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A legal way to get sell rate at kbank for your euros instead of their buy rate ?

john donson
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john donson Gold Member

john donson

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Posted (edited)

 

my story… I did send tens of thousands of euros to a Kbank via swift via my home country to a foreign currency deposit amount, 14 years ago.

When it was clear I wanted to live here for the rest of my life, I converted, sold the euros (FET receipt from bank) as that account was getting ZERO interest of the bank and Thai fixed deposit gave ‘something’.

It was just after 2008 and European banks got free unlimited money from EMF at zero rate to survive and gave near ZERO interest.

 

Ok, now 12 years after I converted my euros for thb.

 

I wanted to buy a condo soon with what was remaining and I expected the bank to make me a paper for the land department to prove my money came from my home country.

 

I still had the original FET receipt with the amount in euros and thb. Land department off course does not accept a 12 year old paper, they want a recent bank letter.

 

I went first to my local branch, up to the branch manager, that told me to go to the office where I opened my FCD account, but I closed it after converting my euros.

 

They could not help because my paper was more than 10 years old.

 

So they told me to go to the main Kbank office and guess what ?

 

Another trip for nothing… paper too old.

 

When I said, but I send this correctly, via SWIFT from my home bank to YOU, Kbank, on the correct account… and even the main branch has no records over 10 years ? With old foreign exchange certificate etc… same bank book…

 

So I am living in lalaland again… money, not to be used for buying a condo, not able to send it back home either, because of… lack of current FET receipt that they don’t want to print again.

 

 

So I was wondering, if it is legal, and if people have a euro account in Europe, for example, if they would send me 100 euro, while we both are in my Kbank, I can withdraw the amount in thb, of value of the euros Kbank sells, you know they make money by giving you less when they buy your euros.

 

I could give you Bank sell rate, right there in the bank, both of us.

 

I get rid of useless Thb, well useless, I need Euros in my Europe bank account, to eventually send back to Thailand for the bank to give me the certificate it came from my home country.

 

I avoid transfer costs and bad thb converting to euro, if I could send it back that is, you would get the Banks sell rate, fresh from the bank teller into your hand, no tricks, no cheating, you get best thb for your euros…

 

Is this legal ? Allowed ?

Why everything always have to be excessive difficult for non thais?

 

edit note: no I do not have a wife or adult child or a girlfriend I can trust, the first took the house I paid for in the divorce, lesson learned.

Edited by john donson
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Cardano Senior Member

Cardano

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2 hours ago, FritsSikkink said:

You can buy a condo with money from Thailand, don't understand your story.

You need a license to be a money exchanger.

 

Think you will find proof of funds from abroad is require even if you are legally working in Thailand. Friend of mine has just gone through the same palaver, he's been working for 30 years in Thailand yet to buy his house (this year) land office told him funds must come from overseas within last tax year so he had to send 10mil Thai Baht to his bank in France convert to Euro then send back to Thailand. Problem was though it took him 25 days to send the money back as his French bank limited transfers to 10k Euro per day.

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ChaiyaTH Platinum Member

ChaiyaTH

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21 hours ago, ChaiyaTH said:

Just buy crypto in Thailand and then sell it in Europe for euro's.

Not sure which clown laughed about my comment, it could actually been done already 1000 times since the OP started this topic, cost free, in minutes.

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Celsius Platinum Member

Celsius

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21 hours ago, ChaiyaTH said:

Just buy crypto in Thailand and then sell it in Europe for euro's.

 

52 minutes ago, ChaiyaTH said:

Not sure which clown laughed about my comment, it could actually been done already 1000 times since the OP started this topic, cost free, in minutes.

 

I did.

 

Because buying cryptos in Thailand is so freindly to roreigners.

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ChaiyaTH Platinum Member

ChaiyaTH

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22 hours ago, Celsius said:

 

 

I did.

 

Because buying cryptos in Thailand is so freindly to roreigners.

I have been buying and selling without issues on satang.com and aside from that also on various exchanges with the Peer 2 Peer trading options without any fees. Dozens of Thai buyers and Sellers with limits of 500 baht to a million per transaction.

 

Yes there are some limitations to foreigners but should soon be out of the way again too. Kasikorn just bought satang.com and the biggest billionaire partners up with Binance, who just cleared issues by paying 4 billion USD in settlement to USA (what a amazing timing of the billionaire). 

 

Best options however are the P2P trading anyway.

Edited by ChaiyaTH
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ChaiyaTH Platinum Member

ChaiyaTH

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23 hours ago, ujayujay said:

Get Money to sell rate.....? Start a banking company:coffee1:

You can get the sell rate by exchanging via crypto without any issues, I usually make break-even or even up to 1% profit on my monthly transfer to Thailand. People still live in the old world.

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Lemsta69 Platinum Member

Lemsta69

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29 minutes ago, ChaiyaTH said:

I have been buying and selling without issues on satang.com and aside from that also on various exchanges with the Peer 2 Peer trading options without any fees. Dozens of Thai buyers and Sellers with limits of 500 baht to a million per transaction.

 

Yes there are some limitations to foreigners but should soon be out of the way again too. Kasikorn just bought satang.com and the biggest billionaire partners up with Binance, who just cleared issues by paying 4 billion USD in settlement to USA (what a amazing timing of the billionaire). 

 

Best options however are the P2P trading anyway.

 

Satang.com is now orbixtrade.com and this is what I just got in the Android app when trying to do KFC as a "Foreign person":

 

"404 Page not found"

 

Cannot take screenshot due to security policy.

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ukrules Star Member

ukrules

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14 hours ago, Lemsta69 said:

 

Satang.com is now orbixtrade.com and this is what I just got in the Android app when trying to do KFC as a "Foreign person":

 

"404 Page not found"

 

Cannot take screenshot due to security policy.

 

Upbit Thailand is the major exchange that works with foreigners, it's owned by a foreign company from Korea and they have apparently made scanning your passport a simple thing to do with an app when you're doing the verification.

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likerdup1 Silver Member

likerdup1

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wow!

taxation of foreign income from abroad starting in 2024 and one also cannot buy a condo unless showing proof the money is from abroad? So discouraging.

 

I didn't know it but I think the best thing I did for myself to keep living in Thailand was to open an FCD account and not convert to THB unless I need it. Seems to be the right move in a lot of situations.

Edited by likerdup1
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john donson Gold Member

john donson

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On 11/24/2023 at 1:16 PM, ChaiyaTH said:

Just buy crypto in Thailand and then sell it in Europe for euro's.

 

 

good tip, except bitkub makes me fill in  all their crap and in the end, my passport is not enough

 

they want a drivers' license which I do not have, is that a crime or requirement, apparently it is or a utility bill like electricity or water, ... while renting ?

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john donson Gold Member

john donson

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On 11/24/2023 at 1:35 PM, FritsSikkink said:

You can buy a condo with money from Thailand, don't understand your story.

You need a license to be a money exchanger.

 

 

was not clear or too much to read?

 

FET, 12 years old... bank will not make a paper for land department

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john donson Gold Member

john donson

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On 11/27/2023 at 10:01 AM, likerdup1 said:

wow!

taxation of foreign income from abroad starting in 2024 and one also cannot buy a condo unless showing proof the money is from abroad? So discouraging.

 

I didn't know it but I think the best thing I did for myself to keep living in Thailand was to open an FCD account and not convert to THB unless I need it. Seems to be the right move in a lot of situations.

 

yes, I kept for 2 years, but it did not give any interest while THB account did

 

so I was dumb, to convert all...

 

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