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Author Topic: Change to Deposit Procedure to Bangkok Bank New York  (Read 3073 times)

Savannah20

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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

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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)

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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

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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)

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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

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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

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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.