ACH transfers from USA to Bangkok Bank -Alert!

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

Postby Gaybutton » Tue Oct 30, 2018 7:31 am

Geezer wrote:There is no place on the ACH transmission form to add the additional information; that's the reason the IAT format was created!

According to this web site:

According to the Association of Americans Resident Overseas, there are over 8 million non-military Americans living overseas.

See: https://www.transitionsabroad.com/listi ... ntry.shtml

I, of course, have no idea how accurate that is, but obviously a great many Americans are living in foreign countries and a great many of them probably get their money by direct deposit into foreign bank accounts.

It would stand to reason (I hope) that retirement sources are going to have to get whatever forms are necessary to do IAT. Considering that the requirement doesn't come into effect until April 1, they have plenty of time to do whatever they need to do so those who depend on direct deposit can continue receiving their money uninterrupted.

It would be nice if Bangkok Bank would handle it, as you say, but they're not the ones who came up with this IAT nonsense. The USA government did - and I have a feeling it was one schmuck sitting in his office one morning who had nothing better to do than create problems totally unnecessarily. Someone is going to have to explain to me how the information required for IAT is going to halt money laundering or any other type of crime, in any way, shape, or form.

Have you ever noticed that the people who create these problems never create any that would personally affect them?

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

Postby Gaybutton » Tue Oct 30, 2018 11:09 pm

It turns out that I'm going to have the same problem Geezer has. I called my main retirement source only to be told they will not do the IAT format - not by their choice, but by state law.

That came as an unpleasant surprise. The information required for the IAT format is so simple and since Social Security direct deposits under the IAT format, I was expecting to hear there won't be any problem about it. WRONG!

Their reason for that law - preventing money laundering. I'm all for preventing money laundering and preventing other types of financial crime, but I wish they would come up with some way to do it other than, in effect, punishing people who don't commit crimes and merely want to receive their retirement pensions without any problems.

They told me my only alternative is to have them send me a paper check by mail. I asked what happens if for some reason, whether by lost in the mail, stolen, or whatever, I don't receive the check. They said I would only need to contact them and they will cancel out that check and send me another one.

I'm not exactly thrilled about doing it that way, but at least I'll receive my money at all. At the moment it seems like I won't have much of a choice if I can't open an American bank account and start using Transferwise.

I guess the only practical thing to do is set aside money to have enough for two or three months while waiting for the first check to clear and see what kind of pattern will be established.

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

Postby Geezer » Wed Oct 31, 2018 12:20 am

By the way, the outrageous length of time required for funds to waft from bank to bank (banks refer to it as "float"time) is due to the fact while funds are floating banks can use them interest free. This practice originated long before computers, and can still be used, especially when snail mail is involved.

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

Postby Jun » Wed Oct 31, 2018 2:55 am

In a world where things change, it's generally a good idea to keep a few options open.
For example, bank accounts in more than one country. [Ideally there would be 2 more passports as well, but that's more difficult to do].

There are sites that list a couple of US banks which allow non-US residents to open a bank account, but it seems you have to visit a branch.

The other option is the Transferwise borderless account. If I understand correctly it could be used just like a US account AND you can open it in Thailand. Whilst I do use use Transferwise, I DON'T have the borderless account, so please check it out AYOR.

I don't believe it is covered by any of the schemes which reimburse you if they go bust either, so I would keep the balance fairly low. I would much prefer that to getting a cheque in the post.

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

Postby Gaybutton » Wed Oct 31, 2018 7:21 am

Jun wrote:The other option is the Transferwise borderless account.

That is the option I'm going to try first, and I thank you very much for posting and making me, along with everyone else reading this board who may need it, aware of its existence. It seems like an excellent solution. I hope "seems" becomes "is."

If it turns out that anything goes wrong with it, then I'll probably go with the paper checks and snail mail.

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

Postby puan » Wed Oct 31, 2018 8:24 am

GB....my situation is exactly the same as yours. Even right down to my pension provider suggesting the check scenario. I cannot imagine sitting here in Thailand waiting for a check from the States to appear. Talk about stress!! Oy vey!!!! Also, it is my understanding that for a U.S. check to clear your bank here takes forever.

I just opened a TransferWise account. I am going to attempt a small dollar amount transfer to test the system AND the banks' interface with that system. I will let you know how it goes. (Wish me luck.)

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

Postby gera » Wed Oct 31, 2018 9:33 am

puan wrote:GB....my situation is exactly the same as yours. Even right down to my pension provider suggesting the check scenario. I cannot imagine sitting here in Thailand waiting for a check from the States to appear. Talk about stress!! Oy vey!!!! Also, it is my understanding that for a U.S. check to clear your bank here takes forever.

I just opened a TransferWise account. I am going to attempt a small dollar amount transfer to test the system AND the banks' interface with that system. I will let you know how it goes. (Wish me luck.)

So, you do have an account with US bank? Then your situation is not exactly the same as Gaybutton's. If you make transfer from your US bank account to Thai bank account using Transferwise, it will definitely work. I wish the very best of luck to Gaybutton with his idea of opening borderless account.
I can imagine that he will probably open such an account using his Thai address. However, with probability 0.99 he will not be able to make a direct deposit of his pension to such an account. I would not listen to an advise of people who have no clue how US banking system works.

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

Postby Gaybutton » Wed Oct 31, 2018 9:41 am

puan wrote:I will let you know how it goes. (Wish me luck.)

Yes, please do let us know. I would especially like to know how long it takes from the time you request the transfer until it appears in your Thai bank account.

As for a paper check, I wouldn't be under stress about receiving it. I've never had a problem with the mail as long as I've lived here. For me, I don't know if I would call it stress, but I definitely don't like the idea of having to wait 45 days for the check to clear. That is how long it takes. And I especially don't like it when all along my money appears in my Thai account virtually the instant my retirement source sends it.

For the first several years living here, my direct deposit went right into my regular Thai account. Then, a few years ago, the USA government came out with an edict forcing money direct deposited by a government source to go into a receive-only account. I had to open a second account with Bangkok Bank, the receive-only account, and when the money comes in, I have to go to my local Bangkok Bank branch, passport and passbooks in hand, and transfer the money out of the receive-only account and have it placed into my regular standard account. It's a pain-in-the-ass, but at least the direct deposit goes into my receive-only account instantly when the retirement source sends it. I still have to do it that way.

Maybe having to switch to Transferwise will turn out to be a blessing in disguise. Since that is not a government source, I can have Transferwise deposit it directly into my regular standard account instead of having to bother with the receive-only account.

Another thought occurred to me. Social Security gets direct deposited via the IAT format. I wonder if the same is true for IRS tax refunds. Of course, if Transferwise turns out the be the solution to all this nonsense, then I would have both Social Security and IRS tax refunds deposited into my Transferwise account instead of going through Bangkok Bank's New York branch at all.


gera wrote:probability 0.99 he will not be able to make a direct deposit of his pension to such an account.

If that happens, then I'll go to "Plan B," which is the paper check method.

I doubt I would have any problem getting my source to direct deposit into my Transferwise account. As long as Transferwise has a USA routing number, and they do, I don't think there will be a problem.

Of course, I am the same person who didn't think there would be a problem about getting my source to use the IAT format. WRONG!

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

Postby 2lz2p » Wed Oct 31, 2018 6:27 pm

Gaybutton wrote:
puan wrote:I will let you know how it goes. (Wish me luck.)

Yes, please do let us know. I would especially like to know how long it takes from the time you request the transfer until it appears in your Thai bank account.

Yesterday, I went to Transferwise (TW), logged in, and sent a test transfer funded from my US Bank Account. After providing the information for my Bank Account, it was about a half hour or so later I rec'd email from TW that they had received my funds and I would receive the funds today (that was at 2:12pm, Tuesday, October 30, 2018). Today at 2:07pm (Wednesday, October 31, 2018), I rec'd a message from Bangkok Bank that the funds were deposited in my account. I checked my US bank, there was no fee and it showed as an "ACH debit." There was no fee at Bangkok Bank as the transfer was in baht. So, 24 and a half hours from when I made the transfer on TW until it arrived in my account.

Based on my previous transaction, it took longer, but it was made on a Friday and the funds were received on Monday, the following business day.

So, much speedier service than through Bangkok Bank's NY Branch.

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

Postby Gaybutton » Wed Oct 31, 2018 7:34 pm

2lz2p wrote:Yesterday, I went to Transferwise (TW), logged in, and sent a test transfer funded from my US Bank Account.

Does it have to be a savings account, checking account, or does it matter?

If I correctly understand how it works, you have to have a USA bank account. The direct deposit goes into that account. Then somehow I put money from that account into Transferwise and they send it to my Bangkok Bank account in Thailand. Is that correct?

How does the money get from the USA bank account into Transferwise? I'm not clear on how that works.

Obviously I need to find a USA bank, with a routing number, that will permit me to open an account from Thailand, without being physically present in the USA and not having an address in the USA. Anyone have any recommendations for such a bank?

Schwab won't work for me. They check your address and they want far too much as an initial deposit.


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