Bank account - avoiding suspicious deposits

[DogNo1]

Thanks, goldbuggy. I hadn't thought of that. My normal daily withdrawal limit is $600 but by making arrangements with my bank in advance, I could possibly withdraw much more. I never use ATMs because of their fee. My cash advances are always over the counter and the Visa rate of exchange that I get is always greater than that of any of the money changers. There no fees whatsoever either from Bangkok Bank or from my Bank.

[lkv]

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.

The money is coming from your personal account overseas. The way it got there is you took a loan overseas from a financial institution / it was donated by your friend in your overseas account etc. So it's not income earned abroad it's a loan that has to be repaid at some point.

For example.

Edited January 9, 2016 by lkv

[gk10002000]

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.

a visa credit card that has no fees? I would like to know what credit card that is. Every credit card I know of charges you some basic cash advance fee for withdrawal which is characterized as a cash advance. And interest on the cash advance starts accruing instantly until you pay back the cash advance. Are you sure this is a credit card and not a debit card?

[MilesofSmiles]

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???

Transferwise are good, the fees and exchange rates are better than you'll get if you just pull cash out of the atm.

( better than the rates I get from my Aussie bank anyway).

To the guy doing 40x20,000 withdrawals ..... .. I hope you get fantastic currency exchange rates.

[bmanly]

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.

You are being charged way too much doing it that way. I opened a Citibank Plus Account (Australia) and they have free online international transfers. Plus they give your account a Visa Debit Card. There are no charges at any ATM's throughout the world except for the local ATM charge. Thailand was 180 baht and Cambodia was $5 USD. Link here: https://www.citibank.com.au/aus/banking/everyday_banking/citibank_plus.htm

Or you can use OFX (former name was Ozforex). They charge only $15 AUD for an overseas transfer. If you transfer $10,000 AUD or more then there is no fee at all. The Thai Bank on the receiving side charge a fee too but it isn't that much. (between 150 and 500 baht from memory depending on the size of transfer.) Link here: https://www.ofx.com/en-au/

I have used both methods, both are good but Citibank is best.

[IMA_FARANG]

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.

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If you are doing a monthly transfer from a bank outside of thailamd to your Thai bank account.....it will show in your thai bank passbook with a code indicating a foriegn funds tansfer and the ammount you were cresited in Baht for that transfer.

The immigration officers know very well what that code means at least the supervisors do.

That is why ocassionally they will photocopy your Thai bank passbook. and themn underline certain entries in that copy with a yellow marker.....as proof of where your funds transfers came from.

I had this done for my first retirement wxrtension......it is a normal process that can do at their option. Don't worry. it is just a check they can do if they want to verify wha you tell them.