Banking On Retirement

[GPage]

I've entered a number of posts in the Forum as a prelude to my relocation to LOS in the coming year. Lots of great information from everyone...very much appreicated.

The next arena has to do with banking and finance. I would like to know how most expats and retirees control their resources, manage their pensions, and access funds on a regular basis. I have heard some mini horror stories about scams or card reading ATM's that concern me a bit. What would be the best way to begin once I get close to my departure from the states? Is my bank able to conduct most of the initial transactions with a Thai bank? Do I have to wait until I am in country to seek out a financial institution? Can I transfer funds from a stateside bank to a Thai bank easily?

Lots of questions and I'm certain many of you have gone through this already. Any advice I can get would be much appreciated.

Gary

[Rigger]

I've entered a number of posts in the Forum as a prelude to my relocation to LOS in the coming year. Lots of great information from everyone...very much appreicated.

The next arena has to do with banking and finance. I would like to know how most expats and retirees control their resources, manage their pensions, and access funds on a regular basis. I have heard some mini horror stories about scams or card reading ATM's that concern me a bit. What would be the best way to begin once I get close to my departure from the states? Is my bank able to conduct most of the initial transactions with a Thai bank? Do I have to wait until I am in country to seek out a financial institution? Can I transfer funds from a stateside bank to a Thai bank easily?

Lots of questions and I'm certain many of you have gone through this already. Any advice I can get would be much appreciated.

Gary

Just set up a Thai bank account then set up a automatic monthly transfer to your Thai bank account for the amount you think you will need. If you run short you can still uses you home country ATM to with draw money

This is how I do it

[lopburi3]

I disagree with Rigger as for most that will not be a cost effective way (although perhaps it is easy).

1. Set up a wire transfer agreement with your US bank so that you can make SWIFT type wire transfers while overseas (by phone, fax or internet). You can get that signed and on file before you set up your Thai bank account.

2. Set up a Thai bank account and make periodic transfers (one to four a year to keep the fees down).

3. Use your local bank account/ATM card for daily expenses here.

4. Continue to use your US bank account for credit/debit card, checks, pension deposits, tax deposits and such.

With the above you can select the time to transfer (high exchange rate) and minimize the bank fees that you will be charged.

[GPage]

I disagree with Rigger as for most that will not be a cost effective way (although perhaps it is easy).

1. Set up a wire transfer agreement with your US bank so that you can make SWIFT type wire transfers while overseas (by phone, fax or internet). You can get that signed and on file before you set up your Thai bank account.

2. Set up a Thai bank account and make periodic transfers (one to four a year to keep the fees down).

3. Use your local bank account/ATM card for daily expenses here.

4. Continue to use your US bank account for credit/debit card, checks, pension deposits, tax deposits and such.

With the above you can select the time to transfer (high exchange rate) and minimize the bank fees that you will be charged.

Thanks a lot for the information. Seems relatively easy and I now know the best steps to take both prior to departure and after arrival in Thailand. I hadn't thought about the exchange rate for transfers or fees. Good advice.

Gary

[richard10365]

I think, when it comes to ATM machines, if you use a banks ATM at the bank (such as Bangkok Bank) or some other place (like the mall) where it is public knowledge the ATM machine didn't just appear over night......it should be ok.

If you can get away with 4 transfers a year, as Lopburi said, thats the way to go. If you have to live off of your monthly pension, as I did, and have to transfer every month, it is possible to set up an inexpensive transfer.

I used Bank of America and it wasn't too expensive. Other TV members have similiar inexpensive ways.

You might have been following the thread on the success and failures of people trying to transfer from BOA to Bangkok Bank.

http://www.thaivisa.com/forum/index.php?showtopic=41816&st=0

In the thread, TV members share some other ways to transfer funds which they were successful with.

Good luck.

[GPage]

I think, when it comes to ATM machines, if you use a banks ATM at the bank (such as Bangkok Bank) or some other place (like the mall) where it is public knowledge the ATM machine didn't just appear over night......it should be ok.

If you can get away with 4 transfers a year, as Lopburi said, thats the way to go. If you have to live off of your monthly pension, as I did, and have to transfer every month, it is possible to set up an inexpensive transfer.

I used Bank of America and it wasn't too expensive. Other TV members have similiar inexpensive ways.

You might have been following the thread on the success and failures of people trying to transfer from BOA to Bangkok Bank.

http://www.thaivisa.com/forum/index.php?showtopic=41816&st=0

In the thread, TV members share some other ways to transfer funds which they were successful with.

Good luck.

Richard,

Thanks for the help. I had considered BOA due to their standing here and thoughts that they would be more recognized overseas that any local bank. It seems like there are some start up problems with the accounts but I will do some research here. The ATM fees are a concern....$5 is ridiculous for a withdrawl. How much can you withdraw in Thailand daily? I assume it's in Baht....what is the standard fee for Siam Bank or Bank of Thailand, etc... I will be in Phuket, so not sure who I will be using yet.

Still a ways to go on this and I have time, but it's good to know what others have gone through.

Thanks, Rich...

Gary

[richard10365]

The max I could withdrawl at one time with my stateside ATM card was 20,000 baht.

After living here for a while, I learned using a stateside ATM card daily in Thailand is expensive.

My BOA account from Los Angeles had a bank to bank transfer feature. I would transfer and my entire paycheck from BOA ($3) to Bangkok Bank NY and they SWIFT ($5) it to Bangkok Bank in Thailand who converts it to Thai baht and then deposit it into my account (200 baht) here in Thailand.

The monthly cost is around $13 from start to finish,

After that I would use Bangkok Banks ATM (with the Visa logo) all over Thailand.

If I use my Bangkok Bank ATM at another bank it only cost 20 baht. If I use a Bangkok Bank ATM at a Bangkok Bank from another province it cost 10 baht.

[lopburi3]

If I use my Bangkok Bank ATM at another bank it only cost 20 baht. If I use a Bangkok Bank ATM at a Bangkok Bank from another province it cost 10 baht.

Not sure why you get a 20 baht charge using another ATM. At least here in Bangkok I can use any bank atm that has the "ATM Pool" logo and not be charged for the first 3 or 4 times each month. After that it is only a 3 baht charge. I use the normal blue BBL ATM card. Almost all the banks are members of the pool so it makes it quite easy.

[richard10365]

I'm not in Bkk. I'm in Phayao now but when I lived in Sa Kaeo I was charged 20 baht as well. Maybe it has something to do with not being in the immediate vicinity of Bkk.