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Major Change Eff 1 Apr 19 in Bangkok Bank ACH Transfers

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53 minutes ago, JDGRUEN said:

Alternative method of Funds Transfer.. TransferWise. 

I believe I announced here that I formed a Facebook Group to help Expats use TW to move funds of 65K or 40K ("Retirement" or "Marriage) monthly to Thailand and reliably get labeled International Transfer and FTT encoded in the Bankbook. After 5 weeks there are 500+ members in this TW Users Group. 

After many tests transfers by members using a new Reason for Transfer Option..." Funds for Long Term Stay in Thailand - we found that if the destination bank is Bangkok Bank this combination works correctly 100% of the time. But only with Bangkok Bank - not with other Thai Banks. 

Why not explicitly give the name of the facrbook group rather than make people guess?

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2 hours ago, skatewash said:

Why not explicitly give the name of the facrbook group rather than make people guess?

maybe this will help  Transferwise solutions. It was easy to find.

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16 hours ago, JimGant said:

I too got a "return" from BB NY of my last attempt to ACH from USAA; and, yes, the account I attempted to send to is no longer available to send to. Bringing up the 'manage account' page shows this account is now labelled 'restricted,' with a yellow warning triangle stating "action required." The two other Bangkok Bank accounts I have set up, but to which I didn't attempt an ACH recently, are still available. Oh well.

Did USAA hit you up with any fee for the rejected transfer?

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2 hours ago, Pib said:

Did USAA hit you up with any fee for the rejected transfer?

No

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Visa Forex looked good enough for me this month so I put this, and Transferwise, on the shelf and did a 30k pull at Krungsi ATM, then dropped it in the BKK Bank ADM next door.  Trip down memory lane from the good old Aeon days.    

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ACH is still working for me as of Sep. 11. Just received an ACH transfer yesterday.

 

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On 9/12/2019 at 8:02 AM, skatewash said:

Why not explicitly give the name of the facrbook group rather than make people guess?

I haven't posted the FB Group name because the typical response here on TVF is "I / We don't use Facebook". So it seemed rather a waste of time. So I just gave a a very condensed report of our success in getting around a serious problem that occurred in July. Numerous Expats got foreign originated fund transfers coded as Interbank via SMART or other code that equals 'Domestic Transfer' thus totally derailing (in the eyes of Thai Immigration) 9-10 months of successive 65K or 40K International - FTT labeled/encoded Transfers. Thai Immigration has used this to deny Annual Applications for an Extension of Stay. Only a few I/Os waived it. Assininity at its finest. 

 

While our testing of transfers has provided a solution of sorts to assuring correct labeling and encoding of International Transfers, our findings limit Expats to using Bangkok Bank. However, our members have been more than willing to switch without much complaint. 

 

*We have a second goal to make Thai Immigration very aware from top to bottom that... 'to date' all TransferWise funds transfers have been initiated abroad backed by a particular Expat's funds held in financial institutions in a Foreign country. Thus demonstrating that TW transfer pdf receipts should be given weight as evidence of an International Transfer along with Thai Banking Records (without the necessity of obtaining a FET Form - Foreign Exchange Transaction). 

Also that - the above should be the case regardless of the fact that TransferWise makes internal Thailand funds transfers between their partner banks. Bottomline all TransferWise funds transfers are International Funds transfers in regards to the Expat Customer. 

 

(* A tall order indeed - but who would have thought the Thai Immigration Chief would back down on the TM.30 issue). 

 

Go to TransferWise Solutions Group on FB. We bill ourselves as a Thailand TransferWise Users Group. 

 

 

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Well, tomorrow/Monday is 16 Sep which was Bkk Bk's latest of numerous lines in the sand.  Will be interesting to see if ACH non-IAT format transfers "initiated" on and after 16 Sep actually do get rejected. 

 

If they don't get rejected that means the person's transfer was in IAT format but no one has been able to find a bank yet that uses IAT format for retail accounts.  Or, it means Bangkok Bank has a new unannouced line in the sand....the lure of fees is still too strong to completely shut the door.

 

And when I say find a bank that uses IAT format I mean the person actually contacted Bangkok Bank to ask if their transfer was in IAT format.  Everyone that has  done so has been basically told even though your transfer was not rejected it was not in IAT format since our new line in the sand has not been reached...please contract you bank to arrange for IAT format. 

 

It's really easy to determine if your bank uses IAT format because it would require a person to enter the recipient's name/full address/phone number during the transfer...pretty similar to what is asked on a wire transfer.  I sure know none of my banks/credit unions/brokerages ask for such info on an ACH transfer....they just want to know the routing number and acct number being sent to.

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After my failed attempt of an ACH transfer to Bangkok Bank via USAA on August 25th, I decided to give it another try using a different account.  Last Thursday, September 12th, I initiated a standard ACH transfer from TD Ameritrade.  TD Ameritrade takes 2 to 3 business days to complete a transfer.  Anyway, I checked this morning, September 16th, and I received an SMS from Bangkok Bank that a deposit had been made.  I almost wish that the transfer had not gone through after the big drop in the dollar to baht exchange rate on Friday, dropped from around 30.64 to 30.28.  I see that the dollar has recovered somewhat this morning, but too late for me.

As others have said, it appears that only USAA has been turning back or cancelling transfer requests.  My transfer was deposited as of today, but who know going forward as today is supposed to be the latest drop dead date.

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Yes indeed, today is "The Day"...the latest "line in the sand" for the good folks over at Bangkok Bank's New York Branch.

 

The past week came and went, without a peep in my inbox from either Lyn or Sirivan.  Might I or others hear back from them early this week with yet another date change to the right (...or for that matter, be able to view the updated information posted to their website 😆...)?  Perhaps. 

 

Until then, the likely reason as to why it's approaching a nearly 6-month delay (w/the 4 latest date changes only provided in email replies to customer queries), tacitly is best summarized below:

 

"....and it's probably hard for them being bankers to let this NY branch ACH relay fee-cow move on to greener pastures."  (credit to 'Pib' post #752) 

"....the lure of fees is still too strong to completely shut the door."  (credit to 'Pib' post #773)

 

SIT

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Perhaps.  Good thoughts 'skatewash'. 

 

And yes, they certainly have been accommodating/clever to continue to exploit whatever loophole may have existed/or still exists today, for most of their customers.  

 

Their obvious website neglect since April 1st however, gets an F. 

 

Bangkok Bank's New York Branch has been very accommodating in answering my specific email queries over the past month.  Very pleased with their forthright answers to date.  Now, will they eventually respond to my Sep 7th email, in which I ask for the reason why the many date changes since April 1st, and to let me know if Sep 16th slides again?  We shall see -- will advise if anything is received.

 

SIT          

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I don't understand the manic addiction to trying to wring out the last ACH transfer via B.B.- NY. 

The time to move on is way over due. There are several alternatives that are working. Waiting for IAT to be embraced by retail American Banks seems to be another way to measure your beard growth. 

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15 hours ago, Somewhere In Time said:

Perhaps.  Good thoughts 'skatewash'. 

 

And yes, they certainly have been accommodating/clever to continue to exploit whatever loophole may have existed/or still exists today, for most of their customers.  

 

Their obvious website neglect since April 1st however, gets an F. 

 

Bangkok Bank's New York Branch has been very accommodating in answering my specific email queries over the past month.  Very pleased with their forthright answers to date.  Now, will they eventually respond to my Sep 7th email, in which I ask for the reason why the many date changes since April 1st, and to let me know if Sep 16th slides again?  We shall see -- will advise if anything is received.

 

SIT          

Actually, the rule regarding use of the IAT when the ultimate destination was outside of USA was implemented by the ACH system in 2009 to comply with US money laundering laws.  Apparently Bangkok Bank did not comply when the rule came out, but was "caught" and told to comply - thus their webpage which covers not only the first deadline of 1 April 2019 for those with existing NY Branch transfers already set up (previously did the two deposit linking process) - it also provides instructions which did go into effect for setting up the process (new) which does require using the IAT format.  Since not following the requirement could jeopardize Bangkok Bank's NY Branch participation in the ACH system, it appears they did receive a dispensation on enforcement until April 1 -- an then have gotten it for the subsequent extensions -- BUT, at some point the ACH regulatory institution is bound to cease approving any more extensions and Bangkok Bank NY Branch will then be forced to stop accepting them unless in the IAT format.

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