Bank Transfers, Us To Los

[ernieK24]

I've got enough in my U.S. Citibank to qualify me for a retirement visa. In addition I have almost enough monthly retirement income to qualify me,

Would some of you learned board members describe to me the best, or most efficient, or quickest, or cheapest, (any of the above), way to get my account, at least a large part of it, to a bank in Bangkok.

I get along fine using my ATM card on trips but I intend to try to spend my final few years with my honey in Thailand, and I'm a little up in the air about how to do the money thing the right way. We, (her and I) have a joint acct. (very small) at Bangkok Bank. but that will be separate altogether. I'll have to establish my own account, as I understand it, to be elegible for the 800,000, or combination of retirement income and bank savings, to qualify for a NI-O-A visa.

I know, this has probably been hashed-out a dozen times before on this, and other boards but I'm really a dummy when it comes to finances. Any help or advice you can afford will be greatly appreciated.....Thanks....ErnieK

[lopburi3]

I would sign a wire transfer agreement with your bank and then open a new account in your name here at a Thai bank (rather than using Citibank here). Then instruct your bank to transfer the funds needed sometime after you get here on a non immigrant O visa (based on application for extension for long stay after 2 months here).

If you want to do the paperwork in the US for O-A you can do it but will have to comply with requirements of the Consulate and will not involve money transfer requirement until later.

If you think the relationship/stay may be less than a year it would probably be best to get visa first and not bother with money transfer but for most people the money transfer/obtain extension in Thailand seems to be the easy way.

You have a choice.

[Heng]

Why not open a Citibank account here? The service is exemplary and you get that added peace of mind.

[ernieK24]

Thank you for your response. My intentions are to open an account at Citi in Bkk and, although I can't tie the two together internet-wise, nor transfer between the two on the net, I'm assured by my home bank representative that I can set up, before I leave, instructions for transfers to the Thai branch, and do it at relatively low cost. I'm also advised that I can withdraw up to $2000 a day from my ATM account, and I can transfer on the net between my savings and ckg. accounts here at my home bank. Since the ATM in Thailand will draw from the "prime" account only, which in this case would be ckg. and, unlike at home where you can specify which account you wish to withdraw from, savings or checking, I will have to make sure my checking acct. is kept up to date with sufficient funds.

I've read on other boards that Citibank is pretty good, and since it is a "world" bank, as is Bank of America and several others, that they are equipped to handle the services we need.

Lopburi, do you have any particular reason why I should use a Thai bank as opposed to Citibank......or any other one in the U.S.. I'd sure like to know. I'm a greenhorn at this and need all the help I can get. I worked all my productive life as an Electrician and I know very little about finances.....Thanks, ErnieK

[Thaiquila]

This kind of thing has been asked before, but I am still unclear on it.

Are Thai branches Citibank or Bank of America accepted by immigration as being Thai banks with respect to financial requirements for visa?

[haha]

I have some friend in hawaii who wants to transfer some money from his bank to his girlfriend's bank account at the bangkok bank. his bank in hawaii says he needs to provide them with the "bank routing number" for the bangkok bank branch in bangkok. so, I asked his girlfriend to get the "bank routing number" from her bank. she replies that her bank told her that bank routing numbers are not used in thailand.

if bank routing numbers are not used in thailand, then, what do they use to transfer money from one bank to another?

any info would be most appreciated. thank you.

sorry if the question sounds stupid. but I never did a money transfer via banks. I've always used western union.

[lopburi3]

Citibank is probably not the best choice for non business types but have no direct experience. In the past the expat banks wanted to see a very large amount on deposit and do not believe they were (and maybe still are not) members of the ATM Pool for Thailand so more limitation on that use. Do not know immigration view but if in a baht account in your name (or joint with wife) expect it is fine with them. They do not accept atm transactions as proof of foreign source (in most cases).

What a US bank needs for foreign wire transfer is the SWIFT code for her bank, which in the case of Bangkok Bank PCL is BKKBTHBK. They should also have the account number (required) and name/address of bank and account holder

[chico]

Citibank is probably not the best choice for non business types but have no direct experience.  In the past the expat banks wanted to see a very large amount on deposit and do not believe they were (and maybe still are not) members of the ATM Pool for Thailand so more limitation on that use.  Do not know immigration view but if in a baht account in your name (or joint with wife) expect it is fine with them.  They do not accept atm transactions as proof of foreign source (in most cases).

What a US bank needs for foreign wire transfer is the SWIFT code for her bank, which in the case of Bangkok Bank PCL is BKKBTHBK.  They should also have the account number (required) and name/address of bank and account holder

<{POST_SNAPBACK}>

Is it correct that there is a new law (from march 2004) requiring a form to be filled as to what the money is for and the receiving (thai) bank to be contacted, before the money can be credited to your account, if the transfer is higher than one million bt?

I have done higher express transfers before, the money was in my thai account within 24 hours, this time Kasikorn was withhelding the money for 8 days, and then crediting me 51.83 for the euro instead of the correct amount of the date they got the transfer of 52,85,

The credit was made after I sent an e-mail to the head office asking if they were withholding the money to give a lower exchange rate, or what other reason they had?

[lopburi3]

Is it correct that there is a new law (from march 2004) requiring a form to be filled as to what the money is for and the receiving (thai) bank to be contacted, before the money can be credited to your account, if the transfer is higher than one million bt?

I have done higher express transfers before, the money was in my thai account within 24 hours, this time Kasikorn was withhelding the money for 8 days, and then crediting me 51.83 for the euro instead of the correct amount of the date they got the transfer of 52,85,

The credit was made after I sent an e-mail to the head office asking if they were withholding the money to give a lower exchange rate, or what other reason they had?

I have no idea as only transfer 400k or less each time but perhaps someone else can answer. Do believe there was a new regulation to the effect that paperwork that is required for proof of foreign funds used for condo purchase required 1 million baht rather than being available for any exchange that has been mentioned here. It used to be a game of use the low exchange rate day for transfer credit but did not think they still did that.

Edited January 10, 2005 by lopburi3

[Harmonica]

SCB is the way to go, IMHO -- no need to change currency; transfer in $ or Euro or whatever. The funds remain as-is and earn interest as per BOT rates.

Immigration readily accepts this deposit scheme and the letter your bank provides states not only the value in $, but also in Baht.

The added advantage is that you can withdraw in Baht as and when you need money. If the Dollar starts heading north (expected) you will be earning some auto income on each w/d. If it heads down, then you lose. So pick your currency as per your own evaluation and proceed.

Great and flawless service and their Bankok call center is a pleasant surprise.

The bank fills out all BOT forms for you -- straightforward.

[paulfr]

Harmonica

Which branch of SCB do you deal with ??

[Harmonica]

Harmonica

Which branch of SCB do you deal with ??

Paul,

SCB, Patong branch in Phuket -- this ought to brighten your day --

telephone # (076)340-466-8

ask for Kary, Junny or Tik -- all thai ladies working in the foreign currency section and they do speak some English.

Regards

[Harmonica]

Paul,

I should mention that there was talk recently about relocating the foreign accounts from the Patong branch to the Phuket town branch. No problem, just a routine upgrade process, I think. Don't know the exact details, but if you do go or call there, ask for Khun Dao; she speaks some English.

[Darknight]

This kind of thing has been asked before, but I am still unclear on it.

Are Thai branches Citibank or Bank of America accepted by immigration as being Thai banks with respect to financial requirements for visa?

<{POST_SNAPBACK}>

Thank you for your response. My intentions are to open an account at Citi in Bkk and, although I can't tie the two together internet-wise, nor transfer between the two on the net,

You can only open a thai citibank account if you're holder of a WP.

Some thai law trying to keep the money in thailand. they want to open a hong kong or Singapore account for you if you insist, but that doesn't qualify for immigration.

I'm sure you can use your US account through citibank BKK dough.

I would leave my money first in the US , try to get retirement visa on Income from abroad + (amount of money), go ask them first what they are willing to accept , and then transfer that money over to a thai bank. This way you keep the biggest sum out of thailand (better for intrests and if you should decide to leave) and still have the visa.

if you should decide to leave later and you would want to transfer your money out the "legal" way it will cost you 15%

[Jeff Jarvis]

I have some friend in hawaii who wants to transfer some money from his bank to his girlfriend's bank account at the bangkok bank.  his bank in hawaii says he needs to provide them with the "bank routing number" for the bangkok bank branch in bangkok.  so, I asked his girlfriend to get the "bank routing number" from her bank.  she replies that her bank told her that bank routing numbers are not used in thailand.

if bank routing numbers are not used in thailand, then, what do they use to transfer money from one bank to another?

any info would be most appreciated.  thank you.

sorry if the question sounds stupid.  but I never did a money transfer via banks.  I've always used western union.

<{POST_SNAPBACK}>

Some banks use a SWIFT CODE when doing wire transfers.

You will need:

Bank name

Bank address

SWIFT CODE

Account name

Account number

Recipients address+phone #

[buadhai]

If you have an account at Bangkok Bank in Thailand you can use their New York branch routing number [0260-0869-1] to send money to Thai account.

[tutsiwarrior]

this has been asked before but is it better to send sterling from the UK to a thai bank and do the exchange in thailand or exchange at the UK bank and send baht with regard to favorable exchange rate

thanks

[lopburi3]

this has been asked before but is it better to send sterling from the UK to a thai bank and do the exchange in thailand or exchange at the UK bank and send baht with regard to favorable exchange rate

thanks

<{POST_SNAPBACK}>

In every case that I am aware of it is better to have the exchange take place at the Thai end. Our western banks are very greedy money makers when it comes to exchange rates.

[Ajarn]

I have some friend in hawaii who wants to transfer some money from his bank to his girlfriend's bank account at the bangkok bank.  his bank in hawaii says he needs to provide them with the "bank routing number" for the bangkok bank branch in bangkok.  so, I asked his girlfriend to get the "bank routing number" from her bank.  she replies that her bank told her that bank routing numbers are not used in thailand.

if bank routing numbers are not used in thailand, then, what do they use to transfer money from one bank to another?

any info would be most appreciated.  thank you.

sorry if the question sounds stupid.  but I never did a money transfer via banks.  I've always used western union.

<{POST_SNAPBACK}>

Most seem to use this bank for such transfers to SWIFT banks.. For sure, citibank does.

Bank Name: Bank of New York

Street Address: 1 Wall Street

City: New York

State: New York

Zip Code: 10286

ABA #: 021000018

Another cheaper alternative is for you to open an account in your area and send the ATM card to your GF to use in Thailand- or anywhere else she flies off to with your dosh

Edited January 13, 2005 by Ajarn