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MadMac

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Posts posted by MadMac

  1. If you were with Citibank Singapore, you could open a Citibank account in Thailand and transfer for free via the Citi-Citi free transfer facility

    I have been with Citi in Sing for many years and when I looked at this I was told Thailand wasnt part of this scheme, but have been told recently

    That apparantly now you can do it

    Yes. You can do it, only if you are willing to shed 2 % of your amount due to the exchange rates citi offers for global transfers.

    That's not really an issue, for investments in TH you need to transfer the money in foreign currency into the country and convert it locally, covered by that foreign exchange transaction form (FET). Without that you'll unlikely get your money out of the country again in the future. Besides that, exchange rates to THB are worse abroad.

  2. Thanks monty!

    I found the info about BKK Bank after I posted this. May be the only option in the moment to move money around without getting ripped off. I have an old account with them, this makes it worthwhile to reactivate.

    Interesting point with the cashier cheques too....I checked several banks / list of fees, they only mention the 20B. Good info with the additional charges when cashing in. Guess I will rather bring a couple of these 1 million Baht bricks around next time, instead of feeding the banks! :)

  3. I've used UOB SIngapore to UOB Thailand in the past. Pretty easy and they also help you to resolve any issues locally (in TH) with UOB in SIngapore.

    What you should do is open an US$ account in Thailand and transfer the funds into TH without conversion. Then change it here for a better rate. Also, do not split costs, it's usually cheaper to pay all as sender. UOB in TH doesn't charge a fee for incoming transfers. That's the only bank I know of.

    http://www.uob.co.th/announcement/bankfee/2013/fee-deposit_19Jul2013_en.pdf

  4. I've recently had to transfer 450kTHB from SCB in Bangkok to SCB in Chiang Mai. Not really to my surprise I was charged 470B in fees, as if they place a courier on the bus or in the train to carry the money in person. Ridiculous.

    Questions:

    1) is there a bank in Thailand, that facilitates domestic transfers within the same bank for free, as it would do regional?

    2) is there a bank in Thailand, that allows ATM withdrawals anywhere without a fee if not in the "home region"

    3) would there be a difference if using a cashier cheque rather than transferring directly?

    Alternatively one would have to carry the money in person to avoid ridiculous charges.

    Thanks!

  5. Huh. I grew up always thinking UOB was a Singaporean bank. And their presence in Thailand to me seems pretty slim.

    Basically it is, similarly to other banks based overseas.

    That's an interesting question nevertheless, as when it comes to the 400k/800k required for Extension of Stay, these have to be deposited in "Thai Banks". The same question popped up elsewhere, if Standard Chartered would be a "real" Thai Bank. Because if not you cannot park the deposit there for the last 3 months before getting that stamp.

    According to Wiki both UOB and SC are "Thai Banks", but that's just Wiki everyone can edit.

    http://en.wikipedia.org/wiki/List_of_banks_in_Thailand

    Not sure if there is an official list from Thai Immigration that lists Banks that are accepted.

  6. Since UOB is not a thai bank, do you get charged extra when you withdraw at non-UOB ATMs? Just curious.

    Not sure where you go this from. According to their last annual report:

    "The United Overseas Bank (Thai) Public Company Limited

    (“UOB (Thai)”) was incorporated in November 2005 following

    the merger of the Bank of Asia and UOB Radanasin Bank.

    UOB (Thai) is a fully-licensed commercial bank."

    http://www.uob.co.th...AR_ENG_2011.pdf

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