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Author Topic: Bangkok Bank  (Read 212 times)

Reuben

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Bangkok Bank
« on: February 05, 2019, 04:58:28 PM »
Many have money sent monthly from their US bank to their Bangkok Bank account via the
NYC branch of Bangkok Bank.  As I have not seen much discussion on the matter Iím not sure all are aware of the changes that will occur on 1 April 2019.  Please read the attaded from the Bangkok Bank web site if interested or it pertains to you.




Rex (Admin)

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Re: Bangkok Bank
« Reply #1 on: February 05, 2019, 05:53:22 PM »
Advice to senders using US bank internet banking services[/b]


If you have a U.S. bank account, you can conveniently transfer funds to a recipientís bank account at Bangkok Bank in Thailand via the internet by completing the steps described below for an international ACH transaction (IAT). International ACH payments are processed in accordance with operating rules and formats developed by the Electronics Payments Association (NACHA).

The IAT is a special code (a Standard Entry Class or ďSECĒ Code) for ACH payments that enables financial institutions such as Bangkok Bank to identify and monitor international ACH payments and to perform screening to ensure compliance with Office of Foreign Assets Control 9OFAC, U.S. Department of the Treasury) requirements. The NACHA rules require Bangkok Bankís New York Branch which serves as intermediary, to ensure that payments that are transmitted to account of beneficiary in other country are appropriately classified as IATs and contain information as described below.

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.

Instructions

To 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 transaction.

Important Note:


As some bank in the U.S. may not provide the International ACH through their internet banking, please contact your bank on how to process your transfer.
 
- Once Bangkok Bankís 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 recipientís 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.

- Bangkok Bank in Thailand will be able to credit the recipientís account in Thailand only when the name and account number of the recipient in your transfer instruction from the banks in the U.S. matches the recipientís name and account number at Bangkok Bank.
 
 

Savannah20

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Re: Bangkok Bank
« Reply #2 on: February 05, 2019, 07:55:31 PM »
"As some bank in the U.S. may not provide the International ACH through their internet banking, please contact your bank on how to process the transfer."

I was in the USA in Dec and Jan. I contacted Bank of America by visiting several branches, contacting support numbers given to me and talking to maybe 10 different Bank of America staff whose jobs are involved with transfers. None of them had ever heard of an International ACH. I asked one lady to do an internet seach of IAT ACH while I held on. She did and basically said I needed to do a wire transfer based on a swift code. The wire transfer would go to Bangkok Bank in Thailand, not New York.

Not encouraging but there you go.
« Last Edit: February 05, 2019, 10:11:03 PM by Rex (Admin) »

Rex (Admin)

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Re: Bangkok Bank
« Reply #3 on: February 05, 2019, 10:19:17 PM »
Thanks for post this Savannah and sharing your experience. I think it is important to keep in the forefront that there is real confusion surrounding these transfer issues.  Part of it is a lack of clarify from Imm and part which is made worse by the new regulations regarding IAT ACH.

kowpot

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Re: Bangkok Bank
« Reply #4 on: February 06, 2019, 07:17:33 AM »
What is needed is for immigration to realize that there are several ways to transfer money to Thailand and not all of them show as an international transfer. It would help if they were to recognize the receipt one gets after making a transfer. Mine show U.S. dollars being withdrawn from my stateside bank and being changed into baht at the receiving end. What other reason would one have to do that? Too much of a gamble making 11 months worth of transfers and then having 1 show as a domestic transfer.

Rex (Admin)

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Re: Bangkok Bank
« Reply #5 on: February 06, 2019, 11:12:31 AM »
It is a Catch 22, isn't it? Without clarity and specificity from Imm, you could go along for a year assuming that you were dong everything right, only to have Imm reject your extension based on one of your 12 deposits showing as a domestic transfer. There could be other objections as well.

An official document from Imm written in Thai to the banks with specific instructions would reduce much of the uncertainty.

fceligoj

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Re: Bangkok Bank
« Reply #6 on: February 06, 2019, 11:52:14 AM »

I guess no one read or maybe did not understand that I passed on the same comments as Savannah 20 did over a month and a half ago.


The only way, US Banks will transfer funds in the IAT (International ACH Transfer) format is to use SWIFT.  AND most US Banks require the sender to personally go to the bank branch and process the IFT.  The only bank that I found that would do IFTs online is Well Fargo Bank, but you have to set up the process by personally going into the bank branch for the first transfer and have the bank set up your online transfer User ID, etc.


My brokerage would do the same, IFTs online requests.  One would send the request directly to them, then they would make a LOCAL phone call to you to confirm and to see if you would accept the exchange rate they would provide for the transaction, BEFORE THEY WOULD PROCESS THE TRANSFER.


I even contacted the Kasikorn Bank Branch in Los Angeles and they WILL NOT process IFTs online.


The banking regulations in the US are very antiquated.


I am not sure why IMM would give a sh** on what the banks in Thailand would do.  It is not their responsibility to provide them banking instructions.

Rex (Admin)

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Re: Bangkok Bank
« Reply #7 on: February 06, 2019, 03:52:41 PM »
Frank, thanks for posting that information six weeks ago. However, I was not paying attention at the time because it wasn't relevant to my situation. Since then, many are being forced to re-think how they comply with Imm financial requirements. Unfortunately, since the requirements are vague, that is naturally causing ripples of unease in certain segments of the falang community, understandably so.

We don't know why Imm would, as you say "give a shit" about any of the stuff that it gives a shit about. The key question is not "What constitutes proof of offshore income?" but rather "What does Imm insist constitutes proof of offshore income?"  We can speculate until the cows come home about what they ought to accept, about what is reasonable or logical or even obvious, but until Imm spells it out, it is all just hot air.