Swift Money Transfer

[RobFord]

Can anyone explain how to make the transfer from an overseas account while in Thailand?

Can you contact your home bank by phone to set it up, or do you have to be there?

 

 

Sent from my iPhone using Thailand Forum - Thaivisa mobile app

[Jingthing]

It totally depends on the specific policies of the specific bank you want to send your SWIFT transfer from.

I've done this with multiple USA banks. 
They all have different policies.

Usually with banks it involves signing an agreement in person at one of their branches in the USA. But not always. 

Right now, I'm actually using an ONLINE SWIFT transfer process from a brokerage account. 

But they think I live in the USA and would close my account if they didn't.

I have to login with a USA identity.

So good luck.

You're going to need to contact the specific banks. 

Edited June 25, 2017 by Jingthing

[nasanews]

If you have online banking with your bank overseas, just log in then transfer it might take 3 days to be transferred, but before your transfer you have add your Thai bank account number and verify it.

[Jingthing]

8 minutes ago, nasanews said:

If you have online banking with your bank overseas, just log in then transfer it might take 3 days to be transferred, but before your transfer you have add your Thai bank account number and verify it.

That would work IF the bank offers ONLINE SWIFT transfers. 

In my experience, most U.S. banks do not offer that.

I had been using a phone in SWIFT process for several years but one year I didn't get the new code in time at my U.S. address in time and that meant starting the paper signing process all over again at the USA branch. No flexibility on that whatsoever. 

 

Another of my bank's offers a mail in form OR fax in form option. Mail in isn't very practical from Thailand and in some cases faxing in from Thailand would cause a red flag. 

 

For U.S. nationals anyway, it's often very important to present yourself as a U.S. resident with REAL U.S. address (as opposed to a forwarding box) and even U.S. phone number. 

Edited June 25, 2017 by Jingthing

[nasanews]

Just now, Jingthing said:

That would work IF the bank offers ONLINE SWIFT transfers. 

In my experience, most U.S. banks do not offer that.

 

The majority of international interbank messages use the SWIFT network. As of 2015

https://en.wikipedia.org/wiki/Society_for_Worldwide_Interbank_Financial_Telecommunication

[Jingthing]

58 minutes ago, nasanews said:

The majority of international interbank messages use the SWIFT network. As of 2015

https://en.wikipedia.org/wiki/Society_for_Worldwide_Interbank_Financial_Telecommunication

I completely agree.

But not sure why you answered my post with that.

I never said differently.

My point is that each bank does SWIFT transfers according to their OWN specific rules.

I know the U.S. best of course and I tell you with full authority that it is very common for U.S. banks to require an in person in branch in U.S. initial setup of a SWIFT agreement. Then later you can do it according to their method which may be phone, mail, fax, etc.

People preparing to move abroad should try to open an account that offers ONLINE SWIFT transfers. In the U.S. in my experience, the majority of U.S. banks do NOT offer the ONLINE method. 

 

Referring the the OP's specific question

Can you contact your home bank by phone to set it up, or do you have to be there?

the answer is that the initial setup rules of SWIFT (and later transfer contact methods) is bank dependent. There is no way around that. 

Edited June 25, 2017 by Jingthing

[lopburi3]

My US bank required that I have a wire transfer agreement on file and this had to be signed at there office.  If this is an issue you might try Bangkok Bank ACH transfers if your bank allows that - or open an account with USAA (if meeting requirements) as they allow overseas address and free ACH transfers.  If for emergency you could have someone you know send to your using SWIFT or other money transfer service.  Have no idea of requirements for other countries (and do not know nationality of OP).

 

But do contact your bank and ask them - perhaps they can do - especially if you have a phone password set up.

[Jingthing]

Yes the Bangkok Bank ACH transfer thing is very good. 
For that you need a U.S. or U.K. bank account and also a Bangkok Bank account in Thailand.

The initial setup is rather a pain as you need to verify small test transfers which are converted to baht so you have to call Bangkok Bank to tell you how much was transferred in the source currency, and then enter those amounts in the U.S. or U.K. online setup. 

Keep in mind that is one way only. To Thailand. Never back out. 

 

From the U.S. or U.K. bank's POV, ACH to Thailand via Bangkok Bank is a DOMESTIC transfer. Especially for U.S. banks never call customer service and say you are using it to transfer abroad. That may easily trigger a red flag. 

Edited June 25, 2017 by Jingthing

[observer90210]

Not aware of USA banks, but with most banks in Europe, during a long stay period in Thailand , why not make an online transfer from the homeland bank to the bank a/c  in Thailand? 

 

Takes me around a week for funds to arrive and total costs are around the equivalent say of US$ 7,- -

 

Naturally in the process the bank in Thailand will not give you the same fantastic exchange rate in your favour, as will be given by some of the fine money changing booths in town, no matter which city you are in.

[Oxx]

14 hours ago, Jingthing said:

The initial setup is rather a pain as you need to verify small test transfers which are converted to baht so you have to call Bangkok Bank to tell you how much was transferred in the source currency, and then enter those amounts in the U.S. or U.K. online setup. 

That's certainly not the case for the UK.

 

And if you use the service, don't get the money converted to THB before sending.  Even though the fee is lower, the rates used are abysmal (and not published).

 

[lopburi3]

Actually US ACH transfer should be set up as send only (even though it is your account funds are going into) and that may not require the small transfers (as there is no way to recover).  

 

As said conversion to baht should be done in Thailand, regardless of the method of transfer used - unless you are very sure your system/country is an exception.

[nasanews]

15 hours ago, Jingthing said:

I know the U.S. best of course and I tell you with full authority that it is very common for U.S. banks to require an in person in branch in U.S. initial setup of a SWIFT agreement. Then later you can do it according to their method which may be phone, mail, fax, etc.

I am totally surprised by that because in my home country we never have to visit bank branch in order to agree to use any service including swift except for account security issues like changing mobile phone number in order to receive OTP text messages or replace lost or stolen debt cards.

[lopburi3]

This is a security issue if you have never agreed to wire transfers and is the reason it must be done in person.  If you signed a wire transfer agreement when you opened account (which may be common now - no recent experience) it may not be an issue when you actually request to use.