Big Welcome to the OFFICIAL Khon Kaen Forum!

Visit the Wild & Crazy Khon Kaen Forum Discussion Group on facebook


Author Topic: Change to Deposit Procedure to Bangkok Bank New York  (Read 4374 times)

Savannah20

  • Full Member
  • ***
  • Posts: 195
    • View Profile
Re: Change to Deposit Procedure to Bangkok Bank New York
« Reply #60 on: April 26, 2019, 07:20:51 AM »
Thai Baht Remittance Service is a no go for me. I was informed by Bangkok Bank New York of the steps involved. Filling out an application, copy of passport, need orginals mailed in once, emails okay later, but you have to get a bank check from your bank in USA, made out to Bangkok Bank, and mail it to Bangkok Bank New York. Surprised such a process even exists.

fceligoj

  • Hero Member
  • *****
  • Posts: 1,152
    • View Profile
Re: Change to Deposit Procedure to Bangkok Bank New York
« Reply #61 on: April 30, 2019, 03:07:09 PM »
If you are not interested in using a service such as www.transferwise.com or another similar service provider, then find a US Bank that allows one to transfer funds utilizing the International Funds Transfer application using an online banking service.


I know that my current bank, PNC Bank, does not offer this as an online service, but both Wells Fargo Bank and Chase Bank does.  (Check out the Chase Bank website for more information.)  The interesting thing about Chase Bank is the service fee.  It costs $5 for transfers under $5,000 but it is free if your transfer is $5,000 or more.  From what they say, you are at their mercy of the exchange rate reduction as their way of making a profit from the transfer.


For me, I am quite happy with TransferWise.  I monitor the exchange rate and when I see it meets my criteria, I go online and do it.  This is typically twice a month, and when the money arrives in my Bangkok Bank Savings Account, it is identified as a "transfer from abroad" just like what is required.

Rex (Admin)

  • Admin
  • Administrator
  • Hero Member
  • *****
  • Posts: 1,829
    • View Profile
    • Khon Kaen Forum
Re: Change to Deposit Procedure to Bangkok Bank New York
« Reply #62 on: April 30, 2019, 04:29:56 PM »
TransferWise has been very good. It did take a little while to set up, and my first transfer got rejected a couple of times because they needed me to jump through additional hoops to verify my identity. And like everything, the website has it's eccentricities that you have to get used to. But once I got it going, it has been quick, easy, and reliable.

LungBing

  • Full Member
  • ***
  • Posts: 193
    • View Profile
Re: Change to Deposit Procedure to Bangkok Bank New York
« Reply #63 on: April 30, 2019, 04:33:51 PM »
Agreed Rex.  But as I bank with Kasikorn Transferwise are no good for me as the transfer comes into my bank as a local one, not an International one.

Rex (Admin)

  • Admin
  • Administrator
  • Hero Member
  • *****
  • Posts: 1,829
    • View Profile
    • Khon Kaen Forum
Re: Change to Deposit Procedure to Bangkok Bank New York
« Reply #64 on: April 30, 2019, 04:46:18 PM »
So open an account at Bangkok Bank.  It takes two minutes to instantly transfer funds from Bangkok Bank to Kasikorn with no service fee.  Sure it's an extra step, but then we should all be getting good at witlessly jumping through hoops by now. One of the advantages in my system is that if you keep the Bangkok Bank account reserved just for the purpose of receiving foreign transfers, it is dead simple at extension time to demonstrate that you have been bring in enough $$$.

Savannah20

  • Full Member
  • ***
  • Posts: 195
    • View Profile
Re: Change to Deposit Procedure to Bangkok Bank New York
« Reply #65 on: April 30, 2019, 07:46:24 PM »
I keep looking around but TransferWise is the clear leader for me now. Bank of America does have an online wire transfer option that has all the info needed to meet the IAT format test. It uses the swift code for Bangkok Bank which I am fairly certain means the it has no need for Bangkok Bank in New York. However, the cost exceeds the cost of TransferWise and the exchange rate is terrible. I did a test a couple of days ago and, five minutes apart, the exchange rate for a Bank of America wire transfer was 31.01 compared to TransferWise 31.92.

kowpot

  • Sr. Member
  • ****
  • Posts: 277
    • View Profile
Re: Change to Deposit Procedure to Bangkok Bank New York
« Reply #66 on: May 01, 2019, 06:40:07 AM »
I have to agree with Rex. I use my two accounts the same way. Bangkok Bank is reserved only for immigration purposes while Krung Thai Bank is used for my everyday expenses.

Windy

  • Full Member
  • ***
  • Posts: 151
    • View Profile
Re: Change to Deposit Procedure to Bangkok Bank New York
« Reply #67 on: July 03, 2019, 02:12:27 PM »
Transferwise transfers are no longer showing as "International Transfer" in my Bangkok Bank online account.


My last transfer shows as "Interbank Transfer via SMART".  :-[


Sunset from my bedroom window

Rex (Admin)

  • Admin
  • Administrator
  • Hero Member
  • *****
  • Posts: 1,829
    • View Profile
    • Khon Kaen Forum
Re: Change to Deposit Procedure to Bangkok Bank New York
« Reply #68 on: July 03, 2019, 04:44:24 PM »
Damn!  You are correct, Windy.  I rec'd a TW on 1 July and it was designated "Interbank Transfer via SMART."  That's too bad, but I read on TV several months ago that it was a possibility, and when I exchanged e-mails with TW about it, they said there was no way to predict whether the funds would get deposited via SWIFT and showing as international or as local. I hope is just a one-off.

Anyone know what "via SMART" means?

Rex (Admin)

  • Admin
  • Administrator
  • Hero Member
  • *****
  • Posts: 1,829
    • View Profile
    • Khon Kaen Forum
Re: Change to Deposit Procedure to Bangkok Bank New York
« Reply #69 on: July 03, 2019, 05:04:51 PM »
Wed 3 Jul 2019, 4:59 pm

I just sent TW an e-mail. I am pretty sure it is a witless effort, but maybe will get some insight ... or not. I'll let you know.


Quote from: Rex to TW
Hello.  I have been making transfers to my Bangkok Bank savings in Thailand since April of this year. The deposits up until now have been designated on my statement as "International Transfer" which is what I prefer. However, the recent transfer appears as
"Interbank Transfer via SMART."  That is a deal breaker because new Thailand immigration regulations require that I demonstrate that I am importing funds into Thailand from offshore on a regular basis.

Is this a new TransferWise policy? Is it one-off? Is there any way to know or predict which transfer will appear as international? Would using a debit card and/or a borderless account make any difference in this regard?

This is quite serious and not an idle question and probably affects hundreds of your customers. I would be grateful for any assistance or suggestions you can offer.

Thanks.

Rex in Thailand

fceligoj

  • Hero Member
  • *****
  • Posts: 1,152
    • View Profile
Re: Change to Deposit Procedure to Bangkok Bank New York
« Reply #70 on: July 03, 2019, 07:08:13 PM »
Rex, are you using the 'SWIFT' option to transfer funds via TransferWise?

Savannah20

  • Full Member
  • ***
  • Posts: 195
    • View Profile
Re: Change to Deposit Procedure to Bangkok Bank New York
« Reply #71 on: July 03, 2019, 07:28:54 PM »
Did you notice the fees for Transferwise went back up to where they were previously? Not a serious amount but up none the less.


https://transferwise.com/price-change

Rex (Admin)

  • Admin
  • Administrator
  • Hero Member
  • *****
  • Posts: 1,829
    • View Profile
    • Khon Kaen Forum
Re: Change to Deposit Procedure to Bangkok Bank New York
« Reply #72 on: July 03, 2019, 07:37:00 PM »
Rex, are you using the 'SWIFT' option to transfer funds via TransferWise?


I didn't know about a "SWIFT" option with TW. Can you explain more, Frank? Is this someting you select for each transfer? Where is it? Or is it an account setting?


Tks!

Rex (Admin)

  • Admin
  • Administrator
  • Hero Member
  • *****
  • Posts: 1,829
    • View Profile
    • Khon Kaen Forum
Re: Change to Deposit Procedure to Bangkok Bank New York
« Reply #73 on: July 03, 2019, 08:00:08 PM »
OK, I see it now.  When you get to "How do you like to pay?"  "Wire Transfer" is one of the options.  I never paid attention before. It is a few dollars more expensive, and I believe there could be other fees taken by various intermediary banks as the money moves through the pipeline.  However, it is worth considering as even if you provide TW receipts proving that the funds came from offshore, Imm may not accept the explanation.  I am assuming that there is not a problem using the Wire Transfer option and the it gets recorded as an international transfer ... but we want to make sure.

I'll let you know if I try it.  If anyone else has any news one way or the other, please post there.  Tks, lah!
« Last Edit: July 03, 2019, 08:28:25 PM by Rex (Admin) »

Savannah20

  • Full Member
  • ***
  • Posts: 195
    • View Profile
Re: Change to Deposit Procedure to Bangkok Bank New York
« Reply #74 on: July 04, 2019, 07:51:03 AM »
I believe, not positive, that if you choose wire transfer you will pay the stated TW fee but will also be given some information to use to complete the wire transfer. You then log off TW and, in my case, log on to Bank of America. I would then do a wire transfer to TW using the information from TW. Bank of America charges 30 or 35 dollars for the wire transfer. You get the better exchange rate with this method as opposed to just skipping TW and doing a wire transfer directly from Bank of America. Would like to hear what others have to say.