SCHWAB BANK ACH transfer to Bangkok Bank NY Branch

[khunbillmex]

SCHWAB BANK ACH transfer to Bangkok Bank NY Branch

With new AIT rules coming on-line on 1 April (if I recall correctly)I have made three inquiries to Schwab over the past 30 days – finally I got through to the correct department (Move Money Desk) and got an answer. Schwab will not be amending its ACH form to accommodate the additional information the new AIT rules require (--which is little more than already required --Your name and physical address in Thailand –).The only ‘solution’ Schwab could offer was to use an International Wire Transfer ($25). At least the Schwab ATM card is still ‘fee free’ and rebates the 220THB fees for each ATM transaction.

 

Has anyone found a US bank that will be set up to add the needed additional info?

[Thailand J]

Have you tried Schwab international wire trandsfer? Somehow the $25 was waived for me.

 

 

[Pib]

Has anyone found a US bank that will be set up to add the needed additional info?

You will not find ACH "IAT" sending capability for retail accounts like the common man has...but the banks can receive IAT transfers no problem.

Some large banks offer IAT sending on business accounts but for the common man retail accounts it's not available. Instead they only provide SWIFT which is a real cash cow fee-wise for banks.

[CMNightRider]

23 hours ago, Thailand J said:

Have you tried Schwab international wire trandsfer? Somehow the $25 was waived for me.

 

 

I'm surprised the $25 fee was waived.  Schwab charged me the fee on my transfers.  If you figure out how you got around the fee, please let me know. ????

[Thailand J]

Looks like Vanguard used IAT when I ordered online  transfer into Schwab. I have Thai address on both accounts.

[ballbreaker]

On 1/13/2019 at 12:12 PM, CMNightRider said:

I'm surprised the $25 fee was waived.  Schwab charged me the fee on my transfers.  If you figure out how you got around the fee, please let me know. ????

I have Schwab account and fee on my transfers are waived.

 

Special Service Fee Waivers

Wire transfer fee: With $100,000–$499,999 in Household Balances, you will receive three free online domestic wire transfers per quarter; with $500,000 or more in Household Balances, or 36 or more stock or option trades per year in Accounts of Your Household, you will receive three free domestic wire transfers per quarter.

 

[CMNightRider]

14 minutes ago, ballbreaker said:

I have Schwab account and fee on my transfers are waived.

 

Special Service Fee Waivers

Wire transfer fee: With $100,000–$499,999 in Household Balances, you will receive three free online domestic wire transfers per quarter; with $500,000 or more in Household Balances, or 36 or more stock or option trades per year in Accounts of Your Household, you will receive three free domestic wire transfers per quarter.

 

Does Schwab offer a free international money transfer?

[ballbreaker]

4 hours ago, CMNightRider said:

Does Schwab offer a free international money transfer?

I have been unable to fined any mention of waived fee on international transfers on their site.  I know for a fact they waive fees on 3-4 transfers I make to Thailand every year but can find nothing on their site that supports that policy.  My records show that prior to middle of 2016 I was always charged $25 fee but during the second half of that year I rolled a large sum into my accounts with Schwab pushing my total balance into $100k - $500k range which allows waived fees on domestic transfers.  At that time they stated to waive my fee for transfers to Thailand even though they are international.  Perhaps an unwritten policy.

 

 

[sfokevin]

I have been testing out TransferWise to replace the impending demise of the BK Bank ACH... So far all four of my transfers from my Fidelity account have arrived and posted to my Thai BK Bank account and listed as “International Transfer” online and are coded FTT on my bankbook...

 

Use the link below and you will get a free transfer

https://transferwise.com/u/kevinr530

[TallGuyJohninBKK]

6 hours ago, ballbreaker said:

I have Schwab account and fee on my transfers are waived.

 

Special Service Fee Waivers

Wire transfer fee: With $100,000–$499,999 in Household Balances, you will receive three free online domestic wire transfers per quarter; with $500,000 or more in Household Balances, or 36 or more stock or option trades per year in Accounts of Your Household, you will receive three free domestic wire transfers per quarter.

 

 

Those are DOMESTIC wires to other U.S. accounts -- not international wires from the U.S. to TH.

 

[TallGuyJohninBKK]

20 minutes ago, ballbreaker said:

I have been unable to fined any mention of waived fee on international transfers on their site.  I know for a fact they waive fees on 3-4 transfers I make to Thailand every year but can find nothing on their site that supports that policy.  My records show that prior to middle of 2016 I was always charged $25 fee but during the second half of that year I rolled a large sum into my accounts with Schwab pushing my total balance into $100k - $500k range which allows waived fees on domestic transfers.  At that time they stated to waive my fee for transfers to Thailand even though they are international.  Perhaps an unwritten policy.

 

What kind of Swift address are you using for the recipient entity -- perhaps an intermediary one that gets classed as a domestic transfer by Schwab... Or is the Swift address you're entering in clearly a direct Thai bank in Thailand one (and NOT the BKKB New York branch code, which would be U.S. domestic)?

 

[TallGuyJohninBKK]

Re Schwab, I think the more interesting question here is what's going to happen post April to the Swift address for BKKB's New York branch, and the ability to send to the NY branch's Swift address and have the funds forwarded onto Thailand?

 

We already know the BKKB NY ACH route will be ending. But ACH is an entirely different route and process from Swiift. And I've yet to hear anything about whether the New York branch's Swift code will be able to continue to be used for onward transfers to Thailand.

 

If folks CAN continue to use the NY Branch's own Swift code for onward transfers, then that would be EASY for all Schwab customers with larger balance accounts, since they're officially entitled to 3 free domestic wire transfers per quarter...as explained above.

 

[ballbreaker]

20 minutes ago, TallGuyJohninBKK said:

 

What kind of Swift address are you using for the recipient entity -- perhaps an intermediary one that gets classed as a domestic transfer by Schwab... Or is the Swift address you're entering in clearly a direct Thai bank in Thailand one (and NOT the BKKB New York branch code, which would be U.S. domestic)?

 

Have always used the BKKBTHBK swift code for Thailand Silom main branch.  Routing on transfers before and after they stopped charging $25 has always been Schwab to Wells Fargo to BB Silom Branch then into my account after conversion to baht.  Only fee deducted during transfer is 500 baht for processing at BB in Thailand.

 

 

[Thailand J]

Okay..good to know I am not the only one who enjoys free Schwab international SWIFT..and also cannot explain why ????

[JimGant]

On 1/16/2019 at 4:27 PM, TallGuyJohninBKK said:

Re Schwab, I think the more interesting question here is what's going to happen post April to the Swift address for BKKB's New York branch, and the ability to send to the NY branch's Swift address and have the funds forwarded onto Thailand?

 

We already know the BKKB NY ACH route will be ending. But ACH is an entirely different route and process from Swiift. And I've yet to hear anything about whether the New York branch's Swift code will be able to continue to be used for onward transfers to Thailand.

 

If folks CAN continue to use the NY Branch's own Swift code for onward transfers, then that would be EASY for all Schwab customers with larger balance accounts, since they're officially entitled to 3 free domestic wire transfers per quarter...as explained above.

 

John, don't believe SWIFT is involved with domestic wires. I used Bangkok Bank's ABA number, when I did a test domestic wire a few months back, plus my Bangkok Bank in Thailand's account number -- just like doing an ACH. See article 57 in the following thread:

https://www.thaivisa.com/forum/topic/1052004-us-topic-social-security-direct-deposit-to-us-bank/?page=4&tab=comments#comment-13337400

 

BB NY has been told that, come April 1, domestic ACH transfers need additional coding for international transfer. The spirit of this would suggest that domestic wires now will need additional coding for international transfer. And, golly, this is called an international wire transfer, whereby SWIFT encoding now becomes involved. Thus, believe my domestic wire test would not work again post April 1 -- and I'd be told to send an international wire. We'll see....