Canadians Banking in Thailand

[PolarAttack]

Hello folks. I’ve done some searching online and am still in the early stages of discovering my options. I’d like to set up banking in Thailand and transfer funds from Canada to there.

I’m 50 now and in the near future plan on getting the retirement visa.

It seems for the Americans with BKK Bank in NY things might be simpler.

So far i have found 2 options. Apparently the Scotia Bank is set up with Thanachart Bank in Bangkok. It’s my understanding i can set up a “Thanachart Foreign Currency Deposit” account. Also an account at Scotia Bank here and then transfer funds online from Canada to Thailand.

I’ll be in Thailand late next week (nov 26+) and i’ll see what i can find out.

The other option seems to be Canadian Forex dot ca. They provide a fund transfer for $15 - or free if the Cdn amount is over $10k.

My regular banking is with HSBC and TD and i haven’t found any information on them providing the service, other than with Western Union and they seem to cap out at $7499.

Just wondering if anyone (Canadians) have any current experiences or can point me in a better direction.

Thanks for your time,

Wayne

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[shepsel]

I deal with Scotia Bank in Canada and Bangkok Bank here.   I have set up with my bank branch in Canada to wire money and the procedure is as follows.   I send my branch an e-mail and then they call me to confirm it, and transfer money by wire to my Canadian Dollar account at Bangkok Bank.   The wire transfer costs C$19 plus service charge, and is usually here in 24 to 36 hours.  

[PolarAttack]

Oh I see. A Canadian dollar account at the Bangkok Bank. So then you do the exchange when it suits you then. I like that. And via email you initiate the transfer while you're in Thailand. That sounds good too.
Thanks ...


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[kingstonkid]

I have TD and if you set it up with a person there at your branch you can do the same thing but they like faxes

 

[gillap]

Bangkok bank is fine. However for transfer you might consider opening an account at a Cibc branch! From there you are able to make a global transfers for free… you only pay the exchange rate. If you go to a Cibc branch to open an account ask for a senior account where the fees are much less then a regular account. 

[scuba2day]

Another possible option as you are an HSBC customer. If you are HSBC Premier you can setup an account at HSBC Hong Kong.  HSBC Hong Kong has CAD$ and Thai Baht foreign currency accounts.  Transferring CAD$ to/from your HSBC Canadian accounts is free. One nice feature is you can setup a buy order for Thai Baht at a certain exchange rate which executes if the exchange rate reaches your target. The cost to do a wire transfer (Thai Baht) to your Thai bank account is $20.00 (115 HKD) plus local service charges and can be done online.

Edited November 18, 2016 by scuba2day

[anthony0339]

TD bank has an account with Kasikorn bank. All my transfers from Canada arrive the next business day from when I did the transfer. For example if I transfer money online using the swift code for Kasikorn bank before midnight, It's deposited in the morning when I wake up.

Edited November 18, 2016 by anthony0339

[bark]

Sorry, but why would you want your home country to track your money transfers ?

 

[whaleboneman]

I use XE Trade. No charge to wire but Krungthai charges about 200 baht to receive. They say their exchange rates are good but I haven't compared.

[whaleboneman]

sorry. miss -post

Edited November 18, 2016 by whaleboneman
wrong posting

[whaleboneman]

1 hour ago, bark said:

Sorry, but why would you want your home country to track your money transfers ?

 

Because he's not laundering money?

[chiang mai]

A couple of points:

 

HSBC doesn't have a retail banking presence here in Thailand, they closed it down some years ago. Trying to use HSBC Hong Kong as an intermediate step is cumbersome and unnecessary, even if Global Banking does mean it's free.

 

Thanachart is not a large player in the Thai banking system, there's really no advantage to using them as your destination bank since you can transfer to any bank here in Thailand.

 

Foreign Currency Deposit accounts in Thailand can be expensive, unless you plan it all precisely and stick to your plan. FCY transfers to an FCD account in Thailand may be free in some cases (from a funds receiving point of view) but there will still be a sending charge. Also, FCY accounts here require you to transfer the funds out or convert them to THB - if you do the latter the exchange rate is very good, it's equal to the TT rate which is the best you can get. BUT, if you transfer out again or do nothing and let the funds just sit, there is a 0.5% per annum (typically) charge.

 

[mettech]

Very good information guys since I will be doing the same to transfer my pension from Canada to Thailand net year coming.

Good subject.

[GOLDBUGGY]

I keep most of my money in my bank in Canada. For a major purchases like a condo or house I just wrote a check. Had it cashed in about 3 weeks with no problems at all and the fees were reasonable. With my Credit Card I am allowed to pull up to 150,000 Baht a week. My Bank Card is another 25,000 Baht a day if I needed it. I have never needed to bring more over that this at any one time for living expenses.  

[PolarAttack]

I woke up this morning to a wealth of information. Thank you all for your responses and suggestions.


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[Suradit69]

17 hours ago, bark said:

Sorry, but why would you want your home country to track your money transfers ?

 

 

Why would you be worried about your home country knowing about it?

[Suradit69]

12 hours ago, GOLDBUGGY said:

I keep most of my money in my bank in Canada. For a major purchases like a condo or house I just wrote a check. Had it cashed in about 3 weeks with no problems at all and the fees were reasonable. With my Credit Card I am allowed to pull up to 150,000 Baht a week. My Bank Card is another 25,000 Baht a day if I needed it. I have never needed to bring more over that this at any one time for living expenses.  

 

" I keep most of my money in my bank in Canada. "

 

And, like people from UK or Eurozone, watched the exchange rate for your home currency to the Baht sink. In terms of the high to low for the CAD to Baht over the past 10 years, that would be about a negative 13 percent. Of course the exchange rate decline will hurt you regardless, but buying baht when the exchange rate is better and then living off that during dips is going to mean much of the time you'd be spending baht bought at a better rate than you would get by pulling Baht 25,000 from an ATM.

 

 

[scuba2day]

4 hours ago, chiang mai said:

A couple of points:

 

HSBC doesn't have a retail banking presence here in Thailand, they closed it down some years ago. Trying to use HSBC Hong Kong as an intermediate step is cumbersome and unnecessary, even if Global Banking does mean it's free.

 

Thanachart is not a large player in the Thai banking system, there's really no advantage to using them as your destination bank since you can transfer to any bank here in Thailand.

 

Foreign Currency Deposit accounts in Thailand can be expensive, unless you plan it all precisely and stick to your plan. FCY transfers to an FCD account in Thailand may be free in some cases (from a funds receiving point of view) but there will still be a sending charge. Also, FCY accounts here require you to transfer the funds out or convert them to THB - if you do the latter the exchange rate is very good, it's equal to the TT rate which is the best you can get. BUT, if you transfer out again or do nothing and let the funds just sit, there is a 0.5% per annum (typically) charge.

Yes, HSBC sold their retail banking to Krungsri Bank back in 2012. It was nice while it lasted.

If you are a HSBC Premier customer then keeping foreign currency accounts at HSBC Hong Kong makes a lot of sense. Purchase Thai baht when the exchange rates are the best and transfer to Thailand when needed. There is no charge for foreign currency accounts and there is a choice of 10 foreign currencies. If you are in HK, cash withdrawals in Thai Baht is also possible for a small service fee. Depends entirely on what the individual needs are.

It not cumbersome at all. With HSBC Global View transferring money between international accounts is as easy as transferring between accounts in your home country. It is instantaneous and is in fact free for Premier customers.

[Grubster]

I use my ATM/ debit card for this, its easy and cost about .5% for each transaction from ATM and much less for cash transfer inside the bank.  I don't want my money in a Thai bank, but I do know there are reasons for some needing it there.  Good luck.

[cnx355]

I am a HSBC customer and I simply transfer my money in CDN $ to my Thai bank account. The currency is converted on arrival at the bank. I used different local bank and never had problems.

 

I also have a FCD in Canadian dollars at the Bangkok Bank that I can transfer and keep it in Canadian dollars here.

When I checked  4 years ago the other banks that had FCD available in CDN $ were Bangkok Bank , Tanachart Bank  and Kasikorn Bank.

I opened in Bangkok Bank as the others one made it complicated for me at the time  ( more paperwork ). You can check when you are here.

 

What I love about HSBC is I can control my transfer by Online banking. No need to fax or phone.

The fee for transfer varies according to your account status. Regular customer 45 $ Advance customer 30 $ and Premier customer I think it is 15  $ .

 

To be Advance customer your need a minimum of 25,000 $ in asset at the bank. Premier, I am not sure now,  but it was 250,000 $ a few year ago.

Hope this help

 

Note: A friends told me he can do the trasnfer online  using the RBC too. ( Royal Bank of Canada )  To be confirmed.

[GOLDBUGGY]

9 hours ago, Suradit69 said:

 

" I keep most of my money in my bank in Canada. "

 

And, like people from UK or Eurozone, watched the exchange rate for your home currency to the Baht sink. In terms of the high to low for the CAD to Baht over the past 10 years, that would be about a negative 13 percent. Of course the exchange rate decline will hurt you regardless, but buying baht when the exchange rate is better and then living off that during dips is going to mean much of the time you'd be spending baht bought at a better rate than you would get by pulling Baht 25,000 from an ATM.

 

 

Why use just 10 years?

 

When I first came here in 1993 I was getting about 19 Baht to the C$. Now I get around 25.7. Had I left this in a Bank Saving Account how much would I have lost on the currency exchange if I bought back C$? Even as late as 1999 the currency exchange rate was about the same then as it is now. So Exchange rates go up and down all the time and like the Stock Market. But the Thai Baht will never be as strong as the U.S.D, or Euro, or G.B.P. , or Swiss Franc. 

 

But you are talking about playing the Currency Game and not trading money you need to live in Thailand, which is different. You have no idea what the Thai Baht or US Dollar are going to do next, or what happened to the G.B.P, ahead of time, otherwise you would be extremely rich and not wasting your time here.

 

I can tell you one thing for sure though. That my Investments in Canada has paid off handsomely and far better than a rental property in Thailand or a Savings Bank Account here. But if you are happy in investing your money in property here, an leaving all the rest of your money in the bank here, then Bully for you. I am not.

 

There is no ATM Charge for a Visa Card if you go directly through the bank and like I do. In fact there is no charge at all for larger sums, although you may take a small hit on the official exchange rate. But I have never seen this being to bad and close enough for me.  

 

For smaller sums you have to use the ATM Machine and this is where you pay. I don't use my Visa or Bank Card on an ATM Machine unless I really have to, which so far this year has been zero. I wrote a few checks and one over $100,000, which if I recall cost me about $10 or $20 to do.  

 

Again if you chose to play the currency game, using hindsight of already well know facts, then good luck to you. At least today I know what Thai Baht I will get for my Dollar. Do you know what your Thai Baht will buy in your currency next month? 

[4evermaat]

I use my ATM/ debit card for this, its easy and cost about .5% for each transaction from ATM and much less for cash transfer inside the bank.  I don't want my money in a Thai bank, but I do know there are reasons for some needing it there.  Good luck.

Can you or others list the Canadian Banks that are 0 fee or low fee (

[Grubster]

2 hours ago, 4evermaat said:

 

Can you or others list the Canadian Banks that are 0 fee or low fee (

 

Sorry from US.  I use a relatively small local bank back home where they know who I am. All my pensions and 401k and rented home there pay to this bank. This way I can call them and talk to somebody that knows who i am when there is any issue. They do charge me one dollar per ATM transaction.  The ATMs here charge 200 baht but if you use Krungsri bank [ the yellow bank ] they allow 30,000 baht per draw so I find that to be OK. I also get the correct exchange rate.  I find this very easy and convenient. I did the math on using the Bangkok bank NY and I am losing very little.  I can save more by going into the bank and taking a cash advance with the same card but I rarely do.  I did one for one million baht when I bought my truck. I'm not sure but I think the fee for that was just 50 baht or so, but the bank here made me start an account to do it.

[Banana7]

To find the best exchange rates, check the notes and TT rates here:

https://daytodaydata.net/

 

The CAD cash notes are always the best rate in BKK, at either http://siamexchange.co.th/

or http://superrich1965.com/

 

Next, never use a Canadian Visa issued by Canadian Bank. For example, TD visa use the official visa exchange rate, which you can check here:

https://usa.visa.com/support/consumer/travel-support/exchange-rate-calculator.html

 

but TD has a bank fee of 2.5%.

 

I bank at TD and wire transfers cost me CAD$30 and CAD$50 depending on the amount. Then the receiving bank in Thailand has receiving charges, in my case Kasikorn. The receiving fees are at least 700b+. This was for CAD. If transferring USD from a Canadian Bank, it may have to go to a intermediate bank, which means more transfer charges. Total transfer charges can total to CAD$100. Too many bank charges for me.

 

Remember if you want to buy a condo, or qualify for a retirement visa based on bank deposit, you must provide proof the funds came from outside Thailand. Wire transfer documentation would be the easiest proof.

 

I return to Canada at least once a year, so bringing a pile of cash for living expenses is no issue. If you use this method and travel through USA, be sure to file a FinCEN Form 105

when entering USA, even for a connecting flight.

 

 

 

 

 

 

 

 

 

 

 

Edited November 20, 2016 by Banana7

[bark]

On 18/11/2559 at 5:19 PM, whaleboneman said:

Because he's not laundering money?

In washing machine ?

[mettech]

I was reading last year that the government would deposit my old age pension into any oversea bank with no penalty. I will make sure this time instead of going to td like it is now it will be deposited into bkk bank.

Any one Canadian aware of this could be done??

[Banana7]

6 hours ago, mettech said:

I was reading last year that the government would deposit my old age pension into any oversea bank with no penalty. I will make sure this time instead of going to td like it is now it will be deposited into bkk bank.

Any one Canadian aware of this could be done??

Yes, it can be done. Thailand is a participating country. Attached is the form. See details here

http://www.tpsgc-pwgsc.gc.ca/recgen/dd/etranger-abroad-eng.html#countries

 

Let us know what fees you encounter and what kind of exchange rate you get.

 

 

 

 

etranger-abroad.pdf

[mettech]

Hi I just read the info on the form and at the beginning it is saying that I would authorize the receiver general to convert my dollars pension into the baht values in this case by direct deposit.

So now it make me wonder if it would be a good deal or not??

Right now at about 24.6 bht my pension value is worth way less than if I would wait to see what is the exchange on a certain day.

I know i use my bank card withdraw the ma from td and pay fee of 200 tbh plus the fee at td so i will continue to monitor the system.

Will let you all know when I get it all figured out.

Thank for the form.

[Banana7]

4 hours ago, mettech said:

Hi I just read the info on the form and at the beginning it is saying that I would authorize the receiver general to convert my dollars pension into the baht values in this case by direct deposit.

So now it make me wonder if it would be a good deal or not??

Right now at about 24.6 bht my pension value is worth way less than if I would wait to see what is the exchange on a certain day.

I know i use my bank card withdraw the ma from td and pay fee of 200 tbh plus the fee at td so i will continue to monitor the system.

Will let you all know when I get it all figured out.

Thank for the form.

Last time I checked TD charges CAD$5 for each and every foreign ATM withdrawal. They may have banking package that includes the fee, but then you'll pay the monthly package fee, which will be more than $5.

 

 

At siam exhange today you would get 26.35b for CAD. The cash rate, at the right exchange houses,  is always better than the Big bank rates. Maybe it would be best to ask the government to deposit USD into your Thai bank account. I wonder if they use the Bank of Canada, exchange rates?

Today the BOC rate is 26.448b for a CAD and CAD = USD$.7442. At Siam the USD is 35.4b. So if they transferred USD to your Thai bank, you might get more baht.

 

Got to do the math to find the best way to maximize the transfer net benefit.

 

 

 

Edited November 22, 2016 by Banana7