ACH transfers from USA to Bangkok Bank -Alert!

Anything and everything about Thailand
Post Reply
User avatar
Gaybutton
Posts: 21459
Joined: Sat Jul 31, 2010 11:21 am
Location: Thailand
Has thanked: 2 times
Been thanked: 1306 times

Re: ACH transfers from USA to Bangkok Bank -Alert!

Post by Gaybutton »

gera wrote:Charles Schwab has international option but it has significant drawbacks in comparison with domestic one.
I appreciate all the suggestions. What are the drawbacks you mention? All I would want to do is have my retirement pension and Social Security direct deposited into the account, then use Transferwise or whatever to deposit the money into my Thai bank account. Would that be a problem with Charles Schwab international or HSBC?
gera

Re: ACH transfers from USA to Bangkok Bank -Alert!

Post by gera »

You will need to contact both banks yourself for details. Charles Schwab website indicates that initial deposit for one-international account is 25000 USD. But it seems this is negotiable. You will need to discuss ACH options with the bank. HSBC does not have specific international format but allows nonresident customers.
Up2u

Re: ACH transfers from USA to Bangkok Bank -Alert!

Post by Up2u »

Schwab could have very well tightened the rules, I use my friends address in California and could use relatives if need be. My buddy stores a few items for me and could provide a rental agreement if I asked. My California DL expired years ago. Your passport or SSA card should be good for ID. GB, where does SSA send your tax form and benefit notifications? BTW, we are getting a 2.8% COLA adjustment for 2019. Yeah!

Applying to Schwab USA, not International, is certainly worth trying but using A VPN, Skype of course. You won't get USA checking with Schwab International. I also have a free Google Voice internet number with a California area code linked to Gmail. If my bank calls me then Google sends me a text message. You can buy US local phone numbers from Skype or other providers. The key is Schwab must have a legitimate US address (no PO box) for all correspondence.
User avatar
Gaybutton
Posts: 21459
Joined: Sat Jul 31, 2010 11:21 am
Location: Thailand
Has thanked: 2 times
Been thanked: 1306 times

Re: ACH transfers from USA to Bangkok Bank -Alert!

Post by Gaybutton »

Up2u wrote:GB, where does SSA send your tax form and benefit notifications?
By regular mail everything is sent to my Thailand address. My Thailand address is the only mailing address I have.

I'm going to send an Email inquiry to Social Security to ask if once the new regulations kick in, can they send direct deposit using the IAT format. If they can do that, problem solved. If not, I'll ask how they will get my money to me. Once I receive their response, I'll post what they tell me.

It may cost fees, but one way or another they have to get people's money to them, even if they reside in a foreign country. They can't just say, "Sorry, but due to the new regulations, now you're fucked and you don't get your money anymore." At least I hope they can't do that . . .
User avatar
2lz2p
Posts: 957
Joined: Sun Aug 01, 2010 8:08 am
Location: Pattaya, Thailand (Jomtien)
Has thanked: 148 times
Been thanked: 108 times

Re: ACH transfers from USA to Bangkok Bank -Alert!

Post by 2lz2p »

The US Embassy ACS FAQ has the following:
The U.S. Mission in Thailand has been working with the Social Security Administration (SSA) regarding deposits directly into Thai banks. The SSA recently notified us that it has approved Thailand to participate in the International Direct Deposit (IDD) program. This will make proof of income easier. IDD will be implemented beginning in the first quarter of 2019. More information about IDD can be found at: https://www.ssa.gov/pubs/EN-05-10137.pdf
When Thailand is added to the IDD list, then SSA could direct deposit to any bank account in Thailand - for those already receiving a direct deposit through Bangkok Bank NY branch, if Bangkok Bank confirms it is not in IAT format, then this appears to be a solution - but it would require determining when SSA adds Thailand to the list and contacting SSA to change to IDD - but if they don't add the capability until the end of the first quarter of 2019, there may not be time to get the change made before Bangkok Bank's April 1, 2019 cut off. Also, I glanced at the SSA document linked - a lot of stuff there that would not apply to most of those receiving their Social Security deposit here - but at one place, they do list countries on their IDD list (of course, Thailand is not yet listed, but they not to check as the listing changes). Also, another plus to IDD is that you can probably have the funds deposited in a regular account with ATM availability instead of into the restricted account that Bangkok Bank requires you appear in person to withdraw/transfer funds.

The US Embassy ACS FAQ also has the following:
We will continue to notarize income affidavit forms through the end of 2018. Thai Immigration Bureau officials confirmed to us that they will support early visa renewals for U.S. citizens during the transition period. The income affidavits are currently valid for six months.
So, for those that have renewal during the first part of the year, you may want to consider getting an income letter before the end of December. But, you may not want to wait too long as you need to make an appointment and slots may fill up fast, especially if there are many who also decide to take this option. Just make sure the date of the income letter will be within the 6 month validity period at the time you will renew.
windwalker

Re: ACH transfers from USA to Bangkok Bank -Alert!

Post by windwalker »

Thanks 2lz2p, I did make an appointment for the income letter since my renewal is not until April, I am within the six month validity period. At present there are many openings available in November. Did not check out December's schedule.
User avatar
Gaybutton
Posts: 21459
Joined: Sat Jul 31, 2010 11:21 am
Location: Thailand
Has thanked: 2 times
Been thanked: 1306 times

Re: ACH transfers from USA to Bangkok Bank -Alert!

Post by Gaybutton »

2lz2p wrote:GB and others, you can find out if your direct deposit is coming in IAT format by telephoning Mrs. Supatra Phetchai, Global Payment Services Department - telephone 02-230-1323. She is the contact person mentioned by Bangkok Bank and can check your latest direct deposit to see the format.
I just called and spoke with her - a very nice lady and she speaks excellent English. She also greatly relieved my anxiety.

She said my Social Security does already come in under the IAT format, so no problem there. She said all the USA Social Security direct deposits have been coming in under the IAT format, so that should not be a problem for anyone. Still, it can't hurt to check and make sure.

My other retirement source does not come in IAT, but she said it should be a very simple matter to get it taken care of. All they need to do is merely include additional information with the direct deposit. I'll soon be contacting that office and see if I can get them to take care of it.

The additional information needs to be:

1. Your full name - your name on your Bangkok Bank account
2. Your full Thailand residence address
3. The account number that receives your direct deposit
4. The full address of your Bangkok Bank branch
5. The routing number for Bangkok Bank's New York branch, which is: 026008691

That's all there is to it. That's the IAT format. I can't imagine why anyone's retirement income source would refuse to do that. I sure hope mine will comply.

She said to call her again after the next direct deposit comes in to make sure everything is coming in under the IAT format. For me that will be the end of November, so it will be awhile before I can report back about it.
puan
Posts: 249
Joined: Sat Jul 31, 2010 11:56 pm
Has thanked: 29 times
Been thanked: 21 times

Re: ACH transfers from USA to Bangkok Bank -Alert!

Post by puan »

GB....thank you for sharing this information. It is extremely helpful.
User avatar
Gaybutton
Posts: 21459
Joined: Sat Jul 31, 2010 11:21 am
Location: Thailand
Has thanked: 2 times
Been thanked: 1306 times

Re: ACH transfers from USA to Bangkok Bank -Alert!

Post by Gaybutton »

puan wrote:GB....thank you for sharing this information. It is extremely helpful.
I hope it works out that way.
Geezer

Re: ACH transfers from USA to Bangkok Bank -Alert!

Post by Geezer »

Gaybutton wrote:My other retirement source does not come in IAT, but she said it should be a very simple matter to get it taken care of. All they need to do is merely include additional information with the direct deposit. I'll soon be contacting that office and see if I can get them to take care of it.
If only it were so simple. My major retirement benefit also comes from the US via ACH. I called the source regarding this. There is no place on the ACH transmission form to add the additional information; that's the reason the IAT format was created! If BKK Bank is truly interested in serving us couldn't
they have their New York branch add the required information and send it out of the country in the IAT format?

My benefit source suggested the benefit be sent by mail. I did that once with an income tax refund. It required forty-five days for the money to arrive in Pattaya.
Post Reply