New problems sending funds from the US to cover visa extension

[Thailand J]

On 3/13/2019 at 5:50 AM, eppic said:

I've seen lots of complicated solutions mentioned here but there is one very simple and straightforward one (I believe alluded to by a previous poster but not in detail).

 

All that's necessary is to open a brokerage account with Interactive Brokers, and you can do that using just about any worldwide address (yes, you will need proof of that address).  Personally, I have accounts with Interactive (IB), Schwab, and Fidelity (mostly dormant).  If I want cash in Thailand I can use any  of those three options, but generally I first wire or ACH from IB to Schwab and then do ATM withdrawals here.  I do this to avoid being screwed by Thai banks for incoming transfer fees and fx rates, but I could just as easily do a wire directly to my Thai banks.

Thank you for the post.

As I have said, forget the banks, go with brokerage accounts. If I don't already have Schwab One International, Fido and Vanguard, I will open an account with Interactive Brokers.

What are you waiting for...You will be given an ABA and an account number, just like having a bank account . You can use that to set up and receive pension, SSA etc. Idle cash ( I'm not talking about investments) over 10k gets 1.9% interest which is very good, I am getting 2.3% at Vanguard in Federal Money Market, even better.

 

Edited March 16, 2019 by Thailand J

[Langsuan Man]

23 hours ago, elgenon said:

Thanks. Would you mind explaining this in more detail? Never heard of anything like this.

Fidelity provides it's customers with free International SWIFT wires BUT only if the customer provides Fidelity Standing Wire instructions form that is certified via a Medallion Guarantee, which can only be obtained in the US from a financial institution that is authorized to issue then.  Basically a "super" notary that not only certifies your signature but also your ability to fund an action

 

 https://www.fidelity.com/customer-service/bank-wire-instructions

[Jlop]

On 3/9/2019 at 8:26 AM, gentlemanjackdarby said:

OK, first thing to do is not panic.

 

Who is you U.S. brokerage?

 

The only major broker of which I'm aware that won't make international wire transfers for U.S. residents is Charles Schwab and since you maintain a U.S. residence, it's unlikely you would be able (or want) to set up a Charles Schwab International account, which does make international wire transfers

 

You might consider switching (moving) your brokerage account to a broker that makes international wire transfers - Fidelity is often mentioned as a good choice with low wire fees

 

You might also consider setting up a bank account with a bank or credit union that is used to dealing with folks serving or living overseas, such as USAA or Navy Federal Credit Union (if you're a U.S. vet or a family member of a vet) or a another federal credit union if you lack a service connection - I'd start with State Department FCU or Andrews FCU (those FCUs have relatively flexible ways to join)

TD Ameritrade also will not wire money to Thailand. In leasing some land in Thailand for 4 million baht, Transferwise saved me over 3,000 USD relative to a wire with Fidelity. I was going to try using my credit union, but they said they couldn't tell me the exchange rate until after I had initiated the transaction. Yeah sure, that sounds like a great idea...