PhDEducation

Beware of Bangkok Bank

146 posts in this topic

12 hours ago, Caps said:

I am having ( hopefully) my wage paid directly in to my Bangkok Bank from outside the country.  Has anyone else had experience in doing that and how did it go

Thanks

Hubby's pension check from a private employer is direct deposited into Bangkok Bank from the U.S.  All they needed was the routing number and account number.  And unlike SSA and VA, the private employer has no problem in depositing the monthly pension payment into a joint Bangkok Bank account that has ATM card access.  

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ID: 127   Posted (edited)

20 hours ago, NancyL said:

Hubby's pension check from a private employer is direct deposited into Bangkok Bank from the U.S.  All they needed was the routing number and account number.  And unlike SSA and VA, the private employer has no problem in depositing the monthly pension payment into a joint Bangkok Bank account that has ATM card access.  

Got nothing to do with the private employer not having a problem in depositing in a Bangkok Bank joint account.

 

It's just when the payment arrives it is "not" carrying a description/underlying coding identifying it as a "U.S. govt agency" payment such as a social security, VA, military retirement payment.    It's the description/underlying coding that "Bangkok Bank" uses to determine whether it's a U.S. govt direct deposit payment or just a payment from a company (such as private pension), an adhoc transfer a person did, etc.   If not from a U.S. govt agency such as social security, VA, etc., Bangkok Bank will allow the deposit to come in no problem to a regular account.  

 

That's why many times on ThaiVisa it's been recommended to let your U.S. govt pension payment first flow to your U.S. bank account (if you still have one) and then resend the payment (or similar amount) monthly like setting up an "automatic" ACH transfer to say occur a few days after you U.S. govt pension always arrives.   When it's resent there is no longer any U.S. govt description/underlying coding...it's now just a regular transfer from a civilian person/company.

 

And hopefully your Sending bank does not charge an AC Sending fee...assuming they don't then the exact same amount of money arrives your Bangkok Bank account because their NY branch/routing fee and the in-Thailand branch receiving fee apply whether it's a U.S. govt ACH payment or regular company/personal ACH payment.

Edited by Pib
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Regarding above about Direct Deposit of pensions from the U.S. Govt or a Private Organization.  Below is quote from the Bangkok Bank web page.  

 

Notice the difference in wording regarding a U.S. govt payment and private organization payment.  For a U.S. govt pension payment the Bangkok Bank account must be the special Bangkok Bank Direct Deposit account which means no ATM/debit card or transfers out via ibanking.  You can even use you "existing" regular savings account (although not mentioned it must be in your name only....not a joint account), but it must be re-coded to the Special Direct Deposit account for for U.S. government payments which also means loss of your debit card, taking off your joint account owner, etc.  Best just to open a new Direct Deposit account.

 

Now notice the completely different working used for pension from a private organization....can be your current savings account.   Almost every step/instruction give in the private organization area below is just info for you regarding the correct routing number to use, your account number, just info for you to provide to your private pension paying organization.  Or said another way, if you already know the NY bank routing number and your Bangkok Bank account  number provide that info to your pension paying organization....you are done.

 

Bangkok Bank just treats U.S.govt payment differently than U.S. private organization payments.  It's not the U.S.govt making Bangkok Bank do this, it just Bangkok Bank wants to ensure it don't get caught up in govt payments continuing to flow-in and being withdrawn by a joint owner such as a spouse, because the spouse (usually a Thai wife) intentionally or unintentionally  failed to notify the U.S. govt of the pensions death and follow-on barbecue at the local temple.  This is fraudulent activity and Bangkok Bank don't want to get on the wrong side of U.S. govt pension paying agency....just one agency shutting off payment would surely domino over to other U.S. govt pension paying agencies since they all share such information.  

 

Lots of U.S. persons in Thailand getting U.S. govt payments, they earn lots of transfer fees for Bangkok Bank, and Bangkok Bank wants to protect this lucrative source of fees.    U.S. govt pension payment agencies "do not" restrict any accounts to "pensioner's" name only or other special restrictions like no debit card for payment made in the U.S. or  to outside the U.S.; .that's purely a policy decision of the bank you have your account at.    But when it comes to the many, many different private organizations that payout pension where pensions might even be able to continue to a spouse when the pensioner dies any type of fraudulent payment continuing would be purely something between that company and the person still getting the payments....plus the pension payment if probably coming from some financial organization like Fidelity who just happens to manage the pension payments for a company....that incoming payment probably looks like a typical personal transfer/distribution a person is making from one of his mutual funds/IRAs/401Ks.

 

 

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

 

 

Quote

 

Benefits of the Direct Deposit Service

  • Your payments are deposited directly to your account every month.
  • Funds will be converted into baht using the rate for receiving electronic funds transfers (Buying TT rate).

 

How to apply: If receiving payments from a US Government Agency

  1. Download the 'Direct Deposit Sign-up Form (SF1199A)' from www.socialsecurity.gov/online. Complete the form to sign up for Direct Deposit with your relevant US government agency.
  2. Open a savings account at any Bangkok Bank branch (except micro branches). If you already have an account with Bangkok Bank, you can use your existing bank account for this service, however we will need to change the type of account in line with the Direct Deposit’s terms and conditions.
  3. Complete a 'Direct Deposit Service Application' form, which you can pick up at any Bangkok Bank branch (except the micro branches). You can also opt to fill out an SMS Remittance Alert Service Request Form to receive an SMS notification on your mobile phone when funds have been successfully transferred into your Bangkok Bank account.
  4. Submit all forms to Bangkok Bank with the following supporting documents:
    • Identification Card/Government Official ID Card/Passport together with a customer identification document such as your Social Security Card, Annuitant ID Card etc.
    • A document from the relevant agency giving evidence of your right to receive the payments.
  5. After verifying your documents, Bangkok Bank will submit your application to the government agency asking them to approve your request to receive the funds via Direct Deposit.
  6. After the request is approved by the US Government Agency, your payments will be electronically deposited directly into your Bangkok Bank account.


Important

If you use a direct deposit service to receive funds from a US Government Agency, you must appear in person at a Bangkok Bank branch to withdraw the funds.

Bangkok Bank cannot authorize the withdrawal of funds from your direct deposit account by an appointed representative, or via ATM or any other electronic channel. You must appear in person at a Bangkok Bank branch to withdraw the funds. You can, however, open a normal savings or current account and transfer the funds from your direct deposit account to this account. You may then withdraw your funds as usual via ATM or any other electronic channel.

You can also opt to directly contact the US Government Agencies to send funds into your savings account with Bangkok Bank. However, we still need to request that you change your savings account to a Direct Deposit account. Failure to comply will result in Bangkok Bank not being able to deposit funds transferred from the US Government Agency into your account.

How to apply: If receiving payments from a private organization

  1. Request the 'Authorization Agreement for Automatic Deposits (ACH Credits)' form or ‘Related Direct Deposit’ form from the organization or the Agency that will be making the payment to you. Complete the form to request the Direct Deposit service.
  2. Open a savings account at any Bangkok Bank branch in Thailand. If you already have an account with Bangkok Bank, you can use your existing bank account for this service.
  3. Request your home branch to issue a bank reference letter to certify your bank account details such as account type, account number, date of account opening and current balance to be provided to your agency.
  4. Indicate the Routing Number 026008691 of Bangkok Bank’s branch in New York and your account number with Bangkok Bank in Thailand on your 'Authorization Agreement for Automatic Deposits (ACH Credits)' form or ‘Related Direct Deposit’ form.
  5. Submit the form with the required information such as your Identity Card or Social Security Card, or evidence of your right to receive the payments from the company, together with Bangkok Bank’s Reference Letter. Mail the signed form to the US company asking it to approve the request and initiate direct deposits into your account.
  6. After the request to receive direct deposits is approved, your payments will be electronically deposited directly into your Bangkok Bank account.

 

  1.  
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I'm surprised that more of the big company pension funds don't require a set-up similar to that of the U.S. gov't for incoming pension checks.  Hubby could kick the bucket, be fried and I could easily fail to notify them -- there's no company life insurance or right of survivorship on his pension.  It stops when he dies, so I really have little incentive to notify them, except of course, that they'd want the back-pension and I'm a U.S. citizen and then there's that part about me having worked for the same company and also drawing a pension.  Oh yeah, forgot about that.  But how long could I let it go on without telling them about Hubby's death?

 

Maybe something for my heirs to straighten out.  I've seen worse messes for heirs to resolve.

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The underlying coding in the ACH transfer makes it easy for Bangkok Bank to spot a U.S. govt payment.  The bank's computers can do all the work...no human review required.   What little bit of payment description you see on your ibanking/passbook is just the surface of information contained in an ACH transfer.

 

If you want to hurt your head a little take look at this chapter from the U.S. Treasury Green Book talking ACH payments....coding...etc....and even this chapter is a simple overview.

 

https://www.fiscal.treasury.gov/fsreports/ref/greenBook/pdf/greenbookchapter2.pdf

 

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 Can't find any other way to transfer money to Thailand from US? Really? Sounds like what a few others have said, GF quietly sneaking  card from wallet at 3am to go to atm then return card to his wallet while he snores away after too many drinks. It's pretty common here.

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I have a New Zealand bank account and live in Thailand. When I need to uplift money from my New Zealand account I withdraw the money from any ATM machine with my New Zealand ATM card. Maximum withdrawal is 20,000 Baht at a time, fee is 200 Baht.

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17 minutes ago, sugarcane24 said:

I have a New Zealand bank account and live in Thailand. When I need to uplift money from my New Zealand account I withdraw the money from any ATM machine with my New Zealand ATM card. Maximum withdrawal is 20,000 Baht at a time, fee is 200 Baht.

This is not the most efficient way to bring money into Thailand.  20,000 baht is about 830 NZ$ and each time it's costing you 8.30 NZ$.  I looked at the website of a couple banks in New Zealand, and it seems you could do international transfers on-line using the SWIFT system.  Cheaper if you can move larger amounts less often.

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5 hours ago, sugarcane24 said:

I have a New Zealand bank account and live in Thailand. When I need to uplift money from my New Zealand account I withdraw the money from any ATM machine with my New Zealand ATM card. Maximum withdrawal is 20,000 Baht at a time, fee is 200 Baht.

Some ATMs will allow a 25k THB withdraw....  and currently most of the ATMs are now charging 220 THB as they recently increased the fee.

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On 24/01/2017 at 5:06 PM, Andrew Dwyer said:

I'm with Bangkok Bank and they send me a text immediately ( literally seconds) after I make a transaction ( ATM withdrawal, deposit from U.K. etc) plus I get a text telling me my balance every Monday am.
If the OP is to continue with Bangkok Bank this will be a little bit of security until he gets to the bottom of the problem.



Sent from my iPhone using Thaivisa Connect

yes correct ....  every time a transfer is made a text is sent.  But I suppose if a withdrawal was made there's not really a way of knowing ...  i don't get an sms on withdrawals ..

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Bangkok Bank has some SMS services you pay for monthly, like Bt15mo for SMS Account Alert which provide a SMS for any transfers of Bt500 or more, etc.   A person needs to sign up for the account....otherwise, you get no SMSs.    These SMS services can generally only be on single-owned accounts; no joint accounts.  

 

Bangkok Bank offers several SMS services, some of which are free like the SMS Remittance Alert for incoming overseas transfers.  

 

See Bangkok Bank's web page on SMS services for more info.

http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/SMSAlerts/Pages/SMSRemittanceAlert.aspx

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I've never encountered any hacking or illegal withdrawal from my account and I had bank account with Bangkok Bank since 3 years ago.

 

But I never applied for ATM card so that might be the solution.

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My two cents worth...
Bangkok Bank was relatively easy to open a savings account with. I say relatively because it did require going to large branch, not a satellite office. I went to the head office in Bangkok, armed with the documents indicated in their website.

I have been using my BB account at the New York branch to transfer, with no charge unless I need it next day,  funds from my US bank accounts. Express service is $3.00. The funds are usually deposited in my BB savings account here in Thailand pretty quickly, with no charge except the conversion fee. Sorry I do not know exactly what that is, but it is available info on the BB website. I DO get bollixed once in awhile re: Thai bank holidays, but nothing serious if you have adjusted to "Thai Time"... similar to "Rez Time" in Arizona. Not a put down, just different cultures... do not expect to reach many businesses in Germany either, e.g., if you call at lunch time.

I have been using my BB ATM card for over a year with none of the OP's problems. I suspect as mentioned several times in other comments that somebody with access to his card is responsible, little as we like to believe such. A neighbour had his vehicle repossessed because the money he was giving his mia to pay the note was going for gambling. 

I

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Check with your girlfriend or ex girlfriend, sounds like she might still have your access details

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I've found the cheapest way is to transfer money from my US bank account to my Thai bank account once per month. It can be up to $2,500 per transaction. Cost is $13.50 per transfer. Then I can withdraw cash from my Thai bank account with my atm card or at the bank counter and it's free if a minimum balance of 50,000 baht is kept. If not, it's 20 baht per withdrawal and every transaction shows up almost immediately in an SMS message from the bank's data center. One transfer per month does me fine in LOS since I'm not a big partier, not trying to live out a second adolescence and I don't have a Thai spouse or significant other and the squad of mooches that usually comes along with them.

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On 1/23/2017 at 11:40 PM, moe666 said:

Never any problem with my Bangkok Bank account and of course I do not have a ATM card, going to bank for withdrawal is inconvient but noworries about being hacked

Likewise, never a problem with Bank Bangkok in nearly two years.

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Never a problem with  Bangkok Bank.

 

The numbers on my ATM card have become nearly invisible so I tried to replace it with another one that also

does not have the security chip that restricts its use in some other countries or machines.  

 

Not available. Only the "secure" cards that protect me from what has never happened to me or anyone I know. 

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I've never had a problem with Bangkok Bank as I closed the account after 3 months as they simply weren't as good as Kasikorn.

That was 4 or 5 years ago, so their online banking may have made it to the 21st Century now - their fees certainly look like they have.

Sent from my Cray II supercomputer

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Last month I transfered money from my Nationwide current account to Bangkok Bank in Chiang Mai.....No problems until today I received a letter from Nationwide that said that an additional 20 pounds had been charged by the Bangkok Bsnk for the Swift transaction. This being an extra charge apart from the normal fees

To my knowledge this has not happened before

Why???

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34 minutes ago, gennisis said:

Last month I transfered money from my Nationwide current account to Bangkok Bank in Chiang Mai.....No problems until today I received a letter from Nationwide that said that an additional 20 pounds had been charged by the Bangkok Bsnk for the Swift transaction. This being an extra charge apart from the normal fees

To my knowledge this has not happened before

Why???

If you bypassed BKK Bank, London, then it is just a normal international wire transfer and twenty Pounds would be about right.  And for all the geniuses that keep a foreign currency account in LOS, there are a booklet full of fees associated with it.  As far as Kasikorn, perhaps some actual numbers on their interest rates...I need a good laugh.

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BANGKOK 26 April 2017 03:26
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