just 3 or 4 times a year and transfer a large amount to get the best exchange rate.  I've made sure Hubby knows how to do this in case I'm hit by a tuk tuk, run over by E/S on his  high horse or otherwise incapacitated.  Those of you who are relying on doing internet transfers to get your money into Thailand had better make sure you have a back-up plan with someone you trust for similar situations.

 

One advantage of having your pension direct deposited into Bangkok Bank is that  it can be released to pay hospital bills in an emergency if it's in a Thai bank relatively easily, even if you're incapacitated.  That's not true for a U.S. bank.