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WBS2555

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Posts posted by WBS2555

  1. Best way to transfer money? Western union or bank wire? Thank you.

    For Western Union transfers, neither you nor the overseas recipient is required to have a bank account. For bank transfers, both parties must have bank accounts in their respective countries or Transferring Money with Western Union.

    Western Union,

    you simply go into a bank, a Western Union office or any institution that offers their services and fill out the appropriate form. It asks for basic details as well as a declaration regarding money laundering. You then hand over the amount of cash that you want the person overseas to receive and pay the required fee. Within 24 hours, and often sooner, the recipient can pick up the cash at any Western Union office or receiving location in the designated city, state or province. The recipient will be asked for identification as well as a code that is given to the sender.

    Bank Transfer,

    If you wish to conduct a bank transfer, you ask your bank to send money from your account to the account of a person that you wish to receive the money. A fee is charged and you can choose whether it is deducted from the amount that you send or whether it is paid as an extra charge from your account. Most bank transfers to overseas destination bank accounts are facilitated using a system that is commonly known as SWIFT. This stands for the Society for Worldwide Interbank Financial Telecommunication.

    Costs,

    The charges for using Western Union can vary depending on the destination for your money. They decrease relatively and are subject to the amount that you send. However, there is information available for standard fees. For example, if you send between $50 and $100, the fee is $14. If you send between $1,000 and $1,250, the fee is $55. For bank transfers using SWIFT, a transfer that is guaranteed to be completed within 3 to 5 working days will cost a minimum of $27 and fees will be deducted not only by the receiving bank but also by any intermediate bank or banks.

    Security and Value

    Because bank transfers require that both you and the recipient have bank accounts, it is considered to be a more secure way of sending money than by Western Union. However, bank transfers have variable charges and these can be costly. One further consideration is that you might not be told all of the charges when you send the money because your bank may not know how many intermediate banks will be used or their charges.

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  2. I've searched the forum and can't see an answer to my question, so I'd be grateful for a reply to this :

    I am currently on an retirement extension of stay, how long does the 800K have to be in my bank account, before I can renew the extension, is it three months or 4 months, before I go to immigration ?

    Thanks for all replies / help.

    If using 800,000 Baht in a Thai Bank or a combination of bank balance and monthly income:

    i. Original Letter from your Thai Bank certifying your account and showing your balance (the letter should be dated within the last 7 days – most obtain the day before applying).

    1. If using 800,000 Baht+ to meet financial resources:

    a. First (Initial) Application - Needs to show funds have been on deposit at least 2 months before applying.

    b. Subsequent (renewal) Application – Needs to show funds have been on deposit for at least 3 months before applying.

    I opened a Foreign Currency Deposit AUD account with Bangkok Bank with a 3 months fixed deposit rate of 3.35% p.a. I requested the bank to issue the confirmation bank letter showing the type of account, account number and available balance in AUD currency as well as Thai baht currency. The bank using the exchange rate (buying TT) converting to Thai baht amount. (remember, exchange rates fluctuate, Immigration uses the rate in effect on the date of application). I visit BBL head office on Silom road and bring my passport, FCD bank passbook, complete application for a "Certified for a Letter of Account Status". The fee is 100 baht to issue such a letter to immigration.

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  3. that is bad news. Now AEON can watch a significant drop in ATM usage from farang's taking money out as there is no incentive anymore

    I doubt they care. They weren't making ANY money on the transaction. So there was no incentive for them before to let us take money out.

    actually you are wrong, when you use an atm with your foreign credit card, your bank do charge a fee( mine is 3% + 3 euro).

    Then this fee are shared between your bank and the thai bank. SO AEN Bank get paid for their services.

    Just now they want 150 baht more like the others thai bank, because in thailand its a common practise to fleece the farang.

    Yes this is an extortion or an official scam!

    When using an ATM to withdraw cash, it is much more expensive to use a credit card than a debit card. If you withdraw from an ATM using a credit card, you will typically be charged a cash advance fee of ~3% on top of foreign exchange fees.

    In addition, most card issuers will start charging interest on your cash advance the day you withdraw money from an ATM (i.e., they won't give you a grace period) unless you have a credit balance on your account.

    In addition, the interest rate for cash advances is generally much higher than for purchases. In most cases, cash advances are limited to a small portion of your overall credit line.

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  4. Being here for 7 months we can't bring that much cash! 12000 baht a time is the most we're allowed to withdraw from an ATM in a day. On the one occasion we went to the teller and asked to withdraw 20000 baht, she just escorted us to the ATM (where we could only withdraw 12000). She just shrugged her shoulders and went back to her desk.

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    Withdrawal cash amounts limited depending on the chosen ATMS. My bank at Bangkok bank allowed 25,000 Bt each times, maximum 200,000 Bt. per day. The bank will be charged for the privilege of using their machine, the typical fee is 150 Bt each time when you make a withdrawal.

    However, the foreigners can open a bank account in Thailand. If you are regularly visiting Thailand, you can opening a bank account in Thailand and transfer funds from overseas to your bank account for your spending here.

    http://www.bangkokbank.com/BangkokBank/PersonalBanking/SpecialServices/ForeignCustomers/Pages/default.aspx

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  5. The foreigners can open a resident Thai Baht account or a Non-Resident Foreign Currency account to receive the money transfers from overseas without having a work-permit at the Bangkok Bank anywhere in Thailand. I mainly go to the bank branches where they are more familiar to the foreigners.

    You need to bring along your passport with validity visa-stamp entry Thailand + the another official documents from your country such as your ID Card or Driving License.

    You need to be able to provide the bank with your address in Thailand. It can be your rental property or your friend address in Thailand. The bank do not accept the hotel addresses or P.O.Box.

    http://www.bangkokbank.com/BangkokBank/PersonalBanking/SpecialServices/ForeignCustomers/Pages/Openinganaccountnew.aspx

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    Maybe...but one can just open that baht account and SWIFT wire transfer funds into the account (can be done online, phone, or fax).

    Foreign currency accounts come with high fees...1% commission on funds transferred in and 2% fee on amount when taking funds out are not unusual.

    There is an withdrawal and deposit commission in lieu of 1% for USD banknotes. The bank do not charges exchange fees when withdrawn by converting to Thai Baht.

    If you are a Bangkok bank internet banking existing user, you can enroll adding your FCD-USD into the Bangkok bank internet banking. Then transfers from USD to a Thai baht account from ATM card link into the account using the best rate - buying TT without exchange fees.

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  6. I will soon be buying a condo for about 4 million baht and need to transfer that from the UK. I usually transfer it as pouind sterling and it is 'automatically' converted into Thai baht when it is deposited into my account at Citibank. I then can get a Forex transaction Form (FET) to use at land registry to prove that I imported the cash to buy the condo.

    For me this is always a very nerve wracking experience but what I want to know is:

    1. Transferring it from the UK means I am limited to transfers of about 20,000 USD equivalent per day, which I think is a UK banking regulation - which means I will need to make about 5 transfers over 5 days to get my 4 million baht over here - and a lot can happen to the exchange rate during that time.

    2. I am looking into transferring the whole 80000 pounds to a foreign currency account at Citibank so it is all there ready whenever I need to make the conversion in one go on the day the exchange rate is favourable. However, if I do it that way DO I GET A FOREX TRANSACTION FORM?

    Anyone got experience of using a FCA to buy a condo? I have asked the bank but as always I get very confusing signals, group answers and alternative scenarios. So please answers from those who have done this before. Also any recommendation for a particular bank's FCA?

    You can purchase a condominium in Thailand by withdrawing the funds from a FCD account, is a non-resident account. The BOT requires the foreign investors to electronically / wire transfer funds from aboard for their investment in Thailand so that the funds can be bought out at the later states.

    If the funds transferred is at or more than USD50,000 or it's equivalent, the can request the bank to provide you a "Foreign Exchange Transaction Form - FT Form". If the funds transferred is less than that the bank can provide you so called a "Credit Notes" which you will be presenting such a documents when transferring an ownership at the land department.

    http://www.bangkokbank.com/BangkokBankThai/Documents/Site%20Documents/GPSD/BuyingCondo_Booklet.pdf

    http://www.bangkokbank.com/BangkokBankThai/Documents/Site%20Documents/GPSD/FXTransactionForm_15032011.pdf

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  7. anyone just deposit a $25,000 PERSONAL CHECK in their bangkok bank account to get started. and do you get reasonable market exchange rates?


    Personal Foreign Cheque, the bank use a buying rates - Sight bill is applied to foreign exchange transaction (change foreign currency to baht) and plus a cheque clearing process from $20 to $32.

    The best rate is using "Buying TT" rates when the funds transfer via swift.

    If transfers fund from USA using ACH system via Bangkok Bank's New York, you can save on fees
    start from $3 unto $20 depending on the amount transferred.

    You can have the funds transferred into the Thai Baht account or Foreign Currency Deposit account you maintains with Bangkok bank.

    http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/TransferingFunds/TransferringIntoThailand/ReceivingFundsfromUSA/Pages/ReceivingFundsfromUSA.aspx

    http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/Accounts/ForeignCurrencyAccount/Pages/ConditionsandFees.aspx


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  8. The foreigners can open a resident Thai Baht account or a Non-Resident Foreign Currency account to receive the money transfers from overseas without having a work-permit at the Bangkok Bank anywhere in Thailand. I mainly go to the bank branches where they are more familiar to the foreigners.

    You need to bring along your passport with validity visa-stamp entry Thailand + the another official documents from your country such as your ID Card or Driving License.

    You need to be able to provide the bank with your address in Thailand. It can be your rental property or your friend address in Thailand. The bank do not accept the hotel addresses or P.O.Box.

    http://www.bangkokbank.com/BangkokBank/PersonalBanking/SpecialServices/ForeignCustomers/Pages/Openinganaccountnew.aspx

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  9. OK, so you have a lot of money invested in Thailand. Fair enough. I understand that. Silly not taking into consideration rich foreigners.

    I never have more than about 100K here and only need one bank for day to day spending. Kasikorn does a good job.

    I dont think that I have "a lot" of money invested in Thailand. If I only had 100K on hand here I would be a little bit concerned in case I fell ill and had some big bills to pay.

    What I do have I prefer to place where it earns me the best return, and you cant get that from one instant access account.

    I have several foreign credit cards in the case of emergency so I don't stress aboout that.

    How much interest are you getting here, because from what I see the rates are so low you'd need megabucks to be making anything worth counting?

    The problem I have with the Kasikorn Bank is they won't allow me to send money out of Thailand unless I have a work permit. I found that out when I tried to organise an offshore transfer on Internet banking. They required quite a bit of paperwork.

    Transfer funds out of Thailand are eligible to the foreigners at the bank branches. The bank will ask you to submit the documents shown the "source of funds", if the funds remit more than US$49,999 or its equivalent. If less than that, you can only specify the source of funds other the bank.

    If you are working and earning an income in Thailand and can provide the bank with your employment pass or work permit or employ letter, you can apply for an International Funds Transferred via the internet banking service at Bangkok bank.

    http://www.bangkokbank.com/OnlineBanking/PersonalBanking/iBanking/BualuangiBanking/services/pages/ift.aspx

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  10. You have an option to avoid currency exchange risk when transfers money from UK into Thailand. Your can ask Bangkok Bank to set up a non- resident Foreign Currency Deposit Account - GBP for you to receive the money transferred from UK. You can manage your GBP currency by withdrawing in baht whenever the exchange rate suites you. The bank don't charge you an exchange fee when withdrawing in baht.

    A foreign currency account can be opened as a savings, fixed deposit or current account and can be accessed online via Bualuang iBanking to view account balances and transfer funds into your local baht account.

    http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/Accounts/ForeignCurrencyAccount/Pages/Default.aspx

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    • Like 1
  11. Guidelines for Exchange of Damaged Banknotes

    Damaged notes can be redeemed for new ones according to the following criteria.

    1. Half note, mismatched note, mutilated note, or defaced note (with less than three-fifths of the original banknote remaining)

    - Fill out a completed claim form available at a commercial bank and submit it together with a damaged note to the commercial bank’s officer.

    - The Bank of Thailand determines the value of the damaged note. The reimbursement is made by bank transfer or by post as specified in the claim form

    - Fire-damaged, water-damaged, insect-damaged, or decayed banknote should be handled with care and presented to the commercial bank’s officer for the issue of tag to be used in the exchange service processed by the Bank of Thailand

    2. A banknote with three-fifths or more of the original banknote remaining

    - Immediate exchange can be made at the full face value

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  12. Whenever I received funds from Overseas, I receive a notification SMS Remittance Alert on my Thai mobile phone when money arrive in my Bangkok bank account. It gives a complete details of the funds transferred in Thai Baht and in foreign currency, the exchange rate and fees. The service eligible to the Bangkok bank account holder only, you should ask foreign banks to send transactions to Bangkok Bank directly by quoting Bangkok Bank's SWIFT address BKKBTHBK.

    It easy to apply via Bangkok Bank ATM or at their service call center. It's free of charge!

    http://www.bangkokbank.com/BANGKOKBANK/PERSONALBANKING/DAILYBANKING/SMSALERTS/Pages/SMSRemittanceAlert.aspx

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  13. If you have a bank account with Bangkok Bank in Thailand, you can transfer money online or at the counter from your UK bank via Bangkok Bank London Branch using 6 digit sort code 60 93 98 in your transfers instruction. The fee is lower than swift transfer services.

    More details in their website: www.bangkokbank.com > Personal Banking > Transfers > Transfer into Thailand > Transfer money from the UK to Thailand

    http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/TransferingFunds/TransferringIntoThailand/ReceivingFundsfromUK/Pages/ReceivingFundsfromUK.aspx

    G'luck

  14. Transfer money from USA to Thailand via US-ACH system and Bangkok bank's New York branch network...lower fees on international funds transfer fees and your money will be transferred directly to your Bangkok Bank account in Thailand.

    If you have a bank account with Bangkok Bank in Thailand and have a US bank account / US bank Internet banking services, you can remit funds from US via the Internet banking using the US-ACH system and 9 digit routing number of Bangkok Bank's New York branch.

    To use the service: Initiate / register the transaction via the Internet Banking service linked to your US bank account:

    Go to Domestic. Interbank Transfer Menu > Go to institution Transfer option > Select Bangkok Bank New York as the recipient bank > enter the 9 digit routing number Bangkok Bank New York branch '026008691' > enter the bank name as Bangkok bank New York branch > enter the account number (Thai baht or Foreign Currency account) of the recipient at Bangkok Bank in Thailand. The US bank will initiate two test-deposit sending small amounts to the recipient's bank account in Thailand, to verify the account validity and email asking the recipient to check and confirm the test deposit amounts.

    More details: www.bangkokbank.com > Personal Banking > Transfers > Transferring into Thailand > Transfer money from USA to Thailand

    Hope this help!

    • Like 1
  15. Thank you Duncanb, extremely helpful. I assume you must have opened an 'International Account' with Bkk Bank in Thailand

    if you can send funds in that way then hold them there in GBP £Sterling until a rate appears that you are happy with then do the conversion at an advantageous date.

    If senders only have a deposit Bkk Bank account then, although you send the funds in GBP £Sterling, they would be converted to Thai baht imediately upon receipt irrespective of the rate in force at the time.

    Sorry to ask you again but am I correct in assuming you have such an account?

    You can open a "Foreign Currency Deposit Account" (FCD)in GBP with Bangkok Bank hold GBP funds received in this account and convert them into Baht whenever you want. For more details, please visit http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/Accounts/ForeignCurrencyAccount/Pages/Default.aspx

  16. You didn't answer define 'TT' What does this abbreviation mean ? 'BB' I assume is Bangkok Bank but I have never seen it written like that. It is normally referred to as Bkk Bank or B.Bank.

    I was in the London Branch of the Bkk Bank last week in St.Mary Axe near the 'Gerkin' . Is a quiet strange place and I got the impression few people go there. They can't do much over the counter at all although tried to be helpful. There seemed to be few callers. I was alone in there for 15 minutes. For example they couldn't access my account in Jomtien's Branch of their OWN BANK and they cannot take cash from you in any volume. Don't think they need a London High Street address at all. Could well be on an Industrial Estate like the Hull Thai Cosulate!

    I believe TT stands for Telegraphic Transfer

    The bank use daily buying T/T rate converting transfer funds to Thailand. Telegraphic Transfer often abbreviated to TT, is a electronic means of transferring funds overseas. Sight Bill is a document ordering the payment or the money, drawn by one person or bank on another.

  17. In MY SETTINGS click on SMS OTP AUTHENTICATION SETTINGS and you'll see: Activate SMS OTP Service

    Yes I have done that but a screen then tells me to activate the service. I have done that too by calling the number and registering my card with the service and then when it is done and i am still conected to the call centre it goes back into the automated menu. This would have be one of the most difficult systems i've ever had to set up. Looks like I have no alternative but go back to the branch for the 4th time.

    You can email all your inquires regarding internet banking with Bangkok Bank to http://www.bangkokbank.com/bangkok%20bank/personal%20banking/branch%20services/bank%20branches/pages/contact%20us.aspx?EmailAdd=EMAIL_GENERIC&Cate=5

  18. you're missing the point with your 'so?' funds have to be transferred in a foreign currency and so a foreign exchange account with BB would have to be set up first otherwise they will convert to BAHT and this maybe a problem in getting the letter issued for the Land Office

    You can get a "Guide for foreigners buying a condominium in Thailand" from Bangkok Bank and how to get a confirmation letter for the Land Office by visiting http://www.bangkokbank.com/Bangkok%20Bank%20Thai/Documents/Site%20Documents/GPSD/BuyingCondo_Booklet.pdf

  19. This service is FANTASTIC. I just started using it the other day.

    On Tues afternoon (Thailand time) transferred from Santander (UK) using internet banking a small amount to test. Checked at atm on Weds evening, its in my account.

    On that same evening, around 9pm Thailand time, transferred a large amount. Checked my account around 5pm the next day, its arrived!

    In summary, so far, its taken just one working day for the funds to arrive. I think just make sure you send before the banks in the UK close (if you want it the next day). Also it might depends on your bank. Basically I think whenever your transfer arrives at Bangkok Bank in the UK, you ll get your funds in Thailand the next day.

    But you may hear this many times already: always send in sterling!

    P.s. dont bother asking about this service at any branch in Bangkok Bank, I tried and they were completely clueless (I and speak fluent Thai). It works 100%.

    Enjoy!

    Actually a case of swings and roundabouts as to whether to send in GBP or THB, I think. Bangkok Bank levy a flat-rate charge of £20 + a 0.25% “international fee” supplement where the GBP-THB conversion is done in Bangkok post transfer at a superior exchange rate. Whereas they levy a flat-rate charge of £15 with no “international fee” supplement where the GBP-THB conversion is done in London pre transfer at an inferior exchange rate.

    However I agree that there is no beating this seemingly unique Bangkok Bank facility which is my sole reason for banking with them, and I wonder whether other Thai banks are missing a trick here. Not only are you not clobbered for UK bank charges but you can also avoid the considerable expense of calling your UK bank to arrange a SWIFT transfer, which is usually compounded by having to hang on for ever and a day while being serenaded by Beethoven’s complete suite of symphonies until someone in their call centre can be bothered to answer your call. And my recent experience is also that Bangkok Bank BACS transfers take no longer than SWIFT transfers to be processed.

    As regards the maximum amount which can be transferred, any transfer exceeding the equivalent of 20,000 USD will in any event require a Foreign Exchange Transaction Form to be completed before it can be finalised here.

    According to the new BOT regulations, any person purchasing, selling, depositing, or withdrawing foreign exchange with an authorized bank in an amount of USD50,000 or above shall be required to report such foreign exchange transaction to the authorized bank in the form as prescribed by the Competent Officer.

    More detials of Exchange Control Regulations In Thailand click on: http://www.bot.or.th/English/ForeignExchangeRegulations/FXRegulation/Pages/ExchangeControlLaw.aspx

  20. This service is FANTASTIC. I just started using it the other day.

    On Tues afternoon (Thailand time) transferred from Santander (UK) using internet banking a small amount to test. Checked at atm on Weds evening, its in my account.

    On that same evening, around 9pm Thailand time, transferred a large amount. Checked my account around 5pm the next day, its arrived!

    In summary, so far, its taken just one working day for the funds to arrive. I think just make sure you send before the banks in the UK close (if you want it the next day). Also it might depends on your bank. Basically I think whenever your transfer arrives at Bangkok Bank in the UK, you ll get your funds in Thailand the next day.

    But you may hear this many times already: always send in sterling!

    P.s. dont bother asking about this service at any branch in Bangkok Bank, I tried and they were completely clueless (I and speak fluent Thai). It works 100%.

    Enjoy!

    Apologies but I'd like to understand the process more completely. So the idea is that a person transfers from their UK bank, to Bangkok Bank London but uses their Bangkok Bank Thailand account number? What sort code should be used, Bangkok Bank London?

    "Sort Code" is 60 93 98 (6 digit of Bangkok Bank’s London branch)

    For complete process, click on http://www.bangkokbank.com/Bangkok%20Bank/Personal%20Banking/Transfering%20Funds/Transferring%20into%20Thailand/Receiving%20Funds%20from%20UK/Pages/UK_Internet%20Banking.aspx

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