How safe to receive money to thai bank

[steamptt]

Hello. This question is bothering myself pretty hard.

If time to time i do some contract job for a US based company how safe it to receive wire transfers from them to my thai bank account (it is foreign currency account USD). Officially i am unemployed in thailand and dont posses work permit. Can i get into trouble with immigration or the bank ?

Or should i esteblish bank account in singapore which is very hard unless you follow some stupid savings scheme they pushing on you where about 20k will be frozen for 15 years.

Edited September 9, 2015 by steamptt

[Soutpeel]

Hello. This question is bothering myself pretty hard.

If time to time i do some contract job for a US based company how safe it to receive wire transfers from them to my thai bank account (it is foreign currency account USD). Officially i am unemployed in thailand and dont posses work permit. Can i get into trouble with immigration or the bank ?

Or should i esteblish bank account in singapore which is very hard unless you follow some stupid savings scheme they pushing on you where about 20k will be frozen for 15 years.

Singapore has a stupid rule that forces you to freeze 20k with them for 15 years ? Really ?

Been getting a portion of my salary put into an account in Singapore for years and there is nothing of the sort, i suspect your referring to minimum balance on the account which if you go below that they will charge you bank fees, not stupid in the least and common in many countries

[steamptt]

They suggested like some kind of insurance plan where they will deduct $500 every month from my savings account until 5 years ( $30k ) in total. Then this money will be there for another 10 years and after 15 years in total i will get access to this money. The money earn interest of about 2.5% a year. In case of termination the penalty is very high. The thing is banks dont want open accounts for people on tourist visas I tried really hard. One bank said it may do exclusion in my case if i follow the plan they suggested. Take it or leave it. The minimum balance is a different thing.

Edited September 9, 2015 by steamptt

[steamptt]

But the question does the bank or whoever with whom bank my share information ask why you receive obviously a paycheck when you in thailand on tourist visa (or any kind of visa without work permit) and not allowed to work ?

[blackcab]

You're not allowed to work in Thailand. The doesn't stop you working elsewhere. You can get paid wherever you like.

[Mojomor]

Banks in Singapore do not like to open accounts for US citizens. It causes too many problems for them. Otherwise there is no problem.

You could get the money transferred directly to your Thai bank account and there is no problem with immigration, as you are not working in Thailand.

[steamptt]

Banks in Singapore do not like to open accounts for US citizens. It causes too many problems for them. Otherwise there is no problem.

You could get the money transferred directly to your Thai bank account and there is no problem with immigration, as you are not working in Thailand.

I am not US citizen

[fletchsmile]

They suggested like some kind of insurance plan where they will deduct $500 every month from my savings account until 5 years ( $30k ) in total. Then this money will be there for another 10 years and after 15 years in total i will get access to this money. The money earn interest of about 2.5% a year. In case of termination the penalty is very high. The thing is banks dont want open accounts for people on tourist visas I tried really hard. One bank said it may do exclusion in my case if i follow the plan they suggested. Take it or leave it. The minimum balance is a different thing.

Tell them you don't want this.

Tell them you just want a simple bank account. Singapore is a decent play to keep money offshore, with a strong banking sector.

SGD is also a reasonable currency for someone living in Thailand with THB expenses and worth considering. As another SE Asian currency SGD/THB rate movements are less volatile than say USD/THB.

[mike324]

Yes it is safe, very safe. You probably will have more problem trying to open a bank account with no work permit. You will need to get lucky for a staff to open one for you or know a bank manager to get you approved.

You will not have problem with immigration just the bank who wants to see your work permit.

[glasswort]

If you have decided to bank outside Thailand and Singapore banks are proving obstructive try Hong Kong. I have had an account in HK for twenty years and have never experienced any difficulties.

[nithisa78]

Have had problems banks USA, not Thailand.

[fireplay]

Hey i recently contacted DBS in SG and they offered a free savings account with a minimum balance of $2300 a month....15 currency account....and only like a $4 a month charge if you fall below the minimum balance. Open to applicants holding a foreign passport with an address in thailand http://www.dbs.com.sg/index/default.page

[Kerryd]

I worked in Afghanistan for 10+ years and had my pay wire transferred to my Thai bank account.

No questions, no hassles (just make sure you follow whatever the tax laws are in your home country or you could be in big trouble with your tax man in the future).

Never had any "safety" issues, never had any payments go missing. Exchange rates and wire transfer fees will (most likely) apply so make sure you take those into account before running off and accusing anyone of ripping you off (I've seen that happen as some people are apparently under the impression that every penny should go into their account at whatever exchange rate they looked up on the net weeks earlier, and without any fees being deducted).

[ByblosYuNaiSoi]

Hi , (I did not read all posts but...)

I transfer money from my US bank in dollars to Bangkok Bank's branch in New York City. It is an ACH transfer, free of charge. Dollars go in and I get THBaht out from BKK Bank atm in Thailand and only pay the local BKK Bank atm fee.

Very safe, as all is governed by US rules, FDIC, etc (or as safe as that is LOL). NB: other Thai banks (Kasikorn, Siam Commercial, et al) may also have US branches, but I don't know. Check it out.

Hope this helps.

Edited September 10, 2015 by ByblosYuNaiSoi

[chiang mai]

It depends, income remitted here in the year it was earned is taxable under Thai law, but for Thailand to tax that income they would need to be able to identify you via a visa.

Since you are not a Thai subject and you don't have a work permit one wonders what your status here really is and what sort of bank account you have and how you opened it, if indeed you have done so!

Far too many questions unanswerable without more detail about what your status is.

[Nemesis7]

No trouble at all and totally safe.

[1FinickyOne]

How would they know it is not from your mother or someone paying you a debt?

[Robert24]

no issues if you have it paid to a Thai bank. Or also to a Singapore bank.don't see any issue with that.

[nakhonandy]

Been transferring money earned outside Thailand for years, never had a problem.

[lostoday]

Yes it is safe, very safe. You probably will have more problem trying to open a bank account with no work permit. You will need to get lucky for a staff to open one for you or know a bank manager to get you approved.

You will not have problem with immigration just the bank who wants to see your work permit.

No trouble at all. Bank of Bangkok any large bank as opposed to the small branches in the mall or whatever.

I've had money coming to my Thai bank accounts for 10 years monthly never a problem.

[RBOP]

Anyone can open a bank account in Thailand. If you don't have a B or O visa you can still open an account but no interest. Transferring money in from overseas is not a problem. I've been doing it for 20 years.

[lostoday]

Anyone can open a bank account in Thailand. If you don't have a B or O visa you can still open an account but no interest. Transferring money in from overseas is not a problem. I've been doing it for 20 years.

No WP only passport I got 1.68% yesterday Bank of Bangkok

[misterphil]

What a stupid question.

You shouldn't really be allowed to have your own money nor should you be in Thailand alone.

[jacko45k]

They suggested like some kind of insurance plan where they will deduct $500 every month from my savings account until 5 years ( $30k ) in total. Then this money will be there for another 10 years and after 15 years in total i will get access to this money. The money earn interest of about 2.5% a year. In case of termination the penalty is very high. The thing is banks dont want open accounts for people on tourist visas I tried really hard. One bank said it may do exclusion in my case if i follow the plan they suggested. Take it or leave it. The minimum balance is a different thing.

Sounds like they are trying to sell you some insurance scheme. I get that most times I visit my Bangkok Bank Branch.

I just tell them I am too old for such schemes.

Nothing to do with the account and they are commission hunting, you can decline.

I feel it is safe to receive money into my account here.

[hawker9000]

Anyone can open a bank account in Thailand. If you don't have a B or O visa you can still open an account but no interest. Transferring money in from overseas is not a problem. I've been doing it for 20 years.

I have a savings account at Kasikorn, it earns interest, and I opened it on a TV and the business card from the hotel I was staying at. As little as it earns and as modest a balance as I maintain, I wouldn't have cared if it were a zero-interest account tho'.

Edited September 10, 2015 by hawker9000

[HampiK]

Anyone can open a bank account in Thailand. If you don't have a B or O visa you can still open an account but no interest. Transferring money in from overseas is not a problem. I've been doing it for 20 years.

My Banc account at Kasikorn also gives me interest. Was opened without any visa.. only the 30 day stamp at imigration.

But anyway bigger amount i put on deposit account, because on saving accounts the interest rate is that low almost same europe.

[chicowoodduck]

I do it all the time and have my Thai bank linked to my bank in the US.....of course they both take a cut of the profits, but it is painless and works rather well....two, three days at the most....???