ACH transfers from USA to Bangkok Bank -Alert!

[Gaybutton]

GB and others, you can find out if your direct deposit is coming in IAT format

I will, of course, check. But I imagine if state and federal retirement sources are not already using IAT format, I would think at some point they will probably start. It doesn't seem like a difficult thing for them to do and those of us living in Thailand are by no means the only Americans living in foreign countries. If innocent Americans depending on direct deposit into foreign bank accounts find they are going to have serious problems accessing their money, a lot of people will be raising hell.

That's just a guess on my part, but I plan to find out as soon as I can and try to come up with alternate plans if for some reason they won't do it. If there is no other way, in my case I could simply have my sources mail a check to me and deposit the check into my Thai bank account. I don't like that method because it takes 45 days for a foreign check to clear. Still, if there is no other viable way, that's one thing expats in my position can do.

I suppose I also could do it by having them send by wire transfer, but I would hate to have to pay those fees every month.

I'm all for preventing money laundering and other criminal activity, but find some way to do it without causing problems for innocent people, thank you very much.

I don't understand how the regular ACH format and the IAT format are all that different from each other or how the IAT format can prevent money laundering. It would seem to me the first ones to figure out a way around it will be the criminals.

[Jun]

Forgive me if this has been answered already, but what is wrong with having a US bank account & just using Transferwise to move the money ?

Posting a cheque does leave a risk of the letter getting lost.

[Gaybutton]

Forgive me if this has been answered already, but what is wrong with having a US bank account & just using Transferwise to move the money ?

If I had a USA bank account it would be no problem. I no longer have a USA bank account. I haven't had one in many years. I don't know if I can even get one anymore.

[Up2u]

Forgive me if this has been answered already, but what is wrong with having a US bank account & just using Transferwise to move the money ?

I no longer have a USA bank account. I haven't had one in many years. I don't know if I can even get one anymore.

Sure can, use Schwab (USA not International), but you will need a family member or friend's address (no P. O. box). What you are doing is setting up a brokerage and checking account simultaneously. You move money between the two accounts online. Your ATM card will be mailed to the US address and then the family/friend can mail it to you here in Thailand. Everything is done on the internet and you should use a VPN so your location can't be tracked. I have done this myself and use a friend's address. He mails me my replacement ATM cards from the USA. You also get printed checks that you can donate to a museum.

[Gaybutton]

Apparently there are reputable online banks. I have never investigated anything such as these. I wonder if that would be a solution for people in a position similar to mine - open an account, have retirement benefits direct deposited into the account (they do have routing numbers and are FDIC insured), then use Transferwise to get the money into my Thai bank account.

I'd like opinions from those of you who understand how these things work. Good idea or put it on the "Forget About It" list?

When it comes to banking, I have to admit cluelessness . . .

See: https://www.nerdwallet.com/blog/banking ... -accounts/

[Trongpai]

I've had US expats tell me they've experienced problems trying to open a US bank account from Thailand via the internet. ISP coming from Thailand I assume. Some banks have security protocols where there's an automated call from the bank to a US line or cell phone with a security code you have to enter to proceed. You also need a US address. Some I've come across require a State ID or DL.

Once you find a bank that will open an account you have to select a bank that does International Wire Transfers without a fee. Some allow a certain number free and then charge after that. Some have selected accounts that give wire transfers free.

Two problems with finding a bank that has free wire transfers. One, finding the section with "fee schedule" is hard to navigate. The fee schedules can change from time to time. Banks in US merge and change names/ownership often then the rule changes come latter.

I've been managing various US bank accounts and brokerage accounts from Thailand for 15 years and at times it's been a headache. Sometimes I've had to call on a voice phone and put on hold for ever. Then all the security questions goes on and on.

One of my US banks has an easy to fill out wire transfer but requires a security code to proceed to a US phone number. Another does the security code but allows it via email--that works fine for me.

Bank security protocols change from time to time. Last time I was physically in USA I opened two bank accounts as backups should my main banks change protocols or start charging fees for transfers.

[Gaybutton]

I've had US expats tell me they've experienced problems trying to open a US bank account from Thailand via the internet.

Perhaps it can be done, although apparently there are hoops to jump through.

See: https://www.quora.com/I-am-a-US-citizen ... ing-abroad

Meanwhile, it would all be so simple if people in circumstances similar to mine can get their retirement sources to direct deposit using the IAT format.

If I do end up having to open a USA bank account, I hope I don't have to travel to Hawaii or Guam to do it.

[gera]

I've had US expats tell me they've experienced problems trying to open a US bank account from Thailand via the internet.

Perhaps it can be done, although apparently there are hoops to jump through.

See: https://www.quora.com/I-am-a-US-citizen ... ing-abroad

Meanwhile, it would all be so simple if people in circumstances similar to mine can get their retirement sources to direct deposit using the IAT format.

If I do end up having to open a USA bank account, I hope I don't have to travel to Hawaii or Guam to do it.

If you do not want to travel to US , you may try to contact HSBC HK or HSBC Singapore (just contact not travel) and ask them whether they can facilitate to open a bank account with HSBC US. You will need to explain that you are US citizen residing in Thailand.The quote you are citing wrongly states that HSBC pulls out from US. HSBC still does retail banking in US. In my view, if the source of your pension is willing to wire your funds to Thai bank account, it would be the easiest way to proceed.

[Up2u]

I've had US expats tell me they've experienced problems trying to open a US bank account from Thailand via the internet.

Perhaps it can be done, although apparently there are hoops to jump through.

See: https://www.quora.com/I-am-a-US-citizen ... ing-abroad

Meanwhile, it would all be so simple if people in circumstances similar to mine can get their retirement sources to direct deposit using the IAT format.

If I do end up having to open a USA bank account, I hope I don't have to travel to Hawaii or Guam to do it.

As I mentioned before you must use a VPN, a friend tried and was rejected because they said "it appears you are in Thailand". My US bank is Schwab Bank, and like my former Etrade, States Street, ING (bought by Capital One in USA) accounts, they are both a brokerages and bank wrapped in one. I move money from my brokerage account to checking so if some scam gets my debit/ATM info they cannot clean out my account. I have had my ATM code stolen and all fraudent charges were reversed by Schwab with just one phone call (Skype). Try that with any Thai bank and my US account is FDIC insured. More peace of mind. My current plan is to use TransferWise to move money to my Thai bank, using Schwab ACH transfers to TransferWise. Schwab ACH transfers are free (international SWIFT transfers are $25) but the big US banks are now charging for ACH transfers so people might need to factor that into their total cost calculations.

[gera]

My US bank is Schwab Bank.

I am a happy customer of Charles Schwab and it is definitely one of the best US banks. However, US banks currently put much more scrutiny to new applicants. It is not just enough to provide US address. They will want a proof of residence (like a utility bill with applicant name on it) . Therefore, I am not sure that this is a good idea. Charles Schwab has international option but it has significant drawbacks in comparison with domestic one.
If I would need to open US account without being US resident, I would go for those banks which provide a reasonable international option and HSBC US is one of those banks. As I mentioned, HSBC HK and HSBC SG at the very least can verify and notorise documents necessary for application to HSBC US.