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BANGKOK 19 February 2019 09:26

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I currently have my pensions directly deposited into my USAA Bank account in the US. I created this USAA bank account online and in Thailand. Which is substantially above the 65,000 Baht per month requirement for retirees. I set up with USAA an automatic and in perpetuity a monthly withdrawal equal to the Thai monthly requirement deposited directly into my Bangkok Bank ATM account. I never look. I never care. It’s seamless.

 

 

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The transfer fees at USAA are pretty high, though, aren't they?

 

Also you must keep on top of the exchange rates to be sure it always arrives at 65K or over. Under the new rules even a tiny dip in one month could result in denied extension even though the average was over 85k per month.

 

 

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45 minutes ago, JimBuckToo said:

I never care.

just wondering could you post your transfer fees? it would be helpful for others.

 

i am an American also. i have 800k in the bank. I like not having to worry about it at all and having some cash in country for big emergencies. 

 

like moving to Cambodia. :clap2:

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OP, 

   If USAA is sending that monthly payment via ACH which I expect is the case, come 1 April 19, your seamless transfers from USSA to Bankgok Bank come to squeaking halt as the Bangkok Bank policy that goes into full effect 1 Apr 19 will reject all ACH transfers not in International ACH Transaction (IAT) format. 

 

  USAA, nor any other known US bank or credit union for retail accounts. uses ACH IAT format....they only use the ACH Domestic format and Wire (SWIFT) transfers. 

 

   Now if those monthly USAA transfers you have been talking about are via Wire (SWIFT) transfers at $45 per pop then SWIFT transfers which is the USAA direct sending fee for an International Wire then your transfers will continue to arrive seamlessly.   

 

  Once again I fully expect your transfers are via ACH and you are another one which has not got the memo about the Bangkok Bank policy change that came out around a year ago to give every plenty of notice.

Edited by Pib

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I don't think USAA does ACH transfers, at least not to foreign banks.

 

I do soem banking with htem and $45 SWIFT has been the only option.

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3 minutes ago, Sheryl said:

I don't think USAA does ACH transfers, at least not to foreign banks.

 

I do soem banking with htem and $45 SWIFT has been the only option.

Sure they use ACH....I have done quite a few from USAA to Bangkok Bank for years.  

 

In fact, you could log onto your USAA ibanking right now, setup a ACH transfer link to Bangkok Bank selecting the method that does "not" use the trial deposit method and approx 2 days later the link would be approved.  USAA allow two methods to setup ACH transfer links...one uses the trial deposit method; the other one does not.  You could then do ACH transfers from your USAA account to your Bangkok Bank account until 1 Apr 19.  But when trying a transfer on 1 Apr or later it would be rejected back by Bangkok Bank NY as not being in ACH IAT format.

Edited by Pib
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Pentagon Federal Credit Union charges $30 for a SWIFT transfer:

From their website:

 

The fee for domestic wire transfers is $20.00. The fee for international wire
transfers is $30.00.

To request a wire transfer, please contact a Member Service Representative at
800-247-5626, 541-225-6700, or 510 376-7328 from a Class A DSN phone line.
Representatives are available 7 days a week during the following hours:

Please note that American banks use their routing/ABA number as the SWIFT/IBAN
code for receipt of international wire transfers. PenFed uses Wells Fargo as the
corresponding bank for all international wires.
 
 
 

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No fees. $5,000 transfer limit per month.


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6 minutes ago, JimBuckToo said:

No fees. $5,000 transfer limit per month.


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I think you need to hear the advice Pib is giving you above...

 

If your USAA transfers are the free ACH method to BKKB NY, that method is going to die effective this coming April. BKKB is killing it, for USAA and every other sending bank.

 

If your USAA transfers are international wires, they're not going to be free.

 

Edited by TallGuyJohninBKK
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It’s not SWIFT or IWT. It’s direct bank routing number (USAA) to bank routing number (Bangkok Bank New York).


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1 minute ago, JimBuckToo said:

It’s not SWIFT or IWT. It’s direct bank routing number (USAA) to bank routing number (Bangkok Bank New York).
 

 

That's what's going to die, permanently, starting this April.

 

You'd better start scoping out some other transfer method.

 

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5 minutes ago, JimBuckToo said:

It’s not SWIFT or IWT. It’s direct bank routing number (USAA) to bank routing number (Bangkok Bank New York).

OK....it's an ACH transfer as thought.   Come 1 Apr 19 the transfer will be rejected.   Here's the memo you didn't get.  Actually the same info has been on the Bangkok Bank website since around Apr 2018 (eighteen).

image.png.71948b196e222a3155648ac2ebc39cf4.png

 

Edited by Pib
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It’s not ending in April. My Immigration Officer, USAA and Bangkok Bank contacts support my comments. So I am not panicked by your dire predictions. I am not scoping now or ever. Have a nice day.

 

 

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23 minutes ago, JimBuckToo said:

No fees. $5,000 transfer limit per month.


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If this is your current transfer method then you get a big surprise come 1 April. I have discussed international transfer directly with USAA customer service and was assured SWIFT transfer at a cost of $45 is the only option once BBL stops domestic ACH.

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11 minutes ago, JimBuckToo said:

It’s not ending in April. My Immigration Officer, USAA and Bangkok Bank contacts support my comments. So I am not panicked by your dire predictions. I am not scoping now or ever. Have a nice day.

 

Sent from my iPad using Thaivisa Connect

 

No, your Bangkok Bank nor USAA contacts support your comments.  I expect whoever you talked to at USAA didn't have a clue about IAT format and was confused with whatever you asked them...gave you  wrong answer.  Now USAA can "receive" IAT format....all US banks can; but USAA does not send in IAT format. And I guarantee you if you contact the Bangkok Bank contact on the letter (or at their NY branch) they will tell you the same as on their letter---not in IAT format it will be rejected.

 

You sound like a guy in front of a firing squad but confident they are not really going to shoot you. 

 

And by the way, did your hear about the Social Security Agency beginning International Direct Deposit (IDD) for Thailand?  IDD uses SWIFT instead of ACH.   Well, IDD for Thailand came about solely because all SSA beneficiaries in Thailand are not receiving their monthly pension payment in ACH IAT format (most are but not all).  This IDD is to fix the problem for the folks who are not receiving their pension in IAT format.

 

All I can say is you have been warned.  April will not be a good month for you.

 

 

Edited by Pib
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