Repatriation of the 850,000 deposit

[kingofthemountain]

8 hours ago, meechai said:

This whole one way Thailand banking system is well...one way & unfair as is many "Thai" things & many folks realize it now.

Look at all the Bangkok Banks in the US, London, Tokyo,Korea,Israel etc all one way...allow you to put money in Thailand bank but never withdraw.

You are right

the best image coming to my mind about Thailand and money

is a big vacuum cleaner

Edited September 26, 2020 by kingofthemountain

[Johnthplumb]

12 hours ago, bodga said:

did  the  phone  go dead and you hear the sound of  running feet half  way thru the conversation?????

I would have thought the smell of burning rubber, as the car accelerates to the cash point.

[dabhand]

2 hours ago, George Aylesham said:

850,000 THB - my deposit is 800,000 THB - has the local Immigration been doing me a favour then?

The OP has a Euro deposit and presumably transferred sufficient to cover for possible fx fluctuations when renewing his extension. So having an equivalent balance in excess of Bt800k makes total sense.

[The Theory]

4 hours ago, George Aylesham said:

850,000 THB - my deposit is 800,000 THB - has the local Immigration been doing me a favour then?

As dabhand already mentioned. 

Edited September 26, 2020 by The Theory

[Susco]

On 9/25/2020 at 4:10 PM, Barry864 said:

I am seriously thinking about repatriating my equivalent to 850,000 baht deposit standing there idle with no immediate use. I transferred this amount from Europe in euros into a euro foreign currency account in Bangkok Bank

 

Bad Idea Barry,

 

First of all, foreign currency account is not accessible through internet banking or ATM, you can only withdraw money from at a branch, and even then it has to be a main branch, because sub-branches can not access foreign currency accounts.

 

If you want to send back, it can not be done in foreign currency, but it has first to be exchanged to Thai Baht, for which you pay a fee.

 

If the account is in USD, the fee is 0.25% on the total amount, if it is in Euro the fee is 0.5%. There is no limit on that fee.

 

On top of that you will pay a transfer fee, and the receiving bank will have some charges for you

 

 

[Leaver]

1 hour ago, Susco said:

 

Bad Idea Barry,

 

First of all, foreign currency account is not accessible through internet banking or ATM, you can only withdraw money from at a branch, and even then it has to be a main branch, because sub-branches can not access foreign currency accounts.

 

If you want to send back, it can not be done in foreign currency, but it has first to be exchanged to Thai Baht, for which you pay a fee.

 

If the account is in USD, the fee is 0.25% on the total amount, if it is in Euro the fee is 0.5%. There is no limit on that fee.

 

On top of that you will pay a transfer fee, and the receiving bank will have some charges for you

 

 

Paying fees is better than paying for a "bail in" or losing access to your funds, or worse still, losing the lot.  

 

Transfer it while it's still yours to transfer.  It can always be transferred back to Thailand in safer times.  

[A512]

can you make payments using your internet banking, I have probably the same account as yours and I am able to do.

If Yes, then buy bitcoins or any other cryptocurrency, bitcoin cash by the way has very low fees, close to 0.05%

 

This is really is your best option and you can always say you lost everything gambling ???? 

[Susco]

55 minutes ago, A512 said:

can you make payments using your internet banking, I have probably the same account as yours and I am able to do.

If Yes, then buy bitcoins or any other cryptocurrency, bitcoin cash by the way has very low fees, close to 0.05%

 

This is really is your best option and you can always say you lost everything gambling ???? 

 

Internet banking works only for accounts in Thai Baht.

 

OP has a foreign currency account.

[micmichd]

8 minutes ago, Susco said:

 

Internet banking works only for accounts in Thai Baht.

 

OP has a foreign currency account.

That's bad. He should have a Thai Baht account like I do. 

Whether SWIFT or SEPA in the West, you can use either now from Bangkok Bank. 

[Susco]

6 minutes ago, micmichd said:

That's bad. He should have a Thai Baht account like I do. 

Whether SWIFT or SEPA in the West, you can use either now from Bangkok Bank. 

It is not bad, a foreign currency account has its advantages.

 

The money stays in the foreign currency, so you can exchange when the exchange rate is good.

 

You can withdraw in foreign currency as well as in Thai Baht. If withdraw in foreign currency you pay a 1% fee. Thai Baht has no fee

 

My understanding is that a foreign currency account stays in a " free trade zone", so it only is in the official Thai banking system after you exchanged to Thb.

 

Immigration accept it for the retirement extensions, and certain currencies also earn interest.