Additional Transfer fees from SS Beneifts at Bangkok Bank in New York.

[Neilcnx]

I haven't had the time to read thru all posts so if there is one on-going, please let me know. My concern in the additional transfer fees taken off the top  from SS Benefits at the Bangkok Bank in New York. Can anyone please explain what, if anything, can be  done about this.

 

 

Thanks

Neil Alper

[ubonjoe]

They are only $5 up to $10. Not enough to worry about IMO.

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

Source 

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

[Neilcnx]

Shrugging my shoulders was not the informative solution/explanation I was hoping for... but thanks for the reply

[ubonjoe]

Not sure what you wanted. All banks charge fees for their services.

If you are concerned you will be charged more than the posted fees you have nothing to worry about. I have been getting my SS payments direct deposited for the past 5 years and it is always the posted fee. 

I get an SMS from Bangkok Bank informing me the transfer has been done. It show the amount in dollars minus the fee, the exchange rate, the amount in baht, and the local fee in baht.

You cannot get your SS payments sent to you for less than they charge. Check the fees for sending them by SWIFT from a US bank. The fee here will be the same .25% with a minimum of 200 baht and max of 500 baht.

[longball53098]

Joe is correct. All banks charge a fee to send money from place to place. There is nothing you can do here to avoid the transfer fees at BBL bank. Small price to pay for having your cash sent here directly. The service has added value in that the cash is secure and no hassle's getting checks cashed or other issues. If you think this should be a free service I guess your dreaming.

[Neilcnx]

I received a letter by mail with the same language as the site you referenced. It was titled "Notice of class action proposed settlement...."

 

I've been receiving SS for quite a while and never paid much attention to details other than the money had arrived. The only record of the $s sent is via the annual SSA form and the SMS. Last year, there was no increase in the benefits... this year there was a CPI increase. I guess i thought the 200 baht fee was the transfer cost or part of it. Because of the increase for this year, I paid attention to the $ amount posted in the SMS and it was less than the amount stated in the form I received from SSA. Wondering why, I called the bank  and later wrote to  SSA in Manila.

 

It seems that the fees were waived by BBL NY for 3 months as part of the 'proposed settlement'. I was interested  to know if the class action has been concluded and if anyone knows whether there will be further change from the language (transfer costs) of the 'proposed settlement'.

 

Of  course I expect to pay a wire fee and know the amount for SS is cheap. I once got paid back money i had loaned to a friend and noticed the transfer from bkk was 25 baht short. So my experience thus far is that unless stated, the bank will assume you are sending the net amount.

 

Thanks for your time writing a reply.

 

[ubonjoe]

I read about the class action some time ago but never got anything from the bank about it. IMO it seemed to be a frivolous complaint.

When I set up my direct deposit account about 5 years ago at the bank I was fully aware of of the fees charged since they were posted on the website where I got the info about setting it up.

I noticed that for the last few months of last year that the amount shown on the SMS was the same as my payments but did not pay that much attention to it. Went back through the last few months of the SMS 's and it appears they did not take out fee in New York in October, November and December of last year.

In January and this month the amount is minus the fee.

Not sure about the 25 baht difference in the transfer you mentioned. Perhaps a difference in the exchange rate you though you got.

The fees for any transfer done via New York is the same for all transfers. It is not special for direct deposits. Also the .25% and the min/max charged here is the same for all transfers including those done by SWIFT.

 

[Neilcnx]

Apparently, the 3 months without fees was the 'proposed' class action settlement. I've written to the [email protected] in new york to see what the current status is, i.e. is the case closed or still on--going. As it's really my first awakening about all this, i agree the amount is small - especially  compared with other methods. But if the bank is able to make the decision to raise the transfer and come closer to those other methods at some time in the future, it could become more impactful.

 

the 25 baht comment was out-of-context. It had to do with a transfer a cash deposit my friend made from bkk to repay me via my SCB account in Chiang Mai. Bank tellers sometimes make their own decision about transferring the net amount or telling the customer what the transfer charge will be so they can pay the additional.

 

When (if) I hear from BBL in NY, I'll let you know.

[lopburi3]

It is your choice to use this deposit system - if there are changes you can also change.  For many deposit to a US account so US payments can easily be made is the choice - but for others without that need this seems to work well and be the simple option.  

 

The class action (lawyers making there money) was a technical point from my understanding where the fee was not specifically mentioned for this transfer but was clearly available and posted as normal bank policy.  As said using bank will always cost someone something; and this appears to be a very reasonable fee indeed so would not stress too much about it.   

 

 

Edited February 27, 2017 by lopburi3

[Neilcnx]

Thanks for replying.

[Pib]

On 2/25/2017 at 5:59 AM, Neilcnx said:

Shrugging my shoulders was not the informative solution/explanation I was hoping for... but thanks for the reply

 

Take a look at below few hours old post in a related thread regarding how the Bangkok Bank fees work for ACH transfers.   Nothing can be done...perfectly legal...it like an intermediary bank fee as it passes through the NY branch and receiving fees on the receiving bank end is not uncommon.   You won't find a cheaper way to transfer significant amounts of funds from the U.S. to Thailand....and you will not find another Thai bank that has ACH receiving capability which is the primary funds transfer system in the U.S. and what govt pension agencies like Social Security use to make Direct Deposits to your bank account.

 

[Pib]

The class action suit against Bangkok Bank was settled (actually dismissed) in Aug 16  but with a $5,000 award to the plaintiff and $20,000 in plaintiff lawyer fees.  Bangkok Bank fee structure for transfers through their NY branch remain unchanged.

 

 

Edited February 28, 2017 by Pib

[Neilcnx]

Thanks for replying.

[Neilcnx]

My eyes are now wide open and i realize i won't have to worry about higher, unreasonable fees in the future.

 

Thanks to all of you  who helped explain the situation and provide assurance that the system is more than fair.