Buriram Expats
Buriram Province - General Category => Jobs, economy, banking, business, investment in Buriram => Topic started by: urleft on April 05, 2022, 11:19:48 PM
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One reason I had a Bangkok Bank (BB) account was the ability to do on-line funds transfers from my US Bank to Thailand, usually in 2-3 days. I tried in December to transfer funds and found out it is no longer an option. Now you have to have your bank send a check to the NY Branch and then it will be transferred.
From the website: Foreign Remittance Service (bangkokbank.com) (https://www.bangkokbank.com/en/Personal/Other-Services/Transfers/Transferring-Into-Thailand/Foreign-Remittance)
About the Foreign Remittance Service of Bangkok Bank, New York branch
If you have an account with a local bank in the United States you can transfer money in US dollar (USD) or Thai baht (THB) to a recipient who has an account with Bangkok Bank in Thailand. You will need to fill in the Application for Foreign Remittance of Bangkok Bank?s New York branch. Request your local bank in the United States to issue a Cashier?s check/Bank check stating Bangkok Bank, New York branch is the payee. The New York branch will process the money transfer to Bangkok Bank in Thailand, which will credit the funds to the recipient?s Bangkok Bank account in Thailand.
On line was a quick, easy and relatively check way to send money, now it seems an international wire transfer is just as effective.
Any Advice on transferring?
That was a quick simple way to transfer, at minor cost, but with the check option an international wire transfer looks to be just as easy.
Any Expat advice on best ways to transfer?
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I think the new systems put in place relates to anti money laundering laws. Which is an oxi moron when talking about Thailand.
I believe most are now using WISE as a better money transition process. Check out Youtube for an explanation on how it works. It maybe a solution that suits your circumstances. Regards
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I have used Wise (formerly Transferwise) for several years and fully recommend them.
Funds are usually in my Thai account within 6 seconds, with only occasional delays of a few hours at peak times. You can also transfer at weekends.
The process is quite simple - open a Wise account in your home currency; transfer funds online to that account, then instruct a transfer to your Thai bank.
Don't be put off by the fact that the fees look high on larger transfers - the exchange rate is so good that it outweighs any such costs compared to other transfer methods.
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Since I began direct deposit of my social security benefit to my Bangkok Bank account I don't do many money transfers. When I need to do a wire transfer it is free on the U.S. side. If I need baht I just do a ATM withdrawal and my bank refunds the 220 baht.
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Since I began direct deposit of my social security benefit to my Bangkok Bank account I don't do many money transfers. When I need to do a wire transfer it is free on the U.S. side. If I need baht I just do a ATM withdrawal and my bank refunds the 220 baht.
So you have the SSA deposit your check directly to your Thailand BB without using NY?
What do you use to wire transfer?
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I believe most are now using WISE as a better money transition process. Check out Youtube for an explanation on how it works. It maybe a solution that suits your circumstances. Regards
Thanks, I'll keep WISE in mind. I tried to use Xe had it all set up and then suddenly they cancelled the transaction and deleted me as a customer without any explanation, very weird.
Luckily I don't need to transfer just yet, but need to have in my hip pocket just in case.
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Social Security allows direct deposit to a Thai bank account - they send Baht through a single Thai bank (believe it to be Citibank) who then transfers the baht to your account. This is no problem for me as I use the money in the bank method for my extension, but the transfer shows up as BAHTNET in my passbook which may require some additional steps to have the transfer acknowledged by immigration as foreign.
If that issue can be resolved or dealt with and you want to proceed download the form SSA-1197-OP107 and after filling out the top section take it to your branch (any bank) and have an officer complete the bottom half. https://www.ssa.gov/forms/ssa-1199-op107.pdf. Scan it into a pdf and email to: FBU.Manila@SSA.gov. So long as your Social Security account is registered in Thailand you should receive confirmation from Manila and the transfers will start in a month or two on approximately the same date each month.
Also remember that as a foreign resident every year you will need to complete and mail back a SSA-7162 that should be mailed to you mid-year (last year it was suspended). Remember to appoint a trusted person to handle your benefits by designating a representative payee who fills in a different form (SSA-7161).
My free international wires, refund of Thai banks 220 baht ATM fee, and no foreign surcharge on credit card all come along with our bank accounts.
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does Bangkok bank NYC still allow domestic wire from US?
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I don't know - I believe that the use of the fig-leaf of a U.S. non-deposit bank serving as a conduit to foreign bank accounts was blocked from using most domestic transfers via ACH. A properly formatted ACH (American Clearing House) transfer with recipient name and address would still be accepted, but it would need the same information required for a international wire (bank name, address, and SWIFT number and recipient's details as well). A 'bounced' transfer from your bank to BBK-NY would be the way to go if your bank or credit union would format the transfer as required.
Probably best to take a look at CFPB's web site https://www.consumerfinance.gov/consumer-tools/money-transfers/ to get your terms correct and then reach to Bangkok Bank New York with any further questions.
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Posting this here as it is likely most who are following this topic are Americans:
Can you please inform me whether to expect this year's SS-7162 to come by mail or email.
Thank you for contacting the Social Security Administration's Federal Benefits Unit at the U.S. Embassy in Manila.
Because of postal service interruptions around the world due to the COVID-19 pandemic, the Social Security Administration has suspended the annual mailing of reporting forms SSA-7162 and SSA-7161. As of February 1, 2022 this suspension is still in effect. SSA will not suspend your benefits if you have not completed and returned the forms in 2020 or 2021. SSA will resume mailing the forms at a later date when conditions have changed.
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I'll second the recommendation of WISE.
Great service.
To be honest, I'm quite surprised there are people who gave never heard of them. Reading these posts today, transferring any other way seems a bit of a kerfuffle in comparison. Slower and more expensive.
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does Bangkok bank NYC still allow domestic wire from US?
No they don't. You have to send the NY branch a cashier's check now. Looks like WISE may be the way to go.
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wise is not so wise as they do not transfer in USD and very expensive for 10K at a time twice a year. But thank you for the info
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wise is not so wise as they do not transfer in USD and very expensive for 10K at a time twice a year. But thank you for the info
Wise are not expensive at all.
Don't just look at the transfer fee.....the exchange rate ALWAYS makes Wise the better option than a normal bank transfer.
Wise can transfer in most major currencies.
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each and every time I have transferred in USD the exchange rate has always been 1 to 1. no exception. convert to baht when the rate is acceptable.
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each and every time I have transferred in USD the exchange rate has always been 1 to 1. no exception. convert to baht when the rate is acceptable.
Same as I do with WISE. Wait until the rate is acceptable. Then hit the button. All the details of rates and cost are shown. If I don't like it I don't transfer.
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Did transfer yesterday thru BKK NYC as domestic wire to USD acct in Thailand. $20 fee and money in account in under 12 hours as usual.
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Did transfer yesterday thru BKK NYC as domestic wire to USD acct in Thailand. $20 fee and money in account in under 12 hours as usual.
Compared with posts here suggesting the use of WISE, your transaction seems slow and expensive.
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fee with wise would be $65 and unable to deposit to FCD accound...only Baht...so surely you jest or are being sarcastic,
Good day...safe travels
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fee with wise would be $65 and unable to deposit to FCD accound...only Baht...so surely you jest or are being sarcastic,
Good day...safe travels
I'm sure others will confirm this. WISE fees are very good. You must be sending mega bucks if you were quoted $65.
Agreed money will only be transferred in Thai baht.
My wife regularly sends money to Thailand. WISE is by far the cheapest and quickest way and the best rates too.. No jest.
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Did transfer yesterday thru BKK NYC as domestic wire to USD acct in Thailand. $20 fee and money in account in under 12 hours as usual.
Some questions:
1. Did you do this transfer on-line or did you work with a bank representative?
2. Is your USD account in Bangkok Bank?
Trying to figure out what method you used as I did not see that on BB website.
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Did transfer yesterday thru BKK NYC as domestic wire to USD acct in Thailand. $20 fee and money in account in under 12 hours as usual.
Some questions:
1. Did you do this transfer on-line or did you work with a bank representative?
2. Is your USD account in Bangkok Bank?
Trying to figure out what method you used as I did not see that on BB website.
used on line chat directly with us bank. provided bankcok band us ABA routing number, account number in thailand, name on the account and purpose of transfer.
Should note if transfering to USD accountyoumust noe provide the entire account number not as before where you ommited local bank info at the beginning of the number,
$20 fre and in the account the following AM.
Hope this helps if you need further info PM me
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FYI this info is not on the website but I assure you that I do these transfers as described as does another friend with a different bank. I guess it it possible that this will change in the future but for now it still works,
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Wise previously called TransferWise is as far as I know the best, cheapest and quickest way to transfer funds internationally.
I get paid in GBP into a UK account and transfer to BKK bank each month.
Never been an issue and done this for years now.
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Wise previously called TransferWise is as far as I know the best, cheapest and quickest way to transfer funds internationally.
I get paid in GBP into a UK account and transfer to BKK bank each month.
Never been an issue and done this for years now.
I agree with you 100%.
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Just signed up for Wise, transfer from USA to BKK Bank via ACH for a total of about 7USD in fees takes 8 days. Now to be fair, first transfer immediately after signing up so lets see what happens next month.
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Just signed up for Wise, transfer from USA to BKK Bank via ACH for a total of about 7USD in fees takes 8 days. Now to be fair, first transfer immediately after signing up so lets see what happens next month.
is the transfer to a USD account or Thai Bhat?
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Just signed up for Wise, transfer from USA to BKK Bank via ACH for a total of about 7USD in fees takes 8 days. Now to be fair, first transfer immediately after signing up so lets see what happens next month.
is the transfer to a USD account or Thai Bhat?
Best to time your transfer to start early in the week. Tuesdays, sometimes happens in seconds. Thursday on - a pain.
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On June 20 I used OFX to initiate a money transfer, they quoted me a rate of 35.1777, the best transfer rate that day/time was 35.2. OFX said no fees and it would be done by 21 June. It did not happen until 23 June, but there were no fees (either by OFX or SCB Bank) and we received exactly what OFX stated.
There may have been a delay because this was my 1st transfer. Here's the site if you're interested: https://www.ofx.com/en-us/ (https://www.ofx.com/en-us/)
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I'm considering moving back to Thailand and getting the 10 year visa, which means you need 3 million baht in a Thai Bank. I just checked the transfer using Wise and OFX of $100K USD. You Decide:
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Retirement, marriage or dependent child visa might also apply without handing over 50,000.
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Agree those are options, but I'm trying to minimize visa/extension hassles. Also, it may be in my best interest to have money outside of my country. That said, trying up money for 10 years may not make economic sense, decisions decisions.
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Thinking the one you mentioned is the one where you pay Thai government 50,000 Baht; meaning, you don't get it back.
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Which isn't all that bad - around $1500
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I'm considering moving back to Thailand and getting the 10 year visa, which means you need 3 million baht in a Thai Bank. I just checked the transfer using Wise and OFX of $100K USD. You Decide:
I hear from someone the 10 year visa is difficult to apply for.
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Thinking the one you mentioned is the one where you pay Thai government 50,000 Baht; meaning, you don't get it back.
That's 31000 Baht more than annual extensions.
Just wiped out the difference in money transfers, and more.
@Urleft, is there a fee at the receiving bank for OFX transfers? I ask as there are no such charges for Wise transfers.
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@Urleft, is there a fee at the receiving bank for OFX transfers? I ask as there are no such charges for Wise transfers.
No, I got exactly what OFX quoted at SCB.