Forced to do banking offshore?

[PocoLoco]

So i've helped a Thai friend setup his business and it's going well except for the banking part.

He has to do approx. 10 international business transfers per month to the US, but the bank requires him to visit the local branch for each single transfer.

He needs to travel internationally for a few weeks every few months, so how will he then be able to do an international transfer?

Kasikorn bank says no other way is possible, bangkok bank has been unhelpful as well.

Anyone in with the same dilemma? Any ideas on how to solve this problem?

I see no other option than moving the whole business to a more business-minded location like HongKong, or perhaps Malaysia if they have a good banking system.

[mark5335]

I'm surprised that he also found BBL unhelpful. I use the BBL BIZiBanking for international payments for my Thai company with no problems at all. The only issue (minor) is that it takes a few days for a new overseas beneficiary to be approved by the Bank (need an invoice as proof of payment). However, once the overseas beneficiaries are set up, you can do multiple payments online (within the daily/monthly amount cap set by BOT) with no need to visit a branch and no questions asked. If you transact an international payment in the morning it will usually be processed on the same day.

Edited June 23, 2016 by mark5335

[PocoLoco]

Thanks for your reply, so the visit to the bank is only for the first payment. Every additional payment to the same beneficiary does not require a visit to the bank with a copy of the invoice?

Kasikorn told my friend he'd have to visit the bank for every international transaction, even if the beneficiary has already been approved before.

It doesn't surprise me if the employee got it wrong again, dealing with kasikorn has been a bloody nightmare so far, very incompetent staff.

Do you perhaps know the capped limit? Transactions will be between 50 to 80k USD per month.

[mark5335]

A visit to the bank was only necessary one time, for completing the BIZiBanking Application Forms for online corporate banking. A couple of weeks later they send you your token ring, ID username etc., after which you can commence online corporate banking transactions.

For my first international transfer, I input the details online myself, later that day, a bank staff calls me to confirm the details, and follows up with an email requesting a scanned email copy of the invoice. I email back with the invoice copy. Two days later, the overseas beneficiary details are approved in the online system. I can then send payments to that overseas beneficiary from the convenience of my laptop (and no need to email invoice copies to the bank).

The transaction cap is $50K per month.

Perhaps the staff at the bank branch your friend is dealing with are clueless as they usually deal only with personal accounts? I maintain my corporate banking accounts with a BBL branch that has business banking and trade finance staff so the staff are quite helpful.

[natway09]

Kasikorn & BBL have never had a problem once your creditor/debtor in the system.

Over 200,000Bht ( I think) the signatory or authorized person will need to go to the bank to reduce fraud possibilities.

Exactly same in Indonesia & Malaysia where do similar transactions often to myself

[natway09]

Some of your problems are coming from wanting to do things electronically before putting everything in placer. rather than being a real person/ company at the bank. My visits to BBL in 2 countries am known by name never had a problem

[sikishrory]

A visit to the bank was only necessary one time, for completing the BIZiBanking Application Forms for online corporate banking. A couple of weeks later they send you your token ring, ID username etc., after which you can commence online corporate banking transactions.

For my first international transfer, I input the details online myself, later that day, a bank staff calls me to confirm the details, and follows up with an email requesting a scanned email copy of the invoice. I email back with the invoice copy. Two days later, the overseas beneficiary details are approved in the online system. I can then send payments to that overseas beneficiary from the convenience of my laptop (and no need to email invoice copies to the bank).

The transaction cap is $50K per month.

Perhaps the staff at the bank branch your friend is dealing with are clueless as they usually deal only with personal accounts? I maintain my corporate banking accounts with a BBL branch that has business banking and trade finance staff so the staff are quite helpful.

I'm so surprised to hear you got a token. I didn't think any of the banks in Thailand used them at all. It would certainly make doing transactions while outside of Thailand. The SMS verification thing is a pain in the butt.

If I went into a branch and asked for one though I am sceptical I would simply get one ordered. It is never that easy.

Perhaps they only issue them for business accounts.

[mark5335]

It's for a company account, so not surprising that a token issued.

[yankee99]

I'm surprised that he also found BBL unhelpful. I use the BBL BIZiBanking for international payments for my Thai company with no problems at all. The only issue (minor) is that it takes a few days for a new overseas beneficiary to be approved by the Bank (need an invoice as proof of payment). However, once the overseas beneficiaries are set up, you can do multiple payments online (within the daily/monthly amount cap set by BOT) with no need to visit a branch and no questions asked. If you transact an international payment in the morning it will usually be processed on the same day.

This is 100% correct and a token is used with BBK business account

[stevenl]

So did the OP open a personal (savings) account?

[Dan5]

Thanks for your reply, so the visit to the bank is only for the first payment. Every additional payment to the same beneficiary does not require a visit to the bank with a copy of the invoice?

Kasikorn told my friend he'd have to visit the bank for every international transaction, even if the beneficiary has already been approved before.

It doesn't surprise me if the employee got it wrong again, dealing with kasikorn has been a bloody nightmare so far, very incompetent staff.

Do you perhaps know the capped limit? Transactions will be between 50 to 80k USD per month.

Going to a branch isn't a good way to get help and answers for this type of thing. Likely you won't talk to someone who is familiar with it. I generally call them at the number shown on online banking and they've always been very helpful. Both K Bank and Bangkok Bank.

[PocoLoco]

So did the OP open a personal (savings) account?

No, a business account.

[PocoLoco]

How do you deal with the huge cut they take on currency exchange? Doing large transfers with skrill and paypal doesn't sound optimal to me.

+ the receiver will have to pay a large receiving fee as well. Not an option in this case.

Besides that, paypal is known for freezing and closing accounts for no reason. They do things as they please, to send a large sum of money with such a company is not very reassuring.

Edited June 24, 2016 by PocoLoco

[PocoLoco]

The transaction cap is $50K per month.

Ok guys, a little update and i need your input.

I called to kasikorn bank (after being on hold for 1 hour) and spoke with two internet banking staff, both told me there's no limit on international transfers, but there's a $50.000 USD cap per day.

I've also been told that for every transfer one has to go to a kasikorn branch with a copy of the invoice, so if you are abroad or for whatever reason cannot visit a kasikorn branch then an international transfer is not possible.

So, based on your posts, it would be better if the banking is done with bangkok bank. Because a physical attendance is not required, just a copy of the invoice by email.

[Ace of Pop]

Bangkok Bank is never unhelpfull,perhaps they just weighed up the situation and didnt want to know.

[speedtripler]

Bangkok Bank is never unhelpfull,perhaps they just weighed up the situation and didnt want to know.

that is entirely dependent on the branch you visit

i went to a branch last week to do an important transfer in a hurry ,they staff in which which were completely clueless about their own policys and requirements

but my regular branch are very reliable and dependable

[fletchsmile]

Years back I used to sign forms which the admin/booker keeper had prepared and the messenger then took to the bank. No need to go in person. Particularly where your relationship is established and the bank knows you.

These days internet banking is an option, once the beneficiary is set up. Still likely needs supporting documents.

A bit of pre-planning and there aren't many overseas payments for small/ medium sized businesses that you couldn't either sign the paperwork before you go and someone take in later or wait until you're back.

[PocoLoco]

Ok guys, it's been decided to move the whole business offshore because doing progressive business in Thailand is time-wasting and very inconvenient.

Yesterday a business account was opened with SCB after talking to the manager and explaining the situation, transferring funds online to business accounts abroad would be no problem. Today went back to the branch to activate internet banking etc. Talked to the manager again, was told transferring money without visiting the branch is not possible. Is this just stupidity or a lie to fish in another customer?

[Bear0Mack]

I had the same experience PocoLoco, Thai banking is a nightmare for any worldly individual or business. I was fortunate enough to have someone that was trustworthy enough with money. But you never know, right? One day things could change. Good luck.

[dhream]

If it wasn't for the retirement rules and my current wobbly cashflow situation, I'd bank from Hong Kong full time.

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[dhream]

So i've helped a Thai friend setup his business and it's going well except for the banking part.

He has to do approx. 10 international business transfers per month to the US, but the bank requires him to visit the local branch for each single transfer.

He needs to travel internationally for a few weeks every few months, so how will he then be able to do an international transfer?

Kasikorn bank says no other way is possible, bangkok bank has been unhelpful as well.

Anyone in with the same dilemma? Any ideas on how to solve this problem?

I see no other option than moving the whole business to a more business-minded location like HongKong, or perhaps Malaysia if they have a good banking system.

Bangkok Bank is never unhelpfull,perhaps they just weighed up the situation and didnt want to know.

Going to a branch isn't a good way to get help and answers for this type of thing. Likely you won't talk to someone who is familiar with it. I generally call them at the number shown on online banking and they've always been very helpful. Both K Bank and Bangkok Bank.

You'll find yourself shut out of Hong Kong if you don't already have an account there.
It is now so draconian, businesses are starting to protest! So it may change, then again, China calls the shots now.
Malaysia I'd avoid. 1MDB and the ratbag who everyone knows is guilty yet untouchable should warn you away!
Singapore is still accommodating... but not if you're a US citizen with the FBAR crap, American accounts are just 'too much hard work' to be worth it to them.
Australian branches of NON Australian Banks (HSBC) May take you on, but you usually need to prove residency there with local banks.
Hope this helps you somewhat.

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[xvend]

some really bad info in this topic, If it is a business account at any bank in Thailand, you can transact overseas.

 

Initially, they may require an invoice faxed (scanned as a pdf) sent to the main office in BKK.

 

Big deal and once the account is set up as a beneficiary you can do it online without hassle.

 

Sounds like you didn't register enough capital.