Collecting Rental Income From Outside Of Thailand

[JimmyTheMook]

If you were renting out properties in Thailand with say the equivalent US $2000 per month income, what would be the best way to receive this money in USA ?

[londonthai]

the most convenient bank transfer - the bigger ammount the cheaper it gets, so setting up a thai account and transfering once every few months to the usa.

if you would like to little hide this money than western union, paypal or some similar online payments - but they give poor exchange rate and charges are high

[torrenova]

Easy. You get internet banking on your Thai bank account. I use many but I like Siam Commercial Bank for a number of reasons. Set up a few accounts, at least 2. You can move money instantly online amongst other things.

Whoever is paying your rent can just deposit it into SCB. They can transfer it from their bank, do it at an ATM, in a bank, pay in cash etc. All is instant so not bullshit about missing money or paid it in but you can't see it. Rubbish. Near 24/7 access and a very stable platform, much more so than Bangkok Bank or Kasikorn.

You just then withdraw the money with your ATM card, having gone to the bank and set up your daily withdrawal limit for Bt200,000 a day rather than the standard Bt20,000 a day. That gives you about $6000 per day, per account (get 2 accounts minimum). All you pay is maybe a couple of dollars ATM fees. Cheapest and easiest way by far.

Sending it from the bank in Thailand to an overseas bank is a right pain in the rear.

[aurelius]

But the exchange rate is appalling.

You can make international funds transfers from Bangkok Bank's internet banking for just 300bt a transaction, but this may not suit your disclosure requirements if the income is not totally legit.