Change to Deposit Procedure to Bangkok Bank New York

[avvocato]

This is from the Bangkok Bank New York Website:
https://www.bangkokbank.com/en/Personal/Other-Services/Transfers/Transferring-Into-Thailand/Transfer-money-from-US-to-Thailand-via-Bangkok-Bank-NewYork-branch
Whereas transfers to BBL in New York have heretofore been treated as domestic ACH transfers, this will change on April 1, 2019.From BBL New York web page - "Bangkok Bank, New York Branch, is required to receive the ACH transactions in the required IAT format.  This means that we must require that senders who wish to transmit funds to recipients at Bangkok Bank in Thailand to provide certain identifying information. InstructionsTo initiate a such an international transaction , using internet banking when you log on to your bank in U.S. website, please select the International ACH and provide the following information to your bank:

• Your name and physical address in Thailand
• Your bank account number and the name and address of your Bangkok Bank Branch in Thailand
• The 9-digit routing number 026008691 of Bangkok Bank New York Branch, which acts as intermediary in the transaction. 
  

Important Note:

• As some bank in U.S. may not provide the International ACH through their internet banking, please contact your bank on how to process your transfer.
• Once Bangkok Bank’s New York branch receives the payment with the appropriate IAT format, they will process your payment to Bangkok Bank in Thailand for further credit to a recipient's bank account at Bangkok Bank in Thailand.
• With effective from April 1, 2019, New York branch only process ACH with appropriate IAT format and all non-IAT transactions will be returned."

This also applies to receiving payments from US government agencies (SSA) or private organizations (Direct Deposit).

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[LungBing]

And banks then wonder why companies like Transferwise have such inroads into their lucrative international transfers business.

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[fceligoj]

I am pretty sure this is not at the instigation of Bangkok Bank.  It is a US Government requirement to meet its new International Transfer Regulations.  They are requiring banks to track funds to specific individuals where before it was considered a domestic transfer.


It is just going to be slightly more difficult to reset our transfers or direct deposits.


It probably will also hit any transfer agent like Transferwise who does the same thing since the USG wants to track all funds leaving the US electronically.

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[kowpot]

Has anyone figured out the procedure for this? Wow! with the embassy rumors going on about the income affidavit and now this, boy oh boy, it is true. When it rains it pours.

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[Jimmy]

My very large Bank can't send IAH format, they can receive but not send, so its back to SWIFT for me.  25.00 USD a POP

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[kowpot]

I tried Transferwise last month to check it out.
 A little slow, but worked. But, still cheaper
than SWIFT.  I may have to go that route.f

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[Rex (Admin)]

TransferWise  https://transferwise.com/

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[avvocato]

Does anyone else get US SSA Deposits direct to Bangkok Bank? Are they International ACH Transfers (IAT)?  I filled out the direct deposit form in a Bangkok Bank branch here in Khon Kaen in late 2016? I tried to ask one of the desk officers at the branch in Central Plaza yesterday about IAT tranfers and she looked like I asked her about a branch bank on Mars.  She said to check with the main BBL office in town on Sri Chan Rd. I will next time I check in there.

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[Jimmy]

Not sure about SSA, but the VA can send them in the IAT format. 

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[fceligoj]

KOWPOT, you wrote, "[font=]I tried Transferwise last month to check it out.  [/font][font=] A little slow, but worked. But, still cheaper [/font][font=]than SWIFT.  I may have to go that route.[/font]

[font=]You did not tell us anything about their fees and the Thai Bank fees.[/font]

[font=]When I checked the TransferWise, it provided an example, "Transfer $1,000, bank ACH fee, $1.50, their fee $10.40, then looks like a good exchange rate."[/font]

[font=]But what did the Thai Bank charge for their deposit fees?[/font]

[font=]My bank in the US charges -0- fee, then the Thai bank has two fees.  For the same example, Bangkok Bank fee is $5.00 US and then 200 baht,  or a total of about  $11.15.  So about the same.  If you transfer $2,000, my bank charges -0-, and BBL again charges $5.00 and 200 baht or $11.15.  Looks like TransferWise is more expensive as the amount transferred goes up.[/font]

[font=]Also, TransferWise said "ACH" not "IAT".[/font]

[font=]
Can you give us some insight in the total fees?
[/font]

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[Savannah20]

I am for sure no expert on this, but reading about the differences between ACH regular format and ACH in IAT format it seems the only real difference is you supply the receivers home address in Thailand. So a lot depends on how you set up your transfer information. I have two addresses I use, a Thai address and an Arizona address. When I set up my Bank of America to Bangkok Bank transfer I gave my Bangkok Bank account number and New York Bangkok Bank routing number but for my address I used my Arizona address. I also said I was making a domestic transfer.


I think I will have to set up an International transfer while still sending it to the Bangkok Bank in New York who then sends the money along to Thailand. During the setup I will use my Thai address associated with my Bangkok Bank account. I am guessing the online setup process at Bank of America will include a place to also include the name and address of the branch of Bangkok Bank that I use.


I think continuing to get money to Thailand will be fairly easy to accomplish. I just hope immigration will say what they want as proof that will make them happy. I don't send the same amount every month. I skip months if the exchange rate has dropped. Wonder if that gives them heartburn?


DG

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[kowpot]

Frank,
you are right. I kind of left you hanging on this one. Basically, It cost me $19.00 and some change to transfer $2100.00. That might seem a little high. But, I got a better exchange rate than BKK bank was giving me.
Also, if you are happy about the exchange rate you are getting from Transferwise, it is locked in once you tell them to transfer. So even if the rate goes down in the 1-2 days it takes to receive your funds. You are locked in on the rate you agreed to.
 I normally bank with USAA in the states and transfer between them and BKK bank NY. But, USAA does not do set up IAH transfers as most U.S. banks do not.
Hopefully this helps a little more. I too am just learning. At least we have plenty of notice until 1 April.


 KrungThai Bank did not charge anything for the deposit. I guess they were happy to get it.  Another good thing. I don't have to deal with BKK bank next year. They can stuff that Union Pay Card.




   

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[avvocato]

...
 I normally bank with USAA in the states and transfer between them and BKK bank NY. But, USAA does not do set up IAH transfers as most U.S. banks do not.
...

Hi Kowpot:Did you talk to anyone at USAA? I wanted to give them a call to see if they have any options (other than SWIFT) for transferring to BBL. It's a good bank but they are unlikely to create a process just to deal with international transfers. Thanks.

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[kowpot]

Avvocato,
No I did not talk to them personally. Looking at their international transfer choices, they listed Swift at $20.00 per transaction.  Plus you would have to pay the bank fees on this end too.
 But USAA is claiming to be on top of this. Will have to give them a call to make sure.






US ACH transfers will fail as of April 1, 2019. Will USAA upgrade before that date?moctezuma
Contributor








July

I currently have established a monthly automatic US ACH transfer from USAA bank to Bangkok Bank’s New York branch. Effective April 1, 2019, Bangkok Bank will no longer accept US ACH transfers, and will require all transfers to be in the “International ACH Transaction” (IAT) format, in accordance with new rules imposed by NACHA (Electronic Payments Association).
 
In accordance with the new rules, will USAA implement the required IAT transfer protocol for online transfer requests by April 1, 2019?



4 REPLIES

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• USAA Social Service
  USAA Service
  July
  
  Hello and thank you so much for your inquiry. USAA is already in compliance to process International ACH Transactions (IAT) as it relates to OFAC (Office of Foreign Assets Control) related concerns. Thank you!
  
  
• moctezuma1
  Contributor
  July
  
  Thank you so much for your reply.  Does your reply mean that my current automatic transfers are in IAT format, and I do not have to specifically request that format when I establish a transfer request?
  
  
  USAA Social Service
  USAA Service
  July
  
  Thank you for your follow-up inquiry. To ensure we can set proper expectations for your inquiry we will need to speak with you. At your earliest convenience please contact us at 210-531-USAA (8722), our mobile shortcut #8722 or 800-531-8722. Our business hours are Monday through Friday 5:00am-12:00 am CT and Saturday 6:00am - 10:00pm CT, or Sunday 8 a.m. - 6 p.m. CT. We look forward to speaking with you!
  
  
  
  
  
  

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[fceligoj]

I have been investigating why this has come about.  My conclusions are:  Thai Banks have pushed back on the US  IRS for FATCA reporting as it is too cumbersome for them to manage.  So the US has 'pressured' probably all countries to implement IAT in place of domestic ACH for all foreign transfers.  Plus if you read about what that Office of the Treasury is attempting to do, it is requiring all countries to meet the same requirement as the terrorist-related countries; e.g., Iraq, Iran, Cuba, Syria, etc., where they get automatic tracking of funds being send overseas.


So we little honest guys are getting screwed.

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