Opening a bank account

[Bob]

2lz2p, Thanks. Sounds interesting and may have to switch to Bangkok Bank. Glad to see they exchange/transfer funds at the Thai rate.

[2lz2p]

Whew, GB -- all the charges? Actually, I did research Bangkok Bank charges, which I posted and provided links to their web site. Other charges will depend on the source of the funds being sent to Bangkok Bank's NY Branch, e.g., banks usually charge for domestic wire transfers, but often at a lesser amount than international wires. Cost effectiveness would then depend on adding your own bank's charges to that of Bangkok Bank and comparing it to the cost of an international wire transfer.

 

I use INGDirect -- thread with information about ING accounts, etc. INGDirect charges no fees for their accounts, ATM use, or sending "electronic checks" (not wire transfers). Electronic checks by INGDirect are similar to wire transfers as they are sent electronically to the recipients bank account using the ACH number and recipient's account number (does require recipient to confirm to INGDirect before funds are sent - done by email and link to secure INGDirect site).

 

Similarly, it is my understanding that "direct" deposits from say Social Security, can be set up by providing Social Security with the ACH number for Bangkok Bank's NY branch and the recipient's Bangkok Bank account number here in Thailand.

 

The Bangkok Bank NY Branch web site has some generic instructions for setting up an internet bank transfer -- the instructions are similar to procedures I followed in "linking" my INGDirect and Etrade accounts to my Chase (US) regular account, i.e., in setting up the link, they (ING or Etrade) sent two small transfers for deposit to my Chase account - a few cents each. I then had to go online to each to confirm the amounts deposited. Once that was done, I can now set up electronic transfers (no fees involved) for funds to/from my Chase account at each of these banks.

 

I'm not to sure how the "confirmation" process could be confirmed, as the amount that would show up in your Bangkok Bank account as deposits would be in Baht rather than cents - unless you knew the exchange rate at the time of the deposit. Further, an unanswered question is whether Bangkok Bank would charge you their minimum fee of 200 Baht on a transfer of say, $.21. If so, then you would get a 400 Baht charge (200 each) for the two small deposits - However, it may be, since they are touting this service, that the two initial deposits to set up the transfer link may not incur the fee and they might be able to tell you the USD amount of each deposit -- these are questions I can't answer.

 

However, the service is mentioned in an English language brochure, Welcome - A guide to Bangkok Bank products and services. At the back of the brochure, they provide a telephone number to obtain more information on the products and services mentioned in the brochure - 1333 or 02-645-5555. Hopefully, you will get someone who speaks sufficient English to answer your questions.

 

 

[Guest jtrack33]

To avoid any misunderstanding of exchange rates when mixed in with charges, you could/should/can open a USDollar account in Bangkok Bank here in Thailand. I have had one for many years and use just for incoming transfers. I can then buy Baht as and when the rates are best. The US account gives a laughingly low interest rate and you need $1,000 minimum to avoid monthly "low balance" charges.

One other point of interest....most people I discuss immigration non-immigrant visa extension with believe the bank deposit must be in Baht. That is not true and for my first two annual extensions, I only showed evidence of the US Dollar account and had a letter from the bank. The immigration lady looked at the passbook and asked a friend what was the current rate and calculated to ensure the amount was more than Bht800,000.