SWIFT transfers through Bangkok Bank New York

[oobar]

My US bank does not subscribe to ACH, so I cannot receive a transfer to my Bangkok Bank account in Thailand by using the 9-digit routing number to Bangkok Bank in New York.

 

However, I see that BB New York does have a SWIFT code ( BKKB US 33}.  My US bank makes SWIFT transfers within the US at half the international  fee to Thailand.  If I transfer to BB New York by SWIFT, will it be credited to my BB Thailand account the same as if transferred by ACH?

Edited October 22, 2016 by oobar
spelling

[mania]

Yes it will

Also yes as you said inexpensive as it is a domestic transfer to NY

 

Edit: actually I may have misspoke as I used both methods while in & out of Thailand

 

 

 

 

 

Edited October 22, 2016 by mania

[ubonjoe]

4 minutes ago, mania said:

Yes it will

Also yes as you said inexpensive as it is a domestic transfer to NY

 

BKB does charge a small fee but it is negligble

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

 

 

I see nothing on that page that mentions doing it by using a swift code instead of ACH.

I am really surprised his bank does not do ACH transfers.

[mania]

18 minutes ago, ubonjoe said:

I see nothing on that page that mentions doing it by using a swift code instead of ACH.

I am really surprised his bank does not do ACH transfers.

 

Thanks UJ I was just editing my post when you posted

Yes in hindsight I am thinking I used both but swift inside Thailand & ACH when transferring from outside via NY BKB

 

I will go check some trans sheets

 

 

Also yes I imagine all US banks do ACH/ABA but he may be told not online etc

but I am sure a walk in would be able to

 

Looking back I see I did use ABA & routing number to send to NY

 

But I also see they mentioned swift here

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

Edited October 22, 2016 by mania

[lopburi3]

They mention the normal SWIFT code of  BKKBTHBK  which is what you would use for a foreign transfer to an account in Thailand.  This should be done same day but often requires the foreign bank to use a representative bank to make the actual transfer to Thailand so could be slight delay.  In any case should be faster than domestic ACH type transfers by a day or so.  But at a higher cost.

[Suradit69]

Odd that the O/P's bank does not do ACH. They might do a wire transfer, which is more expensive. If he has a brokerage account with a money market fund, they might do the transfer. Or if his bank has a bill payer option, they might send a check to Bangkok Bank. That would be slower and Bangkok Bank charges something if they have to clear a paper check.

 

I have a Vanguard account and usually transfer from my money market fund to the NY branch of Bangkok Bank.

[wpcoe]

Like others above, I'm surprised that the OP's US bank doesn't participate in the ACH system.  Maybe the don't do ONLINE ACH transfer requests, but surely they are a participant in the ACH system, no?

 

Still, I'm curious what the answer to the OP's question is:  If a domestic SWIFT transfer is done to the NYC branch of Bangkok Bank with the Thailand account number in the remarks section, will the money then be forwarded to Bangkok Bank in Thailand similar to how it works for ACH transfers to the NYC branch of Bangkok Bank?

[chiang mai]

41 minutes ago, wpcoe said:

Like others above, I'm surprised that the OP's US bank doesn't participate in the ACH system.  Maybe the don't do ONLINE ACH transfer requests, but surely they are a participant in the ACH system, no?

 

Still, I'm curious what the answer to the OP's question is:  If a domestic SWIFT transfer is done to the NYC branch of Bangkok Bank with the Thailand account number in the remarks section, will the money then be forwarded to Bangkok Bank in Thailand similar to how it works for ACH transfers to the NYC branch of Bangkok Bank?

 

How is it that SWIFT can transfer within the same country, I believe they cannot hence I suspect the OP's bank may be US but is offshore US?

[wpcoe]

10 minutes ago, chiang mai said:

 

How is it that SWIFT can transfer within the same country, I believe they cannot hence I suspect the OP's bank may be US but is offshore US?

 

Ah!  Good point.  Hadn't thought about that.

[Dan5]

Yes you can use SWIFT to do a wire transfer. I did a lot of them to Thailand (Bangkok Bank, K Bank, SCB) before I discovered the ACH transfers to Bangkok Bank in New York. Wire transfers generally take 2 days, but sometimes 3 days. ACH to Bangkok Bank generally take one day for the ACH  and another day to Thailand, so the time is the same. But one bank I use will do a same day ACH transfer to Bangkok Bank (for an extra charge of course) so the whole transfer can be done in 1 day.

 

But the cost of a SWIFT wire is considerably more expensive and depending on the bank a lot more expensive. There is not only the fee, but they give you a bad exchange rate to make more money off it. The ACH to Bangkok Bank is considerably  less expensive than any wire I've done and I've done and I've done a lot of them over the years from multiple American banks to multiple Thai banks. Bangkok Banks fees are low and they give a very good exchange rate.

 

If you  are going to be here a while, why don't you just get an account at another USA bank. This is the first I've heard of a US bank not doing ACHs. Almost all of them do.

[chiang mai]

Read the previous two posts again, SWIFT is inter country not INTRA COUNTRY.

[Tracyb]

Transfers using SWiFT codes are for International transactions, e.g.; USA bank to Bangkok Bank in Thailand.  USA banks usually require you to be at the bank in person to sign the SWIFT transfer order.  This helps reduce money laundering schemes of various types.

 

Perhaps you could find a new USA bank that allows ACH transactions to be initiated by account holders using the banks on-line services.  It's a LOT easier and cheaper.

 

Best of luck!

[bradenroger]

Hi, just wish to inform that I have a US account in a Credit Union (Bank) which also does not do international transfers as the OP reports.  I also have an account at a regular bank (Bank of America) which does do such transfers.

[IMA_FARANG]

Bangkok Bank in New York is not a fully fuctional commercial bank according to U.S. banking  regulations and therfore can not accept regular walk-in account customers.

They can and do however do SWIFT funds transfers to a Bangkok Bank account in your name in Thailand,

I beleve also they can do ACH transfers to your Bangkok Bank account in Thailand but not all U.S. banks are part of the ACH network, especially smaller regional banks.

I believe that is often why an ACH transfer often can not be done, at the smaller regional banks,

But I m not an expert on this.

 

[rapom]

9 hours ago, IMA_FARANG said:

Bangkok Bank in New York is not a fully fuctional commercial bank according to U.S. banking  regulations and therfore can not accept regular walk-in account customers.

They can and do however do SWIFT funds transfers to a Bangkok Bank account in your name in Thailand,

I beleve also they can do ACH transfers to your Bangkok Bank account in Thailand but not all U.S. banks are part of the ACH network, especially smaller regional banks.

I believe that is often why an ACH transfer often can not be done, at the smaller regional banks,

But I m not an expert on this.

 

 

 

 

 

 

Your last sentence is the most accurate.  ACH transfers are only between US banks in the US that are connected to the ACH system. Most US banks use Swift to transfer money overseas for individual depositors, for a higher fee.  Bangkok Bank, NY does not do Swift transfers to Thailand. Any money you transfer by ACH to Bangkok Bank, NY is electronically credited over the internet to Bangkok Bank main branch , then to your branch account.