Best Thai Bank To Have Accounts With In Phuket

[IrishIvan]

I am intrigued about the ease of ANZ banks to transfer money. They seem to be more international now. I might give them a try in Australia

[petercallen]

I think the rules for sending money out of Thailand are better these days but for me personally I can send because I have a work permit but without one all you have to do is show proof of money coming in e,g. if you have a slip showing 100,000 in then you can send 100,000 out. I have sent money out using SCB (no problems) but have not tried the other banks.

I remember in the early days a friend of mine saying he used the Chinese method (it has a particular name) for sending out money. He would give cash to a Chinese guy in Phuket Town & then collect the relevant cash from another Chinese guy in Singapore. Obviously requires a degree of trust but apparently is an old & trusted system.

I have heard of this system. Usually, you are with the guy at this end, and a family/friend is with his guy at the other end. You are on the phone to your family/friend as the transaction takes place. Eg. You hand him 100,000 baht here, and as you are doing this, his man in another country is handing over the equivilent currency to your family/friend in the other country. Of course, there is a fee for the service, but it's usually quite reasonable.

Also referred to as the Hondi system - this is the system which has kept Myanmar going for so long while sanctions have been in place. Used it many many times myself to get money in and out of Myanmar.

By the way OP - I made a TT online with NAB the other day (sending money out of Australia) - and I can tell you that the transaction is certainly not instant. When I hit the submit button - I get a receipt showing "pending", not "sent" - and the funds took another 3 days to arrive. The receiving bank showed the incoming funds clearing 48 hours after I hit the submit button - so NAB held onto them for 2 days.

I then went back and checked more overseas transfer receipts from the past few years with NAB - and all of the get processed as "pending" - never as "sent".... So the NAB at least is holding the funds for a day or so...

All my money transfers are done in and by the bank, not by me, the bank transfers the money straight away, there is nothing pending

[petercallen]

Getting back on topic - I have used SCB in the past, and am now using Kasikorn in Phuket Town.

No complaints about Kasikorn.

I changed from SCB to Kasikorn because I had some minor issues with SCB - and heard Kasikorn were quite user friendly.

For me personally - if I am having problems with a company, I wouldn't switch branches - I would change the company.

I don't understand the logic in switching branches if you have problems with a particular company - why not move your business elsewhere to a new company?

I think the problem has been with the bank manager not the bank,tells me one thing and does something else

I think i may have sorted it out now,if not he will loose my business, he has told me that he does not want that to happen

I have a credt card and several investment accounts with the bank for varying periods, easier said than done changing banks

Edited March 3, 2013 by petercallen

[stevenl]

I think the rules for sending money out of Thailand are better these days but for me personally I can send because I have a work permit but without one all you have to do is show proof of money coming in e,g. if you have a slip showing 100,000 in then you can send 100,000 out. I have sent money out using SCB (no problems) but have not tried the other banks.

I remember in the early days a friend of mine saying he used the Chinese method (it has a particular name) for sending out money. He would give cash to a Chinese guy in Phuket Town & then collect the relevant cash from another Chinese guy in Singapore. Obviously requires a degree of trust but apparently is an old & trusted system.

I have heard of this system. Usually, you are with the guy at this end, and a family/friend is with his guy at the other end. You are on the phone to your family/friend as the transaction takes place. Eg. You hand him 100,000 baht here, and as you are doing this, his man in another country is handing over the equivilent currency to your family/friend in the other country. Of course, there is a fee for the service, but it's usually quite reasonable.

Also referred to as the Hondi system - this is the system which has kept Myanmar going for so long while sanctions have been in place. Used it many many times myself to get money in and out of Myanmar.

By the way OP - I made a TT online with NAB the other day (sending money out of Australia) - and I can tell you that the transaction is certainly not instant. When I hit the submit button - I get a receipt showing "pending", not "sent" - and the funds took another 3 days to arrive. The receiving bank showed the incoming funds clearing 48 hours after I hit the submit button - so NAB held onto them for 2 days.

I then went back and checked more overseas transfer receipts from the past few years with NAB - and all of the get processed as "pending" - never as "sent".... So the NAB at least is holding the funds for a day or so...

All my money transfers are done in and by the bank, not by me, the bank transfers the money straight away, there is nothing pending

Yes, there is, the money is pending in the bank vaults until they deem it fit to release it. That it is not in your account anymore does not mean the money is transfered. But this concept seems very difficult to understand.

[Songhua]

I am intrigued about the ease of ANZ banks to transfer money. They seem to be more international now. I might give them a try in Australia

I have transfered from ANZ to Kasikorn several times now via my internet banking. It used to take a couple of days to clear but the last few times it's been in the Thai account and available within eighteen hours. Still have to use Swift code.

[Old Croc]

I am intrigued about the ease of ANZ banks to transfer money. They seem to be more international now. I might give them a try in Australia

Before I left Australia I did research on the best bank for transfering money to Thailand.

As a result I opened my first ever Westpac account. I can transfer up to $10,000 at a time online (much more if special arrangements are made), for a cost of $20 per transaction. (bugger all)

I did a transfer to my Kasikorn bank on Thursday, processed on Friday, and am expecting it to arrive on Monday.

[KarenBravo]

Which is the best bank to open an account at?

Ask your bank in your home country.

Every foreign bank uses a Thai agent bank for all monies sent to Thailand, regardless of the destination bank.

My UK bank uses Bangkok Bank as it's agent. All money transferred from the UK goes to Bangkok Bank first before it is then sent on to the destination bank.

If you open an account with Thai agent bank, your transfers from your home country will be quicker.

Best I've seen yet is 8 hours from request ti in my account.

Edited March 3, 2013 by KarenBravo

[petercallen]

There are fair trading laws and a dept of consumer protection in Australia

No bank there would tell its customers its transferred money to another without doing it and hold the money up for its own use

The department of consumer protect would take them to court and fine them and it would be in the newspaper, free very

bad advertising for the bank

[petercallen]

@ petercallen

What are your thoughts on the tax equalisation scheme?

Maybe you should ask your accountant if he thinks it's "a load of rubbish."

My accountant does all my tax work, he is a professional and knows what he is doing and that's what i pay him for

Not someone who gives out advice for free on a chat forum, i have already legally reduced my taxes by taking his advice

[petercallen]

Stevenl knows nothing about how Australian banks operate just thinks he does

You or your authorized representative can transfer money from any bank branch

it does not go through the banks head office its done at the branch

They take the required amount from your bank then do the transfer in front of you

and give you a statement stating the amount and time of the transfer and what bank account its been transferred to

And only takes a few minutes,Its transferred in Australian dollars and changed into baht in Thailand

My bank in Australia could send it in Baht but i get a better exchange rate here

If you live in Thailand, how can you be in your branch in Austraila????

I, like many others in Thailand, transfer money from a home country bank account to a Thai bank. That means, you are not in your branch, in person. Such electronic transfers take time to be processed/cleared, by the home county branch, and the receiving Thai bank.

What you on about Peter????

Do you know what authorized representative means, it seems you do not

[NamKangMan]

Stevenl knows nothing about how Australian banks operate just thinks he does

You or your authorized representative can transfer money from any bank branch

it does not go through the banks head office its done at the branch

They take the required amount from your bank then do the transfer in front of you

and give you a statement stating the amount and time of the transfer and what bank account its been transferred to

And only takes a few minutes,Its transferred in Australian dollars and changed into baht in Thailand

My bank in Australia could send it in Baht but i get a better exchange rate here

If you live in Thailand, how can you be in your branch in Austraila????

I, like many others in Thailand, transfer money from a home country bank account to a Thai bank. That means, you are not in your branch, in person. Such electronic transfers take time to be processed/cleared, by the home county branch, and the receiving Thai bank.

What you on about Peter????

Do you know what authorized representative means, it seems you do not

Do you know what "being independent" means - it seems you do not. :)

[NamKangMan]

@ petercallen

What are your thoughts on the tax equalisation scheme?

Maybe you should ask your accountant if he thinks it's "a load of rubbish."

My accountant does all my tax work, he is a professional and knows what he is doing and that's what i pay him for

Not someone who gives out advice for free on a chat forum, i have already legally reduced my taxes by taking his advice

Accountancy was not / is not my field of expertise. I do not claim to know all on this topic. I have received some advice from my accountant that I am happy with, as you are.

I look, listen and learn from others in Thailand - no shame in that. I do not claim to know everything about everything here.

Many members have posted what bank they are with and how they transfer their money. The concensus is Kasikorn Bank with electronic transfers, via internet banking. This is also the bank I'm with and the method I use to transfer money here.

You seem to have the sh*ts with the time the bank takes to clear your funds. Stevenl explained why it's the case. It's out of your control, so I suggest you just get over it.

Once again, if you are not prepared to take onboard what members contribute on this forum, why post a thread in the first place????

Now, what really are your thoughts on the taxation equalisation scheme?

Edited March 4, 2013 by NamKangMan

[petercallen]

@ petercallen

What are your thoughts on the tax equalisation scheme?

Maybe you should ask your accountant if he thinks it's "a load of rubbish."

My accountant does all my tax work, he is a professional and knows what he is doing and that's what i pay him for

Not someone who gives out advice for free on a chat forum, i have already legally reduced my taxes by taking his advice

Accountancy was not / is not my field of expertise. I do not claim to know all on this topic. I have received some advice from my accountant that I am happy with, as you are.

I look, listen and learn from others in Thailand - no shame in that. I do not claim to know everything about everything here.

Many members have posted what bank they are with and how they transfer their money. The concensus is Kasikorn Bank with electronic transfers, via internet banking. This is also the bank I'm with and the method I use to transfer money here.

You seem to have the sh*ts with the time the bank takes to clear your funds. Stevenl explained why it's the case. It's out of your control, so I suggest you just get over it.

Once again, if you are not prepared to take onboard what members contribute on this forum, why post a thread in the first place????

Now, whatreally are your thoughts on the taxation equalisation scheme?

Since you only transfer small amounts of money whats the difference if the bank takes a few days to put it into your account

The amount i transfer the interest on it is approx 7000 baht a day, which belongs in my pocket not the banks

I do take on-board what some members say, not people who only agree with them

I am interested in finding out about the best deal with banks here on credit cards,investment accounts and service

Not how to transfer money from my Australian, i am happy with the system i use as most people realize

Edited March 4, 2013 by petercallen

[NamKangMan]

@ petercallen

What are your thoughts on the tax equalisation scheme?

Maybe you should ask your accountant if he thinks it's "a load of rubbish."

My accountant does all my tax work, he is a professional and knows what he is doing and that's what i pay him for

Not someone who gives out advice for free on a chat forum, i have already legally reduced my taxes by taking his advice

Accountancy was not / is not my field of expertise. I do not claim to know all on this topic. I have received some advice from my accountant that I am happy with, as you are.

I look, listen and learn from others in Thailand - no shame in that. I do not claim to know everything about everything here.

Many members have posted what bank they are with and how they transfer their money. The concensus is Kasikorn Bank with electronic transfers, via internet banking. This is also the bank I'm with and the method I use to transfer money here.

You seem to have the sh*ts with the time the bank takes to clear your funds. Stevenl explained why it's the case. It's out of your control, so I suggest you just get over it.

Once again, if you are not prepared to take onboard what members contribute on this forum, why post a thread in the first place????

Now, whatreally are your thoughts on the taxation equalisation scheme?

Since you only transfer small amounts of money whats the difference if the bank takes a few days to put it into your account

The amount i transfer the interest on it is approx 7000 baht a day, which belongs in my pocket not the banks

I do take onboard what some members say, not people who only agree with them

As explained, it's free money for the bank to use for 24 to 48 hours. Nothing you can do about it. No one is saying you have to like it, but you will just have to accept it.

If you are earning that sort of interest offshore from Australia, you really need to make sure you have addressed the implications attached to the taxation equalisation scheme, and I'm not "taking the piss" when I say that.

[petercallen]

My wife earns the interest not me, no problems Mr tax assessor

I do not have to wait 24 to 48 hours anymore for money to be credited to my Thai bank account

If the tax system is altered so i have to tax a lot more tax because i spend my retirement in Thailand

I do not like it like a lot of other self funded Australian expats, are you self funded

[NamKangMan]

My wife earns the interest not me, no problems Mr tax assessor

I do not have to wait 24 to 48 hours anymore for money to be credited to my Thai bank account

If the tax system is altered so i have to tax a lot more tax because i spend my retirement in Thailand

I do not like it like a lot of other self funded Australian expats, are you self funded

Once again, I do not profess to know all about Australian Tax Law, and everyone's circumstances are different.

It's none of my business, but, you may have some issues if your wife has Australian resident status and your marriage is legally recognised in Australia, and also, I believe the most you can "gift" any one individual, in a finacial year, is $10,000AUD, and $30,000AUD over a 5 year period before the "gifts" may attract "gift tax." So, reducing your assest base as a tax minimisation method by gifting away the cash, to your wife, may come under notice of The Australian Tax Office. Things may have changed, but that was my understanding a few years ago. Only trying help, Peter.

Yes, I am self funded by a mixture of cash at bank and a property and share portfolio, not by a beer bar on Bangla Road. :)

The big thing for Australian citizens is residency status - resident for tax purposes or non-resident for tax purposes. If you claim to be a non-resident, but are generating income in Australia, you are up for a big tax bill.

[petercallen]

My wife earns the interest not me, no problems Mr tax assessor

I do not have to wait 24 to 48 hours anymore for money to be credited to my Thai bank account

If the tax system is altered so i have to tax a lot more tax because i spend my retirement in Thailand

I do not like it like a lot of other self funded Australian expats, are you self funded

Once again, I do not profess to know all about Australian Tax Law, and everyone's circumstances are different.

It's none of my business, but, you may have some issues if your wife has Australian resident status and your marriage is legally recognised in Australia, and also, I believe the most you can "gift" any one individual, in a finacial year, is $10,000AUD, and $30,000AUD over a 5 year period before the "gifts" may attract "gift tax." So, reducing your assest base as a tax minimisation method by gifting away the cash, to your wife, may come under notice of The Australian Tax Office. Things may have changed, but that was my understanding a few years ago. Only trying help, Peter.

Yes, I am self funded by a mixture of cash at bank and a property and share portfolio, not by a beer bar on Bangla Road.

The big thing for Australian citizens is residency status - resident for tax purposes or non-resident for tax purposes. If you claim to be a non-resident, but are generating income in Australia, you are up for a big tax bill.

You have your opinion and my qualified accountant has his opinion,Who do you think i believe

You are only trying to guess how i arrange things legally, keep guessing i am not going to tell you and you are wrong with your guesses

Employ your own accountant if you want the best tax advice like people who have mixed assets do

I do not need your help,i hope you get the message this time

[LivinginKata]

I think we have exhausted the original question. No need for further 'financial' advice on Australian banking or taxation