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ChiFlyer

Opening an Account with Bangkok Bank - my experience

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forcebwithu
48 minutes ago, ChiFlyer said:

Do you have a way of using SWIFT directly or do you initiate a SWIFT transaction through your American Bank? I looked at Schwab's info on international transfers using SWIFT and it appears to be a royal pain in the butt, especially if one wants to send something other than USD.

I also send larger amounts from time to time for similar reasons and am now looking for my least cost method to start using by next April.

Prior to setting up my Schwab-BB combo I used XE-Trade. Hard to tell what they are charging me as they appear to be baking it into the exchange rate. Also, I am wondering what BB will charge to accept it. XE Trade is slow. It can take 10 days for a transaction to fully complete, but they were reliable.

https://www.xe.com/currencyconverter/

I can initiate a wire transfer using Chase online.

I also have accounts at Schwab and just had a look at initiating a wire transfer from my accounts there. Seems a fairly straight forward process. Didn't take it any further than having a look at the screen for initiating the transfer, but imagine if it's like Chase there probably is an extra security step involved the first time you set up a new recipient. Doesn't seem to rise to the level of PITA though.

Curious as to why you would want to transfer funds from a US bank to a foreign account in other than USD's. You get a much better forex rate letting the receiving bank handle the conversion.

BB charges the following to receive a transfer. IIRC, the other Thai banks are pretty much the same in charging for receiving a transfer.

image.png

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ChiFlyer
22 minutes ago, forcebwithu said:

.......

I also have accounts at Schwab and just had a look at initiating a wire transfer from my accounts there. Seems a fairly straight forward process. Didn't take it any further than having a look at the screen for initiating the transfer, but imagine if it's like Chase there probably is an extra security step involved the first time you set up a new recipient. Doesn't seem to rise to the level of PITA though.

Curious as to why you would want to transfer funds from a US bank to a foreign account in other than USD's. You get a much better forex rate letting the receiving bank handle the conversion.

...

Schwab does not support online transfers for International non-USD transfers. A host of silly forms to complete. Maybe I need to rethink this. This worked fine with the soon to be changed BB method as I transferred USD out of Schwab and BB converted them to THB at no charge.

I set up my BB account in THB thinking that would make online transactions within Thailand work better.

Another thought is in using the BB account for an O-A visa extension. Do not they want the 800,000 to be in THB?

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forcebwithu
47 minutes ago, ChiFlyer said:

Schwab does not support online transfers for International non-USD transfers. A host of silly forms to complete. Maybe I need to rethink this. This worked fine with the soon to be changed BB method as I transferred USD out of Schwab and BB converted them to THB at no charge.

I set up my BB account in THB thinking that would make online transactions within Thailand work better.

Another thought is in using the BB account for an O-A visa extension. Do not they want the 800,000 to be in THB?

Unless the receiving bank account is set up as a foreign currency account, the money will appear in your Thai account as THB. Up to you if you want the sending or receiving bank do the conversion. But as I asked in the previous post, "Curious as to why you would want to transfer funds from a US bank to a foreign account in other than USD's. You get a much better forex rate letting the receiving bank handle the conversion."

 

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ChiFlyer
1 hour ago, forcebwithu said:

Unless the receiving bank account is set up as a foreign currency account, the money will appear in your Thai account as THB. Up to you if you want the sending or receiving bank do the conversion. But as I asked in the previous post, "Curious as to why you would want to transfer funds from a US bank to a foreign account in other than USD's. You get a much better forex rate letting the receiving bank handle the conversion."

 

Probably a lack of understanding on my part. I was under the impression that because my Bangkok Bank account is in THB, I needed to send THB to it. Sounds like you are saying otherwise.

I will stop by my BB branch this week to get clarification. I need to get the SWIFT information they want in any case. I currently have things pointing to the BB NYC Branch from Schwab.

The Schwab online wire transfer process looks very straight forward, as you said, as long as one is sending USD. Looks like it may be no cost on the Schwab end as well. Not sure of that, but I filled out a few fields on the form and it said zero Schwab cost. That might change if I complete the form all the way.

In any case, good info once again. Thanks for taking the time.

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Ru4Real
5 minutes ago, ChiFlyer said:

I was under the impression that because my Bangkok Bank account is in THB, I needed to send THB to it.

Never send in Baht, you will get a worse exchange rate from your end than the Thai end.

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ChiFlyer
2 hours ago, ChiFlyer said:

.......

The Schwab online wire transfer process looks very straight forward, as you said, as long as one is sending USD. Looks like it may be no cost on the Schwab end as well. Not sure of that, but I filled out a few fields on the form and it said zero Schwab cost. That might change if I complete the form all the way.

........

Filled out the rest of the Schwab form and the cost is $25 USD for a $2,000 USD transfer. Not sure if that is a fixed cost or if it would increase depending on the amount. I am guessing that it is  fixed cost.

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forcebwithu
10 hours ago, ChiFlyer said:

Filled out the rest of the Schwab form and the cost is $25 USD for a $2,000 USD transfer. Not sure if that is a fixed cost or if it would increase depending on the amount. I am guessing that it is  fixed cost.

Fixed cost.

image.png

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LarryDarrell

I don't have much (almost none) experience with this but I understand that wire transfer procedures are different between Schwab investment accounts and Schwab Bank accounts.  I think that the investment accounts are easier to deal with because they aren't subject to the same regulations as a bank account.  When you guys are discussing Schwab accounts, is it the bank or the investment side?

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forcebwithu
1 hour ago, LarryDarrell said:

I don't have much (almost none) experience with this but I understand that wire transfer procedures are different between Schwab investment accounts and Schwab Bank accounts.  I think that the investment accounts are easier to deal with because they aren't subject to the same regulations as a bank account.  When you guys are discussing Schwab accounts, is it the bank or the investment side?

I have both investment and an individual accounts with Schwab. I access the accounts via a single logon identity. The wire transfer page is the same whether I select my investment or individual account. Note I've never wired money from Schwab, so don't know if there would be a difference once I hit send. I will be trying it in the future though as I hadn't realized Schwab's wire transfer fee of $25 is lower than Chase's ($40).

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SteveX08

For the guys advocating SWIFT transfers rather than using Transferwise or similar.  Have you compared the final amount of baht you get in the end?

When I transferred over money for a car, TransferWise still gave me the most amount of baht in the Thai bank account, even when you include the TransferWise  fees.  The exchange rate offered by banks at either end well and truly negated any saving made by the lower transfer fee given by the bank.

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forcebwithu
9 minutes ago, SteveX08 said:

For the guys advocating SWIFT transfers rather than using Transferwise or similar.  Have you compared the final amount of baht you get in the end?

When I transferred over money for a car, TransferWise still gave me the most amount of baht in the Thai bank account, even when you include the TransferWise  fees.  The exchange rate offered by banks at either end well and truly negated any saving made by the lower transfer fee given by the bank.

Last time I used SWIFT was back in 2012. Looking back on my transfer records I see I lost about .08 off the rate as reported by xe.com for the day. The rate from xe.com  turns out to be the same rate as quoted by TW.

Using a hypothetical transfer of 6,000 USD, using TW  I would receive 195,199B and using SWIFT I would receive 195,309B. Not a big difference, but advantage goes to SWIFT.

Even if the advantage went to TW, I would be hesitant using them for large amounts. For larger amounts I'm willing to pay a premium for the safety and security of using methods backed by the banking system.

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ChiFlyer
4 hours ago, forcebwithu said:

I have both investment and an individual accounts with Schwab. I access the accounts via a single logon identity. The wire transfer page is the same whether I select my investment or individual account. Note I've never wired money from Schwab, so don't know if there would be a difference once I hit send. I will be trying it in the future though as I hadn't realized Schwab's wire transfer fee of $25 is lower than Chase's ($40).

I also have investment accounts as well as a Bank Account with Schwab. You can not do an international wire transfer from the Bank Account. You need to move the Bank money to an investment account and then do the international wire transfer from there. This has something to do with a difference in how the different accounts are regulated.

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ChiFlyer

Just as an fyi - I stopped by my Bangkok Branch today. I needed to make sure that I have the correct SWIFT information for after the NYC branch is no longer an option. The lady confirmed our various conclusions in this thread.

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ChiFlyer
On 10/10/2018 at 09:54, forcebwithu said:

Last time I used SWIFT was back in 2012........

I am referencing the incorrect post with this response, but I could not remember where the one that caught my interest was.

I believe you said that you had begun to experiment with the Schwab Wire Transfer method. I am figuring I will do a large online transfer in March, just to save the $25 cost that starts April 1st when Wire Transfers become required.

At the same time I need to make sure I have my ducks lined up right for the Wire Transfer method, so I will need to do one of those before it becomes a crisis. I looked at the online forms and it looked straight forward enough as long as one transferred from an investment account, which is what I will do.

I think you said you had a few start up glitches when you tried it from an IRA account. Any updates on how this is working for you?

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forcebwithu
5 minutes ago, ChiFlyer said:

I am referencing the incorrect post with this response, but I could not remember where the one that caught my interest was.

I believe you said that you had begun to experiment with the Schwab Wire Transfer method. I am figuring I will do a large online transfer in March, just to save the $25 cost that starts April 1st when Wire Transfers become required.

At the same time I need to make sure I have my ducks lined up right for the Wire Transfer method, so I will need to do one of those before it becomes a crisis. I looked at the online forms and it looked straight forward enough as long as one transferred from an investment account, which is what I will do.

I think you said you had a few start up glitches when you tried it from an IRA account. Any updates on how this is working for you?

I haven't done a SWIFT transfer yet. Here's the post I believe you were trying to remember about the minor problem I ran into when I attempted to try a SWIFT transfer.

 

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ChiFlyer
14 minutes ago, forcebwithu said:

I haven't done a SWIFT transfer yet. Here's the post I believe you were trying to remember about the minor problem I ran into when I attempted to try a SWIFT transfer.

....

Right - here is your full post, just to keep me on topic.

It's definitely an IRA account. Haven't done the SWIFT transfer yet, only ACH transfers from the IRA account to the NYC branch of BB. No problems with that method over the last two years that I started making withdrawals.

Side Note: On my last transfer a month ago I was going to try the SWIFT transfer, unfortunately that required a two factor authentication in the form of a text or automated voice call with a OTP to a USA phone number. I had previously set my account to use my Skype Voice In number. That for some reason was no longer working with the auto voice call. I then created a Google Voice number and set that up on my account. Ran into another roadblock as Schwab required me to call their transfer desk to confirm the change. As there is now a 13 hour time difference, I couldn't be arsed to wake up in time or stay home in the evening to make the call so did the ACH transfer instead.

OK - so I am best waiting on the SWIFT transfer until I am back in the US. I have noticed that I can not wire transfer (SWIFT) from my Schwab Bank Account. I have to move he money into my Investment Account.

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