Banks in Chiang Mai

[racinkc1]

Could anyone recommend banks in Chiang Mai or Online Transfer services such as Xendpay? I need a permanent solution because I am a student and staying a while. Also, could someone fill me in on the procedure? Most the videos I watched are for short term tourist solutions. 

Edited January 3, 2020 by racinkc1

[NCC1701A]

11 minutes ago, racinkc1 said:

Any advice on banks or how to transfer or exchange the US dollar?

sorry where are you from? it makes a difference.

 

Open a regular savings account at Bangkok Bank and get a ATM card.

the easiest is to do a SWIFT transfer from USA bank.

many will be along to tell you why that is expensive and not good.

but there is your answer.

 

Edited January 3, 2020 by NCC1701A

[racinkc1]

4 minutes ago, NCC1701A said:

the easiest is to do a SWIFT transfer from USA bank.

Is this going to give me the best rate? Are there any other options? I see there are like a million Bangkok Banks in Chiang Mai so thanks for the information!!!!!

[NCC1701A]

3 minutes ago, racinkc1 said:

Is this going to give me the best rate? Are there any other options? I see there are like a million Bangkok Banks in Chiang Mai so thanks for the information!!!!!

if you transfer your money in US dollars to Bangkok Bank they have a very good exchange rate. 

don't ever do the exchange in the USA.

Also look into Transfer Wise.

 

Edited January 3, 2020 by NCC1701A

[racinkc1]

3 hours ago, NCC1701A said:

if you transfer your money in US dollars to Bangkok Bank they have a very good exchange rate. 

don't ever do the exchange in the USA.

Also look into Transfer Wise.

 

Thanks a million....

[Peter Denis]

Some info on TransferWise > https://transferwise.com/

 

TransferWise is a very fast and inexpensive way to transfer funds from your foreign bank-account to a thai bank-account.  Many TVF members are making use of that service, and there are many threads on it on the Forum.

TransferWise uses the mid-exchange rate (which is the actual conversion rate and not the inflated rate that banks charge you) and charges a relatively small fee for its service.

Their 'trick' is that they do not physically transfer your funds, but they have agreements with partner-banks in Thailand and your transfer is actually a domestic transfer, as it is their partner-bank that transfers the funds to your bank-account.

 

When you need to prove to your Immigration Office that the funds on your thai bank-account originated from abroad, that can cause a problem.

However, the transfer WILL show up in your Thai bank account as an International Transfer WHEN:

1. your account is from one of the three partner banks TW use (Bangkok bank, Kasikorn bank and TMB)

2. you have (previously) requested that TW tag that bank as your preferred direct transfer route (you only have to do this once, NOT for every transfer)

3. you designate that account as the receiving Thai account on your transfer applications and

4. you choose the "long term stay in Thailand option in the reason for transfer in your transfer applications.

If your Thai bank-account is NOT with one of the three partner banks TW WILL still route your transfer via one of those three banks, to be forwarded (immediately) to your own account. But, because the final leg of the transfer is between two Thai banks the code shown in your own bank account will be a "local transfer" code and NOT an International Transfer.

 

So when it is required to prove to IO that the funds on your thai bank-account originated from abroad,

simply make sure that the 4 conditions have been fulfilled the first time you do a test-transfer and check whether the correct international transfer-code appears next to the transaction in your bank-book.  If that's the case, you can from then on use TransferWise to do all your foreign transfers to that thai bank-account and they will show up as international transfers.

Note: if instead of going directly to your preferred account, should your transfer be routed initially via one of TW's other partner banks that partner bank will, on request, issue a Credit Advice Receipt to confirm the transfer originated from abroad. Just supply them with the relevant TW PDF for that transfer plus details of your own Thai bank account. It takes them about a week to supply the receipt and Kasikorn charge 200 baht for the service. A TVF member reported that one time he needed to use TMB and there was no charge at all. They also arranged for the receipt to be sent to this local TMB branch for him to collect (a first class service).

[racinkc1]

1 hour ago, Peter Denis said:

So when it is required to prove to IO that the funds on your thai bank-account originated from abroad,

simply make sure that the 4 conditions have been fulfilled the first time you do a test-transfer and check whether the correct international transfer-code appears next to the transaction in your bank-book. 

Im sorry but could you explain more as to why I would need to report to immigration how transferring my money and when or if they will require it? It all news to me and kinda seems like BS to me, not saying your information is inaccurate but, it just seems like an invasion of privacy on immigrations behalf.

[jackdd]

1 hour ago, Peter Denis said:

When you need to prove to your Immigration Office that the funds on your thai bank-account originated from abroad

OP said he is studying here, so most likely non-ed visa, most of your post is offtopic and just confusing people.

 

1 minute ago, racinkc1 said:

Im sorry but could you explain more as to why I would need to report to immigration how transferring my money and when or if they will require it? It all news to me and kinda seems like BS to me, not saying your information is inaccurate but, it just seems like an invasion of privacy on immigrations behalf.

This is only relevant for people on non-o or non-oa visas, not relevant for you.

[racinkc1]

6 minutes ago, jackdd said:

 

 

This is only relevant for people on non-o or non-oa visas, not relevant for you.

TY

[Peter Denis]

48 minutes ago, jackdd said:

OP said he is studying here, so most likely non-ed visa, most of your post is off-topic and just confusing people.

If the OP wants to transfer money to a thai bank-account TransferWise is a very good option.

Indeed, when he is not applying at a local IO for an O Visa or an extension of an O/OA Visa, proving that the funds originated from abroad is not relevant for him.

But it is not only the OP that is reading this thread, and for those that do need to prove the origins of the funds, it is highly relevant.