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Beware of Bangkok Bank

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5 hours ago, mesquite said:

A person who signs and swears the information that form is true is committing perjury if they know it isn't.  Further, a consular official does not have to stamp and sign the form if she thinks the information is not valid.

And I do know of situations where they refuse the sign the form.  If the person cannot explain why or what s/he is signing or if they have assisted the person in the past due to having medical problems and claiming they can't pay the bill due to low income.

 

This is something to consider for those of you who use Income Letters.  If you're in a coma, have dementia or are otherwise incapable of signing an Income Letter, you can still obtain a retirement extension if you have 800,000 baht in a Thai bank.  But not so if you use an Income Letter.  The U.S. Consulate will not notarize the signature for someone who is clearly not able to sign a document or doesn't understand what is it that they're signing.  Nor will they knowingly sign a false statement.

 

Interestingly, back in the day when the British Consulate was here, they would sign an Income Letter for an incapacitated person because they were certifying the income, not the signature of the person.  So a second party could demonstrate to the British Consulate that the person had sufficient Income, but that's not the case with the Americans.  All they're doing is notarizing that the person is knowing signing the document.

 

Big difference.

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All that these consulates/embassies are doing is certifying that the signatures on the documents are valid.

 

For the US it is more than a validation of a signature as Stated in previous post be Mesquite.

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12 hours ago, amexpat said:

Why?

Because they will f__k it up for genuine people.and another benefit will be withdrawn.

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49 minutes ago, true blue said:

Because they will f__k it up for genuine people.and another benefit will be withdrawn.

Be nice if you could get trump  to sign a executive order to stop yanks leaving America.think the world would be a safer place then.

 

 

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On 1/24/2017 at 6:35 AM, Dante99 said:

so you need Bangkok bank because of the USA connection, okay keep it but as soon as the money arrives in your Thai account, remove it and put it in another bank

 

But he might then be clobbered by interbank transfer fees here in LOS, which could make direct SWIFT transfers from his USA account into a non-BBL account worthwhile, though.

Edited by OJAS

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One told me the SS check deposit is free at bkbank...I have very serious doubts

 

It's not free. It costs the same as a self-initiated ACH transfer (or a periodic automated ACH transfer established between your US bank and Bangkok Bank). Send $2000 or less -- $5 upfront fee; .0025% backend fee. Same cost as a Direct Deposit.

 

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The few who do use ACH interbank transfers operate just fine, until they're involved in an accident or in the final stages of a terminal disease and so whacked out  that they can no longer operate their computer to make a transfer.

 

Of course, you could teach your wife or partner how to punch the ACH transfer buttons...... Or, if you like a set amount transferred periodically, just set this up with your US bank. If you're anal, why not have an ACH deposit exactly equal to your monthly Social Security payment automatically sent monthly by your US bank. The cost would be exactly the same as a Direct Deposit. And you could pretend you have one of those really neat Direct Deposit thingees. But, hey, it would end up in an account your ATM card could tap -- or your wife could withdraw if you're not up to wheeling your wheelchair into town. So, sorry, you won't get to experience the downside of a Direct Deposit.

 

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And speaking about using the funds of an incapacitated person to take care of him -- banks in Thailand will release funds from someone's account to pay hospital bills.  They don't do this casually.  It's required to bring a letter from the hospital, the outstanding hospital bill and then often the bank sends a representative to the hospital to check out the situation.

 

That sounds wonderful. However, I prefer to have my wife or designated friend have access to my account. Sounds like, with Direct Deposit, they'd have the tubes pulled by the time the required payment showed up.

 

Yeah, if somehow you don't have a US financial account, Direct Deposit may be your only option. But I find it hard to believe you can't open a bank account, even after having made the final leap over here.

 

And, yes, a Direct Deposit is probably a few days quicker than a self-initiated ACH transfer. But, if you're going to starve to death because of a couple days' delay, you've got much bigger problems than what's being discussed here.

 

 

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20 hours ago, KhonKaenKowboy said:

Wit so many banks in the us doing  free ACH, it clearly seems foolish to leave it up  to the federal government and a foreign bank.  It would be better to control the transfers yourself.  Only doing them quarterly for one thing.  I would bet the people who have become defacto stateless, without even a us account make up the brunt of Nancy's clients and don't get me started on the bogus letters.  I've got three senior us citizens near me...all use the letters, and they barely make 65k between them and have zero in savings.  One told me the SS check deposit is free at bkbank...I have very serious doubts.  Like the 50 THB they charge you on a counter withdrawal; it maynotbe listed, but it is sure as heck incorporated into what shows as the deposit.

 

Oh, the direct deposit is definitely not free...nor a person just doing an adhoc ACH transfer.  Bangkok Bank applies two fees as shown below whether it's a direct deposit from social security or other govt pension payment agency....also applies for a person just doing an adhoc transfer to their Bangkok Bank account.  

 

One fee as the funds flow through their New York branch and then another fee on the in-Thailand branch end.   Now since both of these fees are applied "before" posting to the person's account (as noted in the fee chart below) and are not documented anywhere on the person's account, it fools a lot of people into thinking no fees were applied.  

 

But if a person has free SMS Remittance setup on their account the SMS will show the funds arriving Thailand minus a few dollars due to the NY branch fee already being sliced off and the 0.25% (Bt200 min, Bt500 max) fee...the SMS will also show the exchange rate given...and finally the amount being posted to your account.  But to repeat the account will not show those two fees anywhere as they are deducted/applied "before" posting.

Capture.JPG

 

And I have never been charged a fee for a counter withdrawal at Bangkok Bank.   And I don't understand by what you mean when you say they apply a Bt50 fee for a counter withdrawal, but then say its cooperated into the deposit.  Withdrawal and deposit are on opposite ends of the spectrum.

 

Maybe you are still talking something related to the incoming direct deposit/wire transfer....I don't know.   Now I've seen quite a few folks in the provinces mention that they also seem to see a inter-region transfer fee since the incoming direct deposit/wire transfer funds arrive HQ Bangkok Bank in Bangkok and then transferred to the person's Bangkok Bank branch outside of Bangkok. 

 

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But he might then be clobbered by interbank transfer fees here in LOS, which could make direct SWIFT transfers from his USA account into a non-BBL account worthwhile, though.

No in Thailand interbank transfer fees, cash withdrawal, walk down the street a bit and deposit.

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23 hours ago, KhonKaenKowboy said:

  One told me the SS check deposit is free at bkbank...I have very serious doubts.  Like the 50 THB they charge you on a counter withdrawal; it may not be listed, but it is sure as heck incorporated into what shows as the debit on your US account..

Just to clarify, in the same way people believe there isn't a fee on their SS Direct deposits with BKK, because there are no line items; many believe that there isn't a fee on the counter withdrawals, which there is a 50 THB fee.  On 20,000 THB that is .25% or about .0825 Satang per Dollar.  So if you are signing for 20,000..they are actually giving you the MC/Visa rate for 19,950, which is a little bit better rate than their "Buy" rate.  We beat this to death several years ago, and like the guy who told me BKK Bank does it as a courtesy to Americans, I asked if he had ever compared the TT buy rate at the time of the transfer vs. what he received.  Of course not.  Well, I did a 15,000 THB counter withdrawal at Bangkok Bank and compared it with the Visa/MC rate....It worked like I stated to the thousandth of a Satang.  BKK makes most of its profit from fees....and there was recent talk that they may suffer as this new national payment system rolls out in several months (late).

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3 hours ago, KhonKaenKowboy said:

 

Just to clarify, in the same way people believe there isn't a fee on their SS Direct deposits with BKK, because there are no line items; many believe that there isn't a fee on the counter withdrawals, which there is a 50 THB fee.  On 20,000 THB that is .25% or about .0825 Baht to the Dollar.  So if you are signing for 20,000..they are actually giving you the MC/Visa rate for 19,950, which is a little bit better rate than their "Buy" rate.  We beat this to death several years ago, and like the guy who told me BKK Bank does it as a courtesy to Americans, I asked if he had ever compared the TT buy rate at the time of the transfer vs. what he received.  Of course not.  Well, I did a 15,000 THB counter withdrawal at Bangkok Bank and compared it with the Visa/MC rate....It worked like I stated to the thousandth of a Baht  BKK makes most of its profit from fees....and there was recent talk that they may suffer as this new national payment system rolls out in several months (late).

Edited.

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I have always noticed a discrepancy when I have withdrawn money via my US CC at Bangkok Bank.  However, I always kept it in percent and it varied and I could not figure out what the source of the discrepancy was.  Good detective work, KKK, to realize it's a consistent amount in baht, 50 to be exact.  I will be watching for this the next time I get a cash advance on my US CC.

Edited by mesquite

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4 hours ago, KhonKaenKowboy said:

 

Just to clarify, in the same way people believe there isn't a fee on their SS Direct deposits with BKK, because there are no line items; many believe that there isn't a fee on the counter withdrawals, which there is a 50 THB fee.  On 20,000 THB that is .25% or about .0825 Satang per Dollar.  So if you are signing for 20,000..they are actually giving you the MC/Visa rate for 19,950, which is a little bit better rate than their "Buy" rate.  We beat this to death several years ago, and like the guy who told me BKK Bank does it as a courtesy to Americans, I asked if he had ever compared the TT buy rate at the time of the transfer vs. what he received.  Of course not.  Well, I did a 15,000 THB counter withdrawal at Bangkok Bank and compared it with the Visa/MC rate....It worked like I stated to the thousandth of a Satang.  BKK makes most of its profit from fees....and there was recent talk that they may suffer as this new national payment system rolls out in several months (late).

A Bt50 disparity has never occurred for me...based on my personal experience.  I've done quite a few counter withdrawals at Bangkok Bank  at a branch here in Bankgok with my foreign Visa cards and simultaneously depositing the funds in my Bangkok Bank account.   Like withdrawing Bt60k and having it deposited in a combo transaction....the money never touched my hands.  The exchange rate hitting my U.S. account for Bt60K withdrawal matched the Visa exchange rate to like the 3, 4 or more decimal point.  There was no Bt50 disparity like in a hidden fee or Bangkok Bank using their own exchange rate (they use the Visa/Mastercard rate not a Bangkok Bank rate)....not even a one baht disparity.

 

Also, keep in mind when using a credit card for the withdrawal, you will not be getting the Visa/Mastercard exchange rate for the date of the withdrawal, because for credit card transactions it takes a few business days for the transaction to finalize/post.  The exchange rate you get will be on the date that  Visa/Mastercard declare as the posting date upon competition of all transaction processes.    So, when determining the exchange rate you finally got use the posting date; not the actual date of the transaction.  Since exchange rates can change daily (sometimes more with Mastercard) this could make it appear a fee has been charge, especially if the  posting date exchange rate is lower than the exchange rate on date of transaction.

Edited by Pib
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Bangkok Bank DEDUCT 500 Baht ( Charges ) from My U.K State Pension Transfer Every Month as well.......Jeez I Only get 288.00 Pound a Month as it is So with their deduction I'm only getting approx 275.00 Pounds Now !!

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Bangkok Bank DEDUCT 500 Baht ( Charges ) from My U.K State Pension Transfer Every Month as well.......Jeez I Only get 288.00 Pound a Month as it is So with their deduction I'm only getting approx 275.00 Pounds Now !!



SCB do the same, it's the norm, is it not?

Sent from my SM-G920F using Thaivisa Connect mobile app

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Posted (edited)
22 minutes ago, Nong Khai Man said:

Bangkok Bank DEDUCT 500 Baht ( Charges ) from My U.K State Pension Transfer Every Month as well.......Jeez I Only get 288.00 Pound a Month as it is So with their deduction I'm only getting approx 275.00 Pounds Now !!

Something don't sound right with your Bt500 deduction statement.  If you are talking the 0.25% (Bt200 min, Bt500 max) receiving fee then your in-Thailand receiving fee would be the Bt200 min for a small amount liek 275 pounds.   If you are using BACS for the transfer there is also a GBP 20 fee on the Bangkok Bank UK end.  Since you are getting a receiving fee then you must be using the GBP 20 fee method shown in the Bangkok Bank chart below.  Otherwise you would not incur any in-Thailand fee but instead receive a GBP 15 fee on the UK end but receive the UK branch crappy (lower) exchange rate. 

 

Considering these two possible fees....one on the Bangkok Bank UK end and possibly one on the in-Thailand Bangkok Bank end, it just don't add up to Bt500.

 

 

Fee Structure from Bangkok Bank website

http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/TransferingFunds/TransferringIntoThailand/ReceivingFundsfromUK/Pages/ReceivingFundsfromUK.aspx

Capture.JPG

 

 

Edited by Pib

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BANGKOK 12 December 2017 13:32
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