What is the best American bank for someone living in Thailand?

[Pib]

4 minutes ago, james1995 said:

I receive all my legit freelance business earnings into my trusty little fidelity account.  Wonderful little atm card.  I don't pay any atms fees and never will again.

Never say never....especially when talking about "any" financial company whether they are a bank, credit union union, financial company like Fidelity, etc.  They are all run by banksters executives that change polices and fees periodically.

[TallGuyJohninBKK]

47 minutes ago, KhunFred said:

OK, when I came here, I was led to believe that I HAD to have my Social Security deposited into Bangkok Bank in order to get a "retirement visa". Apparently that is NOT necessary unless I were using the bank deposit method, which I am not. I just get my income verified by the Embassy and get my extension every year.

 

To qualify for the Income method at the U.S. Consulate for a Thai retirement extension, the funds don't have to come to Thailand. They can be earned in and stay in the U.S. no problem.

 

To quality for the bank deposits method for a Thai retirement extension, the required 800,000 baht has to be on deposit in a THAI bank account. But that has nothing to do with where you deposit your SS to. As long as you have 800K in a Thai bank account, you can handle your SS however/wherever you like.

 

[KhunFred]

14 minutes ago, TallGuyJohninBKK said:

 

To qualify for the Income method at the U.S. Consulate for a Thai retirement extension, the funds don't have to come to Thailand. They can be earned in and stay in the U.S. no problem.

 

To quality for the bank deposits method for a Thai retirement extension, the required 800,000 baht has to be on deposit in a THAI bank account. But that has nothing to do with where you deposit your SS to. As long as you have 800K in a Thai bank account, you can handle your SS however/wherever you like.

 

I realize that now, but when I first came . here I got two different answers from two different Immigration officials, one of which agreed with the "internet guru". It's clear why the process is so confusing. Even paid government administrators cannot be relied upon to give accurate information.  Thanks for your comments.

[KhunFred]

50 minutes ago, FatVern said:

The short answer to your original question is going to be Charles Schwab. 

Wrong. I have set up two accounts with Charles Schwab both before I left and after I came here. A phone call to the office made it clear that they are a service for investors and traveler, NOT for people residing permanently in another country. He told me emphatically that the Schwabb account was not suited to what I needed.

[Pib]

3 minutes ago, KhunFred said:

Wrong. I have set up two accounts with Charles Schwab both before I left and after I came here. A phone call to the office made it clear that they are a service for investors and traveler, NOT for people residing permanently in another country. He told me emphatically that the Schwabb account was not suited to what I needed.

Guess I need to close my U.S. Schwab account then.

[TallGuyJohninBKK]

7 minutes ago, KhunFred said:

I realize that now, but when I first came . here I got two different answers from two different Immigration officials, one of which agreed with the "internet guru". It's clear why the process is so confusing. Even paid government administrators cannot be relied upon to give accurate information.  Thanks for your comments.

 

One of the problems with Thailand is there often can be variations from one branch or office of the same bank or government department, including Immigration.

 

There are SOME Immigration Offices outside BKK that members here report at times asking for proof of SOME funds regularly coming into Thailand. The BKK Immigration Office doesn't do that. But there may be a few others that do.

 

That said, that doesn't mean, if you happened to be staying in one of those oddball areas, that they'd be demanding that you direct deposit your entire SS check to Thailand. Just that you have some documented proof of income coming here... presumably, to help convince them you're not a criminal.

 

But in answer to your comment, one of the things anyone moving to Thailand from the U.S. should learn very quickly is -- all kinds of people here from shop owners to business reps to government officials CANNOT  be relied upon to provide accurate info.  That's the unfortunate reality, because either they don't know or aren't willing to admit they don't know or they know wrong.

 

 

[KhunFred]

1 minute ago, Pib said:

Guess I need to close my U.S. Schwab account then.

You are not the first one to tell me to use Schwab. There is an expat living in my condo who gave me the same advice. He is also an active investor and a former stock broker. The office gave me the same answer TWICE, on two different accounts that I tried to open. They were not interested in receiving my piddling SS, state retirement and annuity payments. I can't say I blame them. I am not a "high roller", never made much money and certainly never had the US equivalent of 800,000 Thai baht in a bank at one time. My money begins to be spent the moment it is received. The wages of a lifetime of low-paying, dead end jobs. Somehow, it worked out with 12 years in a state job with a university and an annuity with matching funds from the school. Those payments.added to my Social Security, gave me more than the requirement to live here.

[TallGuyJohninBKK]

12 minutes ago, KhunFred said:

Wrong. I have set up two accounts with Charles Schwab both before I left and after I came here. A phone call to the office made it clear that they are a service for investors and traveler, NOT for people residing permanently in another country. He told me emphatically that the Schwabb account was not suited to what I needed.

 

Fred, sorry to say, you have A LOT to learn about the subtleties of relocating from the U.S. to Thailand.

 

And one of those things is, when it comes to U.S. banking business, you NEVER have moved to Thailand, and you ALWAYS remain living in the U.S.  You can visit as often as you want, but when it comes to U.S. banking, you've never moved here -- unless you want a lot of hassles and trouble.

 

Do you understand what I'm saying? It's not that you can't relocate to live in Thailand. You can. But, you should never tell or admit that to any U.S. banking entity, and instead, keep all your U.S. banking business tied to some kind of U.S. address for you.

 

BTW, Schwab has an entire division devoted to international/non-U.S. investors, but those accounts are not quite as advantageous as the U.S. Schwab accounts. You're a U.S. citizen with a U.S. passport. You're entitled to open a Schwab account and you can do it yourself entirely online, as long as you can present some kind of U.S. mailing address.

 

 

Edited July 5, 2018 by TallGuyJohninBKK

[KhunFred]

1 minute ago, TallGuyJohninBKK said:

 

Fred, sorry to say, you have A LOT to learn about the subtleties of relocating from the U.S. to Thailand.

 

And one of those things is, when it comes to U.S. banking business, you NEVER have moved to Thailand, and you ALWAYS remain living in the U.S.  You can visit as often as you want, but when it comes to U.S. banking, you've never moved here -- unless you want a lot of hassles and trouble.

 

I am always willing to learn. You make belittling statements, but give no details. If you have better advice, I am always listening.

[TallGuyJohninBKK]

It's not belittling nor was it meant to be.... Just stating the facts. You've been wrong on quite a few things already, and I and others have posted numerous times here telling you exactly what and what not to do. Please pay attention.

 

If you have some specific questions more, go ahead and ask them. And I'll be happy to answer. Just because you've been wrong until now, doesn't mean you can't change course and get things right.

 

People here are trying to help you and counsel you in the right direction. And you're responding by telling them they're wrong... Well, they're not wrong...  Listen to those who have more experience with this...

 

 

Edited July 5, 2018 by TallGuyJohninBKK

[TallGuyJohninBKK]

1 hour ago, TallGuyJohninBKK said:

 

OP, this shouldn't be so complicated.

 

It sounds like you have some expenses owed/paid in the U.S., and then others owed/paid in Thailand. And two or more different sources of U.S. income -- Social Security, state retirement and annuity...

 

So if it were me, I'd arrange to have enough of my income sources direct deposited into my U.S. accounts to cover my U.S. expenses and pay my U.S. bills out of that account. And then I'd arrange for my Social Security or whatever to be direct deposited into Bangkok Bank, and use that to pay my Thai expenses. Or whatever combination of income sources and deposit locations is appropriate for your needs.

 

The notion of trying to have everything sent to Thailand and then turn around and try to pay U.S. bills out of a Thai bank account is probably a non-starter in practical, economical terms.

 

This whole subject also has been complicated a bit lately by BKK pulling some funny business with their longstanding New York branch ACH transfer system that MAY have that system not working currently for US bank ACH transfers to BKKB accounts in Thailand.

 

 

Advice No. 1

[TallGuyJohninBKK]

52 minutes ago, TallGuyJohninBKK said:

I think the main point to take from Pib's point above is, especially for a retiree, there is no good way in the Thai banking system to send funds OUT of Thailand and back to the U.S., especially on a recurring and economical basis.

 

Thus, another thing any U.S. retiree to Thailand probably ought to do -- assuming you still have some kind of U.S. residence address you can use -- is to open an account at one of the U.S. banks or brokerage firms that 1] don't charge any foreign currency fee when their debit card is used outside the U.S., and 2] reimburse foreign ATM withdrawal fees such as the current 220b charged by most Thai ATMs.

 

Entities like that are Charles Schwab, State Farm Bank, Fidelity and a few others, depending on your personal circumstances and location.  In that way, you pretty much have unlimited access to your U.S. funds just by withdrawing them in baht from any Thai ATM, usually at 20,000 to 30,000 baht per withdrawal. One or two withdrawals per month ought to be enough to cover most people's cash needs here.

 

And if your personal needs go beyond that for some reason, as some threads here lately have noted, the private service Transferwise can be pretty economical for sending money from most U.S. bank or CU accounts to any bank in Thailand, especially for smaller amounts.

 

 

 

Advice #2

[KhunFred]

Just now, TallGuyJohninBKK said:

It's not belittling nor was it meant to be.... Just stating the facts. You've been wrong on quite a few things already, and I and others have posted numerous times here telling you exactly what and what not to do. Please pay attention.

 

If you have some specific questions more, go ahead and ask them. And I'll be happy to answer. Just because you've been wrong until now, doesn't mean you can't change course and get things right.

 

When an officer with Charles Schwabb tells me that I can't have all my money deposited into a Schwabb account and forego those onerous fees, exactly WHAT should be my response????  I don't argue with my landlady about the rules here at my condo, even if they are ridiculous. As it now stands, every withdrawal from my US account costs me about six dollars or more. The Thai lady I took to Bangkok Bank to get some things sorted out was able to do absolutely nothing. FATCA has really made expat accounts unwelcome in Thailand. Who can blame them??

[TallGuyJohninBKK]

Fred, I and others here have Schwab U.S. accounts and have had them for years. You don't need to talk to any officer.

 

If you have a U.S. mailing address, you go to the Schwab U.S. website using a U.S. IP address (like thru a VPN) and can open the Schwab high yield checking account online, which comes with a brokerage account you don't actually need to use.

 

The U.S. Schwab accounts come with a VISA debit card that has a $1000 ATM withdrawal limit, no foreign currency fee, and reimburses foreign ATM fees. No monthly fees. No minimum deposit amounts. And you most certainly could have your SS or other regular retirement money direct deposited into the Schwab checking account once open.

 

But, you DO need to use a U.S. residence/mailing address, and you probably DO need to use a VPN or similar when applying online to ensure their system sees you as coming from the U.S.

 

[TallGuyJohninBKK]

2 minutes ago, KhunFred said:

When an officer with Charles Schwabb tells me that I can't have all my money deposited into a Schwabb account and forego those onerous fees, exactly WHAT should be my response????

 

I'd say, you're a very trusting and believing soul who probably ought to take a bit more initiative to investigate and verify things for yourself vs. believing what anyone tells you. In this regard, the Internet is your friend. Schwab U.S. has a very good and informative website. And if you follow the banking threads here on TVF as well, you'll find a lot of U.S. specific info.

 

BTW, if you don't like Schwab for some reason (though they probably are the best for what you need), there are other similar options out there like State Farm Bank, though their ATM fee refunds are more limited, whereas Schwab's ATM refunds are technically unlimited.

 

[KhunFred]

24 minutes ago, TallGuyJohninBKK said:

 

Advice No. 1

The most

 

17 minutes ago, TallGuyJohninBKK said:

Fred, I and others here have Schwab U.S. accounts and have had them for years. You don't need to talk to any officer.

 

If you have a U.S. mailing address, you go to the Schwab U.S. website using a U.S. IP address (like thru a VPN) and can open the Schwab high yield checking account online, which comes with a brokerage account you don't actually need to use.

 

The U.S. Schwab accounts come with a VISA debit card that has a $1000 ATM withdrawal limit, no foreign currency fee, and reimburses foreign ATM fees. No monthly fees. No minimum deposit amounts. And you most certainly could have your SS or other regular retirement money direct deposited into the Schwab checking account once open.

 

But, you DO need to use a U.S. residence/mailing address, and you probably DO need to use a VPN or similar when applying online to ensure their system sees you as coming from the U.S.

 

I DO have all my mail sent to my sister's address in Texas, so the USA address is easy.. What concerns me is having been told "NO" twice, when I asked whether my plan was doable. I am not in the habit of arguing with business people when they tell me their rules. VPN is certainly no problem, but I want no problems accessing my money if my account is unexpectedly closed. There are any number of stories on various internet fora about Schwabb money being left in limbo while details were sorted out. Several were absolute financial horror stories from perfectly honest people. I try to obey the laws of both countries and cover my butt. I've never welched on a debt in my life and I pay what I owe. It's very frustrating to get expats telling one story and the home office telling another. Then I get to deal with Immigration people such as the one who told me my monthly income had to be "seasoned". I'm glad I bothered to consult another official. The second one said "why would monthly income need to be seasoned?:  It's like a circus without any entertainment. ?

Edited July 5, 2018 by KhunFred
correction

[TallGuyJohninBKK]

If you go to Schwab and tell them you're living or plan to live full time in Thailand, you're not going to get helpful answers.

 

But, if you just mind your own business, think of yourself and act as if you're living in Texas, they'll be more than happy to help you.

 

Remember the advice I gave you earlier here -- if you want to avoid banking hassles, NEVER tell a U.S. banking entity you've living full-time abroad, and always use a U.S. residence address as the address of record on all your financial business. Yes, sometimes you or some people will get away with using a Thai address. But if you want to AVOID potential hassles, make it easy and go U.S. all the way.

 

Also, BTW, there's a pretty good business based in Houston TX that does letter mail forwarding from the U.S. to Thailand called USA2Me. Even if you didn't have your sister, or you didn't want to burden her with sending things onward to you in Thailand, USA2Me will give you your own Houston address, and an internet account whereby you can manage/delete/send all your incoming mail.  They have various plans and fees, but on average, you might figure it would run $35-$40 per month for their service and a monthly mail forwarding envelope from home.

 

BTW, AFAIK, Schwab also offers online bill payment thru their High Yield Checking account, so you could pay your U.S. credit card bills from there. And, if need be, they also have among the best/lowest fees for sending international wire xfers, should you need that at some point.

 

PS - Sorry, I also should have added this earlier. For doing any kind of U.S.banking business such as opening new accounts, it's going to be VERY helpful if you have a US DL with an address that matches that you're using for your banking. Since when opening new accounts these days, the U.S. banks almost always want to see a copy of a U.S. DL.

 

 

Edited July 5, 2018 by TallGuyJohninBKK

[lopburi3]

32 minutes ago, KhunFred said:

The Thai lady I took to Bangkok Bank to get some things sorted out was able to do absolutely nothing. FATCA has really made expat accounts unwelcome in Thailand. Who can blame them??

Actually FATCA has little to nothing to do with your issues and Thai Banks have long ago installed FATCA requirements so it is not much of an issue at all - an extra form to fill in perhaps.  Bangkok Bank is not one unit and most branches will not have much of a clue for expat accounts - have no idea where you are going but suspect this is an issue and having a Thai with no knowledge of banking is not going to help much (another version of what is being said).  But for what you want it is not an option anyhow as ACH funds is a one-way street.

[Pib]

40 minutes ago, KhunFred said:

FATCA has really made expat accounts unwelcome in Thailand. Who can blame them??

FATCA has had no or little effect on a farang, specifically a U.S. person, opening an account in Thailand.   I'm a U.S. person...and I've opened several Thai bank accounts since FATCA went in effect.   The only thing that has changed is the bank has an additional form/questionnaire to complete and they need your social security number if a U.S. person when opening the account...takes a few extra minutes to fill out.  And they may ask for a letter from your embassy confirming you really do have an address in Thailand; not just a tourist passing through for a few weeks/months.  Other than that, the requirements for opening a Thai bank account have not changed since FATCA implementation.   

 

And yes, "before and after", repeat, before and after FATCA some bank branches are simply not farang-friendly...or English-Thai language miscommunications caused misconceptions as to account opening requirements. 

 

Plus, banking business/deposits from farangs is literally a drop in the overall Thai banking bucket.  So not adding a drop or two to their business is of little concern especially if those added drops come with additional headaches like frequent misunderstandings/misconceptions  due to the language barrier...or thinking why does banking here in Thailand not work like it does in my home country.

 

The requirements for sending money "out" of Thailand have not changed...Bank of Thailand has not changed those requirements except maybe increasing the allowed amount a little.   Remember, Land of Smiles for incoming money; Land of Frowns for outgoing money.

 

And when it comes opening a U.S. bank opening if you now live outside the U.S. that will all depend on the "Know Your Customer" policies implemented at each bank...and they will vary from bank to bank as to how strict....some are more expat friendly than others.    Having a U.S. residential address and/or U.S military APO/FPO address is going to be required although some banks are comfortable with having a foreign "mailing" address for your correspondence/cards/etc., to be mailed to.    I know a decade ago before I move to Thailand I told several banks about my Thailand address before moving and they were fine with that "because I already had accounts with them...I had met their Know Your Customer requirements."

 

 

 

 

Edited July 5, 2018 by Pib

[JimmyJ]

State Farm will do unlimited ATM reimbursements if one sets up a direct deposit to that account.

Otherwise it's $10 max per statement cycle.

 

To access my  Schwab account in the US, I have to turn off my VPN in order to be able to log in using my computer.

I was thinking I'd be using State Farm only while in Thailand due to this, but it's clear that some of you are accessing your Schwab accounts from Thailand and I assume using VPN's.

Perhaps you are using their phone app?

 

Edited July 5, 2018 by JimmyJ

[lopburi3]

7 minutes ago, JimmyJ said:

To access my  Schwab account in the US, I have to turn off my VPN in order to be able to log in using my computer.

Most paid VPN accounts offer a choice of server locations which you can easily change.  Not sure if direct connection from Thailand IP works or not as do not have an account there - but for other accounts I can use most any VPN server.

Edited July 5, 2018 by lopburi3

[JimmyJ]

1 minute ago, lopburi3 said:

I suspect you are using a non-USA server as your normal VPN - believe others are talking about using a USA server rather than direct from Thailand IP.  Most paid VPN accounts offer a choice of server locations which you can easly change.

No, I'm in the US using a USA ISP and a USA IP address via my VPN,

Edited July 5, 2018 by JimmyJ

[TallGuyJohninBKK]

3 minutes ago, JimmyJ said:

State Farm will do unlimited ATM reimbursements if one sets up a direct deposit to that account.

Otherwise it's $10 max per statement cycle.

 

To access my  Schwab account in the US, I have to turn off my VPN in order to be able to log in using my computer.

I was thinking I'd be using State Farm only while in Thailand due to this, but it's clear that some of you are accessing your Schwab accounts from Thailand and I assume using VPN's.

Perhaps you are using their phone app?

 

 

Nope... regular Schwab website. Same for many years now.

 

What may help with that is either to change VPNs or, even better, to get Schwab to issue you one of their free digital password extension tokens. That gives you a random 6 digit code to add onto the end of your regular password every time you log in.

 

Once you're using their digital token, their system is much more forgiving about changes and variations in the IP location it detects you to be logging in from.

 

[Pib]

7 minutes ago, JimmyJ said:

State Farm will do unlimited ATM reimbursements if one sets up a direct deposit to that account.

Otherwise it's $10 max per statement cycle.

 

To access my  Schwab account in the US, I have to turn off my VPN in order to be able to log in using my computer.

I was thinking I'd be using State Farm only while in Thailand due to this, but it's clear that some of you are accessing your Schwab accounts from Thailand and I assume using VPN's.

Perhaps you are using their phone app?

I rarely use VPN for access any of my U.S. financial accounts such as Schwab.   The only time I use a VPN for banking is when opening a new account to to avoid those banks which may blog-down/slow-down your application due to detecting a non-U.S. IP address and want to ask extra questions.   I also use VPN whenever I want to throw in some extra encryption on top of the HTTPS encryption.

[TallGuyJohninBKK]

6 minutes ago, JimmyJ said:

State Farm will do unlimited ATM reimbursements if one sets up a direct deposit to that account.

 

 

Which would make for a very good alternative for the OP and his Social Security direct deposit, if he decided not to go with Schwab for some reason.

[lopburi3]

1 minute ago, JimmyJ said:

No, I'm in the US using a USA ip.

Your too fast - was changing my post as believed you were not in USA.  Suspect the VPN you use is listed as such and being blocked for that reason.

[TallGuyJohninBKK]

Just now, Pib said:

I rarely use VPN for access any of my U.S. financial accounts such as Schwab.   The only time I use a VPN for banking is when opening a new account to to avoid those banks which may blog-down/slow-down your application due to detecting a non-U.S. IP address and want to ask extra questions.   I also use VPN whenever I want to throw in some extra encryption on top of the HTTPS encryption.

 

The problem with that is the potential, and this has happened to me, that banks' computer systems tend to track the location of your log-ins, and if they note that suddenly you've logged in from the U.S. vs Thailand or other major changes, they have the nasty habit of freezing your online banking and forcing you to go thru a whole security questions verification process.

 

Doesn't always happen. But certainly has happened many times to multiple folks here. And best to be avoided.

 

[JimmyJ]

5 minutes ago, TallGuyJohninBKK said:

 

Which would make for a very good alternative for the OP and his Social Security direct deposit, if he decided not to go with Schwab for some reason.

State Farm also offering 2% interest APY for 1st 5.5 months of a new Money Market Savings account which comes with an ATM card.

Edited July 5, 2018 by JimmyJ

[Pib]

2 minutes ago, TallGuyJohninBKK said:

 

The problem with that is the potential, and this has happened to me, that banks' computer systems tend to track the location of your log-ins, and if they note that suddenly you've logged in from the U.S. vs Thailand or other major changes, they have the nasty habit of freezing your online banking and forcing you to go thru a whole security questions verification process.

 

Doesn't always happen. But certainly has happened many times to multiple folks here. And best to be avoided.

 

I've never had a frozen account due to different IPs being detected, but they may throw up a log-on security challenge in the form of a Security Question & Answer you have set up...you know, like what was your grandfather's first name, etc.  Or they will send a security code to your U.S mobile number or your email address....pretty similar to how Google will challenge some logons sometimes.    Heck, a person can get such security challenges when using a different browser...like switching between Chrome and Edge.....or just your browser doing a major upgrade.

[TallGuyJohninBKK]

1 minute ago, Pib said:

I've never had a frozen account due to different IPs being detected, but they may throw up a log-on security challenge in the form of a Security Question & Answer you have set up...you know, like what was your grandfather's first name, etc.  Or they will send a security code to your U.S mobile number or your email address....pretty similar to how Google will challenge some logons sometimes.    Heck, a person can get such security challenges when using a different browser...like switching between Chrome and Edge.....or just your browser doing a major upgrade.

 

No, not like that. And it was Schwab that did it, not the account itself frozen, but access to online banking.  And to restore it, it was the more complicated digging into questions from 10-20 years back in one's credit history file, including asking the date of birth for a former GF 10+ years prior.

 

And all of that because their system had detected a change in my log-in location. But once I got the digital security token from Schwab, I've never had that happen again for many years. And of course, I try to consistently log-in from the same IP address range whenever possible.

 

Edited July 5, 2018 by TallGuyJohninBKK