International transfers (American Bank to Thai Bank)

[simplelife 57]

Hi; what are the best Thai banks for allowing convenient money transfers from a US bank? In order of preference I want of of the following:

 

1. Regularly scheduled, automatic transfers from the US to the Thai bank, done online

2. Manual online transfers

3. Manual transfers at the bank (least desirable)

Edited March 21, 2014 by simplelife

[nkped 1,208]

I think your questions relate more to what the U.S. bank will be willing to do than to the Thai bank.

[DP Gumbypgh 97]

The only bank that permits ACH transfer from USA is Bangkok Bank. All others rely on telegrahic transfers which could cost you $30-$40 for each transfer. ACH costs

Local fee here 0.3% of amount, Min 200 baht max 500baht

[Shilo 371]

The main branch of Bangkok Bank in Pattaya is on 2nd Rd. across from Soi 6. Open an account there, pick up an atm card, set up online access and cellphone alerts. Let a couple of days go by to allow the account to settle.

 

Then set up a linkage between your American bank and the Bangkok Bank branch in New York. At least with my Fidelity Brokerage account I was able to do this online. When you're ready to move money just "push" the funds from your American account to the Bangkok Bank account. Depending on your American account you should be able to set up automatic "pushes" from one to the other. It takes about 2-3 days for the funds to transfer with a small fee and the current exchange rates. I don't think that you will be able to get an American bank to allow a Thai bank to "pull" money in and to be honest I wouldn't feel comfortable with that option.

[simplelife 57]

Thanks, I noticed the following on Bangkok Bank's website:

 

"If you have a work permit, are a permanent resident, or hold a long-stay visa, you can apply for a wider range of services such as a cheque account, internet banking and online international funds transfer services."

 

I want the online banking and fund transfer services. Do you think showing them a triple entry visa and a completed application to a local language school would convince them I will be having a long term stay? (the school app is a bluff for now, but I will use it once my tourist visa expires).

Edited March 21, 2014 by simplelife

[Gary 4,119]

I contacted Bangkok Bank in the US to see if I could open an account. I was told that they only handle business accounts. I wanted to close my Citibank account. I have no love for that bank. Unfortunately I am still using Citibank. They say on their website that an international wire transfer cost $30 regardless of the amount. They also added a $15 for an intermediary bank. The intermediary bank is? Yes, Citibank. I make two or three wire transfers a year at $45 each. I send the money to Siam Commercial Bank. The money gets here from Citibank in less than 24 hours.

 

Why don't I like Citibank? International ATM withdrawals used to be free. Now they charge 3 percent. A no fee account used to be a $1,500 minimum deposit. Now I think it is $6,000. They cancelled my credit card because I don't reside in the US. They just seem to get more greedy and picky as time goes by. They worst part is that I have been unable to find a better bank. Bank of America has no problem with me living in Thailand and giving me a credit card.

[nkped 1,208]

No personal experience, but this is Bangkok Bank's site on transferring money from the U.S. via its NYC office. http://www.bangkokbank.com/bangkokbank/personalbanking/dailybanking/transferingfunds/transferringintothailand/receivingfundsfromusa/pages/receivingfundsfromusa.aspx

[forcebwithu 4,856]

I contacted Bangkok Bank in the US to see if I could open an account. I was told that they only handle business accounts. I wanted to close my Citibank account. I have no love for that bank. Unfortunately I am still using Citibank. They say on their website that an international wire transfer cost $30 regardless of the amount. They also added a $15 for an intermediary bank. The intermediary bank is? Yes, Citibank. I make two or three wire transfers a year at $45 each. I send the money to Siam Commercial Bank. The money gets here from Citibank in less than 24 hours.

 

Why don't I like Citibank? International ATM withdrawals used to be free. Now they charge 3 percent. A no fee account used to be a $1,500 minimum deposit. Now I think it is $6,000. They cancelled my credit card because I don't reside in the US. They just seem to get more greedy and picky as time goes by. They worst part is that I have been unable to find a better bank. Bank of America has no problem with me living in Thailand and giving me a credit card.

While I don't use my Chase ATM card for international withdrawals, Chase does allow online wire transfers ($40) and I have two credit cards through Chase. No fee account is $1,500 minimum daily balance. Chase is aware that I'm living in Thailand, but I still use a US mailing address so that might help.

[RhinoTusk 4,901]

Thanks, I noticed the following on Bangkok Bank's website:

 

"If you have a work permit, are a permanent resident, or hold a long-stay visa, you can apply for a wider range of services such as a cheque account, internet banking and online international funds transfer services."

 

I want the online banking and fund transfer services. Do you think showing them a triple entry visa and a completed application to a local language school would convince them I will be having a long term stay? (the school app is a bluff for now, but I will use it once my tourist visa expires).

 

I had a double-entry tourist visa when I opened an account and they wouldn't give me internet banking until I got a 12 month retirement extension.

[Trvlr 50]

You could try XETrade, as I mentioned somewhere else recently.

You will have to sign up with them, and they seem to have some specific requirements. Once you are signed up you designate a bank from which to withdraw money, which would be your US bank.

Then it is a matter of letting them know online how much you want to send and where.

Their fee is $22 for up to $10000. They also make money on the spread. Unlike many commercial banks, they do not send US dollars to Thailand. Instead they convert US dollars to Thai baht and send the baht to your Thai bank. I checked about a week ago and their exchange rate was 0.11 baht less than what SCB had on its website. I had checked once last year, and the rate was the same as the SCB rate.

Let us know how it goes if you opt for it.

[Mescalito 19]

I'm with Bank of America here, and Kasikorn Bank in Thailand. I transfer money to Kasikorn very easily via BofA's on-line banking. Yes, they charge me 35 bucks to do it, and it takes 3 business days to get into the account, but it works like a charm. Never had a problem.

[js007 795]

I'm with Bank of America here, and Kasikorn Bank in Thailand. I transfer money to Kasikorn very easily via BofA's on-line banking. Yes, they charge me 35 bucks to do it, and it takes 3 business days to get into the account, but it works like a charm. Never had a problem.

 

I do the same thing, but I use Chase. Instead of three business days, the time is usually less than 24 hours. It seems to depend on what time of day I order the transfer, whether it's a weekend, etc. I get the feeling that the transfers are done during business hours in the USA, and likewise, the money is credited to my K bank account sometime early in the morning in Thailand, during business hours.

[Trvlr 50]

I'm with Bank of America here, and Kasikorn Bank in Thailand. I transfer money to Kasikorn very easily via BofA's on-line banking. Yes, they charge me 35 bucks to do it, and it takes 3 business days to get into the account, but it works like a charm. Never had a problem.

 

You must be sending money only when you are in the US.

Some of us also need to transfer money from a US account to a Thai bank while we are in Thailand. I cannot make Bank of America do that, unless you know of some way?

 

I just tried to add a Thai account to the BOA transfer process. The problem is they want to authenticate by sending a code to my US mobile phone each time I initiate a transfer. There seems to be no other way. Since I will not be able to accept texts in Thailand on my US number, this process is useless for me. I tried adding a Thai number, but the system will not accept it.

[js007 795]

 

You must be sending money only when you are in the US.

Some of us also need to transfer money from a US account to a Thai bank while we are in Thailand. I cannot make Bank of America do that, unless you know of some way?

 

I just tried to add a Thai account to the BOA transfer process. The problem is they want to authenticate by sending a code to my US mobile phone each time I initiate a transfer. There seems to be no other way. Since I will not be able to accept texts in Thailand on my US number, this process is useless for me. I tried adding a Thai number, but the system will not accept it.

 

Can you use an email address instead?

[Trvlr 50]

Can you use an email address instead?

 

I did not see any such option...I looked.

[forcebwithu 4,856]

The main branch of Bangkok Bank in Pattaya is on 2nd Rd. across from Soi 6. Open an account there, pick up an atm card, set up online access and cellphone alerts. Let a couple of days go by to allow the account to settle.

 

Then set up a linkage between your American bank and the Bangkok Bank branch in New York. At least with my Fidelity Brokerage account I was able to do this online. When you're ready to move money just "push" the funds from your American account to the Bangkok Bank account. Depending on your American account you should be able to set up automatic "pushes" from one to the other. It takes about 2-3 days for the funds to transfer with a small fee and the current exchange rates. I don't think that you will be able to get an American bank to allow a Thai bank to "pull" money in and to be honest I wouldn't feel comfortable with that option.

 

Shilo, good info. I'm going to give this a try.

 

Do I need to get a separate account at the Bangkok Bank, New York branch? If so, can I do that here in Pattaya?

Edited April 2, 2014 by forcebwithu

[DP Gumbypgh 97]

 

You must be sending money only when you are in the US.

Some of us also need to transfer money from a US account to a Thai bank while we are in Thailand. I cannot make Bank of America do that, unless you know of some way?

 

I just tried to add a Thai account to the BOA transfer process. The problem is they want to authenticate by sending a code to my US mobile phone each time I initiate a transfer. There seems to be no other way. Since I will not be able to accept texts in Thailand on my US number, this process is useless for me. I tried adding a Thai number, but the system will not accept it.

 

Open a google voice account and use that number can check on computer any texts, alternative get a magic jack or a Skype phone no.

[MM 6,562]

 

Open a google voice account and use that number can check on computer any texts, alternative get a magic jack or a Skype phone no.

Skype phone number doesn't accept SMS.

[Evil Penevil 7,628]

 

I just tried to add a Thai account to the BOA transfer process. The problem is they want to authenticate by sending a code to my US mobile phone each time I initiate a transfer. There seems to be no other way. Since I will not be able to accept texts in Thailand on my US number, this process is useless for me. I tried adding a Thai number, but the system will not accept it.

 

You can order a SafePass card from BOA for $19.95. It's about the size of a credit card and it generates an access code whenever you need one. With SafePass, you can transfer money in and out of your account while outside the U.S. No need for an authentication code to be sent by phone. You can read more here.

 

However, you need to activate the SafePass card from within the U.S. It can be done while you're outside the U.S., but it then becomes a complicated process and you must have someone to help you. You can't activate it on your own while outside the U.S., but once activated, there is no problem in using it abroad.

 

To my knowledge, you can transfer $1,000 without a SafePass code. There's also a number to call if you don't have access to the mobile device to which the telephone code would be sent, but that requires a long wait in a phone queue and then answering a bunch of security questions.

 

Evil

Edited April 2, 2014 by Evil Penevil

[js007 795]

I did not see any such option...I looked.

 

Well, if you can somehow manage to open a US Chase account from Thailand, using Chase might be easier. My Chase account was opened in the US and my Thai K bank account was added as a wire transfer option at a later date, from Thailand. A validation process was involved, but on the Chase site I think you can obtain the "validation" code via the email address you used when you originally set up the account. Anyway, I've never had a problem.

[Shilo 371]

 

Shilo, good info. I'm going to give this a try.

 

Do I need to get a separate account at the Bangkok Bank, New York branch? If so, can I do that here in Pattaya?

 

No need to open a "Bangkok Bank, New York branch" account. Just open an account here in Pattaya at the 2nd road branch and use the account number to set up the linkage. I only mention the New York branch so you know that the money will flow from your US bank to the New York branch before being credited to your Bangkok Bank account...

[statman208 41]

Same as the guys above.. I transfer from CHASE in the US to KBank every month and it works just fine. $40 a pop.

[forcebwithu 4,856]

 

No need to open a "Bangkok Bank, New York branch" account. Just open an account here in Pattaya at the 2nd road branch and use the account number to set up the linkage. I only mention the New York branch so you know that the money will flow from your US bank to the New York branch before being credited to your Bangkok Bank account...

 

Went today and set up a new account. Once I got past the need work permit, no my retirement visa is ok bit, all went smoothly. As you suggested, I'll let the account "settle" for a few days and then execute the US ACH transfer. Thanks again for the info.

[mykl 72]

Try your credit union if you have access to one. They seem to have a different set of rules than regular banks. Mine allows me to call an 800 number and arrainge a transfer or Western Union myself money from my account.

[JONPAT 222]

I use Bank of America to ACH to the Bangkok Bank in New York City. I opened the Bangkok Bank account in Pattaya on 2nd Road down near Soi 6/1 while on a 60 day tourist visa. I ACH 1000 at a time and BAC charges $3 to do so. What Bangkok Bank charges I can not figure out but they do get it to my Pattaya account number. Occasionaly I transfer some money from Bangkok Bank to my Kasikorn bank at 12 bahts per transaction.