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