gk10002000 Posted March 5, 2011 Share Posted March 5, 2011 Just wondering how those of you that used the 800,000 baht method of meeting the Retirement Visa financial requirement put the money in the Thai bank. Write a check and get a few hundred soapies while waiting for it to clear? Bank wire the money via the usual ABA routing number and Account number method, etc. I am a US citizen. Thanks, Link to comment Share on other sites More sharing options...
Lite Beer Posted March 5, 2011 Share Posted March 5, 2011 Most would send it by Swift Transfer. Link to comment Share on other sites More sharing options...
gotlost Posted March 5, 2011 Share Posted March 5, 2011 If the OP has a Thai account and if your in the US suggest you go to your bank and set up a transfer as some US bank will not let you do this on line, aka Wells Fargo. You do have other options such as writing a check, bringing a bank draft both will require a wait of 21 to 30 days for clearance. You could bring your funds by traveler checks, if you do this make sure you bring the largest denomination you can get as you are charged for each TC you cash not amount. You get instant credit for TC and top exchange rates Link to comment Share on other sites More sharing options...
CharlieH Posted March 5, 2011 Share Posted March 5, 2011 Bangkok Bank account in Thailand, send money from US account to Bangkok Bank NEW YORK and have them send it on to your Thailand account. Minimal charges. Personally I used the monthly income route, NOT Capital, just had a revolving 6 months of payments into my account (in /out) printed the statement which showed 6 months on apparent income, took that to embassy, they provided letter of income...... job done.......my capital stay where it is and earns interest. Link to comment Share on other sites More sharing options...
phuketrichard Posted March 5, 2011 Share Posted March 5, 2011 I just take the Baht to the bank and thtats the way i have been doing it the past 8 years here in Phuket Link to comment Share on other sites More sharing options...
craigt3365 Posted March 5, 2011 Share Posted March 5, 2011 Bangkok Bank account in Thailand, send money from US account to Bangkok Bank NEW YORK and have them send it on to your Thailand account. Minimal charges. Personally I used the monthly income route, NOT Capital, just had a revolving 6 months of payments into my account (in /out) printed the statement which showed 6 months on apparent income, took that to embassy, they provided letter of income...... job done.......my capital stay where it is and earns interest. Bangkok Bank is the best...and you are right...as a US citizen, you can use the monthly income route...thus avoiding the 800k in the bank for 3 months routine. Though I do like the OPs thinking process...lots of soapies! Link to comment Share on other sites More sharing options...
Tod Daniels Posted March 5, 2011 Share Posted March 5, 2011 (edited) When I came to Thailand almost 6 years ago, I flew in with a "bundle" 'o cash from the US (in excess of +60K USD). It didn't cause me more than a blink of an eye entering Thailand, and they didn't even want to see my cash or my paper from the USA saying it was okay. However it DID cost me HOURS in the USA at customs leaving the country! Even though I had ALL the documentation for taking CASH out of the USA to another country, and which was MY money . They held me up, so long until they had to get a golf-cart to run me to the gate to leave! This is just my experience LEAVING the USA with a LOT of cash (as in REAL money, that I declared when I left). FWIW: I have wire transferred money here A LOT and never had a problem, except they are SLOW on the acceptance of wire transfers (about 3 working days or more, depending on who you bank with)! Then again, these are just MY experiences in Thailand, yours may vary. Oh BTW, I kept the money in my freezer here in Thailand for a coupla days and then went to Bangkok Bank and opened an account.. Edited March 5, 2011 by tod-daniels Link to comment Share on other sites More sharing options...
Cats4ever Posted March 6, 2011 Share Posted March 6, 2011 I was under the impression that I could not open a Thai bank account until I had residency. Bangkok Bank person told ne that 4 years ago. Any updates on opening an account? Link to comment Share on other sites More sharing options...
Lite Beer Posted March 6, 2011 Share Posted March 6, 2011 Should not be a problem. If you get turned down by one just try another one. Link to comment Share on other sites More sharing options...
lopburi3 Posted March 6, 2011 Share Posted March 6, 2011 Bangkok Bank officially allows opening on tourist visas - full requirements http://www.bangkokbank.com/Bangkok%20Bank/Personal%20Banking/Foreign%20Customers/Pages/Opening%20an%20account%20new.aspx Link to comment Share on other sites More sharing options...
jfchandler Posted March 6, 2011 Share Posted March 6, 2011 As stated above, the best way to easily transfer a relatively large amount of funds to Thailand from the U.S. is to do an ACH transfer to the BKK Bank's New York branch and then have it automatically forwarded onward to the person's BKK Bank account in Thailand. See lots of threads on the method here on TV. To open a BKK Bank account, you do need to be in Thailand to do so at a local branch... But you don't need to have long term residency in order to do so.... http://www.bangkokbank.com/Bangkok%20Bank/Personal%20Banking/Foreign%20Customers/Pages/Opening%20an%20account%20new.aspx#11 Link to comment Share on other sites More sharing options...
slapout Posted March 6, 2011 Share Posted March 6, 2011 If the op is traveling from the US to Thailand, he can verify with his US bank who their correspondent bank/s are in Thailand, Purchase cashiers check made out to himself and deposit into the Correspondent bank upon arrival. Funds are available immediately. Link to comment Share on other sites More sharing options...
gk10002000 Posted March 8, 2011 Author Share Posted March 8, 2011 If the op is traveling from the US to Thailand, he can verify with his US bank who their correspondent bank/s are in Thailand, Purchase cashiers check made out to himself and deposit into the Correspondent bank upon arrival. Funds are available immediately. Somewhat unfortunately, my primary bank is Etrade (IRAs, Brokerage, Checking etc), the online bank. But I do have an account at Wells Fargo that I use now and then. Etrade is somewhat limited in what they do. The do not have Cashier's checks, and here is what they said when I asked about "SWIFT". Why would they want my Passport ID? *************************************************************** Thank you for your message regarding international bank transfer to Thailand on your Independent Checking account. I apologize but I am not familiar with Swift bank transfers. You may send funds from your E*TRADE account to your bank account in Thailand via wire transfer. There will be a $25.00 fee for the request. In order to process a wire transfer, you would need to send us a letter of instruction (LOI) containing the wire instructions and a copy of your Passport ID. At your earliest convenience, please either fax these documents to 1-678-624-6950 or mail them to any of the following addresses: Regular Mail: E*TRADE Bank c/o E*TRADE Financial Corporation PO Box 484 Jersey City, NJ 07303-0484 Overnight Mail: E*TRADE Bank c/o E*TRADE Financial Corporation Harborside Financial Center 501 Plaza 2 34 Exchange Place Jersey City, NJ 07311 Once we receive the signed LOI and a copy of your Passport ID, please allow 2-7 business days for the international wire request to be completed due to intermediary banks and possible funds exchange involved. Should you have any further inquiries, please do not hesitate to contact us. Sincerely, Laica Cammille A. Dela Cruz 11:00 PM - 8:00 AM Monday to Friday 1-800-ETRADE-1 (1-800-387-2331) Financial Services Representative Link to comment Share on other sites More sharing options...
lopburi3 Posted March 8, 2011 Share Posted March 8, 2011 They use the term wire transfer which is normal in the US. As the passport page helps to prove your signature is real so don't see that as anything but a rational security measure - especially if you have not set up such a transfer process in person (which is normally/often required). Link to comment Share on other sites More sharing options...
lovelomsak Posted March 8, 2011 Share Posted March 8, 2011 I have put it in twice. The first time I did a money transfer cost nothing at my countries end but in Thailand the money went first to Bangkok and then they charged over 1500 baht to send to my account. This was Kasikorn Bangkok Pitsanulok. The second time I just got the money through regular atm withdrawals till I had it all. I am switching to proof of income letter from embassy. I now have had it in a Krung Thai account for years and havenot got one satang in interest. Link to comment Share on other sites More sharing options...
gk10002000 Posted March 8, 2011 Author Share Posted March 8, 2011 I have put it in twice. The first time I did a money transfer cost nothing at my countries end but in Thailand the money went first to Bangkok and then they charged over 1500 baht to send to my account. This was Kasikorn Bangkok Pitsanulok. The second time I just got the money through regular atm withdrawals till I had it all. I am switching to proof of income letter from embassy. I now have had it in a Krung Thai account for years and havenot got one satang in interest. Yeah, I prefer to have my money "working" for me. I prefer the income method, especially since the USD dropped so low relative to the Baht. The $26,000 (~800k Baht) in one of my US Tax free Municipal bond funds earns me well over $1,000 USD a year, tax free. I have a lot of Muni bonds and Muni bond funds, and in my ROTH IRA, whose procedes are all Tax Free, I have some decent paying regular bond funds too. I just meet the income requirement, depending on the Baht to USD exchange rate! Getting close to pulling the cord. But this contract I am on just keeps getting extended and the money is too good to pass up. Better to stock pile some more up and just mix that in with some holiday time for now. Thanks all. Link to comment Share on other sites More sharing options...
TerraplaneGuy Posted March 8, 2011 Share Posted March 8, 2011 Has anyone tried HSBC for this? Should be able to open a Bangkok account from abroad, then transfer funds by their internet banking site. Link to comment Share on other sites More sharing options...
lopburi3 Posted March 9, 2011 Share Posted March 9, 2011 Do not believe any account can be opened outside of Thailand and a recent poster has reported Phuket immigration currently may not be accepting HSBC accounts (believe this could be appealed to Bangkok however). Suspect it best to use a Thai bank (they are stable and guaranteed) which allows use of ATM everywhere. Link to comment Share on other sites More sharing options...
Darrel Posted March 9, 2011 Share Posted March 9, 2011 I now have had it in a Krung Thai account for years and havenot got one satang in interest. This begs the question: why do you leave it there then? Other banks will pay you interest. Link to comment Share on other sites More sharing options...
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