US$ via ACH with Bangkok Bank NYC

[tamada]

I was tidying up some online banking stuff and decided to test the ACH funds transfer between my US$ account in the US and my local Bangkok Bank account here in LOS via BB in NYC. I set it up years ago but only ever used it once before about 5 years ago.

I punted $100 bucks over last Monday morning (US Central Time) using next business day service. My US bank says they charge $10 fee for that but account only shows a straight $100 debit (so far). The funds posted here this morning as THB3063.50 which looks a bit poorer than the rates I see online. I think they take $3 off at BB NYC so they sent US$97 and charge 0.25% of the 'transfer value' at BB this end with a THB200 baht min and THB500 max. I guess that's where the "missing" THB200 went?

Anyone use this regularly or recently and can make sense of my take on the forex side of things?

Thanks!
tam

[mak]

americans-with-direct-deposits-bangkok- ... it=bangkok bank

[RLTrader]

I send from my HSBC account in US thru BB NY

Did on July 25

HSBC - No charge

Sent $650.00 - BB NY charges $5.00 rate on Yahoo was 33.38 at around time of sending, rate I got here was 33.49 BB here in Thailand charged fee of 400 baht.

If you want to get a copy of the trans go to main branch in Udon 2nd floor "Money Exchange"

[Stantheman]

I was tidying up some online banking stuff and decided to test the ACH funds transfer between my US$ account in the US and my local Bangkok Bank account here in LOS via BB in NYC. I set it up years ago but only ever used it once before about 5 years ago.

I punted $100 bucks over last Monday morning (US Central Time) using next business day service. My US bank says they charge $10 fee for that but account only shows a straight $100 debit (so far). The funds posted here this morning as THB3063.50 which looks a bit poorer than the rates I see online. I think they take $3 off at BB NYC so they sent US$97 and charge 0.25% of the 'transfer value' at BB this end with a THB200 baht min and THB500 max. I guess that's where the "missing" THB200 went?

Anyone use this regularly or recently and can make sense of my take on the forex side of things?

Thanks!
tam

Tam, your info looks about right for the one time I tried. Fortunately with my Bank of America account no fee for wire transfer to wifes account with Bangkok Bank so only have the 200 to 500 baht deductable based on amount transfered.

[ladda3904]

I have done this several times using a credit union account in the US. Your numbers seem to be in line with what I have seen.

[parrot]

I send from my HSBC account in US thru BB NY

Did on July 25

HSBC - No charge

Sent $650.00 - BB NY charges $5.00 rate on Yahoo was 33.38 at around time of sending, rate I got here was 33.49 BB here in Thailand charged fee of 400 baht.

If you want to get a copy of the trans go to main branch in Udon 2nd floor "Money Exchange"

I set up my Bangkok Bank account to send me an SMS upon deposit. It's been a few years since I did, but shouldn't be complicated . The girl upstairs at the main branch should be able to do it for you. You'll get an sms upon deposit, showing the amount of transfer and the amount of deposit.

[tamada]

Thanks for the affirmation chaps. BofA charged me their 10 bucks the day after the funds were sent. Went ahead and did the big transfer last Wednesday morning (US Central time), money in UK bank on Friday morning (UK time). Beat the UK bank holiday!!

[mak]

As of April 1, 2019 this service will stop.

[parrot]

As of April 1, 2019 this service will stop.

That sucks

[Lone Star]

There are banks out there that have a policy of reimbursing ATM fees on ATM withdrawals from overseas (outside of the US) accounts. I've been using one for almost a decade. Just ACH transfer from one of my bank accounts in the US to my "special" account that reimburses ATM fees, and then withdraw the cash on this end. At the end of the month, all of the ATM fees are reimbursed and credited on my statement.

[ladda3904]

Mak. Where did you get this information? I haven’t seen this anywhere

[mak]

From BBL website:
The following step-by-step instructions are available:
Advice to senders using US bank internet banking services
If you have a U.S. bank account, you can conveniently transfer funds to a recipient's 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 Electronic Payments Association (NACHA).
The IAT is a special code (a Standard Entry Class or “SEC” 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 (OFAC, U.S. Department of the Treasury) requirements. The NACHA rules require Bangkok Bank’s 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:
1.Your name and physical address in Thailand;
2.Your bank account number and the name and address of your Bangkok Bank Branch in Thailand; and
3.The 9-digit routing number 026008691 of Bangkok Bank New York Branch, which acts as intermediary in the transaction.
Important Note:
•As some bank in U.S. may not provide the International ACH thorough their internet banking, please contact your bank on how to process your transfer.
•Once Bangkok Bank’s 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 recipient's 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 recipient’s 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 recipient’s name and account number at Bangkok Bank.

[tamada]

So from April 1st 2019, the service will still be available, albeit with a bit more provenance.

[Stantheman]

So from April 1st 2019, the service will still be available, albeit with a bit more provenance.

Correct, as long as your U.S. bank uses required format with stipulation that sender and receivers must have matching names. This will effect those who might be sending from their U.S. account to someone like a girlfriend or relative in Thailand.

[mak]

I transfer money on a regular basis from a US bank to my BBL Udon bank using the online US bank's "bank to bank" transfer. This method will no longer be viable after April 1, 2019.

[minimiglia]

why??? do you mean 2019??

[Stantheman]

I do wire transfers from my Bank of America account to the wifes or stepson's Bangkok Bank account as that is only way I can transfer to foreign accounts where there is not a branch in U.S. Fortunately I only incur the fee charged by Bangkok Bank when money reaches Thailand as I have a preferred account here.
If I remember correctly Bank of America stopped the non-wire direct transfers to foriegn banks a few years ago due to U.S. government requirements for need to do a bunch of paperwork each time we needed to do a transfer.

[mak]

why??? do you mean 2019??

Yes, 2019.

[minimiglia]

so why not viable next year?

[mak]

Posted on 1st page:
With effective from April 1, 2019, New York branch only process ACH with appropriate IAT format and all non-IAT transactions will be returned