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Javabear

Did the banking law change?

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I've been trying to add money to my Bangkok Bank account from my US account.  I normally do this through the ACH system using the routing number for the Bangkok Bank branch in New York with my account number.  It has worked well for 7-8 years and it's free.  Fast forward to this past Monday and all of a sudden my deposits are being rejected with no explanation.  My wife is going to call the bank and ask but I thought perhaps someone here might know what's going on.  Anyone?

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Don't bother calling,. This has been stopped for everyone. There have been posts about this change for well over a year. It's finished. 100 percent. You can no longer do ACH transfers to Bangkok Bank to Thailand via BB New York. Find another solution!

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1 minute ago, Jingthing said:

Don't bother calling,. This has been stopped for everyone. There have been posts about this change for well over a year. It's finished. 100 percent. You can no longer do ACH transfers to Bangkok Bank to Thailand via BB New York. Find another solution!

Ok, so how is everyone else doing it?  I just put in $2k US using ACH last week.

 

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5 minutes ago, Javabear said:

Ok, so how is everyone else doing it?  I just put in $2k US using ACH last week.

 

Yes the party is over. 

It's official. 

How are people doing it?

Different methods -- TransferWise, SWIFT wire transfers, etc.

 

I hope you don't need these monthly transfers for an income based extension because if you miss one month, your application is ruined. 

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22 minutes ago, Langsuan Man said:

I am not surprised that the OP did not know of the change in the policy (not law) with Bangkok Bank's ending the NY Branch EFT's policy

 

I was in the US Embassy annex waiting room last April and I was amazed at all the strange looks I got when I mentioned the upcoming change.  Must have been 20 expats there and not one was aware of the new policy, so I just referred them to Thai Visa

 

How you can live here and keep you head in the sand amazes me

Wow, good for you.

You got the attention of 20 people with your comment.

It was actually meaningless at the time as here we are 8 months later and they are finally enforcing it.

But, nice for you for spreading the word.

 

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10 hours ago, Jingthing said:

I hope you don't need these monthly transfers for an income based extension because if you miss one month, your application is ruined. 

Not really.

An agent will gladly straighten things out.

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15 hours ago, Javabear said:

Ok, so how is everyone else doing it?  I just put in $2k US using ACH last week.

 

I just sent 2k via Western Union. They charged my $2.99

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You can thank Homeland Security for this change.  They are now requiring a new format for sending transfers to Bangkok Bank which no bank in the U.S. has the capability of providing.  Just more limitation of moving money without big brother knowing when, where, who, how, and why.

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17 hours ago, Jingthing said:

Don't bother calling,. This has been stopped for everyone. There have been posts about this change for well over a year. It's finished. 100 percent. You can no longer do ACH transfers to Bangkok Bank to Thailand via BB New York. Find another solution!

Bangkok Bank NY Branch announced in the latter part of 2018 they were ceasing accepting the transfer of funds using the Domestic ACH transfer method and that to set up the transfer would require using the International ACH Transfer (IAT) format. Further, that for customers already set up and using the Domestic ACH transfers, this would continue until April 1, 2019 (however they kept accepting domestic ACH transfers until now). 

 

The IAT format requires additional information be included for the sender and recipient.  The requirement for member banks in the ACH (Automated Clearing House) system to use the IAT format for any transfers using the system destined for outside the United States was actually issued in 2009 (as a result of US money laundering laws).  However, Bangkok Bank's New York Branch was in violation of this rule by continuing to accept transfers using the domestic ACH format.  Apparently, they were "caught" and required to follow the new rule, but allowed to continue to accept transfers by existing customers for a period of time that kept getting extended. It appears the ACH regulatory authority finally said no more extensions and Bangkok Bank NY is now having to enforce the rule.

 

Unfortunately, almost if not all US Banks do not provide for retail customers to use the IAT format for ACH transfers, but some do for their commercial customers.  Thus, making it impossible for those of us that were using the domestic ACH transfers through Bangkok Bank NY to our Bangkok Bank accounts here in Thailand.  A large majority, myself included, switched to using Transferwise (as mentioned, there are other methods that can be used).

Edited by soisanuk
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6 hours ago, Langsuan Man said:

am not surprised that the OP did not know of the change in the policy (not law) with Bangkok Bank's ending the NY Branch EFT's policy

Actually it was enforcement of US law or regulation because the ACH method essentially camouflaged the fact that money was being transferred internationally. BB in New York was allowed some months for the transition. I think initially they were given until March or April, but they managed to extend it until now,

 

i now send SWIFT transfers from my broker and they use Bangkok Bank New York as the correspondent bank, so from my point of view the process works the same as before, but it's clearly an international transfer, not a domestic ACH transfer.

 

 

 

 

 

Edited by Suradit69

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Yeah it was always kind of a scheme and anyone that had used it (I used it a lot) well understood that is was kind of deceptive (but legal at the time) to send a DOMESTIC transfer that you knew very well would then be directly sent INTERNATIONALLY. It wasn't going to last forever. The amazing thing is that is lasted as long as it did. 

Edited by Jingthing
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For small amounts,  $1500 or so, transferwise charges about the same as Bangkok Bank used to.  Different fees but you get a better rate so it ends up almost the same.  More expensive for larger amounts. 

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And for those who did not know or ignored the coming change and are using the income method for renewals, they better scramble to keep up the chain of deposits.

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35 minutes ago, AAArdvark said:

And for those who did not know or ignored the coming change and are using the income method for renewals, they better scramble to keep up the chain of deposits.

This is true. Based on reading some reports they are expecting the monthly transfers to come in about the same time every month. For example if its usually on the 4th of the month and one transfer is the 15th  that could be a big problem. 

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