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BANGKOK 22 May 2019 05:42
Pib

Major Change Eff 1 Apr 19 in Bangkok Bank ACH Transfers

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Thanks for the information as I was not aware of the change.  One reason is because there has been no change in my transfers from USA bank to Bangkok Bank account - it was set up using the 2 deposit method over a year ago. My transfers in May, June, and July all went through as usual.  Has anyone else had a problem with continuing their transfers?

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The problems seem to be with people trying to set up NEW links. That's already been stopped. Most people should expect it will probably be OK if they have an already established link that you've used before until the announced cut off date.

 

So that does leave time to try to find an alternative transfer method if you've been relying on the BB NYC ACH transfer scheme.

 

I've used it as a backup option. But sad to see it go because that means my primary backup option with be gone.

 

It's advisable to have at least two transfer options I think 

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I made a transfer from my credit union 2 weeks ago and worked normally. I am switching from ACH transfer anyway.

I set up a coinbase account to buy crypto coins in the US then transfer the coins to my bx account in Thailand and sell the coins there and get the cash out.

I did a trial transfer already and it was cheaper.

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The bottom lines here are simple:

 

--The current BKKB system for domestic ACH transfers from the U.S. to Thailand via their NY branch is ENDING as of April 1, 2019.  The online U.S. ACH domestic transfers you have been doing all along to BKKB NY will no longer function after that point.

 

--The end of the current domestic ACH transfers system for the NY branch, according to BKKB, will have NO IMPACT on the current Social Security and any other federal government direct deposit arrangements already existing thru BKKB.

 

--BKKB in their updated webpage is advising its U.S. customers that after April 1, 2019, they should use a different system with their U.S. banks' online banking called IAT (International ACH Transfers).  However, the apparent problem with that is, no one seems to know of any U.S. banks that currently provide consumers online access to IAT or any U.S. banks/CUs that have announced plans to support it for consumers.

 

And no, none of this is an early April Fool's Day Joke!!!

 

Edited by TallGuyJohninBKK
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Are there any existing alternatives? I can think of ATM's, but that is clumbersome and costly.

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Bangkok Bank has a New York branch in the U.S.  I send transfers to that bank from my U.S. Wells Fargo Bank account using on-line banking.  The process is the same process I would use to deliver money from my Wells Fargo account to any other bank in America......Bangkok Bank being one of those "other banks" essentially.

 

Whatever the system Wells Fargo uses after April 2019 is really of no concern to me but I'm pretty sure it is already SWIFT as the U.S. banking system started using SWIFT a few years ago.  

   

I  believe one other easy way not mentioned in the thread so far is good old Western Union.....here is a direct quote from them on Google just now:   

 

"Send cash from an agent location | Western Union Thailandimage.png.9abd1cbce7adef9f2546a8682e1c855f.png

Send cash from any Western Union agent location in Thailand to your family and friends abroad, then track your transfer conveniently online.

 

 

 

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20 minutes ago, TGIR said:

Bangkok Bank has a New York branch in the U.S.  I send transfers to that bank from my U.S. Wells Fargo Bank account using on-line banking.  The process is the same process I would use to deliver money from my Wells Fargo account to any other bank in America......Bangkok Bank being one of those "other banks" essentially.

 

Whatever the system Wells Fargo uses after April 2019 is really of no concern to me but I'm pretty sure it is already SWIFT as the U.S. banking system started using SWIFT a few years ago.  

   

I  believe one other easy way not mentioned in the thread so far is good old Western Union.....here is a direct quote from them on Google just now:   

 

"Send cash from an agent location | Western Union Thailandimage.png.9abd1cbce7adef9f2546a8682e1c855f.png

Send cash from any Western Union agent location in Thailand to your family and friends abroad, then track your transfer conveniently online.

 

 

 

No. You're using ACH to Bangkok Bank New York that flows to your Thai BB account and that service will END in April. That's what this thread is about!

There would never be a reason to send a SWIFT domestically!

 

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It's been a long time since I had a WF account but I recall back then their SWIFT service was quite expensive and you needed to do an in person U.S. branch application to set up the service first time. 

Every bank has different rules for that.

Some even have online SWIFT. 

Anyway, this thread is about the ACH Bangkok Bank scheme going to New York first ENDING. 

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1 hour ago, Pib said:

I would recommend you consider a money transfer service like Transferwise. I opened an account about a month ago...works like a charm.    For transfers of up to around $3K or less Transferwise puts more baht into your Thai bank account when  both "exchange rate and fees" are considered.  For amounts above approx $3K you will be a little better off using an Int'l Wire/SWIFT.   And you can transfer to "any" Thai bank; not just Bangkok Bank which you are limited to if using the Bangkok Bank ACH method which for all practical purposes will end 1 Apr 19 since IAT is not offered by U.S. retail bank accounts...only Domestic ACH and Domestics/Int'l Wire (a.k.a., SWIFT) is offered.   IAT transfers is primarily a corperate accounts thing used for international payment of goods/services, payroll, etc.  

I'm curious, how long does a transfer take using Transferwise?

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2 hours ago, soisanuk said:

Thanks for the information as I was not aware of the change.  One reason is because there has been no change in my transfers from USA bank to Bangkok Bank account - it was set up using the 2 deposit method over a year ago. My transfers in May, June, and July all went through as usual.  Has anyone else had a problem with continuing their transfers?

If you read the OP carefully, you'll note that ACH transfers through the BBK Bank NY branch that have already been set up and used successfully will continue to work until the cutoff date of April 1, 2019. For those who are trying to initiate this setup (ACH transfers from an American bank to their BKK Bank acct. in Thailand by routing through the BKK Bank NY branch) the door has been closed they will not be able to set up this methodology of funds transfer.

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