Banking in Thailand

[HUAHIN62]

Yes let him keep his money in the UK banks that offer 85 000 pounds account protection, but with everything in place to grab anything more than the 85 000, them the markets hit the wall. What is there to fear in the UK with a debt to GDP ratio of only 500% plus, when you include the financial institutions debt. Never ever put any money into a Thai bank your money just disappear, maybe I am just very lucky that in all the years here I havent lost one satang. But all the Thai doomsayers must walk around with bundles of cash as they think its much safer than the banks.

On a more serious note, the world is on the brink of a major currency war which will depreciate the pound and $ over the next year or 2 with at least 15%. If the west dont depreciate their currencies they will become less and less competitive, so they dont have any option than to continue to "print" more money and keep interest rates near zero.

[yoshiwara]

Yes let him keep his money in the UK banks that offer 85 000 pounds account protection, but with everything in place to grab anything more than the 85 000, them the markets hit the wall. What is there to fear in the UK with a debt to GDP ratio of only 500% plus, when you include the financial institutions debt. Never ever put any money into a Thai bank your money just disappear, maybe I am just very lucky that in all the years here I havent lost one satang. But all the Thai doomsayers must walk around with bundles of cash as they think its much safer than the banks.

On a more serious note, the world is on the brink of a major currency war which will depreciate the pound and $ over the next year or 2 with at least 15%. If the west dont depreciate their currencies they will become less and less competitive, so they dont have any option than to continue to "print" more money and keep interest rates near zero.

So, to summarise, after stripping out the blah, you are predicting a sterling/baht rate of maximum ~42...in the next year....or two...or so...

Edited September 22, 2013 by yoshiwara

[brianlg]

I transfer money fortnightly/monthly from AUSTRALIA [ in TH Baht] to MY personal SCB account in Nakhon Sawan VIA Paypal. I then transfer weekly to my TH wife's SCB account so that she has funding for her everyday expenses. There is NO FEE in Paypal to transfer funds [to family and friends] from your Paypal BALANCE and/or your countries local BANK account [ NOT cc accounts] AND; as it is taken as a "BPay"; there is NO bank fee at your end either ...

I do all of the internet banking transfers myself from AU [including HER SCB accounts as she doesn't know how] and it has been working very successfully for more than a year now. There is NO fee in SCB for up to 5 transfers per month and then only 10 THB per transfer thereafter.

The ONLY drawback [minimal inconvenience] is that the THAI banks take 5-7 WORKING DAYS to transfer funds from Paypal to your SCB account. BUT once you have the regular transfers happening [after about the first week or two] then there is always funding there in your account.

SCB also pays INTEREST on these SAVINGS accounts but very minimal amounts [ not sure of interest rate].

SO give it a try and GOOD LUCK ...

PS: You will need to open your TH Bank Account while you are IN THAILAND but after that you can then open additional ON-LINE accounts from your HOME COUNTRY via internet. You will need to have a TH mobile phone number [your wife or GF or a farang friend living in TH] to send sms messages for security of your first 3 transfers. After that everything is OK. I usually do this while I'm on SKYPE so they can write down the 6 digit codes for you to enter on your TH Banks website ... ok

IF you have a JOINT ACCOUNT ... Pls note that these cannot be LINKED to ON-LINE ACCOUNTS. SO open separate on-line accounts in the same BANK as your wife/gf.

ALSO check that your TH Bank HAS "on-line banking" as some of the smaller banks DON'T !!!

Edited September 22, 2013 by brianlg

[Regyai]

The part of the equation I fear you're missing is PayPal's popular conversion rates to THB

(I believe they're popular with PayPal)

.

[shaurene]

If the Thai baht runs into trouble then it is us as Westerners who will benefit !

if the gent does as you suggest he would be wise to transfer money in £ as the exchange rate will be more favorable in Thailand than in the UK.

Accessing cash via ATMs using a UK debit/credit card is expensive as most Thai Banks make a charge which is separate from the UK bank charges.

Before he sends £s over as far as I know they will get changed into Baht by the bank, most banks use a 3rd party bank to do the transfer through namely Citi Bank and they give you the worst rate in the world. Do it through a currency dealing company not the bank. I sent 50k in New Zealand $ and the exchange rate at the time with the money exchanges in Thailand was @25.2 for the NZ$ my bank sent it though Citi Bank and I got 24.5.

[shaurene]

I transfer money fortnightly/monthly from AUSTRALIA [ in TH Baht] to MY personal SCB account in Nakhon Sawan VIA Paypal. I then transfer weekly to my TH wife's SCB account so that she has funding for her everyday expenses. There is NO FEE in Paypal to transfer funds [to family and friends] from your Paypal BALANCE and/or your countries local BANK account [ NOT cc accounts] AND; as it is taken as a "BPay"; there is NO bank fee at your end either ...

I do all of the internet banking transfers myself from AU [including HER SCB accounts as she doesn't know how] and it has been working very successfully for more than a year now. There is NO fee in SCB for up to 5 transfers per month and then only 10 THB per transfer thereafter.

The ONLY drawback [minimal inconvenience] is that the THAI banks take 5-7 WORKING DAYS to transfer funds from Paypal to your SCB account. BUT once you have the regular transfers happening [after about the first week or two] then there is always funding there in your account.

SCB also pays INTEREST on these SAVINGS accounts but very minimal amounts [ not sure of interest rate].

SO give it a try and GOOD LUCK ...

PS: You will need to open your TH Bank Account while you are IN THAILAND but after that you can then open additional ON-LINE accounts from your HOME COUNTRY via internet. You will need to have a TH mobile phone number [your wife or GF or a farang friend living in TH] to send sms messages for security of your first 3 transfers. After that everything is OK. I usually do this while I'm on SKYPE so they can write down the 6 digit codes for you to enter on your TH Banks website ... ok

IF you have a JOINT ACCOUNT ... Pls note that these cannot be LINKED to ON-LINE ACCOUNTS. SO open separate on-line accounts in the same BANK as your wife/gf.

ALSO check that your TH Bank HAS "on-line banking" as some of the smaller banks DON'T !!!

You are correct I have what you have and works well, SCB is a good bank for this type

[Bpuumike]

Your friend(you) should open a Thai bank account and gain trust in the Thai economy.

Every party will benefit:thumbsup:

If it was me, why would I need pretend otherwise. He asked me because I actually lived in Bangkok in the late 90's. I worked there. I banked with Thai Farmers to begin with and then BKK bank because I changed employers. I have nothing to hide. The best years of my life to date. I wish I could return....but it's highly unlikely. I'm just helping a mate who'se just been there on holiday and spent most of that on Samui. He is in his late fifty's and retired with a pension. He would like to give living out there a go.

I used the Thai Farmers Bank back in the '80's and it was very good.

Anyone feel free to correct me but I believe the TFB was taken over, or became Bangkok Bank, which I use today with excellent service.

All my transfers from Barclays in the UK are received same day perhaps because they are a correspondent bank?

[brianlg]

The part of the equation I fear you're missing is PayPal's popular conversion rates to THB

(I believe they're popular with PayPal)

.

YES ... I'm aware of Paypal's conversion rate which is around 4% [as are virtually all local and OS BANK's conversion Fees] BUT when you take into account NO local bank fees [in your country] and/or TH ATM fees [150 THB ... rumored to be going to 180 THB soon per withdrawal] ... I'm almost always ahead as I save more than AUD 40.00+ each month; on average; in additional bank fees and/or International Transaction FEES ...

[Naam]

Your friend(you) should open a Thai bank account and gain trust in the Thai economy.

Every party will benefit:thumbsup:

If it was me, why would I need pretend otherwise. He asked me because I actually lived in Bangkok in the late 90's. I worked there. I banked with Thai Farmers to begin with and then BKK bank because I changed employers. I have nothing to hide. The best years of my life to date. I wish I could return....but it's highly unlikely. I'm just helping a mate who'se just been there on holiday and spent most of that on Samui. He is in his late fifty's and retired with a pension. He would like to give living out there a go.

I used the Thai Farmers Bank back in the '80's and it was very good.

Anyone feel free to correct me but I believe the TFB was taken over, or became Bangkok Bank, which I use today with excellent service.

All my transfers from Barclays in the UK are received same day perhaps because they are a correspondent bank?

former Thai Farmers Bank is now Kasikorn Bank.

[Bpuumike]

Your friend(you) should open a Thai bank account and gain trust in the Thai economy.

Every party will benefit:thumbsup:

If it was me, why would I need pretend otherwise. He asked me because I actually lived in Bangkok in the late 90's. I worked there. I banked with Thai Farmers to begin with and then BKK bank because I changed employers. I have nothing to hide. The best years of my life to date. I wish I could return....but it's highly unlikely. I'm just helping a mate who'se just been there on holiday and spent most of that on Samui. He is in his late fifty's and retired with a pension. He would like to give living out there a go.

I used the Thai Farmers Bank back in the '80's and it was very good.

Anyone feel free to correct me but I believe the TFB was taken over, or became Bangkok Bank, which I use today with excellent service.

All my transfers from Barclays in the UK are received same day perhaps because they are a correspondent bank?

former Thai Farmers Bank is now Kasikorn Bank.

I stand humbly corrected!!

[Leung Falang]

The charge for using a foreign card at most ATMs is 150bht ( approx £3)

He should open a Thai bank account with the Bangkok Bank ensuring internet access to the account. Providing he also has internet access to his UK account transfers are easily arranged perhaps on a monthly basis.

All this bank discussion is perhaps premature until the gent decides what /where his future is. If his future is seen to be staying in Thailand the first and most important step is to secure an appropriate visa which will allow a long term stay.

I haven't heard the "cost" of wire transfers from the UK to Bangkok yet.

From the US routed thru Bangkok Bank of New York, I pay my bank $45 and BB of New York pulls down $20, and I believe a small fee here. So, unless I transfer at least $6,500, I am better with the weekly ATM since my US bank does reimburse me for the B150 fee from Bangkok Bank so no fee. We often use a mileage credit card for groceries and that one does have a 1% foreign transaction fee.

[Pib]

The charge for using a foreign card at most ATMs is 150bht ( approx £3)

He should open a Thai bank account with the Bangkok Bank ensuring internet access to the account. Providing he also has internet access to his UK account transfers are easily arranged perhaps on a monthly basis.

All this bank discussion is perhaps premature until the gent decides what /where his future is. If his future is seen to be staying in Thailand the first and most important step is to secure an appropriate visa which will allow a long term stay.

I haven't heard the "cost" of wire transfers from the UK to Bangkok yet.

From the US routed thru Bangkok Bank of New York, I pay my bank $45 and BB of New York pulls down $20, and I believe a small fee here. So, unless I transfer at least $6,500, I am better with the weekly ATM since my US bank does reimburse me for the B150 fee from Bangkok Bank so no fee. We often use a mileage credit card for groceries and that one does have a 1% foreign transaction fee.

Very expensive transfer. Switch to a U.S. bank that provide free ACH transfer (i.e., no sending fee...plenty of banks offer this...all of mine do). Also, if routing through Bangkok Bank NY the $20 fee only applies for amounts "over" $50K. Over $2K to $50K it is a $10 fee. There is also a receiving/conversion fee at your local Thai bank of 0.25% (Bt200 min, Bt500 max). Here's the Bangkok Bank webpage talking about funds transfers into Thailand from the US, UK, and other countires.