Alternative Method to Meet THB 65K Monthly Foreign Income Deposit Requirement?

[Rugon]

48 minutes ago, Henricus said:

monthly transfer 2000 euro from my dutch bank to my KTB Euro account cost me 5.20 euro

Ridiculous, just wait until Ripple XRP replace SWIFT, there will be no cost and instant transfers.

[xylophone]

43 minutes ago, Peterw42 said:

Why were they checking 3 months ago, back then it was an embassy letter to verify income. 

I was using the embassy letters to verify pension income and then topping them up with an amount left in a term deposit account here.

 

The letters from the embassies stated one pension in pounds and one in NZ dollars, so the IO got his junior offsider to see what that equated to in Thai baht using his exchange rate of the day, rather than scrutinising the bank info.

 

My point was that there is no telling what they might or might not scrutinise on any given day, for any given reason and although I had already used a conversion rate and written it in pencil on the documents, that was not good enough for him (nor obviously were the bank statements).

Edited February 6, 2019 by xylophone

[jacko45k]

57 minutes ago, Henryford said:

I agree, i can't see Immigration checking maybe dozens of entries in your bank book to see if it has FTT on it and every bank will probably have a different code.

Well with a KISS approach it should be only A dozen entries and personally, if the order specifies 'from overseas', one could be asked to prove it and I would try to ensure it is apparent. Could well have required it arrives in a foreign currency!

They previously checked 3 months of bank statements to ensure the balance remained above 800k. You underestimate their desire to make life stressful.

[Jim7777]

14 hours ago, gentlemanjackdarby said:

That sounds about right for BofA!

 

It wouldn't bother me to pay that amount for a one-time transfer of USD 35,000; that works out to just over one-tenth of one percent (O.00129 - 0.129%), which is essentially free.

 

The purpose of my post was to see if maybe my method would be of help to folks whose financial situation dictate that the rely on the income method for a retirement visa extension

 

After all, if one is relying on making a monthly transfer of, generously and for easy calculation, USD 2,500, BofA's fee would be about 1.8 percent - a different animal altogether and a fee which, taken annually, would likely be money folks relying on the income method could put to better use.

I’m a US citizen.  Your post did actually bring something to my attention.  I’m on a marriage visa extension but I transfer between $2,500 USD to $3,000 USD to SCB every month on payday (I’m retired military a monthly pensioner).  I don’t deposit checks I do International wire transfers and I will continue to do so however what I have been doing is asking my bank in the States to send it in Thai Baht and I do get a little bit of a crappy exchange rate when I do that but it’s not too bad.  

 

So let me get this straight if I do my International wire transfers from my bank in the States to SCB in US Dollars will I actually get a better exchange rate from the Thai bank (Siam Commercial Bank SCB)????  I would’ve thought that the US Bank would give the better exchange rate is that not true?  Is it the Thai banks that actually give better exchange rates? Because I didn’t know that at all I have been wondering about that.  I wasn’t even sure if SCB would even accept a wire transfer in USD, so they will???  I thought it had to be sent in Thai Baht.  I’ve handled currencies all over the world, but I don’t have a lot of experience doing International wire transfers though through commercial banks.  In fact so far I’ve only done 4 International wire transfers since I did my last extension in December in preparation for my next extension in 2020 so that I’m in accordance with Thai Immigration laws. Although I actually like the new rules because for one thing I don’t have to make those long drives all the way down to Bangkok every year just to get that stupid income affidavit for their $50 dollar fee at the Embassy: Now I can do all my immigration stuff right up here where I live I don’t have to go to Bangkok ever again for business anyway only if I want to, and because the new rules forced me to open a Thai bank account in my name which I was always nervous about as far as using a foreign bank but it’s okay it’s actually saving me a lot of money in ATM withdrawal fees and other bank fees because I’m no longer just using my US bank ATM card.  I just make those monthly wire transfers from my bank in the States to SCB for only a $20 dollar fee and then using the Thai bank I can access my funds for free.  All they charge is 300 Baht a year.  So it’s actually better this way then the way it used to be.  

 

I have seen a lot of people complaining about it but then again there’s some people on here that all they do is complain complain no matter what happens good or bad.  I once read someone write on google about their experience living in Thailand and he wrote that it’s what you make of it and he said that there are some people who whine and complain about every single thing and other people like me who love it here.  I think that’s very true because I’ve seen the same thing.  

 

I’m on a marriage visa extension I’ve been here almost 5 years since I retired but I’m also glad that you pointed this out to the people here on retirement visas because ever since they slightly modified the rules for people who use the 800,000K Baht in the bank option some people on retirement visas (especially on this forum) are getting the impression that now that’s the only option for verifying their income on retirement visas because of all of the mass hysteria, miss information on this forum, and uncertainty about it that people post on this forum.  Obviously that’s not true you can still use your monthly income option for retirement visa extensions as well, just read the police order it’s not really a change it’s just a modification for the money saved in the bank OPTION.  The two options are still the same according to the police order for retirement visas it still says “65K Baht in the bank monthly income OR” and I emphasize OR the 800K Baht in the bank option, except that option has been modified for use to apply for retirement visa extensions.  It does not mean that you can no longer use your monthly income for retirement visa extensions, all the new police order does is slightly modify the 800K Baht in the bank option for retirement visa extensions.  That’s why I’ve started ignoring a lot of what people post because if you try explaining to them how the laws really work some people just don’t want to hear it and if you disagree with anyone on here for some reason that’s frowned upon on this forum lol.  I personally would not want to use the money in the bank option anyway even if I was on a retirement visa extension because it was already confusing to me before they modified it and I want to be very careful how much money I transfer into a foreign bank especially now with the uncertain exchange rates.  I am retired but I’m on a marriage visa extension have been for years.  Although I do understand that for some people the 800K Baht in the bank option might be their only income verification option depending on their financial situation.  Obviously not everyone gets paid monthly pension payments of over $4,000 USD a month as I do or less.  Some people might receive a monthly pension payment of less than the minimum so they might use the combination option of monthly income and money in the bank.  And some people might be using investments, 401K savings, or whatever for the 800K Baht in the bank option.  There are a lot of people with different income situations.  Although I think most of us are pensioners like me and the monthly income option is a lot less complicated than the 800K Baht in the bank option of course as long as you make at least 40,000 Baht a month for the marriage visa extension and at least 65,000 Baht a month for the retirement visa extension.  Honestly if you’re living here in Thailand as I am you should really be making double that a month just to be safe and secure or at least one fourth more than the minimum monthly income requirement just for your own personal security financially.  If my pension wasn’t as good as it is I probably would not have retired as early as I did.  I could afford to retire in the States as well but here in Thailand my money goes VERY FAR even with the sluggish exchange rates and I just really love it here in Thailand I have absolutely no complaints about anything here.  

 

Anyway thanks for the post you just gave me an idea maybe I will start doing my monthly International wire transfers in US Dollars if I actually can get a better exchange rate from my Thai bank.  Of course before I do that I will ask my Thai bank first which is SCB if that’s okay and see how much better their exchange rates are.  As for you I would be careful using check deposits for your monthly transfers into your Thai bank not just because they take so long to post but you have to be able to prove to immigration when applying for your extension that your income transfers are coming from your home country.  You should be okay as long as you can prove that your funds came from your home country.  Thanks so much for the insight on that I wasn’t sure if you were allowed to make the transfer in US Dollars but I’ll still check with SCB about that before I actually do it next payday next month when I make my next monthly International wire transfer.  Thanks for that. 

Edited February 6, 2019 by Jim7777

[Jim7777]

15 hours ago, gentlemanjackdarby said:

One of the problems with U.S. banks is that it's possible to find banks where one can transfers USD to a USD account at a foreign bank, but most banks will only make SWIFT transfers in foreign currency, which is understandable since the bank makes money by offering a relatively poor FYO exchange rate (FYO rate - '<deleted> You Over).

 

And even for a USD to USD transfer, U.S. banks still charges a hefty wire transfer fee, usually in the neighborhood of USD 40 - 50.

 

You're lucky to have a fee of only GBP 9.60 (USD 12)

 

I know some folks have thrown out that Charles Schwab charges only USD 25 for an international wire transfer, but that is at Schwab International and they do not disclose their forex rates until one wishes to make a transfer, a clear red flag that the rate will likely not be competitive with options like Transferwise.

 

While Charles Schwab is to be commended for offering U.S. expatriates (those who are bona-fide non-U.S. residents with a non-U.S. address) an option to maintain a relationship, Charles Schwab International is not the same as Charles Schwab for U.S. residents, which does not offer international wire transfers; I'm not complaining since Charles Schwab gives us a great debit card.

 

Charles Schwab International requires a minimum balance to open an account of USD 25,000, which is a non-starter for those folks in the position of having to use the monthly income method to qualify for a visa or visa extension.

Actually my bank Pentagon Federal Credit Union in the States and Navy Federal Credit Union can both do swift transfers to my SCB Thai bank account in USD, but like I said in my previous response to you I’ve been asking them to do it in Thai Baht every month because I thought I had to.  Like I said before I’m gonna ask SCB about sending my monthly wire transfers to them in USD.  I do my monthly wire transfers from my bank in the States to SCB in Thai Baht and I do think I might be getting screwed just a little bit because of my US bank’s exchange rates they use, that’s another one of many reasons why I prefer the monthly income option.  I’m on a marriage visa extension but I think a lot of people don’t know that the monthly income option is still an option for retirement visa extensions as long as you make at least the minimum of 65K Baht a month EVERY MONTH for the whole year just like the marriage visa extension except  our minimum monthly income requirement is only 40K Baht a month.  I make more than triple that per month so I’m covered but I understand that for some people the 400K or 800K Baht in the Bank option might be their only option or the combination option.  And I can understand how confusing that must be for people on retirement visa extensions especially if they’re using the combo method that’s gotta be confusing especially if you are using one of the few Immigration offices that are still catching up with the new rules right now.  But oh yeah look at the police order it clearly states that the monthly income option is STILL an option for people on retirement visa extensions.  So some people on this forum should not worry about all the hype and mass hysteria that people post on the forum under other topics and some of these recent articles written about it.  Just like any other news media outlet they just want to be sensational to get us to read their articles and the media uses our anxieties and uncertainties to do that sometimes unfortunately, but a lot of the time there is still good legitimate information posted on this forum which is why I still skim over it once in a while and sometimes I’ll still reply to a topic once in a while but not as often.  These days I like to get out more often and live then spend all my time online.  A lot of the news these days is a lot of doom and gloom so I keep up with it all but I still read between the lines and I ignore a lot of the BS on the forum and any news outlet.  

 

I’m not sure if I’m actually gonna do my monthly International wire transfers in USD yet I still want to compare the exchange rates first between my Thai bank and US bank and make sure that’s okay with my Thai bank and possibly Immigration as well just to be safe but your idea sounds good and makes sense so again thanks for your insight.  

 

If I were you I would make sure that your check deposits can still be verified by your Thai bank as income deposits coming from your home country which I believe you said that you’re a US citizen as well.  You should be okay with Immigration as long as you can prove that your monthly deposits are coming from your home country.  I do the International wire transfers from my bank in the States to SCB and even I verify with my Thai bank SCB that they can show proof that my monthly transfers are coming from my bank in the States by getting the credit advice print outs from SCB every month which shows everything, the bank of origin in the States, my name, my Thai bank account number, our address, and the amount of the transfer in Thai Baht as well as other useful information, but I’m just naturally over cautious that’s just me.  Thanks again for that info I might start doing my transfer in USD if it’s a better exchange rate over here on the Thai bank side.  

[Jim7777]

14 hours ago, dufus said:

Been doing international SWIFT wire transfers to SCB for more than a dozen years with Schwab (US not International) as US resident in US dollars to US dollars at SCB which FX's it into Baht. Have been doing it every month since my last extension in prep for the next extension. Schwab's wire cost is $25 (sometimes waived), and the SCB FX cost into baht has generally been about $25 away from bid side quotes. Schwab is also competitive in FX if you prefer that route.

 

That’s exactly what I’ve been doing except not for a dozen years and I also use SCB they're a GREAT BANK!  I went to SCB because they didn’t give me a hard time about opening a Thai bank account in my name only as Bangkok Bank did, SCB had me fill out a ton of paperwork but they were much easier than Bangkok Bank.  I also have a joint account with Bangkok Bank with my wife but I found out that Immigration will want the Thai bank account to be in my name only and I was gonna open my own personal account at Bangkok Bank but the manager there didn’t seem to know the rules and they wanted a letter from the embassy my Social Security Card and stuff that I don’t have readily available.  So I went to SCB and they opened my own personal account in my name only with no problem at all.  I actually did have to provide them with my SSN but I didn’t have to show my Social Security Card or get a letter from the embassy or any of that BS.  SCB treated me great.  My wife did have to be there with me though even though the account is in my name only just to verify our marriage.  I had to show SCB her Thai ID card, the Tambien Baan, my lease agreement, and some other documents I forget because it was a lot of paperwork but it was still relatively easy compared to Bangkok Bank by a long shot, and I had to fill out a lot of paperwork including IRS documents where I had to provide my Social Security Number as well and a US address almost as if I was opening a US bank account, I guess the Thai banks must have an agreement with the FTC or whatever.  The important thing is that I was able to open my own personal SCB account in my name only with my documents that I have readily available much better than Bangkok Bank!!!  The customer service is just as good or better than Bangkok Bank as well I know the manager at my local SCB branch is a lot more helpful than the manager at my local Bangkok Bank branch that’s for sure.  SCB set up my online banking for me on their smartphone app right there in front of me for me in only a few minutes which was nice of them.  It took me a month to set up online banking with Bangkok Bank.  SCB provided me with a Master Card Debit Card for my account right away it was a great experience with SCB.  I’m only going to use SCB from now on not Bangkok Bank and after I opened the account at SCB I made sure and went back to see that manager at Bangkok Bank to tell him how wrong he was because he told me that all the other banks would have the same policy; wrong, I opened an account in my name only at SCB without any issues.  So I think that my local Bangkok Bank manager just didn’t know what he was doing, I could tell when he changed his story twice when talking to him initially about their policy.  Although I did see one other person in the forum post a similar experience when dealing with Bangkok Bank I wonder if it was the same branch I don’t recall his whole post.  Bottom line Siam Commercial Bank is so much better and I now also have my account with SCB as well.  

 

Anyway I have also been doing exactly what you’re doing.  Last extension I used my last income affidavit that the embassy would provide at the end of 2018, and now I’ve been doing my monthly wire transfers from my bank in the States to SCB my Thai bank every month in preparation for my next visa extension in around January 2020 if I do it 30 days early.  So for me their timing with the income verification methods was perfect.  I will continue to make my monthly wire transfers from my bank in States to SCB every month for every year so I’ll be fully prepared when I do my next extension and all of my future extensions.  What you said is exactly what I’ve been doing preparing for next year’s extension.  

 

Although I am gonna look into maybe making my transfer in US dollars if it really is a better exchange rate that’s why this is a good post and a good topic because I never thought about doing it that way.  Also you said you do it through your bank Schwab I make my monthly transfers through Pentagon Federal Credit Union or Navy Federal Credit Union but I’m retired military.  Someone also showed me an International transfer app called TransferWise but I’m still a little leary about using an app to make my monthly transfers I think I’ll continue doing it through my bank they only charge $20 USD but I’m gonna look into maybe making my monthly transfers in USD depending on what SCB says when I ask.  I mean regardless the exchange rate could be better but it’s not horrible like in Japan where I used to work for one of my last assignments in the military.  It’s not that bad.  Although my monthly pension is over $4,000 USD a month so I may not notice it as much as others.  Although that exchange rate does add up when you’re talking thousands of dollars a month in wire transfers all year.  That’s another reason why I would not want to use the 400K Baht in the bank option I’m on a marriage visa it’s 800K Baht in the bank for retirement visas unless of course you use the monthly income option only.  

 

Anyway good info thanks.  I saw your post and I just had to reply because I have been doing exactly the same thing in preparation for my next extension in 2020 as far as the monthly wire transfers every month since my last extension. And I also use SCB they are so much better than Bangkok Bank.  Your words “been doing that every month since my last extension in preparation for my next extension” is exactly what I’ve been doing.  

[jacko45k]

Crikey Jim, is the 7777 the number of words per post?

[gentlemanjackdarby]

7 hours ago, skatewash said:

 

Not sure I understand this point from the OP.  If you SWIFT transfer USD to Thailand, then surely it is the Thai bank that performs the conversion at its own exchange rate (nothing to do with American banks at all).  That's why the Thai banks charge 0.25% fee (min. 200, max. 500) for doing the conversion of USD into THB.  If you SWIFT transfer USD to Thailand into a FCD account then there's no conversion that occurs at that time and no Thai bank fee.  If you are SWIFT transferring baht to Thailand, stop doing that.  This last transfer is the only one that American banks have anything to do with the exchange rate.  The best buying rate for Thai baht is where Thai baht is the official currency, Thailand.

In my OP, I was trying to find a simple, inexpensive way to make a monthly deposit into a Thai bank account that would prove that the deposit originated from outside Thailand.

 

I'm an American and American banks charge a fee in the range of USD 40 - 50, with some charging more, to make an international wire (SWIFT) transfer.

 

On top of the fee, most U.S. banks need to use an intermediary to perform a foreign currency conversion and they add a percentage for themselves, resulting in a poor exchange rate which is nothing more than an additional cost for the transfer.

 

Transferwise is often mentioned, but some of their transfers, even though they originate outside Thailand, they are coded as domestic transfers leading to speculation that those transfers won't be accepted by an IO at retirement extension time

 

Some folks mention low cost international wire transfers from their brokerages, but in my experience there is usually some sort of 'catch' - usually it's a high 'total relationship balance'. J P Morgan Chase offers free international wire transfers for their 'private client' banking customers, but one must have a 'total relationship balance of USD 250,000, which is likely a non-starter for the folks needing to rely on the income method.

 

I hadn't seen the idea of depositing a physical paper check, drawn on one's home bank, into a Thai bank account discussed.

 

As I said in my OP, I would expect that Thai banks use some sort of code to show that a deposit into a foreign currency account was a check drawn on a foreign bank - proof that the deposit originated outside Thailand.

 

I know that quite a few retirees in the PI deposit a paper check into their bank account to fund their retirement and it doesn't cost much; as well, the bank gives a much pretty good exchange rate when (if) they move some of their foreign currency into a PHP account.

 

I've also read some blog posts of people doing that in Thailand, but the blog posts were several years old and I don't think the posters were on a retirement extension

 

I was simply wondering if any of the forum members had looked into that method 'cause I've sure seen a lot of talk about the changes and possible ways to do things to comply, but nothing on that method

[Suradit69]

On February 5, 2019 at 11:17 PM, gentlemanjackdarby said:

but most banks will only make SWIFT transfers in foreign currency, 

All of my SwIft transfers are in US $.  If you send Thai baht it won't be recorded as a foreign sourced deposit. Bangkok Bank receives the dollars and converts that to baht which is credited to my account. I receive a message on my phone showing the dollar amount, the fees, the exchange rate and the amount deposited in my account.

 

You should always transfer foreign currency and let your Thai bank do the conversion.

[gentlemanjackdarby]

2 minutes ago, Suradit69 said:

All of my SwIft transfers are in US $.  If you send Thai baht it won't be recorded as a foreign sourced deposit. Bangkok Bank receives the dollars and converts that to baht which is credited to my account. I receive a message on my phone showing the dollar amount, the fees, the exchange rate and the amount deposited in my account.

 

You should always transfer foreign currency and let your Thai bank do the conversion.

Good point - Thanks!

[xylophone]

17 hours ago, Suradit69 said:

All of my SwIft transfers are in US $.  If you send Thai baht it won't be recorded as a foreign sourced deposit. Bangkok Bank receives the dollars and converts that to baht which is credited to my account. I receive a message on my phone showing the dollar amount, the fees, the exchange rate and the amount deposited in my account.

 

You should always transfer foreign currency and let your Thai bank do the conversion.

Ah, wish I had found your post earlier Suradit69, as I have been contacting my pension providers as well as the Bangkok "branch" in London as to ways that I could get my pension to appear here as an "International Transfer" and I posted about it on probably the wrong thread!

 

Currently my UK pension provider sends my pension in pounds to the Bangkok bank "branch" in London and they send it here after converting it to baht, and it appears on my statement as just a transfer, nothing international about it, so I was worried that the IO might not accept it.

 

On enquiring, I found that if the London "branch" transferred my pension in pounds to Bangkok bank here, then it would register as an international transfer, which is just what I want, so I appear to have solved that problem.

 

So problem solved BUT........the total fees they charge at the London end and Bangkok bank in here in Thailand amount to 6.6% of my pension amount!!! So not sure whether it is a good deal or not and before I commit to letting this happen I am investigating more avenues.

 

Hopefully I can find a better way, at least one that doesn't rip the arse out of my pension, so I will be scouring more threads to see if anyone can come up with a cheaper way of transferring UK pounds to here, with it showing up as an International Transfer........ 

[Sheryl]

On 2/6/2019 at 8:15 AM, eggers said:

I use Currency Trader, World First, give Trade Statement w/ Bank Account details where funds from & where funds transferred to. Better currency rate than Banks, funds in Thai account within 3 - 4 days, costs equiv.  ($US 7.00, UKPnd 5.50).. 

Does it show up in your Thai  bank statement  as a foreign transfer? that;s the biog catch with using these type of services.  Didn't matter before but will now.

[pontious]

24 minutes ago, Sheryl said:

Does it show up in your Thai  bank statement  as a foreign transfer? that;s the biog catch with using these type of services.  Didn't matter before but will now.

My personal view is they will just wont to see 65,000 per month in your bank book. Lets face it CM and CR do not have the same policy.!!  And it starts in 21 days. 

[Sheryl]

6 minutes ago, pontious said:

My personal view is they will just wont to see 65,000 per month in your bank book. Lets face it CM and CR do not have the same policy.!!  And it starts in 21 days. 

The new directive clearly states you have to show 65k transferred in from abroad. And that rule is already in effect, since end of December,  It is only the new 800K rules that are 1 March.

 

To expect IO to ignore that requirement is likely to be wishful thinking.

 

If your trabsfers do nto show as foreign trabsfers in your bank statement I suggest you at a minimum get documentation from the service you used to show that you transferred the money from abroad and, if applicable, a letter from your pension provider or equivalent. . That may or may not work but is better than going in there with nothing at all to show re source of funds.

 

 

[moe666]

I have been sending US dollars from my credit union account for about 7 to 8 years always sent in US dollars and exchanged into Thai Bhat in Thailand. I am always given the option dollars or thai bhat. It cost 30 dollars a transfer. With the new monthly requirement 360 dollars is a bit expensive the transfer always shows up on my bank book FTT

[moe666]

19 minutes ago, pontious said:

My personal view is they will just wont to see 65,000 per month in your bank book. Lets face it CM and CR do not have the same policy.!!  And it starts in 21 days. 

The income amt started on Jan 1

[gentlemanjackdarby]

3 hours ago, xylophone said:

Ah, wish I had found your post earlier Suradit69, as I have been contacting my pension providers as well as the Bangkok "branch" in London as to ways that I could get my pension to appear here as an "International Transfer" and I posted about it on probably the wrong thread!

 

Currently my UK pension provider sends my pension in pounds to the Bangkok bank "branch" in London and they send it here after converting it to baht, and it appears on my statement as just a transfer, nothing international about it, so I was worried that the IO might not accept it.

 

On enquiring, I found that if the London "branch" transferred my pension in pounds to Bangkok bank here, then it would register as an international transfer, which is just what I want, so I appear to have solved that problem.

 

So problem solved BUT........the total fees they charge at the London end and Bangkok bank in here in Thailand amount to 6.6% of my pension amount!!! So not sure whether it is a good deal or not and before I commit to letting this happen I am investigating more avenues.

 

Hopefully I can find a better way, at least one that doesn't rip the arse out of my pension, so I will be scouring more threads to see if anyone can come up with a cheaper way of transferring UK pounds to here, with it showing up as an International Transfer........ 

6.6% in fees - that's scary

 

For someone just making the THB 65K cut, which is about USD 2,100, that's almost USD 140 in fees per month or about USD 1,700 per year.

 

Well, that's why I posted the question about simply depositing a check, drawn on one's home country bank in home country currency, into a foreign currency account in a Thailand.

 

Since my OP, I tried to find if Thailand banks will clear a foreign check and if so, how much, and reviewing a couple of banks' fee schedules, it appears that it can still be done.

 

I looked  at Krungsri Bank's fee schedule and I have to say, they lay out their fee schedules beautifully and logically - probably better than any fee schedule I've seen from a U.S. bank.

 

Krungsri Bank charges the equivalent of USD 10 to clear a USD or CNY (surprised seeing that!) and they convert at the daily TT rate, which is good.

 

It appears that one **might** be able to deposit a foreign currency check directly into a THB account, which means there would almost certainly have to be detail, such as the conversion rate, that would prove the deposit originated outside Thailand.

 

One thing that may not be so good was that in addition to their USD 10 fee, they also made note of 'plus foreign bank fee, is any so it's likely there's other fees as well

 

A start at least 

[xylophone]

11 hours ago, gentlemanjackdarby said:

6.6% in fees - that's scary

 

For someone just making the THB 65K cut, which is about USD 2,100, that's almost USD 140 in fees per month or about USD 1,700 per year.

 

Well, that's why I posted the question about simply depositing a check, drawn on one's home country bank in home country currency, into a foreign currency account in a Thailand.

 

Since my OP, I tried to find if Thailand banks will clear a foreign check and if so, how much, and reviewing a couple of banks' fee schedules, it appears that it can still be done.

 

I looked  at Krungsri Bank's fee schedule and I have to say, they lay out their fee schedules beautifully and logically - probably better than any fee schedule I've seen from a U.S. bank.

 

Krungsri Bank charges the equivalent of USD 10 to clear a USD or CNY (surprised seeing that!) and they convert at the daily TT rate, which is good.

 

It appears that one **might** be able to deposit a foreign currency check directly into a THB account, which means there would almost certainly have to be detail, such as the conversion rate, that would prove the deposit originated outside Thailand.

 

One thing that may not be so good was that in addition to their USD 10 fee, they also made note of 'plus foreign bank fee, is any so it's likely there's other fees as well

 

A start at least 

Thanks for your suggestions, unfortunately they probably won't work in my case because I don't have a UK bank account and also in my experience any letters/anything sent by post to me here is precarious indeed, not only with water sodden and unreadable letters being received, but some going missing.

 

I'm still investigating utilising the Bangkok bank UK "branch", and I did recalculate the fees after a link given to me by another poster, Tanoshi, and they actually work out to be 5.5% of the total amount remitted, which is still very hefty in my opinion, however Tanoshi seems to have had some good luck with Transferwise, so I'm watching and waiting to see if anyone else has had an experience with them which would result in my funds being received here as an "international transfer".

[Sheryl]

14 hours ago, moe666 said:

I have been sending US dollars from my credit union account for about 7 to 8 years always sent in US dollars and exchanged into Thai Bhat in Thailand. I am always given the option dollars or thai bhat. It cost 30 dollars a transfer. With the new monthly requirement 360 dollars is a bit expensive the transfer always shows up on my bank book FTT

You are lucky it is only $30. It is $45- $50 many places.

 

And yes, the requirement for monthly transfers creates greater expense vs requiring unspecified number of transfers that average out to 65k a month.

 

Either method costs you more than in the past- with the 800K method you lose on interest or dividends  (assuming you would not otherwise have that money sitting in a equally low interest savings account, but most people wouldn't) and with the 65k method you have increased transaction fees.

 

 

[Lefty]

JUST MADE A TRANSFERWISE TRANSFER TO MY BANGKOK BANK ACCOUNT,IT ARRIVED TODAY FEB 8 AND SHOWED INTERNATIONAL TRANSFER. SOME HAVE SAID NOT ALL TRANSFERS MAY NOT SHOW INTL TRANSFER.TO HELP WITH THIS TRANSFERWISE GIVE YOU A COMPLETED NOTICE,PRINT THIS AS IT EXPLAINS THE MONEY IN MY CASE WAS SENT FROM TEXAS. 

PLS EXCUSE THE CAPS.

LEFTY

[skatewash]

2 minutes ago, Lefty said:

JUST MADE A TRANSFERWISE TRANSFER TO MY BANGKOK BANK ACCOUNT,IT ARRIVED TODAY FEB 8 AND SHOWED INTERNATIONAL TRANSFER. SOME HAVE SAID NOT ALL TRANSFERS MAY NOT SHOW INTL TRANSFER.TO HELP WITH THIS TRANSFERWISE GIVE YOU A COMPLETED NOTICE,PRINT THIS AS IT EXPLAINS THE MONEY IN MY CASE WAS SENT FROM TEXAS. 

PLS EXCUSE THE CAPS.

LEFTY

Glad to hear that it worked for you.  The problem people are having with TransferWise is that it isn't guaranteed to work month after month.  The TW business model doesn't guarantee the path the money takes from your home country to your Thai bank.  In this case, it worked (presumably you have an FTT code associated with the deposit in your passbook) and that's good.  And what you say about the TW receipt is also true, it explains the money originated outside Thailand.  The question everyone has now is will the immigration officer looking at your monthly transfers be willing to look at the TW receipt in those cases where the money is coded in the passbook as having come from another Thai bank (one of the three TW uses as partner banks in Thailand:  Bangkok Bank, TMB, and Krungsri Bank).  That's why many don't have a warm and fuzzy feeling about this.  No one knows now whether the TW receipt (which does not come from a Thai bank) will be accepted as evidence of an international transfer when the passbook code is something other than FTT (Foreign Telegraphic Transaction), in the case of Bangkok Bank.

[TheThai]

23 minutes ago, skatewash said:

Glad to hear that it worked for you.  The problem people are having with TransferWise is that it isn't guaranteed to work month after month.  The TW business model doesn't guarantee the path the money takes from your home country to your Thai bank.

So far there has only been 1  poster that stated that one and only one transfer didn't have the FTT code ... and no one knows the cause of that situation.  It seems people are too worried about what appears to be an anomaly, rather than the normal practice.   Everyone else seems to be getting the FTT code ALWAYS with their transferwise transfer. 

[jacko45k]

3 minutes ago, TheThai said:

So far there has only been 1  poster that stated that one and only one transfer didn't have the FTT code ... and no one knows the cause of that situation.  It seems people are too worried about what appears to be an anomaly, rather than the normal practice.   Everyone else seems to be getting the FTT code ALWAYS with their transferwise transfer. 

I have read more than one but I am certainly one such poster. But you cannot use the word 'always' in that last sentence. Be prepared to argue the toss with immigration if one of the monthly transfers is not labelled FTT. and they take issue with that. A copy of the TW PDF receipt may swing it. 

Edited February 8, 2019 by jacko45k

[TheThai]

5 minutes ago, jacko45k said:

I have read more than one but I am certainly one such poster. But you cannot use the word 'always' in that last sentence. Be prepared to argue the toss with immigration if one of the monthly transfers is not labelled FTT. and they take issue with that. A copy of the TW PDF receipt may swing it. 

I personally use transferwise and EVERY single transaction for the last 8 months has FTT.  I'm transferring from a U.S. bank.  Maybe it's possible from other countries there are other methods used, I cannot speak to why or how those others got other than FTT codes.  But until I see something other than FTT on mine I will continue with transferwise.  

Also, it is speculation at this point whether or not this will even be an issue.  Each TI office seems to enforce things differently, so we do not know which will or which won't make an issue of seeing the FTT codes.   Merely seeing a minimum of 65k deposited each month may suffice. 
 

[jacko45k]

Just now, TheThai said:

I personally use transferwise and EVERY single transaction for the last 8 months has FTT.  I'm transferring from a U.S. bank.  Maybe it's possible from other countries there are other methods used, I cannot speak to why or how those others got other than FTT codes.  But until I see something other than FTT on mine I will continue with transferwise.  

Also, it is speculation at this point whether or not this will even be an issue.  Each TI office seems to enforce things differently, so we do not know which will or which won't make an issue of seeing the FTT codes.   Merely seeing a minimum of 65k deposited each month may suffice. 
 

Yes it might, let us hope so. 

[roger buttmore]

33 minutes ago, TheThai said:

I personally use transferwise and EVERY single transaction for the last 8 months has FTT.  I'm transferring from a U.S. bank.  Maybe it's possible from other countries there are other methods used, I cannot speak to why or how those others got other than FTT codes.  But until I see something other than FTT on mine I will continue with transferwise. 
 

I'm of the same experience and thought plan as you, although I am British.

 

All Transferwise transactions sent to my Bangkok Bank account from my GBP Borderless TW account have been listed in Bangkok Bank statements as 'International Transfer'. This has been the case for over a year, no other description has ever been used. So I'll carry on as I was, apart from ensuring the deposited amount equals or exceeds B65k each time.

[Martyp]

I wire transfer money from Bank of America to Kasikorn. The transfer fee is $35 and it shows up in my Kasikorn account as a domestic transfer. Someone explained to me that international transfers are handled by Bangkok Bank and then show up in Kasikorn as a domestic transfer. I think I also read that you can go to Kasikorn and they can produce a  record showing that it is an international transfer however they may only be able to go back 3-6 months. 

Edited February 8, 2019 by Martyp

[skatewash]

1 hour ago, TheThai said:

So far there has only been 1  poster that stated that one and only one transfer didn't have the FTT code ... and no one knows the cause of that situation.  It seems people are too worried about what appears to be an anomaly, rather than the normal practice.   Everyone else seems to be getting the FTT code ALWAYS with their transferwise transfer. 

There was another poster who claimed that over the course of a year 10 showed up coded as FTT and two did not.  Also, customers have corresponded with TW and the emails received have been posted.  TW's position is that it has no control over how their partner banks code the transfer.  The pathway is not guaranteed.  What happened this month may not happen the next month.  I assume you're speaking about customers who have used TW into Bangkok Bank and you're correct the vast majority of those transactions seem to be coded as FTT.  The same does not seem to be the case with Kasikorn and I haven't seen any reports about people trying with TMB.  As you say it's absolutely not a problem right up until it becomes a problem -- if you run into an immigration officer/office where they want to see codes that clearly indicate it came from outside of Thailand and the code they see does not do that.  Will they be amenable to looking at non-Thai bank issued receipt from TW?  That would be nice, but I don't know if that will happen.  Who can say how strict they will be?  Who can say how rigorous they will be?  Who can say how lenient they will be?  I can't and I'm not sure how you can, either.  Throw in what happens in Bangkok, doesn't always happen in Phuket and you have a situation where there is much uncertainty.

[gentlemanjackdarby]

3 hours ago, Martyp said:

I wire transfer money from Bank of America to Kasikorn. The transfer fee is $35 and it shows up in my Kasikorn account as a domestic transfer. Someone explained to me that international transfers are handled by Bangkok Bank and then show up in Kasikorn as a domestic transfer. I think I also read that you can go to Kasikorn and they can produce a  record showing that it is an international transfer however they may only be able to go back 3-6 months. 

Likely the reason it shows up in a Kasikorn account as domestic transfer is because Bangkok Bank is the correspondent bank for BofA with no other intermediaries.

 

That is very helpful information because it tells others reading this thread that if one is using BofA, use a BB account.

 

As well, since there's likely no other bank between BofA and BB, it will be much easier to calculate the amount to transfer for those on the edge of THB 65K since, after taking the USD 35 fee into account, one's transfer should equal or exceed THB 65K, depending on the exchange rate

 

Thanks for posting that info

[eggers]

On 2/7/2019 at 8:57 PM, Sheryl said:

Does it show up in your Thai  bank statement  as a foreign transfer? that;s the biog catch with using these type of services.  Didn't matter before but will now.

Get Transfer confirmation from Co. showing where funds from (Home Bank) acc & to what Thai acc (Bank, Branch & Number)... Plus, have Bank statement to confirm amount into acc...  I'm not awareThai Banks show Tfrs as Foreign Tfrs...