Is it safe to transfer larger amount of money to Thailand?

[phetphet]

7 minutes ago, jednakropka said:

 

Is transfwise borderless account good for storing money?

Sorry I don't know. I just use the standard account. I'm sure others will be along to give more information.

 

But you can read more on Transferwise's website.

Edited December 21, 2020 by phetphet

[SCOTT FITZGERSLD]

On 12/18/2020 at 6:40 AM, Sophon said:

 

With Krungsri Bank you can also get an ATM card that allows you to withdraw money from your FCD account. However, the exchange rates in Krungsri Bank are slightly worse than those of the other major banks.

so you can withdraw USD from  the ATM?

[SCOTT FITZGERSLD]

13 minutes ago, phetphet said:

"keep all documents and records"

you do not need to keep the documents of each transfer as it is registered

and kept with the bank for 10 years.

however, you might face difficulties in withdrawing your money out of the banks in thailand

and there is no way to predict what the difficulties might be.

It depands on the branch and even the mood of the bank officer at that time.

[gearbox]

14 minutes ago, jednakropka said:

 

Is transfwise borderless account good for storing money?

 

I don't know much about the Transferwise borderless account, but I would keep my after tax money in a reputable bank in a jurisdiction where I have some rights (like being a citizen), and there is some sort of depositor protection scheme. If Transferwise goes belly up tomorrow what are your options to recover your money?

[SCOTT FITZGERSLD]

20 minutes ago, jednakropka said:

Because of Brexit many UK banks close accounts of customers who do not living there.

did the UK bank told you to close the account?

if not, than better keep it.

do not ask them if they do not tell you.

the bank must notify you 6 months in advance before telling you to close an account (in UK/EU).

and some banks do not like all those regulations and keep the accounts even if you changed domicile.

a UK bank is much safer and better than thai bank.

UK is an economic superpower.

UK bank might offer to you many products that a thai bank cannot offer.

sad to say, but thailand is going into a severe economic crisis. when a country is going

down bank might go down too, or FCD accounts might be taxed just like that, as it happaned

in syprus in 2012.

yep, out money is not so safe in the banks, so spreading it between countries is safer.

 

[Tagged]

11 minutes ago, SCOTT FITZGERSLD said:

 

however, you might face difficulties in withdrawing your money out of the banks in thailand

and there is no way to predict what the difficulties might be.

It depands on the branch and even the mood of the bank officer at that time.

What do you mean with difficulties? Withdraw money back to orign or out of the bank in Thailand? 

[Seeall]

On 12/18/2020 at 2:59 PM, gearbox said:

Transfer the money with Transferwise in chunks and mark the reason for transfer "for long stay in Thailand". That way the transfers will be coded in Thailand as "FTT" (Foreign Telegraphic Transfer), which indicates it is your own money, not a payment from a Thai employer. At least that's how it works with Bangkok Bank - I just transferred 800k for visa in the last few days.

 

 

TW cant ensure it will always indicate its not from a thai bank.. its up to their partners and luck of the draw...  At least with bank to bank its more a sure thing... and when larger amouts not that much differrence..  I for one would not like to have to leave due to this silly issue...

[gearbox]

5 minutes ago, SCOTT FITZGERSLD said:

did the UK bank told you to close the account?

if not, than better keep it.

do not ask them if they do not tell you.

the bank must notify you 6 months in advance before telling you to close an account (in UK/EU).

and some banks do not like all those regulations and keep the accounts even if you changed domicile.

a UK bank is much safer and better than thai bank.

UK is an economic superpower.

UK bank might offer to you many products that a thai bank cannot offer.

sad to say, but thailand is going into a severe economic crisis. when a country is going

down bank might go down too, or FCD accounts might be taxed just like that, as it happaned

in syprus in 2012.

yep, out money is not so safe in the banks, so spreading it between countries is safer.

 

Thailand still has trade surplus and large foreign reserves. The economy foundations are quite solid, so the chances of Cyprus scenario are very remote.

However if I was the OP I would have worked out clear visa strategy before moving any large amount of money. If you are locked out of the country for long period of time, you may need access to the money, and is not that easy to transfer them out.

[gearbox]

2 minutes ago, Seeall said:

 

 

TW cant ensure it will always indicate its not from a thai bank.. its up to their partners and luck of the draw...  At least with bank to bank its more a sure thing... and when larger amouts not that much differrence..  I for one would not like to have to leave due to this silly issue...

True. I took my chances, worked OK so far. I use Transferwise only for visa related  transfers, it is cheaper for me to do ATM withdrawals for day to day expenses.

[SCOTT FITZGERSLD]

Just now, Tagged said:

What do you mean with difficulties? Withdraw money back to orign or out of the bank in Thailand? 

i meant the bank in thailand, but it can be also in the origin.

depands on the origin country.

usually if the account is on your name there is no problem, besides the overpriced fees (of bangkok bank - can get to 1.25% of the amount, and 400-1250 baht - that is a lot !!)

but if the account is on another name, it might get complicated, last time i tried to send 2000 USD from bangkok bank to china, they gave me many difficulties (do you have invoice? no he is my friend. how do you know him? ) until i gave up.

some countries of origin will want o know why do you send the money to them, even if it is your account,

and if you paid taxes on this money in thailand, if it is your country of residency, and if not, where the money came from before that? and show us letter from accountant that you paid tax and confirmation from the tax authorities and the bank transaction record for the past 10 years at least (it is called reccomendation letter from the bank) - all those documents were asked from me when i tried to transfer just 50K USD to my home country !

 

and when a friend sent 770 USD by TT to another friend, they asked him to sign anti money laundry form that asks how do you know this person and blah blah blah - all this makes you appriciate how easy thailand still is !!

[Seeall]

1 minute ago, gearbox said:

True. I took my chances, worked OK so far. I use Transferwise only for visa related  transfers, it is cheaper for me to do ATM withdrawals for day to day expenses.

Seems to be back to front!  Useig it for "visa only"?  lol .. thats the scariest...  I would rather use it for "play money" only.. unless play money is more important to you than your visa and the increaced chance of failing to renew and hit the covid cues and bye bye... no thanks..

[SCOTT FITZGERSLD]

3 minutes ago, gearbox said:

If you are locked out of the country for long period of time, you may need access to the money, and is not that easy to transfer them out.

a thai bank account can give you access to money in two ways - first, internet access where you can trasnfer between the FCD accounts, but not abroad, second, international ATM card (make sure it is NOT union pay, but VISA or MASTER CARD).

so in strange times like that you can still withdraw your money from thai bank even while abroad.

the problem is that if you withdraw too large amount, you might be left with too much cash in your hands,

and cash - in some countries - means criminal / terrorist / sex worker....now go prove you got it from a thai bank, which means, for some people, that you are still a criminal / terrorist / sex tourist.

[gearbox]

1 minute ago, Seeall said:

Seems to be back to front!  Useig it for "visa only"?  lol .. thats the scariest...  I would rather use it for "play money" only.. unless play money is more important to you than your visa and the increaced chance of failing to renew and hit the covid cues and bye bye... no thanks..

I don't transfer them in one go, only in chunks, and the transfers are immediately checked if they are marked FTT. If not I'll just transfer more :) But I have some good connections in my Bangkok Bank branch,  I think even without the proper coding, only with the Transferwise receipts I can convince them to give me a letter for a visa.

[Seeall]

1 minute ago, gearbox said:

I don't transfer them in one go, only in chunks, and the transfers are immediately checked if they are marked FTT. If not I'll just transfer more ???? But I have some good connections in my Bangkok Bank branch,  I think even without the proper coding, only with the Transferwise receipts I can convince them to give me a letter for a visa.

Good for you, wonderfull... ....   but for the rest of us lowly non connected its handy to know what goes on..

[Seeall]

33 minutes ago, gearbox said:

 

I don't know much about the Transferwise borderless account, but I would keep my after tax money in a reputable bank in a jurisdiction where I have some rights (like being a citizen), and there is some sort of depositor protection scheme. If Transferwise goes belly up tomorrow what are your options to recover your money?

Also, I found TW quite tight on info thats not common like on their website..  any other questions its wait wait then mumble mumber (go away hoping) which in

fairness but no excuse is the modern day thing where the front like are underpaid and not for thinking.. and thus have no intress in their company.. its just the times..

[gearbox]

5 minutes ago, SCOTT FITZGERSLD said:

a thai bank account can give you access to money in two ways - first, internet access where you can trasnfer between the FCD accounts, but not abroad, second, international ATM card (make sure it is NOT union pay, but VISA or MASTER CARD).

so in strange times like that you can still withdraw your money from thai bank even while abroad.

the problem is that if you withdraw too large amount, you might be left with too much cash in your hands,

and cash - in some countries - means criminal / terrorist / sex worker....now go prove you got it from a thai bank, which means, for some people, that you are still a criminal / terrorist / sex tourist.

It will take a long time to drain out a $80K bank account with an ATM card. And depending on the country where the withdrawals are made it could be really a bad deal.

Take for example Vietnam or Nepal - the withdrawal limits are so low,  you may need 6-7 withdrawals just to take $1K out.

I got stuck out of Thailand in March, coming back next early next year. I foolishly left my ATM card in my place, together with heaps of other stuff,  as I thought I won't need them for a couple of weeks trip. I do my withdrawals with my Aussie cards, but some of them expired too...I was lucky to have a friend bringing me new cards. And I couldn't be bothered with my Bangkok bank Internet banking, so I don't have  Internet banking too.

 

Lessons to be learned.

[Psimbo]

I telex transfer money on a regular basis and never had a problem in 15 years. Normally 10k USD but other amounts as well. I transfer it in USD (or GBP depending on which account) and K bank convert it at their telex rate at this end. Far better than the offshore bank rates.  They used to call me and ask what the funds were for but this probably hasn't happened for a couple of years now.

 

For all the 'is it safe' threads in the past I've never personally known anyone have issues- its another urban internet myth.

[SCOTT FITZGERSLD]

2 minutes ago, gearbox said:

It will take a long time to drain out a $80K bank account with an ATM card. And depending on the country where the withdrawals are made it could be really a bad deal.

Take for example Vietnam or Nepal - the withdrawal limits are so low,  you may need 6-7 withdrawals just to take $1K out.

I got stuck out of Thailand in March, coming back next early next year. I foolishly left my ATM card in my place, together with heaps of other stuff,  as I thought I won't need them for a couple of weeks trip. I do my withdrawals with my Aussie cards, but some of them expired too...I was lucky to have a friend bringing me new cards. And I couldn't be bothered with my Bangkok bank Internet banking, so I don't have  Internet banking too.

 

Lessons to be learned.

on march i got stucked in canada, could not use my bangkok bank UNION PAY anywhere...some places have this logo, but it does not work. never ever use this UNION PAY card. it is good only in china.

[Seeall]

Just now, SCOTT FITZGERSLD said:

on march i got stucked in canada, could not use my bangkok bank UNION PAY anywhere...some places have this logo, but it does not work. never ever use this UNION PAY card. it is good only in china.

Did yuou sort it out or like many of us put it in the "too hard" basket and find another way?  (sometimes its like its their plan not to fix things?)

[SCOTT FITZGERSLD]

6 minutes ago, Seeall said:

Did yuou sort it out or like many of us put it in the "too hard" basket and find another way?  (sometimes its like its their plan not to fix things?)

HOW can i sort it out? the only thing to do is to pay the bank 100 baht and get MASTERCARD instead of this UNION cra.p

 

[Seeall]

29 minutes ago, SCOTT FITZGERSLD said:

a thai bank account can give you access to money in two ways - first, internet access where you can trasnfer between the FCD accounts, but not abroad, second, international ATM card (make sure it is NOT union pay, but VISA or MASTER CARD).

so in strange times like that you can still withdraw your money from thai bank even while abroad.

the problem is that if you withdraw too large amount, you might be left with too much cash in your hands,

and cash - in some countries - means criminal / terrorist / sex worker....now go prove you got it from a thai bank, which means, for some people, that you are still a criminal / terrorist / sex tourist.

 

Yes, it is a complex and important topic,  full of overcharges and "leaches"   is your money, yet you need to be like a semi finance lawyer to not get ripped off, of just stay in your bith country and go along with the masses.  However, with modern tech comes the possiblity of freedom and the scrambling of the leeches to remain in your finances as much and as long as they can.  Imagine Bitcoin being unleached with cards and whatever.. most of the "jobs" in the leeching industry would evaporate and they would have to find some real employment.  Long live cash and power to the BTC ...

 

[chicowoodduck]

Be safer just to transfer it to my SCB account......lol....????????????????????????????????

[arick]

On 12/18/2020 at 1:45 PM, ChaiyaTH said:

Send under 500K baht at the time (via TransferWise) and you be perfectly fine. I recommend you to get 2 saving accounts with only 1 having an ATM card, you can then keep the big stash apart but still manage realtime from the Mobile apps. This is below the 15,000 euro anti money laundering limits in Europe too which avoids delays for no reason or your money being on hold / needing documents etc.

 

Depending on where you are from as well in general, I would not transfer more than you need to have here with some reserve too. Exchange rates could change quite a bit so an alternative is getting a multi currency account with for example Bangkok Bank.

 

Last but not least, if you do wanna do 80K at once and not spending it fast, open a few different banks and divide it, you could then transfer 480K baht X 4-5 banks at one time for example. Bank fees are nothing much anyway, average 200-300 baht per year incl. ATM card.

I would use MoneyCorp tranfer wise has had problem over the last few weeks with payments not being completed. 

[arick]

1 hour ago, chicowoodduck said:

Be safer just to transfer it to my SCB account......lol....????????????????????????????????

All transfers into Thailand go via Bangkok Bank then onto your bank. If there are questions regarding money laundering (usually in 2 million and up.) Bangkok Bank with stop the tranfer until the account owner can email them evidence of what the money is for. Ie purchase 

[mjakob007]

On 12/18/2020 at 2:34 PM, jednakropka said:

 

What documents do you mean?

 

"..there is no deposit protection by the government for such accounts"

To be honest, I was thinking to transfer the money here and later withdraw it and keep in different places e.g. insured safe locker (something like CB lockers)

In the future when I would go to my home country I would simply take some money.

 

I am moving my money as I am leaving the UK. I am not a UK Citizen but lived, worked there.

I will  not go to my home country but live in Thailand that's why I am thinking of transferring here.

 

 

 

 

 

You can also open $ denominated account here.

 

withdrawing $ cash would attract 1% charge from bank. Same with depositing $ cash

[mjakob007]

33 minutes ago, arick said:

I would use MoneyCorp tranfer wise has had problem over the last few weeks with payments not being completed. 

T/wise has had challenges with large amount transfers, more so with new account for the past 6 months 

[rwill]

I have wired up to 150K US at a time with no problems.  You will not get taxed on that.  They will withhold 15% on earned interest though. 

[Salerno]

22 hours ago, SCOTT FITZGERSLD said:

so you can withdraw USD from  the ATM?

 

Obviously not but you can get Baht out against your foreign currency account.

[Peterw42]

1 hour ago, arick said:

All transfers into Thailand go via Bangkok Bank then onto your bank. If there are questions regarding money laundering (usually in 2 million and up.) Bangkok Bank with stop the tranfer until the account owner can email them evidence of what the money is for. Ie purchase 

Transfer are checked by the Bank of Thailand, the central bank of thailand. Any transfer has to have a reason why, its usually added when you do the transfer at your home bank otherwise the transfer wont leave your home bank., My Australian bank its a pull down menu and you pick one, gift, salary, consumer spending etc.

 

Never heard of needing to provide evidence via email, what evidence would you provide if its just money to live on.

 

[tonray]

On 12/18/2020 at 2:20 PM, Dagfinnur Traustason said:

No, it´s the most dangerous country in the world to send money to, because there is always a future wife that is going to take a big chunk of it! ????

I thought I had the solution...so after I transferred the money I bought a car and now I can see it in her Instagram posts so I know my money is safe....ha ha ha ha