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 1402 times)

kowpot

  • Full Member
  • ***
  • Posts: 247
    • View Profile
Re: Change to Deposit Procedure to Bangkok Bank New York
« Reply #15 on: October 14, 2018, 07:10:50 AM »
Makes me wonder why a Swift transfer
doesn't need to meet any of these qualifications.

fceligoj

  • Hero Member
  • *****
  • Posts: 1,030
    • View Profile
Re: Change to Deposit Procedure to Bangkok Bank New York
« Reply #16 on: October 14, 2018, 08:29:36 AM »
Not an ACH transfer.  The bank gets more information with Swift already.

Henry

  • Full Member
  • ***
  • Posts: 163
    • View Profile
Re: Change to Deposit Procedure to Bangkok Bank New York
« Reply #17 on: October 14, 2018, 10:16:16 AM »



 After hearing the ach transfers to BB were coming to and end, I started looking around for another way to transfer. I trust my bank and decided to use them and do a swift transfer. My bank doesn't charge a fee and I couldn't see what BB charges were, but the deposit figured out to 32.57 bt to the dollar. I think that is as good as the ach transfers, good enough for me anyway.


 Also, the transfer only took 1 day.


 I only transfer once or twice a year, so even if my bank charged for the transfers, it wouldn't be bad deal.

Savannah20

  • Full Member
  • ***
  • Posts: 149
    • View Profile
Re: Change to Deposit Procedure to Bangkok Bank New York
« Reply #18 on: October 14, 2018, 10:29:35 AM »
I logged on to my Bangkok Bank account and looked at recent transactions. Money received from my Bank America account via Bangkok Bank in New York are listed as International Transfer. Clicking on the most current transfer and it is described as a FEDI B2B transaction. Does anyone have an international transfer described as IAT ACH or anything else different than FEDI B2B?

avvocato

  • Full Member
  • ***
  • Posts: 132
    • View Profile
Re: Change to Deposit Procedure to Bangkok Bank New York
« Reply #19 on: October 14, 2018, 10:51:06 AM »
My last SSA transaction is listed as FEDIB2B.My last personal transfer from my US Bank (USAA) is also listed as FEDIB2B. (This goes to Bangkok Bank New York.)
I don't think that these details from the website can ID a transfer as IAT or PPD. I need to be at the Sri Chan Rd. BBL bank in the next two weeks, so I'll see if anyone there can tell me if the SSA deposit is IAT.

fceligoj

  • Hero Member
  • *****
  • Posts: 1,030
    • View Profile
Re: Change to Deposit Procedure to Bangkok Bank New York
« Reply #20 on: October 14, 2018, 06:23:17 PM »

On my US Bank side of the transfer, my statement says only "ACH Transfer" for all transfers whether to Bangkok Bank, My Ameriprise Bank, from my checking acct to my savings account at PNC.  On the Bangkok Bank side, yes, it says "International Transfer" and the gobble-d-gook that you all stated.  So it seems all domestic bank initiated transfers are domestic ACH transfers while the New York Branch of BBL deposited it into your account as an International Transfer, which it is.


We have to go to the initiator side of transfers to see if they can transfer funds by IAT (or International ACH Transfer) forma, which is our domestic banks in the US.

fceligoj

  • Hero Member
  • *****
  • Posts: 1,030
    • View Profile
Re: Change to Deposit Procedure to Bangkok Bank New York
« Reply #21 on: October 17, 2018, 08:03:11 AM »
With all these issues trying to transfer funds from the US to Thailand through Bangkok Bank Ltd using ACH Transfer (domestic), has anyone gone to their bank and ask if the bank will accept and process a personal check from a US Bank On Demand Account?

fceligoj

  • Hero Member
  • *****
  • Posts: 1,030
    • View Profile
Re: Change to Deposit Procedure to Bangkok Bank New York
« Reply #22 on: October 18, 2018, 03:34:13 PM »

I just spent 3 1/2 hours at the Main Branch of Bangkok Bank here in Khon Kaen with the "Foreign Remittance Manager" and a couple of his hench(wo)men.  Trying to ferret it all out, he contacted the "expert" in the Main Office of Bangkok Bank- Bangkok.  Conclusions:  1) they are focused primarily on the transmittal (direct deposit) of Social Security pension payments, 2) the Expert said that SSA has already implemented IAT and they are for Direct Deposit Accounts here in Thailand (and between the local office here and the New York Branch, they will happily process and coordinated the direct deposit with the SSA),  3) they have no answer for other agents such as US Banks or company retirement systems who routinely process "Domestic ACH transfers", 4) yes, if you write a check on your US Bank current (checking) account, they will process it within 60 days at a cost of $55 USD, and 5) SWIFT is another alternative.


I also sent an inquiry to TransferWise, here is their response:


Thank you for getting in touch.
At the moment I am unaware of the exact answer to this questions however I have passed the question on so that we can provide an amicable answer.
For now however my initial response would be that since TransferWise does not utilize international ACH it would not be an issue.
The way our product works is that when you transfer money via us you would sent it via a local transfer from your USD account to our USD account and then we convert the money and then send the money from our local THB account to your local THB account.
I hope this clarifies some of the issue however as I mentioned we are looking into the IAT question and will get back to use once we have an answer.
Kind regards

kowpot

  • Full Member
  • ***
  • Posts: 247
    • View Profile
Re: Change to Deposit Procedure to Bangkok Bank New York
« Reply #23 on: October 19, 2018, 01:11:09 PM »
I have now used Transferwise two times. It appears that they use Wells Fargo Bank in the states and Bangkok Bank in Thailand.
 Frank, please keep us informed of any information updates from Transferwise and others.  Thanks.
« Last Edit: October 19, 2018, 01:13:12 PM by kowpot »

avvocato

  • Full Member
  • ***
  • Posts: 132
    • View Profile
Re: Change to Deposit Procedure to Bangkok Bank New York
« Reply #24 on: October 20, 2018, 10:06:33 AM »

I just spent 3 1/2 hours at the Main Branch of Bangkok Bank here in Khon Kaen with the "Foreign Remittance Manager" and a couple of his hench(wo)men.  Trying to ferret it all out, he contacted the "expert" in the Main Office of Bangkok Bank- Bangkok.  Conclusions:  1) they are focused primarily on the transmittal (direct deposit) of Social Security pension payments, 2) the Expert said that SSA has already implemented IAT and they are for Direct Deposit Accounts here in Thailand (and between the local office here and the New York Branch, they will happily process and coordinated the direct deposit with the SSA),  3) they have no answer for other agents such as US Banks or company retirement systems who routinely process "Domestic ACH transfers", 4) yes, if you write a check on your US Bank current (checking) account, they will process it within 60 days at a cost of $55 USD, and 5) SWIFT is another alternative.
Hi Frank: In regards to point #2, they are telling us that the SSA deposits will be processed with no issue as they will be in the IAT format. Was that your impression of the conversation? TIA

fceligoj

  • Hero Member
  • *****
  • Posts: 1,030
    • View Profile
Re: Change to Deposit Procedure to Bangkok Bank New York
« Reply #25 on: October 20, 2018, 03:35:55 PM »

Continuing SAGA.


1.  Yes, I had asked the directly to the 'expert' in the Main Office of Bangkok Bank, and she said that the SSA Pension Payments as direct deposits will be in IAT format.  I had not had my pension sent that way since I did not want to have to go to a Bangkok Bank, identify myself to withdraw the funds.  By the way, you have to keep a minimum amount of funds in the account at all times!


2.  With Bangkok Bank, the only other alternative that allows you to process transfer requests is to write yourself a check from your US domestic bank and 'deposit' it in your Bangkok Bank Savings Account.  Then it takes 60 days for it to clear and to have your money deposited in your account, at a cost of $55 ($15 for the New York Branch and $40 for the Khon Kaen Office!)


3.  I also sent an email to Krung Thai Bank's LA Office.  Response: they only process SWIFT transfers and you cannot do it online, has to be in person by someone.  Or, you process a SWIFT transaction from your US Bank by someone directly.  You can always write a check from your US Bank and 'deposit' it in your Krung Thai Bank Savings Account.  With them, I have been told $50 fee and about 3 months to clear!


4.  TransferWise said they would be back in touch with me on the issue of IAT.  If you are right, Kowpot, TransferWise is just a convenience, especially if they use Wells Fargo Bank.  Something you could do from your US Bank yourself.  I would imagine Wells Fargo would have the same issue, IAT.  It'll be interesting to see what my contact has to say.


5.  I may have an alternative for myself.  My Financial Management Company who handles my IRA Account said they do international transfers (I'll bet by SWIFT) and they only charge $30 per transaction.  I will be talking to them directly (traveling to the US shortly) to see if it is an acceptable approach.  I would imagine they have to be able to process online requests since much of what I do with them is online.  May have to complete some type of application form though.  So, if you have a Financial Management Company managing your investments, maybe they can assist you.




avvocato

  • Full Member
  • ***
  • Posts: 132
    • View Profile
Re: Change to Deposit Procedure to Bangkok Bank New York
« Reply #26 on: October 21, 2018, 09:21:20 AM »
Continuing SAGA.
1.  Yes, I had asked the directly to the 'expert' in the Main Office of Bangkok Bank, and she said that the SSA Pension Payments as direct deposits will be in IAT format.  I had not had my pension sent that way since I did not want to have to go to a Bangkok Bank, identify myself to withdraw the funds.  By the way, you have to keep a minimum amount of funds in the account at all times!
I don't know what the minimum is but for two separate months in the past two years I've had a balance in my SSA account under Baht40, so it must be pretty low. Not really a factor for those who might want to go this route.

fceligoj

  • Hero Member
  • *****
  • Posts: 1,030
    • View Profile
Re: Change to Deposit Procedure to Bangkok Bank New York
« Reply #27 on: October 25, 2018, 07:28:03 AM »

Just received message back from TransferWise.  Sounds like they provide a convenient online ability to send money internationally.  They seem to use SWIFT as the means.  I guess as long as it works and there is no other means.  Using SEIFT must mean someone from TransferWise goes to their bank in the US and processes the transaction.  Here is their response to my inquiry.


[font=&amp][/font]
[font=&amp]Hi Frank,[/font]
[font=&amp][/size][/font]
[font=&amp]Following up from my previous email I can confirm that all of our ACH’s are IAT formatted.[/font]
[font=&amp][/size][/font]
[font=&amp]If you were sending USD outside of the US however we would have to send this via SWIFT Transfer.[/font]
[font=&amp][/size][/font]
[font=&amp]If you were wanting to send USD domestically however we can definitely do that and the transaction would be IAT.[/font]
[font=&amp][/size][/font]
[font=&amp]If you have any other questions do not hesitate to get in touch[/font]
[font=&amp][/size][/font]
[font=&amp]Kind regards Ashley
[/font]
[font=&amp][/font]

Savannah20

  • Full Member
  • ***
  • Posts: 149
    • View Profile
Re: Change to Deposit Procedure to Bangkok Bank New York
« Reply #28 on: October 27, 2018, 05:28:01 AM »
I have now used Transferwise two times. It appears that they use Wells Fargo Bank in the states and Bangkok Bank in Thailand.
 Frank, please keep us informed of any information updates from Transferwise and others.  Thanks.


Kowpot, the two times you used Transferwise did you use the swift code for Bangkok Bank? Based on Frank's latest message, we could continue to send money to Bangkok Bank in New York using Transferwise as they say it will be in ACH IAT format. Thanks DG
« Last Edit: October 27, 2018, 05:32:52 AM by Savannah20 »

fceligoj

  • Hero Member
  • *****
  • Posts: 1,030
    • View Profile
Re: Change to Deposit Procedure to Bangkok Bank New York
« Reply #29 on: October 27, 2018, 07:14:10 AM »

Savannah, the TransferWise repr said their process was done a certain way.  I don't think you have to identify BBL's SWIFT number.  TransferWise goes by your accounts, one domestic and one in Thailand.  They do all the intermediate stuff.


I just finished looking at the Wells Fargo Bank site.  If you set up an account at a Wells Fargo bank branch, then sign up for wire transfers, you have to make the first transfer in person but after that you can go to their website and signon, then make further wire transfers.  Hopefully, where I will be on my trip to the US, I can find out more.  This might be the easiest way to get money from the US to Thailand.  (It may be just as expensive as any other means.)


They have another transfer vehicle called Express Send, but from what I read, Thailand is NOT one of the approved countries where one can transfer funds.


Here is one of their sites:


https://www.wellsfargo.com/online-banking/wires