thai banking??

[scalp master]

Hi,

Is there anyone out there that is trading in thailand? Im going to be trading in Bangkok very shortly on the futures market in America. I need to find a bank that will enable international transfers easily, online without impossing hefty charges.
The bank of thailand control all international transfers and anything over 20,000 baht (about $600) has to applied for in person, with lots of documentation.
Can anyone provide some light on the matter please?

 

[joe4422]

Those rules are always changing, no one knows what they really are. Bangkok Bank makes is easiest to send money out, no questions asked, so long as you aren't a Thai. Any other bank will give you a hassle.

However, bringing money into the country will be the easiest thing you've ever done in your life. They love money coming in, they hate money going out.

 

[harrymonk]

Agreed, I regularly send my wife/wife's family over £1000 in one hit, no problems. Many people send money back to their families and spouses in thailand for amounts more than $600 so you shuldn't have a problem.

Why don't you keep your money in your regular account in your own country and just send over what you need when you need it. When I tried to open a Thai bank a/c I was shocked at what little interest the account would generate anyway.

 

[pedro01]

Agreed, I regularly send my wife/wife's family over £1000 in one hit, no problems. Many people send money back to their families and spouses in thailand for amounts more than $600 so you shuldn't have a problem.

Why don't you keep your money in your regular account in your own country and just send over what you need when you need it. When I tried to open a Thai bank a/c I was shocked at what little interest the account would generate anyway.

Forget doing this from a Thai bank. Keep as little as possible in Thailand. There are many reasons for that & it is a long conversation. Mostly though - Thai banks suck, if money goes missing from your account it's your fault & the currency could go down the toilet over the next few years.

Your best bet is to go for HSBC Offshore Hong Kong or Jersey - they'll give you an account as long as you aren't a US citizen. You can wire money to your Thai bank once a month for living expenses and to your trading account whenever you want.

 

[anley]

Why do you need a thai bank account? Why not use your present one. For one, I'm sure your American brokers would be happy to receive money from your American account but ask questions why you're using a thai one.

 

[gamma]

I do not understand why anyone needs to tranfer money to a thai bank, When I was in bangkok and other parts of Asia I simply used my citibank account and visa card everywhere,True I did not always get the best exchange rate but it was certainly easier and less expensive than using a thai bank.

I also traded while in these countries using my present brokers

 

[pedro01]

It's best to have a Thai bank account here to avoid high ATM fees.

One transfer a month in from overseas will save you $100's per month in ATM fees.

There ain't no FDIC in Thailand though - so just don't put too much here.

 

[fantastic4]

FDIC isn't want you need to worry about, and they do have a guarantee actually. WHat you need to worry about is the bank manager stealing your money, or someone else. It's not the bank's problem if your money goes missing. It happens every day here. You want a proper bank. But again, to answer your question, if you want to send out of Thailand, there's only one place to do it, and that's Bangkok Bank. Go to the main branch down town. If you walk into any other bank and try to wire out you'll have big problems.

 

[pedro01]

To be honest, if I were to recommend Bangkok Bank, I'd go to the Abdul Rahim branch & talk to the manager there, Miriam.

You'll get more personalised service there & they are a lot more progressive than the Silom Head Office Branch. Basically, it's easier doing stuff there.

 

[rathcoole_exile]

try the Rathcoole Bank of Siam.

you can deposit your entire savings with complete confidence

 

[scalp master]

Why do you need a thai bank account? Why not use your present one. For one, I'm sure your American brokers would be happy to receive money from your American account but ask questions why you're using a thai one.

I've never been to America, let alone have an American account. I have a thai account because I have worked and lived in Thailand for the last 5 years now. My thai account is my presenst account.

 

[scalp master]

Those rules are always changing, no one knows what they really are. Bangkok Bank makes is easiest to send money out, no questions asked, so long as you aren't a Thai. Any other bank will give you a hassle.

However, bringing money into the country will be the easiest thing you've ever done in your life. They love money coming in, they hate money going out.

Excellent, thank you very much. I will open an account on Monday, thats all I needed to know.

 

[pedro01]

I've been living in Thailand for most of my adult life, I have family in Thailand, property in Thailand, work in Thailand BUT still, most of my cash is with HSBC in Jersey. I send my 'pocket money' here once a month to Bangkok Bank and at the end of each month, my balance is close to zero.

I use Thai American Express but no other Thai cards. I use a Visa debit card from HSBC too. In Thailand, credit card fraund is your problem, not the banks.

Obviously, it does rather depend on how much money you have. If you are spending most of what you earn then by all means keep in in a Thai bank. I

If you have upward of US$20,000 in cash, then if you have the choice, you should not keep it in Thailand. Some people keep money here to satisfy visa requirements. It's very hard to have a currency account here, so basically you are at the whim of the Thai baht.

There is a small chance of a major upheaval in Thailand & should you want to exit quickly, you wouldn't want money tied up here. If you didn't want to exit, then a major upheaval could decimate the value of the Baht.

So - banks not being accountable for losses through fraud, regular stories in the press about bank staff plundering people's accounts, possible devaluation of the currency due to political instability.

Sounds like a perfect place to keep your cash !

 

[pedro01]

One more thing....

When sending money to Thailand, send it in the currency of the sending account.

Do not have a bank outside of Thailand do the currency conversion for you. From time to time the offshore & onshore rates differ dramatically and you can lose a lot in a conversion done outside of Thailand.

 

[rathcoole_exile]

and at the end of each month, my balance is close to zero.

just as well I picked up the tab for dinner last week

what you gonna do when we go out this week :cheers:, use your card to swipe the "slot" ? arty: arty: arty:

 

[pedro01]

just as well I picked up the tab for dinner last week

what you gonna do when we go out this week :cheers:, use your card to swipe the "slot" ? arty: arty: arty:

It is indeed my turn. I am not putting my card into any slot in the places you go to.

Tell you what - I'll pay if you prevent me from trading after 5 pints of Heineken afterwards. :cheesy:

 

[rathcoole_exile]

I've seen the way your trading improves after beers - I'll buy you a couple of 3-litre towers !!!

 

[scalp master]

One more thing....

When sending money to Thailand, send it in the currency of the sending account.

Do not have a bank outside of Thailand do the currency conversion for you. From time to time the offshore & onshore rates differ dramatically and you can lose a lot in a conversion done outside of Thailand.

Thank you very much Pedro01. Based on what I know already about the Thai banking system, I will only be keeping pocket money here hopefully. I maybe shouldn't have closed all my UK accounts as I now have to arrange another offshore account.
HSBC would seem good to me appart from the charges to keep an account open, it maybe worth it though.
Cheers for the advice, much apreciated

 

[pedro01]

I was in the same boat - closed all my UK bank accounts like a dumbass.

Saying that though - HSBC are friendly enough - Hong Kong or Isle of Man are fine. I think I am being charged about $20 a month in fees, so it's not that bad I guess.