Can I buy crypto with Thai Credit Card on Binance?

[akda]

Hi Everyone,

 

Looking to avoid P2P.

Can I buy crypto(USDT) with Thai Bank Credit Card on Binance?

I have CITI and BangkokBank credit card.

Are there any extra fees or hidden charges?

 

I hope my card won't be blocked.

 

[NativeBob]

No problem with KBank debit card so far

[Jenkins9039]

4 hours ago, akda said:

Can I buy crypto(USDT) with Thai Bank Credit Card on Binance?

How much USDT are you after?

[jobsworth]

9 hours ago, Jenkins9039 said:

How much USDT are you after?

Yes that is what puts me off about all cryptos. You can't just exchange them like you can a currency. There are no central pools where you can do your exchange. As a buyer you have to find a seller and visa versa.

 

[jumbo]

8 minutes ago, jobsworth said:

Yes that is what puts me off about all cryptos. You can't just exchange them like you can a currency. There are no central pools where you can do your exchange. As a buyer you have to find a seller and visa versa.

 

i think you need to read up on the subject before you post

[Satcommlee]

I tried and it was blocked on Kasikorn Credit Card, the bank told me it was due to Bank of Thailand rules.

 

This was Binance also..

[BananaGuy]

Asking on social media about buying crypto on a credit card?

Hope you’ve got your Senninbai scarf sorted.

Banzaiiii!!!!

[Jenkins9039]

4 hours ago, jobsworth said:

Yes that is what puts me off about all cryptos. You can't just exchange them like you can a currency. There are no central pools where you can do your exchange. As a buyer you have to find a seller and visa versa.

There's a service that allows decentralised pools of funds for onboarding using thai bank transfer, i registered a few weeks back but haven't used, also allows off-boarding, its like a P2P platform.

[akda]

14 hours ago, Jenkins9039 said:

How much USDT are you after?

depends

between 5 to 10K

[akda]

3 hours ago, Satcommlee said:

I tried and it was blocked on Kasikorn Credit Card, the bank told me it was due to Bank of Thailand rules.

 

This was Binance also..

boomer, while at the same time Thai Banks are investing in Crypto exchanges like zipmex, bitkub

https://www.scb.co.th/en/about-us/news/nov-2021/scbs-bitkub-online.html 

[jobsworth]

6 hours ago, jumbo said:

i think you need to read up on the subject before you post

Yes sir.

I think that could be said about most of the posts on this forum.

 

[Freddy42OZ]

6 hours ago, jobsworth said:

Yes that is what puts me off about all cryptos. You can't just exchange them like you can a currency. There are no central pools where you can do your exchange. As a buyer you have to find a seller and visa versa.

 

 

Well that is completely wrong.

[asiam110]

More and more exchanges are accepting credit/debit cards that are either Mastercard Secure or Verified by Visa as the chargeback category to dispute is covered by liability shift in these scenarios - previously exchanges got battered with fraud and had to absorb the chargebacks. Cards that don't support strong customer authentication are likely to be rejected - this is of coursed expected - although the percentage is slowly decreasing - main holdouts are some USA cards and those that are nearing expiry or belonging to a credit union.

 

Another point to watch out for is that some banks treat crypto exchange purchases as cash advances - hence you may not get an interest free period, you might only be able to use a % of your normal available balance, and you might be subject for further fees (depends on banks and sometimes the card conditions) - this can be true even if the merchant category code is not one typically related to cash advances (banks got wise).

 

Do a small transaction of $100 to test first.

[jobsworth]

26 minutes ago, Freddy42OZ said:

 

Well that is completely wrong.

Why is it completely wrong to be put off about the idea of cryptos?

[Lemsta69]

2 hours ago, akda said:

boomer, while at the same time Thai Banks are investing in Crypto exchanges like zipmex, bitkub

https://www.scb.co.th/en/about-us/news/nov-2021/scbs-bitkub-online.html 

sure, but doesn't mean they're obliged to lend you money to purchase crypto. also if it's a BoT blanket rule like @Satcommleewas advised then it's not up to the individual bank.

 

[Lemsta69]

2 minutes ago, jobsworth said:

Why is it completely wrong to be put off about the idea of cryptos?

because there is a tsunami of money flowing into crypto. this is a major opportunity to get feelthy reech. ignore it to your detriment.

 

at any rate that's not what the response meant. they meant your assertion that you can't just exchange them like currencies is wrong. like so wrong it's not even funny ????

[Jenkins9039]

Depending on where you are, i could do 10k

[hank2800]

7 hours ago, jobsworth said:

Yes that is what puts me off about all cryptos. You can't just exchange them like you can a currency. There are no central pools where you can do your exchange. As a buyer you have to find a seller and visa versa.

 

I think you're wrong there Jobsworth,, as long as you have an account at one of the larger exchanges like Kucoin, Binance, FTX etc you can swap these just as easy. plus you have to remember that you have 24/7 access to crypto,,, not so with common world currencies. and it's easy for most people to open an account with these,, Americans have to jump through a few more hoops but otherwise you're up and running within 48 hours. Kucoin is really easy and you can also get 5-7 % interest on USDT with them just holding it,,, not possible with foreign currencies,,, the world isn't changing ,, it has changed already,,, spend a couple days looking through an exchange like Kucoin and I think you'll be impressed,, cheers

[asiam110]

2 minutes ago, Jenkins9039 said:

Depending on where you are, i could do 10k

He said he wants to avoid P2P. But out of interest whats the benefit to you, spread on stable coins is tiny and you can liquidate yours at close to dollar any time?

[sanmyintmaung]

11 hours ago, Satcommlee said:

I tried and it was blocked on Kasikorn Credit Card, the bank told me it was due to Bank of Thailand rules.

 

This was Binance also..

I tried to buy Bitcoins on Binance using Kasikorn crecdit card and was rejected too.

I can only buy Bitcoins on Binance when I switch to using credit card from my country.  

[happydreamer]

16 hours ago, jobsworth said:

Yes that is what puts me off about all cryptos. You can't just exchange them like you can a currency. There are no central pools where you can do your exchange. As a buyer you have to find a seller and visa versa.

 

There's exchanges all over the place.  Unless I'm misunderstanding what you mean by central exchanges.  To simplify...create yourself an account on Binance, Gemini, BlockFi, KuCoin, or any other number of reputable exchanges and trade away.  

[Lemsta69]

8 hours ago, asiam110 said:

He said he wants to avoid P2P. But out of interest whats the benefit to you, spread on stable coins is tiny and you can liquidate yours at close to dollar any time?

the benefit is flying under the radar. need I elaborate?

[asiam110]

36 minutes ago, Lemsta69 said:

the benefit is flying under the radar. need I elaborate?

Nope, no probs, needs to be incentive on the other side though, i.e. buying at 99.9%, i cant imagine how these deals are done, ive done localbitcoin before but only for a few hundred, at 10k meeting someone at coffee club hmm probably prefer the extra cost

[KhaoNiaw]

It shouldn't affect anything in practical terms, but I received an email from Binance this evening saying they're discontinuing Thai language support from next week. Something about addressing the concerns of local regulators. 

[Lemsta69]

7 hours ago, asiam110 said:

Nope, no probs, needs to be incentive on the other side though, i.e. buying at 99.9%, i cant imagine how these deals are done, ive done localbitcoin before but only for a few hundred, at 10k meeting someone at coffee club hmm probably prefer the extra cost

gotcha. I've never done that kind of trade myself so it's a bit of a black box to me. I'm hoping if we're really nice to @Jenkins9039he'll let us in on all the secrets ????

[Jenkins9039]

9 hours ago, Lemsta69 said:

the benefit is flying under the radar. need I elaborate?

No trading benefit, bought bitcoin in 2010, you can imagine the USD's floating around... 35% tax via exchange (they will hit people), 0% via Direct. 

FYI even Binance are now provisioning data for the state.

[Jenkins9039]

8 hours ago, KhaoNiaw said:

It shouldn't affect anything in practical terms, but I received an email from Binance this evening saying they're discontinuing Thai language support from next week. Something about addressing the concerns of local regulators. 

They are under criminal investigation in Thailand for violation of Thai Securities and AMOL laws, they've remove the Thai language support so as to showcase they are being proactive as they continue to negotiate their positions, Binance will highly likely provision all data -trading history and KYC information on all Thai IP or Thai based accounts which will go to the Gov.

 

For those that don't have established offshore corps and just utilising a personal account should probably be prepared for some fun.

 

 

[jumbo]

12 hours ago, sanmyintmaung said:

I tried to buy Bitcoins on Binance using Kasikorn crecdit card and was rejected too.

I can only buy Bitcoins on Binance when I switch to using credit card from my country.  

This issue could relate to the fact that profits on crypto's are taxable in TH, 15% withholding tax at source for non workers and PIT rate for workers. This is to start at April 1 (no fooling here) So if the CC or Bank helps without reporting they could be in violation.

[Lemsta69]

1 hour ago, Jenkins9039 said:

No trading benefit, bought bitcoin in 2010, you can imagine the USD's floating around... 35% tax via exchange (they will hit people), 0% via Direct. 

FYI even Binance are now provisioning data for the state.

indeed. but how to safely offload large amounts of say, USDT in TH. in-person that is. or how to discuss the ins and outs without being insta-banned ????

[Freddy42OZ]

On 11/12/2021 at 1:48 PM, jobsworth said:

Why is it completely wrong to be put off about the idea of cryptos?

The part that was completely wrong was this bit "You can't just exchange them like you can a currency. There are no central pools where you can do your exchange. As a buyer you have to find a seller and visa versa." 

There are plenty of both centralised and decentralised exchanges, you don't have to "find a seller".