Bank account - avoiding suspicious deposits

[FarangFB]

I am staying in Thailand on a Marriage Extension, and to keep my funds, every month I was sending money from a bank overseas.

However, the always increasing fees charged on SWIFT transfers by my country have reached the point that is no longer viable for me to do it by SWIFT.

In other words, I can get my money here by using other methods, such as credit card, international atm withdrawals, paypal, telling a friend to bring over cash and a few other ways...But if I do that, the money going into my account will be deposited by myself in cash.

I am worried about the immigration check on my bank accounts for the yearly extension procedures, they might find suspicious that the money going in is no longer coming from international transfers, but smaller cash deposits instead. I'm afraid they might think I am working illegally.

Is this a real concern for me or am I worrying too much?

[sunnyjim5]

If American consider using this service from the Bangkok Bank.

http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/TransferingFunds/TransferringIntoThailand/ReceivingFundsfromUSA/Pages/ReceivingFundsfromUSA.aspx

A similar facility is also available to UK citizens

[twwy123]

It's impossible to guess what they do. Personally, I doubt they're so diligent as to scrutinize and question your every transfer.

In any case, for each one of the methods you listed, it's possible to keep a paper trail: credit card statements, ATM slips/bank statements, paypal statements, the friend including the relevant withdrawal slip along with the cash... so if you're worried, simply keep a paper trail. In the age of mobile phones, it's not as much of a hassle as earlier, simply scan each document into an app (also makes it easier to produce evidence on the spot), though keeping papers is good for extra safety.

In general, as long as you can prove earnings (or drawing on savings) from abroad exceeding your spending, you should be fine, maybe you don't have to document every single transaction, unless you think the pattern is especially suspicious.

In addition, consider having a separate bank account for the required deposit fees for the visa, and a different one (perhaps at a different bank entirely) for daily use. Immigration does not require seeing all your bank accounts, just having a specific amount on deposit for a specific time in one of them.

Edited January 7, 2016 by twwy123

[ubonjoe]

Are you using the 400k baht or 40k baht income option.

For the the 400k baht option there is no requirement to prove the funds came from abroad.

If income your proof of income from the embassy is normally enough. If they wanted backup to that it could be more complicated.

[elviajero]

XE.com trade account might be an option for you as an alternate transfer method.

http://www.xe.com/xetrade/

[OMGImInPattaya]

If the SWIFT fees are adding up...why not quarterly or semi-annual transfers to reduce the cost? Why complicate things.

[Pib]

There is no requirement to prove where the funds came from...they are just looking for the amount to meet the minimum requirement. Yes, you are worrying too much.

[55Jay]

Maybe worry a bit too much, but don't feel like the Lone Ranger, been there done that.

I did the embassy affidavit/monthly income method the first two years, always had my proof, but nobody ever asked to see it. The most I ever saw was the I/O using a calculator to convert $ to Baht to ensure it met the standard.

Edit: Ooops, typing while Pib was posting virtually same thing.

Edited January 7, 2016 by 55Jay

[Suradit69]

Are you using the 400k baht or 40k baht income option.

For the the 400k baht option there is no requirement to prove the funds came from abroad.

If income your proof of income from the embassy is normally enough. If they wanted backup to that it could be more complicated.

"... there is no requirement to prove the funds came from abroad."

True but if you provide photocopies of your bank book and the letter from the bank manager for the extension, they both indicate deposits made from foreign sources. It's certainly possible they could ask questions about the source of funds if there are only cash deposits made locally and there's a suspicion the applicant's income could be coming from local employment.

As someone else said, if you're from UK or the US, why not use Bangkok Bank and deposit money at their New York or London branch. The money appears in your account in Thailand in a couple of days, the fees are small and the exchange rates are as good or better than other methods, certainly credit cards, and the deposits will appear as foreign-sourced in both your bank book and the manager's letter.

[blackcab]

You're worrying too much. If it bothers you, open a second account at another branch. Transfer 400k (or whatever) from the account you worry about to the second account.

[55Jay]

If you pull money in via CC, ATM, Paypal transfer, etc., and were ever asked, you could show the corresponding transactions between your home bank and your Thai account. Keep the receipts. Obviously not if a friend walks the money in for you. But again, bit of a red herring as source is not a issue.

I certainly would investigate alternate means, larger, less frequent transfers if you're able to do that. Good luck to you.

[DogNo1]

I can withdraw 20,000 per day using my Visa credit card. No fees whatsoever. I use the pension method for my retirement extension but if I needed to withdraw cash for the 800,000 bank balance, I could just make 40 withdrawals. A little labor intensive but totally free plus I get the Visa exchange rate of the day which recently has been 36 baht per dollar.

[PeterEltham]

Try using transferwise, you can download an app or use the website very reasonable rates

[ubonjoe]

Are you using the 400k baht or 40k baht income option.

For the the 400k baht option there is no requirement to prove the funds came from abroad.

If income your proof of income from the embassy is normally enough. If they wanted backup to that it could be more complicated.

"... there is no requirement to prove the funds came from abroad."

True but if you provide photocopies of your bank book and the letter from the bank manager for the extension, they both indicate deposits made from foreign sources. It's certainly possible they could ask questions about the source of funds if there are only cash deposits made locally and there's a suspicion the applicant's income could be coming from local employment.

As someone else said, if you're from UK or the US, why not use Bangkok Bank and deposit money at their New York or London branch. The money appears in your account in Thailand in a couple of days, the fees are small and the exchange rates are as good or better than other methods, certainly credit cards, and the deposits will appear as foreign-sourced in both your bank book and the manager's letter.

The bank book does not need to show any activity. Many people put the 400k baht in the bank and leave it.

Since it is an extension of stay based upon marriage part of the money in the bank could come from the wife or a family business. The husband could have a work permit and contribute to the money in bank also.

Not the same as an extension based upon retirement.

[JackpotDon]

Go to: [email protected] and see if they can help you.

[hugh2121]

Use a forex company with no commission charge.

ukforex.co.uk if in the uk ozforex if in oz

There are others on google.

[connda]

If you're from the US, you should be sending your funds via Bangkok Bank New York's ACH transfer. Plus, you can open an account that is FATCA compliment. The Treasury department can get records if they want. You have a rock solid paper trail.

If you're not a US citizen...never mind.

[steven100]

I have to agree that TT of funds from Australia is way to expensive ......

A Building Society in NSW charged me AUD $70 to transfer into my BB.

[ICECOOL]

Try using transferwise, you can download an app or use the website very reasonable rates

I came across this site and was wondering peoples experience with it...good or bad ? was thinking of trying from Aust???

[PeterEltham]

Try using transferwise, you can download an app or use the website very reasonable rates

I came across this site and was wondering peoples experience with it...good or bad ? was thinking of trying from Aust???

I have used it a couple of times from the UK just for small amounts and found it better/easier than the FX company I used to use.

[Eclipse]

I have used it a couple of times and it worked well.

The good point is that you know exactly how many Baht will be going into your bank before you send it.

[GOLDBUGGY]

Your post is a bit confusing as I am not sure if you are trying to prove a 40 K / month income this way, or having 400 K in your bank account. Regardless, the letter from your embassy confirming your monthly income should be enough. But it is always a good idea to keep receipts. I am not sure how or why a friend would bring money over to you unless he has access to your bank account, or he owes you money. You should be able to get a receipt from him to, or your bank withdraw.

If you are using the 400 K bank account then get one in your name only and put in the 400 k and then leave it alone. Open a new account for money that you want to bring over and use. It is easier than running to your embassy each year. I know this is not always possible. But again your embassy confirming you earn the 40 K should be enough.

I don't think using your Visa Card in an ATM machine is a good idea. Better to go to the bank in person and just draw on your Cards Credit Limit. You can take out more at one time (up to 150,000 Baht if within your limit) and thus less times and fees to have to do this.

[MaeJoMTB]

They don't care.

Been making my deposits in Thai baht ever since I came here.

Sometimes 500k in one week.

The bank didn't care, Thai immigration didn't care.

[GOLDBUGGY]

I can withdraw 20,000 per day using my Visa credit card. No fees whatsoever. I use the pension method for my retirement extension but if I needed to withdraw cash for the 800,000 bank balance, I could just make 40 withdrawals. A little labor intensive but totally free plus I get the Visa exchange rate of the day which recently has been 36 baht per dollar.

It is too Labor Intensive this way.

The better way is to go to the bank and withdraw up to maximum of 150,000 Baht 2 times a week on your Visa Card. If this exceeded your Credit Card Limit then top up you Visa Card first, as this will add to your limit. I can top up mine online and from my bank if I needed to. Keep in mind it takes Visa a few days to a week to update this information.

If they charge you an ATM Fee every time you use your card this will save you this.You also don't have to make so many withdraws or risk losing your Visa Card in some dumb machine.

[Blue Muton]

If the SWIFT fees are adding up...why not quarterly or semi-annual transfers to reduce the cost? Why complicate things.

.......especially as you are liable for Thai tax on income earned abroad in the same financial year. Better to wait for the next tax year then send it in larger chunks.

[bangmai]

I walked 500,000 thb to the bank next door to get 1% more interest, but also save 20 thb on a check and three days for it to clear. Marriage extensions can be peculiar, that's why many still do the retired method; it's more straightforward.

[recycler]

PayPal and Bitcoin are much cheaper than SWIFT or ATM

[OMGImInPattaya]

PayPal and Bitcoin are much cheaper than SWIFT or ATM

It depends on the amount transferred...US$ 20-30 (what my bank charges) for a SWIFT transfer of $ 10 or 20k is basically free.

[questionsreplies]

Nobody cares where it comes from as long as you have money?.

[sunnyjim5]

Nobody cares where it comes from as long as you have money?.

Not exactly true.

If money (other than bank interest/returns on investment) is generated from within Thailand then questions may well be asked !