General Reports

[EihTooms]

I'm toying with the idea of moving to Thailand. What is the best way to arrange transfers from USA to Thai banks without getting a lousy exchange rate and/or high international exchange fees? If I use my Fidelity debit card and cash from an ATM for everything, I get the decent exchange rate per XE.com and all ATM fees are reimbursed by Fidelity (right now it is 31.9011 Baht/USD).

I don't know if this is the "best" way. Someone else always seems to know how to make transfers for free at "their bank" or get bonus points on cards, whatever. But, as an expat living in Thailand who still has economic interests in the USA, this is how I make transfers.

I have a Bank of America account in the USA into which all of my pension, rental property checks, IRA transfers and so on are deposited. I also have a Bangkok Bank account in Thailand. I think I pay 600 baht service charge per year to keep it, although I believe that is also an insurance policy of some kind where I am entitled to 3000 baht of emergency medical/hospital coverage at virtually any hospital in Thailand or something. I have not used it yet, almost did once, but I am ok with having it on hand.

As an ACH (Automated Clearing House) system transfer from Bank of America, I have established myself as a regular transfer recipient from my Bank of America account to my Bangkok Bank account. As it happens, there is a New York Branch for Bangkok Bank. That means I am actually making a domestic USA transfer to myself at the NY Branch of Bangkok Bank but using my account number from my local Bangkok Bank. I don't have an account in the NY Branch exactly, only a Thailand account. But the transfers will begin by going to the NY Branch of Bangkok Bank with my Thailand Bangkok Bank account number attached to it.

I can make transfers as high as $1,000 USD. But I can make 20-30 or more of them in a single day if I want. The thing is each individual transfer comes with a cost (see below). There is a way to make larger individual transfers. But that involves getting an electronic card that produces a new PIN or password each time, that card needs to be renewed every year and can only be sent to a residence in the USA, blah, blah, blah. I really don't want to be bothered or to bother friends and relatives in the USA to help me deal with it every year. So I just make maximum $1000 USD transfers each time, pay for it each time and I am fine with that.

A transfer from my Bank of America account to the NY Branch of Bangkok Bank costs more the faster you want it done. If I don't mind waiting 3 business days for it (I add a 4th day in my estimate considering the time difference between USA and Thailand and that it is going from a USA Bangkok Bank to a Thailand one), then Bank of America only deducts $3 USD from my checking account for it. If I want it done "The Next Business Day", that will cost me $10 USD. If I want it done "The Same Business Day", that will cost me $30 USD. Again, if I choose the last two options I generally would not think I am going to see a transfer deposited into my Bangkok Bank account exactly the next or same day as I make it online from my computer. I will still add an additional day to my thinking due to the time difference. After I log onto my Bank of America online account, it takes me about 30 seconds to click on the right buttons and enter the amount in order to complete a transfer and send it on its way.

On the Bangkok Bank end of it, they will then take $5 USD out of the transfer at the NY Branch and 200 baht out of it when it arrives in my local Bangkok Bank account no matter what the transfer amount is or the speed with which I want it. I will get the current and prevailing rate of exchange for it when it lands in my Thailand account. Bangkok Bank automatically sends me an SMS Text notice on my mobile phone the moment that transfer arrives. ATM withdrawals are free from Bangkok Bank ATMs anywhere in Thailand I have used one (from Pattaya to Chiang Mai to Phuket).

So when I make a $1000 USD transfer from my Bank of America account to my Bangkok Bank account and, as is usually the case, I can wait 3-4 business days for it, I will wind up paying $3 USD + $5 USD + 200 baht to get it. Added up and at today's exchange rate that is roughly $14.45 USD or 1.45% in charges when I transfer the maximum $1000 USD.

[Rick Rock]

In my other 99 stories of life in Thailand I am taking it up the ass like everyone else.

Not everyone. Just the poor laborers, prostitutes, and Farang.

[Mr Enternational]

Somebody got up on Mr. E! I just got the new chip card. She was all smiles and waied me when finished. No charge.

LOL. Well he did give me a receipt! I am with Kasikorn.

[Crazy4Thai]

Exact thing happened to me. I opened mine in Pattaya and when I went to Chiang Mai I was charged 50 baht each time to take money out because it was a different city. Also I would always have to go to the exact branch that I opened the account to do shit like get a new ATM card. I don't think that is any longer because last month I got the new chip card at a different branch.

So when I put my old card in the machine it was saying I had to get the chip card before December 2019. Said it was free. I had plenty of time before mine expired, but figured I would beat the rush. I went down and they charged me 200 baht for a new card. I said I thought it was free? He said yes the card is free but there is a 200 baht administration fee. Them mfs!

Somebody got up on Mr. E! I just got the new chip card. She was all smiles and waied me when finished. No charge.

Some years back there was a farang Bangkok Bank executive available to contact through Thai Visa. To help with difficulties. When I opened my account the Thai branch mgr forced an insurance policy on me that I did not want. Said if not, I could not open. I contacted the fixer. 2 weeks later my branch calls me to please come see them. I got my money back and an apology. On future business I was VIP as apparently I was "connected". LOL. In my other 99 stories of life in Thailand I am taking it up the ass like everyone else.

[Franciscass]

The new rules released only pertain to the 65 k and there has been no change to the 800 k. I have read of no stipulation that you have to transfer 800 k annually. So just "topping up" each year should be sufficient and / or parking it in CDs will do as well.

That's a relief as I don't have remittances from outside Thailand and rely on the 800 K in my account qualification.

[Rick Rock]

The requirements for the retirement extension have not changed. It's still 800 k deposit, 65 K income, or a combination of the two. The only thing that has changed is the 65 k has to be deposited into a Thai bank account. Compared to the Malaysia my 2nd Home program, the requirements here are still quite low. There are other places that require less

Yea, like Cambodia next door. $235 for a one year visa. That's it. No paperwork, no questions, no reporting, nothing.

If you're from America, you can get a one year visa in Vietnam as soon as you land. You pay $135 at the airport, and that's that. See you next year.

Or go the Philippines. You get a month when you arrive. Then you get an ID card and go extend every 1 to 6 months. Can do this up to 3 years, then you cross the border once and come back and repeat. Again no deposits or anything.

Amazing what people go through to stay in Thailand in my opinion, considering it is a third world country that very obviously wants to limit the ability of Farangs to stay there.

[Rick Rock]

Exact thing happened to me. I opened mine in Pattaya and when I went to Chiang Mai I was charged 50 baht each time to take money out because it was a different city. Also I would always have to go to the exact branch that I opened the account to do shit like get a new ATM card. I don't think that is any longer because last month I got the new chip card at a different branch.

So when I put my old card in the machine it was saying I had to get the chip card before December 2019. Said it was free. I had plenty of time before mine expired, but figured I would beat the rush. I went down and they charged me 200 baht for a new card. I said I thought it was free? He said yes the card is free but there is a 200 baht administration fee. Them mfs!

This is Thailand! 555.

[Mr Enternational]

For example, if you open an account at Thai Bank in Bangkok, you may be charged for taking money out of a Thai Bank ATM in Pattaya or Chiang Mai "because that's another city. ".

Exact thing happened to me. I opened mine in Pattaya and when I went to Chiang Mai I was charged 50 baht each time to take money out because it was a different city. Also I would always have to go to the exact branch that I opened the account to do shit like get a new ATM card. I don't think that is any longer because last month I got the new chip card at a different branch.

So when I put my old card in the machine it was saying I had to get the chip card before December 2019. Said it was free. I had plenty of time before mine expired, but figured I would beat the rush. I went down and they charged me 200 baht for a new card. I said I thought it was free? He said yes the card is free but there is a 200 baht administration fee. Them mfs!

[Mr Enternational]

I'm toying with the idea of moving to Thailand. What is the best way to arrange transfers from USA to Thai banks without getting a lousy exchange rate and/or high international exchange fees? If I use my Fidelity debit card and cash from an ATM for everything, I get the decent exchange rate per XE.com and all ATM fees are reimbursed by Fidelity (right now it is 31.9011 Baht/USD).

I still think the best way is with one of the ATM cards. My buddy uses Bangkok Bank since they have a branch in the USA. You have to call the one in the USA to get everything set up, then if I am not mistaken you have to complete the rest in Bangkok. These days I don't think you are able to open an account in Thailand unless you have the retiree visa or better. Back when I did mine, I did it with a tourist visa. I think I slipped through the cracks though, because other people I know that have tried it since have not been able to.

[Goatscrot]

It really is difficult to understand the thinking behind requirements for retirees. Surely it should be no more than can they adequately support themselves while they are here. How does it matter whether remittances are monthly quarterly or annually or if a retiree has say 10 million up here owns his or her own property why shouldn't that be adequate. Seems to me they want to make it more difficult for this demographic to live here. Why?

The requirements for the retirement extension have not changed. It's still 800 k deposit, 65 K income, or a combination of the two. The only thing that has changed is the 65 k has to be deposited into a Thai bank account. Compared to the Malaysia my 2nd Home program, the requirements here are still quite low. There are other places that require less, Panama for instance, but many places require more. Another option is to buy a Thai Elite Card for 500 k which gives you a 5 year visa and other privileges. Marriage visa is another with 400 k, 40 k income, or a combination of the two.

[Goatscrot]

Some of the changes need clarification.

Does it have to be regular monthly transfers or would one or two lump sums totaling 780000 starting on the first month of the year in question be OK?

Additionally there seems to be a change in the 8000000 balance in your account for a period of three months prior to application or renewal qualification. It looks like you now have to have that amount transferred each year rather than heretofore when it was sufficient to just to show you had it in your account for the prior 3 months.

What happens if all of your funds are already in Thailand?

Living here is getting more and more complicated.

The new rules released only pertain to the 65 k and there has been no change to the 800 k. I have read of no stipulation that you have to transfer 800 k annually. So just "topping up" each year should be sufficient and / or parking it in CDs will do as well.

[Smoothy]

Sounds like you are already fine with Fidelity. If not, get a Charles Schwab account.

There isn't much difference between those two. Fidelity is probably a little better, but it's much tougher to get than the Schwab account. Since he already has it, he's golden.

[Rick Rock]

I'm toying with the idea of moving to Thailand. What is the best way to arrange transfers from USA to Thai banks without getting a lousy exchange rate and/or high international exchange fees? If I use my Fidelity debit card and cash from an ATM for everything, I get the decent exchange rate per XE.com and all ATM fees are reimbursed by Fidelity (right now it is 31.9011 Baht/USD).

Why transfer anything? Better off to keep your money in the US and withdraw it as needed. Any bank you use in Thailand will report back the US government anyway. There's no benefit unless you need to show a deposit for a visa.

Sounds like you are already fine with Fidelity. If not, get a Charles Schwab account. They refund any ATM fees at the end of the month and give the real exchange rate. That's even better than Thai banks which like to get money any way they can. For example, if you open an account at Thai Bank in Bangkok, you may be charged for taking money out of a Thai Bank ATM in Pattaya or Chiang Mai "because that's another city. ".

[Rick Rock]

It really is difficult to understand the thinking behind requirements for retirees. Surely it should be no more than can they adequately support themselves while they are here. How does it matter whether remittances are monthly quarterly or annually or if a retiree has say 10 million up here owns his or her own property why shouldn't that be adequate. Seems to me they want to make it more difficult for this demographic to live here. Why?

Thais who travel to the US aren't subject to any kind of "90 day reporting," bank deposit requirements, exit requirements, and they can buy as much land as they can afford. But it only goes one way.

Not too difficult to figure out really. Most Thais fear and / or dislike Farang, and it has long been that way. They allow them in under tight controls in order to extract their wealth without allowing them to gain a permanent foothold or any kind of power.

Note that the same restrictions absolutely do not apply to Asians from China, Japan or Korea who know how to play the game.

[Banana Boi]

I'm not sure if you can even open a bank account in Thailand without a work permit though. I am curious though and some guys on here would know.

Yes you can. Just need to get your Certificate of Residency or whatever it's called from your landlord. Showing you have an extended Visa likely helps too.