Transfering Money from USA to Thailand without Cellphone OTP

[NCC1701A]

Are there any Americans here who transfer money from their USA bank to their Thailand bank without having to provide a One Time Password sent to your cellphone from the USA bank to complete the transfer?

 

I am having problems with my cellphone roaming in Thailand now and I can't complete my transfers without it.

 

Thanks in advance for any info.

[Mrjlh]

Will your USA bank send your OTP via email in lieu of text message?  Check on that feature. Otherwise try a different US bank.  I use BofA (not my favorite but works for me) and I use their  "security code card" for added security. Never a problem.

[rucker4012]

Bangkok Bank is the only Thai bank with an American branch. If you have an account with them, your American bank can transfer to the NY branch and you will have your funds in three working days. Most American banks will not transfer money to a Thai bank due to their lack of safe protocols.

[Thanyaburi Mac]

Rucker

 

"most"??  I have done wire transfers from four U.S. banks to my Siam Commercial Bank account a number of times over the years, most recently a couple weeks ago.  Never a problem.

 

I note, tho, that I'm using small banks, I tend to stay away from the biggies, like BoA, Wells Fargo and a host of others.  With the smaller banks, seems like I get to know the staff, they become somewhat like cyber friends, and become helpful.

 

Mac

[lopburi3]

Quote

Most American banks will not transfer money to a Thai bank due to their lack of safe protocols.

They do not directly transfer because they do not have a relationship - they use an intermediary bank just as they do for most international transfers - nothing about being Thai.

[Mrjlh]

Good article explains both ACH and Wire transfers.   https://www.depositaccounts.com/blog/difference-between-wire-transfer-and-ach.html

[Sheryl]

I have transferred money from the USA to Thailand every year  for the past 15 years or so, never an issue. The banks I have used do not use OTP system. With one I have to answer a bunch of "security questions" but can do so my email, with the other I have to do it on the phone.

 

So it really comes down to the requirements of the specific bank. But there is certainly no generic issue with doing bank wire transfers to Thailand.

[gentlemanjackdarby]

I've spent a lot of time working on this problem and there are many things to consider when dealing with SMS OTP (One-Time Pins):

 

The first thing to understand is that international SMS (text) messaging is not reliable, and certainly should not be relied upon for something as critical as one's banking, because of the differences in how SMS is implemented by cellular providers in different countries leads to incompatibilities among the different systems and failed deliveries.

 

As well, most SMS OTPs are valid for relatively short durations, such as 5 or 10 minutes, which compounds problems when trying to receive them outside the U.S.

 

One **POSSIBLE** solution is to use Google Voice to receive the SMS OTP, but one must have a cell number attached to one's GV number for this to work since GV **CAN** receive SMS for designated cell numbers.

 

GV will then forward the SMS OTP to BOTH the GV web page AND one's GMail box meaning one can use any device(s) which can access those web pages to see the OTP.

 

HOWEVER, Bank of America SMS OTP **WILL NOT** work this way because GV DOES NOT have an e-mail to SMS gateway - this is important because, in a lot of cases, big senders of SMS (including BofA) actually send them as e-mails, not true SMS. Cellular providers HAVE e-mail to SMS gateways so, when the e-mail hits their gateway, the gateway converts it to true SMS and forwards it to one's cell phone as SMS.

 

If one's bank or other sender of SMS is sending as true SMS and NOT e-mail, GV will work fine.

 

A lot of banks, such as Chase, will send the OTP as e-mail to one's e-mail account.

 

Some of the large credit unions, such as Alliant, and large banks, such as USAA DO NOT use SMS OTP and they also refund "foreign" ATM surcharges as an added bonus.

 

Another option is to leave a cell phone with a trusted friend or family member in the U.S. to receive the SMS OTP and use an SMS forwarding app, such as PushBullet, to forward the SMS OTP  to GV.

 

As well,  because apps such as PushBullet route all forwarded SMS traffic through their own servers, one can also "see" the SMS OTP on the apps web page as soon as the SMS hits the phone.

 

A poster on another board to which I belong posed the same question and I wrote a series of detailed posts about how to make the cell phone-to-app procedure work and he wrote about the specifics of his implementation so, if you care to read more, I'd suggest reading that since I'm to lazy to go through it all again.

 

I'm not sure what the policy of TV is regarding posting other site links, but if you need more info, it will be easy enough to find the board and my posts since I use the same user ID there.

 

That board is geared to philippines expats and that board DOES NOT tolerate discussions about the seedier aspects of life in the PI.

 

I also just Googled my user ID and "PushBullet" and my posts showed up near the top of the search results, so that should make it even easier. 

 

 

[swfsql]

Try using localbitcoin.com for a small amouts to see if it's satisfactory. You will probably need someone in Thailand with a bank acc if you don't have one.

[little mary sunshine]

Define "money"........ Just monthly living expenses ....I use the PLUS

System for B 50-70K,each month....never a problem.  Small fee but

very safe no cell phone password....just your  pin!!

[Suradit69]

If you have a brokerage account, possibly you could send money from your money market account.

 

I normally use my Vanguard money market account to send to Bangkok Bank in NY. I also have a B of A bank account that I sometimes use by logging into their website. 

[IAMHERE]

On 1/8/2017 at 6:40 PM, Thanyaburi Mac said:

Rucker

 

"most"??  I have done wire transfers from four U.S. banks to my Siam Commercial Bank account a number of times over the years, most recently a couple weeks ago.  Never a problem.

 

I note, tho, that I'm using small banks, I tend to stay away from the biggies, like BoA, Wells Fargo and a host of others.  With the smaller banks, seems like I get to know the staff, they become somewhat like cyber friends, and become helpful.

 

Mac

How much does the transfer cost you please? If less than $5 I'll search my hometown for a smaller bank. thanks.

[craigt3365]

Bangkok Bank makes it super easy.  I do everything via the internet.  Funds are transferred very inexpensively, and are here within a few days.  Works perfectly.

[Mansell]

I do transfers from a US bank to here, but have to call their International Transfer Section and go through a whole bunch of numbers much like 007. I understand it is for my security etc. the cost to transfer in baht is $35 to transfer in dollars is $45. And it doesn't matter how much money it is being transferred. I don't think $5 is realistic for this type of transfer.

[siamike]

I've been making monthly $$ transfers for the last 3 years from my USAA Bank account to my Bangkok Bank account via the ACH system already mentioned in this thread.  USAA bank does not require a OTP for $$ transfers, and you can open an account with them via the internet, as I did, and never step into one of their brick and mortar buildings.  

[siamike]

3 minutes ago, Mansell said:

I do transfers from a US bank to here, but have to call their International Transfer Section and go through a whole bunch of numbers much like 007. I understand it is for my security etc. the cost to transfer in baht is $35 to transfer in dollars is $45. And it doesn't matter how much money it is being transferred. I don't think $5 is realistic for this type of transfer.

 

Actually, $5 is what Bangkok Bank charges for transfers of between $100 to $2000.  Heres their "how to set it up" page:  

http://www.bangkokbank.com/BangkokBank/PERSONALBANKING/DAILYBANKING/TRANSFERINGFUNDS/TRANSFERRINGINTOTHAILAND/RECEIVINGFUNDSFROMUSA/Pages/ReceivingFundsfromUSA.aspx

[lopburi3]

That is the Bangkok Bank NY charge - there will also be a 200-500 (.25%) fee charged by Bangkok Bank in Thailand (for any transfer including those SWIFT $45 types) and there may be a charge by your US account bank (although USAA does not charge).  But in any event it should always be cheaper than using SWIFT (which often has additional charge at a transfer bank).  

[ocddave]

I use transferwise, one simple to understand cost, and no hidden costs, however I do have to wait about a week for the money to  completely transfer. They tell you the total cost right as you make the request, it works out to about 1.4℅ of the "real" exchange rate at the moment you make the request. With banks you are not only paying a fee, but getting soaked on the exchange rate at the same time.

[biggles45]

For the last 15 years I have been transferring funds to my Thai Kasikornbank account WITHOUT using a OTP as I had your problems. K Bank have what they call PIN2, a second, different password to your log-in.  You need to apply for it first and when you have it installed you don't get the "OTP" screen but you get a screen that asks you to enter PIN2 and the transaction proceeds. Always the same PIN you enter.

 

Not sure about other banks but I am sure they would have similar security options. Never had a problem no matter what country I happen to be in. 

[keeniau96]

As others in this thread I send domestic transfer from my (very) major USA bank to the Bangkok Bank office in NYC which immediately transfers it to my BKK Bank account. No fee for the domestic USA transfer, other fees per Lopburi (above). No phone calls, I only use internet access to my USA bank, no phone calls at all. Two days later money in my BKK bank account here.

[Coyoti]

I've used Bangkok Bank to transfer money for years.  Easy and no OTP as other members have mentioned.  However, I don't like their relatively low exchange rate and fees, which is why I mostly use Schwab now.  I say "mostly" because I still pay a few bills in Thailand online via Bangkok Bank.  You have to have a brokerage account with them to use Schwab Bank.  I now transfer money by going to any ATM in Thailand.  I find that Schwab has a very good exchange rate and they reimburse the ATM fees.  You get your money right away, although it typically takes about three days for everything to show up in your account.  Besides needing to have investments with them, the only limitation is a maximum of $500 per transfer, although you can do it twice in one day. 

[buick]

OP - is your USA bank Wells Fargo ?  i transfer money from WF to bangkok bank.  in the past i was able to get a security code over the phone (via call, not text) to authorize a transfer.  then they did a 'security upgrade' and no longer offer the phone call alternative, text message only.  i can't get text messages here in thailand.  and this is for both ACH and SWIFT transfers.  some TV members suggested i use magic jack and a google feature to get around this but i only just learned about the new security so have not had a chance to try it yet. 

[lopburi3]

1 hour ago, ocddave said:

I use transferwise, one simple to understand cost, and no hidden costs, however I do have to wait about a week for the money to  completely transfer. They tell you the total cost right as you make the request, it works out to about 1.4℅ of the "real" exchange rate at the moment you make the request. With banks you are not only paying a fee, but getting soaked on the exchange rate at the same time.

You send foreign currency and receive the full TT exchange rate upon receipt in Thailand.  Only if you allowed exchange to foreign currency by your foreign bank would there be any loss due to exchange rate.

[buick]

1 hour ago, ocddave said:

I use transferwise,

 

when i looked at transferwise, it seemed that they did not allow USD to thai baht.  they would only allow various european currencies to covert to thai baht.  not sure if i read it wrong (very possible !!).  have you had success with sending USD to a thai baht account ?  here is a link to the 'grid' that i read. maybe 'request' money is not the same as 'send' money.

 

https://transferwise.com/help/article/2357934/request-money/how-to-request-money

[Searat7]

I can go online from anywhere to my USA bank website and transfer up to $10,000 via ACH for $10 to my FX dollar account at Bangkok Bank. (Bangkok Bank fees extra)

[ocddave]

1 hour ago, buick said:

 

when i looked at transferwise, it seemed that they did not allow USD to thai baht.  they would only allow various european currencies to covert to thai baht.  not sure if i read it wrong (very possible !!).  have you had success with sending USD to a thai baht account ?  here is a link to the 'grid' that i read. maybe 'request' money is not the same as 'send' money.

 

https://transferwise.com/help/article/2357934/request-money/how-to-request-money

 

Transferwise deducts the funds from my bank account at Bank of America in USD ,  then they transfer the money to my wife's SCB account in Thai Baht. I've done this several times now without any issues.

[ocddave]

1 hour ago, lopburi3 said:

You send foreign currency and receive the full TT exchange rate upon receipt in Thailand.  Only if you allowed exchange to foreign currency by your foreign bank would there be any loss due to exchange rate.

 

The loss is in the transfer from the US bank to the Thai bank, where the US Bank skims the money with fees, or their own version of the exchange rate. If I understand the transferwise model, they don't actually transfer any money overseas, they just transfer the money between other accounts and yours on each side. This way they avoid any bank transfer fees overseas, takes a little longer as you wait for it to clear, they charge their fee upfront, by adjusting the exchange rate by 1.4% at the time you send the money. This way I know the exact amount money that will be deposited upfront, and the total fee is 1.4%, so no guessing involved. I like the model, and its working well so far, other than bringing money in my suitcase its the best way for me to do so.

[ThaiWai]

4 hours ago, Searat7 said:

I can go online from anywhere to my USA bank website and transfer up to $10,000 via ACH for $10 to my FX dollar account at Bangkok Bank. (Bangkok Bank fees extra)

 

Just don't send a penny more or have any money in your account prior or you will be required to file and IRS FBAR.  Those required to file an FBAR who fail to properly file a complete and correct FBAR may be subject to a civil penalty not to exceed $10,000 per violation for nonwillful violations that are not due to reasonable cause. For willful violations, the penalty may be the greater of $100,000 or 50 percent of the balance in the account at the time of the violation, for each violation.

[lopburi3]

2 hours ago, ThaiWai said:

 

Just don't send a penny more or have any money in your account prior or you will be required to file and IRS FBAR.  Those required to file an FBAR who fail to properly file a complete and correct FBAR may be subject to a civil penalty not to exceed $10,000 per violation for nonwillful violations that are not due to reasonable cause. For willful violations, the penalty may be the greater of $100,000 or 50 percent of the balance in the account at the time of the violation, for each violation.

A five minute chore once a year if you actually have to file (having foreign account balance over 10k at any time) and really nothing to do with subject under discussion.  

[NancyL]

It seems this is a problem the OP has with his bank in the U.S., not Thailand.  It's well-known that the best bank for transfers from the U.S. is Bangkok Bank via ACH transfer (not SWIFT) We use a U.S. credit union that doesn't have OTP in place, but does require that we change our three security questions on-line every 90 days.  This is a bit of a pain, but very manageable.  It's a credit union for a the headquarters of a Fortune 100 company and many of their members live overseas, so they realize that OTPs via mobile aren't workable.

 

The first time I encountered this OTP business, was with Bangkok Bank's online banking and it's a bit of a pain, esp. when I want to pay bills out of our BB account when I'm not in Thailand.

 

If the OP is going to be out of the U.S. for a long period of time, I'd suggest he do what a friend of mine has done with her Bangkok Bank account.  She left her Thai mobile with me and we chat by internet when she's doing Bangkok Bank on-line banking and I look at her mobile and tell her the OTP that just popped up.