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tjansen

Money transfer to BKK in New York discontinued

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AS of a couple of months ago, maybe December, money can no longer be transferred from a US bank to the Bangkok Bank branch in New York. Money was rejected by BKK. A call to BKK in Bangkok revealed that that practice no longer works. 

 

Anyone have any other suggestions for ongoing, inexpensive transfer methods, including a favorable exchange rate? It is sounding like transferring USD to BKK might be the best way to handle the exchange rate issue, as BKK, in my experience, gives a very reasonable rate differential, or whatever you would call it. Not so, however, with my US bank.

 

If that proves true, that leaves the charge for the transfer on both ends. Any suggestions would be appreciated. Preferably based on recent experience, as conditions do indeed arise and pass away. Anicca.

Edited by tjansen
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Many threads on this topic on TV over the past year or more.

 

Some people get Social Security or other government payers to make direct deposits via Bangkok Bank NY using IAT format of ACH transfers.

 

I use SWIFT bank transfers to Bangkok Bank Thailand. In my case my bank needs a correspondent bank, a bank that has a relationship with BKK . My banker uses Bangkok Bank New York as the correspondent bank. The end result is virtually the same as it was before with ACH transfers.

 

Some people use businesses like Transferwise.

 

Since Thai Visa's search is pretty useless, use Google. Type in some keywords and add on "Thai Visa Forum."  Google should give you links to relevant threads.

 

Key expressions for searches might be "ACH transfer Bangkok Bank New York" or "Transferwise" or "sWIFT tranfers " ... each with Thai Visa Form added. You should find a load to read.

 

you should always send US$ to Thailand. Asking a US bank to send Thai baht would rarely be a good way to go.

 

 

 

 

Edited by Suradit69
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The Pattaya City Expats Club has an information page on transferring funds into Thailand: http://www.pattayacityexpatsclub.com/expats/docs/TRANSFERRING-FUNDS.pdf

 

I used to use the domestic ACH transfers through Bangkok Bank NY branch, but switched to Transferwise (TW) when Bangkok Bank announced they would cease accepting domestic ACH transfers - the International ACH Transfer format they will accept, unfortunately, is not provided to retail customers by most if not all US banks.

 

TW does the exchange but at a generally good rate very close to what Thai banks offer (onshore rate) but fees are a bit higher but still more favorable than my bank's int'l wire transfer charge.  TW has several different funding methods - I use the ACH pull from my US bank account.  TW uses at least 2 partner banks in Thailand - Bangkok Bank and Kasikorn Bank.  Last July there was a big fiasco when most Bangkok Bank account holders had their transfer routed through Kasikorn Bank resulting their deposit being coded as a SMART (domestic) transfer rather than FTT (international).  This of course causes a problem for those using the transfers to meet Thai Immigration requirements for extension of stay.   However, apparently because of many inquiries/complaints, TW add another "reason" to their drop down list which was for "long stay" in Thailand -- since then, it appears that all with Bangkok Bank accounts using that reason have had their funds go to Bangkok Bank and are coded FTT.  More information is available in the Transferwise Solutions Facebook Group: https://www.facebook.com/groups/2432994320280784.

 

 

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i just did an international SWIFT transfer from wells fargo (USA) to my thai baht account at bangkok bank on silom road.  initiated on tues a.m. bkk time, arrived wed a.m. bkk time.  i sent 5,000usd to be converted to thb by bangkok bank.  i got 150,921thb.  i had to pay 45usd fee to wells fargo (maybe there is a fee of some sort from bkb also).  if i did the math right, the rate i got was 30.18 but reduced to 29.91 with the wells fargo fee.  today super rich rate is 30.32.  i only do two transfers a year.

 

 

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Depending on the size of the amount and reason if not large set up a account with Transferwise, although their fees have gone up a bit when all set and done I still find them to be the best so far due to the higher rates.

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3 hours ago, soisanuk said:

The Pattaya City Expats Club has an information page on transferring funds into Thailand: http://www.pattayacityexpatsclub.com/expats/docs/TRANSFERRING-FUNDS.pdf

 

I used to use the domestic ACH transfers through Bangkok Bank NY branch, but switched to Transferwise (TW) when Bangkok Bank announced they would cease accepting domestic ACH transfers - the International ACH Transfer format they will accept, unfortunately, is not provided to retail customers by most if not all US banks.

 

TW does the exchange but at a generally good rate very close to what Thai banks offer (onshore rate) but fees are a bit higher but still more favorable than my bank's int'l wire transfer charge.  TW has several different funding methods - I use the ACH pull from my US bank account.  TW uses at least 2 partner banks in Thailand - Bangkok Bank and Kasikorn Bank.  Last July there was a big fiasco when most Bangkok Bank account holders had their transfer routed through Kasikorn Bank resulting their deposit being coded as a SMART (domestic) transfer rather than FTT (international).  This of course causes a problem for those using the transfers to meet Thai Immigration requirements for extension of stay.   However, apparently because of many inquiries/complaints, TW add another "reason" to their drop down list which was for "long stay" in Thailand -- since then, it appears that all with Bangkok Bank accounts using that reason have had their funds go to Bangkok Bank and are coded FTT.  More information is available in the Transferwise Solutions Facebook Group: https://www.facebook.com/groups/2432994320280784.

 

 

"TW does the exchange but at a generally good rate very close to what Thai banks offer."

TW gives you the mid-market rate which is ALWAYS better than every banks TT buy rate. Even with TW's fees you'll always get more money than with normal swift transfers. Don't forget that TW's rate is guaranteed while the thai banks isn't. 

The correct reason for transfer is:

"Funds for long term stay in Thailand"

Edited by Max69xl
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3 hours ago, Suradit69 said:

Some people get Social Security or other government payers to make direct deposits via Bangkok Bank NY using IAT format of ACH transfers.

And many people now have their SS direct deposited to their Thai bank without having to go through NY.

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2 hours ago, TerryLH said:

And many people now have their SS direct deposited to their Thai bank without having to go through NY.

Since the O/P obviously has a Bangkok Bank account and is familiar with transfers through their NY branch, I thought that reference useful.

 

If you're not keeping it a secret, maybe you could give the O/P a link or basic information about how to set up DDs to a Bangkok Bank account other than through  NY. I'm sure the O/p and others would appreciate learning how those " many people" do that. We're all about sharing here at TV.

 

 

Edited by Suradit69

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7 hours ago, soisanuk said:

The Pattaya City Expats Club has an information page on transferring funds into Thailand: http://www.pattayacityexpatsclub.com/expats/docs/TRANSFERRING-FUNDS.pdf

 

I used to use the domestic ACH transfers through Bangkok Bank NY branch, but switched to Transferwise (TW) when Bangkok Bank announced they would cease accepting domestic ACH transfers - the International ACH Transfer format they will accept, unfortunately, is not provided to retail customers by most if not all US banks.

 

TW does the exchange but at a generally good rate very close to what Thai banks offer (onshore rate) but fees are a bit higher but still more favorable than my bank's int'l wire transfer charge.  TW has several different funding methods - I use the ACH pull from my US bank account.  TW uses at least 2 partner banks in Thailand - Bangkok Bank and Kasikorn Bank.  Last July there was a big fiasco when most Bangkok Bank account holders had their transfer routed through Kasikorn Bank resulting their deposit being coded as a SMART (domestic) transfer rather than FTT (international).  This of course causes a problem for those using the transfers to meet Thai Immigration requirements for extension of stay.   However, apparently because of many inquiries/complaints, TW add another "reason" to their drop down list which was for "long stay" in Thailand -- since then, it appears that all with Bangkok Bank accounts using that reason have had their funds go to Bangkok Bank and are coded FTT.  More information is available in the Transferwise Solutions Facebook Group: https://www.facebook.com/groups/2432994320280784.

 

 

Very informative. As of a little while ago, I switched to Transferwise. Once I got the procedure down, it went pretty well. And everything you said is accurate. A very fair exchange rate, and a fee that seems to work out to around 1+ percent. Actually Bangkok Bank's fee is 0.25 percent if I were to transfer dollars to BKK, but their exchange rate seemed slightly worse than Transferwise. Without getting too detailed, I went ahead and used TW for the experience.

 

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BB deposited my SSA to my account yesterday and I get my check in US fourth Wednesday of each month. Last September my depsit was sent to Remmitance BBNY needing me to provide my home here address. Since then back to routine deposits.

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Just use TransferWise. Seems to be the best rate once all the math is done. Pib did a really great comparison last year and TW was the winner. 

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On 1/22/2020 at 2:00 AM, tjansen said:

AS of a couple of months ago, maybe December, money can no longer be transferred from a US bank to the Bangkok Bank branch in New York. Money was rejected by BKK. A call to BKK in Bangkok revealed that that practice no longer works. 

As others have said, this topic has been discussed ad nauseam on TV.  Just to clarify, you can still send a wire transfer or international ACH through BKK Bank NY.  The only type that you cannot send is a domestic ACH. 

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12 hours ago, Suradit69 said:

Since the O/P obviously has a Bangkok Bank account and is familiar with transfers through their NY branch, I thought that reference useful.

 

If you're not keeping it a secret, maybe you could give the O/P a link or basic information about how to set up DDs to a Bangkok Bank account other than through  NY. I'm sure the O/p and others would appreciate learning how those " many people" do that. We're all about sharing here at TV.

 

 

Information on SS Direct Deposits are also included on the linked Pattaya City Expats Club webpage - Transferring funds.

http://www.pattayacityexpatsclub.com/expats/docs/TRANSFERRING-FUNDS.pdf

 

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They didn't discontinue ACH transfers altogether, but have started to accept them only in IAT format as announced early last year (but delayed several times).

 

My ACH transfers - which they confirmed to be in IAT format when I checked with Bangkok Bank last spring - still go through unchanged. That obviously doesn't help all those whose banks are unwilling or unable to send out ACH transfers in the required IAT format.

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