Transfer 800K TB methods ?

[PhatBoiArDee]

My prior annual visa renewals were done using the affidavit method.  I'm returning in July and will use the 

800K deposit method.  Can I bring a cashier's check from a major USA bank for deposit in Bangkok Bank, Chiang Mai?

Would that pass Immigration requirements?

 

Alternatively, Bangkok Bank in New York has a foreign currency transfer service.  Has anyone used that method? 

Respectfully submitted.

 

 

 

 

[RedArmy]

My understanding, is that Immigration needs proof of International transfer.

 

Maybe open up a WISE account - Transfer money from your account into your wise account - Then convert into THAI baht within the online App - Then transfer to your Thai bank account.

 

In the drop down menu for reason of transfer - Just click on "Long term funds for living in Thailand" - This should then show up on your Thai bank account as an international transfer (TFF) - Works perfectly with a Bangkok Bank account.

[ubonjoe]

What will you be applying for at immigration? Will you be applying for a non-o visa or a extension of stay or both.

Proof the 800k baht came from abroad is only needed to apply for a non-o visa. Immigration requires proof it came from abroad by way of a transfer into a Thai bank.

If you already have a bank account you should transfer the 800k baht into it.

You can have a cashiers check sent to Bangkok Bank in New York and have it credited to your account.

See: https://www.bangkokbank.com/en/Personal/Other-Services/Transfers/Transferring-Into-Thailand/Foreign-Remittance

If you have a Bangkok Bank account it is also possible to transfer funds into it via the New York branch but it has to be in the IAT format for ACH transfers. See: https://www.bangkokbank.com/en/Personal/Other-Services/Transfers/Transferring-Into-Thailand/Transfer-money-from-US-to-Thailand-via-Bangkok-Bank-NewYork-branch

[Onerak]

6 hours ago, PhatBoiArDee said:

My prior annual visa renewals were done using the affidavit method.  I'm returning in July and will use the 

800K deposit method.  Can I bring a cashier's check from a major USA bank for deposit in Bangkok Bank, Chiang Mai?

Would that pass Immigration requirements?

 

Alternatively, Bangkok Bank in New York has a foreign currency transfer service.  Has anyone used that method? 

Respectfully submitted.

Today I found out that one can get  Non-O from USA (it was not possible pre-covid and I used to get O-A) with no pension letter or money in the bank (even money in the USA bank is better) and only with a 90-day insurance (400K in-patient and 40K out-patient). Was wondering if any body has obtained a Non-O in the USA?

[PhatBoiArDee]

Thank you Ubonjoe - I will use the Bangkok Bank NY transfer method.

[Cabradelmar]

The cleanest way is a bank to bank wire transfer. Be aware that if you use WISE, they will sometimes use kbank as an intermediary (you have no control over this) and the transaction will appear in your account as not having coming from overseas, in which case you will need an additional letter from kbank confirming the funds they received came from overseas. This happened to me using my Bangkok Bank account.

 

[BangkokReady]

12 hours ago, ubonjoe said:

Proof the 800k baht came from abroad is only needed to apply for a non-o visa.

Jo, what would someone do if they spent their life living and working in Thailand? How could they meet the "transfer from abroad" condition?

 

Could you send money "home" over the years and then transfer it back? Or do they need proof it was earnt abroad?

[The Theory]

7 hours ago, PhatBoiArDee said:

I will use the Bangkok Bank NY transfer method.

I'm not sure if you can do that !!! 

 

[mvdf]

4 hours ago, BangkokReady said:

So what's the thinking behind it being from abroad?  Just a bureaucratic kink?

To prevent calculating and manipulative foreigners from gaming the system. Those who constantly think about finding loopholes or ways to bypass rules properly followed by other foreigners. 

[ubonjoe]

10 hours ago, BangkokReady said:

Jo, what would someone do if they spent their life living and working in Thailand? How could they meet the "transfer from abroad" condition?

You would only need to show proof that you had been working here and that is where the 800k baht came from.

Also when apply for the non-o visa if you have had the 800k baht in the bank for a long time the will waive the proof it came from abroad requirement. 

[mtls2005]

On 4/8/2022 at 1:46 AM, PhatBoiArDee said:

Can I bring a cashier's check from a major USA bank for deposit in Bangkok Bank

Why would you do this?

 

Just use a SWIFT wire transfer directly from your bank in the U.S. to your Bangkok Bank account in thailand. Any fee, yes it might be a bit more than the fee for a cashier's check, from $0 to $50, is hardly a ding in the ~ $25,000. Quick, clean, straight-forward, simple, easy, shows as FTT and from abroad.

 

Do you currently have an active Bangkok Bank account?

 

12 hours ago, Cabradelmar said:

The cleanest way is a bank to bank wire transfer.

This one.

 

Establishing the financial basis for an extension of stay isn't worth dicking around with cashier's checks, IMO.

[soisanuk]

21 hours ago, PhatBoiArDee said:

Thank you Ubonjoe - I will use the Bangkok Bank NY transfer method.

I reside in Thailand. I have used the Bangkok Bank’s Foreign Remittance Service which is available only to Bangkok Bank account holders.  You can have the funds remitted in US$ (conversion done by Bangkok Bank in Thailand) or THB (conversion done by NY branch before transmitting funds).  As noted on the link provided by UbonJoe, the fee for sending in US$ is higher than for sending in THB.

I downloaded, completed, and printed their application. After signing the form, I scanned it and attached it to an email to the NY Branch along with a copy of my passport identity page.  The email was sent to: [email protected].  At the same time, I used my US banks online system to send a check made payable to Bangkok Bank’s NY Branch which was sent by US mail.  Note, the application form instructions note personal checks are not accepted, but they will accept a check sent from the US bank’s online service.

When they receive the paper check, they will wait until it clears before they do the transfer.  Also, since I emailed the application, they require I also mail them the original – they will do the transfer without the original, but if not sent, they will not make any future remittances. 

Bangkok Bank NY used the same exchange rate that Bangkok Bank uses if the conversion is done in Thailand – unlike US banks doing SWIFT transfers in THB at an unfavorable rate – if doing a SWIFT transfer to a Thai bank account, you get a better exchange rate by sending in US$ and letting the Thai bank do the conversion.

The only drawback I found using the Foreign Remittance Service is it takes longer to receive the funds because of the involvement of “snail” mail and waiting for the check to clear – in my case it took 11 days from the date I emailed the application which was the same date I had my bank issue and mail them the check.

 

[Tony125]

On 4/8/2022 at 7:43 AM, ubonjoe said:

What will you be applying for at immigration? Will you be applying for a non-o visa or a extension of stay or both.

Proof the 800k baht came from abroad is only needed to apply for a non-o visa. Immigration requires proof it came from abroad by way of a transfer into a Thai bank.

If you already have a bank account you should transfer the 800k baht into it.

You can have a cashiers check sent to Bangkok Bank in New York and have it credited to your account.

See: https://www.bangkokbank.com/en/Personal/Other-Services/Transfers/Transferring-Into-Thailand/Foreign-Remittance

If you have a Bangkok Bank account it is also possible to transfer funds into it via the New York branch but it has to be in the IAT format for ACH transfers. See: https://www.bangkokbank.com/en/Personal/Other-Services/Transfers/Transferring-Into-Thailand/Transfer-money-from-US-to-Thailand-via-Bangkok-Bank-NewYork-branch

He can also do a domestic wire transfer from any US bank to the NYC Bangkok Bank using the account number of his Bangkok Bang account in THailand.  Can aslo do a International Wire transfer direct to the account in the Bangkok Bank  Acount in Thailand using acct #  and Swift code.

BKKBTHBK

https://www.bangkokbank.com/en/Personal/Other-Services/Transfers/Transferring-Into-Thailand/FAQs#:~:text=Bangkok Bank's SWIFT code%3A BKKBTHBK,the beneficiary's Bangkok Bank account)

[TimF]

I used wise ticked the long stay option and they sent bit via kbank as local transfer. Then I tried SWIFT and my Jersey bank used an intermediary bank so agsin it showed as local transfer. So it's not always easy. I'm back in UK now so will visit Bangkok bank in London. 3rd time lucky

[khunPer]

On 4/7/2022 at 8:46 PM, PhatBoiArDee said:

Can I bring a cashier's check from a major USA bank for deposit in Bangkok Bank, Chiang Mai?

Would that pass Immigration requirements?

You need to open a bank account and deposit the cash there, which need to mature for two month, before you can apply for extension of stay based on retirement. A cashier's bank check needs clearance, foreign checks might take quite long time, depending if it's a foreign bank or a Thai branch of a foreign bank, the cheque is drawn at.

 

I used before to got foreign payments on cheque from the Thai branch of Citi Bank, which cleared in a few days, before that a foreign bank could take a month or more to clear.

 

The 800k baht deposit can be from domestic source, there is no demand that a deposit sahll come from foreign source, this only applies to monthly retirement transfers...????

[Trvlr55]

2 hours ago, khunPer said:

You need to open a bank account and deposit the cash there, which need to mature for two month, before you can apply for extension of stay based on retirement. A cashier's bank check needs clearance, foreign checks might take quite long time, depending if it's a foreign bank or a Thai branch of a foreign bank, the cheque is drawn at.

 

I used before to got foreign payments on cheque from the Thai branch of Citi Bank, which cleared in a few days, before that a foreign bank could take a month or more to clear.

 

The 800k baht deposit can be from domestic source, there is no demand that a deposit sahll come from foreign source, this only applies to monthly retirement transfers...????

Agreed, would not recommend. Additionally taking a check is no different that carrying cash as far as the 10k cash reporting, or it can be seized. This is for US, not certain other countries reporting requirements, but would suspect they'd be same or very similar.

 

Travelers leaving or entering the U.S. are required to report negotiable monetary instruments (i.e. currency or endorsed checks) valued more than $10,000 on a "Report of International Transportation of Currency or Monetary Instruments" FinCEN Form 105. The requirement to report currency on a FinCEN 105 does not apply to imports of gold bullion. You can obtain the form at www.fincen.gov or request one from the CBP Officer if required.

Failure to declare currency in amounts more than $10,000 can result in its seizure.

Another thing I recently discovered: if a couple takes 10k or more, it's not as simple as splitting it up, so each person has less that 10K, they count it as a combined sum; they do look for this a lot more than in the past, due to various schemes of global money laundering. Don't even have to be married, only traveling together.

[brianthainess]

On 4/8/2022 at 7:44 PM, Cabradelmar said:

The cleanest way is a bank to bank wire transfer. Be aware that if you use WISE, they will sometimes use kbank as an intermediary (you have no control over this) and the transaction will appear in your account as not having coming from overseas, in which case you will need an additional letter from kbank confirming the funds they received came from overseas. This happened to me using my Bangkok Bank account.

 

Happened to me twice using direct transfer from OZ bank to BKB money sent in AUD, I got a lower rate of exchange, I made inquires at BKB and they checked first time it had gone to BOT (holding bank) second time i forget now what bank, after asking the OZ bank what the F is going on, I was told to write 'message to bank' "DO NOT EXCHANGE FUNDS." I now write that on any transfers I do, never had a problem since. 

[brianthainess]

18 hours ago, soisanuk said:

the fee for sending in US$ is higher than for sending in THB.

Yeh my OZ bank is the same but paying the higher fee I am still better off sending it in AUD  compared to the lousy  Ex rate from OZ.

[mtls2005]

SWIFT, Wire Transfer, Send USD, Direct to Bangkok Bank THL (BKKBTHBK), Let your originating bank choose the intermediary bank.

 

BBL uses the TT Buying Rate, 33.45 as of this moment, https://www.bangkokbank.com/en/Personal/Other-Services/View-Rates/Foreign-Exchange-Rates

 

Takes 18 - 36 hours (exclusive of holidays and weekends). Shows as FTT in passbook. Obtain a Credit Advice Receipt in person to document the remittance.

 

$25,000 sent now would net 835,750 THB. (excludes the SWIFT fee at your U.S. bank, likely $50 max.)

 

(WISE would net 835,059.83).

 

No need to involve BBL/NYC, or "checks", don't worry about being charged with money laundering, do file a FBAR next January. 

 

Probably best to initiate the transfer in person at your bank prior to your departure from the U.S. to thailand in July. This assumes you already have a BBL account. Although an international transfer may be requested and authorized online with 2FA/OTP verification.

 

All the above applies ONLY to the U.S. 

 

No clue about other countries, pretty sure the OP doesn't care about these either.

[1FinickyOne]

On 4/8/2022 at 4:08 PM, PhatBoiArDee said:

Thank you Ubonjoe - I will use the Bangkok Bank NY transfer method.

good idea - a check might take months to clear... even travelers checks are rarely used anymore... 

[soisanuk]

khunPer

Quote

A cashier's bank check needs clearance, foreign checks might take quite long time, depending if it's a foreign bank or a Thai branch of a foreign bank, the cheque is drawn at.

Correct - although it has been several years since I sent a check to my Thai partner (before I retired and moved here to live), it took 45 days to clear even though I had it drawn on my USA bank's correspondent Thai bank.

 

mtls2005

Quote

Takes 18 - 36 hours (exclusive of holidays and weekends). Shows as FTT in passbook. Obtain a Credit Advice Receipt in person to document the remittance
**
No need to involve BBL/NYC, or "checks", don't worry about being charged with money laundering, do file a FBAR next January. 

There should be no need to get a Credit Advice Receipt when your passbook shows the source was from outside of Thailand, i.e., the FTT code used by Bangkok Bank - in the case of Jomtien Immigration, they also required a letter from my bank (Bangkok Bank) listing the foreign deposits (I use the 65k+ per month transfer method to annually renew my retirement extension) - they listed all my deposits that were coded FTT (note, Bangkok Bank brances can only provide information for the past 6 months - if you need a full 12 months, it will take 5 working days to get the letter as they have to request the information from Bangkok Bank's HQ).  

 

Although a FBAR report will be required, its due date is April 15 and must be filed using an online system - the report goes to Fincen (a Dept of the Treasury, but it is separate from the IRS - it is not part of US income tax returns). In addition, the due date is automatically extended to October 15 with no need to request the extension, so the final due date is October 15th.

 

Trvlr55

Quote

Agreed, would not recommend. Additionally taking a check is no different that carrying cash as far as the 10k cash reporting, or it can be seized. This is for US, not certain other countries reporting requirements, but would suspect they'd be same or very similar.

The form is filed with US Customs and like the FBAR report is sent for entry into a Fincen database.  Fincen is the US Treasury Department charged with enforcing money laundering laws.

 

Thailand also requires a declaration when entering Thailand if the funds are equivalent to US$20,000.

 

Tony125

Quote

 He can also do a domestic wire transfer from any US bank to the NYC Bangkok Bank using the account number of his Bangkok Bang account in THailand.  Can aslo do a International Wire transfer direct to the account in the Bangkok Bank  Acount in Thailand using acct #  and Swift code.

To send the funds through the NYC Branch of Bangkok Bank, your bank will need to send it using an International ACH (Automated Clearing House) form - not a domestic ACH form.  BUT, while some US banks have the IAT form available for their commercial customers, they do not make it available for their retail customers.  If the NYC Branch receives the funds as a domestic ACH transfer, they will not send the funds on to the Thailand bank account and will return it to the originating USA bank.

[skatewash]

On 4/9/2022 at 10:15 PM, Trvlr55 said:

Agreed, would not recommend. Additionally taking a check is no different that carrying cash as far as the 10k cash reporting, or it can be seized. This is for US, not certain other countries reporting requirements, but would suspect they'd be same or very similar.

 

Travelers leaving or entering the U.S. are required to report negotiable monetary instruments (i.e. currency or endorsed checks) valued more than $10,000 on a "Report of International Transportation of Currency or Monetary Instruments" FinCEN Form 105. The requirement to report currency on a FinCEN 105 does not apply to imports of gold bullion. You can obtain the form at www.fincen.gov or request one from the CBP Officer if required.

Failure to declare currency in amounts more than $10,000 can result in its seizure.

Another thing I recently discovered: if a couple takes 10k or more, it's not as simple as splitting it up, so each person has less that 10K, they count it as a combined sum; they do look for this a lot more than in the past, due to various schemes of global money laundering. Don't even have to be married, only traveling together.

Regarding the check, that's easily solved.  Just don't sign the check until after you've arrived in Thailand. ????  Agree, however, that there are much better ways than using a check.

[Trvlr55]

1 hour ago, skatewash said:

Regarding the check, that's easily solved.  Just don't sign the check until after you've arrived in Thailand. ????  Agree, however, that there are much better ways than using a check.

Yeah go for it, and good luck with that. It's still a negotiable monetary instrument, as soon as the bank issues it.

Customs inspectors just love gimmicks, when they seize it, and get a huge boost to their Xmas party fun. You can have fun explaining to them the meaning of negotiable for the next several years attempting to get your funds back. Their refund rate is abysmal. at best.

[skatewash]

2 minutes ago, Trvlr55 said:

Yeah go for it, and good luck with that. It's still a negotiable monetary instrument, as soon as the bank issues it.

Customs inspectors just love gimmicks, when they seize it, and get a huge boost to their Xmas party fun. You can have fun explaining to them the meaning of negotiable for the next several years attempting to get your funds back. Their refund rate is abysmal. at best.

I was assuming a personal check.  I doubt there's any advantage to having a cashier's check issued by a foreign bank in Thailand.

[mtls2005]

OP seems to have gone dark.

 

Expect they'll be back shortly inquiring about Hawala, and Fei-Chien.

 

 

 

 

 

[Trvlr55]

21 hours ago, skatewash said:

I was assuming a personal check.  I doubt there's any advantage to having a cashier's check issued by a foreign bank in Thailand.

would probably be better than having a personal check drawn on a foreign bank. No idea what the wait time for that to clear would be? 30-45 days maybe? If personal check could just take your checkbook.

[skatewash]

15 minutes ago, Trvlr55 said:

would probably be better than having a personal check drawn on a foreign bank. No idea what the wait time for that to clear would be? 30-45 days maybe? If personal check could just take your checkbook.

I think it might be the same in either case as the Thai bank waits for a foreign check to clear.  Not sure the distinction between a cashier's check and a personal check figures into the equation.  They would both take the same time to clear.

The superiority of a cashier's check is only evident within the country in which it is issued, I think, where it is accepted immediately without waiting for it to clear.