Bank of America and Bangkok Bank

Thanks for the update. My BoA online transfer link to Bangkok Bank seems valid again too. Plus BoA also lists Bangkok Bank in their external bank list again when adding an account.

Wonder if Bangkok Bank has to allow reciprocal, or two-way, transfers in order to get this option reinstated? Would be good to be able to transfer baht to a dollar account online although realize that limits would have to be applied.

Did notice on Bangkok Bank's website that it is possible for a farang married to a Thai to transfer up to a million baht to a Thai relative in the states. Not sure but this might be a new option at that bank.

Those with credit union accounts do seem to have the best option in transferring funds free but I will be satisfied, for now, to pay $3 per transaction for continued secure transfers from BofA to BKK Bank.

Thanks again to SkydiverMike for pushing on this one. Please let us know how your E-Trade transfers work out.

Jetdoc, could you please post more details. Which bank/s, exchange rate used, limits, etc. Nothing is ever free, is it?

Ray,
"Nothing is ever free, is it?" You may be right, but in the context of the discussion (ATM fees/transfer fees) I can assure you that my CU allows 10 free ATM transactions per month as long as I use an affiliated ATM -- Plus/Star I think. The rate of exchange will depend on the particular ATM used but my experience has shown it to be only a few setang. I use KTB mainly for connivence, fewest button pushes to get the desired result. I have learned a lot from this thread and through DAL it seems I made some good choices before relocating. I maintain a small office in Seattle with the help of a very good friend who gets a small monthly fee, so I guess you are right there being a small cost to me, however he would gladly do this free of charge, but I try to not take advantage of friends;o)

Okay, back on Monday March 30th at 8:00am EDT I tried a little experiment. I started 2 bank-to-bank ACH transfers to my Bangkok Bank account, one from Bank of America and one from E*Trade Bank. Bank of America charged a $3 fee for the transfer, the E*Trade Bank transfer was free. Bank of America uses CashEdge and E*Trade Bank does their own ACH processing. Both transfers were accepted and processed without any problems. Both were debited from their respective accounts on the following day, March 31st. The E*Trade Bank transfer credited to Bangkok Bank on April 1st and the Bank of America transfer credited on April 3rd (Bangkok time). Two days vs. 4 days. This is exactly what I expected due to CashEdge and their 3-day "float". Everyone's gotta make a buck.

So it would seem that E*Trade Bank is the better deal of the 2. Faster and cheaper.

But wait, theres more! Bangkok Bank shows the transfers in Baht and doesn't itemize the fees charged for their part in the transfer. I knew that Bangkok Bank charges a variable fee depending on the amount transfered. But thanks to the link supplied by an earlier poster (thanks UdonExpat) I found that it's actually 2 separate fees. I verified this with my contact at Bangkok Bank New York branch.

http://www.bangkokbank.com/Bangkok+Bank ... SA+Fee.htm

Excerpt from the above link:
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1) Bangkok Bank in New York charges the following fees for funds transfers initiated via the US ACH system:

Transferred Amount Fee
Less than USD 50.00 Free
USD 51.00 - 100.00 USD 3.00
USD 100.01 - 2,000.00 USD 5.00
USD 2,000.01 - 50,000.00 USD 10.00
USD 50,000.01 or more USD 20.00

2) Bangkok Bank in Thailand also charges a fee of 0.25% of the amount in the Baht currency (minimum of THB 200; maximum of THB 500) when the funds are deposited into the recipient’s Bangkok Bank account in Thailand.
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My transfers were between $100 and $2,000 so it looks like I was charged $5 plus B200 or about $10.70 total by Bangkok Bank for each transfer. Of course, since Bangkok Bank only reports the final amount credited in Baht and doesn't itemize the fees or exchange rate there's no way to be certain.

So, transfers are working again and I suppose I should be happy and move on. But I can't help thinking that perhaps I should look into jetdoc's suggestion of using ATM debit card from a US bank or credit union that doesn't charge a fee for using a foreign ATM.

Or maybe not. It's only a couple of bucks.

Mike

A bit off topic but interesting, found on another board.


"Here is a direct word for word quote of an announcement posted on Thanachart Bank's website:

According to The Thai Banker's Association's resolutions dated 6th March 2009, cardholders of debit or credit card registered in foreign country will be charged Baht 150 per transaction when making withdrawals via ATMs of Thai Bankers' Association members, effective from April 17, 2009 onwards.

https://www.thanachartbank.co.th/CDS/TH ... /index.asp

I tried to find a list of member banks but the best I could do so far was to find a list of past directors and it seems all the major banks were represented. I suspect that every bank in Thailand is probably a member of this association."

Maybe my free bee days are coming to an end;o(

^ Not to mention your free beer days as well.

My free beer days ended when I moved to Thailand, the beers I give to others are about the only free beers I see;o)