Bringing Money To Start New Account

[tcris52]

I'm sure this is discussed but I can't find it by searches.

I am moving to Thailand and want to bring in some seed money to start a bank account. I want to bring in about $5000 US but I'm not sure what the best way is. Traveler's checks, bank check, cash (that's scary), something else? One should be easier to deal with and/or give a better exchange.

Thoughts are appreciated.

Tony

[Soi224]

At that amount, just bring cash or t.c.'s. I forget, but check, the exchange rate might be better on traveler's checks

Soi224

[GungaDin]

Travellers cheques. better rate & safer.

[Carib]

Open a bank account with 1000 bath, tell your home bank to send $xxx to your now known Thai account. Isn`t that an easy option?

[tcris52]

Open a bank account with 1000 bath, tell your home bank to send $xxx to your now known Thai account. Isn`t that an easy option?

Almost. The problem is my bank will not do an international transfer without my being there. I'm trying to work out how to handle that.

[hotrod4098]

Open a bank account with 1000 bath, tell your home bank to send $xxx to your now known Thai account. Isn`t that an easy option?

Almost. The problem is my bank will not do an international transfer without my being there. I'm trying to work out how to handle that.

what i do is go th your bank and do a transfer fron uk to thailand any amonunt

cost around 300 t/b

[longball53098]

Have a close friend or relative make a TT from their bank account to you in LOS----------of course you would have to transfer the money to that friends/relatives account first

[Boater]

will you have the correct visa or work permit to open the bank account???

[GungaDin]

will you have the correct visa or work permit to open the bank account???

Try to keep up.

[IMA_FARANG]

I'm sure this is discussed but I can't find it by searches.

I am moving to Thailand and want to bring in some seed money to start a bank account. I want to bring in about $5000 US but I'm not sure what the best way is. Traveler's checks, bank check, cash (that's scary), something else? One should be easier to deal with and/or give a better exchange.

Thoughts are appreciated.

Tony

Assuming you are a U.S. citizen...because you mention $5000 U.S.

1. Open your Thai account with Bangkok Bank.

2. Do a electronic SWIFT transfer from your U.S. bank to Bangkok Bank in New York for deposit to your Thai account in Bangkok

3. You will have to pay a fee for the electronic transfer. My bank fee is $30 for the wire transfer irregardless of the amount. (Well, I've never transfered more than 10,000 dollars.)

4. Be warned: over 10,000 dollars may be "scrutinized" by U.S. IRS and homeland security authorities. (Watching money transfers out of the country).

5. Exchange rate will be same rate as if you had walked into Bangkok Bank with cash. Exact rate fluctuates, depends on exchange rate for the day your money gets to bank in Thailand.

6. There is no fee at Thai end by this method. The only fee is at sender bank, as I mentioned above.

If you can't do this...bring traveler's checks. Be aware there is a fee at Thai end for converting traveler's checks to Baht. Bring denomination of at least $100 per check(higher denomination means proportionally lower fee, as fee is charged for each check converted). It's possible that you may get a slight discount on traveler's check fee if it goes stright to deposit in your account vs cashing checks and then depositing cash. Then again you may not.

And regarding opening Thai bank accounts. Smaller banks and up-country or rural branches may not want to open an account for you without a work permit. My experience: if you make sure it is understood you are bringing $5000, and the purpose is deposit in their bank, the teller may suddenly start to get more interested in helping you to open your account.

Edited September 17, 2008 by IMA_FARANG