General Reports

[QUOTE=HorseTrader;2274366]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 [URL]XE.com[/URL] and all ATM fees are reimbursed by Fidelity (right now it is 31.9011 Baht/USD).[/QUOTE]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.

[QUOTE=RickRock;2274445]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. ".[/QUOTE]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!

[QUOTE=MrEnternational;2274509]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![/QUOTE]This is Thailand! 555.

[QUOTE=Goatscrot;2274505]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[/QUOTE]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.

[QUOTE=Goatscrot;2274502]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.[/QUOTE]That's a relief as I don't have remittances from outside Thailand and rely on the 800 K in my account qualification.

[QUOTE=MrEnternational;2274509]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![/QUOTE]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.

[QUOTE=Crazy4Thai;2274590]Somebody got up on Mr. E! I just got the new chip card. She was all smiles and waied me when finished. No charge.[/QUOTE]LOL. Well he did give me a receipt! I am with Kasikorn.

[QUOTE=Crazy4Thai;2274590]In my other 99 stories of life in Thailand I am taking it up the ass like everyone else.[/QUOTE]Not everyone. Just the poor laborers, prostitutes, and Farang.

[QUOTE=HorseTrader;2274366]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 [URL]XE.com[/URL] and all ATM fees are reimbursed by Fidelity (right now it is 31.9011 Baht/USD).[/QUOTE]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.

Wasn't sure where to post this as it not really a report.

My friend is currently in Bangkok enjoying the sights. He messaged me today telling me how this massage girl had "fallen for him". I tried to tell him, "no, dude, that is just her job". He's like, "no, she gave me her number and wants to hang out".

Same friend was once convinced that a stripper (US) liked him because she sat with him and didn't ask for a dance.

[QUOTE=EihTooms;2274835]
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.[/QUOTE]Nice report. The fees add up to something noticeable, but it isn't too painful. Not enough to nix the concept of living in Thailand.

I'm starting to think that I might become a Thai Snow Bird. Live in Thailand (Hua Hin, Phuket, Krabi, Samui) from November through April and then keep a small summer home at a northern lake in Wisconsin or Minnesota. An old Thai girlfriend of mine snapped up a USA corporate officer and he built her a beachfront house south of Hua Hin. Maybe I'll rent that place from her after her divorce and the farang gets sent packing.

[QUOTE=HorseTrader;2274855]Nice report. The fees add up to something noticeable, but it isn't too painful. Not enough to nix the concept of living in Thailand.[/QUOTE]Have you looked at peer to peer banking options? I do a lot of personal transfers internationally (for non mongering reasons). I use Transferwise and find that both fees are low and FX rates are much better than retail rates offered by my bricks and mortar banks. The better FX rate makes a big difference on larger amounts. Transfers to an account in a SEA country is usually 2 days.

For my last transfer of AUD800, I paid $6. 76 all up in fees.

If I wanted to transfer AUD1000 to Thailand today, I would pay $9. 69 in fees and the recipient would receive THB 22,463 tomorrow.

If I wanted to transfer USD1000 to Thailand today, I would pay USD 11.90 in fees and the recipient would receive THB 31,313 tomorrow (note the higher USD fees are specific to me because I am not in the US).

I've also found it very useful for making payments in strange circumstances (eg paying a USD invoice in the Philippines).

I'd agree that everyone's circumstances are different but for some this maybe worth investigating.

Cheers, G.

It is a little simpler for me from Schwab than what has been detailed here so far. I make international wire transfers from my Schwab Private Client account. They don't allow me to make International transfers from my checking account but can do ATM withdrawals.

I don't know if there is a limit on how much you can transfer but I think it only depends on the amount of cash and a percentage of the other instruments in your account. I transfer $10,000 each time. The Schwab normal fee is $25 but it is waived for me. It is actually charged but then immediately credited back to my account.

I have been using Kasikorn bank but I also have a Bangkok bank account and the fees are the same. 025% of the transfer amount up to a maximum of 500 baht. So the more you transfer the better. The exchange rate is very close to the actual rate and is posted on their website.

Forgot to add it is a simple on-line form to fill out takes less than a minute. Sometimes they call to verify sometimes not. the transfer takes less than a day. I usually do a transfer at night in Bangkok while the bank is open in the USA. The money arrives in the account within 3 hours of the bank in Bangkok opening the following morning.

[QUOTE=MrEnternational;2274506]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.[/QUOTE]I opened my account when I got a condo in Thailand but it was a bit of hassle since they wanted an address etc. I got help from my girlfriend so no big jiffy but ended up with some kind of insurance. I think if you spend some time frequently in Thailand the best approach is to find a private driving school so you get temporary license. Mine got issued for 2 years and opened up domestic flying, sim-card registration, local prices at some attractions but I am quite sure it will enable you to open an bank account easier as well.

Edit, forgot to mention the license also is valid all of ASEAN and if you move normally can be converted in the other countries.

Can anyone throw some light on the sex resorts in Thailand. I would love to go there on VIP package.