Tchiowa

Odds are slim I can get an answer but I'll try. I have a checking account at SCB and I have several accounts at banks in the US. Occasionally I need to transfer money from my US bank to SCB. But US banks use routing codes not SWIFT codes. My bank here tells me that SCB should have a nominee bank in the US that I can use to route it through to Thailand

I asked SCB and got blank looks from everyone in the branch.

Anyone here ever tried it and had success?

It's become an issue now because we're building a new house and I need to move about $50k to SCB in order to pay the contractor.

transpac

You can SWIFT funds from any bank in the U.S. to any bank in Thailand.

The SWIFT code for SCB is SICOTHBK. The associated name is: Siam Commercial Bank PCL

You'll need to provide the name associated with the account, and the account number.

You should transfer USD, and have SCB convert to THB in THL.

Bangkok Bank is the only bank which has a U.S. presence, which thus allows for standard ACH (intra-U.S.) transfers via their branch in NYC into THL.

Tchiowa

My bank insists on a routing code instead of a SWIFT code. I'll try to talk to them again.

MSPeconomist

Are you dealing with a full service commercial bank and not a credit union, S&L, etc.? If you're a customer at different banks, the big ones are more likely to have experience with international transactions. If you use a smaller or suburban/residential area branch, either work with the branch manager or try dealing with a bigger downtown branch.

transpac

Routing codes are used for intra-U.S. (ACH) transfers.

SWIFT codes are used for INTERNATIONAL Wire Transfers.

Unless you have a Bangkok Bank account, and have pre-registered for using the ACH/BBL-NYC process, you'll have to do do an international wire transfer.

And, unless you've pre-authorized such activity previously, in person, it may be challenging to initiate any type of transfer off-shore. This varies by bank.

If your bank has a web-site simply go there and read about the requirements and procedures for an international wire transfer.

You'll also have to report any foreign bank accounts, totaling more than $10,000 (USD) with an annual FBAR filing. But you are probably already doing this if you have any accounts here.

Tchiowa

After a day of talking to banks I found out it's all backwards. My bank, Bank of the West, insists that they cannot process and international transaction with a SWIFT code. Since I also bank at a Credit Union that is from a very, very large oil company based in the Bay Area (feel free to guess) I thought they may have some overseas branches or someway to handle it. Turns out they have no problem with making transfers using a SWIFT code. They agree with the above that most banks can do it, but a few have yet to enter the 21st Century.

So I'll use my Credit Union to make the transfers. Problem solved. Thanks for the advice.

seanthepilot

.....

Dr. HFH

Interesting, Sean. Never heard of this. Nor did I have a problem the two times I transferred funds for truck purchases (my first one was stolen after roughly five months). The money appeared in my account pretty much instantaneously; and it was well over the limit you have identified (regardless of whether you're talking 20K dollars or 20K baht).

transpac

Similar issue: http://www.thaivisa.com/forum/topic/...ds+%2Btransfer

The rules/laws etc. for a condo purchase are a bit detailed, but you do need a “Foreign Exchange Transaction Form” from the receiving bank to register the source/amount of the funds in order to get the proper documents from the Land Dept.

Not sure this applies to the OP.

I haven't heard about funds being held for release, with the exception of monthly pension deposits in the U.S. via BBL/NYC, which (I seem to recall reading) may require a monthly in-branch visit to release funds, to make sure you are still alive.

Tchiowa

We already own the land and there is a house registered to my wife. We tore the house down and are replacing it so hopefully that's not going to be an issue.