Credit Cards for Businesses: must be a joke!

[lemonwaterjoe]

Hey everybody,

 

I know many of you are involved in Thai companies. Same as me - even I'm not actively working and only shareholding I'm monitoring what's happening with the business. One thing that really drives me crazy are international payments and credit cards:

 

"My" company (a Co. Ltd.) is operating in the marketing business and also got some international clients. So it's from time to time needed to make international bank transfers to Europe or the US. For international bank transfers (at least with Bangkok Bank) you always need to walk with the bank-book to the bank and fill out several pages of papers like we did in old Europe 35 years ago. It's also very important that these papers get at least 10 times stamped. And on top there is always one paper needed that confirms the business is stilll active what can't be older than 30 days. Getting this paper cost several hundred or even almost 1000 THB...okay, but that is something we can deal with.

 

But what makes me really crazy is the situation with credit cards. Is it real that it is more or less impossible for Thai companies to get a credit card that can be used to do global purchases online? I'm even not talking about a real credit card. A debit credit card that only allows you to do purchases if you got enough funds on your account would be totally fine already. We need to register from time to time Domains or buy Server space at AWS (Amazon). They only accept credit card payments. Same as for many other companies. Paypal or bank transactions simply don't work. This is really causing so many issues and harming our business seriously. Is here anybody having a Thai registered business that has a business (debit/pre-paid) credit card that can be used for international transactions? Any help or idea for a a solution would be appreciated.

 

Thanks for reading & best regards,

Joe

 

[DK2223]

As for me i always used a personal debit/credit card to do any purchase internationally and used company account to pay back to the cards i used. This is a way and less hassle for me. 

[lemonwaterjoe]

6 hours ago, DK2223 said:

As for me i always used a personal debit/credit card to do any purchase internationally and used company account to pay back to the cards i used. This is a way and less hassle for me. 

Yes, but that can't be a serious option. We could pay 25.000-30.000$ by credit card with that business. I doubt that my private credit card could cover such an amount. But even for smaller amounts it's riddiculous if that really would be the only option.

[blackcab]

I use a personal credit card and claim back from the company as an expense. That's great for me because I've got an air miles credit card.

 

If you have to make a purchase larger than your credit limit you can either get your credit limit increased; apply for a temporary increase or you can deposit money onto your card so you have a positive balance before the transaction. I've had to do that a few times; it's very quick to do using a banking app.

 

It's not a perfect solution, but it works.

[yankee99]

First of all wire transfers can be done via your business online bank account you never have to leave your office. 

 

Business debit cards are not available in Thailand. 

 

CC are available but you need to be in business at least 3 years and some other requirements with financial statements. 

 

Bangkok bank offers a secured cc for businesses which is the easiest option 

 

 

Edited June 15, 2019 by yankee99

[Pib]

40 minutes ago, yankee99 said:

CC are available but you need to be in business at least 3 years and some other requirements with financial statements. 

 

Here's Bangkok Bank requirements to get a business credit card (they call it a commercial purchasing credit card).  LOTS of documents are needed.   I expect other Thai banks have the same/similar requirements. 

 

https://www.bangkokbank.com/en/Business-Banking/Manage-My-Business/Commercial-Cards/Purchasing-Credit-Card

 

[khunPer]

On 6/13/2019 at 4:01 PM, lemonwaterjoe said:

Any help or idea for a a solution would be appreciated.

Same issue here; just use a foreign private plastic card, and take the fund out in cash at daily exchange rate; alternatively use a private Thai plastic card that is debited in Thai baht.

 

The amount of paperwork, meeting reports and signatures needed by Bangkok Bank is overwhelming amazing. By the bank's recommendation we got an Internet bank, to be used for investments, as it could be done with a mouse-click instead of manual paperwork in the local area's main branch. It took almost a year, and remaking the paperwork three times before it was finally approved by the head office in Bangkok. When after all worked, the two investment accounts in question were not accessable in the Internet bank platform, which showed a notice to contact the branch to have them connected. The branch contacted their head office in Bangkok that said, that for connecting the two accounts, which were the main cause for Internet banking, they needed a meeting report, certified company registration etc. etc. etc., all same like when applying for Internet banking.

 

No, I said, its much easier I come down once or twice a year, and sit and watch the branch staff doing all the paperwork, next time I might even bring a coffee...????

Edited June 15, 2019 by khunPer
typo

[Pib]

I wonder what banks and immigration do with all the paperwork they require.   I would like to think they scan it in and its digitally saved, but I have many doubts they do.   But if they do have huge warehouse somewhere where the paperwork is filed the weight of all that paperwork surely makes this side of the Earth much heavier than the other side.  

[khunPer]

1 hour ago, Pib said:

I wonder what banks and immigration do with all the paperwork they require.   I would like to think they scan it in and its digitally saved, but I have many doubts they do.   But if they do have huge warehouse somewhere where the paperwork is filed the weight of all that paperwork surely makes this side of the Earth much heavier than the other side.  

You're not alone, I've been wondering the same for years; not only the banks, but also the immigration offices...????