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montereyjp

Bangkok Bank New York office no longer accepting transfers

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My last two transfers from my U.S. bank to the Bangkok Bank New York office did not go through... After three days the funds where credited back into my U.S bank account. I just got off the phone with a Bangkok Bank rep and I was informed that US regulators shutdown New York office. So the service is no longer available. She did mention they partnered with some other US Banks that your bank might be able to work through.. just thought I'd let the USA guys who use this method know..if anyone knows some cheap ways to move money from USA to Thailand please share..

Edited by montereyjp
Fix spelling
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1 hour ago, montereyjp said:

just thought I'd let the USA guys who use this method know..if anyone knows some cheap ways to move money from USA to Thailand please share..

61 pages - Transferwise gets mentioned a few times in the latter pages.

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1 hour ago, montereyjp said:

I just got off the phone with a Bangkok Bank rep and I was informed that US regulators shutdown New York office.

Most likely a Bangkok Bank rep here in the Kingdom who generalized their response to you concerning the soon-to-be legacy domestic U.S. ACH internet bank transfers via Bangkok Bank's New York Branch to your Bangkok Bank account here in the Kingdom.   

 

<<<  IF  >>>  it was actually a Bangkok Bank New York Branch rep you talked with in the last 24 hrs...and

 

1 hour ago, Berkshire said:

If the NY office has in fact closed, that would be big news.

...big news it would be, indeed.

 

SIT

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Yea....the NY branch is not shutdown...the Treasury regulators has just forced them to stop/phase out doing "domestic ACH format" transfers to Thailand unless in the "ACH "IAT" format."   The IAT format requires more info than the domestic format to fully identify who is sending the money, who is receiving the money, the reason for the transfer, etc.  Info very similar to what is required in a SWIFT transfer.  

 

The process of the NY branch phrasing out ACH transfer to Thailand unless in ACH IAT actually started last year....a phased approach.  Bangkok Bank NY announced it in mid 2018.  Their initial stop date was 1 Apr 2019 but the regulators gave the NY branch a couple of extensions in order for some US govt agencies like the SSA to prepare and to have less impact on customers/govt payment beneficiaries.  These extension also allow non-govt agency transfer to continue to get through for many.

 

Right now unless something changes early Jan 2020 will be the final cutoff date...and that cutoff date really just applies to ACH transfers not in IAT format "from govt/civilian pension paying entities."  But as we are now seeing in quantity personal transfers are being rejected.   After that Jan 2020 point if the transfer is not in IAT format "regardless of who sent the money," it's suppose to be rejected.

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Use IDD for SSA. SEND FORM TO MANILA. Use new Thai Remittance Form and process for everything else. Send to NYC. Easy.

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16 minutes ago, ronjomtien said:

Use IDD for SSA. SEND FORM TO MANILA. Use new Thai Remittance Form and process for everything else. Send to NYC. Easy.

IDD for SSA payment is fine...Manila can indeed fix you up.

 

But using the NY branch Thai Baht Remittance method for everything else is slow and expensive....and not really easy.  Are you using it?

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10 minutes ago, ronjomtien said:

Use IDD for SSA. SEND FORM TO MANILA. Use new Thai Remittance Form and process for everything else. Send to NYC. Easy.

That is one method if you want your entire SSA or other Gov't pension funds sent to your Thai bank account (Bangkok Bank or other Thai bank). 

 

Many, including myself, switched to using Transferwise - they have several different funding methods for the transfer including pulling the funds from your USA bank account using the ACH system (this is the method I use).  A friend of mine who had been using the NY Bank transfers for his direct SSA deposit, changed to using a Transferwise Borderless account (his SSA is routed through an ACH number of a Transferwise affiliated bank) and held there - he then instructs Transferwise to send the funds from this "borderless" account to his Bangkok Bank Account -- done quickly as they already have the funds, whereas in my case it usually takes a business day or two to pull the funds from my bank and another day to send it on to my account.   If using this method and needed to show the amounts transferred to Thai Immigration, it is best to have a Bangkok Bank Account and in the drop down menu on Transferwise to show the reason for the transfer, go to the bottom and select for "Long Stay in Thailand" - so far those doing so do have the transfer go to direct to their Bangkok Bank Account (instead of through a partner bank such as Kasikorn) and coded FTT (foreign transfer).  If it goes through a partner bank, it gets coded as a domestic transfer into your Bangkok Bank account.

 

Bangkok Bank has also set up a Baht remittance Service through their NY Branch -- takes longer and is sent in Baht (using offshore exchange rate) with the same fees applicable that the NY Branch charged for the ACH transfers. One reason for delay in receiving is the funds need to be in the form of a paper bank check mailed to the NY Branch (they also wait for check to clear before remitting the funds on to your Bangkok Bank account here in Thailand). However, you can have it sent in US dollars for a flat fee of US$55 - if done that way, Bangkok Bank here converts it to baht using the onshore exchange rate (still the slow route to getting funds).  But, if sent by this method, it will ensure that it gets coded as a foreign transfer by Bangkok Bank.

 

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Bangkok Bank LONDON BRANCH have said changes are coming there as well, does anyone know if this will apply to London, its all to do with anti money laundering regulations

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I travel / bank between Taiwan and Thailand often and just this past week, Bangkok Bank in Taipei doubled all transaction fees between the 2, and even just deposits.  

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On 11/28/2019 at 10:32 PM, Max69xl said:

Why not try TransferWise? Cheap,easy to use and reliable. 

 

https://transferwise.com/

 

I know people claim Transferwise is cheap but it is only cheap compared to western union and others.
 Transferwise charges you  almost one percent in fees To transfer your money. For 1000 USA dollars transferwise charges a fee of 8 USA dollars or 80 percent of one percent.  They charge 80 dollars per 10,000 USA dollars.  If that sounds cheap to you then we simply disagree.  To get 8 dollars for every 1000 dollars to transfer other people’s money and have them say It is cheap Is a great profit making business. 
 

Why not get a Charles Schwab atm card and take out 25,000 baht a day in the Bangkok atm for free. And get a capital one credit card and get 1.5 percent cash back on all the credit card charges in Thailand with no annual fee. And bring cash back with you if you travel to the USA or Cambodia and exchange it at SuperRich Green (not SuperRich Orange) or Vasu? 

Edited by Wake Up

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My direct deposit to NY branch was transfered to Thailand but returned. The bank manager here in Saraphi contacted NY and was told the law effecting the NY branch had a change where the recipient, myself has to provide the address I reside in Saraph, Thailand must be on record at NY now. I used email to the right contact and was able to resume since. remittance.nyb@bangkokbank.com

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13 minutes ago, earlinclaifornia said:

My direct deposit to NY branch was transfered to Thailand but returned. The bank manager here in Saraphi contacted NY and was told the law effecting the NY branch had a change where the recipient, myself has to provide the address I reside in Saraph, Thailand must be on record at NY now. I used email to the right contact and was able to resume since. remittance.nyb@bangkokbank.com

Can you please explain in more detail what you did to allow the ACH transfer to be processed to you after it was returned? What US bank did you make the transfer from?

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Yea I had to switch to using Transferwise.  Works just fine and I think it works out cheaper than what it cost in the exchange rate Bangkok Bank used.  Just remember to scroll down in the list of Purpose of Transfer and pick it is for Thailand immigration requirements.  Otherwise it'll look like a domestic transfer. 

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