.png.3b3332cc2256ad0edbc2fe9404feeef0.png)
Daveroc
-
Posts
181 -
Joined
-
Last visited
Content Type
Profiles
Forums
Downloads
Posts posted by Daveroc
-
-
IBAN coding only applies to basically european countries and some middle eastern countries. It does not exist for countries like USA, Australia Singapore Thailand India etc so I suspect that your bank in the UK needs to update themselves. If you provide Bank Name, Branch and account number and name plus the SWIFT code of your Thai Bank then the transfer can be made like thousands of others that are made daily.
Suggest you by pass your current contact and move higher up the Bank if you can
-
2
-
-
If the option to transfer in STG is taken, the fee is 20 pounds at the UK end and the .25% with the minimum of 200 baht and maximum of 500 baht at the Thailand end
-
The terms on the schedule are as follows.
TT. Telegraphic Transfer (SWIFT/electronic)
Sight Bill. refers to items such as cheques, and travellers cheques and drafts)
The terms buy and sell are from the Bank viewpoint. We buy currrency from you either in the form of electronic transfer or Travellers cheques or cash or Bank draft.
Note buy. We buy cash from you
The best rate you will get is if you give us the currency by TT from your overseas bank. The worst rate you will get is if you give us foreign currency in the form of cash
We have one sell rate no matter whether we sell you the foreign currency in cash, telegraphic transfer, travellers cheques or bank draft.
-
1
-
-
-
Pib,
The customer intiates a transaction to the account, inward or outward. Viewing the account through ATM's or Internet does not count. Bank initiated transactions such as interest payments are also excluded.
Dave
-
1
-
-
In todays electronic world the useage and advantage of cheques is diminishing. Internet Banking provides all the convenience most people require without the need to issue cheques.
There are greater restrictions around opening the accounts and the minimum opening balance required. However for some customers their confidence in the electronic methods or their own confidence in using them is such that they prefer to use the paper base method.
-
Mobi,
The BBL charge is 50 baht per month should the account balance fall below 2000 baht and be inoperative for 12 months.
-
Cannot talk for other Banks. If with BBL your account remains open. If the balance is below 2000 baht and has been inoperative for 12 months, a 50 baht per month fee with apply at that time until the account is either reactivated or reduced to zero when it closes.
-
Bahtnet is a system owned and operated by the Bank of Thailand. It is the recognised system to transfer funds throughout Thailand in a reasonably efficient manner
-
Not sure what the reluctance would have been to open the accounts. Perhaps a small branch and knowledge not so good on the topic. Cannot speak for other banks but BBL will open in up to 14 different currencies.
The charges you need to be aware of relate to the withdrawing of the funds. If you transfer to your Thai baht account in due course there are no fees. If you remit the funds back overseas without converting to Thai Baht there will be a charge of .25% of the amount transferred in addition to the SWIFT transfer fees.
The only other charge would be if the account dropped below the minimum required amount to keep the account open which is around the STG180
-
LTF and RMF are mutual funds products that invest in various areas such equities, bonds etc. The government currently allows a deduction of up to 500k or 15%, whichever is the lower, of income against your earnings. The impact of this is that if you are on a tax rate of 37% this is an automatic return regardless of the performance of the fund that you invest in.
Funds must remain invested for 5 years. Many people invest in December as this counts as the first calender year. Withdrawal can be arranged once the five years are completed on the basis of first in first out. With RMF you must reach a minimum age of 55 before withdrawal. investments can be made in limp sums or drip fed through the year.
A number of organisation provide these funds. i attach a link to BBL.
These investments are worth looking at dependent on ones circumstances. They are not restricted to Thai Nationals. The returns in recent years have been good. However past returns are not indicative of future performance. On the up side you do get the tax advantage that can offset a bad performing year
-
The Banks divide themselves into Metropolitan and Provincial. If you transfer funds within each there should be no charges. If you transfer inter region it incurs charges.
If you have funds coming in from overseas through say BBL and it is going to an account anywhere in the country there will not be additional charges. If the funds come in say through a third party, for example in through HSBC, Citi to your bank, BBL, KBank , SCB then it becomes a domestic transfer and fees will be charged.
-
There are no complications in transferring funds from New Zealand to Thailand. Suggest you transfer the New Zealand dollars here and have your Thai Bank do the conversion. You will likely get a better rate. To confirm this, Look at the TT Sell rate for Thai baht on your NZ Bank website and the TT Buy rate for NZD on your Thai Bank website. Do the calculations. If you are bringing funds into Thailand that you may wish to send back out at a later date, it is advisable to ask your Bank for a Foreign Exchange certificate. This is evidence you brought the money in and are generally issued for amounts equivalent to USD20,000 or more.
The charges will be in the region of NZD20 by your NZ Bank and will be .25% of the amount transferred with a minimum of 200 baht and maximum 500 baht by the Thai Bank.
-
I also went to the head office last month to set up internet banking and a LTF account. Had the email but no letter, also set up a direct debit from my savings account to the LTF , but no money has ever been transfered. I find calling the hotline hard work so am gonna have to visit the bank again.
If you wish to PM me I will investigate for you.
Dave
-
Not to steer this thread in a different direction but anybody know how tight BKK is about setting up a farang account here. I never know what Visa I am going to be on and at present just on the 30-day and then will get another marriage 30-days extension. My passport is full of all sorts of EDU & tourist & Marriage visa extensions.
Also does it matter if I open a joint account with my wife?
Provisions in place to open accounts with the visa you describe. Refer attached link
-
I wonder if/when Bangkok Bank will ever do as they do in America and SIMPLY transfer AUTOMACALLY deposits from ones savings account to ones debit account. I guess it's asking/expecting too much to simplify the banking fiasco.
There already exists a service to automatically transfer funds from a savings account to an overdrawn current account. Needs to be established at your home branch. You can also have your credit cards cleared on due to date to a nominated account.
-
The instructions the Banks operate under from the Bank of Thailand as regards the remittance of funds abroad are that you must show you either brought the funds into the country originally or that you legitimately earned the funds while here.
if you produce evidence you brought the funds in and produce the sale and purchase agreement on the house at a reasonably large branch of your Bank you should be able to make the transfer.
-
The cost from BBL is USD 10 which is roughly the 300 baht mentioned. The value of the cheque is not a consideration. Be aware that the overseas bank may also take a portion of the funds for their efforts before they return the proceeds. I am told this can be around USD20.
-
IBan is a system generally used in the European countries. Not applicable to most countries including Thailand, USA, Australia etc.
Provide your overseas remitter with your branch and account number and the SWIFT code of BBL which is BKKBTHBK and they should be able to commence the transfers. State the full name of your account.
-
Abesurb,
i think most of your queries have been answered. There are no restrictions from the BOT as to which currency is used to transfer the funds offshore. The restriction comes from the reason to transfer and the source of the funds.
You have been informed that we can only send to three banks in the UK including our own office which is used to transfer funds through. We do not offer bank accounts at a number of our offshore branches and this is as much to do with the terms of our banking licences in these countries as it is to our commitment of resouces. To gain a full banking licence and then establish the infrastructure required to open and maintain accounts is a major exercise.
We have some two thousand banking relationships around the world. We open accounts with Banks where there is a demand for service generally from Importers and Exporters.
We look at the demand as to which types of currency accounts we open at these overseas Banks.Pretty much the same as an individual decides how many banks they will operate through. Banks then look at the demand of their customer base as to which foreign currency accounts they will offer to customers. In Thailand we offer 14 foreign currency accounts. However, because the thai Baht is not that activiely traded away from Thailand I suspect not many banks offer a THB account service.
-
When transferring the funds, request your overseas Bank to add the clause "purchase of condo". When the funds arrive, request your Thai Bank to issue you with a Foreign Exchange Certificate. In years ahead should you sell the condo and want to remit the funds away from Thailand you will need this certificate as evidence you brought the funds into Thailand originally.
-
As your son is currently not old enough to sign the operating mandate, you would have difficulty getting the account open. It would probably require a guardian to be appointed to sign on his behalf. Following your death, the appointed guardian would probably assume control of the account until he reached the required age.
if your objective is to leave funds for your son upon your death you are at the mercy of the appointed guardian from time of death until your son reaches an age that is accepted by the Bank.
Given the complexity around this I think most banks would say no from the outset.
-
Just had a fruitless phone conversation with a Bangkok Bank Customer service rep who put me on hold whilst he contacted the 'ATM operator' who said all ATM's were working 'regularly', so as I suspected, we all just have to sit around and wait for someone to pull their finger out whilst our businesses suffer, thanks Thailand!
If you care to PM me I will give you my work email address and I can erndeavor to find an answer for you
Dave
-
I did check it out. The third of the month fell on a weekend on four months in 2011. The SSA payments were deposited in my account the Friday before in April and September, but were late in July, they were deposited the Monday after and late again this Month. According to the website exchangerates.org.uk, the USD to THB rates in April and September were fairly stable over the weekend, but in July it was declining and there was a significant drop from 30.7359 on Friday to 30.4250 on Monday. Since I was not paid on Friday and was paid on Monday I lost approximately 622 baht because of the lower excahange rate, and I'm only one person, how many US retirees lost the same amount, quite a good deal for BBKB for withholding the payments until Monday. You said that the rate is going up now but that is wrong, it is going down, ever so slightly, which will mean that all SSA recipients willl receive less when we are paid than we would have if we were paid on Friday. The same thing happened in December 2009 where we weren't paid until the 7th causing a significant loss. All financial institutions play games with international transfers to use exchange rates to benefit them, but I'm not accusing them of doing it in this case, only pointing out facts.. What the OP is complaining about, and all SSA recipients should be made aware of is that we are loosing money because of the delay. Since BKKB is the only approved Bank in Thailand to receive these payments, we have no chioce other than have it deposited in a US bank and process the transfer ourselves. Personally, I don't have a US bank account and would not be financially attractive to try to open one.
Update: The exchange rate according to the above website was 30.8698 on Friday. Although my payment has not been credited to my account yet, the current excange rate on BKKB website is 30.4600. That equates to approximately an 820 baht loss to me because the payments were not credited on Friday. There are a lot of Americans that receive SSA payments and that equates to a significant amount. When they are late the exchange rates are alwyas going down. I think that they are playing the international money transfer game with our money. Ian or Dave, any comments would be appreciated.
I will investigate what the time frame on the US payments is but I suspect it ties in with the explanations already given. Time differences between the countries and the holiday yesterday.
For the record, the exchange rate this morning as per the website is 30.71. You are incorrectly looking at the note rate.
Tmb Bank
in Jobs, Economy, Banking, Business, Investments
Posted
To confirm the advice given by CMSteve. At BBL we will open joint accounts and issue ATM cards. However, if the account requires that all parties must sign the withdrawals then we cannot issue an ATM card which in effect allows one party to access the account.