Can Foreigners Get Credit/Financing Here?

[davejonesbkk]

Im getting sick of having to purchase everything in cash, Id really like to be able to make a big purchase sometimes and pay it off over say 6 months. For example Id like to buy a Mac Air laptop, they cost around 42k, I have the money now and could buy it if I wanted to but Id rather spread the payments out.

I have an online business and have plenty of steady income coming into my thai bank account every month going back for over 3 years (also that amount coming in has been steadily rising) however I do not have a WP

Are there any options for me?

Edited December 10, 2011 by davejonesbkk

[Soutpeel]

Well done admitting you are working illegally in Thailand on a public internet forum...

To answer your question most likely not...

[Flatouthruthefog]

Well done admitting you are working illegally in Thailand on a public internet forum...

To answer your question most likely not...

It ain't necessarily so.

A close chum of mine taps away in his home here, doing work directly for 2 worldwide internet outfits.

He went to Immigration, described what he did and asked if he needed a work permit.

The only question was "Does your work go online from Thailand?"

The answer was: "No, it goes online in the US".

Conclusion: "In that case you don't need a work permit".

To try to help the OP, another close friend here with WP and a Ltd Company and a full order book for all of 2012 cannot get any bank support whatever, and he isn't even the MD or majority shareholder. It's because he is a foreigner.

So much for all the ballyhoo about SMEs then.

[Hooters]

Well done admitting you are working illegally in Thailand on a public internet forum...

To answer your question most likely not...

yep, the work permit swat team have probably got your ISP number and will knock on your door any minute.

the answer is no you can not get a loan for that type of thing because, well its pretty obvious you just leave the country and dont pay.

you can get condo loans though.

[poanoi]

Actually you can, i checked this out because i can't order anything on internet,

(i dont have that kind of credit card)

So what you need is

1] A one year visa, like in my case a ED visa will do

2]] A thai bank account, the bank told me if i put in 50.000 baht, they will give me a credit card so i can use it for order stuff on inet.

Well on a 2nd thought You want to lend money from the bank without any form of guarantee,

as opposed to My case where i would just use my own money,

so i guess answer is NO

Edited December 10, 2011 by poanoi

[samran]

Well done admitting you are working illegally in Thailand on a public internet forum...

...and not paying any tax on it!

[MJo]

Well done admitting you are working illegally in Thailand on a public internet forum...

To answer your question most likely not...

It ain't necessarily so.

A close chum of mine taps away in his home here, doing work directly for 2 worldwide internet outfits.

He went to Immigration, described what he did and asked if he needed a work permit.

The only question was "Does your work go online from Thailand?"

The answer was: "No, it goes online in the US".

Conclusion: "In that case you don't need a work permit".

To try to help the OP, another close friend here with WP and a Ltd Company and a full order book for all of 2012 cannot get any bank support whatever, and he isn't even the MD or majority shareholder. It's because he is a foreigner.

So much for all the ballyhoo about SMEs then.

YMMV, i just asked the same question in Department of Land Transport while paying my road tax.

The only question was "Do you drive to work?"

The answer was: "No, i work online".

Conclusion: "In that case you need a work permit".

On serious note i would not take any advice on WP from immigration.

Samran is right, regardless you are living in Thailand so you should have WP for work performed in Thailand and pay taxes on your income.

I always love how these threads go on complaining Thailands draconian visa rules but when you think about it. How many country let's you to do what OP is doing without much risk of getting caught. Try US, what are the penalties operating "online" few years not paying taxes. Even assuming one get's tourist visa etc to remain in country...

[dantilley]

It's perfectly poosible to get credit, financing, loans, etc. as a foreigner here. The major stumbling block for the OP though would be lack of Work Permit.

[aussiebebe]

Hi,

In answer to the original poster, you sound like me when I first came to Thailand 5 years ago! I was always very careful back home to pay off my credit cards in full every month and 'had' to apply for cards with Thai banks for all the perceived benefits. I still have several but prefer to pay for things in cash in most situations for the following reasons:

1) the cash-back offers when buying products on credit cards are always lower than paying cash

2) the offers you see (ie 3% cashback when buying fuel at a certain station) are just temporary to get you to apply

3) paying in installments is wretched; you can't then pay off your balance early which affects your limit (if you then want to make a large purchase). You can put credit on your card but the installments continue as planned, in my experience with SCB and KTC cards.

4) paying for airline tickets (the big draw of Thai-based cards) is always cheaper in a travel agent in cash in my experience (opposite to back home).

My advice is just to pay for things in cash; installments really distort the state of your finances.

[WarpSpeed]

It's perfectly poosible to get credit, financing, loans, etc. as a foreigner here. The major stumbling block for the OP though would be lack of Work Permit.

Yep I've been helping my misses who's also not Thai, groom her credit since I arrived here and she's doing fine with 2 credit cards one Titanium and one platinum with respectable credit limits and has also gotten credit through Power Buy to purchase some electronics and she has also purchased a couple second hand cars with financing through Leasing firms and now she's on the cusp of buying her first new car and not a lower tier Yaris or similar model either..

The snag is going to be the WP though, but the poster who mentioned his pal with the company having problems he's doing something wrong as she got her first card with a new company in short order and she was on probation with them at the time.

[Spoonman]

He went to Immigration, described what he did and asked if he needed a work permit.

The only question was "Does your work go online from Thailand?"

The answer was: "No, it goes online in the US".

Conclusion: "In that case you don't need a work permit".

Tell him to go to the Labour Dept and ask there, he may find that the answer is very different to what the Immigration dept said.

Edited December 11, 2011 by Spoonman

[jimbeam1]

Well done admitting you are working illegally in Thailand on a public internet forum...

To answer your question most likely not...

It ain't necessarily so.

A close chum of mine taps away in his home here, doing work directly for 2 worldwide internet outfits.

He went to Immigration, described what he did and asked if he needed a work permit.

The only question was "Does your work go online from Thailand?"

The answer was: "No, it goes online in the US".

Conclusion: "In that case you don't need a work permit".

To try to help the OP, another close friend here with WP and a Ltd Company and a full order book for all of 2012 cannot get any bank support whatever, and he isn't even the MD or majority shareholder. It's because he is a foreigner.

So much for all the ballyhoo about SMEs then.

You say taps away here. I take it you mean Thailand? If so then surely his work goes on line from Thailand. But only shows on line in the US. Which would make him working from Thailand?

jb1

[Heng]

For a relatively small amount like that, I'm sure you could probably strike a deal in some of the local pawn shops. All you'd be doing though is making your 42,000 Baht Macbook cost 47-50k Baht in 6 months. Seriously though, if that's your gameplan, start in the pawnshops. A nice earner nowadays is loaning folks 'cash for show' for weddings. Just 1% for one day. 15,000 Baht to make people impressed at your sinsod of 1,500,000 all neatly packed brand new pretty purple 500 Baht bills. And you don't have to worry about the bride's family running off with it. They wouldn't dare. No work permit required either.

[scorecard]

Well done admitting you are working illegally in Thailand on a public internet forum...

To answer your question most likely not...

It ain't necessarily so.

A close chum of mine taps away in his home here, doing work directly for 2 worldwide internet outfits.

He went to Immigration, described what he did and asked if he needed a work permit.

The only question was "Does your work go online from Thailand?"

The answer was: "No, it goes online in the US".

Conclusion: "In that case you don't need a work permit".

To try to help the OP, another close friend here with WP and a Ltd Company and a full order book for all of 2012 cannot get any bank support whatever, and he isn't even the MD or majority shareholder. It's because he is a foreigner.

So much for all the ballyhoo about SMEs then.

Third hand info. at least. And it is the reverse of information about work permits shared here and in other places many many times.

My lawyer has a simple answer " your sitting in Thailand doing the work, you need a work permit and your subject to Thai taxes.

[scorecard]

He went to Immigration, described what he did and asked if he needed a work permit.

The only question was "Does your work go online from Thailand?"

The answer was: "No, it goes online in the US".

Conclusion: "In that case you don't need a work permit".

Tell him to go to the Labour Dept and ask there, he may find that the answer is very different to what the Immigration dept said.

Agree, work permits are not issued by the immigration dept, and other government departments usually have very little knowledge of the regulations of other government agencies.

[scorecard]

Well done admitting you are working illegally in Thailand on a public internet forum...

To answer your question most likely not...

It ain't necessarily so.

A close chum of mine taps away in his home here, doing work directly for 2 worldwide internet outfits.

He went to Immigration, described what he did and asked if he needed a work permit.

The only question was "Does your work go online from Thailand?"

The answer was: "No, it goes online in the US".

Conclusion: "In that case you don't need a work permit".

To try to help the OP, another close friend here with WP and a Ltd Company and a full order book for all of 2012 cannot get any bank support whatever, and he isn't even the MD or majority shareholder. It's because he is a foreigner.

So much for all the ballyhoo about SMEs then.

Funny how many people write things here about WP and more which is in fact what they would like the situation to be, rather than the facts.

[Flatouthruthefog]

Well done admitting you are working illegally in Thailand on a public internet forum...

To answer your question most likely not...

It ain't necessarily so.

A close chum of mine taps away in his home here, doing work directly for 2 worldwide internet outfits.

He went to Immigration, described what he did and asked if he needed a work permit.

The only question was "Does your work go online from Thailand?"

The answer was: "No, it goes online in the US".

Conclusion: "In that case you don't need a work permit".

To try to help the OP, another close friend here with WP and a Ltd Company and a full order book for all of 2012 cannot get any bank support whatever, and he isn't even the MD or majority shareholder. It's because he is a foreigner.

So much for all the ballyhoo about SMEs then.

You say taps away here. I take it you mean Thailand? If so then surely his work goes on line from Thailand. But only shows on line in the US. Which would make him working from Thailand?

jb1

Ahem. In case you hadn't noticed, this is a Thai based forum on Thai matters.

The use of the word "here" would tend to indicate to most readers that Thailand is being referred to - yes?

If you - and many other posters on tv - do not live in Thailand (and in some cases quite clearly have never ventured this far from their safe comfy homes) I think they should say so. Then we can treat their remarks with the 'reserve' they deserve.

I only quote what was said in the spirit of being helpful.

All you other barrack room lawyers can push off to the Labour Office, double check the facts - and doubtless scupper my chum.

'Fragging fellow farangs' is indeed a sport here, is it not?

[Soutpeel]

Well done admitting you are working illegally in Thailand on a public internet forum...

To answer your question most likely not...

It ain't necessarily so.

A close chum of mine taps away in his home here, doing work directly for 2 worldwide internet outfits.

He went to Immigration, described what he did and asked if he needed a work permit.

The only question was "Does your work go online from Thailand?"

The answer was: "No, it goes online in the US".

Conclusion: "In that case you don't need a work permit".

1. Nothing to do with immigration....he would need to talk to the labour department and pretty sure they will tell you a WP is needed

2. did he get this in writing from immigration, if not then the information given is worthless

go back and research an article from Phuket Immigration/Labour a few months ago, and they stated very specifically, if you are working on-line you need a WP

[TallGuyJohninBKK]

I think the discussion here is getting a bit far afield from the original questions asked by the OP...

I can't speak about loans, and I'm not sure a loan per se would be the way to handle purchases like computers and such, that the OP mentioned.

But, as far as credit cards from Thai banks are concerned, farang can obtain Thai bank credit cards without work permits... While work permits are a common requirement as well as a minimum monthly income for farang of 50,000 baht or so, there also is another way that a few Thai banks offer.

And that's to open a deposit account with them where the funds are basically locked up, and then the bank will give you a Thai bank credit card with a credit line of some portion of your standing balance with them. No work permit required in those kind of cases.

The downsides are locking up a sizeable portion of funds, and also the fact that almost all the Thai banks charge 20% APR interest on revolving credit card balances.... And add to that the fact that Thai bank credit cards basically have no consumer, anti-fraud liability protections.

If your Thai bank credit card is lost or stolen, you're liable for all fraudulent charges up to your credit limit that might be occurred prior to you reporting the loss or theft to your bank.

I'd rather use my home country credit cards that have much lower interest rates and meaningful consumer protections, even when used abroad. But for those that don't have that option, the Thai banks cards are another option...albeit a not very attractive one.

[Soutpeel]

And that's to open a deposit account with them where the funds are basically locked up, and then the bank will give you a Thai bank credit card with a credit line of some portion of your standing balance with them. No work permit required in those kind of cases.

The downsides are locking up a sizeable portion of funds, and also the fact that almost all the Thai banks charge 20% APR interest on revolving credit card balances.... And add to that the fact that Thai bank credit cards basically have no consumer, anti-fraud liability protections.

If your Thai bank credit card is lost or stolen, you're liable for all fraudulent charges up to your credit limit that might be occurred prior to you reporting the loss or theft to your bank.

I'd rather use my home country credit cards that have much lower interest rates and meaningful consumer protections, even when used abroad. But for those that don't have that option, the Thai banks cards are another option...albeit a not very attractive one.

What you are talking about is not a credit card in essence its a debit card.

As regards Thai credit cards nothing wrong with them as regards fraud, in fact better then most countries, I get sent an SMS every time the card is used, and if its large amounts sometimes a phone call to comfirm I have actually used the card

[jimbeam1]

Well done admitting you are working illegally in Thailand on a public internet forum...

To answer your question most likely not...

It ain't necessarily so.

A close chum of mine taps away in his home here, doing work directly for 2 worldwide internet outfits.

He went to Immigration, described what he did and asked if he needed a work permit.

The only question was "Does your work go online from Thailand?"

The answer was: "No, it goes online in the US".

Conclusion: "In that case you don't need a work permit".

To try to help the OP, another close friend here with WP and a Ltd Company and a full order book for all of 2012 cannot get any bank support whatever, and he isn't even the MD or majority shareholder. It's because he is a foreigner.

So much for all the ballyhoo about SMEs then.

You say taps away here. I take it you mean Thailand? If so then surely his work goes on line from Thailand. But only shows on line in the US. Which would make him working from Thailand?

jb1

Ahem. In case you hadn't noticed, this is a Thai based forum on Thai matters.

The use of the word "here" would tend to indicate to most readers that Thailand is being referred to - yes?

If you - and many other posters on tv - do not live in Thailand (and in some cases quite clearly have never ventured this far from their safe comfy homes) I think they should say so. Then we can treat their remarks with the 'reserve' they deserve.

I only quote what was said in the spirit of being helpful.

All you other barrack room lawyers can push off to the Labour Office, double check the facts - and doubtless scupper my chum.

'Fragging fellow farangs' is indeed a sport here, is it not?

Ahem. Ok point taken. Sorry If by stating the obvious I upset you? But going on the ignorance of your/his knowledge on Thai Visa law. I thought it pertinent to clarify where you/he was WORKING from.

I am sure that I/we have no need, or desire, to push off to the labour office to double check anything so that we can scupper you/your

chum? As our only wish is to help you/him?

Also yes you are correct I am in my safe comfy home. In Bangkok.

jb1

PS As your chum obviously has a computer. Maybe you should Introduce him to Thaivisa?

Edited December 12, 2011 by jimbeam1

[TallGuyJohninBKK]

What you are talking about is not a credit card in essence its a debit card.

As regards Thai credit cards nothing wrong with them as regards fraud, in fact better then most countries, I get sent an SMS every time the card is used, and if its large amounts sometimes a phone call to comfirm I have actually used the card

No, the cards I'm thinking of are actual Thai bank credit cards... The purchases are not debited against the account balance. The cardholder still has to pay the balance direct each month.... The deposit account remains untouched and just stays as a guarantee. The cardholder also has the option to not pay the entire balance and pay installments over time with interest.

With a debit card, the purchase amount is deducted immediately from the cardholder's account and there's no option to pay over time with interest.

Don't know what home country you're referring to... I don't know how any country could have a worse cardholder loss/fraud liability policy than the Thai banks' credit cards. Not to mention their standard 20% APR on balances.

But for U.S. credit cards, by comparison, the most a cardholder can lose on a lost or stolen credit card is $50. That's a VAST difference from the Thai banks' potential of losing up to your entire credit limit in charges that might occur before you notify the bank.

[Heng]

That is correct, if you have enough fixed term 'assets' with the bank, they'll be calling you every chance they get, or more likely the tellers will be the first ones to 'pitch' you credit cards. Foreigners included. Another one is if you take out a loan with them for say a condo, you can be pretty sure that there will be credit card pitches that come with it (as they get something like a 600-900 Baht commission for every customer they sign up... depending on the bank).

Not sure if that's worth trying to spread out payments on a Mac Book though.

Edited December 12, 2011 by Heng