Moving my money from US to Thailand

[Soutpeel]

Wow. Thanks for all the responses. The suggestions cover the whole gamut of possibilities.

From 'just don't do it' (extremely helpful...heh heh)

to 'leave your money in the US'

to 'move money to Singapore and access it there as needed'

to 'move it all to Thailand'

and even a few more different ideas.

There were some that question what amount we are transferring, I was vague about that in my earlier posts. The actual amount is going to be somewhere around $100k USD. I spent 2 years in the Kingdom from 2005 to 2007, and at that time, I had no intention of ever returning. But my Thai wife convinced me that he wanted to see the US, despite my attempts to dissuade her of that desire.

We spent the last 8 years here living the 'American Dream' and she now agrees with me that we want to live out our lives in Thailand. We have the above savings, along with some other money already in Thai banks.

We will have no income (at this time, perhaps when I qualify for SS in 8 years or so, we will have to tackle that then), so keeping US bank accounts is unnecessary. Once we move the money over, there won't be any more, at least for the next 8 years.

The general consensus seems to be that SWIFT transfers do work, with a fee of about $45 plus whatever the Thai bank charges to receive it ( possibly a max of 500 baht). Just make sure the money isn't converted until it gets in country.

I see the wisdom in getting an account at BKK if there were going to be multiple transfers over the next few years, but that is not the case. This is a one-time transfer. Even so, looks like even ACH transfers to BKK can charge up to $25 in fees, not a significant saving over SWIFT.

As far as the member that warned of the Thai pastime of 'sucking money from the Farang', well, my Thai wife and I have been married for 8 years, and I am familiar with a few of the Thai cultural idiosyncrasies, money being one of them.

Regarding my wife setting up a business, she is a bit younger than me, and wants something to do. I am okay with that, and she spent the last 8 years working here with me and deserves to do what she wants with part of our cash. She has my complete blessing and support on that.

What else? Hmmm. Yes, I am getting my NonImm O-A here in the states. Just waiting of the Leprosy and TB clearance.....heh heh.

I am sure there is more to say, but this post is too long already. Thank you so much to everyone, the suggestions and ideas presented here are valuable and very much appreciated. They have really given us things to consider.

Michael and Ta

$100,000 for 8 years, huh? Get used to Hamburger Helper (without the hamburger).

I am wondering why a O-A visa ? that requires having 800k in the bank, if he is legally married to a Thai national the "married visa" requirements are half that at 400k

Here is the other thing, he will require 800k/yr to show for his visa renewal, assuming no income, he will be spending this to live, so let's assume out of the 100k US he locks away the THB 800k for the visa (approx 25k US) he in fact only has 75k US to live on for 8 years.

In THB terms he needs to get by on around THB 25k/m not a lot when one is setting up in a new country, when rent, food, transport, medical insurance, water, electric etc etc are taken into consideration

Edited July 6, 2015 by Soutpeel

[DrDave]

<snip>

Lets just say I walk into my local Chase branch and tell them I want to transfer $10,045 to a specific account in the Thai SCB bank.

Chase says, 'Great! The fee is $45USD'.

I tell them I want to transfer it in USD, do not convert to Baht, let SCB to that when it gets there.

Chase says, 'Great! The fee is still $45USD'.

I ask, are there any other fees regarding the transfer? Intermediate bank fees, etc?

Chase says. 'Nope.'

So I ask, 'Are you telling me that once processed, SCB will receive $10,000USD? by wire'

Chase says, 'Our fee is $45USD'

If this is the case, then $45USD is .45% of $10k. This obviously cannot be the case, as almost all SWIFT transfer threads quote 2-3% in fees ($200-$300USD). They talk about exchange rate adjustments, but if SCB T/T rate is, say 33.66 (todays rate), where is the exchange rate adjustment? If SCB gets $10,000USD and uses the T/T rate of 33.66 to convert it, I just don't see where the 'other fees' of which some folks speak are taken from the transfer. Even factoring in the $500 'wire receiving fee' by SCB, this only results in a total fee of about $60USD, or 0.6%.

<snip>

US banks and brokerages charge a flat rate for outgoing wire transfers (e.g. SWIFT), usually in the range of $25-$45. There should be no additional charges on the source bank side, so what Chase told you is correct - their fee is $45 and they will remit $10,000 to SCB via SWIFT.

On the destination side, the receiving bank may (or may not) charge fees for receiving an incoming wire and executing a currency exchange. The incoming transaction should be processed with the T/T buy rate in effect at the time the wire is received, along with any fees that the bank may charge. You will need to check with SCB to see if they charge any fees for processing an incoming wire and/or a premium to the T/T rate for converting USD to THB. I've done many SWIFT transfers from the US to Thai banks and the fees on the receiving end have always been minimal.

[rijit]

The other option could be xe currency trader put your money in and cherry pick the rate yourself. Remember a 1 baht swing which isnt uncommon over a day means.2000 dollars

When the deals done put the money

Into a thai bank its cheap and your in control of your money.

rijit

[anono2223]

I am wondering why a O-A visa ? that requires having 800k in the bank, if he is legally married to a Thai national the "married visa" requirements are half that at 400k

Here is the other thing, he will require 800k/yr to show for his visa renewal, assuming no income, he will be spending this to live, so let's assume out of the 100k US he locks away the THB 800k for the visa (approx 25k US) he in fact only has 75k US to live on for 8 years.

In THB terms he needs to get by on around THB 25k/m not a lot when one is setting up in a new country, when rent, food, transport, medical insurance, water, electric etc etc are taken into consideration

Guys

Really

I never said $100k was all the money I had in the world. I said it was all the money in the US I wanted to move. I believe I mentioned that

1) my wife has accounts in Thailand she has had for many years, with balances

And

2) She is still young enough and wants to work.

So can we please dispense with the hamburger helper posts?

Thank you

Michael

[Thailand J]

refering to post #60 I am glad I have seen using SWIFT all these years. In case if you would like to consider, open an account and keep a large balace with Vanguard, SWIFT is free.

Edited July 6, 2015 by Thailand J

[anono2223]

US banks and brokerages charge a flat rate for outgoing wire transfers (e.g. SWIFT), usually in the range of $25-$45. There should be no additional charges on the source bank side, so what Chase told you is correct - their fee is $45 and they will remit $10,000 to SCB via SWIFT.

On the destination side, the receiving bank may (or may not) charge fees for receiving an incoming wire and executing a currency exchange. The incoming transaction should be processed with the T/T buy rate in effect at the time the wire is received, along with any fees that the bank may charge. You will need to check with SCB to see if they charge any fees for processing an incoming wire and/or a premium to the T/T rate for converting USD to THB. I've done many SWIFT transfers from the US to Thai banks and the fees on the receiving end have always been minimal.

Thank you DrD

This is what I am finding, but I just feel like I was missing something because so many here, along with the electronic money movers (forex, transferwise) hype on some huge chunk of cash you lose by using SWIFT. I just don't see it. My bank, Chase, is on the higher end of the cost of a SWIFT transfer ($45), and I still see the cost as being trivial compared to the speed, ease and security you get with using them.

Michael

[anono2223]

refering to post #60 seems like I have been doing it right ..I have been using SWIFT. If you have a large balance with Vanguard, the SWIFT is free.

I am finding this to be the case as well, but I am waiting to hear from those to explain why SWIFT is the last thing they would ever use.

Michael

[DrDave]

The other option could be xe currency trader put your money in and cherry pick the rate yourself. Remember a 1 baht swing which isnt uncommon over a day means.2000 dollars

When the deals done put the money

Into a thai bank its cheap and your in control of your money.

rijit

A 1 baht swing in the rate represents a little under 3% at current USD/THB rates, which equates to under $300USD per $10,000USD exchanged. You would need to have a $67,000USD transaction to see a difference of $2,000 due to rate fluctuation.

I'm not aware of any time in the last year in which there's been a 1 baht fluctuation in the USD/THB rate for a single day. The most I've seen week to week is about 50 satang, or about 1.5% over a period of several days.

[anono2223]

I am wondering why a O-A visa ? that requires having 800k in the bank, if he is legally married to a Thai national the "married visa" requirements are half that at 400k

Not really relevant to this thread, but here goes,

The O-A visa is a LITTLE bit harder to get initially, what with the physical and criminal history reports. Granted. But this difficulty is hugely offset (for me, anyway) by the fact that once I have it, I have 2 YEARS in country without ever having to do a border run. Then, with the extensions, I could never have to leave the country again.

Now, I can leave. If I want to. But I don't have to. Yes, still have to report my address every 90 days, but not having to make a border run....EVER... that is golden. I spent 2 years in Southern Thailand back in 2005-6, and making border runs got old. Quickly.

Plus, 2 years in country for doing just a single Visa application? Fughettaboutit! Sign me up.

Michael

[Loptr]

refering to post #60 seems like I have been doing it right ..I have been using SWIFT. If you have a large balance with Vanguard, the SWIFT is free.

I am finding this to be the case as well, but I am waiting to hear from those to explain why SWIFT is the last thing they would ever use.

Michael

In my experience, SWIFT transfers from my US bank to Thailand take 2 - 4 business days longer to clear than ACH transfers and the fees are much higher in my case... That's why I don't use SWIFT anymore...

[DrDave]

In my experience, SWIFT transfers from my US bank to Thailand take 2 - 4 business days longer to clear than ACH transfers and the fees are much higher in my case... That's why I don't use SWIFT anymore...

I'm wondering if there there have been intermediate banks involved in your SWIFT transfers? Particularly in the case of smaller banks, intermediate banks are used to actually initiate or receive the wire transfer because the source and/or destination bank does not have the infrastructure in place to directly process SWIFT transactions. I would think that this may drive up the cost and the processing time.

As a point of reference, I generally send SWIFT transfers from E*Trade in the US, to Bangkok Bank (BBL) in Thailand. E*Trade charges a flat $25 to send the wire, and BBL charges something minimal, like 500 baht or so and maybe a couple of satang on the T/T rate. Funds are always credited to my BBL account by the end of the second business day (in Thailand) after initiating the transfer.

[Loptr]

In my experience, SWIFT transfers from my US bank to Thailand take 2 - 4 business days longer to clear than ACH transfers and the fees are much higher in my case... That's why I don't use SWIFT anymore...

I'm wondering if there there have been intermediate banks involved in your SWIFT transfers? Particularly in the case of smaller banks, intermediate banks are used to actually initiate or receive the wire transfer because the source and/or destination bank does not have the infrastructure in place to directly process SWIFT transactions. I would think that this may drive up the cost and the processing time.

As a point of reference, I generally send SWIFT transfers from E*Trade in the US, to Bangkok Bank (BBL) in Thailand. E*Trade charges a flat $25 to send the wire, and BBL charges something minimal, like 500 baht or so and maybe a couple of satang on the T/T rate. Funds are always credited to my BBL account by the end of the second business day (in Thailand) after initiating the transfer.

The US bank I use is one of the big 5 and BBL here in Thailand... The accounts are the same on both ends when sending $$$ via ACH or SWIFT... When I send funds via SWIFT, it takes 2 - 4 days longer and costs me $45 USD, all in... I can send funds via ACH with next business day delivery for $10 USD... Not sure how the routing would be any different, unless as you stated, they use a 3rd party to broker the SWIFT transfer...

[Soutpeel]

I am wondering why a O-A visa ? that requires having 800k in the bank, if he is legally married to a Thai national the "married visa" requirements are half that at 400k

Not really relevant to this thread, but here goes,

The O-A visa is a LITTLE bit harder to get initially, what with the physical and criminal history reports. Granted. But this difficulty is hugely offset (for me, anyway) by the fact that once I have it, I have 2 YEARS in country without ever having to do a border run. Then, with the extensions, I could never have to leave the country again.

Now, I can leave. If I want to. But I don't have to. Yes, still have to report my address every 90 days, but not having to make a border run....EVER... that is golden. I spent 2 years in Southern Thailand back in 2005-6, and making border runs got old. Quickly.

Plus, 2 years in country for doing just a single Visa application? Fughettaboutit! Sign me up.

Michael

You can do an extension on the basis of marriage and only need 400k in the bank, never have to visa run, and just do 90 day reports as well, don't need the physical or criminal checks either

And provided you stay married and have the 400k in the bank never have to leave the country again

All the above assumes you are legally married to a Thai national of course

[Thailand J]

2 days was all it took for SWIFT initiated at Vanguard, no fees, best TT rate.

The intermidieate bank, HSBC used to charge me $25 but now it is also free.

sorry if SWIFT didn't work better for you. May be everyone should open an account with Vanguard

[phuketandsee]

Are you nuts? (I know madman is in your handle)

Why would you transfer a lot of funds to Thailand right now? The way things are going here you could really regret this. Keep the bulk in the US and transfer enough each month to live on.

This and other similar posts are confusing. Many inferring doom and gloom. Never bring a large amount of money into the country. Leave it in US and move it as you need it.

But I cannot find any threads in a search of anyone saying they lost all their money, or how much they regret ever bringing over their cash.

And all of you, I assume, continue to live in country, at least semi-permanently. Where is the risk? Thailand is where I am going to live out my life. I have been there before, now ready the make it as permanent as I can. I am done with the US. I have had enough. I don't want to leave money here. I don't want to leave anything. Ready to finish what life I have left somewhere wonderful with my wife.

Please, if there is a genuine reason to not move a chunk of money over, be specific.

Thank you

Michael

You need to do some more background reading on what is going on here and what will happen in the not-too-distant future. TV rules prevent us from being more specific.

[anono2223]

You need to do some more background reading on what is going on here and what will happen in the not-too-distant future. TV rules prevent us from being more specific.

Then stop being so dramatic and pm me....

You want us retirees to wait until the country is all rainbows and unicorns? Ain't gonna happen.

Michael

Edited July 6, 2015 by dynalmadman

[Pib]

I am wondering why a O-A visa ? that requires having 800k in the bank, if he is legally married to a Thai national the "married visa" requirements are half that at 400k

Not really relevant to this thread, but here goes,

The O-A visa is a LITTLE bit harder to get initially, what with the physical and criminal history reports. Granted. But this difficulty is hugely offset (for me, anyway) by the fact that once I have it, I have 2 YEARS in country without ever having to do a border run. Then, with the extensions, I could never have to leave the country again.

Now, I can leave. If I want to. But I don't have to. Yes, still have to report my address every 90 days, but not having to make a border run....EVER... that is golden. I spent 2 years in Southern Thailand back in 2005-6, and making border runs got old. Quickly.

Plus, 2 years in country for doing just a single Visa application? Fughettaboutit! Sign me up.

Michael

You do "not" have 2 years in country without needing to do a border run; you have 1 year. Now if you do a border run just before the Visa expires then you could get another year which gets you to two years. But you do have to do at least one border run to stretch a Visa O-A to the 2 year point.

And to really get 2 years with one border run you would really need to enter Thailand immediately after issue of the Visa O-A since the clock on the Visa validity window started ticking upon issue. If you wanted 6 months after initial issue of the Visa O-A to enter Thailand although you are permitted to stay for one year upon that entry you only have 6 months left on the Visa O-A (assuming it a multiple entry visa) to do a border run with it to get another permitted to stay for one year upon reentry...in this example the Visa O-A would have only got you 18 months with one border run.

[anono2223]

You do "not" have 2 years in country without needing to do a border run; you have 1 year. Now if you do a border run just before the Visa expires then you could get another year which gets you to two years. But you do have to do at least one border run to stretch a Visa O-A to the 2 year point.

And to really get 2 years with one border run you would really need to enter Thailand immediately after issue of the Visa O-A since the clock on the Visa validity window started ticking upon issue. If you wanted 6 months after initial issue of the Visa O-A to enter Thailand although you are permitted to stay for one year upon that entry you only have 6 months left on the Visa O-A (assuming it a multiple entry visa) to do a border run with it to get another permitted to stay for one year upon reentry...in this example the Visa O-A would have only got you 18 months with one border run.

I stand corrected, you are correct, I do have to do one border run. But the validity timeframe of the visa has nothing to do with reentries.

The visa will be valid for entry up to 359 days from its issue, giving me, essentially, one year to use it for entry.

Once I enter, I am given 364 days to stay in country, having to report my address every 90 days. If I leave the country and reenter in the 364 days, I am given another 364 days upon reentry. So if I wait until the day before it expires, I can get another 359 days, essentially, 2 years on one visa. I have checked this explicitly.

But you are correct, i do have to do one border run for the first 2 years.

Michael

Edited July 6, 2015 by dynalmadman

[Pib]

You do "not" have 2 years in country without needing to do a border run; you have 1 year. Now if you do a border run just before the Visa expires then you could get another year which gets you to two years. But you do have to do at least one border run to stretch a Visa O-A to the 2 year point.

And to really get 2 years with one border run you would really need to enter Thailand immediately after issue of the Visa O-A since the clock on the Visa validity window started ticking upon issue. If you wanted 6 months after initial issue of the Visa O-A to enter Thailand although you are permitted to stay for one year upon that entry you only have 6 months left on the Visa O-A (assuming it a multiple entry visa) to do a border run with it to get another permitted to stay for one year upon reentry...in this example the Visa O-A would have only got you 18 months with one border run.

I stand corrected, you are correct, I do have to do one border run. But the validity timeframe of the visa has nothing to do with its expiration.

The visa will be valid for entry up to 359 days from its issue, giving me, essentially, one year to use it for entry.

Once I enter, I am given 364 days to stay in country, having to report my address every 90 days. If I leave the country and reenter in the 364 days, I am given another 364 days upon reentry. So if I wait until the day before it expires, I can get another 359 days, essentially, 2 years on one visa. I have checked this explicitly.

But you are correct, i do have to do one border run for the first 2 years.

Michael

I do not think that is correct. The Visa O-A is the controlling document regarding how long you are permitted to stay. Say for example you wait to enter Thailand just before the Visa O-A validity window expires (say the day before), you get the Permitted to Stay Stamp for one year, when that Permitted to Stay stamp date is reached your Visa O-A has already expired...you could not do another border run with it because the Visa's validity window has expired. You would not need to apply for a one year Retirement Extension of Stay 30 to 45 days (depending on your servicing immigration office) before you Permitted to Stay date is reached.

For example see this person post regarding how some of his Visa O-A validity window was used up because he waited around 6 months from initial issue before entering Thailand...and he couldn't get a whole 2 years out of the Visa O-A by doing one border run....only about 18 months since he initially enteryed on the O-A 6 months after its issue...the clock had started ticking upon issue: Link

[anono2223]

I do not think that is correct. The Visa O-A is the controlling document regarding how long you are permitted to stay. Say for example you wait to enter Thailand just before the Visa O-A validity window expires (say the day before), you get the Permitted to Stay Stamp for one year, when that Permitted to Stay stamp date is reached your Visa O-A has already expired...you could not do another border run with it because the Visa's validity window has expired. You would not need to apply for a one year Retirement Extension of Stay 30 to 45 days (depending on your servicing immigration office) before you Permitted to Stay date is reached.

I see what you are saying there. More research (by me) is needed here. Thank you.

Michael

[Pib]

No problem...when I arrived on my Multiple Entry Visa O-A years back I was somewhat confused about how to use it to best effect, understanding the Visa validity window in relation to the Permitted to Stay stamp date, the difference between a Retirement Visa O-A and Retirement Extension of Stay, when a Exit/Rentry Permit is needed to keep Visa/Extension of Stay valid, etc. It can get confusing especially if drinking Chang beer (one of my vices) while reading ThaiVisa posts.

[Pinot]

Given that the topic is moving $$$ from the US to a Thai bank account, I have used various methods but the ACH transfer via a Bank of Bangkok account in New York seems to be the least painful for me...

I also have Schwab accounts and use a debit card to extract funds via an ATM when necessary... No transaction or international fees...

As for the side-bar discussion on where is best to keep your funds, I used to be in the camp of leaving my funds in the US and only transferring what is necessary for living expenses as an expat... In the last couple years, I have begun moving assets offshore from US banking to jurisdictions where banks are actually solvent... When you consider that US banks hold deposits of over $23 trillion USD and the FDIC is only funded to roughly $63 billion USD, coupled with the fact that US banks have now leveraged deposits by a factor of 97-to-1, along with the current health of the US economy and banking sector, I am not comfortable leaving all my eggs in the USD basket... 2008 was not that long ago, but it appears everyone has forgotten the crisis created by the banks and wall street pimps in the US... Not me...

One tidbit many are not aware of is the fact that as a depositor in US banks, you are making an unsecured loan to the bank... You deposits are no longer yours, you are loaning your $$$ to the bank... Couple this with the castration of the Dodd-Frank Bill and the banksters can use YOUR deposits in their hair-brained investments schemes... And if they lose it, good luck getting it back...

http://allnewspipeline.com/Surprise_Surprise_Did_You_Know.php

You're worried about the United States and its banks going under?

[phuketandsee]

You need to do some more background reading on what is going on here and what will happen in the not-too-distant future. TV rules prevent us from being more specific.

Then stop being so dramatic and pm me....

You want us retirees to wait until the country is all rainbows and unicorns? Ain't gonna happen.

Michael

You're probably old enough to do your own research. Surprising though that you would consider moving all your assets to a country you clearly know so little about.

[claynlr]

Me

I wasted part of the validity from Oct 2010 to Mar 2011 for private reasons.

So not really two years.

Entered 13 March 2011, admitted until 12 Mar 2012.

Border run on 9 Oct 2011 before visa validity ended, got one year until 8 Oct 2012

-----------------------------------------------------------------------------------------------------------------------------------------------

It looks like he lost part of the "2 year" time frame because he did his border run too early. Seems he got the visa Oct 2010 and entered 13 March 2011 and was admitted until 12 March 2012....that's a year. Then instead of doing his border run and reentering on 11March 2012 to get the 2nd year he did it 5 months earlier on 9 Oct 2011?

[claynlr]

The above was from Pib's link of another topic....#79 of this topic