Smell of trouble: Bangkok busts 7 Vietnamese for selling cannabis

[iroc4life]

I have a question about banking in Thailand. Next year my wife(Thai) and I will be relocating to Thailand from the USA. I am an offshore oil and gas worker on a 28 and 28 rotation currently in Mexico. Right now the wife has been in the USA for 6 years and all our money is being banked in the USA. My question is, when we move to Thailand what would be the best / safest place to have my salary deposited? Currently we have a joint account in Thailand and use the ACH system to transfer money via BKK NYC from my account in the USA. My current bank in the USA doesnt have an option for transfers online so I cant do that without changing banks. Would it be advisable to have my entire salary deposited into the BKK account as my company wire transfers USD every month. I am no positive about but have heard that once money is in Thailand its difficult to send it out of Thailand. The amount of money is lets say around 15,000 USD monthly, what would you experienced guys suggest. Some have advised me to us a bank in Singapore or the USA to hold the funds and transfer as needed to BKK bank but that could be aggravating at times for bills, ins payments and such, Any suggestions welcome and thanks in advance.

[HDRIDER]

Hi

Just make a US$ account in any of the big banks, i use SCB, been good to me so far, had BBK Bank that was <deleted> the last couple of years, i asked BKK bank for internet banking without WP, no way they told me, could have changed by now, then i went to SCB within 30 min had bank account and internet banking

http://www.scb.co.th/index_en.shtml

[highchol]

why open a USD account? if living in thailand why not a baht account.?

I have baht account and my US salary sent here and converted to baht, never had a problem.

[HDRIDER]

Have you seen the the exchange rate is going bad???? if open US bank account or anything else you exchange the money not the bank

[highchol]

Have you seen the the exchange rate is going bad???? if open US bank account or anything else you exchange the money not the bank

oh sorry, i forgot the usd is going to strengthen :jap:

[HDRIDER]

Have you seen the the exchange rate is going bad???? if open US bank account or anything else you exchange the money not the bank

oh sorry, i forgot the usd is going to strengthen :jap:

Please tell me when just within a year would be great

[asiawatcher]

I would highly recommend HSBC - for various reasons but after SCB and BBL here - I bank in HK now and transfer globally. Far superior and you can have multi currency accounts at the same time, TT out in Baht etc - all too easy.

[thrilled]

O've been told bangkok bank direct deposit is the best.Now I have A charles schwab account.Anytime I use the atm,it cost around 150 baht.Schwab reimburses me the money.

[Langsuan Man]

O've been told bangkok bank direct deposit is the best.Now I have A charles schwab account.Anytime I use the atm,it cost around 150 baht.Schwab reimburses me the money.

Does Schwab charge the 1% foreign transaction fee that most US banks charge ?

If so, then it really isn't that big a deal to have your THB 150 re-imbursed by them

To the OP, be careful, you can be eaten alive by bank fees here in Thailand

[Kered]

I would highly recommend HSBC - for various reasons but after SCB and BBL here - I bank in HK now and transfer globally. Far superior and you can have multi currency accounts at the same time, TT out in Baht etc - all too easy.

I agree that HSBC is one of the best but it is better to maintain your funds in Thailand in a USD or other currency account which makes it easy if you wish to transfer funds out of Thailand. Once you convert to Thai Baht it can be more difficult to take the funds out of the country depending on the circumstances.

[iroc4life]

Thanks everyone for the input. I was actually not aware you could have a USD account in Thailand banks. I think we will have to go and talk to them in the branch office about that. I am not sure of all the features of the online banking here at Bangkok Bank so will ahve to check on that also. Thanks again......

[Soutpeel]

Thanks everyone for the input. I was actually not aware you could have a USD account in Thailand banks. I think we will have to go and talk to them in the branch office about that. I am not sure of all the features of the online banking here at Bangkok Bank so will ahve to check on that also. Thanks again......

I am also oil field trash and personally I would put the bulk of your salary in Singapore or Hong kong and just have "pocket money" in Thailand, you will find dealing with the banks a lot easier there than in Thailand.

Very easy in either Singapore or HK to move money in and out, and if you deal with a reputable bank their ie Citi or HSBC (not my preferred) you will find the customer service a lot better.

I dont know what your tax situation is, but these days a lot of banks get a bit nervous dealing with US citizens and offshore accounts courtsey of your IRS...

[Doc50]

If for no other reason than Thai Bank accounts are not insured by the government.

What other reason would you need.

I have a Charles Schwab bank acct. in USA, apply online, before you move to Thailand with

your USA address or address of a friend. After it is up and working Mexico or Thailand address is OK.

Bank accounts in USA are FDIC insured. With your debit card from Schwab go to any ATM $1000 day limit, it comes out in Baht,

need more just call and they can do it.

Keep a Thai bank account for your expenses not your entire net wealth.

[Pib]

Keep a USA bank account(s) and most of your spending money there....periodically transfer amounts to your BKK Bank account...and switch to/open another US bank which provides free or low cost ACH transfers. Just for example USAA has a good online banking setup with free inbound or outbound ACH transfers...Bank of America has a excellent online banking system but their interest rates suck but they do have fee inbound ACH transfers and $3 fee ACH outbound transfers. I've used both of these banks to send money to Bangkok Bank...no problem...arrives 2 to 3 business days later...spend a LOT more on a SWIFT/wire transfer and get it the next business day. Neither of these banks have a debit card that provides ATM fee reimbursement outside of the US and the foreign transaction fee can fun 1 to 3% depending on the bank. But there are other banks, like Charles Schwab, that supposedly offer worldwide ATM fee reimbursement and no foreign transaction fee on their debit card (getting to be fewer of these banks everyday). But for me personally, I feel comfortable in using my Bangkok Bank Be1st debit card for ATM and debit transactions in Thailand but I don't keep a lot of money in the BKK Bank account. Also been using their online internet banking (but you can't send money out of Thailand except in a few special situations like having a work permit) ...been using both their debit card and internet banking for about 3 years now on a daily basis...and even years before that on vacations to Thailand....both work just fine...never had a problem....knock on wood.

One thing for sure through it's best you get your USA bank accounts setup/switched "while you are still in the US" as they are easier/quicker to setup with a US address. You can still open US bank accounts once you move to Thailand, but generally you would need to use the address of a family member/friend in the States or have an APO address in Thailand if retired military. You'll also need to maximize the use of electronic/email delivery of banking documents due to the US address.

If I was you, I would switch from your bank that doesn't have online ACH transfer capability...or at least open another bank account which has the capability to do online "inbound/pull and outbound/push" ACH transfers. With the inbound feature you could still keep your current bank in case it offers something really good like a high savings/checking interest rate (I have one account like that), pull and send money to it as desired by using the inbound/outbound ACH transfer capability of your new bank, and also use the new bank to sent money to your BKK Bank account. In fact, a person should probably maintain two bank accounts in the US in case one of them changes policies regarding overseas transfers or other issues that affects you being able to easily get to your money from Thailand. Don't have all you eggs in one basket. Good luck.

[Kered]

Keep a USA bank account(s) and most of your spending money there....periodically transfer amounts to your BKK Bank account...and switch to/open another US bank which provides free or low cost ACH transfers. Just for example USAA has a good online banking setup with free inbound or outbound ACH transfers...Bank of America has a excellent online banking system but their interest rates suck but they do have fee inbound ACH transfers and $3 fee ACH outbound transfers. I've used both of these banks to send money to Bangkok Bank...no problem...arrives 2 to 3 business days later...spend a LOT more on a SWIFT/wire transfer and get it the next business day. Neither of these banks have a debit card that provides ATM fee reimbursement outside of the US and the foreign transaction fee can fun 1 to 3% depending on the bank. But there are other banks, like Charles Schwab, that supposedly offer worldwide ATM fee reimbursement and no foreign transaction fee on their debit card (getting to be fewer of these banks everyday). But for me personally, I feel comfortable in using my Bangkok Bank Be1st debit card for ATM and debit transactions in Thailand but I don't keep a lot of money in the BKK Bank account. Also been using their online internet banking (but you can't send money out of Thailand except in a few special situations like having a work permit) ...been using both their debit card and internet banking for about 3 years now on a daily basis...and even years before that on vacations to Thailand....both work just fine...never had a problem....knock on wood.

One thing for sure through it's best you get your USA bank accounts setup/switched "while you are still in the US" as they are easier/quicker to setup with a US address. You can still open US bank accounts once you move to Thailand, but generally you would need to use the address of a family member/friend in the States or have an APO address in Thailand if retired military. You'll also need to maximize the use of electronic/email delivery of banking documents due to the US address.

If I was you, I would switch from your bank that doesn't have online ACH transfer capability...or at least open another bank account which has the capability to do online "inbound/pull and outbound/push" ACH transfers. With the inbound feature you could still keep your current bank in case it offers something really good like a high savings/checking interest rate (I have one account like that), pull and send money to it as desired by using the inbound/outbound ACH transfer capability of your new bank, and also use the new bank to sent money to your BKK Bank account. In fact, a person should probably maintain two bank accounts in the US in case one of them changes policies regarding overseas transfers or other issues that affects you being able to easily get to your money from Thailand. Don't have all you eggs in one basket. Good luck.

You are correct, don't keep all your eggs in one basket!. That applies particularly to the US$, while it is relatively strong at present, where is it going. There have been many predictions some on TV which suggests that if you are going to spend time in Thailand that you might wish to hold some of your funds in other currencies. I do not necessarily mean Thai Baht but that has proved much stronger than the US$ in recent times. I suggest that whatever Bank you choose should be able to hold currencies other than Baht or USD and the ability to switch or transfer at will. Unfortunately at the present time as stated, the US could change policy at any time to adjust to the present state of their economy, and transfers may become more difficult.

[Tywais]

If for no other reason than Thai Bank accounts are not insured by the government.

What other reason would you need.

They are insured but the amount has been stepped decreased over 5 years.

The Deposit Insurance Act, taking effect on 13 February 2008, establishes a Deposit Insurance Agency to guarantee depositors' funds in the event of a bank bankruptcy. The Agency will reduce the amount insured for each depositor for all deposits insured in the first year, to a maximum insured of 100 million baht the second year, 50 million baht the third year, 10 million baht the fourth year, and 1 million baht the fifth year. According to sources, the act is perceived by many as a means of strengthening consumer confidence in the Thailand financial system.

Thailand Legal News

There is also a detailed article in The Nation published on July 25, 2008 that one can search for.