Banking... has anyone used the NYC Bangkok Bank money xfer?

No I haven't.

I've been living in Chiang Mai for a little over a year, so that makes me a novice in some ways. I have not had the need to establish a bank account, yet. My round about way is that I have a Schwab account set up in the states. In a sense it is what might be referred to as a dead end account. The only transaction is to deposit money from another source and to withdraw that money in cash, actually from Bangkok Bank. I walk into the bank with my original passport and withdraw money in cash. Doing so eliminates fees. If I want to use an ATM, Schwab reimburses my for the ATM fee. For me I try and make a monthly withdrawal on the account. This helps me to stay within my budget. Anyway, I use this system and it works for me.

Bill, how does BB in Thailand know you have money in Schwab in America?  Thanks.

We use Citi Bank, just wire transfer from bank to bank, or just pull the money out from your US ATM Card  50,000 baht a day Max. 6.00 dollar fee.  We use Bangkok Bank just to pay our bills automatic from are checking account every month. No Problems.

All explanations can be found in Bangkok Bank website about routing from Bangkok Bank New York

http://www.bangkokbank.com/BangkokBank/ … omUSA.aspx

I used the same system but from Bangkok Bank London, it did work like a local transfer UK to UK then BBK london rewire to Thailand, there was 2 possibilities offered, send THB or send GBP, the fees were different, better to send GBP, higher fee, but forex was the one in Thailand at the arrival ( TT rate ), which was always better rate than exchange done in london

Schwab issued me a Via, or MC, card with my account and it's treated as an ATM withdrawal. The bank simply inputs the account information and Schwab authorizes, or not, the transaction. One time I did have a rejection but that was due to transmission lines. As usual I gave myself enough lead time where I was able to go back the next day and complete the transaction. I think it works well and is very cost effective.

"Wire transfer" appears to be different from he Bangkok Bank arrangement with NYC bank.

That web page that Kris cites confuses what appear to be two types of money movement......
1.  Regular ACH wire transfers, as pre computer days called them.  Regular ACH can be done from any location to any location with the proper SWIFT or other codes and account numbers.

However,

2.  Bangkok Bank, BB, appears to offer a different transfer which is ONLY from BB NYC to BB Thailand via YOUR personal BB NYC account directly into YOUR personal BB in Thailand.  I know the two systems are different but in what ways and with what fees, etc. I do not know.  It appears only a visit to BB downtown BKK will get an answer and I will report after I go soon.

From what I have heard from others here in Chiang Mai - it is best to go to the branch that you are dealing with and ask them directly.

With different business arrangements (i.e. cell phone, internet service or whatever) I have to ask several questions, sometimes repeatedly, in order to get the specific answers that I need. I am often given the concept of everything will be alright. That answer is unacceptable to me. If nothing else college taught me patience and perseverance.

Bill, the SCB branch I opened my account was the one recommended to route my Mahidol University pay and did.  That branch is directly across the street from Mahidol.  Many days that I go in there, there is not one employee in there who has enough English to say hello, much less answer such a question we are discussing.   When finally understood, the most simple of routine requests stumps the whole crowd.  It is a show watching the employees in groups of three to five paging thru huge books of directions about how to do a wire transfer, write a letter saying I have money there to justify my visa renewal, and withdrawing over their daily limit and changing the limit.  Big fun with big doses of that patience you speak of.  I am going downtown BKK.

As you are indicating, I would transfer the account to a branch that has English speaking representatives, at least one.
Another comment. Did you know that you can get a certificate of income (or whatever it's called) from the American Consulate, or in Bangkok Embassy? At least in Chiang Mai people do that all the time. You do have to pay a fee to the Consulate/Embassy but it minimizes the running around.
Next time you're in the states you might want to look at one of those dead end accounts like I have with Schwab. You might have to open it in the states with an American address.
Just a few thoughts.

Khnom I have been using BB New York for many years and never had a problem.  You must have BB account in Thailand before use.  Ask your US bank to wire funds to BB New York to be deposited in account number which is your BB account in Thailand.  No need to mention your account is in Thailand to your US bank.  BB New York knows which BB in Thailand it goes based on the first three digits of account number.

You do not need BB account in New York to use this method.

Remember always send dollars so currency exchange is done in Thailand.  You get the best rate that way.

Bill, thanks ur comments.
1.  I have an American bank account and 2 American credit cards, all with American addresses.*

2.  Today, just using $5.50 ATMs to get American money to Thailand with 25000THB limit daily.  Would like cheaper.   I ran from Bank of Am to on-line bank branch of CapitalOne which is now ok.

3.  What you do in a Thailand bank with Schwab sounds like a wire transfer with a local fee.  I cant imaging your system avoiding at least a Thailand fee to get $$$ out of Schwab???  You do not use this as a credit card LOAN, I hope???

4.  Actually, my idea is to provide for my real wife to get my SS after I am dead..... via this Bangkok Bank special system if possible.  SS goes to NYC and then automatically to here making it easy for my Thai wife to get the benefits for yrs after my sad demise.

5.  Running around into BKK Embassy and paying fee for income declaration is much worse for me than going WITH LAST YEARS EXAMPLE paper letter to nearby SCB branch to print mine for lower fee.  I did the Embassy trip once.

6.  I guess CM is a foreigner haven because English in this area is a rare find.  None in bank, ONE in HomePro, etc.  I usually just carry a photo of what I want and works great anywhere.

7.  Unless deported, I will NEVER go back to that polluted, hate filled, "homeland".... not ever.  Even my ashes have a place and will stay here.  It would be under significant duress to go there ever again!

*I also use a company to receive my mail in the USA and then RE-MAIL it to me here.  That way I keep a working American address for "services" that demand that.  I also pay small fee for an American telephone number that rings directly to my hand phone here transparently.

I love Thailand and look forward to the rest of my days right here!

Stray Dog...... thanks your reply.....
I am very surprised you do not need a NYC BB account and account number.  What you are saying is that the NYC BB sees your Thailand account number and automatically credits that Thai number with a deposit.  I see you trust that method, and will explore it.

Reading about such a system that works inside BB seems to say a NYC account is necessary, but not, as you say??   However, important....... to get funds sent direct deposit to an account number, your case is your THAILAND account number, so why does it go to NYC and THEN to Thailand?  Sounds like you have a NYC account anyway or please explain.  Thanks!

Yes, I really dislike giving that miserable USA any more info about me as can.  See my comments to Bill.

Thanks!!!

For me the Schwab transaction is no different to an ATM transaction without any charges. If anything they are in the exchange rate, but no fees or charges.
Then again we have different circumstances. You have a purpose for your account.
I haven't made the full switch but I do hate the anger that is in the US now a days.

Khnom you can sent money direct from a US bank direct to Thailand bank account by telling US bank you want international transfer using swift code for BB along with your Thai bank account number. Using this method the US bank may need to deal with a correspondence bank because they may not have no direct relation with any Thai banks.  You now may be faced with fees from your bank, the correspondence bank and BB.
BB swift code is for all Thailand branches:  BKKBTHBK

You can also use above method to sent to any other Thailand bank using proper swift code.

I do not have account with BB New York.  My only BB account is in Thailand.

Check out following link for details using BB New York branch.

http://www.bangkokbank.com/BangkokBank/ … omUSA.aspx

Chiang Mai is a place in which you don't need to learn Thai language. It seems to have a static population of around 30 k, even with people moving in and out. Plus it is an international and affordable international winter vacation spot. Literally people from all over the world visit or vacation in Chiang Mai and the area. Often English is the international second or first language spoken. Within the core city you can always strike up a conversation in English. Whenever you are out and about dealing with Thai's either the person speaks sufficient English or there is someone in the area that can help resolve most issues.
Maybe you should contact Schwab directly and find out if it's a fit for you. I promise that I don't make any finders fees. You can withdraw up to $1 k US per day and you can set up a direct deposit, I believe. Again they treat the withdrawals as ATM transactions with no transaction fees. Schwab will reimburse for ATM fees, but if you go into the bank with your original passport there are no fees. Simple is nice.

Bill, thanks again for your careful note.
About English in Thailand, it does not bother me much that it is mostly absent outside small areas here.  As I said, I shop by taking a picture of the item off the Net and that makes things go well.

Now I understand that your Schawb account withdrawal is treated IN your Thailand bank as an ATM withdrawal and that your BB does not charge fee if done inside BB branch.  That is very nice and I will have to try it with my different usa bank and my BB (Bangkok Bank) branch nearby.

I have a hobby radio which gives me an automatic circle of friends of similar interests and thus can avoid the search for fellow nationals (like looking to meet Americans for me).  In fact, I personally do not find the general run of Americans very pleasant company and avoiding them is a minor reason I moved here permanently and continuously.  In odd cases, they are ok, of course, but in general...........

I am not very social.   

Thanks so much for discussing your banking situation.  Enjoy Thailand.

I agree that there are many expats in which, how shall I say, have a single conversation and then walk away, for good. However, I do enjoy conversations with internationals and listening to their view points about whatever. The American monologue is just too distracting from the pleasures of living in Thailand.

Enjoy.

Sorry, I haven't tried it from the US,  but Bangkok Bank have a similar scheme in the UK.

As a former technologist in this area of banking, I was curious how the mechanusm worked. I e-mailed them to ask how far away from the wholesale exchange rate their rates would be, and they refused to comment.

So, while this may be an efficient way to get money from A to B, I'd be wary that Bangkok Bank are trying to get captive money transfer business, where they can then rip you off on the exchange rate.

My suspicions may not be 100 percent substantiated, but I'm just trying to give you advance warning of what to look out for.

Digby......... sounds likely...... Not telling rates is Thai similar to not allowing me to drive the Toyota I wanted to buy prior to buying.  Yes the slogan is true..... Amazing Thailand.

Bit of a minefield.... Specialist money transfer companies tend to offer better NET ** rates than the big banks.
** This means that you add together charges and commissions, take the net home currency total cost amount, and divide it into the THB amount, to get the REAL exchange rate.

However, even the specialists tend to either charge commissions OR make money by spreading the exchange rate.
If you can get a NET rate less than 1 percent away from the Bloomberg (web-quoted wholesale) exchange rate, on amounts of $ 5-10k, you are doing OK.

Some of these specialist companies don't like to be beaten on rates. So, if you have regular payments to make,  it's always useful to research who the competitors are, and then talk to the customer relations manager in each company, telling them which other companies they're competing against.
Make your decision based on a company which will guarantee you an exchange rate within a %age outside the wholesale rate. I managed to do this in the UK...not sure if they'll commit to this in the US.
Over the course of a year, the cost savings will be worth the time spent.

I am presently having my ss check sent to BB and then transferred to a local BB. I have had no problems. There are some limitations for instance to withdraw money I need to bring my bank book and my passport to the bank. What I do is have the money once it is here transferred to another BB bank account, that I can then use an ATM fee with no fees. I do pay one transfer fee, The one caveat that I would say is that it took several months for the account to become activated. Best of luck..

I'm wondering. Is there really a need to have a Thai Bank account? Perhaps it could be helpful for certain transaction. I personally use an American account, go to BB with my passport, and draw the cash with no charges. I deal with cash and have yet to have the need for using a bank account. Could any one elaborate on the need for using a Thai bank?

Well, Bill Kip asks. Why have a Thai bank? Does he believe in carting excessive cash around? Does he use credit cards for mom & pop stores?

I have been employing Thai banks for decades and now have three accounts. In looking over this thread, you guys do not do it my way. What am I doing wrong?

I have a US$ checking account with an ATM in the USA. It gets locally fattened up from time to time and when I need baht I just write out a check. The Thai banks now charge B400 for the transfer. (It used to be only B100.) I found wire transfers to be too expensive. Although the check clears in a couple of days you must wait full month but that has always been the case.

I use an account where they give me a credit card. I deposit money into the account and then withdraw at my leisure. It's a dead end account. If anyone hacks the account it leads nowhere. I have no fees on the withdrawals and I do not walk around with any more cash then what I need. With my practices I have no fees other then the exchange rate spread.
From what I understand the only benefit of a Thai banking account is if you want automatic payments for things like water and electric.
I would still like to hear a good reason why one needs a Thai bank account.

Here's my two cents..lol   We use them all the time.. Very easy to transfer our money.. We have a credit union in Oregon, so we transfer from there to BKK bank NY to our account here in CM... It takes them a few days to do it ( barring any Holidays) but we get our money in about 3-4 days. We just bought a pickup so we did over 10 transfers with no problems..$2,500 daily limit..😉🌴🐘🌴 Ted

The way I do it, I get cash immediately with now fees.

Khnom, I take it your wife is a US citizen, otherwise when you pass that is it for her unless she is living in the US.

If your home country is South Africa, it is a load less complicated to trade your Forex.

In South Africa, I have two accounts. My regular bank account and my forex account (Shyft).
 
I, quite simply, watch the exchange rate between the USD and my local currency. Should the rate be favorable, I purchase USD and store them in my Shyft account. I then watch the exchange rate between the Thai Baht and USD. Should it be favourable, I transfer USD from my Shyft account into my CIMB account in Bangkok.

Funds are in my Bangkok account within 48 Hours.

I do this using my IPad, so  it Frees me up to manage my Forex wherever I find a Comms link.

My Shyft account has wallets for USD, British Pounds, Euros and Australian Dollars.

Really convenient!

To Kanom:

"*I also use a company to receive my mail in the USA and then RE-MAIL it to me here.  That way I keep a working American address for "services" that demand that.  I also pay small fee for an American telephone number that rings directly to my hand phone here transparently"

I  would like to hear more about this. FATCA (Foreign Account Tax Compliance Act - IRS) requires a US address. One of my mutual funds dropped me because FATCA was too much of a headache for them. Please tell me what you pay the company?

Thanx