Reciveing Regular Payments In Los

[Shah Jahan]

Hello there

I am trying to help a friend out with a situation and perhaps some of you can help

he is an Amercain citizen who has resided in LOS for some time now

he will be reciveing via wire transfer monthly transfers of 100k baht or so from amercia

in addition every 3 months or so he will be reciveing a larger sum via wire transfer

as he IS NOT working or anything like that he wants to make sure that this money can be recived without objection or scruntiy/tax by either thai or US goverment.

would these amounts be acceptable to wire in on a regualr basis?

or would it be better to set up a bank account in say singapore or HK (recommendations please)

Thank you

[bendix]

Why bother to transfer it to Thailand if you're worried? Why not leave it in a US account and have him withdraw it through ATM machines?

[Jimjim]

Why bother to transfer it to Thailand if you're worried? Why not leave it in a US account and have him withdraw it through ATM machines?

Are you kidding? 100k is a lot to be withdrawing from ATM machines. Many banks have a pretty low limit on how much you can withdraw from ATM machines.

[sfokevin]

Why bother to transfer it to Thailand if you're worried? Why not leave it in a US account and have him withdraw it through ATM machines?

Are you kidding? 100k is a lot to be withdrawing from ATM machines. Many banks have a pretty low limit on how much you can withdraw from ATM machines.

Do a search you can find ATMs that allow 40K withdrawals, do that every other week and yous are at about your 100K/month mark...

PS... all traditional banking systems will be scrutinized by Governments... If this is really an issue you will need to resort to a small unmarked bill technic...

Edited January 27, 2007 by sfokevin

[Chang_paarp]

Why bother to transfer it to Thailand if you're worried? Why not leave it in a US account and have him withdraw it through ATM machines?

Are you kidding? 100k is a lot to be withdrawing from ATM machines. Many banks have a pretty low limit on how much you can withdraw from ATM machines.

Is the money legitimate? If it isn't the regular transfer will alert the US IRS, irrespective of the amount sooner or later. If it is legitmate there should not be any problems.

Most ATMs have a b20K limit per transaction some have b50K, so he only has to go to the bank a little over once a week, this option may also be cheaper as, depending on the bank, there may be less fees. Another way is to take the linked credit card into the bank or if your friend is in BKK go to the booth outside the bank and get what he wants there. He may have to inform the US bank he is spending time in Thailand or they will freeze the card as a security measure. If for some reason your friend needs a large amount of money for a purchase then transfer enough to cover that purchase to a Thai bank.

The advantage of this is he will get interest in the US on the unused funds, the dissadvantage is that he can not use the income as proof for a visa.

[Lost in LOS]

Why bother to transfer it to Thailand if you're worried? Why not leave it in a US account and have him withdraw it through ATM machines?

Are you kidding? 100k is a lot to be withdrawing from ATM machines. Many banks have a pretty low limit on how much you can withdraw from ATM machines.

bangkok bank BE 1st ATM card........ draw up to 25,000 baht at a time and keep on doing it till your account or the ATM is empty ..good or bad....thats how it works

[bendix]

Why bother to transfer it to Thailand if you're worried? Why not leave it in a US account and have him withdraw it through ATM machines?

Are you kidding? 100k is a lot to be withdrawing from ATM machines. Many banks have a pretty low limit on how much you can withdraw from ATM machines.

Perhaps I better ask my employer to stop paying money into my bank account - it seems that using ATMs is too complicated. Thanks for alerting me to this issue Jimjim.

No . . . wait. I have an idea. Rather than trying to find an ATM machine that will let me withdraw the entire sum at once, perhaps I could take out what I need, when i need it. Radical I know, but it might just work.

Jeez . . i'm brilliant sometimes. I really am.

[billaaa777]

You can set up a Thai bank account with no problem. I like Siam Commercial Bank. He can then wire into that account and take out the funds at no charge as long as you use Siam's ATM's.

Another alternative is to walk into a bank itself as opposed to using the ATM. At Siam you can withdrawn 300,000 from a US bank and Bangkok Bank its 250,000. Using your US bank to withdraw you will get hit with a 1% fee and an ATM fee.

The cheapest way for large amounts are wires.

[Naam]

Why bother to transfer it to Thailand if you're worried? Why not leave it in a US account and have him withdraw it through ATM machines?

Are you kidding? 100k is a lot to be withdrawing from ATM machines. Many banks have a pretty low limit on how much you can withdraw from ATM machines.

i am banking with Siam Commercial and can withdraw 100k Baht DAILY. of course i have to shove in the card five times as most ATMs are limited to 20k each withdrawal.

where's the problem?

[billaaa777]

i am banking with Siam Commercial and can withdraw 100k Baht DAILY. of course i have to shove in the card five times as most ATMs are limited to 20k each withdrawal.

If you are using a US bank instead of going to the ATM’s you can go into the bank itself. There you will be able to withdraw 250,000 to 300,000 at one time depending on the Thai bank and your limit at your US banks. You will only get hit with one ATM fee this way. If your US bank only allows say; “a $500 a day limit” you can call the bank and ask them to increase it for a time period. With large with drawls this saves ATM fees.