BANGKOK BANK Transfers, Dead in the Water?

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parrot
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BANGKOK BANK Transfers, Dead in the Water?

Post by parrot » May 30, 2020, 4:02 am

Up until a year ago, I was able to do online, free transfers from Vanguard through Bangkok Bank in NY. As I read the forums, that option is no longer available. Two questions:
First to confirm Bangkok Bank NY is no longer an option.
Second, does anyone have a Vanguard account where you can set up online transfers to an overseas bank account?

I know that Vanguard will do overseas wires for $10.....but not sure if that can be done online. Before I call, I thought I'd ask here first.



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Re: BANGKOK BANK Transfers, Dead in the Water?

Post by tutone » May 30, 2020, 7:26 am

parrot wrote:
May 30, 2020, 4:02 am
Up until a year ago, I was able to do online, free transfers from Vanguard through Bangkok Bank in NY. As I read the forums, that option is no longer available. Two questions:
First to confirm Bangkok Bank NY is no longer an option.
Second, does anyone have a Vanguard account where you can set up online transfers to an overseas bank account?

I know that Vanguard will do overseas wires for $10.....but not sure if that can be done online. Before I call, I thought I'd ask here first.
I transfer from my Vanguard account to my Bangkok Bank account here in Thailand every month. I do it online and yes it costs $10. If you have done it online before and the information required to make the transfer (a sell transaction) is still the same, I see no reason why you shouldn't still be able to do so now. Looking at my last confirmation I see that Bangkok Bank New York is listed as the correspondent bank so I assume the money goes through that branch.

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Re: BANGKOK BANK Transfers, Dead in the Water?

Post by semperfiguy » May 30, 2020, 1:26 pm

Re: US$ via ACH with Bangkok Bank NYC

From Bangkok Bank 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.


As long as you are using the IAT format you should be able to continue sending money through BNK BK NY to your bank in Thailand. It worked for me! Just ask if your US bank can comply with the requirements. Some say they can't.
Last edited by semperfiguy on May 31, 2020, 8:31 am, edited 1 time in total.
Colossians 2:8-10...See to it that no one takes you captive through philosophy and empty deception, which are based on human tradition and the spiritual forces of the world rather than on Christ. For in HIM dwells all the fullness of the GODHEAD bodily; and you are complete in HIM, who is the head of all principality and power.

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Re: BANGKOK BANK Transfers, Dead in the Water?

Post by tutone » May 31, 2020, 8:09 am

Regarding Semper Fi's post: Last year when I became aware of these new transaction format requirements, I contacted Vanguard and Bangkok Bank of New York. Both assured me that there would be no changes that would impact any transfers that I make from Vanguard to my account in Thailand. As of today that is still the case. I just did an online transfer last night.

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Re: BANGKOK BANK Transfers, Dead in the Water?

Post by ezrider » May 31, 2020, 8:25 am

Hi guys,
Been here 15 yrs. Used to use SCB but switched to BKB years ago. Not as convenient as online but this has been working for me: once per month I go upstairs to Prajak Rd. branch foreign remittance desk with my Schwab debit card , passport & bankbook. She swipes card, deposits the lot into my BKK account with an FTT entry. Zero fees of any kind- ATM, foreign transaction, get the mid market rate (same as transferwise). In and out in 10-15. Immigration requirement met.

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Re: BANGKOK BANK Transfers, Dead in the Water?

Post by parrot » May 31, 2020, 9:18 am

Thanks for all the feedback. The more things change, the more they stay the same

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Re: BANGKOK BANK Transfers, Dead in the Water?

Post by RLTrader » May 31, 2020, 9:26 am

ezrider wrote:
May 31, 2020, 8:25 am
Hi guys,
Been here 15 yrs. Used to use SCB but switched to BKB years ago. Not as convenient as online but this has been working for me: once per month I go upstairs to Prajak Rd. branch foreign remittance desk with my Schwab debit card , passport & bankbook. She swipes card, deposits the lot into my BKK account with an FTT entry. Zero fees of any kind- ATM, foreign transaction, get the mid market rate (same as transferwise). In and out in 10-15. Immigration requirement met.
Hmm, wonder if would work with my HSBC card.

Back a few months ago, stopped working, transfer from HSBC web site thru Bangkok Bank of New York. Was rejected by BBNY. Never did get a reason from either. Figured the wrong code.

So just need to give her card, passport, & bankbook and say how much in Baht? No other bank slip?

Might be worth a try, next month.

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Re: BANGKOK BANK Transfers, Dead in the Water?

Post by semperfiguy » May 31, 2020, 9:42 am

RLTrader wrote:
May 31, 2020, 9:26 am
ezrider wrote:
May 31, 2020, 8:25 am
Hi guys,
Been here 15 yrs. Used to use SCB but switched to BKB years ago. Not as convenient as online but this has been working for me: once per month I go upstairs to Prajak Rd. branch foreign remittance desk with my Schwab debit card , passport & bankbook. She swipes card, deposits the lot into my BKK account with an FTT entry. Zero fees of any kind- ATM, foreign transaction, get the mid market rate (same as transferwise). In and out in 10-15. Immigration requirement met.
Hmm, wonder if would work with my HSBC card.

Back a few months ago, stopped working, transfer from HSBC web site thru Bangkok Bank of New York. Was rejected by BBNY. Never did get a reason from either. Figured the wrong code.

So just need to give her card, passport, & bankbook and say how much in Baht? No other bank slip?

Might be worth a try, next month.


Works for me too RLT! I go to the International Accounts window at BNK Bk on Phosri Rd near Immigration and give her my US bank debit card and passport. I tell her how many Baht I want and she scans it in her little machine and promptly delivers cash back to me. Just take the "Buying TT" rate for USD for the day from the teller and do a quick exchange in your mind taking into consideration your daily ATM transaction limit which is placed on your card back in the US. You don't want to miscalculate and have your request denied. There is no transaction fee levied at BNK Bk, but in my case my US bank charges me a 1% Foreign Transaction Fee, so you may want to consider that. Yours may be higher or lower or not at all. Good luck!
Colossians 2:8-10...See to it that no one takes you captive through philosophy and empty deception, which are based on human tradition and the spiritual forces of the world rather than on Christ. For in HIM dwells all the fullness of the GODHEAD bodily; and you are complete in HIM, who is the head of all principality and power.

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Re: BANGKOK BANK Transfers, Dead in the Water?

Post by ezrider » May 31, 2020, 10:08 am

Schwab - zero ATM fees or foreign transaction fees world wide. If a machine charges a fee, that fee is reimbursed into your Schwab account within 48hrs. If you do a wire transfer Schwab charges $25 flat fee. But i just use the ATM card at foreign remittance desk- very ez

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Re: BANGKOK BANK Transfers, Dead in the Water?

Post by ezrider » May 31, 2020, 10:12 am

Yes- ask for what you want in Thai baht. If your bank has a limit, call them and ask for an increase. If 'no', change banks or brokerage accounts

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Re: BANGKOK BANK Transfers, Dead in the Water?

Post by semperfiguy » May 31, 2020, 10:24 am

ezrider wrote:
May 31, 2020, 10:08 am
Schwab - zero ATM fees or foreign transaction fees world wide. If a machine charges a fee, that fee is reimbursed into your Schwab account within 48hrs. If you do a wire transfer Schwab charges $25 flat fee. But i just use the ATM card at foreign remittance desk- very ez
Ezrider, having a Schwab account would indeed be nice, but I applied online from Thailand using my US address and phone number, and it didn't work for me. I was able to open the account online and the debit card was sent to me, but as I was attempting to validate the card I was denied because the fraud department after the fact discovered that I had opened the account using a foreign IP address. They kept the account active and gave me three months to personally present myself at a Schwab office in the US to validate my card. That was not possible for me since I plan never to return to the US. As of now I can still use the brokerage account but I cannot use the ATM/Debit Card attached to that account. In retrospect I should have used a VPN located in the US to open the account online. Therefore, for anyone who is thinking of opening up a Schwab account online from Thailand, I suggest you use the US based VPN to avoid all the hassle that I have had.
Colossians 2:8-10...See to it that no one takes you captive through philosophy and empty deception, which are based on human tradition and the spiritual forces of the world rather than on Christ. For in HIM dwells all the fullness of the GODHEAD bodily; and you are complete in HIM, who is the head of all principality and power.

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Re: BANGKOK BANK Transfers, Dead in the Water?

Post by RLTrader » May 31, 2020, 10:57 am

semperfiguy wrote:
May 31, 2020, 9:42 am

Works for me too RLT! I go to the International Accounts window at BNK Bk on Phosri Rd near Immigration and give her my US bank debit card and passport. I tell her how many Baht I want and she scans it in her little machine and promptly delivers cash back to me. Just take the "Buying TT" rate for USD for the day from the teller and do a quick exchange in your mind taking into consideration your daily ATM transaction limit which is placed on your card back in the US. You don't want to miscalculate and have your request denied. There is no transaction fee levied at BNK Bk, but in my case my US bank charges me a 1% Foreign Transaction Fee, so you may want to consider that. Yours may be higher or lower or not at all. Good luck!
Thanks
Hmm, so it kinda works like using AEON ATM except miss the 150฿ fee. Was hoping would work like the web site and no limit. Only guessing I have a $500 limit, ya, know I could call and ask to increase, but just went thru that madness, for something else.

My landline has been down for over a month now, and you just can't get any service now.

Tried calling international operator so as to call collect using cell, but get msg "No operators working". So called direct and got thru, but the line was bad on my end. But did manage to get what I wanted done. Says on web site @ 1฿ per min and call was under 4 mins. So cheaper than landline will guess from memory (100฿+).

Back on subject
So think I will stick with using AEON, when including the fee, seem to be getting 1฿ less than my widget/Yahoo rate. So when it says 31.80 I get around 30.90

Thanks again

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Re: BANGKOK BANK Transfers, Dead in the Water?

Post by ezrider » May 31, 2020, 11:53 am

Wish i could help you with the Schwab ATM. Their 24/7 toll free customer service in Denver or Phoenix is excellent at resolving problems. Been with them since the 80s. I did tell them back in 2006 i spent most of the year here so to expect card activity here. I do have a US address & phone # as well. Also direct deposit from 2 pensions & SS. Call CS, explain your circumstances; pretty sure they'll take care of you.

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Re: BANGKOK BANK Transfers, Dead in the Water?

Post by RLTrader » May 31, 2020, 12:31 pm

semperfiguy wrote:
May 31, 2020, 10:24 am
ezrider wrote:
May 31, 2020, 10:08 am
Schwab - zero ATM fees or foreign transaction fees world wide. If a machine charges a fee, that fee is reimbursed into your Schwab account within 48hrs. If you do a wire transfer Schwab charges $25 flat fee. But i just use the ATM card at foreign remittance desk- very ez
Ezrider, having a Schwab account would indeed be nice, but I applied online from Thailand using my US address and phone number, and it didn't work for me. I was able to open the account online and the debit card was sent to me, but as I was attempting to validate the card I was denied because the fraud department after the fact discovered that I had opened the account using a foreign IP address. They kept the account active and gave me three months to personally present myself at a Schwab office in the US to validate my card. That was not possible for me since I plan never to return to the US. As of now I can still use the brokerage account but I cannot use the ATM/Debit Card attached to that account. In retrospect I should have used a VPN located in the US to open the account online. Therefore, for anyone who is thinking of opening up a Schwab account online from Thailand, I suggest you use the US based VPN to avoid all the hassle that I have had.
Sounds like what happened to me years & years ago at ScotTrade. They discovered my US mail address was a mail drop, and closed my account. Even trying to use my sisters address was to no avail. Closing account caused many headaches.

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Re: BANGKOK BANK Transfers, Dead in the Water?

Post by ezrider » May 31, 2020, 6:15 pm

Now im sounding like a shill for Chuck S. Can't speak for other brokerage firms but i was quite upfront with Schwab when i retired to Thailand. They have both my US & LOS contact info. - never been a problem. Debit & charge cards are mailed ems. Again, their 24/7 cust. service is great.

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Re: BANGKOK BANK Transfers, Dead in the Water?

Post by RLTrader » June 1, 2020, 4:07 pm

Thanks ez maybe in a few months time if & when this madness ends, will look into Schwab.

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Re: BANGKOK BANK Transfers, Dead in the Water?

Post by semperfiguy » June 1, 2020, 6:29 pm

ezrider wrote:
May 31, 2020, 6:15 pm
Now im sounding like a shill for Chuck S. Can't speak for other brokerage firms but i was quite upfront with Schwab when i retired to Thailand. They have both my US & LOS contact info. - never been a problem. Debit & charge cards are mailed ems. Again, their 24/7 cust. service is great.
Ezrider, I think the difference in your experience is because you opened your accounts in the US. Is that correct?
Colossians 2:8-10...See to it that no one takes you captive through philosophy and empty deception, which are based on human tradition and the spiritual forces of the world rather than on Christ. For in HIM dwells all the fullness of the GODHEAD bodily; and you are complete in HIM, who is the head of all principality and power.

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Re: BANGKOK BANK Transfers, Dead in the Water?

Post by ezrider » June 2, 2020, 8:23 am

Yes i did open my account in Hawaii back in the 80s. That makes no difference- ive 4 or 5 friends who have succesfully opened SC accounts while living here, also received their debit & visa cards here (before mail service was temporarily suspended) You have your account set up already and debit card on hand. Call toll free customer service(# on back of.card) set up or answer some security questions. They will activate your card over the phone, you'll be good to go

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