I was charged 9.58 USD to send $250 through Bangkok Bank New York branch

[JimmyJ]

On 2/27/2017 at 5:26 PM, themerg said:

All Banks charge for services. It is how they steal money and control economies.

 

 

Give a man a gun and he can rob a bank.

 

Give a man a bank and he can rob the world.

[LammyTS1]

 
I thought all credit card cash advances charge a fee plus interest beginning at once.
Your credit card has no fee for a cash advance (including  a cash advance abroad), just interest charges?
 
A good deal if that's the case. What credit card is that?

It's the Halifax Clarity MasterCard.

No charges for cash advances home or abroad.
No fees from the exchange rate as they use the MasterCard rate which is better than the exchange booths.



Sent from my iPhone using Thaivisa Connect

[JimmyJ]

2 minutes ago, LammyTS1 said:

 

It's the Halifax Clarity MasterCard.

No charges for cash advances home or abroad.
No fees from the exchange rate as they use the MasterCard rate which is better than the exchange booths.



Sent from my iPhone using Thaivisa Connect

 

 

"Credit available subject to status, to UK residents aged 18 or over."

 

 NG for me, but a good deal for those who qualify.

[TallGuyJohninBKK]

There also are a few U.S. credit cards that don't charge any cash advance transaction fees, flat or percentage. But they do start charging interest, at reasonable credit card rates, as soon as the advance is made. Cardholders have the option to pay back the advance by transferring funds into their credit card account almost immediately, if they wish to, meaning any interest charges can be very minimal.

 

[chingching]

Last week I sent $2,500 from Bank of America to Coinbase.  Bought BTC  on coinbase,  Sent the btc to a Thai local exchange for 50 cents.  It took an hour, tho.

[JimmyJ]

54 minutes ago, chingching said:

Last week I sent $2,500 from Bank of America to Coinbase.  Bought BTC  on coinbase,  Sent the btc to a Thai local exchange for 50 cents.  It took an hour, tho.

 

To the moon!

[Pib]

On 3/29/2017 at 10:10 AM, Pib said:

   Anyway, I decided to do a 100% ACH transfer check.   I initiated an ACH transfer from USAA of a healthy sum of money on 28 Mar/Tuesday at 10:11am Thailand time and just a few minutes ago on 29 Mar/Wednesday at 9:36am I got the Bangkok Bank SMS saying the transfer had posted to my account.  SMS like yours and got the initial/opening 0830hrs rate since the transfer was waiting in their inbox for final check this morning.   Less than 24 hours for the low cost ACH transfer.   

 

 

   Just completed another USAA to Bangkok Bank ACH transfer for a healthy amount.  Initiated transfer 14 Aug @ 8:36pm Thailand time (no USAA sending fee); funds posted to Bangkok Bank account 16 Aug @ 8:41am Thailand time.  Approximately a 36 hour transfer time for the low cost ACH transfer.

 

    Summary: transfer in March took 23 hours (1 day.)...transfer in August took 36 hours (1.5 days).  

[JimGant]

Quote

 Just completed another USAA to Bangkok Bank ACH transfer for a healthy amount.  Initiated transfer 14 Aug @ 8:36pm Thailand time (no USAA sending fee); funds posted to Bangkok Bank account 16 Aug @ 8:41am Thailand time.  Approximately a 36 hour transfer time for the low cost ACH transfer.

 

    Summary: transfer in March took 23 hours (1 day.)...transfer in August took 36 hours (1.5 days).  

Sounds like you could have waited another 12 hours to initiate your transfer (i.e., until around 9:00AM, 15 Aug, Thai time) and still gotten it into your Thai account the morning of 16 Aug -- at least based on your March experience.

 

I'm still a little confused on what USAA told you about their cut off time(?). Your post #39 in this thread says "8:00PM CT," but further discussion seems to indicate 8:00AM CT. Based on my experience, and what you report, sounds like two cut-off times -- and if you miss the boat on the first, you wait 12 hours for the second. Also, we don't seem to know what the working hours of Bangkok Bank NY are, which obviously effects when your ACH heads across the pond.

Anyway, whatever the formulas are, an ACH transfer via USAA/BB NY is plenty efficient enough for me, especially when you see Bank of America's slow ACH speed (they use a middleman), plus a fee to boot.

[Pib]

Jim,

   One objective of my latest transfer was to initiate the transfer just before/at the very beginning of the USAA business day which was late evening/early night here in Thailand and around dawn in the U.S.  I wanted to know if USAA might actually send the money early in the morning....early enough to where Bangkok Bank "New York" branch could move it along to Thailand which means when I woke up the next morning my "in-Thailand" Bangkok Bank branch (the main one on Silom Rd in Bangkok in the HQ  Bangkok Bank building) would also post it to my account in the morning.

 

     Basically end up with a transfer time in half-of-a-day/around 12 hours.....initiate the transfer before I go to bed and wake up to money in my account before noon.  

 

   But that didn't happen....as mentioned total time was around 36 hours which means USAA didn't sent it out early in the morning (or maybe even that day),  maybe Bangkok Bank "NY" took a while to move it along, and/or maybe my in-Thailand branch set on it for while. Who knows without knowing the specific time each bank took final action to process the transfer.

 

   The Automated Clearing House (ACH) organization is implementing/phasing-in new rules to speed up ACH transfers like instead of a once a day transfer cut off time there would be two....have a morning and afternoon cutoff time which should speed up some ACH transfers.   But I don't know if that will really help transfers to Bangkok Bank accounts considering the date/time differential, the NY branch still being a middleman, etc.   More info at below link. 

https://www.nacha.org/rules/same-day-ach-moving-payments-faster

 

 

   

[JimGant]

Pib, interesting your data, when I compare it to what I've experienced. My latest data is here:

As you found, initiate the ACH with USAA during Thai morning hours, and it will show up over here sometime the next business day. In your case, it was about a 23 hour gap; in mine, about 28 hours, being posted to my account around 1430 in the afternoon. Now, does that mean it sat at the door here in Thailand awaiting its turn in the queue to get posted? Or, did BB NY actually send it to Thailand after midnight their time? Who knows. The details would be fun to know, but the ballpark data we have is good enough for me to know about how far in advance I need to initiate an ACH -- which is now pretty much in line with a SWIFT transfer, albeit a lot cheaper.

[JimGant]

Just a bump....

USAA transfer times are still pretty darn good. I did a transfer at 11:30AM, Thai time, on Jan 3; it showed up here at 10:16AM, Jan 4. Another transfer 11:45AM, Thai time, yesterday, Jan 16; arrived here today, Jan 17, at 10:30AM.

 

So, earlier information apparently still stands: Initiate a transfer morning of a Thai business day, receive the ACH next morning (assuming it's a business day). Thus 24 hours, or less, turnaround time. Plenty good for me.

 

Maybe I'd get an even faster time if I initiated in the afternoon...... Will try that next time just out of curiosity.

 

Probably still nothing gained, per previous posts, by initiating in the evening in Thailand. Apparently nothing happens until O'Dark thirty back in San Antonio, then New York. Thus, a 12 hour lag or so.

[Langsuan Man]

USAA is so fast because they don't have to go to the Fed to reconcile their funds like most banks do

 

With their Property and Car Insurance business, Banking, Life insurance and all the other profit centers they are awash in cash and self fund themselves;  rather than pay the FED's overnight funds rate

 

I keep the bulk of my savings in another bank account that pays 1.35 % interest and have USAA pull from that account when I need to make a transfer

 

Just this week I needed to pay for a deck in the US and even though I only had a couple of hundred dollars in my USAA checking account I initiated a pull of $5,000 and an immediate push of $5,000 to the contractor thus taking advantage of USAA's float

 

 

 

[jobwolf]

Don't worry, I was charged almost 1600 Bath by Siam Commercial Bank to send 900$ to Singapore

 

[Pib]

 

A few days ago I did an USAA ACH transfer....initiated 10:15am Thailand time....posted to my Thai bank account next day at 11:57am Thailand time....a little less than 26 hours.   

 

Two other USAA ACH transfers I've done over the last 10 months or so have taken around 23 hours and 36 hours if I remember right.  The 23 hour transfer was initiated about the same time as above mentioned transfer except maybe a little closer to just before noon Thailand time....and the 36 hour transfer was initiated late at night Thailand time like at around 10pm the best I can remember without reviewing old posts/digging deep into my brain cells.     I did the late night transfer initiation to see if the money might arrive next morning in around 12 hours...but it didn't....guess I missed whatever the magic transfer cutoff times USAA and the ACH system uses....or USAA just waits until the next business day to kick the money out the door towards Thailand.  

 

Initiating the transfer with USAA in the morning Thailand time...before noon Thailand time (i.e., before midnight U.S. Central Time which USAA uses) seems to be the best time to ensure the quickest transfer....a low cost ACH transfer that will take around 24 hours from you clicking the USAA transfer button and the money posting to your Bangkok Bank account.