Offshore bank account for Cheap Charlie

[PDPA2024]

27 minutes ago, SS1 said:

You can, see above. Hoewever, it's correct that you cannot use the transferwise service itself to transfer funds out of Thailand. But you can still send money into your borderless account using a normal bank transfer from a Thai bank. When doing it that way, it's basically just a regular intl. bank transfer. 

Yes, you're right, it's possible to transfer via SWIFT if it's enabled. In this case the bank (not TransferWise) will convert THB to USD and charge a fee. Though I'm not sure - is someone without a work permit allowed to transfer funds out of Thailand into foreign personal account?

 

31 minutes ago, SS1 said:

Just have a local Thai bank account on top of the Borderless and transfer there first. 

+1 It's the most convenient method.

[beau thai]

I want to close my uk bank account and open 'offshore' to receive monthly pensions and disburse by standing order and direct debit in sterling. Tried transferwise but no standing order facility. Also want share trading account offshore. Tried Schwab/TW but fail to reply to messages except by unintelligent AI.

All thoughts welcome. Like others I want to avoid high monthly fees and minimum balance requirements. I want my money to work for me not some bank

[1FinickyOne]

27 minutes ago, jomtienisgood said:

Out of curiosity, how do you withdraw money?? 

I walk in the bank and fill out a withdrawal slip... 

 

I am not uncomfortable carrying cash with me and keeping it in my home.. I rarely use a CC for anything... I do have atm cards from my banks in USA and can use those... 

 

ps - Jomtien used to be good... but that was years ago. Maybe it got better again. I used to enjoy it there. 

[Thaifly88]

3 hours ago, SS1 said:

 

Don't add THB - just take the bank details of e.g. your EUR, GBP or USD borderless account and transfer there with a normal international bank transfer using the K-bank app. Pretty cheap fee and good exchange rate.  

 

 

You can, see above. Hoewever, it's correct that you cannot use the transferwise service itself to transfer funds out of Thailand. But you can still send money into your borderless account using a normal bank transfer from a Thai bank. When doing it that way, it's basically just a regular intl. bank transfer. 

The thing to realise about the borderless accounts feature of Transferwise is that it’s a way to store THB without having to keep it in a Thai bank. In other words, you are holding THB that has been converted from your home currency when you felt the exchange rate was acceptable. The THB just sits there in Transferwise (not in a Thai bank and therefore not subject to Thai banking law. At any time, you can move some of it, or all of it, into a Thai bank for use in Thailand, or if you don’t want to use it, just convert it back to your home currency within Transferwise. It’s a way to keep better control of your money.

[sidjameson]

7 hours ago, Thaifly88 said:

Transferwise borderless account is the way to go. You can keep multiple currencies for any amount you want. Send your British Pounds or Euro’s to Transferwise and then do conversions within the app to the currencies you require. When you want to use the money you then need to transfer it to a bank in Thailand (or wherever). 
You can keep any amount of money in Transferwise, large or small. 

And any charges for transfer bht from TW borderless account into Thai Bank? From either TW or the Thai Bank?

[Tuvoc]

42 minutes ago, sidjameson said:

And any charges for transfer bht from TW borderless account into Thai Bank? From either TW or the Thai Bank?

 

There is a TransferWise charge, yes. Last two transfers I made had a fee of 32.89 baht. Seems to be a flat fee.

 

[beau thai]

1 hour ago, Tuvoc said:

 

There is a TransferWise charge, yes. Last two transfers I made had a fee of 32.89 baht. Seems to be a flat fee.

 

the fee is geared to size of transfer as set out on their site. I like it as you are offered a rate guaranteed for a few hours so you can decide in advance unlike a bank. very good rates and low fees,speedy

[Thaifly88]

9 hours ago, sidjameson said:

And any charges for transfer bht from TW borderless account into Thai Bank? From either TW or the Thai Bank?From memory there is a small charge from TW, like 20 or 30 baht even for large transfers. The banks don’t usually charge for incoming amounts. 

[monte01]

Thanks guys.  You've all been really helpful.  Now I am going to spend the day checking out all your suggestions.

 

Also have really appreciated the 'to the point' intelligent comments - so often a forum gets taken over by a couple of idiots hell bent on insulting one another.  Thanks again from Chumphon  

[monte01]

Maprao, thanks for suggesting Standard Bank.  I found this account advertised.  It looks ideal for me since the amount I want to hold will generally be between 1 and 10,000 gbp (why don't they put pound signs on Thai keyboards?).  The only problem is that I can't find any details on their website about their charges.  There is no monthly charge but all banks want their kg of flesh somehow.

 

[Tuvoc]

You probably can't have the Call Account without also their standard account, which has fees.

[monte01]

Tuvoc, you are spot on .... you cant have the call account if you don't have one of their other accounts.  I just rang them

 

[monte01]

I have spent a lot of time in the last few days scouring the internet, and haven't found any advice that betters all your help.  Thank you.

 

Stcky and 3S, thank you for your advice re Singapore.  I wish I had that advice a few years ago, but now it would mean selling investments, reinvesting through a Singapore bank.  I would take a capital gains hit I can ill afford.

 

Redpill your advice about Cambodia and Georgia looks good.  However reading  on the internet, I understand that you need a six month visa to be able to open a bank account in Cambodia and you have to go there to set up an account.  I don't fancy doing a covid quarantine.  I also read that you can only set up an account in Georgia by going there in person, but I contacted TBC bank in the hope that they may have relaxed that rule because of covid travel restrictions.  I was told it was possible to set up a 'mobile bank account", so Georgia remains a possibility.  My worry about Georgia is its position with regard to Russia.  It is not so long since they were fighting each other and Russia annexed a lot of territory. On the other hand it is gaining a reputation as one of the best and easiest places in the world to do business.  There is no minimum balance and fees are low.  The account looks great if it is a safe place to put your money.  What do you all think?  

 

Thanks also to those of you who recommended a sterling bank account with one of the Thai banks.   As you point out, it is a useful way to hold cash here to be able to exchange it when the rate seems right, and at the same time to hold enough for the non-o visa for the year.  However I have been advised that capital gains are only taxed here if they are brought here within a year of making the gain.  Therefore an offshore account to hold the funds for that period is tax effective. 

 

Maproa, you suggested Standard bank.  Their head office is in South Africa (is that ok?) but they have offshore branches in the Isle of Man.  The account is not charged unless the amount held falls below 5,000 gbp.  I believe this account carries government guarantees up to 50,000 gbp.  This possibly looks the safest bet without having to tie up tens of thousands of pounds in the account.

 

Thank you too for those who recommended Transferwise.  This looks like a really good way to transfer money between the UK and Thailand, but for me is as well as, rather than being an alternative to an offshore account.  I have one question:  Is it possible to set up a transfer wise account from Thailand - ie if you are no longer living in the UK.  I do still have a property there but it is rented out.  If not, are there alternatives?

 

Cheers one and all.

 

 

 

 

 

 

 

 

[Tuvoc]

16 hours ago, monte01 said:

 

 

Thank you too for those who recommended Transferwise.  This looks like a really good way to transfer money between the UK and Thailand, but for me is as well as, rather than being an alternative to an offshore account.  I have one question:  Is it possible to set up a transfer wise account from Thailand - ie if you are no longer living in the UK.  I do still have a property there but it is rented out.  If not, are there alternatives?

 

 

 

Email them and ask. I think they may well do it but won't give you a debit card. The email I had from them included the following. Seems to imply they have customers in Thailand but whether that means UK people who have moved to Thailand, or Thai nationals I don't know. They said they can send me replacement cards to Thailand as an existing customer.

 

"Although we do not provide cards for our customers in Thailand, replacement cards can be shipped almost anywhere in the world."

 

 

Edited February 5, 2021 by Tuvoc

[dabhand]

OP, I set up my Tranferwise account from Thailand (I am UK national) using my Thai address. This was 2/3 years back.  

 

I also set up a Borderless account with them at the same time. Not sure if that is still possible as UK banking regulations are getting tighter over time. But it is still open for me to use with no indication it is blocked for Thai residents.

[Thaifly88]

On 2/4/2021 at 6:36 PM, monte01 said:

I have spent a lot of time in the last few days scouring the internet, and haven't found any advice that betters all your help.  Thank you.

 

Stcky and 3S, thank you for your advice re Singapore.  I wish I had that advice a few years ago, but now it would mean selling investments, reinvesting through a Singapore bank.  I would take a capital gains hit I can ill afford.

 

Redpill your advice about Cambodia and Georgia looks good.  However reading  on the internet, I understand that you need a six month visa to be able to open a bank account in Cambodia and you have to go there to set up an account.  I don't fancy doing a covid quarantine.  I also read that you can only set up an account in Georgia by going there in person, but I contacted TBC bank in the hope that they may have relaxed that rule because of covid travel restrictions.  I was told it was possible to set up a 'mobile bank account", so Georgia remains a possibility.  My worry about Georgia is its position with regard to Russia.  It is not so long since they were fighting each other and Russia annexed a lot of territory. On the other hand it is gaining a reputation as one of the best and easiest places in the world to do business.  There is no minimum balance and fees are low.  The account looks great if it is a safe place to put your money.  What do you all think?  

 

Thanks also to those of you who recommended a sterling bank account with one of the Thai banks.   As you point out, it is a useful way to hold cash here to be able to exchange it when the rate seems right, and at the same time to hold enough for the non-o visa for the year.  However I have been advised that capital gains are only taxed here if they are brought here within a year of making the gain.  Therefore an offshore account to hold the funds for that period is tax effective. 

 

Maproa, you suggested Standard bank.  Their head office is in South Africa (is that ok?) but they have offshore branches in the Isle of Man.  The account is not charged unless the amount held falls below 5,000 gbp.  I believe this account carries government guarantees up to 50,000 gbp.  This possibly looks the safest bet without having to tie up tens of thousands of pounds in the account.

 

Thank you too for those who recommended Transferwise.  This looks like a really good way to transfer money between the UK and Thailand, but for me is as well as, rather than being an alternative to an offshore account.  I have one question:  Is it possible to set up a transfer wise account from Thailand - ie if you are no longer living in the UK.  I do still have a property there but it is rented out.  If not, are there alternatives?

 

Cheers one and all.

 

 

 

 

 

 

 

 

You can set up a Transferwise account from pretty much anywhere, just give it a try. It’s the best, and dare I say, safest way to hold your foreign currency. Only trust the foreign banks to hold what you need for your immediate future, say 6 months. Of course, if you go the Thai retirement visa you’re, you will need to hold 800,000 THB in a Thai bank.

[sas_cars]

19 hours ago, Thaifly88 said:

You can set up a Transferwise account from pretty much anywhere, just give it a try. It’s the best, and dare I say, safest way to hold your foreign currency. Only trust the foreign banks to hold what you need for your immediate future, say 6 months. Of course, if you go the Thai retirement visa you’re, you will need to hold 800,000 THB in a Thai bank.

 

I agree. Transferwise is Much easier and better than trying to open any other offshore bank accounts where you need to fulfil a lot of requirements to prove to them that you are not a criminal or money launderer, along with ridiculous requirements of hefty account balance to be kept at all times

[Thaifly88]

On 2/8/2021 at 7:49 AM, sas_cars said:

 

I agree. Transferwise is Much easier and better than trying to open any other offshore bank accounts where you need to fulfil a lot of requirements to prove to them that you are not a criminal or money launderer, along with ridiculous requirements of hefty account balance to be kept at all times

However, the thing to remember with Transferwise, is that’s kind of a holding place for your money. To get the cash, you will need to move it out of Transferwise to a foreign bank.

Once you have done the complete process :

 1. money from home bank into TW when the exchange rates are good 

2. moving some of that money to the foreign bank for immediate spending - you will see how easy and convenient it is.

[fdsa]

@monte01 so how was your experience? Have you registered at Standard bank?

 

[Lorin]

On 1/31/2021 at 1:06 PM, SS1 said:

 

Don't add THB - just take the bank details of e.g. your EUR, GBP or USD borderless account and transfer there with a normal international bank transfer using the K-bank app. Pretty cheap fee and good exchange rate.  

 

 

You can, see above. Hoewever, it's correct that you cannot use the transferwise service itself to transfer funds out of Thailand. But you can still send money into your borderless account using a normal bank transfer from a Thai bank. When doing it that way, it's basically just a regular intl. bank transfer. 

 

Have you ever sent USD from Thai bank account to TW? They website clearly stating they wont accept USD transfers from Thailand.

[SS1]

1 hour ago, Lorin said:

 

Have you ever sent USD from Thai bank account to TW? They website clearly stating they wont accept USD transfers from Thailand.

I have sent from Kasikorn to my EUR balance. 

[lowline95]

Hello
I need your advice, I want to open an offshore company, I think to contact WIS
maybe someone worked with them?
https://www.wis-international.com/