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BANGKOK 14 November 2018 02:55
Pib

Major Change Eff 1 Apr 19 in Bangkok Bank ACH Transfers

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Seems if that is true they would have updated their webpage first before letting reps give such info over hte phone. Still no change from looking at it a few minutes ago.  They still say come 1 Apr 19 ACH transfers will need to be in IAT format or they will be rejected.

https://www.bangkokbank.com/en/Personal/Other-Services/Transfers/Transferring-Into-Thailand/Transfer-money-from-US-to-Thailand-via-Bangkok-Bank-NewYork-branch

 

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On 7/27/2018 at 4:04 PM, mackayae said:

Are there any existing alternatives? I can think of ATM's, but that is clumbersome and costly.

I use a swift transfer direct from my Credit union to my BKK bank n CM

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They know and one of the officers even mentioned it that most if any US banks have not adopted IAT. Both Chase and BofA say that it may happen in a year or two.

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They know and one of the officers even mentioned it that most if any US banks have not adopted IAT. Both Chase and BofA say that it may happen in a year or two.
Oh I think I get the point of confusion now. Yes we knew already the vast majority of USA banks would not be sending in IAT format. Not news!

Sent from my Lenovo A7020a48 using Thailand Forum - Thaivisa mobile app

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2 minutes ago, Tariya said:

They know and one of the officers even mentioned it that most if any US banks have not adopted IAT. Both Chase and BofA say that it may happen in a year or two.

What do you mean by "They know...?"

 

US banks have adopted IAT format since 2009.  They can "receive" IAT format no problem.  However, for "retail accounts" like for you and me I do not know of one US bank/credit union that offers IAT "sending" capability....they only offer regular ACH sending capability (a.k.a., domestic format) and International Wire (a.k.a., SWIFT).  SWIFT is a real cash cow for banks/credit unions.

 

But some banks that also offer "business" account do offer IAT sending capability for their business account customers as some businesses use ACH "IAT" format to payment foreign companies, foreign payroll, etc.

 

Are you sure you understood for the NY branch reps were saying?  I would call the NY branch tonight using my US VOIP number but my AIS Fibre line it down....some AIS folks working in the moobaan messed of several lines at 4pm today....won't be fixed until tomorrow mid day.  I'm using a DTAC connection right now.

 

 

 

 

 

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Too bad. I opened a Bangkok Bank account in April so that I can do these transfers. I've only done one transfer. Oh well. 

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8 minutes ago, Pib said:

What do you mean by "They know...?"

 

US banks have adopted IAT format since 2009.  They can "receive" IAT format no problem.  However, for "retail accounts" like for you and me I do not know of one US bank/credit union that offers IAT "sending" capability....they only offer regular ACH sending capability (a.k.a., domestic format) and International Wire (a.k.a., SWIFT).  SWIFT is a real cash cow for banks/credit unions.

 

But some banks that also offer "business" account do offer IAT sending capability for their business account customers as some businesses use ACH "IAT" format to payment foreign companies, foreign payroll, etc.

 

Are you sure you understood for the NY branch reps were saying?  I would call the NY branch tonight using my US VOIP number but my AIS Fibre line it down....some AIS folks working in the moobaan messed of several lines at 4pm today....won't be fixed until tomorrow mid day.  I'm using a DTAC connection right now.

 

 

 

 

 

Sorry if you misunderstood what I wrote. It was this: I talked to two different Bangkok Bank officers in Bangkok. They both affirmed: After April 1, the NYC branch will "not" accept transfers from what you call "retail" accounts, period. The only way to transfer funds from a US "retail" account to a Bangkok Bank account will be by Swift directly to the Bangkok Bank account in Thailand. That's what they said.

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10 minutes ago, Goldbear said:

Too bad. I opened a Bangkok Bank account in April so that I can do these transfers. I've only done one transfer. Oh well. 

Nothing to fret about. TransferWise...just as good, if not actually better. 

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8 minutes ago, Tariya said:

Bangkok Bank officers in Bangkok.

That part was not clear in OP and I suspect is cause for concern - Bangkok Bank officers often do not know what is policy in their own city, much less so another country, so would not press the panic button too fast.  SS and other government deposits would likely not be classified as retail accounts.

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4 minutes ago, Tariya said:

Sorry if you misunderstood what I wrote. It was this: I talked to two different Bangkok Bank officers in Bangkok. They both affirmed: After April 1, the NYC branch will "not" accept transfers from what you call "retail" accounts, period. The only way to transfer funds from a US "retail" account to a Bangkok Bank account will be by Swift directly to the Bangkok Bank account in Thailand. That's what they said.

I hear what you are saying but I'm going to stay on the side of the fence that you had a English-Thai miscommunications with the Bangkok Bank reps you talked to. 

 

If Bangkok Bank stopped receiving all ACH transfers, IAT format or domestic format, that means even U.S. govt payments being sent in IAT format (like some Social Security payments) would also be rejected come 1 Apr 19.   They would definitely announced that in a major release on their website and it would be an a major, major change from their earlier major release on their website and in letters handed out at bank branches that come 1 Apr 19 only ACH transfers in IAT format will be accepted.....still gladly accept ACH transfers but must be in IAT format. 

 

Their NY branch has always been a commercial branch but they allowed ACH payments/transfers to be routed thru them using their ABA/ACH routing number.  

 

 

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1 hour ago, Pib said:

I hear what you are saying but I'm going to stay on the side of the fence that you had a English-Thai miscommunications with the Bangkok Bank reps you talked to. 

 

If Bangkok Bank stopped receiving all ACH transfers, IAT format or domestic format, that means even U.S. govt payments being sent in IAT format (like some Social Security payments) would also be rejected come 1 Apr 19.   They would definitely announced that in a major release on their website and it would be an a major, major change from their earlier major release on their website and in letters handed out at bank branches that come 1 Apr 19 only ACH transfers in IAT format will be accepted.....still gladly accept ACH transfers but must be in IAT format. 

 

Their NY branch has always been a commercial branch but they allowed ACH payments/transfers to be routed thru them using their ABA/ACH routing number.  

 

 

 

I think I answered similarly to another poster in a different thread earlier today.

 

BKKB NY is only stopping handling domestic ACH transfers. They're saying they will continue to accept IATs (International ACH formatted transfers) through the New York branch. The problem is, U.S. retail bank customers don't really have the ability to sent IATs from their accounts at present. So in effect, for the typical customer, they're really, effectively stopping customer-generated transfers, period.

 

Edited by TallGuyJohninBKK

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On 7/27/2018 at 5:46 PM, cycolista said:

I'm curious, how long does a transfer take using Transferwise?

A month or so ago, I helped a friend setup a Bangkok Bank account. I found out same day that he could not use BBNY ACH routing as a new account holder.  He tried it anyway despite my info. It failed.  Next I suggested TransferWise ... he got through the setup phase with some trouble (but he has constant tecnology problems - nothing unusual). After two transfers from California banks - the the third transfer time went from 2.5 days to 1.5 days. He felt the fees were reasonable.

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It was mentioned earlier that TransferWise could withdraw money via a Bank Debit Card.  This method could be handy in a pinch.  But plead note TransferWise can only do transfers through MasterCard / Visa Debit Cards - not other debit cards such as Amex or Discover 

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Some great info here on this issue that will affect a lot of people; thank you all.  Pib and the others; thanks for your contributions here. I have learned much.  Thanks Pib, especially for bringing to my attention the mystery of why some expat's SSI direct deposits are IAT, and some are domestic.  It led me to think about this further, as I am currently in the process of changing my direct deposit accounts with the SSA.  And I noticed something:

 

It isn't to do with addresses.  It's the way Bangkok Bank processes your paperwork when you first open a direct deposit acc. or change to a new one.  When you apply, in Thailand, for a U.S. SSI direct deposit account the Thai bank (in Thailand) fill out a 1199A form they keep on hand, which is the standard U.S. gov 'Direct Deposit Signup Form.'  

 

Section 1 is filled out by the payee.  Section 2 is filled out by the payee or financial institution.  Section 3 is to be filled out by the Banking institution.. that's where the problem is, and that's where IAT or domestic will come in:  I've found some banks (like my old branch up in Udon Thani) fill the main part in section 3: 'Name and address of financial institution' .. with the Bangkok Bank Public Co. Limited, New York City.  And not the local Thai branch or your local bank, where you will receive your money!

 

If they fill out Section of the 1199A this way, it will be processed by SSA as 'domestic!'  As 'New York' is domestic.. What you want to happen is to ensure that your bank branch in Thailand, where you might apply or change your direct deposit acc., fills this part of section 3 in with the their local Thai branch address, in Thailand, and Not use the New York address!  .. like they did with mine up in Udon, when I first applied!

 

I just got off the phone after a 2 hr. call to Baltimore with the SSA Office of International Operations, where I found out my account is Not IAT, but indeed domestic.  I have long moved and am now changing my direct deposit acc. to my new location farther south.

 

After leaving the bank branch just yesterday with my new acc. no. and a copy of my 1199A, I see they too, same as 2 years back in Udon, filled in section 3 using the New York Bangkok Bank address along with the routing no., which stays same..  SSA in Baltimore told me to go back and have them change section 3 to reflect the local Thai branch address, as per IAT requirements.  Then they will have the correct local foreign branch address.  So, back to the bank tomorrow.  Then I will fax this to Baltimore as instructed, and hope for the best..

 

So, to anyone who is changing accounts, or starting a new one.. hope this helps.. and good luck to us all!

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