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  1. #1
    The Fool on the Hill bowie's Avatar
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    Bangkok Bank USA new ACH IAT Format as of April 1 required (not an Aprils Fool joke)

    So, got a heads up from Chiang Mai’s Godfree – new requirements for Bangkok Bank receiving ACH transfers in the USA.

    Bangkok Bank has a New York Commercial Branch used to act as an intermediary for USA ACH transfers. Treated as “domestic” so, more cost effective than international.

    New Bangkok Bank requirements, as of April 1, 2019 (yea, the day of the fool) so I had to double and triple check to make sure it ain’t Aprils Fool, and, apparently it ain’t.

    So new requirements “IAT Format” ACH xfers only – others to be rejected. The need your physical address in Thailand.

    As Bangkok Bank instructions the required format includes name and physical address in Thailand, bank account number, name and address of Bangkok Bank Branch in Thailand, and, Bangkok Bank New York Branch routing number.

    The big heads up is that many USA domestic banks do not use above mentioned “IAT Format”.

    So, I emailed the New York Branch and was informed that my monthly transfers did not conform with the required format. So, emailed my brokerage firm – they cannot provide the required format. But, can do Swift xfers. OK, how much will swift xfers cost me? Still waiting for a reply to that question.

    So, I may be looking to transfer a very good chuck of change in my US brokerage account to a bank that can provide the required IAT format.

    My question to members (USA) – which bank do you use for ACH Transfers? And, do they in fact
    Comply with this new format requirement?

    Thx in advance

  2. #2
    Thailand Expat
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    ACH is based on US clearing routing if I am not mistaken, you don't need an address in that format, never seen it when doing ACH transfer

    you will have to go to SWIFT, and that's from 25 USD to 75 USD depending on banks

  3. #3
    Thailand Expat Boon Mee's Avatar
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    No changes for those of us who receive their SS checks routed through Bangkok Bank to here.

  4. #4
    The Fool on the Hill bowie's Avatar
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    Quote Originally Posted by Dragonfly View Post
    ACH is based on US clearing routing if I am not mistaken, you don't need an address in that format, never seen it when doing ACH transfer

    https://www.bangkokbank.com/en/Perso...NewYork-branch

    If you have a U.S. bank account, you can conveniently transfer funds to a recipient's bank account at Bangkok Bank in Thailand via the internet by c
    ompleting the steps described below for an international ACH transaction (IAT). International ACH payments are processed in accordance with operating rules and formats developed by the Electronic Payments Association (NACHA).

    The IAT is a special code (a Standard Entry Class or “SEC” Code) for ACH payments that enables financial institutions such as Bangkok Bank to identify and monitor international ACH payments and to perform screening to ensure compliance with Office of Foreign Assets Control (OFAC, U.S. Department of the Treasury) requirements. The NACHA rules require Bangkok Bank’s New York Branch which serves as intermediary, to ensure that payments that are transmitted to account of beneficiary in other country are appropriately classified as IATs and contain information as described below.

    Bangkok Bank, New York Branch, is required to receive the ACH transactions in the required IAT format. This means that we must require that senders who wish to transmit funds to recipients at Bangkok Bank in Thailand to provide certain identifying information.

    Instructions
    To initiate a such an international transaction, using internet banking when you log on to your bank in U.S. website, please select the International ACH and provide the following information to your bank:
    1. Your name and physical address in Thailand
    2. Your bank account number and the name and address of your Bangkok Bank Branch in Thailand
    3. The 9-digit routing number 026008691 of Bangkok Bank New York Branch, which acts as intermediary in the transaction.

    Important Note:
    · As some bank in U.S. may not provide the International ACH thorough their internet banking, please contact your bank on how to process your transfer.
    · Once Bangkok Bank’s New York branch receives the payment with the appropriate IAT format, they will process your payment to Bangkok Bank in Thailand for further credit to a recipient's bank account at Bangkok Bank in Thailand.
    · With effective from April 1, 2019, New York branch only process ACH with appropriate IAT format and all non-IAT transactions will be returned.
    · Bangkok Bank in Thailand will be able to credit the recipient’s account in Thailand only when the name and account number of the recipient in your transfer instruction from the banks in the U.S. matches the recipient’s name and account number at Bangkok Bank.


    Dragonfly, Yea, never seen it before and apparently not needed until April 1. They really gotta rethink their "as of" date.

    All my previous and current ACH xfers work fine. Problem is this "NEW" format requires my physical address in Thailand and my brokerage firm says they cannot provide this new "IAT" format for ACH transfers.

    So - now its on me to do my "due diligence" and find the most economical way to transfer funds to Thailand from the USA.

    Why waste money?

    I do wonder how many USA folk will be caught unawares of this - it has the potential to really screw up some folk.

  5. #5
    The Fool on the Hill bowie's Avatar
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    Quote Originally Posted by Boon Mee View Post
    No changes for those of us who receive their SS checks routed through Bangkok Bank to here.
    Apparently SS xfers meet or fulfill this "new" requirement. Seems the US Treasury has implemented the "rules" that require this new format. Certainly they would not screw themselves by implementing a requirement they cannot fulfill. But, we are talkin' 'bout the US government, and, based on that alone, the Bangkok Bank may be forced to refuse or accept ALL SS checks as of April 1. (they really gotta change that date).

    What happens if you've moved and the addresses don't match?

  6. #6
    Thailand Expat
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    sounds like BB is doing their own rules with that obscure format,

    go the SWIFT route, more expensive but more reliable. I used to do transfer with min 20K USD each or even 30K USD each under BoT threshold for additional info before deposit

  7. #7
    The Fool on the Hill bowie's Avatar
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    Quote Originally Posted by Dragonfly View Post
    go the SWIFT route,
    Yes, SWIFT is a proven method.

    Past few years, my monthly xfers (USD $3k) broker to Bangkok Bank New York via ACH xfers logged as "domestic" and when my passbook was updated showed the FTT foreign transfer code. Low fee and "TT Buy" exchange rate. A reasonable transaction fee.

    So, all-in-all, I was quite satisfied with the arrangement. This "new" requirement tosses the methodology out the window.

    Back to "due diligence". I don't mind spending money, I do mind spending money "needlessly".

    Thanks for your advice.

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