Wiring Vs A Personal Check

[regal]

I recenty opened my 1st account in Thailand. So whats the best way for bringing money into the country? It seems if I want to wire I must have a checking account. which I dont. Can you wire money into a savings account? but if i write a check there is only a 300B charge. ( which aint bad ) Granted it takes along time but I can wait. are their any other hidden fee's if I write a check? I cant seem to find any more info snooping around the web. thanks!

[dr_Pat_Pong]

I recenty opened my 1st account in Thailand. So whats the best way for bringing money into the country? It seems if I want to wire I must have a checking account. which I dont. Can you wire money into a savings account? but if i write a check there is only a 300B charge. ( which aint bad ) Granted it takes along time but I can wait. are their any other hidden fee's if I write a check? I cant seem to find any more info snooping around the web. thanks!

Go to the Siam Commercial Bank site...lotsa info' there

[mrmnp]

A a retiree, my experience with the same issue may help. My U.S. bank won't accept wire transfer orders from overseas, Charles Schwab does, by telphoning their wire transfer office in Pleaseanton, California office. However, they usually charge a minimum of $25 and banks charge $40 per transfer.

Checks work and you are aware of the charges by your local bank. But you should also note that they have currency exchange gimmicks. Bangkok bank explained that they send your check out to a 3rd party vendor who treats it as a collection matter inter-bank. Thus more hidden charges. Best I can come up with net is that you will receive between .75 and 1Baht less for every dollar than is quoted in the Bangkok post at 6 pm the night before your funds finally get to Thailand. Thus you are at the mercy of currency fluctuations.

My U.S. bank ATM card is good for the Thai baht equivalent of $500 per day and I control the day the transaction takes place. The ATM charge is $2.00 per transaction.

When I am next on home visit, I plan to wire large sums to Thailand to the Bangkok bank for the $40 fee and replenish the funds used from previously wired funds here in Thailand.

Seems to me putting your funds in an institution in your home country that wires funds via internet instructions or by telephone order as Charles Schwab does would be the best way, if it is feasable for you.

P.S. My Bangkok Bank account is a savings account as they told me that it was the only account available to me. I was on a tourist visa at the time and haven't gone back to try to establish a checking account, which I doubt is available to me even now. I really don't know for sure about that. My ATM is my usual method of geting cash from my savings account and the many mini-bank branches of Bangkok Bank in the major retailers like Tesco and Carrefour are happy to process for payemnt my mailed bills from UBC and AIS. My electric bill, and water if you want, can be paid automatically by the bank if you wish.

[Roger13]

Hi Regal,

I last followed the Advice of another member here

If you have a Debit Card from your Home Bank

you can present that to your bank here and ask

them to make a drawing on your home bank and

put the money in your account here.

You are not limited to your daily cash withdrawal limit

I transfered Bht 100,000 - within minutes.

What charges your Home Bank might make for this

- you would have to enquire. But it would probably

be a nominal sum - £1 or £2 not a percentage as

with a wire transfer.

Roger

[lopburi3]

I recenty opened my 1st account in Thailand. So whats the best way for bringing money into the country? It seems if I want to wire I must have a checking account. which I dont. Can you wire money into a savings account? but if i write a check there is only a 300B charge. ( which aint bad ) Granted it takes along time but I can wait. are their any other hidden fee's if I write a check? I cant seem to find any more info snooping around the web. thanks

Depends on the purpose of the money firstly. Do you need proof it came from abroad? Thai officials like to see a wire transfer footprint for that. Some seem to be able to use debit card counter transfer for a low price alternative but there may be a low limit on the amount you can transfer in one go (check your home bank electronic transfer paperwork). If you save atm receipts some have even used them to prove deposits. You can wire to a savings account (and for most people that is the only type of account available). Checks are not welcome here and banks will often change policy and stop accepting them for anyone but long time customers. When they are accepted it is often at an exchange rate based on the lowest point in the month or so they keep you waiting; and if going down they may keep you waiting even longer.

[Roger13]

Do you need proof it came from abroad? Thai officials like to see a wire transfer footprint for that.

This is an Interesting point Lopburi,

When you mention here "Thai Officials"

- I presume you are refering to Bank Officials.

Not Immigration Officials?

Immigration Officials are going to rely

on letters from the Bank.

The Letter that the Bank gives, to support

visa extensions, does presumably state that

funds have come from abroad - does anyone

know if it is a Standard letter - "Designed" by

Immigration or what a typical letter says when

Translated into English?

Of course when drawing funds using a Debit Card

the Funds could be coming from anywhere

- even from another account in Bangkok.

So it would be up to the Customer to

convince his Bank's Officials that the Funds came

from Abroad - I wonder how difficult this would be.

I will try to discuss the matter with my Bank in Bangkok.

Thanks for the Caution Lopburi.

Roger

[thaihome]

I regularly wire money from the US to my Bangkok Bank (Savings) account. I had trouble finding a US bank that would accept wire transfer request without being there in person. I finally found First Internet Bank that will accept fax wire transfer requests. It ain't cheap at $50 each time, but I make sure to transfer a large amount to keep the cost down. They will also do transfers in from my main US bank account for free.

TH