Transferring Money

[darkdreamerx]

Hi everyone,

I'm looking for a quick and easy way to transfer my THB into Canadian dollars and put them into my Canadian account in order to pay bills/student loan.

Anyone have any recommendations?

Thanks!

[chiang mai]

Any Thai bank can easily do this, any THB you intend to send overseas has to be converted into foreign currency first, simply tell your Thai bank the transit routing and account number of your Canadian bank and the amount you want to transfer. Presumably you have a work permit and are able to send funds out of Thailand easily or you have the foreign exchange transaction (FET or similar) form issued when you brought the currency into Thailand initially.

[kanela]

If I bring $$ into Thailand for the multi-entry 12 mo visa (65,000) and I decide I want to leave the country (maybe things aren't working out to well) is there a penalty? Is there an exit fee to take my $$ back out of the country? If so does anyone know what that amount is? I am currently living in Ecuador and there is a 5% exit tax to take my money out. I can see where this could start to get expensive. Any input will be greatly appreciated.

[chiang mai]

If I bring $$ into Thailand for the multi-entry 12 mo visa (65,000) and I decide I want to leave the country (maybe things aren't working out to well) is there a penalty? Is there an exit fee to take my $$ back out of the country? If so does anyone know what that amount is? I am currently living in Ecuador and there is a 5% exit tax to take my money out. I can see where this could start to get expensive. Any input will be greatly appreciated.

There are no taxes, just bank charges:

It depends how you store the money whilst it's here. If you convert it to Baht at the time of transfer then you can convert it back to USD at some point in the future and as long as you keep a copy of the incoming funds transfer form, the money can be sent out again without penalty.

But if you store the money here as USD, some banks will charge you an annual fee for storing the money, others charge to send the money overseas and some charge you just to withdraw the currency - there is no charge to convert it into local currency - I believe those charges amount to about 3%.

[kanela]

If I bring $$ into Thailand for the multi-entry 12 mo visa (65,000) and I decide I want to leave the country (maybe things aren't working out to well) is there a penalty? Is there an exit fee to take my $$ back out of the country? If so does anyone know what that amount is? I am currently living in Ecuador and there is a 5% exit tax to take my money out. I can see where this could start to get expensive. Any input will be greatly appreciated.

There are no taxes, just bank charges:

It depends how you store the money whilst it's here. If you convert it to Baht at the time of transfer then you can convert it back to USD at some point in the future and as long as you keep a copy of the incoming funds transfer form, the money can be sent out again without penalty.

But if you store the money here as USD, some banks will charge you an annual fee for storing the money, others charge to send the money overseas and some charge you just to withdraw the currency - there is no charge to convert it into local currency - I believe those charges amount to about 3%.

Thank you for the quick response! Please allow me to clarify what I think I am hearing. It is better and less expensive if I convert my $$ to the baht than if I keep it in USD in my account? Also I think you are saying the bank will not charge me to convert from USD to Baht and back again if needed? I don't think I have ever heard of a bank not charging for that. Then if I am understanding you if I open an acct and keep my $$ in USD I will pay a monthly fee to keep it that way consequently I won't have to pay anything to take my $$ out of the country. Please verify if I am understanding correctly or not. Thanks!!!

[chiang mai]

If I bring $$ into Thailand for the multi-entry 12 mo visa (65,000) and I decide I want to leave the country (maybe things aren't working out to well) is there a penalty? Is there an exit fee to take my $$ back out of the country? If so does anyone know what that amount is? I am currently living in Ecuador and there is a 5% exit tax to take my money out. I can see where this could start to get expensive. Any input will be greatly appreciated.

There are no taxes, just bank charges:

It depends how you store the money whilst it's here. If you convert it to Baht at the time of transfer then you can convert it back to USD at some point in the future and as long as you keep a copy of the incoming funds transfer form, the money can be sent out again without penalty.

But if you store the money here as USD, some banks will charge you an annual fee for storing the money, others charge to send the money overseas and some charge you just to withdraw the currency - there is no charge to convert it into local currency - I believe those charges amount to about 3%.

Thank you for the quick response! Please allow me to clarify what I think I am hearing. It is better and less expensive if I convert my $$ to the baht than if I keep it in USD in my account? Also I think you are saying the bank will not charge me to convert from USD to Baht and back again if needed? I don't think I have ever heard of a bank not charging for that. Then if I am understanding you if I open an acct and keep my $$ in USD I will pay a monthly fee to keep it that way consequently I won't have to pay anything to take my $$ out of the country. Please verify if I am understanding correctly or not. Thanks!!!

When I say that banks don't charge to convert your USD into Baht, I mean there are no other charges above and beyond what a person might pay to convert currency at any bank almost anywhere. Each currency pair has a buy, sell and midpoint value that is determined by the forex market, you will pay that price for the currency plus a small margin which is the banks profit on the deal. Clearly when you convert from USD to THB you will pay one price, when you convert back to USD you will pay a different price, in that respect you will lose money just as everyone everywhere in the world does when they buy and sell currency on a casual basis.

Different banks have different rules, some charge a monthly fee, some charge an annual fee, some charge to withdraw the unconverted funds and SOME charge a combination of those fees, you would need to identify a particular bank to determine what their foreign currency account terms and conditions are. Overall it is more costly to maintain a foreign currency account here than it is to maintain a THB account.

Otherwise your understanding is correct - perhaps also to add that banks here in Thailand charge up to 500 baht to receive funds.

[kanela]

If I bring $$ into Thailand for the multi-entry 12 mo visa (65,000) and I decide I want to leave the country (maybe things aren't working out to well) is there a penalty? Is there an exit fee to take my $$ back out of the country? If so does anyone know what that amount is? I am currently living in Ecuador and there is a 5% exit tax to take my money out. I can see where this could start to get expensive. Any input will be greatly appreciated.

There are no taxes, just bank charges:

It depends how you store the money whilst it's here. If you convert it to Baht at the time of transfer then you can convert it back to USD at some point in the future and as long as you keep a copy of the incoming funds transfer form, the money can be sent out again without penalty.

But if you store the money here as USD, some banks will charge you an annual fee for storing the money, others charge to send the money overseas and some charge you just to withdraw the currency - there is no charge to convert it into local currency - I believe those charges amount to about 3%.

Thank you for the quick response! Please allow me to clarify what I think I am hearing. It is better and less expensive if I convert my $$ to the baht than if I keep it in USD in my account? Also I think you are saying the bank will not charge me to convert from USD to Baht and back again if needed? I don't think I have ever heard of a bank not charging for that. Then if I am understanding you if I open an acct and keep my $$ in USD I will pay a monthly fee to keep it that way consequently I won't have to pay anything to take my $$ out of the country. Please verify if I am understanding correctly or not. Thanks!!!

When I say that banks don't charge to convert your USD into Baht, I mean there are no other charges above and beyond what a person might pay to convert currency at any bank almost anywhere. Each currency pair has a buy, sell and midpoint value that is determined by the forex market, you will pay that price for the currency plus a small margin which is the banks profit on the deal. Clearly when you convert from USD to THB you will pay one price, when you convert back to USD you will pay a different price, in that respect you will lose money just as everyone everywhere in the world does when they buy and sell currency on a casual basis.

Different banks have different rules, some charge a monthly fee, some charge an annual fee, some charge to withdraw the unconverted funds and SOME charge a combination of those fees, you would need to identify a particular bank to determine what their foreign currency account terms and conditions are. Overall it is more costly to maintain a foreign currency account here than it is to maintain a THB account.

Otherwise your understanding is correct - perhaps also to add that banks here in Thailand charge up to 500 baht to receive funds.

Ahhh, now I understand!! Not so concerned about the 500 baht fee to withdraw as my bank will refund that each month. But I appreciate your input as it has been driving me crazy trying to figure out the financial aspect of moving money into and out of thailand. Thank you!! Is there a list of banks where I can investigate what charges I could expect to incur. Also is the online banking in English/Thai or both??

[chiang mai]

The 500 baht (max) charge is for the bank to receive the funds from overseas, it's a one time charge.

Try these:

Bangkok Bank

Kasikorn Bank

Siam Commercials Bank

CIMB Thailand

UOB Thailand

Bank of Authaya

Krungsri

All the above have web sites, typically in Thai and English.

[silopsist]

you could use bitcoin

[beau thai]

Repay student loan - that is unusual surely in North America? I thought most student debtors from US/Canada had themselves certified mentally incapable by a thai doctor and had the debt expunged. But maybe that is the catch 22...

But it solves your transfer problem at a stroke

[jackr]

If I bring $$ into Thailand for the multi-entry 12 mo visa (65,000) and I decide I want to leave the country (maybe things aren't working out to well) is there a penalty? Is there an exit fee to take my $$ back out of the country? If so does anyone know what that amount is? I am currently living in Ecuador and there is a 5% exit tax to take my money out. I can see where this could start to get expensive. Any input will be greatly appreciated.

You could always just carry the cash out, something like US$10k equivalent doesn't need to be declared.

[northernjohn]

If you have a bank card you can go to any ATM and withdraw it. The cost is 500 baht. AEON has a no charge for a withdrawal from a foreign bank just pay the exchange rate. Not sure how they figure what it is as it is constantly changing. I went in two days in a row and was charged the exact same right down to the penny. I think there exchange rate is not as good as others. Will have to check that out.

They allow 20,000 baht per transactions with a maximum of 40,000 baht a day.

I think you can get around that as my ATM card gives me access to my savings account and also to my checking account in addition to my Visa account. Some time when I need a lot of money I might try all three out. Or maybe just 20,000 baht on each account using the same card.

Was also wondering if you could open a pay bill account here at a Thai bank and use it to pay bills if they were out of country. Have no idea but strongly suspect it would be the most expensive way to do it.

[kanela]

The 500 baht (max) charge is for the bank to receive the funds from overseas, it's a one time charge.

Try these:

Bangkok Bank

Kasikorn Bank

Siam Commercials Bank

CIMB Thailand

UOB Thailand

Bank of Authaya

Krungsri

All the above have web sites, typically in Thai and English.

Great list to get me off and running!! Thank you, I will check into each one!

[kanela]

If I bring $$ into Thailand for the multi-entry 12 mo visa (65,000) and I decide I want to leave the country (maybe things aren't working out to well) is there a penalty? Is there an exit fee to take my $$ back out of the country? If so does anyone know what that amount is? I am currently living in Ecuador and there is a 5% exit tax to take my money out. I can see where this could start to get expensive. Any input will be greatly appreciated.

You could always just carry the cash out, something like US$10k equivalent doesn't need to be declared.

lol.. guess I could. I would feel so paranoid!! But, I guess I could.