Are Older Men in Thailand Trading Love for Financial Ruin

[westbounder]

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

[RKASA]

Most us banks have free checking with atm card with a direct deposit. With checks being deposited you may have to pay 6.50 to 13.00 a month checking account fee. I think you can set up to have checks mailed to bank same as electronic. I used that before they had electronic transfers for pay checks and still had free checking account.

Deposit the check there and use your atm at an AEON mech. I get 600 to 1000 and cost 7 to 10 dollars total. One part is the bank fee (my bank non local withdraw) and the foreign transaction fee, but they don't tac 150 baht on the withdraw at AEON atm so its is cheaper then other Thai banks and the rate is the same.

Then deposit money in your Thai bank and use local atm card when shopping. It may run you as much as 23.00 a month if you take as much as 1000 each month, but it is the simple way and keeps working when in the US or here. I would not close the only us account you have - keep one. It is about as cheap as it gets - getting checks here would be a pain and what if you travel and now they are being mailed here.

PS I don't keep money in Thailand any money I am not using during the month stays in the US bank account savings. I only take what I use month to month.

[Pib]

I expect any Thai bank is going to charge a healthy fee to cash the check and then you will have that approx one month clearing/posting delay.

You are probably better off maintaining a U.S. bank for various reasons. If your U.S. bank does not offer "free" checking and a "no foreign transaction fee" debit card then maybe you should switch. Banks such as Schwab Bank, State Farm Bank, and others provide free to low cost checking and no foreign transaction fee cards. Also comes with free ACH transfers. Banks like State Farm, USAA, and others also have Deposit at Home type programs where you can cash/deposit a check from your home using your computer/scanner or mobile phone. For example: just today I got a medical reimbursement check for a little over $40....less than five minutes later I had it cashed/posted to my U.S. USAA bank account using my computer, scanner, and USAA internet banking....so, so simple and fast. I'm in Bangkok.

[Johpa]

The last thing you want is to use a paper check to transfer money to Thailand. Your US bank should allow your annuity check to be deposited into your account and then have a fixed some of money wired to your Thai account. Many banks will wave the wire fee if you have even modest assets deposited into that bank. I use Schwab to transfer funds to both my Thai account as well as my daughter's account as she is attending college in Thailand. I do not get charged a wire fee.

[jacktrip]

your concerned about a 32$ fee once per month?

laughable, consider it an expense you have to pay for clearing a foreign check.

[RKASA]

"Deposit at Home type programs where you can cash/deposit a check from your home using your computer/scanner or mobile phone."

Oh I do hope my bank does that one - have to check - I get refund checks from health Ins. and mail them all the way back to the bank and then wait for them to show on account - this would be much better for those odd deposits. Thanks.

[davejones]

My UK bank charges me GBP20 ($32) to cash a US cheque. I doubt there's a way around it. Also lots of scope of the cheque to get lost in the post.

[JimGant]

For the record, Executive Life will only send a paper check and will not do an electronic transfer.

I'd double check that. If your Executive Life annuity is being handled by New York Life, they definitely have (and prefer) electronic funds transfer (EFT) over paper checks.

As such, you could have your periodic payment direct deposited to your Bangkok Bank account. You'd set it up same as you would to do an EFT to your US bank account (ABA number, plus account number). It will go thru Bangkok Bank New York, where you'll pay $5 front end (for $2000 or less), plus 200bt back end. About $11.50 per transfer.

If, however, you're stuck with paper checks, you'd best stick with your American Bank account. If American Bank has free ACH service, you'd then have the same cost to do your own ACH transfer, thru BB NY, same as a direct deposit. And even with a $3, or so ACH fee, you'd still be better off ACHing the funds to Thailand vice using your American Bank ATM card:

ATM cost, according to flyerguide, is 1%. Very competitive, compared to the majority of ATM/Debit cards. But still $20 for $2000 -- plus 150bt x trips to the ATM machine, assuming no easy access to an Aeon machine.

Now with all the banking regulations in America, I want to close out my American Bank account and only use my Thailand accounts.

You've been watching too much Fox News.

[Pib]

You've been watching too much Fox News.

Don't say that....that the same as saying he's a Republican; it's OK to be a Republican...no better, no worst than being a Democrat.

[Sateev]

"Deposit at Home type programs where you can cash/deposit a check from your home using your computer/scanner or mobile phone."

Oh I do hope my bank does that one - have to check - I get refund checks from health Ins. and mail them all the way back to the bank and then wait for them to show on account - this would be much better for those odd deposits. Thanks.

Many banks have this capability. Some even let you use your smartphone (Android/iPhone) to take a picture of the check, and will deposit it immediately, The danger, IMHO, would be getting the paper check delivered reliably. Thailand Post is pretty good, but they do misplace things now and then, and getting a replacement check might be a hassle.

Direct deposit to Bangkok Bank would be your ultimate solution, IF Executive Life's policy changes or has changed.

[rakman]

One other thing to consider, being a US citizen, you'll still pay US taxes regardless of where you are. And, if the money comes into Thailand first, you might have to pay Thai taxes, too. "Last years" money won't be taxed in Thailand.

Use the low cost banks mentioned above.. makes more sense.

[Thailand J]

"Now with all the banking regulations in America, I want to close out my American Bank account and only use my Thailand accounts."

What regulations may i ask??? I am not aware of any regulations that would make me want to close my US bank accounts. I need them to pay my bills, deposit my checks...

I linked my US bank accounts to a Vanguard investment account. Vanguard wires money into my Thai bank account with online instructions.

The intermediary bank HSBC charges $25. That's all i have to pay..