Transfer Funds To Thailand

[RebelRed]

Hi

I am an Irish national now living and working in Thailand. I have 35k in a 12 month term deposit in Ireland that is up for renewal next month. I am thinking of transferring the funds presently in Euro to Thai Baht at my bank in Thailand. I know the rates are lower (I think about 2.5% in Thailand against 4% in `ireland for a 12 month deposit) I was wondering the following:

1. What is the best way to transfer the funds? I have read some people saying SWIFT gives the eventual best rate. Is this better than presenting a Euro cheque for the amount at my bank?

2. Must I declare the funds to customs at the airport? If I must what does this process involve and if I don't what are the possible consequences

3. Can i hold the funds in my own name in my bank account in Thailand. Are there any other restrictions I should know about?

Thanks again

Red

[Vitalheights]

I think you visit your own country, and euro convert in $dollar. It's easy way or you buy gold biscuits and sell in Thailand.

[Swiss1960]

I think you visit your own country, and euro convert in $dollar. It's easy way or you buy gold biscuits and sell in Thailand.

Why should he do such a stupid thing, if he wants his money in THB in his account??'

[Swiss1960]

To the OP:

1) Yes, SWIFT gives you a good rate and is the easiest, but you must send the money in Euro and let your Thai bank convert the money. Just add a note on the transfer "for personal expense" and it wll arrive without any documents needed.

2) Yes, you could bring the money in cash / with a Euro check, but then you have to declare it at the border and fill out some documents (as far as I know). But again no hassle, just declare it. Then you can walk around and find the best rate, maybe you get few satang more per Euro than through Swift, however it will take time and running around.

3) Of course you have the funds in your name and no, I don't see any restrictions with the amount you stated.

HOWEVER:

a ) Tell my why you want to transfer the money now, when the Euro is at such low rate, specially since you want to put it in a long-term fund?

b ) If it is true what you write about the interest rates: tell me why you want to transfer the money when you get higher interest in your Irish fund?

Leave the money for another year and review the situation then. Everything else sounds pretty stupid and money burning, if you don't have a special need for the money in Thailand.

Edited March 26, 2013 by Swiss1960

[Naam]

I think you visit your own country, and euro convert in $dollar. It's easy way or you buy gold biscuits and sell in Thailand.

Why should he do such a stupid thing, if he wants his money in THB in his account??'

complete ignorants do stupid things like buying gold abroad and selling it in Thailand.

[Pib]

Keep in mind that SWIFT is just the funds transfer network...but,it will be the Sending bank or Receiving bank that provides the exchange rate. It's almost always to a person's advantage exchange rate-wise to NOT allow the Sending bank to convert to baht before sending although the Sending bank may use vague/misleading language to indicate it's a good thing. Yes, it is a good thing for the bank as they give a lower exchange rate (and pocket the difference) than the exchange rate given by Thai banks referred to as the "TT Buying Rate" on their websites.

Edited March 27, 2013 by Pib

[falang07]

 

complete ignorants do stupid things like buying gold abroad and selling it in Thailand.

 

Is there any problem with buying 24-karat gold bars/coins abroad and selling them Thailand?

[cardholder]

 

complete ignorants do stupid things like buying gold abroad and selling it in Thailand.

 

Is there any problem with buying 24-karat gold bars/coins abroad and selling them Thailand?

No. Everybody does it. Farang gold is fought over here - just take it to any gold shop in Pattaya Klang.

[IMA_FARANG]

From personal experience I can tell you it IS possible to bring what is referred to (depending on what it is called in your counry) as a

Bank Draft

Bankers Check

Bank Certified Check

Bankers Sight Draft

or whatever equivalent name is used in your country.

BUT, you will need to have

1. A non O immigrant Visa to enter Thailand and open your bank account.

2. All the required documents from the issueing bank (in my case from a U.S. bank) which may include any clearance of funds transfer out of your country if required.

3, Patience. It took my "Bankers Certified Check" nearly three months to actually clear my U.S. Bank and show in my Thai Bank account.

It was for $30,000. The Thai bank fee, if I can recall correctly, was less than 1000 baht including the fee to open my Bank account in Thailand.

Be aware too, you better expect to keep that money in Thailanf, because there may be limits on how much money you can convert and take out of Thailand later.

But that's what I did when i opened my retirement account in Thailand.... I had a piece of paper worth $30,000 and deposited it in my Thai bank account.

That was back in October 2010, and I hand carried it into Thailand.

P.S. I'm not saying this is a good idea,,I'm just saying it is possible to do it.

Also there may be fees from the issueing bank in your country .... just warning you.

Edited March 28, 2013 by IMA_FARANG

[Swiss1960]

BUT, you will need to have

1. A non O immigrant Visa to enter Thailand and open your bank account.

Plain WRONG!!!! Thousands of foreigners have opened bank accounts during their Visa excempt holiday, I personally have two of them...

If one bank branch tells you "no", go to the next one. SCB and Kasikorn do open accounts for foreigners without non-imm Visa

[Naam]

I think you visit your own country, and euro convert in $dollar. It's easy way or you buy gold biscuits and sell in Thailand.

Why should he do such a stupid thing, if he wants his money in THB in his account??'

because of some ignorant's utterly stupid advice

[Naam]

BUT, you will need to have

1. A non O immigrant Visa to enter Thailand and open your bank account.

Plain WRONG!!!! Thousands of foreigners have opened bank accounts during their Visa excempt holiday, I personally have two of them...

If one bank branch tells you "no", go to the next one. SCB and Kasikorn do open accounts for foreigners without non-imm Visa

correct!