Moving cash USA to LOS questions

[JimmyJ]

Planning a 1st visit soon to LOS, then return to USA and close out, move to LOS on retirement visa.

 

I've been reading here and researching but would be grateful for anyone who can help clarify the following:

 

1) There are USA cc's which don't charge the 3% (seems standard) foreign transaction fee.

Just learned I probably won't be able to obtain one (not due to my credit rating but to an address hassle) but if I could, this seems like the  most economical way to deal with travel/living in LOS, as if I understand correctly I would make  cc charges in LOS in Baht, and would pay my cc in USD from my USA bank.

Thus avoiding currency transaction fees and currency exchange fees.

 

Unless the cc company would be making the Baht/USD conversions at a bad rate for me, to make up for them not charging the 3% foreign transaction fee.

Is this the case?

 

2) Since I don't think I'll be able to get the cc's with no foreign transaction fees, I guess I would for my initial 3 month visit bring a decent amount of USD cash and change it as needed, and also use my USA cc and pay the 3% fees.

 

I see many farang use ATMs in LOS (and adjoining countries).

What are the fees for this?

Are you charged on both sides - by the LOS bank and also by your own bank?

 

 

 

 

3) I assume the amount LOS wants to see in the bank for the annual retirement visa has to be in a Thai bank, not a USA bank, correct?

 

Is it then possible to get a safe deposit box in that or another LOS bank?

Is it easy to get a cc from the Thai bank or any Thai bank?

 

 

4) I know someone who entered LOS with a great deal of cash, which he declared upon entering.

Leaving LOS, he declared it and was asked for the declaration receipt when he entered.

He explained honestly that he didn't receive one and wasn't aware that he should have.

They wanted a bribe, he refused, he went to a Thai jail for at least several months.

 

Does anyone know what the amount is that triggers the requirement for a cash declaration and need for a receipt?

 

 

Thanks for any who can shed light on these issues.

 

 

[Langsuan Man]

Quote

There are USA cc's which don't charge the 3% 

Capitol One has a CC that is free,  does not charge a foreign transaction  fee and gives you 1% cash back even on foreign purchases

 

https://www.capitalone.com/credit-cards/

 

Quote

I see many farang use ATMs in LOS (and adjoining countries).

What are the fees for this?

Are you charged on both sides - by the LOS bank and also by your own bank?

Using a US Debit card will incur a 200 THB fee for the Thai Bank,  how much your US bank charges is up to the bank

 

While here I would set up a Bangkok Bank account and then you could transfer funds from your US bank account to your BB account using the cheap EFTS system  

 

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

/ReceivingFundsfromUSA.aspx

 

Quote

3) I assume the amount LOS wants to see in the bank for the annual retirement visa has to be in a Thai bank, not a USA bank, correct?

 

Is it then possible to get a safe deposit box in that or another LOS bank?

Is it easy to get a cc from the Thai bank or any Thai bank?

How much you need to show in a Thai bank depends upon the type of visa you obtain and the method by which you intend to obtain the extension of your permission to stay.  There are other methods than fixed funds in a Thai bank  

 

Safe deposit boxes are not easy to obtain and since you don't tell us where in Thailand you are going to be based we can't tell you definitively.  

 

The best you can do for a Thai Bank issued credit card is a secured credit card which requires a fixed deposit in a Thai bank to cover the charges you might make with the card 

 

Quote

 

Does anyone know what the amount is that triggers the requirement for a cash declaration and need for a receipt?

 

I think it is $20,000 US and your story has more to it than you know or are telling.  If you declare funds coming into the country you would automatically receive paperwork showing that you declared it and that same paperwork would be used to take it back out  

[lopburi3]

If you obtain a multi entry non immigrant O-A visa in USA the money can be in USA and you would only need in Thailand 2 or 3 months before first extension of stay here (which might be about 20 plus months from first entry as such a visa provides a one year stay on each entry and is valid for one year of such entry.  

 

But it really makes sense to have money available here - and what will your medical insurance be?  That becomes more important as we age.