International transfers (American Bank to Thai Bank)

[forcebwithu 4,856]

 

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.

 

Thought I'd post the results of my test transfer to Bangkok Bank, New York branch.

 

On 8 April I sent 100USD from my PNC account to Bangkok Bank, New York using PNC's Pay Other People feature (it's an electronic transfer, but not ACH). That method isn't immediate, but takes three business days for the transfer. Since it's free I can live with the delay.

 

This morning, 11 April, the funds posted to my Bangkok Bank account in the amount of 2,920THB. A call to the Pattaya branch office got me the details of the transaction. The exchange rate the bank used was 32.17. That compares favorably to today's 32.288 international (off-shore) rate as shown by xe.com. Bangkok Bank charges a 200THB receiving fee, and somewhere along the way my 100USD became 97USD before the conversion to THB. Not sure what the $3 fee was about, and the CSR I talked to didn't know either. She did give the direct line to the International Transfers desk for BB (02 685 7777), but I didn't bother calling. Thought I'd do that next time I make a transfer.

 

Still a good deal when compared to the cost of using wire transfers. Thanks again Shilo for the info on Bangkok Bank.

[Shilo 371]

Congrats

 

FWIW: Last time I wired money from Fidelity account to the Bangkok Bank account... I moved $9000 and was charged $10 by the New York branch and another 500 baht by the Pattaya branch... so a total cost of about $25 with an exchange rate of 32.76 which was the current rate at the time.

 

Lately, I've been moving several 15,000 baht atm withdrawals because Fidelity puts the 150 baht atm fee back into my account. And they have added a new feature where I can go online and have email alerts sent anytime there is activity on my atm card. A handy feature with all the Russians in town... about 18 months ago they cloned my card here in Pattaya and took $500 out of an atm in Moscow.

 

I got the money back but getting the new card sent over from the states was a pain in the ass... now I only use atms in the Central Festival Mall.

[Trvlr 50]

 

Thought I'd post the results of my test transfer to Bangkok Bank, New York branch.

 

On 8 April I sent 100USD from my PNC account to Bangkok Bank, New York using PNC's Pay Other People feature (it's an electronic transfer, but not ACH). That method isn't immediate, but takes three business days for the transfer. Since it's free I can live with the delay.

 

This morning, 11 April, the funds posted to my Bangkok Bank account in the amount of 2,920THB. A call to the Pattaya branch office got me the details of the transaction. The exchange rate the bank used was 32.17. That compares favorably to today's 32.288 international (off-shore) rate as shown by xe.com. Bangkok Bank charges a 200THB receiving fee, and somewhere along the way my 100USD became 97USD before the conversion to THB. Not sure what the $3 fee was about, and the CSR I talked to didn't know either. She did give the direct line to the International Transfers desk for BB (02 685 7777), but I didn't bother calling. Thought I'd do that next time I make a transfer.

 

Still a good deal when compared to the cost of using wire transfers. Thanks again Shilo for the info on Bangkok Bank.

 

Thanks for the info...a point or two I want to clarify.

You opened the Bangkok Bank account here in Pattaya?

So when you asked your US bank to transfer funds to Bangkok Bank in New York, you used the account number given to you in Pattaya? Sometimes they ask for an address - you gave the New York address?

Did your US bank ask for a routing number or anything like that?

[Shilo 371]

 

Thanks for the info...a point or two I want to clarify.

You opened the Bangkok Bank account here in Pattaya?

So when you asked your US bank to transfer funds to Bangkok Bank in New York, you used the account number given to you in Pattaya? Sometimes they ask for an address - you gave the New York address?

Did your US bank ask for a routing number or anything like that?

 

Let me jump in seeing as I know the answers...

 

The best place to open an account with Bangkok Bank here in Pattaya is at the main branch on 2nd road across from Soi 6.

Once you have an account with Bangkok Bank it is good at all branches... so both New York and Pattaya are the same number.

If you're asked for an address then get the address for the New York branch.

Every bank has an ABA routing number... you'll need the Bangkok Bank ABA number and your account number.

 

Personally, I do my banking with Fidelity Investments and have had an account for years. Once I opened the Bangkok Bank account I was able to set up the linkage and process the money movement all online.

[forcebwithu 4,856]

 

Thanks for the info...a point or two I want to clarify.

You opened the Bangkok Bank account here in Pattaya?

So when you asked your US bank to transfer funds to Bangkok Bank in New York, you used the account number given to you in Pattaya? Sometimes they ask for an address - you gave the New York address?

Did your US bank ask for a routing number or anything like that?

 

 

 

Let me jump in seeing as I know the answers...

 

The best place to open an account with Bangkok Bank here in Pattaya is at the main branch on 2nd road across from Soi 6.

Once you have an account with Bangkok Bank it is good at all branches... so both New York and Pattaya are the same number.

If you're asked for an address then get the address for the New York branch.

Every bank has an ABA routing number... you'll need the Bangkok Bank ABA number and your account number.

 

Personally, I do my banking with Fidelity Investments and have had an account for years. Once I opened the Bangkok Bank account I was able to set up the linkage and process the money movement all online.

 

 

Shilo's answer is spot on. For my bank transfer I wasn't asked for an address. Posted before, but to save you looking it up, the routing number for the New York branch is 026008691.

[DP Gumbypgh 97]

It was an ACH transfer BKK New York charges as follows

The fee for depositing the baht in your bank here is 0.25% up to 500 Baht (min 200 baht)

[forcebwithu 4,856]

 

It was an ACH transfer BKK New York charges as follows

The fee for depositing the baht in your bank here is 0.25% up to 500 Baht (min 200 baht)

 

 

Thanks for the info!

[BeerBelly 1,026]

 

Let me jump in seeing as I know the answers...

 

The best place to open an account with Bangkok Bank here in Pattaya is at the main branch on 2nd road across from Soi 6.

Once you have an account with Bangkok Bank it is good at all branches... so both New York and Pattaya are the same number.

If you're asked for an address then get the address for the New York branch.

Every bank has an ABA routing number... you'll need the Bangkok Bank ABA number and your account number.

 

Personally, I do my banking with Fidelity Investments and have had an account for years. Once I opened the Bangkok Bank account I was able to set up the linkage and process the money movement all online.

 

Dumb question, but do I need a long term visa to open such an account with Bangkok Bank?

[jacko 8,822]

 

Dumb question, but do I need a long term visa to open such an account with Bangkok Bank?

Apparently not although here they talk of verifying a Thailand address.

 

Even if you are only visiting Thailand for a relatively short period of time, you can open a savings account and get a debit card to use for shopping and ATM withdrawals. All you will need to provide is your passport and one other official identification document – for example, your driver’s license or a reference letter from your embassy, your home bank or a person acceptable to the bank.

Bangkok Bank

 

Considering what I heard yesterday, that all foreign ATM cards will invoke a per use charge of 180 baht (as opposed to the prior 2 tier system of 150/180 baht), opening a local account and transferring spending money is looking good.

Although I am not sure how that works for people from USA....

Edited April 17, 2014 by jacko

[js007 795]

Apparently not although here they talk of verifying a Thailand address.

 

Even if you are only visiting Thailand for a relatively short period of time, you can open a savings account and get a debit card to use for shopping and ATM withdrawals. All you will need to provide is your passport and one other official identification document – for example, your driver’s license or a reference letter from your embassy, your home bank or a person acceptable to the bank.

Bangkok Bank

 

Considering what I heard yesterday, that all foreign ATM cards will invoke a per use charge of 180 baht (as opposed to the prior 2 tier system of 150/180 baht), opening a local account and transferring spending money is looking good.

Although I am not sure how that works for people from USA....

 

Why would people from the USA have any trouble? US regulations?

[jacko 8,822]

 

Why would people from the USA have any trouble? US regulations?

A lot of discussion that the regulations wrt USA guys having foreign bank accounts are onerous enough that some banks just will not offer them.

kasikorn have been mentioned.

A few years old but discussed here.

[Trvlr 50]

Apparently not although here they talk of verifying a Thailand address.

 

Even if you are only visiting Thailand for a relatively short period of time, you can open a savings account and get a debit card to use for shopping and ATM withdrawals. All you will need to provide is your passport and one other official identification document – for example, your driver’s license or a reference letter from your embassy, your home bank or a person acceptable to the bank.

Bangkok Bank

 

Considering what I heard yesterday, that all foreign ATM cards will invoke a per use charge of 180 baht (as opposed to the prior 2 tier system of 150/180 baht), opening a local account and transferring spending money is looking good.

Although I am not sure how that works for people from USA....

 

If a person does not have a work or retirement visa, then most bank managers ask for the residency letter from immigration. It involves putting together some paperwork and a 300-baht (these days) bribe, but it is pretty easy to get. The letter itself is supposed to be valid for a month, but I have used an old one to open an account.

 

On a more humorous note, one time I wanted to open an account at the government bank. I did not have a residency letter and it was not important enough to make the trek to immigration. Instead, I stopped by at the bank branch every few days and praised the (woman) manager's attributes - looks, intelligence, etc.

After the third visit she opened my account.

[MM 6,562]

 

 

 

Why would people from the USA have any trouble?  US regulations?  

 

 

A lot of discussion that the regulations wrt USA guys having foreign bank accounts are onerous enough that some banks just will not offer them.

kasikorn have been mentioned.

A few years old but discussed here.

Shilo is a U.S. guy, and he's been a proponent of this solution.

 

BTW, just did my USA taxes for the first time since they started "cracking down" on holders of foreign bank accounts....seems you don't have to document anything after all, IF you are a full-time expat, UNLESS you have more than 200K USD at the time of reporting or more than 300K USD anytime during the year in a foreign bank. That leaves most US ex-pats I know out of having to report.

 

Sent from my GT-I9300 using Tapatalk

 

 

[Gary 4,119]

Just FYI, I had emailed Fidelity and told them that I am a US citizen and wanted to open an account with them. I also told them that I did NOT have a residence in the US. They didn't see fit to even answer my email.

[MM 6,562]

Just FYI, I had emailed Fidelity and told them that I am a US citizen and wanted to open an account with them. I also told them that I did NOT have a residence in the US. They didn't see fit to even answer my email.

 

Did you try setting up an account online?

 

Sent from my GT-I9300 using Tapatalk

 

 

[wacmedia 277]

Hi,

 

This company has a very good reputation. It's a peer to peer operation.

 

https://www.currencyfair.com/about-us/ http://www.forbes.com/sites/dansimon/2013/10/18/entrepreneur-interviews-brett-meyers-ceo-currencyfair/

Edited April 18, 2014 by wacmedia

[Gary 4,119]

Did you try setting up an account online?

 

Sent from my GT-I9300 using Tapatalk

 

That's the reason I emailed them. Their application needs a US address and the site rejected the application when I wasn't able to provide a US address.

[js007 795]

Shilo is a U.S. guy, and he's been a proponent of this solution.

 

BTW, just did my USA taxes for the first time since they started "cracking down" on holders of foreign bank accounts....seems you don't have to document anything after all, IF you are a full-time expat, UNLESS you have more than 200K USD at the time of reporting or more than 300K USD anytime during the year in a foreign bank. That leaves most US ex-pats I know out of having to report.

 

Sent from my GT-I9300 using Tapatalk

 

Taxes are one thing, but isn't there some sort of report that's due if you have $10K or more in a foreign bank? Or at least I read that somewhere. Usually, I just wire in money and then proceed to spend it, so I've never bothered with reporting anything.

[Gary 4,119]

My US accountant wanted the names and account numbers of my Thai banks as well as the amounts over $10,000 in each account. Yes, I gave him the information. A democrat controlled IRS is a scary thing.

[MM 6,562]

My US accountant wanted the names and account numbers of my Thai banks as well as the amounts over $10,000 in each account. Yes, I gave him the information. A democrat controlled IRS is a scary thing.

[sarcasm /on]

Well, against your accountant what do I know?

 

All I know, is that I was using Turbotax, and when it asked if I had foreign bank accounts, I answered yes. And when it asked if I lived outside the USA for..what is it..339 days I think, I said "yes". And then it only asked me if I had 200K in the bank now or had had 300K in the bank during the last year, to which I replied "No", and nothing was reported because of that.

 

But those turkeys at Intuit probably aren't up on the law, eh?

 

[sarcasm /off]

[Gary 4,119]

I have been using this accountant for more than 15 years and have had no problems. My view is better safe than sorry. I have been living her for a damn sight more than 339 days and he has been doing my tax returns every year since I have been here.

[js007 795]

Here's a link to the IRS page on reporting foreign accounts. Apparently, there's a form to fill out if your foreign account balance is more than $10K.

 

http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Report-of-Foreign-Bank-and-Financial-Accounts-FBAR

[MM 6,562]

I have been using this accountant for more than 15 years and have had no problems. My view is better safe than sorry. I have been living her for a damn sight more than 339 days and he has been doing my tax returns every year since I have been here.

 

It's all very complex...as I said, I was just going on the question/answer driven Turbotax results...further research found this, which is the form that is reported to the IRS on your tax return...

 

 

Form 8938 has higher thresholds for US expats: single filers with more than $200,000 on the last day of the tax year or over $300,000 at any time during the tax year and married filing jointly taxpayers with more than $400,000 on the last day of the tax year or over $600,000 at any time during the tax year. The FBAR is necessary when the total value of assets for all accounts in foreign financial institutions exceeds $10,000 at any point during the year.

 

It seems Congress added another form, the FBAR, which has to be reported to the Treasury Department itself (not the IRS)..like who ever does that? And the threshold for this reporting is $10,000 .. I don't know if there are exemptions for expats or what..it's all a mess and new to me, but the penalties are draconian (welcome to AMERIKA)...

 

There are considerable penalties involved with both FATCA (requiring Form 8938) and the FBAR. Failing to disclose accounts via Form 8938 can result in a $10,000 fine plus an additional $10,000 for every 30 days of non-filing with a maximum penalty of $60,000. If the FBAR non-filing is determined to be non-willful, the taxpayer can be fined up to $10,000. However, if the non-compliance is found to be willful, the fine can be up to the greater of $100,000 or 50% of account balance. Failure to file in either case can result in criminal penalties. We should note that we have not seen Expats penalized in the past for failure to file if they did not know about the filing requirement.

 

 

I guess your accountant is preparing your Treasury FBAR form too..

[Trvlr 50]

[sarcasm /on]

Well, against your accountant what do I know?

 

All I know, is that I was using Turbotax, and when it asked if I had foreign bank accounts, I answered yes. And when it asked if I lived outside the USA for..what is it..339 days I think, I said "yes". And then it only asked me if I had 200K in the bank now or had had 300K in the bank during the last year, to which I replied "No", and nothing was reported because of that.

 

But those turkeys at Intuit probably aren't up on the law, eh?

 

[sarcasm /off]

 

I think you will need to do some more research, or perhaps hire Gary's accountant for a year. It is very easy to get lost while using something like Turbotax, or some other self tax filing system. I have been using those forever, and still find myself getting sidetracked every now amd then.

From what I can tell, FATCA mostly impacts institutions - foreign institutions. I will not swear to it, but this seems to be the law that, among other provisions, forces foreign banks to report US citizens' desposits. Quote below from ThomsonReuters:

 

"Who does it impact?

While FATCA certainly affects U.S. withholding agents and U.S. multinational companies, the greatest impact will likely be to Foreign Financial Institutions (FFIs)."

 

The $10,000 foreign deposit reporting requirement has been on the books for quite a while and affects all US citizens, wherever they live.

 

Also, I think you should note that all US citizens abroad are required to file tax returns. Unless there are specific circumstances that exempt them. Always has been the case and FATCA or Foobar have nothing to do with it.

 

When I was doing my taxes a few months ago (using TaxAct) it simply asked me if I had more than $10,000 in a foreign bank account(s).

 

 

[MM 6,562]

 

 

I think you will need to do some more research, or perhaps hire Gary's accountant for a year. It is very easy to get lost while using something like Turbotax, or some other self tax filing system. I have been using those forever, and still find myself getting sidetracked every now amd then.

From what I can tell, FATCA mostly impacts institutions - foreign institutions. I will not swear to it, but this seems to be the law that, among other provisions, forces foreign banks to report US citizens' desposits. Quote below from ThomsonReuters:

 

"Who does it impact?

While FATCA certainly affects U.S. withholding agents and U.S. multinational companies, the greatest impact will likely be to Foreign Financial Institutions (FFIs)."

 

The $10,000 foreign deposit reporting requirement has been on the books for quite a while and affects all US citizens, wherever they live.

 

Also, I think you should note that all US citizens abroad are required to file tax returns. Unless there are specific circumstances that exempt them. Always has been the case and FATCA or Foobar have nothing to do with it.

 

When I was doing my taxes a few months ago (using TaxAct) it simply asked me if I had more than $10,000 in a foreign bank account(s).

 

 

 

 

I wonder if you read my previous post regarding expat reporting to IRS (Form 8938) and FBAR to the Treasury Department.