Major Change Eff 1 Apr 19 in Bangkok Bank ACH Transfers

[TallGuyJohninBKK]

3 minutes ago, Thailand J said:

Medallion signature guarantee is  required to set up a standing order, adding a bank to your account. For one time transfer you can just call Fidelity.

 

So can you do just a regular one-time international wire via Fidelity using their online banking?

 

And if you use their online interface, that does or doesn't necessitate the completing medallion process?

 

I'm not sure I'd want to call them on the phone every time and have to verbally provide all the recipient account number and other details.

 

 

[Jingthing]

5 minutes ago, TallGuyJohninBKK said:

 

So can you do just a regular one-time international wire via Fidelity using their online banking?

 

And if you use their online interface, that does or doesn't necessitate the completing medallion process?

 

I'm not sure I'd want to call them on the phone every time and have to verbally provide all the recipient account number and other details.

 

 

I'm pretty sure that you CAN'T do online SWIFT transfers with Fidelity without a medallion signature. I wasn't aware that you could do them by calling them without that? Can people confirm that? 

[Pib]

10 hours ago, Langsuan Man said:

Not to hijack the thread but since this forum is about the BKK Bank changes and our actions to it, I just completed my first "International" Wire from my Fidelity Brokerage account to both my Bangkok Bank acct and SCB account

 

Requested $1,000 on Monday (Sep 24) for both Thai banks at 08:30 PDT and received SMS from Bangkok Bank @ 7:20 PM PDT showing:  " _____________ has transferred THB 32,080.00 (USD1,[email protected] -THB200.00) from abroad into 701xxxxxx

 

Did not receive any notification from SCB but Wire showed up in my account as:

25/09/2018   08: 40 X1   FRCI  +31,960.00

 

True to their word there was no fee from Fidelity and fee from Bangkok Bank was just the normal 200 THB .  Note that I used the Bangkok Bank Thailand SWIFT code, not the NY Branch SWIFT code

 

SCB credited my account for 140 THB less than BB but will have to contact them to obtain breakdown

 

As always, in Thailand, YMMV

 

 

Actually there is only a Bt120 difference when looking at the SMSs above (i.e., 32,080 minus 31,960 = 120)

 

SCB charges a 0..25% (Bt300min, Bt500 max) for retail customers compared to Bangkok Bank's 0.25% (Bt200 min, Bt500 max).    Since your transfer amount fell into the minimum range the SCB incoming/receiving fee would have been Bt100 high than Bkk Bk.  

 

For exchange rate both banks had the same rate for 25 Sep 08:30am which is probably the rate you got.

 

Bkk Bk 25 Sep 08:30am exchange rate 32.28 which means the $1000 got you 32,280 minus Bt200 for 32,080 as shown in the SMS.  Bangkok Bank does not charge an inter region transfer fee if your branch happens to be outside the Bangkok region so no additional fee slipped in.

 

SCB 25 Sep 08:30am exchange rate 32.28 also which means 32,280 minus Bt300 for 31,980 and probably another Bt20 inter-region transfer fee assuming your bank is outside the Bangkok region which means Bt31,960 got posted to your account as you said.

 

I think from some of your other posts you bank outside the Bangkok region like maybe Pattaya which can trigger a transfer fee.  Where the banks dropped a lot of domestic transfer fees going-n around a year ago I think that did not apply to transfer fees "associated/tied to incoming international transfers."   Although its a domestic transfer for the last leg of the trip I'm pretty sure some banks keep the transfer fee when it was really the last leg of an international transfer arriving via SWIFT, ACH, etc.   But not applicable to transfers from Transferwise which are handled differently that a regular bank-to-bank transfers.

 

 

SCB Int'l Transfer Fee from BOT website

 

 

 

 

Edited September 26, 2018 by Pib

[riclag]

 On a $2k transfer ,I was using ($3)B of A ach to NY branch of BK bank domestic transfer($5),exchange  fee BK Bank Thailand $6.

I'm not going through B of A anymore after April 1,2019 because of their $45 fee (IWT) fee.

 

I did a test yesterday with my Etrade Bank account ,1k transfer at $25.It hit my BKK bank account the next day.It looks like they only deducted a 200 bht fee. TT rate for the day was 32.07 . I recieved 32,070 bht.

So all in all what was costing me $14 will be  costing me $ 31 .

 

I'm not happy to pay more then double but ,it is what it is. I also want to mention it was very easy to do this on  the Etrade web site.(downloading the Transfer form),bringing it to my Bangkok bank branch and having them fill in their part.Going back online and filling in the  PDF form again with all the info and uploading it,along with my ID into their secure message feature .  Since it was my first time,I called to make sure it went through.

I will be exploring other options soon ,like no fee atm  International withdrawals .I might even do a 1 time transfer,instead of monthly 

Edited September 26, 2018 by riclag

[skatewash]

1 hour ago, riclag said:

 I'm not happy to pay more then double but ,it is what it is. I also want to mention it was very easy to do this on  the Etrade web site.(downloading the Transfer form),bringing it to my Bangkok bank branch and having them fill in their part.Going back online and filling in the  PDF form again with all the info and uploading it,along with my ID into their secure message feature .  Since it was my first time,I called to make sure it went through.

I will be exploring other options soon ,like no fee atm  International withdrawals .I might even do a 1 time transfer,instead of monthly 

 

If you don't already know you can signup with Bangkok Bank for free SMS notification when an international deposit arrives into your local Bangkok Bank branch account.  It's an informative message that contains among other things the exchange rate used.  

Good that things went so smoothly with Etrade on arranging the wire transfer.  I will have to do a similar thing with Vanguard and hope it goes as easily without the need for the dreaded Medallion stamp.

[riclag]

23 minutes ago, skatewash said:

 

If you don't already know you can signup with Bangkok Bank for free SMS notification when an international deposit arrives into your local Bangkok Bank branch account.  It's an informative message that contains among other things the exchange rate used.  

Good that things went so smoothly with Etrade on arranging the wire transfer.  I will have to do a similar thing with Vanguard and hope it goes as easily without the need for the dreaded Medallion stamp.

Yes, I'm aware of the alert. I read the requirements Van puts on transfer's . It doesn't mention  a Medallion for just transferring money,maybe I'm reading it wrong.

• You're transferring or selling securities.
• You're transferring a joint account to an individual account.
• Your name on your Vanguard Brokerage Account is not exactly the same as the name that's registered with the company currently holding your accounts.
• https://investor.vanguard.com/account-transfer/other-questions

Edited September 26, 2018 by riclag

[skatewash]

23 minutes ago, riclag said:

Yes, I'm aware of the alert. I read the requirements Van puts on transfer's . It doesn't mention  a Medallion for just transferring money,maybe I'm reading it wrong.

• You're transferring or selling securities.
• You're transferring a joint account to an individual account.
• Your name on your Vanguard Brokerage Account is not exactly the same as the name that's registered with the company currently holding your accounts.
• https://investor.vanguard.com/account-transfer/other-questions

I'm getting way too much good news today. ????  Thanks for the link.  I will investigate further but am guardedly optimistic now.  In my limited experience, like a bank loan, a Medallion stamp is exceedingly easy to get if you don't really need one and correspondingly hard to get if you do.  I shudder to think how I would get one from Thailand. ????

[Thailand J]

1 hour ago, riclag said:

Yes, I'm aware of the alert. I read the requirements Van puts on transfer's . It doesn't mention  a Medallion for just transferring money,maybe I'm reading it wrong.

• You're transferring or selling securities.
• You're transferring a joint account to an individual account.
• Your name on your Vanguard Brokerage Account is not exactly the same as the name that's registered with the company currently holding your accounts.
• https://investor.vanguard.com/account-transfer/other-questions

That Vanguard webpage you are directing us to is about transferring an investment account from a brokerage company to Vanguard.

For SWIFT Transfers from Vanguard to a Thaibank you will need a medallion signature guarantee to add the bank to your Vanguard account, but fear not, Vanguard does accept embassy affidavits as an alternative.

The form to add a bank is not available online, you have to call and request.

This is important: when you goto Bangkok US embassy, do not show them the Vanguard form, because the embassy has stopped certifying signatures on financial documents.

This will do the trick: a Vanguard add a bank form, a certified copy of your passport, plus a standard Bangkok embassy affidavit to confirm your identify. https://th.usembassy.gov/wp-content/uploads/sites/90/blank-affidavit-bangkok.pdf  

state your name, address and passport number in Item #3 of the affidavit.

Mail the 3 documents to Vanguard and your Thai bank will be added, and thereafter you can order transfers online for $10, free if your account balance exceeds US$1,000,000.

 

Another alternative is Schwab. They only require a form with your signature and a copy of your passport to add a bank.

 

 

[skatewash]

3 minutes ago, Thailand J said:

That Vanguard webpage you are directing us to is about transferring an investment account from a brokerage company to Vanguard.

For SWIFT Transfers from Vanguard to a Thaibank you will need a medallion signature guarantee to add the bank to your Vanguard account, but fear not, Vanguard does accept embassy affidavits as an alternative.

The form to add a bank is not available online, you have to call and request.

This is important: when you goto Bangkok US embassy, do not show them the Vanguard form, because the embassy has stopped certifying signatures on financial documents.

This will do the trick: a Vanguard add a bank form, a certified copy of your passport, plus a standard Bangkok embassy affidavit to confirm your identify. https://th.usembassy.gov/wp-content/uploads/sites/90/blank-affidavit-bangkok.pdf  

state your name, address and passport number in Item #3 of the affidavit.

Mail the 3 documents to Vanguard and your Thai bank will be added, and thereafter you can order transfers online for $10, free if your account balance exceeds US$1,000,000.

 

Another alternative is Schwab. They only require a form with your signature and a copy of your passport to add a bank.

 

 

That is very helpful, thanks!  Very good to hear about the embassy affidavit route, especially the detailed information.
 

It sounds like this may be the best way for me to go and even less expensive than the existing ACH to Bangkok Bank New York branch route.

[Thailand J]

When I send money to Bangkok Bank, Vanguard used JPMorgan Chase as intermediary. $2.

[Pib]

8 minutes ago, Thailand J said:

That Vanguard webpage you are directing us to is about transferring an investment account from a brokerage company to Vanguard.

For SWIFT Transfers from Vanguard to a Thaibank you will need a medallion signature guarantee to add the bank to your Vanguard account, but fear not, Vanguard does accept embassy affidavits as an alternative.

The form to add a bank is not available online, you have to call and request.

This is important: when you goto Bangkok US embassy, do not show them the Vanguard form, because the embassy has stopped certifying signatures on financial documents.

This will do the trick: a Vanguard add a bank form, a certified copy of your passport, plus a standard Bangkok embassy affidavit to confirm your identify. https://th.usembassy.gov/wp-content/uploads/sites/90/blank-affidavit-bangkok.pdf  

state your name, address and passport number in Item #3 of the affidavit.

Mail the 3 documents to Vanguard and your Thai bank will be added, and thereafter you can order transfers online for $10, free if your account balance exceeds US$1,000,000.

 

Another alternative is Schwab. They only require a form with your signature and a copy of your passport to add a bank.

 

Wow....sounds like that requires two docs notarized at the embassy....one, the certified passport copy and two, the affidavit.  $50 for each notarized doc....total cost $100.   But if that's what a person has to do to get a SWIFT transfer link setup for the long term it would be worth it.

 

[skatewash]

2 minutes ago, Pib said:

Wow....sounds like that requires two docs notarized at the embassy....one, the certified passport copy and two, the affidavit.  $50 for each notarized doc....total cost $100.   But if that's what a person has to do to get a SWIFT transfer link setup for the long term it would be worth it.

 

Yes, the cost and effort are unfortunate but might be worth it to be able to do the transfers online, as I can now using the BKK New York branch.  I really don't like having to make a phone call, so the one-time $100 cost may be worth it to me to avoid the phone and set up Bangkok Bank as an online transfer destination for my account.  On the other hand, since I only usually do 1-2 transfers a year (mainly to replenish my retirement extension bank account), I might look into what it takes to do it on an ad-hoc basis.  A couple phone calls per year probably won't kill me but I don't want to risk it unless it's absolutely necessary. ????

 

I'm not happy that Vanguard will be moving (maybe as soon as today) to mandatory 2-factor authentication to access their site online.  Apparently, it is only required if Vanguard doesn't recognize your IP as your usual one, but as I use the free Opera browser built-in VPN basically every time I access their site I'll be using a different unrecognized IP.   Really disappointed that they will not accept an emailed code for the second factor, only an SMS or a phone call.  Not a problem for people living in the US with a mobile there, but for those living overseas a real pain in the neck.

[TallGuyJohninBKK]

18 hours ago, TallGuyJohninBKK said:

 

So can you do just a regular one-time international wire via Fidelity using their online banking?

 

And if you use their online interface, that does or doesn't necessitate the completing medallion process?

 

I'm not sure I'd want to call them on the phone every time and have to verbally provide all the recipient account number and other details.

 

 

 

 

19 hours ago, Thailand J said:

Medallion signature guarantee is  required to set up a standing order, adding a bank to your account. For one time transfer you can just call Fidelity.

 

 

And still no answer to the question I posed above regarding Fidelity and the need for a Medallion certification when using their online banking setup to do an individual international wire???

 

[riclag]

6 minutes ago, skatewash said:

Yes, the cost and effort are unfortunate but might be worth it to be able to do the transfers online, as I can now using the BKK New York branch.  I really don't like having to make a phone call, so the one-time $100 cost may be worth it to me to avoid the phone and set up Bangkok Bank as an online transfer destination for my account.  On the other hand, since I only usually do 1-2 transfers a year (mainly to replenish my retirement extension bank account), I might look into what it takes to do it on an ad-hoc basis.  A couple phone calls per year probably won't kill me but I don't want to risk it unless it's absolutely necessary. ????

 

I'm not happy that Vanguard will be moving (maybe as soon as today) to mandatory 2-factor authentication to access their site online.  Apparently, it is only required if Vanguard doesn't recognize your IP as your usual one, but as I use the free Opera browser built-in VPN basically every time I access their site I'll be using a different unrecognized IP.   Really disappointed that they will not accept an emailed code for the second factor, only an SMS or a phone call.  Not a problem for people living in the US with a mobile there, but for those living overseas a real pain in the neck.

If you plan on  going back to the states establish a Google voice account with a custom number ,you'll be able to get sms on that in thailand when your hooked up to wifi

[skatewash]

2 minutes ago, riclag said:

If you plan on  going back to the states establish a Google voice account with a custom number ,you'll be able to get sms on that in thailand when your hooked up to wifi

I've been looking at that very thing (Google Voice) and trying to figure out if I could possibly get it to work somehow with my Magic Jack (VOIP) US phone number I use now.  Haven't been successful.  I've also heard reports that people don't always get their SMSs through Google Voice, sort of hit or miss.  It's always something ????

[Thailand J]

The last time I talked to Fidelity a medallion signature guarantee is mandatory to add a bank , nothing else is acceptable...and you can't order a transfer online unless a bank has been added.

 

I was also told I can call to order a onetime transfer, the wire department will  put me trough a quiz to verify my identity. I was given this number 1-800-544-6666.

 

 

[TallGuyJohninBKK]

1 minute ago, skatewash said:

I've been looking at that very thing (Google Voice) and trying to figure out if I could possibly get it to work somehow with my Magic Jack (VOIP) US phone number I use now.  Haven't been successful.  I've also heard reports that people don't always get their SMSs through Google Voice, sort of hit or miss.  It's always something ????

 

Google Voice, in my experience, is pretty reliable for receiving financial institution SMSs from the U.S. There may be some entities for which it won't work, but it's always worked for every one of mine, including two different brokerages.

 

Usually, any SMS that gets triggered for my number arrives within a minute or so thereafter, often less.

 

 

[TallGuyJohninBKK]

33 minutes ago, skatewash said:

  Really disappointed that they will not accept an emailed code for the second factor, only an SMS or a phone call.  Not a problem for people living in the US with a mobile there, but for those living overseas a real pain in the neck.

 

--Google Voice number, SMS capable

--MagicJack Android or IOS app, both SMS capable

--free TextNow Android app with free U.S. phone number, SMS capable

--almost free FreedomPop U.S. number, SMS capable via Android app

 

[riclag]

23 minutes ago, skatewash said:

I've been looking at that very thing (Google Voice) and trying to figure out if I could possibly get it to work somehow with my Magic Jack (VOIP) US phone number I use now.  Haven't been successful.  I've also heard reports that people don't always get their SMSs through Google Voice, sort of hit or miss.  It's always something ????

 Don't know about MJ but GV works like a charm for me.Maybe others have suggestions.You can also set up textfree phone number(textfree is the name), there are phone apps. Also try Talktone.

[Langsuan Man]

20 hours ago, TallGuyJohninBKK said:

 

So did you deal with the Fidelity "medallion" certification requirement, and if so, how?

 

 

You can no longer quote multiple posts so I will spam the board answering questions

 

Am in the US so doing the Medallion was just a minor PITA, since my US Credit Union does them BUT you would have to be in the US to get it done

 

And to answer a question farther on, YES, Fidelity will only allow you to send a Wire if they have the Medallion form on file and you must call an agent "for your protection"  

[Langsuan Man]

20 hours ago, Thailand J said:

Medallion signature guarantee is  required to set up a standing order, adding a bank to your account. For one time transfer you can just call Fidelity.

No, Medallion Guarantee is required for all International Wires, and it must be on file when you call and they must key it in 

[TallGuyJohninBKK]

59 minutes ago, riclag said:

 Don't know about MJ but GV works like a charm for me.Maybe others have suggestions.You can also set up textfree phone number(textfree is the name), there are phone apps. Also try Talktone.

 

Over many years, I've found GV to be a more reliable, timely SMS service than MJ, even though I keep and use both, MJ more for the phone calling than the SMSs.

 

But it all comes down to whether the particular financial institutions a person has and their SMS systems work, or don't work, with the particular U.S. telephone/SMS service you want to use. The only way to find out is to try.

[Langsuan Man]

1 hour ago, TallGuyJohninBKK said:

 

And still no answer to the question I posed above regarding Fidelity and the need for a Medallion certification when using their online banking setup to do an individual international wire???

 

Patience John, am 12 + hours away.  I agree the call in requirement is not optimum but for zero in fees I am willing to deal with it.  My Majic Jack is one of my registered phone numbers with Fidelity so it travels with me for instant verification

 

I inquired to the Agent why a standing order could not be automated via online banking and she stated that their "rules" require them to recite the warnings for every Wire, in fact she went through the same warning twice, once for each Wire I sent

 

What amazed me most, was that the Wires were sent and received within 12 hours of placing the order

 

But 24 hours later I am still waiting for an SCB breakdown

 

And like Tallguy I use both;  GV for SMS and MJ for voice

 

 

Edited September 26, 2018 by Langsuan Man

[Thailand J]

I have no experience adding Thai banks or ordering international wires at Fidelity. All that I have said was what I was told.

 

With Vanguard after login I can see a list of added Thai banks, pick one and enter the amount to wire. Done.

 

With Schwabs I used to have to call. Now the wire transfer function is working, previously not for

international accounts. I don’t see a list of Thai banks which I have standing orders. I have to key in the account details: SWIFT code, account name, number and address. Enter the amount to wire. Done. 11 foreign transfers this year so far, the $25 fee was waived everytime.

Edited September 27, 2018 by Thailand J

[Pib]

 

12 hours ago, TallGuyJohninBKK said:

 

Over many years, I've found GV to be a more reliable, timely SMS service than MJ, even though I keep and use both, MJ more for the phone calling than the SMSs.

 

But it all comes down to whether the particular financial institutions a person has and their SMS systems work, or don't work, with the particular U.S. telephone/SMS service you want to use. The only way to find out is to try.

Well said....totally agree.  I have both GV and MJ also.  GV has a higher rate of success than MJ.  But whether either will work also depends on the financial institution.

[Pib]

12 hours ago, Langsuan Man said:

You can no longer quote multiple posts so I will spam the board answering questions

Yes you can.  Just click the "plus" symbol like always.  I just tried it on my computer.  Now if you are talking from a phone/tablet, yea, you can only quote one post as far as I know.

[Pib]

Speaking of using GV or MJ to accomplish bank transfers, I just transferred $10K from one of my U.S. banks to another U.S. bank.  Instead of my bank sending an SMS to my MJ number (the number I have on file with them), when you click continue to proceed with the transfer my MJ number immediately rings and a security code appears on my computer screen.  The automated calls tells me to enter the security code shown on the screen...I do...transfer is approved.

 

Without my GV and MJ numbers I would sh&t-out-of-luck in being able to do a lot of banking transactions at my various U.S. banks as banks slowly but steadily are implementing more reliance on security codes to complete certain banking actions....and some even to login.

 

[TallGuyJohninBKK]

1 hour ago, Pib said:

Without my GV and MJ numbers I would sh&t-out-of-luck in being able to do a lot of banking transactions at my various U.S. banks as banks slowly but steadily are implementing more reliance on security codes to complete certain banking actions....and some even to login.

 

 

I'd also encourage U.S. folks, or folks who have access to a U.S. based Google Play account, to try downloading and installing the TextNow app on their Android phones. The app and its services are 100% free, providing both a U.S. phone number in the area code of your choice, unlimited wifi calling to and from the U.S., and U.S. SMS service. Just an app, no SIM involved.

 

I've been using it for many months, and found its call quality via the Android app is actually better than with MJ, which in recent years, at least for me, has had a tendency to randomly cut off calls at various points especially on its Android app, and which has a somewhat spotty SMS service. And, I've found TextNow's SMS capability to be just as reliable and timely as GV.

 

The TextNow number will NOT work if your bank/institution is demanding a number that's registered as a postpay account with one of the major carriers (something that I rarely encounter). But for all other purposes, it works very well. I've found it to be a nice adjunct to my MJ and GV services, and it's the one I use these days as my main Android app U.S. phone calling resource.

 

[Jingthing]

45 minutes ago, TallGuyJohninBKK said:

 

I'd also encourage U.S. folks, or folks who have access to a U.S. based Google Play account, to try downloading and installing the TextNow app on their Android phones. The app and its services are 100% free, providing both a U.S. phone number in the area code of your choice, unlimited wifi calling to and from the U.S., and U.S. SMS service. Just an app, no SIM involved.

 

I've been using it for many months, and found its call quality via the Android app is actually better than with MJ, which in recent years, at least for me, has had a tendency to randomly cut off calls at various points especially on its Android app, and which has a somewhat spotty SMS service. And, I've found TextNow's SMS capability to be just as reliable and timely as GV.

 

The TextNow number will NOT work if your bank/institution is demanding a number that's registered as a postpay account with one of the major carriers (something that I rarely encounter). But for all other purposes, it works very well. I've found it to be a nice adjunct to my MJ and GV services, and it's the one I use these days as my main Android app U.S. phone calling resource.

 

So I'm inferring that won't work for us Thailand based people, to get that app for a U.S. number?

[TallGuyJohninBKK]

4 minutes ago, Jingthing said:

So I'm inferring that won't work for us Thailand based people, to get that app for a U.S. number?

 

It doesn't matter where you physically are.

 

What matters is that in order to be able to download the app from the Google Play Store, your Google Play account needs to be a U.S.-based one...  

 

If your Google Play Store account is Thailand based, the app won't show up in the store. (Although the app probably still could be sideloaded from various of the alternate Android app stores).

 

Once you have the app on your phone, it will work fine here, including with Thai wifi IP connections. It doesn't require a VPN to use.