Income

[beachcroft]

As a very new expat in Thailand, I need to know urgently the best way of bringing an income in another currency into Thailand without the necessity of having cheques posted. It is not a regular sum, nor is it from one source. Any and all advice will be greatly appreciated.

[Ricardo]

If it's really urgent ... Western Union ?

What is the source-currency ? Size & frequency of transfer ?? Need more info.

[Mr_Dave]

As a very new expat in Thailand, I need to know urgently the best way of bringing an income in another currency into Thailand without the necessity of having cheques posted.

The most reliable way to move money quickly -- anywhere in the world -- is wire transfer.

Sometimes this is referred to as SWIFT transfer.

In America they call it Fed Funds wire.

Any and every bank can handle a wire transfer to any other bank anywhere in the world.

The fee is not related to the amount of money transferred.

About Euro 15-40 for each transaction.

Western Union is another option, and very quick, but the fees are very high: a percentage of the amount.

[astral]

DO NOT have cheques sent over.

Thai banks will take month to clear them and the funds will be tied up during that time.

Be aware the if you live in LOS for more than 6 months in a year "income"

is taxable.

I suggest you set up an offshore bank account to receive your payments

and the TT funds to Thailand when you need them. Remember Thai banks

do NOT pay interest to foreigners.

[Simbo]

This is something you should have sorted in your country of origin. I assume you are here now. I'm from Uk, and as most thaivisa members know by now. the Nationwide B.S, does'nt charge for over seas withdrawls. You can draw up to 30k a day this way. It doesn't take long to transfer a large amount this way. Not much use to you now though.

[haha]

here is what I do...

before I came over, I setup a "personal" paypal account using my american express card. then, I linked up my paypal to my fidelity brokerage account using my brokerage checking account.

personal paypal accounts are allowed to transfer money to one another for free.

also, fidelity allows you to linked up one outside account with free wire transfers.

this setup allows me to transfer money back and forth between paypal and brokerage - for free.

to withdraw money from my brokerage account, I use the atm card that is connected to my brokerage account. (I'm allowed 3 free atm withdrawals per month.)

there you have it. my system.

if you want to receive income from another party, just ask them to setup a "personal paypal account".

..works for me.

I know many people have horror stories about paypal. ..just be careful of scam email, and you should be ok. never give your passwords out to anybody. even to emails that sound legit.

also, you might also want to consider etrade as your brokerage. they do unlimited free atm withdrawals, and have free billpay too.