Experience with Thai Elite Easy Access

[dickyknee]

How did you all decide to handle your wire transfers? My bank is cutting a huge commission out of the exchange rate. Wire transferring 500k THB will cost me about $500 more than what the actual exchange rate is today if I go directly thru the bank. Current rate is 33.58, but bank is calculating for around 32.50. Yikes...

I'll eat the huge fee if I need to, but seems like there would be a smarter way.

My bank charges $29 a transfer no matter the amount...maybe you need a new bank.

He's talking about the exchange rate offered, not the transfer fee.

It's well known all around the world that it you convert to Baht outside of Thailand before doing the transfer the exchange rate sucks. This is due to capital controls.

Yes, that's covered in Expating 101...always do the hard currency conversion into the soft Third World currency in the Third World country. He must have slept during this lecture day.

except, payment for the elite membership doesn't give much option in this regard if you don't have a Thai bank account to transfer from.

[nzexpat]

<script type='text/javascript'>window.mod_pagespeed_start = Number(new Date());</script>

How did you all decide to handle your wire transfers? My bank is cutting a huge commission out of the exchange rate. Wire transferring 500k THB will cost me about $500 more than what the actual exchange rate is today if I go directly thru the bank. Current rate is 33.58, but bank is calculating for around 32.50. Yikes...

I'll eat the huge fee if I need to, but seems like there would be a smarter way.

My bank charges $29 a transfer no matter the amount...maybe you need a new bank.

And so does the person who foolishly believes that a charge of $29 represents "good value "

[dia1]

My bank charges $29 a transfer no matter the amount...maybe you need a new bank.

He's talking about the exchange rate offered, not the transfer fee.

It's well known all around the world that it you convert to Baht outside of Thailand before doing the transfer the exchange rate sucks. This is due to capital controls.

Yes, that's covered in Expating 101...always do the hard currency conversion into the soft Third World currency in the Third World country. He must have slept during this lecture day.

except, payment for the elite membership doesn't give much option in this regard if you don't have a Thai bank account to transfer from.

Thai Elite gave two options... To transfer 500k THB currency or to transfer in USD. If I transfer in USD to their account I need to transfer $15600 to them.

Current exchange for 500k THB to USD is about $14800, so if I transfer in my own currency I am eating $800 over 500k THB. If I wire transfer in THB my US bank is giving me a very silly exchange rate of 32.58 which is a full point lower than the interchange rate. So it will cost me approximately $15400, which is about $600 over 500THB.

I was expecting to do a "soft transfer" as someone mentioned above, but that is not an option. They gave two options with two seperate amounts... USD or THB. This isn't Thai Elite's fault by any means. They are protecting themselves against underpayment or fluctations in exchange rates. Not an issue for those who have a Thai Bank account and receiving deposits to that account for whatever reason, but a significant amount for those without a Thai account. Funny because it would actually be cheaper for me to just make 17 ATM withdrawls and then deposit cash into their account.

[dickyknee]

My bank charges $29 a transfer no matter the amount...maybe you need a new bank.

He's talking about the exchange rate offered, not the transfer fee.

It's well known all around the world that it you convert to Baht outside of Thailand before doing the transfer the exchange rate sucks. This is due to capital controls.

Yes, that's covered in Expating 101...always do the hard currency conversion into the soft Third World currency in the Third World country. He must have slept during this lecture day.

except, payment for the elite membership doesn't give much option in this regard if you don't have a Thai bank account to transfer from.

Thai Elite gave two options... To transfer 500k THB currency or to transfer in USD. If I transfer in USD to their account I need to transfer $15600 to them.

Current exchange for 500k THB to USD is about $14800, so if I transfer in my own currency I am eating $800 over 500k THB. If I wire transfer in THB my US bank is giving me a very silly exchange rate of 32.58 which is a full point lower than the interchange rate. So it will cost me approximately $15400, which is about $600 over 500THB.

I was expecting to do a "soft transfer" as someone mentioned above, but that is not an option. They gave two options with two seperate amounts... USD or THB. This isn't Thai Elite's fault by any means. They are protecting themselves against underpayment or fluctations in exchange rates. Not an issue for those who have a Thai Bank account and receiving deposits to that account for whatever reason, but a significant amount for those without a Thai account. Funny because it would actually be cheaper for me to just make 17 ATM withdrawls and then deposit cash into their account.

" Funny because it would actually be cheaper for me to just make 17 ATM withdrawls and then deposit cash into their account."

if your actually in Thailand, try opening a Thai account so that you can transfer your foreign currency so that the exchange happens in Thailand.

Then transfer the 500k from that account.

Depending on your current visa, you may need to shop for a branch that will let you, but it's not impossible, even on an exempt stamp.

If you're not in LOS, I understand, I wasn't either when I paid mine. I wore the shitty exchange on the chin because the only bank account I had at the time was a joint one with the ex-wife. I happily paid the extra to reduce my risk exposure.

[ukrules]

Yes, that's covered in Expating 101...always do the hard currency conversion into the soft Third World currency in the Third World country. He must have slept during this lecture day.

except, payment for the elite membership doesn't give much option in this regard if you don't have a Thai bank account to transfer from.

Thai Elite gave two options... To transfer 500k THB currency or to transfer in USD. If I transfer in USD to their account I need to transfer $15600 to them.

Current exchange for 500k THB to USD is about $14800, so if I transfer in my own currency I am eating $800 over 500k THB. If I wire transfer in THB my US bank is giving me a very silly exchange rate of 32.58 which is a full point lower than the interchange rate. So it will cost me approximately $15400, which is about $600 over 500THB.

I was expecting to do a "soft transfer" as someone mentioned above, but that is not an option. They gave two options with two seperate amounts... USD or THB. This isn't Thai Elite's fault by any means. They are protecting themselves against underpayment or fluctations in exchange rates. Not an issue for those who have a Thai Bank account and receiving deposits to that account for whatever reason, but a significant amount for those without a Thai account. Funny because it would actually be cheaper for me to just make 17 ATM withdrawls and then deposit cash into their account.

When I got mine last June I was told by my bank that it's too late in the day to do a transfer so they gave me an envelope with 500k Baht in cash. I had previously wired the money to my Kasikorn account from my UK account although this wasn't questioned in any way.

I went to the bank next door and deposited the money as cash directly into the Thailand Elite bank account.

You could enter Thailand on a visa exempt entry then make your payment and signup once you're here. I made my payment then went to Chaeng Wattana about a week later where I used the concierge service and they issued my visa while I was in the country with no need to leave to 'activate' it and I haven't left since.

[OMGImInPattaya]

My bank charges $29 a transfer no matter the amount...maybe you need a new bank.

He's talking about the exchange rate offered, not the transfer fee.

It's well known all around the world that it you convert to Baht outside of Thailand before doing the transfer the exchange rate sucks. This is due to capital controls.

Yes, that's covered in Expating 101...always do the hard currency conversion into the soft Third World currency in the Third World country. He must have slept during this lecture day.

except, payment for the elite membership doesn't give much option in this regard if you don't have a Thai bank account to transfer from.

Thai Elite gave two options... To transfer 500k THB currency or to transfer in USD. If I transfer in USD to their account I need to transfer $15600 to them.

Current exchange for 500k THB to USD is about $14800, so if I transfer in my own currency I am eating $800 over 500k THB. If I wire transfer in THB my US bank is giving me a very silly exchange rate of 32.58 which is a full point lower than the interchange rate. So it will cost me approximately $15400, which is about $600 over 500THB.

I was expecting to do a "soft transfer" as someone mentioned above, but that is not an option. They gave two options with two seperate amounts... USD or THB. This isn't Thai Elite's fault by any means. They are protecting themselves against underpayment or fluctations in exchange rates. Not an issue for those who have a Thai Bank account and receiving deposits to that account for whatever reason, but a significant amount for those without a Thai account. Funny because it would actually be cheaper for me to just make 17 ATM withdrawls and then deposit cash into their account.

Come on now, you starting your new Thai life as an "elite" person (maybe even a farang-Thai one-percenter) so what's a measly $800...hardly worth quibbling over ehh.

[dickyknee]

My bank charges $29 a transfer no matter the amount...maybe you need a new bank.

He's talking about the exchange rate offered, not the transfer fee.

It's well known all around the world that it you convert to Baht outside of Thailand before doing the transfer the exchange rate sucks. This is due to capital controls.

Yes, that's covered in Expating 101...always do the hard currency conversion into the soft Third World currency in the Third World country. He must have slept during this lecture day.

except, payment for the elite membership doesn't give much option in this regard if you don't have a Thai bank account to transfer from.

Thai Elite gave two options... To transfer 500k THB currency or to transfer in USD. If I transfer in USD to their account I need to transfer $15600 to them.

Current exchange for 500k THB to USD is about $14800, so if I transfer in my own currency I am eating $800 over 500k THB. If I wire transfer in THB my US bank is giving me a very silly exchange rate of 32.58 which is a full point lower than the interchange rate. So it will cost me approximately $15400, which is about $600 over 500THB.

I was expecting to do a "soft transfer" as someone mentioned above, but that is not an option. They gave two options with two seperate amounts... USD or THB. This isn't Thai Elite's fault by any means. They are protecting themselves against underpayment or fluctations in exchange rates. Not an issue for those who have a Thai Bank account and receiving deposits to that account for whatever reason, but a significant amount for those without a Thai account. Funny because it would actually be cheaper for me to just make 17 ATM withdrawls and then deposit cash into their account.

Come on now, you starting your new Thai life as an "elite" person (maybe even a farang-Thai one-percenter) so what's a measly $800...hardly worth quibbling over ehh.

maybe, but it could buy you a lot of big changs at the beer buffet. Imagine that!

[dia1]

Haha... $800 isn't a big deal. Like I said, I will eat the charge if I have to. I still think the Thai Elite Visa is worth it even with a gigantic currency transfer fee.

However, I recognize the value of a dollar and I would rather spend that $800 on something a little more gratifying than some random banker's pocket.

I honestly have no other reason to have a Thai Bank account, but I walked into a couple Bangkok Bank branches today as they have a US branch which accepts domestic ACH transfers and I read that they are still foreigner friendly. Unfortunately, both didn't want anything to do with me unless I had a work permit or a certificate of residence. I even brought my lease from my condo with me, but a no-go. That would've solved my problem.

I don't work in Thailand, and I've only got a week to make the deposit, so I don't have time to apply at immigration and wait for a certificate to be mailed to me. I'm going to try a couple more branches tomorrow, but if that fails it looks like I will just have to accept the huge fee. Getting 500k THB from a bunch of ATMS would be difficult at best. No biggie, I suppose.

[rickthailand]

try some different v

branches as some are easier than others or open an us$ acount with bkk bank that is easier and transfer us$ to that account abd do the exchange next time you are in thailand

[bim]

Haha... $800 isn't a big deal. Like I said, I will eat the charge if I have to. I still think the Thai Elite Visa is worth it even with a gigantic currency transfer fee.

However, I recognize the value of a dollar and I would rather spend that $800 on something a little more gratifying than some random banker's pocket.

I honestly have no other reason to have a Thai Bank account, but I walked into a couple Bangkok Bank branches today as they have a US branch which accepts domestic ACH transfers and I read that they are still foreigner friendly. Unfortunately, both didn't want anything to do with me unless I had a work permit or a certificate of residence. I even brought my lease from my condo with me, but a no-go. That would've solved my problem.

I don't work in Thailand, and I've only got a week to make the deposit, so I don't have time to apply at immigration and wait for a certificate to be mailed to me. I'm going to try a couple more branches tomorrow, but if that fails it looks like I will just have to accept the huge fee. Getting 500k THB from a bunch of ATMS would be difficult at best. No biggie, I suppose.

Part of the TE service is they will help you open An account with Bangkok Bank. A bit late I know but worth it.

[sfmadison2]

Haha... $800 isn't a big deal. Like I said, I will eat the charge if I have to. I still think the Thai Elite Visa is worth it even with a gigantic currency transfer fee.

However, I recognize the value of a dollar and I would rather spend that $800 on something a little more gratifying than some random banker's pocket.

I honestly have no other reason to have a Thai Bank account, but I walked into a couple Bangkok Bank branches today as they have a US branch which accepts domestic ACH transfers and I read that they are still foreigner friendly. Unfortunately, both didn't want anything to do with me unless I had a work permit or a certificate of residence. I even brought my lease from my condo with me, but a no-go. That would've solved my problem.

I don't work in Thailand, and I've only got a week to make the deposit, so I don't have time to apply at immigration and wait for a certificate to be mailed to me. I'm going to try a couple more branches tomorrow, but if that fails it looks like I will just have to accept the huge fee. Getting 500k THB from a bunch of ATMS would be difficult at best. No biggie, I suppose.

For current/future reference, Bangkok Bank will help you open what's called a 'Savings Foreign Currency Deposit Account', or FCD for short. This will allow you to deposit your home country's currency into your Bangkok Bank FCD account without the money being exchanged for Thai baht. After this, you can then choose to move money from the FCD account into a regular Bangkok Bank savings account whenever you want, and at rates which are as favorable as you will be able to find. This is obviously advantageous if you're waiting for the exchange rate to reach a certain point before you make the transfer, because you can execute the trade instantly rather than waiting for a wire transfer to come through.

I used to just use my ATM card to move money over (my bank reimburses the ATM fees, so this is a pretty decent option anyway), but I found I couldn't be sure of Visa's exchange rate while doing that. Opening a FCD account allows you to request the current rate which is represented on Bangkok Bank's updating FX rates board as 'TT'. In fact, if you're exchanging a large amount (maybe around 500k+) you can even request a rate higher than what is being posted on the board. I have asked for rates 5-10 baht higher than what is listed and the banker then calls to the head office in BKK to get it approved.

This is a little bit time consuming on the front end as you have to open two accounts, but afterwards you will be able to transfer money in the most financially efficient way possible. Also I've just seen another post elsewhere where Ubon Joe has said that sometimes it's possible to do a fee-free transfer from a Bangkok Bank branch in your home country to BB here in Thailand, so this would further reduce costs if it's an option for you.

[mike324]

My family was the first wave of TE memebers, unlimited service for golf and massage, two young kids got the supplementary card which costs 300,000 baht with the same unlimited service. Not having to worry about visas, express service at airport, as well as home pick up is a luxury in itself.

[dia1]

Thanks for the suggestions about Bangkok Bank, but that was actually my first thought also and yesterday I went to two Bangkok Branches. Neither of them would open an account for a foreigner in Thailand without a work permit or a certificate of residence from Immigration, despite me having a copy of my lease in my hand to prove my Thai address. They said this was a "new policy"... I would not have time to go to immigration, pay for the certificate, wait for it to be mailed to me, open a bank account, wait X amount of days for a money transfer to clear in that account and then transfer to Thai Elite. Once you're approved for the program you only have 7 business days to transfer the money.

With that tight deadline, I'm just going to have to eat the exchange fee and transfer directly from my US bank. I'll probably pick up that certificate and open an account to avoid having this kind of problem later, but all the other alternatives I looked into weren't really viable.

[sfmadison2]

Hmm, I don't remember having to show anything special to open an FCD account, but this was maybe 18 months ago when I did it, and as you said perhaps it is new policy.

Sounds like you've thought this through then. Yes, a good idea for the future if you ever plan on moving not-insignificant amounts of money again.

[ukrules]

Thanks for the suggestions about Bangkok Bank, but that was actually my first thought also and yesterday I went to two Bangkok Branches. Neither of them would open an account for a foreigner in Thailand without a work permit or a certificate of residence from Immigration, despite me having a copy of my lease in my hand to prove my Thai address. They said this was a "new policy"... I would not have time to go to immigration, pay for the certificate, wait for it to be mailed to me, open a bank account, wait X amount of days for a money transfer to clear in that account and then transfer to Thai Elite. Once you're approved for the program you only have 7 business days to transfer the money.

With that tight deadline, I'm just going to have to eat the exchange fee and transfer directly from my US bank. I'll probably pick up that certificate and open an account to avoid having this kind of problem later, but all the other alternatives I looked into weren't really viable.

I don't know how they do it in Bangkok but here in Hua Hin getting a certificate of residence is a 10 minute job and they don't mail it out, it's issued immediately and you take it with you when you leave.

I agree that the easiest and most convenient way to proceed is to just wire the money direct to TE and absorb the one off fee.

[OMGImInPattaya]

Thanks for the suggestions about Bangkok Bank, but that was actually my first thought also and yesterday I went to two Bangkok Branches. Neither of them would open an account for a foreigner in Thailand without a work permit or a certificate of residence from Immigration, despite me having a copy of my lease in my hand to prove my Thai address. They said this was a "new policy"... I would not have time to go to immigration, pay for the certificate, wait for it to be mailed to me, open a bank account, wait X amount of days for a money transfer to clear in that account and then transfer to Thai Elite. Once you're approved for the program you only have 7 business days to transfer the money.

With that tight deadline, I'm just going to have to eat the exchange fee and transfer directly from my US bank. I'll probably pick up that certificate and open an account to avoid having this kind of problem later, but all the other alternatives I looked into weren't really viable.

I don't know how they do it in Bangkok but here in Hua Hin getting a certificate of residence is a 10 minute job and they don't mail it out, it's issued immediately and you take it with you when you leave.

I agree that the easiest and most convenient way to proceed is to just wire the money direct to TE and absorb the one off fee.

Agree...just keep thinking about all the money you're about to start saving on airport transfers.

[kmw]

Hi, first time here so please be gentle!

I did have one question, that someone might be able to answer, ive read about 8 pages into this thread, but have not really seen an answer to what ive been looking for, I think I already know but will ask anyway,

As I will be moving to Thailand in the not too distant future, the Thailand Elite Visas seems to be the best option for me, as I am under the age of 50 and am not interested in dodgy visa runs or the need to be employed by a Thai company with the correct local/foreigner ratio, the cost of the Thailand Elite visa is nothing compared to what people pay for some kind of permanent residence to stay here in Sydney Australia, 500k thb seems literally too good to be true in my eyes,

I am wondering about the working issues around the Thailand Elite Visa,

Anyway, my main question is, I am self employed (work online, all I need is a computer & internet connection) and plan on spending several months of the year to escape the bitter cold winters here, however my questions is in relation to the employment, I would still like to work casually to keep me busy so about perhaps 2-3 hours a day, but how does this work in relation to the eyes of the Thai Authorities, as to put it in the simple way, as I work for myself I get paid in Australia into an Australian bank account and I pay taxes in Australia, this is not “taking” a job away from a thai local, so I am assuming this is ok and I would not be breaking the rules?

Thanks in advance,

[nzexpat]

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Hi, first time here so please be gentle!

I did have one question, that someone might be able to answer, ive read about 8 pages into this thread, but have not really seen an answer to what ive been looking for, I think I already know but will ask anyway,

As I will be moving to Thailand in the not too distant future, the Thailand Elite Visas seems to be the best option for me, as I am under the age of 50 and am not interested in dodgy visa runs or the need to be employed by a Thai company with the correct local/foreigner ratio, the cost of the Thailand Elite visa is nothing compared to what people pay for some kind of permanent residence to stay here in Sydney Australia, 500k thb seems literally too good to be true in my eyes,

I am wondering about the working issues around the Thailand Elite Visa,

Anyway, my main question is, I am self employed (work online, all I need is a computer & internet connection) and plan on spending several months of the year to escape the bitter cold winters here, however my questions is in relation to the employment, I would still like to work casually to keep me busy so about perhaps 2-3 hours a day, but how does this work in relation to the eyes of the Thai Authorities, as to put it in the simple way, as I work for myself I get paid in Australia into an Australian bank account and I pay taxes in Australia, this is not “taking” a job away from a thai local, so I am assuming this is ok and I would not be breaking the rules?

Thanks in advance,

It is not Legally possible to undertake ANY work in Thailand without an appropriate visa and work permit.

[kmw]

Hi nzexpat, thanks for your reply, so just wondering how does this differ to a normal 30 day tourist visa I get granted on arrival? As working is not permitted on a tourist visa.

​Many times I have visited Thailand on a tourist visa and have my laptop with me and do spend a few hours a day checking emails and keeping on top of things while sitting back relaxing at a resort, I do know of many people that do the same, so correct me if Im wrong in theory I am also actually breaking the law by working while on holidays sitting on a beach/resort while on a tourist visa?

[nzexpat]

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Hi nzexpat, thanks for your reply, so just wondering how does this differ to a normal 30 day tourist visa I get granted on arrival? As working is not permitted on a tourist visa.

​Many times I have visited Thailand on a tourist visa and have my laptop with me and do spend a few hours a day checking emails and keeping on top of things while sitting back relaxing at a resort, I do know of many people that do the same, so correct me if Im wrong in theory I am also actually breaking the law by working while on holidays sitting on a beach/resort while on a tourist visa?

I provided an accurate answer to your question .

I have no wish to be involved in some silly debate about Thai law.

[rickthailand]

youll be fine spending a few hours on a laptop

[kmw]

Hi Rick, yes that's what I was thinking as well, as its literally keeping on top of investments and making sure the money is coming in and out, well more in than out!

From what ive read here and the research the Thailand Elite is literally the best option, for people in certain circumstances, while the best option for me would be once and if the civil partnerships laws are changed, so in the meantime Thailand Elite is the best option for myself, my partner is Thai so thats not an issue,

just wondering rick do you reside in Chiang Mai?

[rickthailand]

i used to live in chiang mai i just moved to pattaya with my bf

[kmw]

ah nice to hear, ,my bf and I,or should I say partner(been 11 years) are building a house in Chiang Mai, almost done, its in the area of San Sai if that makes any sense, cheers

Edited May 13, 2015 by kmw

[rickthailand]

i love my thailand elite card made things so easy for me as i am 47

[kmw]

im 31 so the retirement visa is way off for me, I don't trust the current government to pass the new proposed civil partnership bill anytime soon so I think I will cherish the Thailand Elite card, cannot wait to be apart of the club! cheers

[VIPinthailand]

I cherish my money I keep on my bank account. I like to master the situation and keep things under control. I don't fear government, as long I keep my money, they are my slaves.

in the pocket I cherish my tourist visa and I can not wait for my next trip to the Thai embassy who will give me a nice smile while stamping my document for another 6 months. they love me because they want me to spend my money in Thailand.

8 years in Thailand, cost me pretty much nothing in visa.

and if they decide that I need some holidays between two visas, I can still go for 2 weeks to visit another Asian country. just to sound like a real tourist. [emoji1]

Edited May 13, 2015 by VIPinthailand

[gerry1011]

I cherish my money I kept on my bank account

in the pocket I cherish my tourist visa and I can not wait for my next trip to embassy who will give me a nice smile while stamping for another 6 months.

8 years in Thailand, cost me pretty much nothing.

You're a funny guy

I think I will invite you on my yacht to entertain my friends (Thailand Elite members or not).

Don't worry, it will be free. Including imported beers and wines. But no visa service

[Sharp]

Do you think he can put on his red nose, big shoes and possibly juggle for us too... Quote... "They are my slaves"... A complete plumb is all i can say....

[BritTim]

Hi, first time here so please be gentle!

I did have one question, that someone might be able to answer, ive read about 8 pages into this thread, but have not really seen an answer to what ive been looking for, I think I already know but will ask anyway,

As I will be moving to Thailand in the not too distant future, the Thailand Elite Visas seems to be the best option for me, as I am under the age of 50 and am not interested in dodgy visa runs or the need to be employed by a Thai company with the correct local/foreigner ratio, the cost of the Thailand Elite visa is nothing compared to what people pay for some kind of permanent residence to stay here in Sydney Australia, 500k thb seems literally too good to be true in my eyes,

I am wondering about the working issues around the Thailand Elite Visa,

Anyway, my main question is, I am self employed (work online, all I need is a computer & internet connection) and plan on spending several months of the year to escape the bitter cold winters here, however my questions is in relation to the employment, I would still like to work casually to keep me busy so about perhaps 2-3 hours a day, but how does this work in relation to the eyes of the Thai Authorities, as to put it in the simple way, as I work for myself I get paid in Australia into an Australian bank account and I pay taxes in Australia, this is not “taking” a job away from a thai local, so I am assuming this is ok and I would not be breaking the rules?

Thanks in advance,

I think the correct answer is that it is technically breaking the rules, but the Thai authorities have no intention of enforcing the rules in this kind of situation. It is easier for them to ignore online nomads than try to change the law to accommodate them. The only way you could ever have a problem is if you ever upset a senior official, and he decided to use your technical law breaking against you.