Jump to content
BANGKOK 22 May 2019 05:33
sfokevin

Is NY Bangkok Bank still processing ACH transfers?

Recommended Posts

I know they said they would cut off transfers not adhering to the IAT protocol on April 1st...

 

But some have said they have extended it for Social Security & Govt transfers...

 

Can regular (non  governmental) transfers be made?

Share this post


Link to post
Share on other sites

"All" non-IAT transfers are still getting through "for now"....including bank ACH transfers. 

 

See below post which includes a response from Bangkok Bank New York.   And posts following confirming peoples' bank transfers are still getting thru (for now).

 

 

  • Like 1
  • Thanks 1

Share this post


Link to post
Share on other sites
I did an ACH to BKK bank a few days ago and got a letter from the bank about how IAT is required, etc.  They did say that they will "try" to continue to process old format ACH transfers until June 30, but they want you to use SWIFT or their baht remittance system instead.

I got the same letter today. I have used swift wires to BKKNY the last couple months to test the system. Works fine and is actually 2 days quicker.


Sent from my iPhone using Thailand Forum - Thaivisa mobile app
  • Like 1
  • Thanks 1

Share this post


Link to post
Share on other sites

Can someone post this letter....would love to see the exact wording.

 

Share this post


Link to post
Share on other sites
5 hours ago, cmarshall said:

I did an ACH to BKK bank a few days ago and got a letter from the bank about how IAT is required, etc.  They did say that they will "try" to continue to process old format ACH transfers until June 30, but they want you to use SWIFT or their baht remittance system instead.

 

Regardless of what ends up happening with the eventual cutoff of domestic non-IAT ACH transfers going thru BKKB New York, the branch there has confirmed that they will continue to receive and forward Swift wire transfers that are sent to them for onward routing to Thailand by using the recipient info of your BKKB Thai account number (which includes both your TH branch info and actual account number together).

  • Like 1

Share this post


Link to post
Share on other sites
16 hours ago, Pib said:

Can someone post this letter....would love to see the exact wording.

 

I would like to see from which bank this letter is from ?

Share this post


Link to post
Share on other sites

I also wonder what "...use their baht remittance system..." means. Yeap...hope some one will post the letter they got.

Share this post


Link to post
Share on other sites

Guess I need to query Bangkok Bank NY about their "baht remittance system"....just exactly what is it. But my gut is telling me it would be a lower exchange rate and/or require an account with their NY branch.

  • Like 1

Share this post


Link to post
Share on other sites
15 hours ago, TallGuyJohninBKK said:

Regardless of what ends up happening with the eventual cutoff of domestic non-IAT ACH transfers going thru BKKB New York, the branch there has confirmed that they will continue to receive and forward Swift wire transfers that are sent to them for onward routing to Thailand by using the recipient info of your BKKB Thai account number (which includes both your TH branch info and actual account number together).

According to that criteria I think that my transfers are SWIFT.. but to find out for sure that they are is there some way I can verify that via my online banking (transfer history, etc.) short of a phone call to ask the bank directly?

Share this post


Link to post
Share on other sites
5 hours ago, smo said:

According to that criteria I think that my transfers are SWIFT.. but to find out for sure that they are is there some way I can verify that via my online banking (transfer history, etc.) short of a phone call to ask the bank directly?

 

With U.S. domestic ACH transfers, you're typically are linking your sending and recipient account in advance in online banking using your receiving account's 9-digit ABA/routing number and your account number. And that's often done thru confirming of trial deposits that your sending bank deposits into your recipient bank account. ACH transfers are generally free, and once the account-to-account link is established, you typically don't have to reenter all the recipient info every time to do an ACH transfer.

 

With U.S. domestic wire transfers (which can including sending a domestic wire to BKKB NY), you're using the same receiving entity routing number and account number for your recipient info. But there's typically no account linking/trial deposits process that occurs, so you're having to re-enter your recipient info each time you send a domestic wire. They're also not usually free, with sending U.S. banks charging anywhere from $15 to $25 or more per wire as a fee.

 

Also, especially among smaller U.S. banks, a lot of them may not even offer the ability to initiate a domestic wire transfer from their online banking modules. Instead, at many places, you have to call, go into the branch or fax or email instructions. But with ACH transfers, these days, most U.S. banks offer that capability as part of their online banking modules.

 

Of course, both your sending bank, and your receiving bank, should be able to tell you whether you're doing a wire transfer or an ACH transfer from the details of the transaction, if you don't know.

 

 

  • Like 1
  • Thanks 1

Share this post


Link to post
Share on other sites

When Bangkok Bank issued the letter last year, we phoned the woman (named in the letter) at the main office. She confirmed that my wife's and my transfers from our state pension are in the correct format and would continue uninterrupted. My monthly transfer from a private source was not in the correct format. It took a while to get this private source to pay attention, but finally last month they switched it to a wire transfer. No fees at the source, same BkkBk fees as the previous method. Both transfers came as expected early this month.

 

My only concern is that the new wire transfer doesn't show the FTT code that Immigration wants to see. Will it be trouble next January when I extend? Time will tell.

 

 

  • Like 1
  • Thanks 1

Share this post


Link to post
Share on other sites

I got the letter today also....had to sign for it as it came registered.   

 

And by chance I got to talk to one of the Bangkok Bank reps today (I happened to be in the HQ Bangkok Bank building today) on this IAT goatrope and the rep said that Bangkok Bank NY did get an extension.   I pretty much got the impression today from that discussion that 30 Jun would be the last day non-IAT transfers would be allowed whether from a bank or govt agency....come 1 Jul all non-IAT payments will be rejected.  Since Bangkok Bank originally made the IAT announcement in Apr 2018 that means people will have had 15 months to make necessary changes to get their payments/transfers switched to IAT format, SWIFT, or other method. 

 

And the fact they are now sending out registered letters with one final notification pretty much tells me 30 Jun will be the last day for non-IAT transfers/payments.

 

Yeap...I think 30 Jun will be the last day....no more extensions...but that's just my impression.  

Share this post


Link to post
Share on other sites
17 minutes ago, LawrenceN said:

My only concern is that the new wire transfer doesn't show the FTT code that Immigration wants to see. Will it be trouble next January when I extend? Time will tell.

A lot will depend on the routing/intermediary bank the sender uses.  If it first arrives an intermediary bank in Thailand who does the currency conversion and then forwards over to your account at Bangkok Bank then it may not show the FTT/International transfer since the very last leg of the transfer to Bangkok Bank was a domestic transfer.  

 

Recently I did a couple of transfers using the OFX transfer service (just another company like Transferwise).  OFX uses SWIFT to get the money to your Thai bank.  However, even through I sent the transfer to Bangkok Bank using their SWIFT code OFX used an intermediary SWIFT code belonging to the Bank of Thailand (BOT) BAHTNET system.   BAHTNET interfaces with the SWIFT system.  I expect OFX did the routing that way because that's the cheapest for them.

 

So, when the funds arrived BOT BAHTNET SWIFT code then BOT relayed the funds onto my Bangkok Bank SWIFT code but I did not receive the FTT/International Transfer code and description.  Instead it ended up being coded on my Bangkok Bank passbook/ibanking as BTN/BAHTNET.  However, in the SMS I got from Bangkok Bank when the funds posted it said "....funds from abroad..." and when getting a Credit Advice it showed the funds coming from abroad.  It's just I didn't the the passbook coding of FTT or an ibanking description of International Transfer.....it's still an international transfer just with different coding/description which would require a Credit Advice or listed on the Bangkok Bank immigration letter to prove.

 

Yeap...before most folks were not concerned with coding/description of their international transfer...as long as the money arrived they were happy.  But now if trying to use the "monthly international transfer rule for immigration extension of stay renewal purposes" then the transfer coding/description becomes very important and you are "not" happy when the coding/description does not clearly state international transfer.

 

 

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

  • Recently Browsing   0 members

    No registered users viewing this page.

×
×
  • Create New...