Internet banking in Thailand

[dillpickles98]

Internet Banking in Thailand


For the last 6 months i have tried to set up ACH banking from the U.S. to Thailand. The problem was when the trail deposits were posted from my U.S. Bank to BKK Bank of course they were only in Thai Baht. To complete verification one must enter the exact amount of the trial deposits in USD.

After visits to my bank, phone calls & emails to my bank's Internet banking center, emails & phone calls to BKK Bank, New York, & emails to BKK Bank, BKK about the currency conversion rate so I could get the trail deposits correct I found that the trail deposits were 4.74 & 23.02 TBH this equated to 0.1395 & 0.6775 USD. on the date of the deposits.

I found by rounding up to the nearest whole penny, account verification was made. This has been a major source of frustration. I hope someone can find this information useful

[Jason McDonald]

Not quite sure if i understand what you're trying to say. But I have transferred money many times by internet from Australia to Thailand without any hassles what so ever. I use my Australian bank internet and transfer to money in AUD because I get the onshore exchange rate. I have transferred in THB but get the off shore exchange rate. The difference is quite a lot almost 2 baht to the dollar.

Funny but a few weeks a go when I was in bangkok I used my Australian internet banking to trans fer $4,000 to my Thai bank account. At the same time I transferred $100 to my daughters bank account in Australia same bank as mine. The transfer to Bangkok was ther when I walked down to the ATM to check my balance. Maybe 30 minutes whereas my daigther didn't get the money until 2 days later. Just goes to show that Bangkok banks use faster electrons than the Australian banks.

[dillpickles98]

Maybe Internet banking is different in Australia. To set up whats known as external transfers in the U.S. First you must have internet access to both accounts, they must both have the same account name. To prove this an independent agency will make two small trial deposits usually less than 1.00 USD. From the originating bank you must enter the exact amount of the trial deposits for verification.

From what i have learned it is absolutely impossible to transfer funds internationally via the Internet from U.S. banks to someone holding a different account name.

Since the object is to transfer funds internationally via the Internet, and avoid the trouble of faxing, phone calls, wire transfer fee's or snail mail BKK Bank has set up Automatic Clearing House (ACH) banking which appears as a domestic transfer from U.S. banks. Using BKK Bank, New York's routing number, then the payee's account number to deposit the transferred amount.

I would think your transfers for you daughter took two days because it went through some form of clearing house in Australia
before being deposit in her account.

Even though my wife is on our joint account i had to open a new account in her name only, create a sub-contact email address for her. Then verify the trail deposits, which have to be in the exact amounts which was the reason of my first posting.

Everyday I am seeing more reasons why it is a good thing if you don't have to be involved with U.S. red tape.

[puzzled]

Get a good debit Check Card (ATM) from your home bank. You can get your money. If not, get another bank at home. I recommend Bank of America for USA. You can even open an account at BofA online.

[dillpickles98]

Using a U.S. bank debit card restricts you to limits & fee's. We plan to retire with 2 from our U.S. bank as well as Bist Cards from Bangkok bank.

As of this writing our e-banking problems are solved. I was able to verify access to the Bank Bangkok acct. from my U.S. bank. So I can now transfer funds via internet ACH banking. Thanks for the tip though.

[Silaworld]

I have a Euro-account and 3 ThaiBaht-accounts (in different provinces) since about 5 years without problems with Bangkok Bank. Recently I opened Bualuang Ibanking and this works entirely to my satisfaction. Transferring money from Euro to Baht or inverse is a piece of cake. Transfers happen online and you know your rate. Transfer limit is 500.000 Baht/dayly. At the beginning when I opened something new, Bankstaff always asked for workpermit... but when I told them No Workpermit, everything still Ok. Actually, many westerner banks might take some lessons from major Thai banks.

[dillpickles98]

All the homework I did, paid off. I have since retired here in Thailand, I now have external transfer ACH from my U.S. Bank to both our BKK Bank accounts,& as backup in the event of an emergency I also have that capability through Pay Pal, & faxing.