Credit Card, Debit, Atms

[zxray]

I am planing on retiring and moving to Thailand soon.

I am assumming that I will be able to get a 1 year retirement visa before leaving the US by proving a monthly pension income.

I plan on doing my banking in my US bank, managing online, I intend to live in Thailand, by using credit and debit cards. I am assuming that my visa debit card will work in the local ATMs, and that I will recieve the correct exchange rate.

I do not want to keep large amounts of money in Thai banks, nor even deal with the Thai banking system, if can avoid it.

Is my plan sound? Or am I setting myself up for problems down the road?

Another question, how good, or bad is the Thai mail system? I am sure that it is not what I am used to, but how bad can it be?

THANKS Ray

[Thaiquila]

I don't have all your answers but have some comments.

- You probably still want to open a Thai bank account even if your pension income will always qualify you for a visa extension. Why? A little extra security to have some local money in case there is a problem with your US accounts and also I think it will help to show a bank account to show immigration.

- It is probably necessary to have a US address for your accounts in the US to avoid problems with these companies. For example, a friend or relative. Also, when new cards are issued for ATM and credit cards, there is the issue of activating them and also getting them sent to Thailand. Certainly not safe or reliable to send these cards by regular mail, and the generally the companies will not send them, but your agent in the US can send them for you.

[simcity]

I am nearly in the same situation, I did open a tread regarding new fees charge on atm withdraw.

-Visa is charging 2.8 % on any purchases ( yes new fees ) and withdraw but the echange rate are a bit more as cash .

-I switch to American express they charge only 1.25 $ for cost but the exchange rate are 1.7 % less as with the visa card .

-I will be looking in two weeks at condition for the cirrus / handy card / atm cash withdraw card ( my friend use it here and we did not see the 2.8% fees on his online statment)

-Perhaps I will organize a automated transfer from my Australian account to my Bangkok bank, or ask a friend to do it for me .

-I will bring with me some Travel check

Thaiquila in his reply said the two points i allready made : account in thailand / address in your own country .

[Tywais]

I don't have all your answers but have some comments.

- You probably still want to open a Thai bank account even if your pension income will always qualify you for a visa extension. Why? A little extra security to have some local money in case there is a problem with your US accounts and also I think it will help to show a bank account to show immigration.

- It is probably necessary to have a US address for your accounts in the US to avoid problems with these companies. For example, a friend or relative. Also, when new cards are issued for ATM and credit cards, there is the issue of activating them and also getting them sent to Thailand. Certainly not safe or reliable to send these cards by regular mail, and the generally the companies will not send them, but your agent in the US can send them for you.

Thaiquila is right, you should have a local account for emergencies in case of complications accessing your US account. I also have a US Visa debit card I have used for several years here and every ATM I have used it in accepted it with no problems, and that is across a broad spectrum of different banks. Also it is straight forward to use it for cash advances if you need to withdraw large amounts. The only issue would be the mailing address. It would be best if you could maintain a US billing address. Have found a few times when an on-line order would not except my card because the billing address was in Thailand. Some companies feel Thailand is a high risk for credit card fraud.

As for mail security, my CC company sends the new card by registered mail and in 13 years here never lost a card. Activating the new card is simply a two minute call to the CC agency. In my case it is automated. Call the activation number, enter the CC number when the recorded voice asks and a few seconds later it will tell you it is activated.

[Gary A]

Getting my retirement visa in Los Angeles was a hassle. The main sticking point was that my US doctor insisted on doing the medical tests required by the Thai Consulate. They were quite expensive and my insurance would NOT cover the tests. I had no problem getting my retirement visa in Pattaya. Just keep in mind that you need a non immigrant visa and NOT a tourist visa to apply for a retirement visa in Thailand.

I have my main bank account in the US. I wire transfer once or twice a year via Internet to my Siam Commercial bank account. Citibank USA charges me a flat $30 for the transfer and the Siam bank fee is cheap.

You WILL need a Thai bank account to get your retirement visa. It doesn't matter how much you have in the account but you WILL need it. Citibank charges me $1.50 per transaction so I don't often use that ATM card. Siam Commercial bank ATM transactions are free as long as you use an ATM in that province. Out of the province there is a 20 baht fee. I don't often use credit cards but when I do I also pay them via the Citibank bill pay system. I wish everything would go as smoothly as my banking.

  I am planing on retiring and moving to Thailand soon.

    I am assumming that I will be able to get a 1 year retirement visa before leaving the US by proving a monthly pension income.

    I plan on doing my banking in my US bank, managing online, I intend to live in Thailand, by using credit and debit cards. I am assuming that my visa debit card will work in the local ATMs, and that I will recieve the correct exchange rate. 

I do not want to keep large amounts of money in Thai banks, nor even deal with the Thai banking system, if can avoid it.

      Is my plan sound? Or am I setting myself up for problems down the road?

      Another question, how good, or bad is the Thai mail system? I am sure that it is not what I am used to, but how bad can it be?

                                  THANKS    Ray

<{POST_SNAPBACK}>

[zxray]

Good input from you both. I had tried to transfer funds from my bank to my TGF by wire and could not. I ended up using western Union, and there was a hefty charge for that.

It seems like it would be no more expensive to use credit, or debit cards.

I do plan on returning to the US each year, for 4 to 6 weeks, and expect that I can arrange to recieve new cards at that time. But you are right, I should have funds on hand in Thailand in case of a snaffu with my accounts. I had hoped to avoid the aggravation of dealing with the Thai banking system, but that may not be an option.

I also may end up with a Thai wife, will see how that works out after living with her for sometime. Although I plan on staying in Thailand, an account there may help in obtaining a US visa for her, as I would like for her to accompany me on my annual US visits.

Thanks for the input Ray

[zxray]

Gary. Are you saying that I can avoid the medical testing by applying for a retirment visa in Thailand?, And what types of medical tests did they require in Los Angeles?

Thanks Ray

[buadhai]

This has been covered several times before....

I recently retired to Thailand.

I got my one-year multiple entry O-A visa from Houston, by FedEx. It was easy. My doctor did a superficial medical exam and signed the required form for $25. Houston accepted an estimate of my pension amount from my employer. It was not necessary to have any documents notarized.

I use Bank of Internet for all my US banking. They pay 3% interest on checking. There is no minimum balance and there are no fees. They do not charge any fee for purchases or ATM withdrawals. I get an exchange rate that is roughly equivalent to the interbank rate that is commonly published in the newspaper. I have a Visa branded ATM/debit card from them. It has a $500 limit on each purchase and a $300 daily limit on ATM withdrawals. They do not do wire transfers. I use a relative's US mailing address, but I do all my banking and bill paying online with them. They have a free bill pay service which I use to pay off my credit cards each month. My monthly pension payments are deposited directly into my Bank of Internet account.

I have a Visa branded credit card issued by MBNA bank. The interest rate is about 12% (up from 7% a year ago). I use a US mailing address for this account as well. I always pay off the full balance so the interest rate is not an issue. It does allow me to make purchases in excess of the Bank of Internet $500 limit.

I also have a Bangkok Bank account with a Visa branded ATM/debit card. I transfer money to this account by making a cash ATM withdrawal from my Bank of Internet account and a cash ATM deposit into my Bangkok Bank account. I recently transferred about US$16,000.00 this way in order to purchase a car with cash. (I have multiple joint accounts, so this was actually much easier than it sounds.)

So far, all of this financial stuff has worked well. I have the security and protection and interest income of US accounts along with the convenience of on-line banking and bill paying.

The Bangkok Bank account is mainly a backup and a place to store some money for emergencies and to show Immigration when the time comes for renewal.

[zxray]

Thanks Buadhai. I am sure that all of this info has been covered before. It seems like I can spend hours searching old threads and n ot get a clear picture, I che

cked out bank of internet, and looks like a good option to me! Thanks again.

Ray

[ProThaiExpat]

GaaryA's post regarding the necessity of having a nonO visa to get a retirment visa may well apply to Pattaya, however, an alien can get a visa status change from tourist to non-immigrant O and then a retirment long stay extention of that visa from the main branch of Thai Immigrantion in Bangkok.

I did it three years ago, but since I lived in Chiang Mai, I had to make two trips to Bangkok. CM Immigration couldn't do it then, I don't know about now with newer computer systems.

It was well worth the effort as the alternative was traveling overseas to do it and dealing with the Thai consulate service. Was turned down in Sydney and Cambodia told me not to even try.

Some counsultes reportedly are easy on you to do it abroad and some are not. The only advantages posted to date regarding the advantages of getting the 0-A retirment in your home country is the security of knowing you have it before leaving and bringing household goods into Thailand without paying duty. You will pay the U.S. Embassy at least $50 for your pension verification letter in Thailand. The medical exam here is 50 Baht and most cursory. No criminal record certificate is required if done in Thailand.

[TokyoT]

I also recommend having two US based credit cards. This way if you ever have a problem with one card you are not without a card. I have a visa and AMEX card, but no reason you can not have two visa or MC cards just from different banks. I have twice run into situations that would have become very difficult if I had not had an alternative card. The problems with the cards were easily resolved with a call to the card company, but by having the alternative card I was caused no inconvenience at the point of purchase.

AMEX tends to be on the high side as far as fees, but they have been pretty much hassle free, and very helpful in large purchase situations and with getting emergency cash quickly.

[barryofthailand]

Ray,

I am also from Los Angeles, and moved to pattaya two years ago. The medical for the retirement visa only consists of the taking of blood pressure. I don't know if you can find a doctor that will give you a medical certificate without the extra expenses as you stated. Best to get a non o visa by mail to an honarary Thai Consalate as the Los Angeles Consolate will not issue one without being married to a Thai.

I bank with Lockheed Federal Credit Union and have never had a problem with the atm's or receiving cards in Thailand. All of my financial institutions and credit card services have my Thai address and i have never had a problem.

[Dakhar]

For those needing the physical/medical check up necessary for Thailand, my advice is to look for doctors that advertize doing these types of check ups. Usually in big cities you can find them. Those doctors seem to have a tendency to be more relaxed about things.

cheaper too

[Sophon]

I am assuming that my visa debit card will work in the local ATMs

<{POST_SNAPBACK}>

Generally yes, especially in areas frequented by foreigners. But som ATM's sporting the VISA logo only accept local cards, and you usually come across one of those at the most inconvenient of times, and in places where ATM's are few and far between.

I agree with what others have posted, a combination of a local account and your U.S. account will give you more flexibility.

Sophon

[lopburi3]

PTE is correct that a real tourist visa can be changed to a non immigration visa by Immigration without leaving Thailand at a cost of 2,000 baht. That visa can then be extended for retirement or support Thai wife at a cost of 1,900 baht. The 30 day entry without visa (which many call tourist visa) can not be converted.

The current charge for a letter of pension income from the US Embassy is 1,200 baht or $30. It is a notary charge.