Advertorial Pay 0 (zero) when sending USD or EUR to Thailand. Avoid 200 THB international ATM withdrawal

[KhunBENQ]

1 hour ago, Alexila said:

For Euro user adds money (buys THB, USD (DAI), or EVX) with SEPA to our IBAN in Germany

And how do I get this IBAN in Germany?

I just did another attempt (with German VPN) and again get this UK IBAN that was rejected as false. I won't continue from here, don't want to hear from my bank.

Edited August 30, 2019 by KhunBENQ

[Pib]

On 8/29/2019 at 1:02 PM, Alexila said:

The Deposit process in the Wallet is quite self-explanatory. 
You Click on "Deposit" button first, select what you want to "buy" (e.g. THBEX), then Select the Country from where you will initiate the payment (US), and then you are prompted to the detailed invoice page with Bank of America account details. At this time we don't have Pull capability. You can do a regular ACH transfer. 

No I can't do a regular ACH transfer.  As mentioned earlier to accomplish an ACH transfer I must first setup an ACH transfer link which utilizes two trial/micro deposits to the acct....you must find out how much those amounts were....and then provide those amounts back to your bank to validate the transfer link...then and only then can you start accomplishing ACH transfers to that account.  ACH transfers links are typically setup to transfer between a person's accounts he has at different banks.....like for me to transfer funds from my bank A to my bank B.  Until Everex develops ACH "Pull" capability I doubt you get much business in the U.S.

[Alexila]

2 hours ago, Pib said:

No I can't do a regular ACH transfer.  As mentioned earlier to accomplish an ACH transfer I must first setup an ACH transfer link which utilizes two trial/micro deposits to the acct....you must find out how much those amounts were....and then provide those amounts back to your bank to validate the transfer link...then and only then can you start accomplishing ACH transfers to that account.  ACH transfers links are typically setup to transfer between a person's accounts he has at different banks.....like for me to transfer funds from my bank A to my bank B.  Until Everex develops ACH "Pull" capability I doubt you get much business in the U.S.

You can use ACH to send money from/to any bank in the US using regular online banking. Login to your bank and go to Transfer/Payments or similar section. If every business in the US required from users what you describe as "pull" function, then there would be no business in the country. 

[Alexila]

4 hours ago, KhunBENQ said:

And how do I get this IBAN in Germany?

I just did another attempt (with German VPN) and again get this UK IBAN that was rejected as false. I won't continue from here, don't want to hear from my bank.

Send us the error screenshot to [email protected] . I am not sure why you are having problems. We receive daily SEPA transfers with no complaints. 

[moana]

On 8/28/2019 at 1:46 PM, timendres said:

I can think of no better deal getting USD into THB

 

On 8/29/2019 at 11:33 AM, Pib said:

You can use Transferwise to transfer USD to THB with just an approx 1% hit

Get a Schwab debit card, you two. 0% FTF, so you get the Visa rate, and full ATM-fee rebates.

Total cost per withdrawal is around 0.1-0.2% since the Visa rate is excellent.

Speed of accessing funds is unparalleled.

[Pib]

3 hours ago, Alexila said:

You can use ACH to send money from/to any bank in the US using regular online banking. Login to your bank and go to Transfer/Payments or similar section. If every business in the US required from users what you describe as "pull" function, then there would be no business in the country. 

Funds transfers require the trial deposits to setup.  Bill payments "electronically" will only work to accounts the specific bill payment system recognizes (I expect Everex will not be recognized), otherwise, a paper check will be mailed to the acct/address you enter.  I'm very familiar and proficient with transfers and bill payments.  Fully expect a wire transfer would be req'd.

 

[Pib]

8 minutes ago, moana said:

 

Get a Schwab debit card, you two. 0% FTF, so you get the Visa rate, and full ATM-fee rebates.

Total cost per withdrawal is around 0.1-0.2% since the Visa rate is excellent.

Speed of accessing funds is unparalleled.

Had one and similar cards for years.   Using a no foreign transaction fee debit card that also reimburses ATM fees is the best and fastest way to get money.

[moana]

2 minutes ago, Pib said:

Using a no foreign transaction fee debit card that also reimburses ATM fees is the best and fastest way to get money.

So why are you looking into Transferwise/Everex? Just curious?

[Pib]

6 minutes ago, moana said:

So why are you looking into Transferwise/Everex? Just curious?

Always interested in new systems to move money around....and you don't want to get tied down to one system as things change.  Like that Schwab card....tomorrow they could start charging a 1% foreign transaction fee and/or stop ATM reimbursement....then it wouldn't be a great deal anymore.   And I already have Transferwise and OFX accts.  A person should have more than one money movement tool in his money transfer toolbox.

Edited August 30, 2019 by Pib

[timendres]

2 hours ago, moana said:

Get a Schwab debit card, you two. 0% FTF, so you get the Visa rate, and full ATM-fee rebates.

Total cost per withdrawal is around 0.1-0.2% since the Visa rate is excellent.

Speed of accessing funds is unparalleled.

A very good suggestion, although I am not sure everyone can get a Schwab debit card. Are there specific requirements for this? I was able to establish a Capital One savings account based on having a physical address in the US, but some members do not have this luxury.

[Xaos]

On 8/28/2019 at 1:16 PM, KhunBENQ said:

I signed up yesterday and after uploading the photos the confirmation was quite quick.

Within an hour or so.

Now waiting for assets (EVX) to be credited.

The only option I could use was a SEPA transfer from German bank yesterday (minimum required amount) to their UK account. Probably the slow channel and spoiling the "quick transfer".

Wait and see...

 

Sepa fee in uk lloyds bank is 19GBP thats kills the deal for me if no other option. 

[NightSky]

I entered comparable exchange rates to send to a bank account in Thailand (not ATM withdrawal) and for me Transferwise was showing a slightly better exchange rate and cost combined for both GBP/THB and USD/THB

 

The only time Everex costs was better than Transferwise was for a small amount of 100GBP/THB exchange.

 

Its a good secondary backup though although its not as cost effective as Transferwise (today)?

 

 

[NightSky]

On 8/30/2019 at 10:20 PM, timendres said:

A very good suggestion, although I am not sure everyone can get a Schwab debit card. Are there specific requirements for this? I was able to establish a Capital One savings account based on having a physical address in the US, but some members do not have this luxury.

Isn't Schwab for US residents/citizens only? from memory thats why I wasn't able to secure an account.

[TallGuyJohninBKK]

On 8/30/2019 at 3:56 PM, Alexila said:

You can use ACH to send money from/to any bank in the US using regular online banking. Login to your bank and go to Transfer/Payments or similar section. If every business in the US required from users what you describe as "pull" function, then there would be no business in the country. 

 

Perhaps you're not an American with U.S. bank accounts...

 

But my experience is similar to Pib's above, as follows:

--I can send ACH transfers only to accounts where I'm also the owner of the receiving account, and can confirm that link via trial deposits.

--I can send money to 3rd party individuals and companies just by using their name, address, email, phone number (but not to their ABA/routing number). AFAIK, sometimes those payments go out as mailed checks, and sometimes electronic transfers.

--I can make bill payments to 3rd party individuals and companies using their name, address and my account number with them (but not to their ABA/routing number). AFAIK, sometimes those payments go out as mailed checks, and sometimes electronic transfers.

--and of course, I can send domestic or international wire transfers for a fee.

 

Edited September 3, 2019 by TallGuyJohninBKK

[TallGuyJohninBKK]

23 minutes ago, NightSky said:

Isn't Schwab for US residents/citizens only? from memory thats why I wasn't able to secure an account.

 

Schwab has two different types of accounts, domestic U.S. and international. Both can provide the no fee debit card. But the international account typically has a $25,000 or so opening balance requirement, whereas the U.S. account typically has no opening balance requirement.

 

The international account also is restricted from making certain kinds of investment transactions, such as not being able to buy U.S. mutual funds.

 

You typically need some kind of valid U.S. address and a U.S. Social Security # or TIN# in order to open a U.S. account with Schwab.

 

 

You don't need to be a U.S. citizen to open a Schwab international account:

 

 

But the international Schwab accounts come with the same fee-free, ATM fee refunding VISA debit card as the U.S. ones:

 

 

 

Edited September 3, 2019 by TallGuyJohninBKK

[TallGuyJohninBKK]

On 8/30/2019 at 10:20 PM, timendres said:

A very good suggestion, although I am not sure everyone can get a Schwab debit card. Are there specific requirements for this? 

 

See my prior post above re Schwab U.S. and international.

[ReLo]

hello,

 

so is it cheaper and better than all the other transfer services ?! it's hard to choose one !!!

 

 

thank you !!!

[BradinAsia]

On 8/29/2019 at 12:46 PM, jumbo said:

compared to transferwise direct transfer to my thai bank account Everest is more expensive, marginal however .5%

 While I was living in Chiang Mai (I left there April 2016), an American friend told me the simplest and cheapest way 

to transer funds from the U.S. to Thailand. It's easier than falling off a chair, even for an old hill-billy like me.

 

Here's How It Works:

1. Go to any large Bangkok Bank branch (no Bangkok Bank account required).

2. Do not go to the teller, go to a bank officer, give her your U.S. bank ATM/Debit card and tell her the amount you

want. (Note: I don't recall what the limit was, I always withdrew ThB 50,000 each time.)

3. Wait 3-4 minutes for the nice lady to hand you a ThB 50,000 bundle, say, "Kawp khun mak khup," and leave.

 

Amazingly, the exchange rate is the standard rate at the bank, and there are no fees at either end. I have described

this simple, free method to a number of expats living in CM. They simple refused to believe me. So, I quit telling my

secret and just kept getting my monthly transfers free. (Now, I do exactly the same thing at BDO in the Philippines).

 

 

Edited September 3, 2019 by BradinAsia
To improve the wording and clarity

[Pib]

39 minutes ago, BradinAsia said:

 While I was living in Chiang Mai (I left there April 2016), an American friend told me the simplest and cheapest way 

to transer funds from the U.S. to Thailand. It's easier than falling off a chair, even for an old hill-billy like me.

 

Here's How It Works:

1. Go to any large Bangkok Bank branch (no Bangkok Bank account required).

2. Do not go to the teller, go to a bank officer, give her your U.S. bank ATM/Debit card and tell her the amount you

want. (Note: I don't recall what the limit was, I always withdrew ThB 50,000 each time.)

3. Wait 3-4 minutes for the nice lady to hand you a ThB 50,000 bundle, say, "Kawp khun mak khup," and leave.

 

Amazingly, the exchange rate is the standard rate at the bank, and there are no fees at either end. I have described

this simple, free method to a number of expats living in CM. They simple refused to believe me. So, I quit telling my

secret and just kept getting my monthly transfers free. (Now, I do exactly the same thing at BDO in the Philippines).

 

 

Yeap...it's called a counter withdrawal using your foreign debit card although the Thai bank teller may refer to it as a cash advance.  Generally there are no fees on the Thai end although some Thai banks are now charging fees of approx Bt200 for a counter withdrawal....like Krungsri will charge Bt200 for a Visa card but nothing for a Mastercard. 

 

And there are no fees on the card-issuing bank end "if", repeat, if your card does not charge a foreign transaction fee.   Most cards do carry a foreign transaction fee, but some don't.  How much you can withdraw generally depends on the limit set by your card-issuing bank but the Thai bank may also have a limit....several Thai banks have a Bt150K limit.

 

The exchange rate given is the Visa/Mastercard/AmEx/etc. (i.e., card network), exchange rate; not the Thai bank's rate.  It will be the card network rate assuming you don't allow the Thai bank process the withdrawal as a DCC transaction which will give you approx a 3% lower exchange rate than the card-network rate.

 

I been using this method for years at Bangkok Bank and Krungsri Bank as I have several US debit cards that do not charge a foreign transaction fee...I primarily use one particular card that allows up to $5,000 (approx Bt150K) counter withdrawals but only $1,000 at an ATM.  Works fine....instant money deposited directly into my bank account....or let them hand you the money to walk out the door. 

Edited September 3, 2019 by Pib

[jackdd]

23 hours ago, BradinAsia said:

 While I was living in Chiang Mai (I left there April 2016), an American friend told me the simplest and cheapest way 

to transer funds from the U.S. to Thailand. It's easier than falling off a chair, even for an old hill-billy like me.

 

Here's How It Works:

1. Go to any large Bangkok Bank branch (no Bangkok Bank account required).

2. Do not go to the teller, go to a bank officer, give her your U.S. bank ATM/Debit card and tell her the amount you

want. (Note: I don't recall what the limit was, I always withdrew ThB 50,000 each time.)

3. Wait 3-4 minutes for the nice lady to hand you a ThB 50,000 bundle, say, "Kawp khun mak khup," and leave.

 

Amazingly, the exchange rate is the standard rate at the bank, and there are no fees at either end. I have described

this simple, free method to a number of expats living in CM. They simple refused to believe me. So, I quit telling my

secret and just kept getting my monthly transfers free. (Now, I do exactly the same thing at BDO in the Philippines).

Has been mentioned in many threads here on Thaivisa

UOB also does it for free (or at least did it when i used it the last time)

SCB charges 180 THB

 

But everybody should read the fine print of his credit card before attempting this.

The foreign bank of one of my credit cards would charge me a 5% fee for an over the counter withdrawel.

[kuma]

On 9/3/2019 at 12:02 PM, TallGuyJohninBKK said:

 

Schwab has two different types of accounts, domestic U.S. and international. Both can provide the no fee debit card. But the international account typically has a $25,000 or so opening balance requirement, whereas the U.S. account typically has no opening balance requirement.

 

The international account also is restricted from making certain kinds of investment transactions, such as not being able to buy U.S. mutual funds.

 

You typically need some kind of valid U.S. address and a U.S. Social Security # or TIN# in order to open a U.S. account with Schwab.

 

 

You don't need to be a U.S. citizen to open a Schwab international account:

 

 

But the international Schwab accounts come with the same fee-free, ATM fee refunding VISA debit card as the U.S. ones:

 

 

 

TallGuyJohn/all other Schwab clients

I am a Schwab Singapore client. Tonight i received an email saying the bank is closing, we have til YE to find an alternative. I called the international help line, at first they said it must be spam as they had not heard of such a move. Put me on hold and they checked, came back and said yes it is true, and customers from Thailand, Singapore and Malaysia (at a minimum, maybe more countries) would NOT be allowed to join Schwab international, all have to find an alternative bank.

Have others on the forum that bank with Schwab seen this? Does anyone have more info?

Also, does anyone have recommendations for alternative banks? I dont know if this is a canary in the coal mine, and tge shole thing is coming down, or there is agreement that there is hoing to be a squeeze on expat banking, but it has been a shocker!

Not only did tge help line not know about it, the Schwab Singapore website had no obvious notice and is still allowing you to sign up. 

Cheers

[moana]

On 9/3/2019 at 12:02 PM, TallGuyJohninBKK said:

Both can provide the no fee debit card. But the international account typically has a $25,000 or so opening balance requirement, whereas the U.S. account typically has no opening balance requirement.

Schwab US stopped accepting (non-US-person) Thai residents around the end of 2017. It started opening such accounts with Schwab Singapore instead.

 

Only Schwab US provides the oh-so-precious debit card and other useful capabilities (e.g. ACH).

 

Schwab Singapore is closing shop now, but it's too early to tell whether Schwab US will change its policy and re-accept Thai residents again.

 

7 hours ago, kuma said:

customers from Thailand, Singapore and Malaysia (at a minimum, maybe more countries) would NOT be allowed to join Schwab international

I wouldn't take support's word for it so early in the process (<deleted>, they didn't even know it's happening when you started the call!). There's still hope.

 

7 hours ago, kuma said:

Also, does anyone have recommendations for alternative banks?

You mean alternative broker. It depends on a bunch of factors, but basically, it's hard to go wrong with Interactive Brokers. Make sure to open the account with IB US, and not IB HK. If you are being redirected to IB HK then use a VPN for the account opening process (you don't need to lie about your address or anything, Thai residents are allowed to have IB US accounts).

 

Once you have the account you should be able to ACAT your securities from Schwab Singapore to IB (no charge from IB).

 

7 hours ago, kuma said:

squeeze on expat banking

I see the opposite really. More and more options are opening up. Organizations, including financial ones, become more global and try to aim at broader audiences. It's a good time to be a global citizen.

[kuma]

6 hours ago, moana said:

Schwab US stopped accepting (non-US-person) Thai residents around the end of 2017. It started opening such accounts with Schwab Singapore instead.

 

Only Schwab US provides the oh-so-precious debit card and other useful capabilities (e.g. ACH).

 

Schwab Singapore is closing shop now, but it's too early to tell whether Schwab US will change its policy and re-accept Thai residents again.

 

I wouldn't take support's word for it so early in the process (<deleted>, they didn't even know it's happening when you started the call!). There's still hope.

 

You mean alternative broker. It depends on a bunch of factors, but basically, it's hard to go wrong with Interactive Brokers. Make sure to open the account with IB US, and not IB HK. If you are being redirected to IB HK then use a VPN for the account opening process (you don't need to lie about your address or anything, Thai residents are allowed to have IB US accounts).

 

Once you have the account you should be able to ACAT your securities from Schwab Singapore to IB (no charge from IB).

 

I see the opposite really. More and more options are opening up. Organizations, including financial ones, become more global and try to aim at broader audiences. It's a good time to be a global citizen.

Moana

Great poat, thanks.

Schwab Singapore called me thus AM to confirm they are closing and indeed they will not accept Thai residents at Schwab international.

I hear your point about being a global citizen but I think there has to be an aspect of this related to having to insure depositors and they're trying to offload some risk. Other than that why would they want to just disallow the business by not letting people move to Schwab International. I will try interactive brokers and hopefully TD is still operating internationally. I have been with DBS in Singapore and that is an option but their fee structure is not very good.

Cheers

[TallGuyJohninBKK]

14 hours ago, kuma said:

TallGuyJohn/all other Schwab clients

I am a Schwab Singapore client. Tonight i received an email saying the bank is closing, we have til YE to find an alternative. I called the international help line, at first they said it must be spam as they had not heard of such a move. Put me on hold and they checked, came back and said yes it is true, and customers from Thailand, Singapore and Malaysia (at a minimum, maybe more countries) would NOT be allowed to join Schwab international, all have to find an alternative bank.

Have others on the forum that bank with Schwab seen this? Does anyone have more info?

Also, does anyone have recommendations for alternative banks? I dont know if this is a canary in the coal mine, and tge shole thing is coming down, or there is agreement that there is hoing to be a squeeze on expat banking, but it has been a shocker!

Not only did tge help line not know about it, the Schwab Singapore website had no obvious notice and is still allowing you to sign up. 

Cheers

 

I'm not sure what you mean when using the term "bank" re Schwab and their Asian accounts. AFAIK, Schwab doesn't have any "bank" presence in Asia. They have a brokerage operation internationally. But the only banking operation I'm aware of is Schwab Bank in the U.S., which I'm pretty sure doesn't handle any internationally based accounts.

 

However, that aside, I do see the news just today that Schwab is closing its Singapore office. Though the articles I'm seeing don't say what that means for existing customers there, or for Schwab customers in other Asian countries.

 

https://www.nytimes.com/reuters/2019/09/04/business/04reuters-charles-schwab-singapore.html
 

Quote

 

(Reuters) - Discount brokerage company Charles Schwab Corp said on Thursday it will close its Singapore office, less than two years after opening it. "Charles Schwab Singapore will cease to provide services and will close its office in Singapore. We will no longer open new accounts for prospective clients," it said in a statement.

 

Charles Schwab had opened its Singapore office in late 2017 to provide greater access of the U.S. market to investors in Singapore and Asia, who are often underexposed due to high transaction fees.

 

 

[TallGuyJohninBKK]

Another source:

 

https://www.finews.asia/finance/29548-charles-schwab-closes-singapore-office

 

Quote

 

Because Charles Schwab Singapore will no longer be licensed to hold accounts, all client funds must either be transferred to a new broker-dealer or liquidated and returned to clients. We are committed to working with clients to transition their accounts, which must occur by December 31st,» it said in an e-mail reply through a spokesperson.

....

As a result, going forward we will focus on growing our business in Hong Kong/China, Latin America and in the United Kingdom and Europe – utilizing our office in Hong Kong, our Latin American service center in Coral Gables, FL, and our office in London, in addition to the U.S.-based international service teams.» 

 

 

So it sounds like they're keeping and planning to expand their operations in Hong Kong (of all places right now!!!!).  But again, not really clear what Singapore vs. Hong Kong means for any already existing Schwab International account holders based in Thailand.

 

When I went thru the pretend online process of starting to open a new Schwab international account this morning, the Schwab website asked me what country I was in, I answered Thailand, and it then took me to a Schwab international site, not a Schwab Singapore site, FWIW.  And it didn't give me any block or message saying people residing in Thailand aren't eligible to open a Schwab International account.

Edited September 5, 2019 by TallGuyJohninBKK

[TallGuyJohninBKK]

7 hours ago, moana said:

Only Schwab US provides the oh-so-precious debit card and other useful capabilities (e.g. ACH).

 

The Schwab International website clearly says the no-fee Visa debit card is available to their international account holders.

[TallGuyJohninBKK]

7 hours ago, moana said:

Schwab US stopped accepting (non-US-person) Thai residents around the end of 2017.

 

By that description above, do you mean stopped for Thai citizens (Thai people), and/or U.S. expats living in Thailand?

 

Either way, I think the bottom line questions here are 1. will U.S. expats living in Thailand who have Schwab International accounts be impacted by the Schwab Singapore closing?

 

And 2.  What will the Singapore office closing mean for the ability of U.S. expats living in Thailand being able to open new Schwab International accounts for the future?

 

I've always advised folks here that it's best to open the U.S. Schwab account mainly because it has no opening balance requirement, unlike the international ones. Best to do before one leaves for TH... Or if has already left, I think it still can be managed with some care going thru the process, again, for the U.S. citizen expats who have a Social Security # and such.

 

Edited September 5, 2019 by TallGuyJohninBKK

[Pib]

Singapore office closing after only being open two years.  

 

https://www.businesstimes.com.sg/banking-finance/charles-schwab-to-close-singapore-office

 

Quote

 

[BENGALURU] Discount brokerage company Charles Schwab Corp said on Thursday it will close its Singapore office, less than two years after opening it.

 

"Charles Schwab Singapore will cease to provide services and will close its office in Singapore. We will no longer open new accounts for prospective clients," it said in a statement.

 

Charles Schwab had opened its Singapore office in late 2017 to provide greater access of the US market to investors in Singapore and Asia, who are often underexposed due to high transaction fees.

 

The launch of the office had come after integration and account migration from optionsXpress, a derivatives trading platform that Charles Schwab acquired in 2011.

 

The company, which provides brokerage and financial advisory services, reported an 8 per cent year-on-year jump in second-quarter net income at US$937 million. As of July, it had total client assets of US$3.75 trillion.

 

The company did not immediately respond to a Reuters request for comment on whether the step will lead to layoffs.

 

 

[ndreamer]

Australian residents also have ING debit card which refunds all fees and uses the visa exchange rate with no markup.

 

Hopefully everex can get one of our local exchanges to add the evx token.

I was using bx.co.th, transfering to binance and then to my everex wallet is going to add up with fees.

[billp]

OK just getting back on topic, did anyone find Everex’s IBAN that’s valid in Germany?

And could someone please explain how it works with cardless ATM withdrawal? Like, walk me through the process?