Funding / depositing THB from Thai bank account to certain trading platforms

[WebGuy]

Hi guys,

 

EU citizen here employed in Thailand with work permit and family (with Thai wife and 3 years old daughter child). I invest monthly in index ETFs for retirement purpose and am currently with XTB platform. Initially I opened my account with IBKR but depositing the funds is a nightmare as every time I would like to deposit I must go to the bank in person, provide documents and it costs minimum 1100 THB per deposit transaction. That's why I am with XTB now.

 

However, I still look for another trading platform as XTB in Thailand is registered in Belize, there is no minimum security of the funds invested like in the EU, US etc. I discovered that some potential trading platforms are Saxo Bank and Schwab international accounts. I know that for an international Saxo account $10K and for Schwab account $25K deposit is required which is not an issue.

 

On their websites I tried to find out how depositing funds from Thai bank account works and everything looks smooth but all looked smooth with IBKR, too and when I wanted to fund the account, I realized I had to take the documents and pay 1100 THB to Kasikorn / Bangkok bank.

 

What I fear from is that I will open the account with Saxo or with Schwab and when wanting to deposit, I will find out the same thing so I would like to ask if anyone knows how it goes when depositing Thai bath from Thai bank account to these trading platforms (or if there is a better trading platform company that I should have a look into)?

 

For your information, funding XTB platform is easy and with QR code instantly and the currency exchange rate from THB to US$ is pretty fair.

[gamb00ler]

Call your bank's customer service number.  I know BBL has call center staff that speak English fairly well.  Give them all the banking details for the recipient you can.  BBL's website indicates it is possible to send up to 2M ฿ without going to the bank and the fees are much less than you stated.

[WebGuy]

Here are the fees for sending money internationally on the BBL site: https://www.bangkokbank.com/en/Personal/Other-Services/Transfers/-/media/253a57cc639e46f0b9104cb1deda188c.ashx

 

Thanks for the idea but I would like to avoid registering on different platforms in order to ask for their deposit account and then to check with the banks. Account registration and verification will be pain in the neck.