Alphim Posted February 3, 2015 Share Posted February 3, 2015 Hello, I have a company saving fund in the U.S. of approx $80K, I do not want to transfer it to my country of residence, South Afica, because of Currency regulatons, i.e once it is in it is not so easy to bring out. Although not yet resident in Thailand, I have a Thai wife, I do have a bank account there. I would like some advice as to whether it is advisable to bring that amount into the country at one time. Any advice will be apreciated, thank you. Link to comment Share on other sites More sharing options...
Jay Sata Posted February 3, 2015 Share Posted February 3, 2015 Why bring it in as one sum? It is probably a lot safer where it is and just draw down what you need. Link to comment Share on other sites More sharing options...
ubonjoe Posted February 3, 2015 Share Posted February 3, 2015 Moved to the business and banking forum.. Link to comment Share on other sites More sharing options...
Alphim Posted February 3, 2015 Author Share Posted February 3, 2015 Why bring it in as one sum? It is probably a lot safer where it is and just draw down what you need. Link to comment Share on other sites More sharing options...
Suradit69 Posted February 3, 2015 Share Posted February 3, 2015 Why bring it in as one sum? It is probably a lot safer where it is and just draw down what you need. Money in a Thai bank is perfectly safe, European and US banks fail quite regularly not Thai banks. The main concern is fluctuating exchange rates. If you're positive you're staying in Thailand for the long haul, you could deposit the money in a Thai bank or your could arrange to have regular amounts transferred from your US bank to Thailand. If you open a Bangkok Bank account in Thailand, you can transfer money to the New York branch of Bangkok Bank, for deposit to your account in Thailand. The money will be available here in baht a few days after it's been sent to the NY branch. You need to open the account at a branch in Thailand but then can make deposits to that account via the branch in NY. United States New York Branch The New York branch is a US federal chartered branch which functions as a wholesale bank. Please contact the branch directly for more details: New York Branch Mr. Thitipong Prasertsilp, VP & Branch Manager 29 Broadway, 19th Floor, New York NY 10006 Business Hours: Mon-Fri (9:00 am to 5:00 pm) Tel: (1-212) 422-8200 Fax: (1-212) 422-0728 SWIFT: BKKB US 33 E-mail: [email protected] FED Routing No: 026008691 CHIPS ABA: 0869 2 Link to comment Share on other sites More sharing options...
shaurene Posted February 3, 2015 Share Posted February 3, 2015 You have no problem to bring it into Thailand, just go through the RED Chanel customs and say you want to declare money, if it is over Us$20,000 you have to, they take you into the office and you fill a small card in with the details, they register it on the computer and off you go, very easy, also make sure you declare it at the U.S. airport of departure. It is all very safe have done it many times. Link to comment Share on other sites More sharing options...
ToddinChonburi Posted February 3, 2015 Share Posted February 3, 2015 You can also get it in a cashiers check and deposit it here in your Bangkok bank account. much safer way to travel. Takes about 30 days to clear. Link to comment Share on other sites More sharing options...
cyrusgreat Posted February 3, 2015 Share Posted February 3, 2015 Remember some banks with foreign currency accounts do charge 1% for any deposit or withdrawl so $80,000 will immediatley lose $800 on arrival plus any outgoing wiring fee. Best to keep in US if possible or open a Paypal Account, it is safe and you can use the debit card to draw down on it. Link to comment Share on other sites More sharing options...
Billy The Kid Posted February 3, 2015 Share Posted February 3, 2015 I brought 75,000 in 500 , 200 and 100 notes . No problem going through to two airport to Bangkok from Dublin in 2005 . Don't like the Irish government know my business if I transferred online from the bank. 2 Link to comment Share on other sites More sharing options...
EnglishJohn Posted February 3, 2015 Share Posted February 3, 2015 Make sure you keep evidence that you brought it into the country from abroad. I usually do an electronic transfer into Bangkok Bank then get a print out showing it was a foreign transfer. I was told that it makes it easier to take it back out again in the future if you need to. Link to comment Share on other sites More sharing options...
Tarowand Posted February 3, 2015 Share Posted February 3, 2015 As I understand it, like most countries you can only bring in $10,000.00 US cash with out declaring it and face a lot of questions and perhaps some questionable expense. It seems the Thai baht is stable for what ever reason but that's what they though before the 1990's crash. I transfer through the wire service from my bank. Maybe heage your bets and transfer some by wire to your Thai account and bring some cash as well. Hope this helps. Link to comment Share on other sites More sharing options...
chill Posted February 3, 2015 Share Posted February 3, 2015 I believe that when you bring in over USD20,000 at any one time the thai banks have a right to seize it and freeze it for 6 months. This is to dissuade people from speculating on the Thai Baht. Next you need to consider why you need the money here. If you intend to eventually spend it in Thailand then remit the funds in USD and it will get converted to Thai baht at the going local Thai baht rate. If you remit it in Thai baht (ie ask the US bank to do the conversion) then they will purchase offshore Thai Baht which can be more expensive than local Thai baht. Now those funds can then be placed in an offshore Thai baht account which basically means that you can remit them back out of the country. If the money is in a local Thai Baht account you may have difficulty getting it back out. If you remit in any large amounts then you should get yourself a receipt called a Tortor 41 or 42 maybe just a TorTor3. or something like that. One is for inward remittances in foreign currencies and the other for inward remittances in Thai Baht. This will facilitate it when you wish to take the money out of the country. You will soon be facing some difficulties as banks are reluctant to open accounts for Americans (I know you are South African) but the US government are requiring all banks to report on Americans and you may be on their target list if you have a social security number or have worked there previously. If you really don't want to leave your funds in the USA and bring it out as needed, you might look into the possibility of moving your money to an offshore bank in Singapore Link to comment Share on other sites More sharing options...
Nemesis7 Posted February 3, 2015 Share Posted February 3, 2015 If you are bringing them into thailand in person, Please do declare it upon arrival and then its all white money. If transferring by wire, its advisable;e do it on few transactions, let your bank manager know you are expecting a large transaction on your account and give them a credible story to go along and you should be fine. Link to comment Share on other sites More sharing options...
khunPer Posted February 3, 2015 Share Posted February 3, 2015 Better to bring money into Thailand in one sum, or larger sums, and register the transfer by the National Bank – used to be equivalent to 20,000 USD, but seems to be raised to 50,000 USD, however some banks still require registration for 20,000 USD. Ask for the approved and stamped copy of the registration – takes about a week and you can get the copy in your bank branch – that makes you eligible to transfer same amount out of Thailand, if needed too. I have done several transfers of amounts to be registered. Normally the advice is to transfer in foreign currency, never Thai baht, as you will get a slightly better exchange rate. Pay only domestic charges in sending bank, and forward foreign charges, as you will be charged little fee anyway. I have never been charged high fees (some above states 1%) or having money frozen (some says up to 6 month), but perhaps some other forum member can enlighten more about that. You may be able to open a “hold currency account” and keeping the money in foreign currency – I have never used that option myself. Thai banks will guarantee for up to 1 million baht – used to be a lot higher, think this year is the last with the high value – equivalent to around 30,000 USD, so if you intend to keep the money in bank savings only, you can split them in two or three banks, keeping each at a maximum around 1 million. Link to comment Share on other sites More sharing options...
CapeThai Posted February 3, 2015 Share Posted February 3, 2015 You have no problem to bring it into Thailand, just go through the RED Chanel customs and say you want to declare money, if it is over Us$20,000 you have to, they take you into the office and you fill a small card in with the details, they register it on the computer and off you go, very easy, also make sure you declare it at the U.S. airport of departure. It is all very safe have done it many times. If declaring the CASH Thai Customs if above US$20000, do they give you a written conformation that you brought it in from abroad ? I want to do the same to buy a condo but dont want to do a international transfer from my home bank account. I understand you must have prove the money comes from abroad if purchasing a foreign freehold condo ? Link to comment Share on other sites More sharing options...
Soutpeel Posted February 3, 2015 Share Posted February 3, 2015 Why don't you put it with one of the banks in Singapore, ie Citi/HSBC etc and just bring in what you need periodically Link to comment Share on other sites More sharing options...
elgenon Posted February 4, 2015 Share Posted February 4, 2015 You can also get it in a cashiers check and deposit it here in your Bangkok bank account. much safer way to travel. Takes about 30 days to clear. If you bring in a check made out to BKK Bank, it only takes a few days for it to clear. Link to comment Share on other sites More sharing options...
chiang mai Posted February 4, 2015 Share Posted February 4, 2015 I believe that when you bring in over USD20,000 at any one time the thai banks have a right to seize it and freeze it for 6 months. This is to dissuade people from speculating on the Thai Baht. Next you need to consider why you need the money here. If you intend to eventually spend it in Thailand then remit the funds in USD and it will get converted to Thai baht at the going local Thai baht rate. If you remit it in Thai baht (ie ask the US bank to do the conversion) then they will purchase offshore Thai Baht which can be more expensive than local Thai baht. Now those funds can then be placed in an offshore Thai baht account which basically means that you can remit them back out of the country. If the money is in a local Thai Baht account you may have difficulty getting it back out. If you remit in any large amounts then you should get yourself a receipt called a Tortor 41 or 42 maybe just a TorTor3. or something like that. One is for inward remittances in foreign currencies and the other for inward remittances in Thai Baht. This will facilitate it when you wish to take the money out of the country. You will soon be facing some difficulties as banks are reluctant to open accounts for Americans (I know you are South African) but the US government are requiring all banks to report on Americans and you may be on their target list if you have a social security number or have worked there previously. If you really don't want to leave your funds in the USA and bring it out as needed, you might look into the possibility of moving your money to an offshore bank in Singapore "I believe that when you bring in over USD20,000 at any one time the thai banks have a right to seize it and freeze it for 6 months" Rubbish. As for proof of remittance of funds from overseas, any foreign currency exchange form will serve the purpose. Link to comment Share on other sites More sharing options...
smotherb Posted February 4, 2015 Share Posted February 4, 2015 Why bring it in as one sum? It is probably a lot safer where it is and just draw down what you need. Good advice. There are many banking institutions in the US which will reimburse any ATM fees--so just use a debit card when you need funds. Link to comment Share on other sites More sharing options...
Langsuan Man Posted February 4, 2015 Share Posted February 4, 2015 Money in a Thai bank is perfectly safe, European and US banks fail quite regularly not Thai banks. The main concern is fluctuating exchange rates. If you're positive you're staying in Thailand for the long haul, you could deposit the money in a Thai bank or your could arrange to have regular amounts transferred from your US bank to Thailand. If you open a Bangkok Bank account in Thailand, you can transfer money to the New York branch of Bangkok Bank, for deposit to your account in Thailand. The money will be available here in baht a few days after it's been sent to the NY branch. You need to open the account at a branch in Thailand but then can make deposits to that account via the branch in NY. United States New York Branch The New York branch is a US federal chartered branch which functions as a wholesale bank. Please contact the branch directly for more details: New York Branch Mr. Thitipong Prasertsilp, VP & Branch Manager 29 Broadway, 19th Floor, New York NY 10006 Business Hours: Mon-Fri (9:00 am to 5:00 pm) Tel: (1-212) 422-8200 Fax: (1-212) 422-0728 SWIFT: BKKB US 33 E-mail: [email protected] FED Routing No: 026008691 CHIPS ABA: 0869 If you try and contact the New York Branch they are going to tell you to contact your branch in Thailand. " The New York branch is a US federal chartered branch which functions as a wholesale bank " Wholesale bank will not deal with private customers, that is why it is called a wholesale bank See this url for information on setting up a Thai based Bangkok Bank account which will allow you to use EFTS transfer system at the New York branch http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/TransferingFunds/TransferringIntoThailand/ReceivingFundsfromUSA/Pages/ReceivingFundsfromUSA.aspx Link to comment Share on other sites More sharing options...
55Jay Posted February 4, 2015 Share Posted February 4, 2015 Do you mean to ask about safety of Thai banks or are you asking for financial advice? Far as Thai banks go, I feel they are reliable enough, and there is a deposit protection scheme in place. I tend to stay in the big name banks, that's just me, others are more adventurous. On the exchange rate part of the decision, USD/Baht is alright at the moment. Track it on XE.com or other sites. Far as advisable in a financial plan, you didn't provide enough detail to answer. No idea what this $80k represents to your total wealth portfolio, if you are still working, plan to work, have other income/pension, if you need the 80k to live on or not, etc. One of a few common scenarios is to keep majority of cash working offshore to create passive income and/or supplement a pension. Many folks here also maintain a lump sum of varying amounts in a Thai bank(s) as a contingency, and also used it to satisfy financials for annual visa extensions. Link to comment Share on other sites More sharing options...
oxo1066 Posted February 4, 2015 Share Posted February 4, 2015 Hi, I have transferred money from UK into my Kasikornbank how long will it take to show up in my account . Link to comment Share on other sites More sharing options...
CraigSchuler Posted February 5, 2015 Share Posted February 5, 2015 Check out American Express Bluebird account. Load up several cards and be on your way. Link to comment Share on other sites More sharing options...
louse1953 Posted February 5, 2015 Share Posted February 5, 2015 You can also get it in a cashiers check and deposit it here in your Bangkok bank account. much safer way to travel. Takes about 30 days to clear. But you can't cash a check at Super Rich where you will get 1/2 baht more,40k baht in this case.Small risk if your game,just fly in mid week so you can bank the money quick. Link to comment Share on other sites More sharing options...
louse1953 Posted February 5, 2015 Share Posted February 5, 2015 As I understand it, like most countries you can only bring in $10,000.00 US cash with out declaring it and face a lot of questions and perhaps some questionable expense. It seems the Thai baht is stable for what ever reason but that's what they though before the 1990's crash. I transfer through the wire service from my bank. Maybe heage your bets and transfer some by wire to your Thai account and bring some cash as well. Hope this helps. To my surprise at Australian customs,it was one small form,didn't even want to see the money or evidence of where it came from.Very Thai like. Link to comment Share on other sites More sharing options...
jcnbkk Posted February 5, 2015 Share Posted February 5, 2015 Why bring it in as one sum? It is probably a lot safer where it is and just draw down what you need. Money in a Thai bank is perfectly safe, European and US banks fail quite regularly not Thai banks. The main concern is fluctuating exchange rates. If you're positive you're staying in Thailand for the long haul, you could deposit the money in a Thai bank or your could arrange to have regular amounts transferred from your US bank to Thailand. If you open a Bangkok Bank account in Thailand, you can transfer money to the New York branch of Bangkok Bank, for deposit to your account in Thailand. The money will be available here in baht a few days after it's been sent to the NY branch. You need to open the account at a branch in Thailand but then can make deposits to that account via the branch in NY. United States New York Branch The New York branch is a US federal chartered branch which functions as a wholesale bank. Please contact the branch directly for more details: New York Branch Mr. Thitipong Prasertsilp, VP & Branch Manager 29 Broadway, 19th Floor, New York NY 10006 Business Hours: Mon-Fri (9:00 am to 5:00 pm) Tel: (1-212) 422-8200 Fax: (1-212) 422-0728 SWIFT: BKKB US 33 E-mail: [email protected] FED Routing No: 026008691 CHIPS ABA: 0869 +1. Works well and fairly quickly, 2-3 days. $3 a transfer. Link to comment Share on other sites More sharing options...
khunPer Posted February 5, 2015 Share Posted February 5, 2015 Hi, I have transferred money from UK into my Kasikornbank how long will it take to show up in my account . A "normal transfer" use to take between 3 and 4 bank days. The saying is that transfers to Bangkok Bank is one day faster than to other Thai banks (something to do with all transfers pass through Bangkok Bank), and that seemed to be correct, at least before, but don't know if it's still like that. The saying has also been, that normally K-Bank (Kasikorn) gives a slightly better THB exchange rate (when transferring in foreign currency into Thailand). Link to comment Share on other sites More sharing options...
chiang mai Posted February 5, 2015 Share Posted February 5, 2015 Hi, I have transferred money from UK into my Kasikornbank how long will it take to show up in my account . A "normal transfer" use to take between 3 and 4 bank days. The saying is that transfers to Bangkok Bank is one day faster than to other Thai banks (something to do with all transfers pass through Bangkok Bank), and that seemed to be correct, at least before, but don't know if it's still like that. The saying has also been, that normally K-Bank (Kasikorn) gives a slightly better THB exchange rate (when transferring in foreign currency into Thailand). Historically my transfers from HSBC UK to CIMB, BAY or UOB Chiang Mai are completed in less than 24 hours. Link to comment Share on other sites More sharing options...
ableguy Posted February 9, 2015 Share Posted February 9, 2015 Why bring it in as one sum? It is probably a lot safer where it is and just draw down what you need. Money in a Thai bank is perfectly safe, European and US banks fail quite regularly not Thai banks. The main concern is fluctuating exchange rates. If you're positive you're staying in Thailand for the long haul, you could deposit the money in a Thai bank or your could arrange to have regular amounts transferred from your US bank to Thailand. If you open a Bangkok Bank account in Thailand, you can transfer money to the New York branch of Bangkok Bank, for deposit to your account in Thailand. The money will be available here in baht a few days after it's been sent to the NY branch. You need to open the account at a branch in Thailand but then can make deposits to that account via the branch in NY. United States New York Branch[size= The New York branch is a US federal chartered branch which functions as a wholesale bank. [/size] Please contact the branch directly for more details: New York Branch Mr. Thitipong Prasertsilp, VP & Branch Manager 29 Broadway, 19th Floor, New York NY 10006 Business Hours: Mon-Fri (9:00 am to 5:00 pm) Tel: (1-212) 422-8200 Fax: (1-212) 422-0728 SWIFT: BKKB US 33 E-mail: [email protected] FED Routing No: 026008691 CHIPS ABA: 0869 I agree that your money is safe here, but with that kind of money are you? Hell people kill here for a few thousand baht, ripe for kidnap, setting up by the BIB, for extortion the list goes on, plus you will have to make a will out here which will make you worth more dead than alive, leave it stae side . Link to comment Share on other sites More sharing options...
jungario Posted February 10, 2015 Share Posted February 10, 2015 Why bring it in as one sum? It is probably a lot safer where it is and just draw down what you need. Money in a Thai bank is perfectly safe, European and US banks fail quite regularly not Thai banks. The main concern is fluctuating exchange rates. If you're positive you're staying in Thailand for the long haul, you could deposit the money in a Thai bank or your could arrange to have regular amounts transferred from your US bank to Thailand. If you open a Bangkok Bank account in Thailand, you can transfer money to the New York branch of Bangkok Bank, for deposit to your account in Thailand. The money will be available here in baht a few days after it's been sent to the NY branch. You need to open the account at a branch in Thailand but then can make deposits to that account via the branch in NY. United States New York Branch The New York branch is a US federal chartered branch which functions as a wholesale bank. Please contact the branch directly for more details: New York Branch Mr. Thitipong Prasertsilp, VP & Branch Manager 29 Broadway, 19th Floor, New York NY 10006 Business Hours: Mon-Fri (9:00 am to 5:00 pm) Tel: (1-212) 422-8200 Fax: (1-212) 422-0728 SWIFT: BKKB US 33 E-mail: [email protected] FED Routing No: 026008691 CHIPS ABA: 0869 Thank you Suradit69 for this invaluable information, one clarification if you please, Paypal allows me to transfer funds to an american bank account in us dollars, free of charge, if it is a foreign account there will be 3.2% transfer fee. Now I am confused a bit here, if I put the banking info for the transfer, the routing number is for the New York branch of Bang of Bangkok, however the bank account number will be the one I will be opening in Thailand, in US dollars, since what i want to do is to receive the money in US dollars.What will the nature of the transfer from Paypal be considered in this case, a US tansfer or an international one? Thank you for any insight. Link to comment Share on other sites More sharing options...
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