Funds

[007 RED]

2 hours ago, Tanoshi said:

What kind of Foreign Currency account do you have, Savings, Fixed deposit or Current?

 

You obviously chose the - Specifying a foreign bank as Paying Bank (Advance Payment)
0.25%, or 500 baht min fee, no maximum fee.

http://www.bangkokbank.com/BangkokBankThai/Documents/Site Documents/Interest Rates/FeesFCD_Table5_151116_En.pdf

FYI… My BB account is a Saving Foreign Currency Deposit Account (SFDA). 

I do an online transfer of funds from my UK bank account to BB London in GBP.  BB London then transfer the GBP funds (less their transfer fee of 20GBP) to my BB BKK SFCDA. 

Upon receiving the transferred funds (GBP) BB BKK charge an additional transfer fee of between 200 and 500 BHT depending upon the amount that I have transferred.  Transfer is normally cleared next day.

When I wish to withdraw funds from my BB BKK account I can do so in either GBP or in THB.  If I opt for THB then BB BKK use the TT Rate for that day/time.

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

[bttao]

45 minutes ago, leither69 said:

Transferwise.  Have a look at it

to transfer $50K , it would cost:

$25 using bkk bank....  and $497 using   Transferwise.

.

 

[007 RED]

1 hour ago, Headgame said:

Can a third party transfer funds to my BKK bank account in Thailand by transferring funds through the BKK New York branch?

If I wanted to, my three UK pensions providers could transfer my pensions directly to my BB in BKK.  I have chosen not to do use this option as each transfer will incur a transfer fee of 20 GBP.  Instead my pensions are deposited into my UK bank account and I do one transfer online when I require.

 

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

Edited November 20, 2017 by 007 RED

[ubonjoe]

22 minutes ago, bttao said:

I think they want all the accounts held by the same person... but you have to ask them for a definitive answer.

It can be sent to your account by anybody. The social security administration sends one to me every month.

It is not much different than doing a SWIFT transfer other than it is a domestic transfer.

[bttao]

9 minutes ago, ubonjoe said:

It can be sent to your account by anybody. The social security administration sends one to me every month.

It is not much different than doing a SWIFT transfer other than it is a domestic transfer.

.

 

I think you are correct:

 

"Who can use it?

The service is available for holders of US bank accounts transferring funds to recipients with a Bangkok Bank account in Thailand. It is particularly useful for:

• Making funds transfers via the internet banking services of US banks
• Receiving payments from US government agencies or private organizations (Direct Deposit service)
• Receiving E-Commerce payments from online payment service providers in the US"

 

 

 

 

 

[quandow]

From my credit union to Bangkok Bank, up to $2,000.00 U.S. per day, charge is $3.00 regardless of the amount.

[accord25]

If you are from the US, open a Charles Schawb checking account. They refund all atm fee's and give you market rate on withdrawals. Its the easiest and cheapest way. Then if you have a bank account in Thailand just do a cash deposit. That way you save all the fee's and get a good exchange rate.

[Gruff]

Everybody forgets the good old Travellers Cheque. To exchange in Thailand  (the fee is per cheque) is less than the cost of an ATM transaction and especially if you can get $US 500 cheques cheaply in your country they are still very cost effective, and of course safe.

[bttao]

6 minutes ago, accord25 said:

If you are from the US, open a Charles Schawb checking account. They refund all atm fee's and give you market rate on withdrawals. Its the easiest and cheapest way. Then if you have a bank account in Thailand just do a cash deposit. That way you save all the fee's and get a good exchange rate.

i think you can make a withdrawal at the bank using Schwab ATM/DEBIT without incurring any fee, instead of using an ATM machine ... because if you use atm it will automatically spit-out baht...

Edited November 20, 2017 by bttao

[Here It Is]

3 minutes ago, Gruff said:

Everybody forgets the good old Travellers Cheque. To exchange in Thailand  (the fee is per cheque) is less than the cost of an ATM transaction and especially if you can get $US 500 cheques cheaply in your country they are still very cost effective, and of course safe.

With all due respect, everyone has probably forgotten as they are more than a little 1980s.  The world has moved on, dramatically.

[observer90210]

Why not bring in cash (say US$ 20'000) for a 6 month stay and declare it at customs on arrival ?

 

This gives proof that funds are from abroad. 

 

Besides the SuperRich exhange rate is far better then any bank transfer can offer...ok risky to carry cash, but that is another story...

[bttao]

9 minutes ago, Gruff said:

Everybody forgets the good old Travellers Cheque. To exchange in Thailand  (the fee is per cheque) is less than the cost of an ATM transaction and especially if you can get $US 500 cheques cheaply in your country they are still very cost effective, and of course safe.

you can hardly buy any TC anywhere in the US today'

Amex in most cases refused  to pay for lost ones...

Amex has lost most of its glory... and i don't think it will be around for long.

[BritTim]

7 hours ago, bttao said:

7 hours ago, Tanoshi said:

BKK TT exchange rate is currently $32.71

Superrich $32.75.

 

I don't think that would be a significant amount, unless we're dealing with hundreds of Millions...

and does SupeRich have any hidden fee

On a US$100,000 transfer, the cost (purely on the exchange rate difference) is 4,000 baht, not life changing, but something some would prefer to avoid. The difference actually fluctuates, and I have seen it be more.

 

SuperRich has no hidden fee. They do not even charge for their photocopy of your passport photo page.

[Here It Is]

2 minutes ago, bttao said:

you can hardly buy any TC anywhere in the US today'

Amex in most cases refused  to pay for lost ones...

Amex has lost most of its glory... and i don't think it will be around for long.

Much like cheques, full stop.  I'll be very surprised if any type of cheque is around for more than the next five to ten years.

[BritTim]

5 minutes ago, Here It Is said:

Much like cheques, full stop.  I'll be very surprised if any type of cheque is around for more than the next five to ten years.

With personal cheques, you could be right. I predict that cheques will be around in business for a lot longer.

[bazza73]

49 minutes ago, BritTim said:

With personal cheques, you could be right. I predict that cheques will be around in business for a lot longer.

I wrote my last personal cheque in 2013. Still have the chequebook. Internet banking has taken over. Many Australian businesses are now refusing to create or post out dividend cheques to shareholders.

[BHW]

For me I draw my fortnightly Aussie pension using my CBA debit mastercard over the counter at either of 2 Bangkok Banks near us up country, CBA charge about 3% the exchange rate is about 1.2 BATH above the advertised local bank rates Bangkok Bank charge no fees. The CBA exchange rate is also above their advertised rate for an international transfer.

 

Other banks near us will not do over the counter they want you to use the ATM so they get better return also the exchange will be lower the advertised rate.

[bazza73]

I transfer a lump sum every 9 months or so to my Bangkok Bank account here, watching for an acceptable exchange rate each time. Cost $30 in Australia, 200 baht here irrespective of amount. I then withdraw for monthly expenses via cash and a savings passbook, which is the best security one can get in Thailand. I have a Bangkok Bank debit card for emergency use only.

I frankly don't understand Foreign Currency Accounts.  I can't see the benefit in having one.

[Wake Up]

2 hours ago, bttao said:

to transfer $50K , it would cost:

$25 using bkk bank....  and $497 using   Transferwise.

.

 

Great information you have provided but the cost is $20 USA for Bangkok Bank NYC and 500 baht for Bangkok Bank BKK and also lose an additional  5000 to 5500 baht comparing today’s TT rate with SuperRichTH Green (not SuperRichTH Orange.) and Bangkok bank so more than US 25 more like $20 USA and 6,000 to 6500 baht.  As compared to bringing 50,000 dollars cash to BKK and converting it to baht at Green SuperRichTH and then depositing cash into Bangkok Bank. Not a recommendation just clarification of costs.  

 

Also if you open a foreign currency account at Bangkok Bank they give you very little interest like one tenth of one percent —best to keep a savings account in USA ( interest 1.3 percent at Capital One) and if you ever withdraw dollars from you Bangkok Bank foreign reserve account (instead of converting to baht) Bangkok Bank  charges you 1 percent to withdraw your dollars. 

 

Also if Bangkok Bank  goes under (not a prediction as it is a great bank with first class management) you lose your money in your foreign reserve  account. Some argument about this but foreign banks rarely have foreign funds to pay depositors in disaster times and politics require Thai leaders to care more about Thai depositors in baht not dollars. 

 

I have Bangkok Bank account and love it. 

I also have Capital One credit card that rebates interest and is great for charges in Thailand and the world and Charles Schwab debit card to use at atms in Thailand and all over the world. 

 

Peace. 

Edited November 20, 2017 by Wake Up

[Headgame]

2 hours ago, ubonjoe said:

It can be sent to your account by anybody. The social security administration sends one to me every month.

It is not much different than doing a SWIFT transfer other than it is a domestic transfer.

Thanks to everyone for these answers. I was previously told it couldn't be done. This will give me another option for transferring funds to TH.

[steven2018]

Transferring funds equal to 800k baht from the US to a Thai bank (over $10k USD) - would that trigger alarm bells in the US resulting in an inquiry by a three letter agency?

Sent from Android using Tapatalk

[bttao]

6 minutes ago, Wake Up said:

True and great information you have provided but you also lose and additional  5000 baht comparing today’s TT rate with SuperRichTH Green (not SuperRichTH Orange.) and Bangkok bank —so costs $25 US plus 5,000 baht. As compared to bringing 50,000 dollars cash to BKk and converting it to baht at green SuperRichTH and then depositing cash into Bangkok bank. Not a recommendation just clarification of costs.  

 

Also if you open a foreign currency account at Bangkok bank they give you very little interest like one tenth of one percent —best to keep a savings account in USA ( interest 1.3 percent at Capital One) and if you ever withdraw dollars from you Bangkok bank account (instead of converting to baht) Bangkok bank charges you 1 percent to withdraw your dollars. 

 

Also if bangkok bank goes under (not a prediction as it is a great bank with first class management) you lose your money in your foreign exchange account. Some argument about this but foreign banks rarely have foreign funds to pay depositors in disaster times and politics require Thai leaders to care more about Thai depositors in baht not dollars. 

 

I have bangkok bank account and love it 

I also have capital one credit card that pays interest and is great for charges in Thailand and the world and Charles Schwab debit card to use at atms in Thailand and all over the world. 

 

Peace. 

Good points...

I did not realize  there are 2 SuperRich places...

I also did not think about the banking system overseas... and how they can suddenly fail/ close doors... it's something to keep in mind.

I was just exploring  the best way to manage money... and it's not an easy thing to do... because it is beyond  my/our control.

As far as what the interest one gets since 2008, it doesn't even keep up with the rate of inflation... so why even worry about it?

[Wake Up]

3 minutes ago, steven2018 said:

Transferring funds equal to 800k baht from the US to a Thai bank (over $10k USD) - would that trigger alarm bells in the US resulting in an inquiry by a three letter agency?

Sent from Android using Tapatalk
 

Sorry but absolutely not true. Can’t think of a more polite way but this is fiction not fact. 

[Wake Up]

1 minute ago, bttao said:

Good points...

I did not realize  there are 2 SuperRich places...

I also did not think about the banking system overseas... and how they can suddenly fail/ close doors... it's something to keep in mind.

I was just exploring  the best way to manage money... and it's not an easy thing to do... because it is beyond  my/our control.

As far as what the interest one gets since 2008, it doesn't even keep up with the rate of inflation... so why even worry about it?

SuperRichTH Green and Vasu as always very close and better rate than SuperRichTH Orange. 

[bttao]

29 minutes ago, steven2018 said:

Transferring funds equal to 800k baht from the US to a Thai bank (over $10k USD) - would that trigger alarm bells in the US resulting in an inquiry by a three letter agency?

Sent from Android using Tapatalk
 

maybe ... may be not, since they use a Thai Bank in the US, as well as a US Routing number... and the money comes from a US Bank (even then, when you transfer money from Bank to Bank in the US, they (the bank)  ask about the origin of that money).

 

However since it's above $10K deposited in a Foreign bank it must be declared on your IRS Returns.... and they will probably get the idea since your address on your return  will be overseas too... as well as a "Retired" occupation.

Edited November 20, 2017 by bttao

[Wake Up]

The report you have to file if you have a foreign bank account in excess of 10,000 USA dollars is filed online with a federal agency FBAR that is not the IRS but is associated with homeland security. True you then tell the IRS on your tax return that you properly filed this FBAR report. But IMO the IRS and homeland security don’t care about people transferring amounts of 10k or 100K to Thailand which complies with all USA banking laws. 

[Wake Up]

1 hour ago, Wake Up said:

Great information you have provided but the cost is $20 USA for Bangkok Bank NYC and 500 baht for Bangkok Bank BKK and also lose an additional  5000 to 5500 baht comparing today’s TT rate with SuperRichTH Green (not SuperRichTH Orange.) and Bangkok bank so more than US 25 more like $20 USA and 6,000 to 6500 baht.  As compared to bringing 50,000 dollars cash to BKK and converting it to baht at Green SuperRichTH and then depositing cash into Bangkok Bank. Not a recommendation just clarification of costs.  

 

Also if you open a foreign currency account at Bangkok Bank they give you very little interest like one tenth of one percent —best to keep a savings account in USA ( interest 1.3 percent at Capital One) and if you ever withdraw dollars from you Bangkok Bank foreign reserve account (instead of converting to baht) Bangkok Bank  charges you 1 percent to withdraw your dollars. 

 

Also if Bangkok Bank  goes under (not a prediction as it is a great bank with first class management) you lose your money in your foreign reserve  account. Some argument about this but foreign banks rarely have foreign funds to pay depositors in disaster times and politics require Thai leaders to care more about Thai depositors in baht not dollars. 

 

I have Bangkok Bank account and love it. 

I also have Capital One credit card that rebates interest and is great for charges in Thailand and the world and Charles Schwab debit card to use at atms in Thailand and all over the world. 

 

Peace. 

To be fair to the poster that I quoted I used the costs for ACH transfer not swift wire transfer. Reason I did that was ACH transfer are cheaper than swift wire transfer unless you are a wealthy privileged bank customer in the USA and your USA bank waived their USA bank swift wire fee. The USA bank swift wire fees  are normally 40 to 100 dollars. Then Bangkok Bank charges 500 baht and you lose 5000 to 6000 baht in the exchange rate difference between SuperRichTH Green and Bangkok bank. 

 

Edited November 20, 2017 by Wake Up

[wolf81]

I always use TransferWise, it's much cheaper than the banks in my country (The Netherlands).

[Tanoshi]

6 hours ago, 007 RED said:

FYI… My BB account is a Saving Foreign Currency Deposit Account (SFDA). 

I do an online transfer of funds from my UK bank account to BB London in GBP.  BB London then transfer the GBP funds (less their transfer fee of 20GBP) to my BB BKK SFCDA. 

Upon receiving the transferred funds (GBP) BB BKK charge an additional transfer fee of between 200 and 500 BHT depending upon the amount that I have transferred.  Transfer is normally cleared next day.

When I wish to withdraw funds from my BB BKK account I can do so in either GBP or in THB.  If I opt for THB then BB BKK use the TT Rate for that day/time.

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

I know exactly how it works, thanks.

 

Like you I transfer the same method, but did not opt for the advance payment option.

I pay absolutely no deposit fee and only pay the exchange fee (200 - 500 baht) when I transfer any cash to my standard Savings account.

[bttao]

8 hours ago, Wake Up said:

The report you have to file if you have a foreign bank account in excess of 10,000 USA dollars is filed online with a federal agency FBAR that is not the IRS but is associated with homeland security. True you then tell the IRS on your tax return that you properly filed this FBAR report. But IMO the IRS and homeland security don’t care about people transferring amounts of 10k or 100K to Thailand which complies with all USA banking laws. 

I never paid attention to this FBAR thing ... I never heard of it either...

It's insane: 7 Pages to fill out for 10K... 10k?

I doubt if any Drug Dealer would have to worry about filling it out, or having banking accounts in his name or filing tax returns... they usually have surrogates to do the dirty wash for them....