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Author Topic: Change to Deposit Procedure to Bangkok Bank New York  (Read 1389 times)

Savannah20

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Re: Change to Deposit Procedure to Bangkok Bank New York
« Reply #45 on: November 01, 2018, 07:19:12 PM »
I did a "test" Transferwise ACH transaction and it worked as advertised and was recorded as an IAT ACH transaction. The exchange rate is good and known upfront. I transferred US  $1,000 and the fee was just over $10. I see to transfer $2,000 the fee is about $19, send $3,000 is just over $27 and sending $4,000 is almost $36. I was kind of surprised the fee went up that much as the amount sent was increased.

fceligoj

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Re: Change to Deposit Procedure to Bangkok Bank New York
« Reply #46 on: November 01, 2018, 07:23:45 PM »

After 12 hours, I did receive the following reply from Transfer Wise.  The interesting note is the one about using their ACH bank debit for transfers under $20,000.  I also looked at a Forbes review of TransferWise.  If you want to read the review, click on the web address at the bottom of this thread comment.  For all I know, it may have been written by one of the TransferWise senior executive!


[font=&amp]Hello Frank,[/font]
[font=&amp]I hope you are well today.[/font]
[font=&amp]Id be happy to help answer your questions and explain each payment option. When sending from USD, we offer the option to pay using our ACH bank debit and suggest using this for transfers under 20,000 USD. This method should not have any additional fees from your bank and the only fees you will pay is shown on step 1 of the transfer flow.[/font]
[font=&amp]When sending a wire transfer, you would have to initiate this by logging into your online banking separate from our site, or visiting your local branch. We do not charge any fees to pay by wire transfer, but many times your bank will have a fee. This can depend on the relationship you have with them and typically the fees can range from $3- $40 USD. Usually they will present you different payment speeds to send the money, and if you select a 3 business day transfer to us, we most likely will receive the funds when the guaranteed rate is expired.[/font]
[font=&amp]Feel free to read more about ACH bank debit transfers [/font]here and domestic wire transfers here
[font=&amp]I hope this helps. Please do not hesitate to let us know if you have any questions or need anything, we are always here for you.[/font]

fceligoj

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Re: Change to Deposit Procedure to Bangkok Bank New York
« Reply #47 on: November 01, 2018, 07:28:54 PM »

Savannah, I don't know what bank you use in Thailand, but when I compared the fees charged by TransferWise reduced by the higher exchange rate on the funds transferred, vs BBL's fees on ACH transfers by my US Bank direct, TransferWise transferred amount was always higher than my US bank (-0- fees) going direct to BBL (New York Branch fee + BBL Thailand fee.)


For $3,000 being transferred, I will get about 600 baht more via TransferWise vs USBank direct to BBL.

Savannah20

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Re: Change to Deposit Procedure to Bangkok Bank New York
« Reply #48 on: November 01, 2018, 07:41:12 PM »
I am Bank of America to Bangkok Bank. Bank of America charges $3 for an ACH transfer to Bangkok Bank in New York but say they will do it within 3 days, which is okay for me. Its like $25 for an immediate transfer. The Bank of America fee stays the same regardless of amount sent. I believe Bangkok Bank has a graduated fee based on the amount transferred to them.

fceligoj

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Re: Change to Deposit Procedure to Bangkok Bank New York
« Reply #49 on: November 02, 2018, 07:44:48 AM »

I am PNC Bank, or Ameriprise Bank.  Both charge $0.00 for ACH transfers to Bangkok Bank (thru the New York Branch-this is transparent to them.)  They also do the 3 business days for a transfer.


The issue is going to be after 1 April 2019.  Unless they use International ACH Transfer (IAT) format, Bangkok Bank - New York will refuse the deposit request.


Yes, Bangkok Bank has a graduated transfer fees:








[font=&amp]Fee (THB) for [/font][font=&amp] Bangkok Bank in Thailand[/font]
 
[/t] 
Not more than USD50.00
 
Free
 
0.25% of the transfer value (minimum 200 baht, maximum 500 baht)
 
   
USD50.01 - 100.00
 
3.00
 
   
USD100.1 - 2,000.00
 
5.00
 
   
USD2,000.01 - 50,000.00
 
10.00
 
   
USD50,000.01 or more
 
20.00
 
        [font=&amp][/font]

fceligoj

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Re: Change to Deposit Procedure to Bangkok Bank New York
« Reply #50 on: November 02, 2018, 11:20:08 AM »

Unless I can find another means of transferring money from the US to Thailand, I will be using TransferWise.  (By the way, the Help Line recommended that I initiate transfers at the time my US Bank opens for the day (no Saturdays or Sundays, US Domestic time.)  TransferWise said the clock starts once the transfer is initiated by TransferWise and it gives your domestic bank a whole day to process the transfer, which probably takes 2 full days.  So on Monday thru Wednesday, 10PM, Thai time each of the days, and therefore 9AM (EST), or 12 hours prior, on the East Coast of the USA, I will initiate a transfer.  This should minimize the delay of the ACH transfer to TransferWise.


Also, I had just received my November pension payment through direct deposit to BBL.  This transfer was done as a Domestic ACH Transfer, as was the previous ones, and my employer had earlier sent me a message that they do not send monies internationally,  having to meet IAT rules.  When they send money internationally, it is by SWIFT, and they do not send pension payment by this means.  So, this month is the last time I will do the direct deposit.   


I processed a change to have my monthly payment deposited into my primary US Bank account, and then will initiate a TransferWise on the appropriate day of the week.  Why should I wait until 1 April to accomplish this same task?  Now I have peace of mind.

fceligoj

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Re: Change to Deposit Procedure to Bangkok Bank New York
« Reply #51 on: November 04, 2018, 09:52:44 AM »
Just received an advertisement from Pay Pal about the new cash transfer mechanism, Xoom.  They do initiate international transfers, BUT NOT TO THAILAND!  Process price seems reasonable, but they hedge their discussion on the exchange rate.  Bet it is much like the TT rate banks advertise.  Also, their process seems faster, but I'll bet it is still tied to the US Banks ACH transfer delivery, 2-3 business days.

Rex (Admin)

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Re: Change to Deposit Procedure to Bangkok Bank New York
« Reply #52 on: November 04, 2018, 12:33:31 PM »
Tks, Frank.

PayPal allows you to have two accounts.  You can have your main account in your home country and another one in Thailand.  You can send money from your home country PP account to your Thailand PP account, and from there, deposit to a Thailand bank.  Don't know if you can get a debit card for Thailand PP to withdraw cash from ATM. 

The one disadvantage of a Thailand PP account is that you cannot fund it from inside Thailand.

Shipm8te

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Re: Change to Deposit Procedure to Bangkok Bank New York
« Reply #53 on: November 09, 2018, 08:46:30 PM »
I have checked several other forums here in Thailand and I find no others (that I can find) discussions regarding the changes being made by Bangkok Bank regarding International EFT payments.  Also, has anyone received any sort of official  notification from Bangkok Bank regarding these changes.  I would imagine that they are going to have  a good many customers that are going to be surprised come April 1, 2019.  Have any of you seen anything about this change other than was is shown on the Bangkok Bank web site?

Jimmy

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Re: Change to Deposit Procedure to Bangkok Bank New York
« Reply #54 on: November 23, 2018, 11:01:28 AM »
I have found out SSA US sends funds in IACH format so your fine there, also DFAS and VA are also compliant with the IACH, so no changes if those are your payer.

kowpot

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Re: Change to Deposit Procedure to Bangkok Bank New York
« Reply #55 on: November 24, 2018, 07:54:46 AM »
DFAS does not send to Thailand.

ridge runner

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Re: Change to Deposit Procedure to Bangkok Bank New York
« Reply #56 on: November 24, 2018, 08:03:52 AM »
Kowpot not sure about your statement both my social security and military retired pay(DFAS) are treated the same way and deposited into my Bangkok bank account(use same account for both) procedures was the same for both.

kowpot

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Re: Change to Deposit Procedure to Bangkok Bank New York
« Reply #57 on: November 24, 2018, 10:14:27 AM »
It is my understanding they will send it to BKK bank NY. But will not direct deposit it to a bank in Thailand.
Countries Where IDD is Available
« Last Edit: November 24, 2018, 10:25:44 AM by kowpot »

Jimmy

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Re: Change to Deposit Procedure to Bangkok Bank New York
« Reply #58 on: November 24, 2018, 02:38:11 PM »
I spoke to DFAS, and the VA, both payments are IACH compliant.  So i will continue to have them sent to Bangkok Bank as i always have.  In fact both are showing up at Bangkok bank now as IACH transfers.