ACH Funds Transfer To BKK NY

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LoneTraveler
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ACH Funds Transfer To BKK NY

Post by LoneTraveler » January 29, 2019, 8:08 am

Because BKK Bank NY will no longer accept ACH Funds Transfer as of April 01, I am seeking an alternative to transfer funds from the US to a Thai Bank. I have scoured the on-line banking site to see if they will accept ACH Transfer but I see nothing to that affect. My Bank in New York said the only alternative to ACH transfer is a wire transfer but I must come in person to set it up. A pricey alternative traveling to NY to set up account, so that option is out.

I have read on this and other forums about the use of Transferwire or something like that, but it does not sound as though it would satisfy Immigration requirement (domestic vs. international transfer). Any suggestions would be appreciated.



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semperfiguy
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Re: ACH Funds Transfer To BKK NY

Post by semperfiguy » January 29, 2019, 10:53 am

LoneTraveler wrote:
January 29, 2019, 8:08 am
Because BKK Bank NY will no longer accept ACH Funds Transfer as of April 01, I am seeking an alternative to transfer funds from the US to a Thai Bank. I have scoured the on-line banking site to see if they will accept ACH Transfer but I see nothing to that affect. My Bank in New York said the only alternative to ACH transfer is a wire transfer but I must come in person to set it up. A pricey alternative traveling to NY to set up account, so that option is out.

I have read on this and other forums about the use of Transferwire or something like that, but it does not sound as though it would satisfy Immigration requirement (domestic vs. international transfer). Any suggestions would be appreciated.
LoneTraveler, I used TW for the first time last week and was extremely impressed with their service. I had several questions along the way because their website was not quite as user friendly as I expected simply because the instructions were a bit confusing, but the customer service reps were very friendly and informative and got back to me within one day and cleared up all of my confusion. Believe me, I have researched every other alternative to get the best deal possible on the total expense of any transfer from the States to Thailand, and TW is the lowest total fee for me. The money arrived within two days after the test deposits were done in my US account, and when it arrived at my Bangkok Bank account it was designated as FTT which is a foreign transfer, so it will satisfy the requirements of Udon Immigration. Give it a try! I will be using them from now on monthly. If you need any clarification feel free to send me a PM.
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Mosquito
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Re: ACH Funds Transfer To BKK NY

Post by Mosquito » January 29, 2019, 10:56 am

TW?

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mak
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Re: ACH Funds Transfer To BKK NY

Post by mak » January 29, 2019, 11:05 am

Transferwise.com
I will be using them as well starting prior to April 1.
I did a test run back in July. Takes 2 days.


Hello

32,992.66 THB is on its way to you. The money should be in the bank account by tomorrow, August 1.

The USD to THB rate was 33.39. The fee was 11.90 USD

LoneTraveler
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Re: ACH Funds Transfer To BKK NY

Post by LoneTraveler » January 29, 2019, 11:23 am

semperfiguy wrote:
January 29, 2019, 10:53 am
LoneTraveler wrote:
January 29, 2019, 8:08 am
Because BKK Bank NY will no longer accept ACH Funds Transfer as of April 01, I am seeking an alternative to transfer funds from the US to a Thai Bank. I have scoured the on-line banking site to see if they will accept ACH Transfer but I see nothing to that affect. My Bank in New York said the only alternative to ACH transfer is a wire transfer but I must come in person to set it up. A pricey alternative traveling to NY to set up account, so that option is out.

I have read on this and other forums about the use of Transferwire or something like that, but it does not sound as though it would satisfy Immigration requirement (domestic vs. international transfer). Any suggestions would be appreciated.
LoneTraveler, I used TW for the first time last week and was extremely impressed with their service. I had several questions along the way because their website was not quite as user friendly as I expected simply because the instructions were a bit confusing, but the customer service reps were very friendly and informative and got back to me within one day and cleared up all of my confusion. Believe me, I have researched every other alternative to get the best deal possible on the total expense of any transfer from the States to Thailand, and TW is the lowest total fee for me. The money arrived within two days after the test deposits were done in my US account, and when it arrived at my Bangkok Bank account it was designated as FTT which is a foreign transfer, so it will satisfy the requirements of Udon Immigration. Give it a try! I will be using them from now on monthly. If you need any clarification feel free to send me a PM.
Thank you, It appears you are satisfied with their service so I will visit the website and PM you if I have questions. You answered my concern of funds showing up as FTT transactions.

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parrot
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Re: ACH Funds Transfer To BKK NY

Post by parrot » January 29, 2019, 1:47 pm

I find the TW fees rather high.....compared with an online transfer through Pentagon Federal Credit Union, for example:

On 2 Jan, I transferred $5000 online from PFCU to BBK NY (to my Udon account). The official exchange rate that day was 32.284.
160,375 Baht was deposited into my account here as an FTT transaction.
$5000x32.284= 161,420 Baht
actual deposit 160,375 Baht
Total cost for the transfer was 1045 Baht ($32.36)

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pf-flyer
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Re: ACH Funds Transfer To BKK NY

Post by pf-flyer » January 30, 2019, 2:46 pm

I just ran my first Funds test transfer with TransferWise. I submitted the transfer on TransferWise on 1-29-2019 at 4:00 PM and received the deposit into our Bangkok Bank account on 1-30-2019 at 2:04 PM. We are impressed. The ACH funds transfer to the BKK bank at New York that we have been using usually takes 3 days. Thanks for the heads up on this transfer service.
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Giggle
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Re: ACH Funds Transfer To BKK NY

Post by Giggle » January 30, 2019, 3:38 pm

At $11.90 per month in fees, your total annual cost for transfer fees alone is $142.80.

It would be far cheaper, in the long run, to save 400k or 800k baht and put it in a fixed account in a Thai bank* and forget about it. I imagine this runaround involving monthly transfers gets old fast.

I normally make one international wire to my Thai bank each year transferring the funds I'll need for the upcoming year -- put it in my joint Thai bank and spend it using free ATM withdrawals. I go to my bank maybe 2x a year. This method lets my savings accrue at a higher US interest rate (currently), and also allows me to ignore the noise about exchange rates. I get one rate, for better or worse, for the entire year.

*The difference between dirty, nasty foreigner interest rate and pure, untainted Thai interest rate (at Krung Thai bank) in a 1-year fixed account of 800k is about 2,500 baht annually.

Parrot, was the PenFed wire considered intnl or domestic?

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parrot
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Re: ACH Funds Transfer To BKK NY

Post by parrot » January 30, 2019, 4:14 pm

giggle, I transfer from PFCU to Bangkok Bank of NY using pfcu website. No charge for the transfer as BBK NY is considered domestic. From there, the funds go to my Udon account....FTT transfer marked in my passbook. Of course, I pay the standard Bangkok Bank fees for transfers.....which I consider very reasonable.
As posted on their webpage........BBK NY charges $10 for transfers between $2000 and $50000. Followed by 0.25% of the transferred amount. So, if you want to cut costs as much as possible, a single annual transfer of about $26000 would be the way to go.

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Re: ACH Funds Transfer To BKK NY

Post by RLTrader » January 30, 2019, 4:21 pm

mak wrote:
January 29, 2019, 11:05 am
Transferwise.com
I will be using them as well starting prior to April 1.
I did a test run back in July. Takes 2 days.


Hello

32,992.66 THB is on its way to you. The money should be in the bank account by tomorrow, August 1.

The USD to THB rate was 33.39. The fee was 11.90 USD
Question: did BB Udon have a charge on top of the 11.90?
Seems like my BB transfer comes out to about the same. BB/NY $5 + BB/Udon $6.25 = $11.25

3+ days. Hard to remember, but never got 3 days.

Usually do mine on Monday night here, which is Sunday in NY, and lucky if I see it by Friday here in my bank book.

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semperfiguy
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Re: ACH Funds Transfer To BKK NY

Post by semperfiguy » January 30, 2019, 4:28 pm

parrot wrote:
January 30, 2019, 4:14 pm
giggle, I transfer from PFCU to Bangkok Bank of NY using pfcu website. No charge for the transfer as BBK NY is considered domestic. From there, the funds go to my Udon account....FTT transfer marked in my passbook. Of course, I pay the standard Bangkok Bank fees for transfers.....which I consider very reasonable.
As posted on their webpage........BBK NY charges $10 for transfers between $2000 and $50000. Followed by 0.25% of the transferred amount. So, if you want to cut costs as much as possible, a single annual transfer of about $26000 would be the way to go.
[/quotez


Parrot, in light of the fact that BKB, NY has announced that effective April, 2019 they will require that all US ACH transfers coursed through NY to Thailand must be in the IAT (International ACH Transaction) format, or coding; will you still be able to order a transfer online via your PFCU website? If you don't have the ability to input your Thai address and the address of your Thai bank on the transfer request, how will you be able to ensure that the transfer will go through with IAT coding? BKB, NY says they will reject all transfer requests that aren't coded as IAT's.


Also, could someone like myself with a US address and phone number open up an account online with PFCU, or will they reject the request if their security protocol detects a foreign IP address as was the case when I tried to open up a Charles Schwab account online from Thailand?
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semperfiguy
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Re: ACH Funds Transfer To BKK NY

Post by semperfiguy » January 30, 2019, 4:33 pm

RLTrader wrote:
January 30, 2019, 4:21 pm
mak wrote:
January 29, 2019, 11:05 am
Transferwise.com
I will be using them as well starting prior to April 1.
I did a test run back in July. Takes 2 days.


Hello

32,992.66 THB is on its way to you. The money should be in the bank account by tomorrow, August 1.

The USD to THB rate was 33.39. The fee was 11.90 USD
Question: did BB Udon have a charge on top of the 11.90?
Seems like my BB transfer comes out to about the same. BB/NY $5 + BB/Udon $6.25 = $11.25

3+ days. Hard to remember, but never got 3 days.

Usually do mine on Monday night here, which is Sunday in NY, and lucky if I see it by Friday here in my bank book.


RLTrader, when you transfer through BKB, NY you will get their "buying TT rate" for the exchange. The Transferwise exchange rate is generally 20 satang per USD better than that rate, so while the fees may seem the same, you need to consider the more favorable exchange rate through TW which brings your overall fees down quite a bit using TW.
"People sleep peaceably in their beds at night only because rough men stand ready to do violence on their behalf". - George Orwell

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parrot
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Re: ACH Funds Transfer To BKK NY

Post by parrot » January 30, 2019, 4:35 pm

I use my Udon P.O. box as an address for pfcu. Get my credit cards and atm cards through that address for 20 years without a problem.
As for all that 1 April static, I'm just going to wait and see how things go. I fail to believe that the world of international transfers/deposits is going to come to a screeching halt on 1 April.....but then, there are a lot of things that I failed to believe that I wished I believed. My extension isn't due until Oct.......I have breathing room
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Re: ACH Funds Transfer To BKK NY

Post by RLTrader » January 30, 2019, 5:39 pm

parrot wrote:
January 30, 2019, 4:35 pm

As for all that 1 April static, I'm just going to wait and see how things go. I fail to believe that the world of international transfers/deposits is going to come to a screeching halt on 1 April.....but then, ...
we think alike, same here, and its No big deal if it does not work for me.

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Re: ACH Funds Transfer To BKK NY

Post by Mosquito » January 30, 2019, 6:14 pm

thxs for the info. still haven't opened a BB account, my visa doesn't expire until April and I got a embassy income letter in Dec......so not really in a rush.

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mak
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Re: ACH Funds Transfer To BKK NY

Post by mak » March 26, 2019, 4:56 pm

I cancelled my US bank transfers thru BBL NY. I was planing on using TW. However, because of some of the problems encountered by some users on TV, I set up wire transfers from the US to BBL Udon. My 1st wire transfer took 1 day.

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Re: ACH Funds Transfer To BKK NY

Post by LoneTraveler » March 27, 2019, 10:14 am

I was told by my bank in the US that I would have to visit a branch in person in the US to setup a wire transfer? Very expensive trip for me therefore I am seeking alternatives. I too am reluctant to use TW after reading some problems members encountered.

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Lone Star
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Re: ACH Funds Transfer To BKK NY

Post by Lone Star » March 27, 2019, 10:31 am

LoneTraveler wrote:
March 27, 2019, 10:14 am
I was told by my bank in the US that I would have to visit a branch in person in the US to setup a wire transfer? Very expensive trip for me therefore I am seeking alternatives. I too am reluctant to use TW after reading some problems members encountered.
Check around.

One of my banks allows wire transfers online -- even check deposits online. Technology is providing/allowing quite a bit these days.
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mak
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Re: ACH Funds Transfer To BKK NY

Post by mak » March 27, 2019, 11:26 am

Ditto. One of my US banks has online wire transfers.

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Charlieb
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Re: ACH Funds Transfer To BKK NY

Post by Charlieb » March 27, 2019, 11:35 am

Chase Bank allows

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