Transferring money from USA to Siam Commercial Bank

[mglaser]

We have an account with a credit union in the US.  We just opened a Thai account with SCB.  What is the best way of transferring money back and forth between the two?  I know there are a lot of options but which is the easiest, least expensive? 

[lopburi3]

The big question is what will Credit Union allow (they are not banks and can be very restrictive).  Often even banks will require a letter of authorization for electronic transfer be signed in there office (general allowance - set up later for specific usage).  A debit card can be used here but there will be a number of fees.  Other than that SWIFT (which may require that electronic transfer letter) is the normal method.  You would be better using Bangkok Bank here as they offer USA domestic ACH transfer options using there New York branch.

[happynthailand]

do a wire transfer from credit union to scb

 

I use SCB all the time,ask scb for your account info

 

then email the info to your credit union

 

credit unions used to charge me $10.00 per wire,just went up to $25.00 per

 

request wire transfer today,money in your account SCB before 0900thai time,next day

[metisdead]

Moving to the Banking forum.

[Johnniey]

Out of my 5 Thai banks, SCB charge the highest when I get cheques sent from a poker site.

[Pib]

Regarding transferring money "from a Thai bank such as SCB" forgot about it being as easy as transfering funds between banks in the U.S.   You can not "pull money from your SCB account by initiating a pull from your credit union"...sorry, Thailand controls the outflow of funds much more tightly then in western countries.  To transfer funds out, you'll need to physically go to your SCB branch and initiate the transfer in person...and this assumes you have the necessary support documentation to support the outflow of funds...plus you'll pay a transfer fee and their will be a baht to foreign currency exchange cost.  

 

Regarding transferring funds from your credit union to SCB you'll need to do a SWIFT transfer at whatever fee your credit union charges....and there will be a receiving fee charged by SCB of around 0.25% (Bt200 min, Bt500 max).   Now if you had a Bangkok Bank account, since Bangkok Bank is the only Thai bank with "ACH receiving" capability (i.e., ACH is the primary funds  transfer method used in the U.S.) you could probably effect the transfer much cheaper and maybe even with your credit union ibanking.   Due to Bangkok Bank ACH receiving capability you can also set Direct Deposit of U.S. govt pension payments like social security, military retirement, etc., with them since such pension payments are sent via ACH; no can do with other Thai banks as SWIFT must be used instead.

 

[mglaser]

On August 16, 2016 at 9:49 PM, metisdead said:

Moving to the Banking forum.

Sorry.. I am a newbie and don't know how to make sure my post goes in the appropriate forum.