chrisatchch

Hi there, I am from New Zealand, I recently opened thai bank account to transfer money from NZL to buy condo.  The guidelines says money should be send from original currency,not in thai bhat.   My NZL online bank only offers 2 currencies to send to Thailand,  Thai bhat and US dollars.   If I want to send as NZ dollars I need to go bank,or call and the fee is 3 times more than internet banking, my question is it ok to send as US dollars or does it need to be NZ dollars? Thank you.

You should be able to open bank account, if you can’t provide required documents, u can use some private people to help you open bank account, Siam Legal,fee about 3000 bhat.   A lady from Bangkokhelper.com ,    Also more people do this service 

Bangkokhelper.com.        This lady helps , fee I think 4999 bhat

Embassy do provide a letter to open bank account and they charge between 1000-1500 bhat, you need to go and fill statutory declaration in person.  I recently contacted New Zealand embassy regarding this.  Shouldn’t be a problem.probaly the most easiest requirements of all and also depends on which branch, if anyone advise which branch in bank easy for foreigners,would be useful, save you time and money.

12 hours ago, hello55060 said:

Bangkok bank won't touch you without a work permit, don't even bother trying there, same as Kbank.

 

I opened up 3 bank accounts in early 2018 on a 30 day tourist visa. All 3 I needed at least a year condo agreement otherwise they wouldn't do anything. Citi I had to deposit 1 million baht (standard requirement), the others Krungsri and UOB it took 2 different branches to get open after the 1st branches for both said no can do without work permit. So I tried ones in a more foreign populated area.  I deposited 50k each for both, I probably could have opened with less but I thought more chance of getting one open if I offer a sizeable deposit instead of small one like 10k or 20k baht they would be more willing to help me. Both called the condo property to make sure the contract was legit etc. There's no easy way or way to get around the system, a couple years ago you may get lucky without a lease and without a work permit, on a 30 day visa but now days it will be the first thing they ask and then you will be out the door, they don't make any exceptions and a very strict on it now.

 

If you don't have a lease agreement or a retirement visa or work permit, don't even waste your time and frustration in trying to get a Thai bank because it won't happen.

I disagree with you, one thing is clear that every branch gives different experiences,  early this year, I went bangkok bank in udon thani with 30 day visa exempt, they said I need a letter from embassy or a government employee or a nurse,  to open, unfortunately I didn’t have time to arrange as I did this towards end .   Iast week I contacted Siam Legal, they said 30 visa exemption stamp is enough and they will accompany me to bank with their support letter, fee is 3000 bhat.    It’s not easy, same time not impossible.  Common factor is different experience in different.   I just like to know if anyone used Siam legal for this purpose! Cheers.

1 minute ago, Langsuan Man said:

If you need a service to open a bank account in Thailand to save me hassles you moved to the wrong place 

I don’t mind take hassle to get things done but I m on short stay so not enough time to visit branch after branch, otherwise I would do it on my own

On 12/14/2018 at 6:37 PM, johng said:

You know of course there are 2 commonly used heat measurement scales

Degrees Fahrenheit and  Degrees Centigrade/Celsius  80F is about 27C

 

I wouldn't leave the aircon or anything electrical (220V) on unattended for 4 months

turn off water and electric.

I agree, shouldn’t leave anything that is electrical on.  Completely shut down power ,take the fuse off.  

On 12/12/2018 at 3:31 PM, murraynz said:

go to the bank with an existing customer--easily done that way.

opening an account remotely--may be difficult..

i think your trying 'to run before you walk'....

6 hours ago, inThailand said:

Just give your money to your Thai gf to hold and invest for you. It will be quicker and less work. 

I m not smart, it’s just the way has to be done in my case, if I explain all reasons,you would get bored.  

I hope you joking, I don’t trust thai women at all, Infact any women when it comes to money, I pity for people who did that.   Bangkok bank has same requirements documents process for FCD as it as for Thai bhat account.  Siam legal charge 3000 bhat for Thai bhat account,   If FCD account upto 10000 Bhat,    10000 bhat is lot of money,  but I need to open FCD account.   Then here is the thought came to my mind,    First open thai bhat account through Siam legal for fee of 3000, hassle free .   Once I open thai bhat account in Bangkok bank,  it means I will officially be Bangkok bank customer,    Because I will be customer, I should be able to open FCD account by measlf without anyone or any documents.   Am I smart in this idea or did I get something wrong? Please let me know, thank you for answering patiently. 

I will open in Bangkok, it may sound silly but my preference is to save up money in thai bank, that way my dream will come true, if I keep money in NZ,I don’t know how it will end up,maybe I would buy Subaru wrx haha,   Anyways,  how about opening FCD account, would it be better option to easily prove that funds are from overseas and easily obtain FET form latter on?  Thank you to all.   It’s awsome to be able to discuss and share. 

On 12/9/2018 at 8:47 PM, ritchyp said:

Hi Chris,

 

Last year I discovered a currency transfer company/facility called TransferWise. 

When my friend my friend told me the rate he got, I told him he must have been exaggerating. The rate was better than all the cash exchange kiosks - even the really good ones. 

I used to use Moneycorps, they are slow (Took a whole week the first time,)  the rate is poor (Better than the banks though)

 

Transferwise give you the live midmarket rate and thier admin fees are really low and of course, no commission either. 

And the Cherry on the top!! If you setup a currency transfer on your phone app or computer, it takes seconds to set it in motion and the Thai currency will be in your Thai account the next afternoon ( Unless there is a bank holiday either in the source country or here in Thailand or any other country as they support every foreign currency there is. 

The Cut off time for next day payments is 18.00 GMT. A couple of months ago, I lost track of time and set up the transfer at 01.00 here and the funds were in my Thai bank at 14.00 the same day. That's impressive!

 

Finally, if you choose to pay by Internet bank transfer or telephone banking and opt to pay later. The rate you got is guaranteed for 24 hours. 

 

It's such an awesome service, it has made my life so much simpler and I have a bit more money in my pocket every month!

 

If anybody wants to use the service and uses this invite link https://transferwise.com/

 

You get your first transfer free of any admin fees ( my next transfer is free also ????

 

If that link doesn't work due to forum rules. Just copy and paste into your browser. It will change your life ... It could save you Tens of Thousands of Baht on a large transfer, possibly six figures even.

 

Enjoy!

 

ritchy

Hi Ritchy, thanks for advice, i m aware of transferwise , their exchange rate is the best of all, and fee ,delivery time is amazing.  However for my purpose it may not work out well because trans wise uses local money to pay my transfer,   They will withdraw funds from my New Zealand bank and deposit into their NZ account, and equal amount of money they payout from their local Thai bank account, so it’s bit tricky.   I might save up in NZ and put into term deposits atleast until I make good lump sum,   However I m still going to open thai bank account for traveling expenses,   Iasi time I tried to open in Bangkok bank in udon thani but wasn’t easy, so sometimes I get frustrated running back and forth for documents.   I am trying to use Siam legal to help me, it’s 3000 bhat , I don’t mind as it’s just one off payment and hassle free.   Has anyone used their service to open bank account?

Maybe you should call a lawyer, tell the situation, ask for the lawyer fee, if you feel confident then pay lawyer feee as long as it’s not so much, then atleast you get some money back ,even though you loose some lawyer fee,  something is better than nothing.

If she have more than 5 properties,she is obligated to meet the new law requirements,if she doesn’t it becomes illegal, shouldn’t illegal stuff can be taken to police?

15 hours ago, madmen said:

17 hours ago, Bundooman said:

Maybe inform her that you are contacting the Inland Revenue people, (or whatever it's called here), and tell her you are checking whether she is/or has been paying tax on your rent, including your deposit. Tell her you are contacting the police, all relevant agencies and that you will have her property blacklisted - then tell her your lawyer is a red-hot wizard from Bangkok. 
 
It might put the fear of god into her, and it might not. But hey - you won't be going out without a fight....

Police will do nothing Its a civil matter. How can he get access to another person's tax records? There are privacy laws

That’s what I would do

It’s kind of common problem anywhere, I live in New Zealand, my landlord doesn’t pay bond back to the tenants who left, eventhough we have good legal system.  Can you not go to police station and see what they suggest? 

22 hours ago, murraynz said:

the op has a lot more to learn about thailand, first-before thoughts about buying a condo.

any money he saves is far better in the auckland,wellington christchurch property market, than anywhere in thailand..cap gains very rare in thailand...interest rates in nz are on historcal lows..rental shortages most areas.

it will be very hard for him to earn a decent income in thailand..

best to work and invest in nz until he can afford to support a good lifestyle in thailand, without working..

if he likes thailand--just have regular holidays here-by then he will have learnt what area he likes and know something about condo buying, bank accounts, visas etc..

Hi ,thanks to you all for messages, I don’t plan to live there forever yet, I know I need to be 50 years to get retirement visa, I have been there 4 times, I like udon thani,  I think it would be nice to have my own condo instead throw money for hotels and rent,  in the worst case I could buy studio apartment. I have tendency of rotating money that’s why I wanted to save in Thailand.    Let’s say if I have to move all the money out of Thailand and move back in again ,how much would it cost? As long as it’s not thousands haha 

9 minutes ago, madmen said:

How much you want to spend and what area? Better Make sure you have realistic expectations

It will be just one bedroom,up north ,around 2 million bhat is good enough 

1 minute ago, madmen said:

How much you want to spend and what area? Better Make sure you have realistic expectations

Yes I did research on that, I just looking at 14 major currencies that Thailand allow to hold foreign currency account, NZ Dollar is amongst them, so do you guys think it’s better option in my case as     It can’t disprove that money is from overseas, 

36 minutes ago, ezzra said:

First you need to open a Thai bank account and while you do that consult the bank manger regarding your plans and and needs and see what they say, if not happy with the answers try another bank, sending money with the view of purchasing a condo is somewhat unusual, mostly people send the lump sum to buy the condo after the bank issue them with the TO TO 3 to certify that the funds came from overseas, in your can it might be diffident as you are tricking the funds in but there is no problems in sending in as much and as many times as you like...

Yes I agree with you, but unfortunately by doing only this way I would be able to save up, me being 32 years old ,not have lump sum haha ,and if I keep saving in NZ, I may spend on something else,   By sending to Thailand I get more motivated to save faster ,work harder and achieve the dream. It would be good if bank in Thailand issue a bank Certificate to confirm that funds are from overseas as they can clearly see, but I don’t have experience in this matters.  I thank you for all you guys feedback, I do value them and take into practice where necessary. 

Hi there , it’s great to have this forum for Thai lovers.   I m from New Zealand, I m hoping to buy condo in Thailand,hopefully in 2 years time asi need to save up for it.  I prefer to save in Thailand bank preferably Bangkok bank, I want send money from New Zealand every month to my Thai savings bank,via Telegraph transfer method.  It’s not good for me to save up money until full amount in New Zealand because I am afraid I may spend on something else.  So by transferring money to Thai bank every month for 2 years makes multiple transfer ,possibly 20 plus , is this a problem? I m worried how can thai bank issue 20 plus EFT forms!    What are the options?  I will keep record of every telegraph transaction as a proof that money indeed come from overseas,    It’s kind of frustrating with these rules ,after money is money, these governments never make people lives easy, rather make more hard,something don’t make sense.  I highly appreciate your answers, I m new to this forum.  Thank you.

Hi there, I want to ask a question about financing.   My plan is to open a savings bank account in Thailand, preferably Bangkok bank, then start sending money from New Zealand ( I currently live here) every month visa telegraph transfer,  once I save up to certain amounts,I will use it to buy condo.  I prefer save in thai bank as I may have distractions if I save in my home bank,  is it ok if I send numors transfers over the 2 years, as I m not able to transfer all at once. Thank you so much.