Financial Problems, my U.S. and Thai Banking

Here's my dilemma,

I was wondering if anyone could help with my problem.

I have lived here in Thailand for 4 years now and I still have my monthly annuity check sent from Executive Life (now under the control of New York Life) to my bank in America. For the record, Executive Life will only send a paper check and will not do an electronic transfer.

I then access my American Bank account every month here in Thailand with my ATM card from my U.S. Bank to get my money. Now with all the banking regulations in America, I want to close out my American Bank account and only use my Thailand accounts.

Today I inquired at Bangkok Bank and they told me their will be a fee of $32 each and every month to clear the check from Executive Life and the funds may take 20 to 30 days to become available.

Can anyone tell me a way of getting around any BIG fees or any fees altogether, as I now want to start depositing my monthly check here in Thailand.

Possibly there is a connection between Executive Life or New York Life in America with a Bank here in Thailand and if I deposited my check at their Bank the fees could possibly be eliminated and the money could be available right away.

I am needing the help of an expert here and I hope someone here in Thailand can help me.

Thank You all Kindly

Joe

is it regulations or fees that are motivating your desired move away from US banks?

If it is fees...there are numerous banking and financial institutions in USA that reduce that to pretty much zero...

if it is regulations... well, i personally would rather trust US banking regs than the amazing thai systems... which can vary from bank to bank, branch to branch, day to day... etc...

You have been here 4 yrs so you should be well aware of the pitfalls of thai institutions...

First off change your bank to the Siam Commercial in Thapae. I had this problem with the Bangkok bank with cheques from the US Now I get charged 200 baht per cheque which is reasonable.

Three things for you K.Westbounder:

A. Well, if it's easier to do within the States, maybe consider trying a Credit Union account. They seem to be much more accommodating than big US for-profit banks.

B. I'm assuming you've spoken with the NY branch of BKK Bank, and they were the ones giving you the time frame and clearance fee ? If not, track down their # and call - only a local NY # and no 800 # to the best of my recollection.

C. ThaiVisa has a wide breadth of knowledge (and silliness) in its pages, and sometimes people box themselves in. This is a great question for the banking n money subforum. Forget the actual name of it, but you're sure to either find your answer there, or a knowledgeable contributor who can clue you in much faster than the small sampling of knowledge the CM crew has to offer. I'd suggest asking a moderator to move your thread so you can find the best help fastest. Good luck !

Edited September 13, 201213 yr by realthaideal

I'm not sure if you can make this work, but it's an option that I and many others find to be quick and convenient, as well as reasonable on fees.

Open an account here in Thailand at Bangkok Bank. Then have your bank or credit union in the States transfer whatever amount you chose to your account here via the Bangkok Bank in New York. Within 24 hours you will have your money here in Thailand.

Since it's a domestic transfer rather than international the fee that my credit union charges is $20 per transfer, regardless of the amount. There is no fee paid to Bangkok Bank. The daily exchange rate from dollars to baht will vary, of course. I like it, and it's quite painless.

Details can be found on this link:

http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/TransferingFunds/TransferringIntoThailand/ReceivingFundsfromUSA/Pages/ReceivingFundsfromUSA.aspx

Continued here - http://www.thaivisa....d-thai-banking/

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