Internatinal Wire Transfer (from USA)

Post by **Ray.Charles** » June 2, 2009, 11:10 am

Your bank is kinder than Bank of America where my pension is deposited. From their website:

Outbound Transfers:
If you transfer money to accounts you own at other financial institutions, the following transfer fees will apply:

- 3-business day processing - $3
- Next-day processing - $10
Plus, each day you can transfer only $3,000 in the first case and $2,000 in the second case. They also have a limit on rolling 30 days.

Free is better.

Post by **jetdoc** » June 2, 2009, 12:05 pm

Ray, Just prior to retiring I set up a BofA account, I think it targeted senior citizens. This particular account has no maintenance fees and free bill payor. You can put virtually anyone on your payee list (including yourself) and transfer money free of charge in the USA. I use this account to pay bills and send money to my kids --- birthdays and such. As BofA international charges are a bit excessive (IMO) I just transfer SS money to my Wings CU (where my pension check goes) account which has much more favorable International transfer fees;o) Everyones situation is different but this works for me.

Post by **WBU ALUM** » June 17, 2009, 8:19 am

Just received this information from Vanguard regarding international transfers:

Electronic bank transfers via Automated Clearing House (ACH) only occur for domestic banks. Therefore, we are sending the following wire information for international banks.

INCOMING INTERNATIONAL WIRE:
If your assets are held outside the United States and you would like to wire them to a Vanguard(R) account, you will need to send them through a U.S. intermediary to our bank.

As a first step, you should provide the following wiring information to the financial institution holding your assets outside the United States:

Wire to:
* FRB ABA 021001088.
* SWIFT code MRMDUS33RTL.
* HSBC Bank USA.

Credit to:
* HSBC account #000112046.
* Vanguard incoming wire account.

In favor of:
* The Vanguard fund name and number (or "Various funds" if you are investing in more than one).
* Your account number at Vanguard. (Contact us if you need a temporary account number assigned.)
* The name and address listed on your Vanguard account registration.

You must notify Vanguard before wiring your assets. If you are opening a new Vanguard account by wire transfer, please call us at 888-285-4563. If you are wiring assets into an existing account, you can notify us by phone or online. To contact us online, follow these steps:

1. Log on to your account.
2. Go to the "Buy & Sell" tab.
3. Select "Buy Vanguard funds" and follow the instructions.

Please note: If you are wiring assets to a money market fund and want the trade date to be the same day, you must call Vanguard by 10:45 a.m., Eastern time, and the wire must be received by 4 p.m., Eastern time, on that business day.

OUTGOING INTERNATIONAL WIRE:
You can sell shares of Vanguard(R) money market or bond funds and have the proceeds wired to your bank. Please note that the minimum amount you can wire is $1,000; wires of less than $5,000 will be assessed a $5 fee.

In advance of your wire request, we require a letter containing the following information:

* The name of your New York correspondent bank (used by your foreign banking institution).
* The New York correspondent bank's ABA number or SWIFT code (an international ABA number that consists of both letters and numbers).
* The name of your foreign bank.
* The SWIFT code of the foreign bank.
* The address of the foreign bank.
* Your account number at the foreign bank.
* Your account registration as it is listed at the foreign bank (names exactly as they appear on the account).
* A voided check or blank deposit slip from your foreign bank account.
* Signatures of all account owners.

If your registration at the foreign bank is not identical to the registration of your Vanguard account, we require a signature guarantee with your letter. You can obtain a signature guarantee from an officer of a bank, a trust company, or a member of a U.S. stock exchange. (A notary public cannot provide a signature guarantee.) To be valid, a signature guarantee must include the words "Signature Guaranteed," be signed by the guarantor, and indicate his or her title and position. It must also show the name of the institution issuing the guarantee.

If you're unable to obtain a signature guarantee outside of the United States, we will accept a U.S. Consulate Acknowledgment a certification affixed by a U.S. Consular officer stating that you personally appeared before the officer on a specific date and verified your signature. An imprinted seal of the U.S. Consulate, your original signature, and the title of the consular officer must appear on the certification.

Note in the "Outgoing" process. It might be free with Vanguard for amounts of $5,000 USD or more, but that New York correspondent bank used by the foreign bank is sure to get their pound of flesh.

Post by **papaguido** » June 17, 2009, 9:09 am

Assuming that you wire funds from Vanguard via NY BKK bank, between $1000-$5000 you will incur the following charges:

Vanguard $5
NY BKK bank ($100.01-$2000) $5 from USA, ($2000.01-$50,000) $10
BKK bank local charge Min 200bt, max 500bt

total charges $15.88 (under 2K), $24.70 (over 2K)

BKK bank transfer fees:

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

An alternative is an ACH transfer from your bank or CU via NY BKK bank, provided that your bank or CU doesn't assess a fee for ACH transfers. Then you're only incurring the BKK bank fee (same as direct deposit).

http://www.bangkokbank.com/Bangkok+Bank ... om+USA.htm

For transfers under $1000 than a cash advance would be less than the above methods.

Post by **WBU ALUM** » June 17, 2009, 9:21 am

papaguido wrote:For transfers under $1000 than a cash advance would be less than the above methods.

That cash advance "option" we've talked about looks better and better.

Post by **tutone** » June 17, 2009, 9:55 am

I use Vanguard and they have never charged me one penny to wire money to my account here in Thailand. Perhaps the amount of money in my Vanguard account or the length of time I have had an account with them is a factor. Also when I check the amount transferred into my Thai account against the amount withdrawn it always measures up very well with the current exchange rate. Close enough for me to not be concerned. It is much, much cheaper (free) than any other way I have used before-- Western Union, ATM, or from my local U.S. bank account. If there are hidden charges I cannot detect them and would be of small concern.

Post by **lopburi3** » June 22, 2009, 10:39 am

Above is only for direct deposit of government funds (SS/Military/OPM type pensions) because of the need to prevent after death withdrawals. You can make transfers to a normal ATM account manually. The charge will be your home bank fee for wire transfer; intermittent bank fee (Chase NY is $2) and then a receiving bank fee of 1/4% in the range 200 to 500 baht. The exchange rate will the TT in the case of Bangkok Bank (best rate).

Post by **Ray.Charles** » June 23, 2009, 1:28 am

Many of us are trying to transfer $s through our account in Bangkok Bank.
Many banks, BofA, Chase etc., charge a fee for Online transfer, but provides "Bill Pay" service for free.
For our purposes, are they equivalent? If they are, why pay any fee for online transfer, or a lot more expensive wire transfers?

Post by **lopburi3** » June 23, 2009, 7:28 am

The ACH is designed for domestic use only and using with BBL New York has always been a bit problematic - if nobody noticed they went through - if reviewed it was blocked. BBL had a web page with details of using the system but have not been able to find it recently so not sure of current legality. In any case if a reverse transfer was attempted it would totally block your account. I expect this is what they call Bill Pay but have never used so not sure - and they are not all free of charges in any case.

I agree an alternative to the high cost of SWIFT transfer would be nice - but you can limit the charge greatly by only sending large transfers every few months as the charges are fixed regardless of the amount sent (on Thailand end limited to 500 baht). So if you pay $50 for wire plus $2 for exchange bank plus 500 baht at Thai bank ($67 total) for a transfer of $10,000 the percentage loss is well less than 1% (and you receive the best exchange rate). Compare that to the normal 3% currency adjustment fee of a credit card and it almost seems cheap.

Post by **papaguido** » June 23, 2009, 8:41 am

lopburi3 wrote:The ACH is designed for domestic use only and using with BBL New York has always been a bit problematic - if nobody noticed they went through - if reviewed it was blocked. BBL had a web page with details of using the system but have not been able to find it recently so not sure of current legality. In any case if a reverse transfer was attempted it would totally block your account. I expect this is what they call Bill Pay but have never used so not sure - and they are not all free of charges in any case.

I agree an alternative to the high cost of SWIFT transfer would be nice - but you can limit the charge greatly by only sending large transfers every few months as the charges are fixed regardless of the amount sent (on Thailand end limited to 500 baht). So if you pay $50 for wire plus $2 for exchange bank plus 500 baht at Thai bank ($67 total) for a transfer of $10,000 the percentage loss is well less than 1% (and you receive the best exchange rate). Compare that to the normal 3% currency adjustment fee of a credit card and it almost seems cheap.

Lop,

Here's the link:

http://www.bangkokbank.com/Bangkok+Bank ... anking.htm

I've completed 2 transactions using this method, fee's are the same direct deposit and I'm not charged from my credit union. However, it took up to 4 business days to receive money into my local account.

Post by **lopburi3** » June 23, 2009, 9:59 am

Thanks for the link - now I understand why I could not find it - it is listed for Business Banking rather than Personal Banking.

Post by **sammyg** » June 24, 2009, 12:06 am

Yes I also did the ACH transfer form my Chase Bank account which they charged me nothing at all to do,No Fees.BKK Bank however charges $5 for limits to $2,000 and $10 to limits up to $10,000 I beleive it said but you can do larger amounts also.Most of the limits or questioning of money transfers are done by the U.S. banks via the Federal Gov. to insure that you are not laundering money form the U.S. I beleive.I had to fill out some more papers form BKK Bank but had them Notarized and scanned then emailed them back the first deposit which took couple weeks,but second transfer went thru in about 4 days also.SammyG

$\:D/$

Post by **Ray.Charles** » June 24, 2009, 1:07 am

I believe that transferring $s by ACH, that is using a routing number is a domestic transfer.
Anyway, CHASE seems to be a better deal than what I got at the BofA.

Post by **sammyg** » June 24, 2009, 1:57 am

Yes Ray that is what I have found out so far anyway.Since I filled out papers needed here in U.S. and sent back to BKK Bank in Bangkok I have had no problems and not been charged anything from Chase Bank at all.It was a fairly easy ACH transfer to set up online thru my account to BKK Bank NY Branch Swiftcode and put in my account# at Udon Thani Branch and it was complete in about 3 or 4 days I think with Chase.Have yet to be charged anything at all form there end and only $5 on BKK Bank end but I read somewhere where you don't get the very best exchange rate on the udonmap site either?Its only a fraction less though I think.SammyG

Post by **Charlieb** » June 25, 2009, 5:38 am

Sammy:

I am having problems with this. I also use Chase in the US and want to transfer to Bangkok Bank

Did you do this via the Chase web site or the Bangkok Bank web site? When I go to the Chase web site and select wire transfer I see no way to route it through the Bangkok Bank in New York. Did you use Wire Transfers or Account Transfers?

If you like you can PM me.

Post by **sammyg** » June 25, 2009, 10:31 pm

Hello Charlieb nd Ray if your interested as I just did this last month.In your Chase Accounts page at top of page.First click Accounts,then Payments&Transfers,then Account Transfers,Then Add External Account,then Put in the Routing #(Swift Code for BKK Bank NY Branch that you got off their website for doing transfers to your Bkk Account)its been posted on here several times also but you can do a quick search on Bangkok Bank New York Branch and learn all about how to do a transfer to your BKK Bank Account.After you put in Swift code or Routing # same thing then put in your actual account # for your account in Udon Thani Branch or wherever your account is.Then you just hit submit and wait for 3 or 4 days and you will get an email from Chase that your new account has been set up.go onto your Chase site do the transfer and after 3 or 4 days go into your Branch and see if the money has arrived which I doubt will have happened.Talk to someone at the bank why not then they will have you fill some more papers for the BKK Bank in Bangkok before they will send the money in about 2 more days.If you are not in Thailand like myself you will need to have someone on your account go speak with them and Bangkok will send you (via email)if they have your email?the papers you need to fill out with all the people who are authorised to draw money from your account and have those papers notarized here then you can scan them and email them back to them along with the signature form person in Thailand that has access to your account if there is someone there.In about 2 days the money will be put into your account and the next wire transfer will go smoothly in about 2-4 days which took mine about 3 days.If I ccan help more please let me know.SammyG

$\:D/$ $\:D/$

Post by **Charlieb** » June 25, 2009, 11:13 pm

Thanks for the info Sammy

Post by **WBU ALUM** » July 15, 2009, 8:42 pm

Took papaquido's advice yesterday on the cash advance using my US bank account debit card.

Made the transaction at the SCB branch in Big C. Very quick. No questions asked. In and out in about 10-15 minutes.

The funds were deposited directly into my account at SCB. No fee from SCB, and (so far) no fee from my US bank, Capital One. I'll check online over the next couple of days to see if a fee gets posted ...

Post by **WBU ALUM** » July 16, 2009, 3:53 pm

UPDATE: The fee on a 20,000 baht cash advance from Capital One Bank in the US was $2.73, which translates into 0.46% or a little over 92 baht. It eliminates all of the ATM fees on both ends.

Post by **UbonTaz** » July 17, 2009, 6:18 pm

I have been living here for almost 9 years and have been using ATM to get money because transfers were just too expensive.

I have been using Paypal to order things for a couple of years and never had a problem. I decided to test it and transfered 15,000 from my bank in the US to a bank here in Thailand. It was flawless and also is free. It does take 5-7 days but if its not an emergency it is a great way to go.

I just will each month transfer what I need for living expenses and save those fees.

Just a suggestion. Paypal accounts are free and easy to set up. It does take a few days to verify your accounts, at home and here but to me it is worth it. Once it is set up you can also use Skype to do the transaction. It is also a safe and convenient way to pay for things instead of using a debit or credit card.

Internatinal Wire Transfer (from USA)

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