Moving money from USA to LOS

[Mr. Som-o]

This is something that's probably well known and old hat, but, I just found out about it. So, for those not yet aware, I present the following...

My wife and I, both U.S. citizens have been resident in Thailand for the past 3 years on OA (retirement) visas. We get our living expense money from our U.S. accounts by monthly wire transfer, at USD 25.00 per pop.

U.S. banks do inter-bank funds transfers through a system called ACH (Automated Clearing House) and that same system is available to individuals, so that funds can be transferred from one account to another, either within or without the same banking institution. The only requirements are that you have to know the account name, account number and the 9-digit routing number of the receiving bank. Unfortunately, this system doesn't work with banks here in Thailand as they do not use the 9-digit routing number that is a requirement of the US banking system.

But, Bangkok Bank has a single branch, located in New York City, and it has a routing number. So, here's what you do.
1) Open an account at any branch of Bangkok Bank (probably, it should be within your Province of residency). You'll need either a Work Permit, or, as in my case, a passport with visa and a Letter of Residency (obtained from the US Embassy). Tell the bank personnel that you want internet access to your new account. He/she will take you out to the ATM and you'll use your new card to enable internet access. You'll get a printed ATM receipt with a temporary password that is good for 72 hours. Within 72 hours, you will have to login to your new account and setup a new password.

I had a problem logging-in and had to configure Internet Explorer 11. From the Settings icon (the small gear wheel in the upper right area of IE 11), select Compatibility View settings, then enter bangkokbank.com in the "Add this website" field, then click add.

2) Next, login to your U.S. bank website and navigate to the "Transfers" section, where you will setup the transfer mechanism. You will eventually be required to enter account name and number information as well as Bangkok Bank's routing number, which is 026008691.

Over the next 2-3 days, your U.S. bank will make two small (less than USD 1.00) trial transfers to the New York branch of Bangkok Bank, which will then convert to Thai baht and deposit in your Thai-based Bangkok Bank account. You will need to monitor the Bangkok Bank account for these two deposits and, because the deposit is in Thai baht, you have to make the conversion to U.S. money. In my case, the deposits were Bt 7.68 = $0.24 and Bt 12.80 = $0.40.

When you know the exact amount of each trial deposit, go back to your U.S. bank website and enter that information wherever it needs to be entered. At that point, the transfer information will be verified and you will be good-to-go, maybe.

In my case, the Wells Fargo Bank website required me to enter a "first time-one time" access code before I could complete the transfer. That access code is received as either a text message or computer call to a U.S. telephone number. Because I don't have a U.S. number, the Wells Fargo website provided me with a toll free number to call from Thailand, where I connected with their Customer Service. When I got to where I needed to be on the Wells Fargo website, Customer Service provided that access code. And now, I'm good to go.

It sounds like a hassle to get going. But recently, Wells Fargo changed it's out-of-country wire transfer policy and must now call me directly with each transfer. It's become a bigger hassle to do the wire transfer. And, Bangkok Bank charges only USD 10.00 for their transfer service. More information is available at:

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

Hope this helps someone.

[urleft]

Think this can be done in the UK also, see the website.

Also call the Bangkok bank and they should tell what in USD was deposited

[DeputyDavid]

I did the same but with Chase you can set up BKK Bank as an external account.  The nice thing about doing the transfer this way is that you get the correct transfer rate (rather than one baht per USD less at most of the transfer places I have gone to.) I have noted no charge for the transfer, and it can all be done through the Chase online banking system.  However, I set up my account and did not have marriage document available.  As it turns out you can get ATM card but no online banking access unless you have the work permit or marriage certificate.  I did not know this until I returned to the US and the girl at the bank was aware that I wanted online banking but did not set it up.  So I have to use the phone system to check status of my account.  My situation for retirement visa which I hear is easier to deal with, will require that the account be in my name only, but will have wife as benefactor (and not put much money in it... .)  When in US the withdrawal is also less costly.  If anyone has other information would love to hear it.  I guess this is most helpful for those currently in US planning travel to LOS.  Beats carrying money or traveler checks.

[mudcat]

Set up internet banking against my individual savings account this morning at BB Nang Rong with a certificate of residence from immigration and a yellow house book.  Supposedly will be snail mailing my temporary pin in two weeks.

Steve