Baht bank account

[PattayaSteve]

If I move to Thailand and transfer the 800,000 Baht to a Thai Bank, apply for the resident Visa, then later decide to move back to the U.S. is there any problem taking the money back with me?

[dr_Pat_Pong]

The safest way is to have your home bank transfer the funds to your Thai bank.  That will prove that the money came into Thailand from aboard. There are no restrictions on taking your own money out of the country

[PattayaSteve]

Thank you doctor.

[MaiChai]

Really, what about that big sign at Don Meung that says you need authorisation from the government to take amounts greater than 50,000 baht out of the country?

[dr_Pat_Pong]

That was not clever Mai Chai. Firstly, wouldn't a person transfer funds direct to his home bank ?     The idea of

leaving Thailand  for USAwith 800,000 baht odd in cash

defies belief.   Changing the baht for greenbacks in the  

states would provide an expensive and an interesting challenge.

[John13]

I am retiring soon and moving to Thailand from the USA.  My company will deposit my retirement check to an american bank, I currently use Citibank.  I spoke with Citibank, and I could not transfer funds on line from my Citibank account to my Thai Farmers account.  I could wire transfer with a representative, however, I can't do that, since I would be living in Thailand.  Does anyone knows of any good american banks that I could do on line bank transfer?  Otherwise, I would be stuck using my ATM card in Thailand.  Citibank in Bangkok said that I could not open an account there, unless I have a work permit.

[lopburi3]

Ask your bank for a wire transfer agreement and fill it out.  If you have the Thai bank information and your address here also give them that.  Once that is done you can just telephone them to make a wire transfer using the password provided and confirming the transfer information.  They need to have a record so most will not do this on-line or by email but most will by recorded telephone and/or fax.  Believe this is what Citi was trying to tell you - you can transfer using a representative but not directly (as Thai banks do not have routing numbers and funds have to go through export controls in the US).  If Citi can't do this just about any other bank can.  You will have to have an address, sister/friend or someone to set up an account with most US banks and you should add note to wire transfer agreement not to use a callback check when you make transfers as you will be in Thailand and the phone listed on records is in USA.  I have been using this system for several years - takes about a five minute phone call every three months or so.

[Roger13]

Otherwise, I would be stuck using my ATM card in Thailand.

Hi John13,

Actually ATMs are numerous and very convenient

- for drawing day to day funds from overseas.

But that would not be suitable for Transferring

the Required Bht800,000 to a Bank in Thailand

for your Retirement Visa as the receiving Bank

has to see the Funds come from Overseas

(which they would not - if you deposit cash

from ATM withdrawals)

I would recommend that you do not Transfer

much more than the Required 800K.

Your Non Imm O visa will allow you to open a Bank Account

which is neccessary to fulfill the requirements of the Retirement

visa extension application (initial extension 9 months - annually thereafter).

You are not allowed to work with this Visa - so there is no

chance of a Work Permit.

Roger

[chuang]

One convenience and inexpensive way of transfering fund out of Thailand is through SWIFT (Society for Worldwide Interbank Financial Transfer), just contact your bank in Thailand. But if the tranferred amount exceeds 5000 USD one has to prepare the document "Thor-Tor.4" to show to the Bank of Thailand, giving the reason for transfer.

If I want to transfer all or some of my 800,000 baht retirement fund back to my country, and still maintain my 1-year retirement visa what is the best reason. Has anyone gone throught before ?. Thanks

[Thetyim]

If I want to transfer all or some of my 800,000 baht retirement fund back to my country, and still maintain my 1-year retirement visa what is the best reason.

Try medical or education bills.

Have not done it myself but have seen it quoted elsewhere

[LRimmler]

You can check another forumhttp://forum.thaivisa.com/cgi-bin/ikonboard.cgi?act=ST;f=1;t=1401.  Lancelot says that he uses netbank and they can do the transfer.  He also mentions that they accept email and will explain what to do.  I found that my USA bank BankOne also has a SWIFT code (I gather that the SWIFT code must be known for both banks to do the transfer).  I found mine by doing a google search using "SWIFT" and my banks route code in the search but getting it from the bank would be safer.  The actual transfer cost around $40 at NetBank.  See http://www.netbank.com/banking_deposit.htm#Wire%20Transfers.  I think netbanks SWIFT number is TBBAUS33 for the 061091977 mentioned.  The above forum also mentions that the US IRS requires that you complete a form TD F 90-22.1 indicatng the $10,000 or more foreign account.

[hukster]

Does anyone know if you can deposit travelers checks, instead of a bank wire? will this show the money coming from outside of thailand?

[ThaiAdventure]

I found the best method (for me) is as follows.

1. I set up a UK bank account in UK using HSBC.

2. I set up a Thai account with SIAM City Bank. (Only passport is needed...takes about 15 minutes).

I can use my UK ATM card ONLY at the HSBC in Thailand, but I can tak out THB 30000 each day. I take out THB 30,000 and pay it in to SIAM City. No transfer costs, only exchange rate!  ::

[Roger13]

Hi Thai Adventure,

Paying Cash into your Bank account in Thailand

for Subsequent withdrawal for Daily Expenses is fine.

But if you are Accumulating Bht 250,000

or Bht 800,000 for Visa purposes then that will not

satisfy the Regulations.

Immigration are required to have a letter from the Bank

Certifying that your Funds have come from Overseas.

It is a fact that sometimes Immigration do not

apply the Regulations strictly but the Regulations are

as I have stated.

Roger

[Roger13]

Hi Hukster,

A deposit of Travellers Cheques should be

regarded as Funds from Overseas.

But only your Bank in Thailand can tell you if they

will be prepared to say that the Funds are from

Overseas in the Letter they provide for you to

take to Immgration.

Roger

[Lancelot]

Lancelot says that he uses netbank and they can do the transfer.  He also mentions that they accept email and will explain what to do.  I found that my USA bank BankOne also has a SWIFT code (I gather that the SWIFT code must be known for both banks to do the transfer).  I found mine by doing a google search using "SWIFT" and my banks route code in the search but getting it from the bank would be safer.  The actual transfer cost around $40 at NetBank.  

Board,

I use Net Bank (NB) to transfer funds to Bangkok Bank (BKK.) I can initiate a wire transfer by e-mail and the money is deposited into my BKK account on the second business day.

I found a way to reduce my fees from NB to BKK. I do a "domestic" wire from NB to BKK (New York City.) Then BKK NYC transfers to BKK Thailand. The fees are:

1) NB to BKK NYC $15 (domestic wire)

2) BKK NYC to BKK Thailand $5

3) BKK Thailand incomming wire fee, maximum of 500B

About $32 USD depending on the BKK Thailand incomming wire fee.

Bangkok Bank gave me the Swift codes and Net Bank walked me through the e-mail ordering a wire transfer.

Having said all that, there has to be a cheaper way to transfer funds into Thailand. Perhaps if one uses an "affilliate" bank (affiliated with a Thai bank) in one's home country, it is cheaper. I read on various boards about guys sending monthly stipends to Thai girlfriends and they surely are not paying $30 USD in fees for each transfer.

All the best,

Lance

PS-Bangkok bank is sometimes difficult to deal with (they refuse to give me Internet Banking because I do not have a work permit (I'm retired, how can I work?) I've heard good things about BAnk of Asia.

Can anyone comment on service/experiences at Bank of Asia?

[Roger13]

Hi Lancelot,

I draw Bht 20,000 from my UK Bank, as and

when I need, from ATMs belonging to many

different Banks in Bangkok using a VISA Debit Card.

My Bank Charges me just one pound 50 pence

(GBP1.50 = about US$ 2.50) for each withdrawal

I have read elsewhere in the Forum of other better

deals in UK - for example - using NationWide Building

Society (now a Bank).

Is it possible that similar Services are available

in USA ??

********

To "SEND" money to wife or G/F - you could

open a separate "B a/c" or "No.2 a/c" and give

the Debit Card for that a/c to wife or G/F.

You then set up a monthly Standing Order

for the Bank to Transfer the Monthly Allowance

from your Main Account to No.2 account.

Only needs to be set up once

& very cheap to operate.

Roger

[Lancelot]

My Bank Charges me just one pound 50 pence

(GBP1.50 = about US$ 2.50) for each withdrawal

Is it possible that similar Services are available

in USA ??

********

To "SEND" money to wife or G/F - you could

open a separate "B a/c" or "No.2 a/c" and give

the Debit Card for that a/c to wife or G/F.

You then set up a monthly Standing Order

for the Bank to Transfer the Monthly Allowance

from your Main Account to No.2 account.

Roger,

Yes, I can use my Net Bank ATM card to withdraw baht from any ATM in Thailand (at least I've never been denied so far.)

Net Bank does not charge me for the withdrawls, but some Thai banks (sometimes) charge 3 baht.

About the "bar girl" account; sometimes the obvious escapes me. Of course, just open a seperate account and give the ATM card to one's GF.....

Simplicity at its best!

Lance

[LRimmler]

Lancelot,

How do you open a BKK NYC account? I live in Chicago so it's not possible to go there in person.

LRimmler

[lopburi3]

<font color='#000000'>Lancelot says that he uses netbank and they can do the transfer.  He also mentions that they accept email and will explain what to do.  I found that my USA bank BankOne also has a SWIFT code (I gather that the SWIFT code must be known for both banks to do the transfer).  I found mine by doing a google search using "SWIFT" and my banks route code in the search but getting it from the bank would be safer.  The actual transfer cost around $40 at NetBank.  </font>

<font color='#000000'>Board,

PS-Bangkok bank is sometimes difficult to deal with (they refuse to give me Internet Banking because I do not have a work permit (I'm retired, how can I work?) I've heard good things about BAnk of Asia.

Can anyone comment on service/experiences at Bank of Asia?</font>

<{POST_SNAPBACK}>

Give Bangkok Bank a residence certificate such as for drivers licence and they should allow Internet banking (as per web site).

[samran]

Re: Letter from bank confirming that monies have been transferred from overseas.

Can someone tell me what the letter from the bank looks like? Is it a simple letter on the banks letter head, signed by any old Joe (or Somchai) at the bank?

Or is it something a bit more formal, standard across all banks?

Thanks,

Samran.

[lopburi3]

Re: Letter from bank confirming that monies have been transferred from overseas.

Can someone tell me what the letter from the bank looks like? Is it a simple letter on the banks letter head, signed by any old Joe (or Somchai) at the bank?

Or is it something a bit more formal, standard across all banks?

Thanks,

Samran.

<{POST_SNAPBACK}>

The bank letter only needs to confirm the amount in your account on that date. The codes used for deposit in passbook show overseas or you can obtain transfer information copies from bank.

[samran]

Re: Letter from bank confirming that monies have been transferred from overseas.

Can someone tell me what the letter from the bank looks like? Is it a simple letter on the banks letter head, signed by any old Joe (or Somchai) at the bank?

Or is it something a bit more formal, standard across all banks?

Thanks,

Samran.

<{POST_SNAPBACK}>

The bank letter only needs to confirm the amount in your account on that date. The codes used for deposit in passbook show overseas or you can obtain transfer information copies from bank.

<{POST_SNAPBACK}>

Thanks for the info Lop, I guess in hindsight my question should be, what is acceptable proof for the people at immigration to show that money has originated overseas? Is it a letter from the bank? Passbook with special international transfer code?

Or does the bank only issue a letter for immigration once they see the passbook with the international transfer code?

Cheers

samran

[lopburi3]

My bank letter has never mentioned overseas money - only the amount in account. Immigration can read the "ftt" code in passbook and knows it is a foreign wire transfer. First time I also had bank photo copy wire transfer receipt but have not used since. Immigration very much want the movement to be by wire transfer as that is easy for them to spot.

[samran]

My bank letter has never mentioned overseas money - only the amount in account.  Immigration can read the "ftt" code in passbook and knows it is a foreign wire transfer.  First time I also had bank photo copy wire transfer receipt but have not used since.  Immigration very much want the movement to be by wire transfer as that is easy for them to spot.

<{POST_SNAPBACK}>

thanks for that. So am I right in thinking that immigration get a bit resistant to any other methods of bringing in cash into the country?

[lopburi3]

I suspect so - especially if the person is under age 50 and thus likely to be working here if money is not coming from overseas. Those over 50 often have savings and pensions so it may not be checked as closely.

[ayakiawe]

Advice

yes leave your home country with a good "bank card" with a Visa on it. Get the card made up for 5 years and have a back up made too with a passord too.

They call this a debit card in some places some call it a "bank card" not a credit card.

You can use them at an ATM if you must but....

Now open a bank account with Bangkok Bank.

Now walk into Bangkok Bank with this debt card and within 10 min any time they are open they will give you up to 500,000 baht cash per day and only charge you for the currency exchange.

Not any atm charges eitrther.

My home bank chares me nothing too. Wala nothing more to do and you leave your funds in a safe bank in your home counrty!

Too east if you ask me.

This is what I do and its worked everytime.

"Farmers Bank" changed its name to something else and realy sucks big time.

I closed my bank account there a long time ago. Would never put any money with them again!

Bangkok Bank seems like they know how to operate and think well enough for me most of the time.

[ozzydom]

My Oz bank set up a fax transfer system for me, in which is encrypted a secret Q/A and your phone contact number in T,land.

I simply send a fax asking transfer from a/c X in Oz to a/c Y at your thai bank, My Oz bank rings me, asks confirmation of particulars and secret Q/A, 2hrs later money is in my Thai a/c and available immediately. really easy..

[samran]

My Oz bank set up a fax transfer system for me, in which is encrypted a secret Q/A and your phone contact number in T,land.

I simply send a fax asking transfer from a/c X in Oz to a/c Y at your thai bank, My Oz bank rings me, asks confirmation of particulars and secret Q/A, 2hrs later money is in my Thai a/c and available immediately. really easy..

<{POST_SNAPBACK}>

How much does the Australian bank charge you for the transfer OZ? From my experience they are scum sucking leeches, I can't imagine it is cheap!

[jmac]

I also have a Citibank account in the US and I have wire transfered funds via the internet to bangkok Bank without a problem. Perhaps you should talk to Citibank again. The process does require you to verify by telephone the transfer, but you just call them. Immigration accepted this transfer.