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Can we send wire transfers if US shuts down?

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California is telling everyone to stay home.  New York may be doing the same soon.  So if we have to send a wire transfer through BKK Bank NY, will there be anyone there to process our transfer?  I don't think wire transfers can be processed electronically....or maybe it can.  Your thoughts welcome.

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Posted (edited)

Hopefully, BKKB NY has some work at home/electronic/online processing capability and has prepared for these kinds of unexpected contingencies... Though, I wouldn't bet on it!!!

 

 

You might send an email to the NY Branch asking them their status, and do they anticipate any disruptions in their handling of wire transfers to BKKB TH...

 

Edited by TallGuyJohninBKK

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It is an electronic transfer it will go thru.

 

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2 minutes ago, TallGuyJohninBKK said:

Hopefully, BKKB NY has some work at home/electronic/online processing capability and has prepared for these kinds of unexpected contingencies... Though, I wouldn't bet on it!!!

 

I should worry about my US bank as well.  They always call me to verify the transfer. 

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1 minute ago, bkk6060 said:

It is an electronic transfer it will go thru.

 

Hope so.

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Examples from today:

 

Schwab:

 

Quote

Effective March 20, we are temporarily closing public access and walk-in traffic to all U.S. branch locations, including Puerto Rico. While we will be limiting in-person access, our branch personnel will continue to support your needs virtually during this time. If you have urgent business, please contact the branch directly by phone and we will assist you.

 

Service Credit Union:

 

Quote

In accordance with CDC guidelines amid the Coronavirus (COVID-19) outbreak, we have made the decision to close all in-store branch locations and stand-alone branch lobbies. Drive-thru and ATM services will be available at a number of branch locations.

 

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I think EFTS and Wires will not be effected, and I would not be surprised if many banks loosen their rules for online transactions to continue to earn while walk in traffic stops

 

That being said there is always the chance that the no congregating rules and mandatory closures may spread to back office operations.  So if it were me, I would do your online transfers and wires now, just in case 

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The non-customer facing aspect of banking will (have to) continue on as each bank has daily inter-bank/Fed funds settlements and the like.  So folks in the network security, cash management, accounting and other mission critical functions will go on as the bank really does have near 24/7 operations going on. 
 

So while I suspect that we will see sizable branch office and other direct customer contact points close enmass, we don’t see any real “closure” of the bank as a whole.


i wouldn’t be surprised if the processing time to either originate an outgoing wire or the processing of an incoming wire slows as I’ll bet staffing has been pared back, but it can’t stop.

 

The only way I can foresee a whole bank system shutdown is IF the Federal Reserve banking network also shuts down as they really are the “banks bank” and without them not a whole lot can really function. 

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I received an email from Fidelity saying that they would remain open for business by telephone or Internet during the crisis.  I transferred my monthly amount just a few days ago.  Now I dread having to brave the crowds at Chaeng Wattana to extend my stay.  I sure wish that Thai Immigration would just grant everyone a gratis 60 day extension so that we could go to extend once the pandemic has dissipated.

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I had my brother send me a wire transfer couple of days ago. No problem, other than I forgot to tell him to send in dollars, and not baht. difference of 1 baht per dollar can add up in a hurry...

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 Banks are listed as essential businesses. .......

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Bangkok Bank in NY no longer proesses or facilitates transfers to Bangkok Bank in TL. My last transfer was returned to the bank of origin (US). I had to use Xoom - paypal. I learned that they overcharge in a sneaky way by having a low exchange rate. Friend told me about Transferwise. I can save around $30 on a $1000 transfer compared to Paypal....

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Oh dear. If there is not a crisis, let me create one in my head. This forum seems incapable of foretelling the future, although many seem to think they can. I live in the present and not in the past or future.

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35 minutes ago, arend said:

Bangkok Bank in NY no longer proesses or facilitates transfers to Bangkok Bank in TL. My last transfer was returned to the bank of origin (US). I had to use Xoom - paypal. I learned that they overcharge in a sneaky way by having a low exchange rate. Friend told me about Transferwise. I can save around $30 on a $1000 transfer compared to Paypal....

Bangkok Bank NYC will not transfer to Thailand using ACH transfer but will still do a tranfer to BKK Bank Thialnd if you wire transfer from a US  Bank to BKK NYC. Can also do a International Wire Transfer direct to BKK Bank Thailand but is more expensive.  I have done it both ways using Bank of America.

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