Bangkok Bank

[sailingbill 1,039]

Pretty much get screwed with withdrawal limits at 15,000 baht and 220 baht fee from my American account. I want to transfer my usa pension to Bangkok Bank I have Kasikorn and Siam Commercial accounts and very aware that the branch you deal with matters.

What branch would be best to deal with?

 

Edited November 4, 2017 by sailingbill

[js007 795]

Pretty much get screwed with withdrawal limits at 15,000 baht and 220 baht fee from my American account. I want to transfer my usa pension to Bangkok Bank I have Kasikorn and Siam Commercial accounts and very aware that the branch you deal with matters.

What branch would be best to deal with?

 

 

 

From what I've read, you may have to first establish an account with Bangkok Bank, New York. But maybe a branch of the Bangkok Bank in Thailand could handle the paperwork for the entire set-up? Let us know what you find out.

[RhinoTusk 4,901]

From what I've read, you may have to first establish an account with Bangkok Bank, New York

Thats incorrect. Bangkok Bank, New York only does business banking. You cant create an account with them but you can use their routing number to do ACH transfers to a Bangkok Bank account you've created in Thailand. Edited November 4, 2017 by RhinoTusk

[js007 795]

Thats incorrect. Bangkok Bank, New York only does business banking. You cant create an account with them but you can use their routing number to do ACH transfers to a Bangkok Bank account you've created in Thailand.

 

 

So you set up direct deposit of your pension going to Bangkok Bank New York, and they somehow know that you have an account in Thailand? I know it can be done, but I guess the particulars have changed over the years.

[MM 6,562]

 

 

So you set up direct deposit of your pension going to Bangkok Bank New York, and they somehow know that you have an account in Thailand? I know it can be done, but I guess the particulars have changed over the years.

Yes, that's exactly how it works. It's just like transferring or depositing funds to a USA bank (except it takes a few days longer).

[nkped 1,208]

ACH transfers from my US bank to Bangkok Bank have been posting within two business days recently.

[sailingbill 1,039]

Thanks, Bangkok bank has detailed information on the banks main site." Transferring funds to Thailand" . Appears i have 2 choices .Ach funds from my US bank to Bangkok Bank. I remember that process was discussed here years ago.I'll look for that thread. The other option is direct deposit my pension and social security to BB. For the direct deposit option i have to collect the funds in person or set up a another BB savings account to use an ATM.

I'm not totally clear on the specifics or which choice would be better. I am in the Wong Amat area ,the Central Festival branch is pretty close so will visit this week and see what they recommend.

[forcebwithu 4,856]

Thanks, Bangkok bank has detailed information on the banks main site." Transferring funds to Thailand" . Appears i have 2 choices .Ach funds from my US bank to Bangkok Bank. I remember that process was discussed here years ago.I'll look for that thread. The other option is direct deposit my pension and social security to BB. For the direct deposit option i have to collect the funds in person or set up a another BB savings account to use an ATM.

I'm not totally clear on the specifics or which choice would be better. I am in the Wong Amat area ,the Central Festival branch is pretty close so will visit this week and see what they recommend.

 

You're not restricted to doing bank business at the branch where you opened an account. But, IIRC, there are additional fees if the branch is outside the region where you opened the account.

 

As for BB and direct deposit of Soc Sec, you are correct on the restrictions regarding accessing those funds once deposited. Easy enough though to use internet banking to transfer the Soc Sec funds from the receiving account to a BB account with ATM access.

 

Here's two threads with good info.

International transfers (American Bank to Thai Bank)

Social Security good news--administrative

[RhinoTusk 4,901]

I direct deposit to my US bank, then top up to Bangkok Bank via ACH once a year to minimize transfer fees.

[sailingbill 1,039]

Thanks guy , the above posts' make it clearer my best option which is keeping my US bank and ACH periodically to BB. I did use Scwab for my first two months and had my fees refunded but i doubt they would allow that long term. I read Garys account of getting kicked off a Citibank CC . I understand he didn't really care but for me i think best option for now is to continue with American accounts and do the transfers.

[js007 795]

If you don't have an account at the Bangkok Bank, New York, how do you make an ACH transfer? Do you get a routing number with an account at a Thailand bank? It's been a while since I've done an ACH transfer to another bank, but I think you need both a routing number and an account number. Usually, I just wire money once in a while to K bank.

[RhinoTusk 4,901]

You use the routing number of Bangkok Bank, New York with the account number of your Bangkok Bank account in Thailand and they do the currency conversion based upon the rate of the day.

Edited November 5, 2017 by RhinoTusk

[MM 6,562]

You use the routing number of Bangkok Bank, New York with the account number of your Bangkok Bank account in Thailand and they do the currency conversion based upon the rate of the day.

My last transfer was rather large, and I received a call from the bank asking me what I meant to use the funds for. I told them it was for living expenses. She then asked me if I wanted to convert from USD to THB at that time or later. That's the first time it hasn't been done automatically. Since the USD was tanking, I told her to convert at that time.

 

Naturally, the USD hit bottom on that day and rose, but oh well.

[nkped 1,208]

If you don't have an account at the Bangkok Bank, New York, how do you make an ACH transfer? Do you get a routing number with an account at a Thailand bank? It's been a while since I've done an ACH transfer to another bank, but I think you need both a routing number and an account number. Usually, I just wire money once in a while to K bank.

 

My impression, and that's all it is, is that ACH transfers are possible only with Bangkok Bank. They have a US office making them possible. Haven't heard of any other Thai banks with US branches.

 

Also, should add that you will probably need a long term visa or extension to open a Bangkok Bank account.

[forcebwithu 4,856]

My impression, and that's all it is, is that ACH transfers are possible only with Bangkok Bank. They have a US office making them possible. Haven't heard of any other Thai banks with US branches.

 

Also, should add that you will probably need a long term visa or extension to open a Bangkok Bank account.

 

That is true regarding ACH transfers to a Thai bank. Bangkok Bank is the only one. Also true about needing a long term visa or WP to open an account. One warning for those looking to open an account at any of the Thai banks, don't fall for the crap you have to buy insurance to an open an account. If you decline and they still insist, go to another branch.

 

Another option for transferring money that others have mentioned on another forum is TransferWise. Advantage being lower fees. I'm going to give them a try on my next infusion of cash from abroad.

[jacko 8,822]

My impression, and that's all it is, is that ACH transfers are possible only with Bangkok Bank. They have a US office making them possible. Haven't heard of any other Thai banks with US branches.

 

Also, should add that you will probably need a long term visa or extension to open a Bangkok Bank account.

It does say a Tourist Visa accepted here.

[beaches1979 1]

Same here. ACH transfers to my Bangkok Bank account. That's right. A tourist visa can be accepted.

Edited January 26, 2018 by beaches1979

[forcebwithu 4,856]

Another option for transferring money that others have mentioned on another forum is TransferWise. Advantage being lower fees. I'm going to give them a try on my next infusion of cash from abroad.

 

I looked into using TransferWise and for some reason the fee for USD is almost double the fee for GBP or AUD. Not sure why that is, but for me the ACH transfer to NYC branch of Bangkok Bank has the lowest fees.

[Gary 4,119]

I have been watching the dollar baht exchange rate carefully. I don't like what the dollar is doing so I took a chance a few days ago and wire transfered $30,000 to my Siam Bank. I got 31.75 baht to a dollar. The dollar has gone lower than that since so maybe I was lucky. A year ago I got 35.2. In any case, I'm all set for another year.

 

ADDED - That $30,000 transfer from Citibank cost me $45. I looked at TransferWise and the fee was $299.

Edited January 26, 2018 by Gary

[js007 795]

I have been watching the dollar baht exchange rate carefully. I don't like what the dollar is doing so I took a chance a few days ago and wire transfered $30,000 to my Siam Bank. I got 31.75 baht to a dollar. The dollar has gone lower than that since so maybe I was lucky. A year ago I got 35.2. In any case, I'm all set for another year.

 

ADDED - That $30,000 transfer from Citibank cost me $45. I looked at TransferWise and the fee was $299.

 

 

Donald Trump and his tax cuts haven't helped the dollar at all, since the country will have to borrow even more money to pay for them. Of course, he says he watts a "strong dollar," but that's BS.

[Gary 4,119]

 

 

Donald Trump and his tax cuts haven't helped the dollar at all, since the country will have to borrow even more money to pay for them. Of course, he says he watts a "strong dollar," but that's BS.

 

Sometime back he said the dollar was too strong and he wanted it weakened to help US exports. If that was true, he is getting his wish.

[js007 795]

 

Sometime back he said the dollar was too strong and he wanted it weakened to help US exports. If that was true, he is getting his wish.

 

 

A while back I read a news story about Trump making a phone call in the middle of the night to one of his Cabinet members? for an explanation of whether a strong dollar was good or bad. My guess is that he understands very little beyond the fact that his supporters appreciate the tax cut giveaway.

[Gary 4,119]

A weak dollar may be good for the country but obviously it sucks for us expats.

[js007 795]

A weak dollar may be good for the country but obviously it sucks for us expats.

 

 

Good for the country? Well, to a degree it's good for the multinational corporations with overseas sales. It's usually good for them. Whether it's good "for the country" is debatable. Imported goods will cost more, whether it's imported junk sold at a big store or an imported Porsche 911. Personally, I like it when my money buys more.

[BigusDicus 9,881]

 

 

A while back I read a news story about Trump making a phone call in the middle of the night to one of his Cabinet members? for an explanation of whether a strong dollar was good or bad. My guess is that he understands very little beyond the fact that his supporters appreciate the tax cut giveaway.

 

Um, yes of course. I am sure that is true. It is not like the press would print negative lies, spins and rumors about Trump.

 

A weak dollar may be good for the country but obviously it sucks for us expats.

 

 

 

 

Good for the country? Well, to a degree it's good for the multinational corporations with overseas sales. It's usually good for them. Whether it's good "for the country" is debatable. Imported goods will cost more, whether it's imported junk sold at a big store or an imported Porsche 911. Personally, I like it when my money buys more.

 

Estimates vary between 30 - 50% of the US economy is international. Which of course means that a weaker dollar is good for up to 50% of America. Of course the other 50% benefits from the strengthening of the first 50% too.

 

Who would you prefer Trump watch out for, the country or a handful of expats and occasional travelers?