Most practical and least expensive way to transfer large funds to Thailand?

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HHTel
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Re: Most practical and least expensive way to transfer large funds to Thailand?

Post by HHTel » Tue Jun 12, 2018 11:52 am

you would need to make 30,000 transactions,
Being a nitpicker, I think you mean 30 transactions:
300,000 / 10,000

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Re: Most practical and least expensive way to transfer large funds to Thailand?

Post by StevePIraq » Tue Jun 12, 2018 11:57 am

Well spotted young man, however if you tried to make 30 x AUD10k transactions you would very quickly have someone knocking at your door.
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Re: Most practical and least expensive way to transfer large funds to Thailand?

Post by HHTel » Tue Jun 12, 2018 12:00 pm

Well spotted young man,
Thanks for that. Made my day!

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Re: Most practical and least expensive way to transfer large funds to Thailand?

Post by Bluesky » Tue Jun 12, 2018 4:03 pm

StevePIraq wrote:
Tue Jun 12, 2018 11:12 am

So based on this if you are bringing over 3m Baht roughly 300kAUD, which being the proceeds of a house sale and pension is on the low side, you would need to make 30,000 transactions, do you really think the authorities will not be climbing all over you. The only way is through a formal bank and from my experience with Westpac they will give a better rate than the norm when transferring substantial amounts. It will still not be a simple thing to do as it will have to be approved by the authorities who will want proof of where the money has come from. She will also have to go through the formal Probate process.
Yes you would definitely have the authorities climbing all over you, and Just as likely the Bank looking for their $900,000.00 fees base on a single transaction cost of AUD $30.00 :D
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Re: Most practical and least expensive way to transfer large funds to Thailand?

Post by StevePIraq » Tue Jun 12, 2018 4:05 pm

Now back to the OP, what have you decided, what recommendations are you going to make to your friend?
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Re: Most practical and least expensive way to transfer large funds to Thailand?

Post by StevePIraq » Wed Jul 11, 2018 10:51 am

This thread has died however it is a very important issue for many expats.

On a personal note I have to bring in two Million Baht by the end of the year, using Transfer wise I will pay over USD500 in fees, later on I may be transferring out a lot more, however at this time TransferWise do not send out from Ting Tong Land.
Last time I sent out via a Thai bank and to be honest I did not even look at the fees as I thought I had no option.

Has anyone any thoughts on alternatives for sending cash out of Ting Tong Land.
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Re: Most practical and least expensive way to transfer large funds to Thailand?

Post by Lev » Wed Jul 11, 2018 1:02 pm

StevePIraq wrote:
Wed Jul 11, 2018 10:51 am
Has anyone any thoughts on alternatives for sending cash out of Ting Tong Land.
Might want to start a new topic for that, this one is about sending money to Thailand.

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Re: Most practical and least expensive way to transfer large funds to Thailand?

Post by uncle tom » Thu Jul 12, 2018 4:37 am

A bit late on parade here, but my two-penneth:

There are plenty of specialist currency transfer outfits who give much better terms than a conventional bank. I usually use SAT who's service is excellent, although I'm thinking it's a while since I last tested the market.

Essentially, look at the published currency rate in the papers etc. and look to get almost exactly that rate less a modest handling fee - rather than a bad rate, which is the game the banks play..

If you are moving really big sums though, I would take the extra precaution of drip feeding it through in perhaps a dozen instalments to make sure it arrives OK. The chances of a problem are very small - but a very small risk can make a very big problem if you put all your eggs in one basket - and get unlucky..
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Re: Most practical and least expensive way to transfer large funds to Thailand?

Post by hin » Thu Jul 12, 2018 4:17 pm

Cannot understand how this can cause dilemmas for anyone who has been outside their country for a while.
and has their ear to the ground

I transfer from my Schwab USA brokerage and checking acct directly into my Bkk Bank acct right here in HH. $25 flat fee no matter the amount. And the exchange rate has always been more than the published Bkk Bank TT rate. Have transferred as much as 5.5 million baht in one go. Do not remember the max but do not believe there is one - providing your acct contains the funds to cover it. Have standing instruction flag in my Schwab file to transfer into the HH Bkk Bank acct at any time I make a toll free call to Schwab USA and identify myself with personal info they have on file.

Also regularly use my Schwab debit card anyplace in the world with zero fees. I never use it in ATM’s but if another bank puts a fee on an ATM withdrawal Schwab will reimberse it.

No connection or reference to this but Schwab’s SWIFT Code indicates they probably have some srt of affiliation with CITI Bank.

I do know there are other banks that offer similar services. One example would be, Liberty Bay Bank in Poulsbo, Washington. A small comunity bank near where I am from. As they are a small bank possibly they have some sort of affiliation with CITI bank too in order to be able to offer this type of services at favorable rates..?

Do not know particulars but do know there is a Schwab Australia, Schwab Singapore, and some others. Might be worth checking it out Also Schwab USA does have offshore accts for non-residents but possibly not cost effective tax wise - no idea about that

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Re: Most practical and least expensive way to transfer large funds to Thailand?

Post by StevePIraq » Thu Jul 12, 2018 5:52 pm

Isn't Schwab a US account, if so I cannot use it and I would assume the same for anyone else not from USA.
I can't open a new Australian account as although I have bank and investments I have no bills, driving licence or visa which are required to open accounts. Do you have a link for Australia?

To Uncle Tom, if you read the thread from the beginning it is not so simple to drip feed multiple transactions as the authorities will be all over you investigating money laundering.
I would be looking to transfer from Australia and UK offshore to Thailand, the original OP was looking to transfer from Australia. My Australian bank has advised that anything over 20k AUD needs Australian police approval, so imagine what would happen if I sent this once a week, my account would be blocked in no time.
WIth my UK offshore account I previously did three large transactions in one month then my account was frozen until I provided proof of expenditure.
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Re: Most practical and least expensive way to transfer large funds to Thailand?

Post by hin » Thu Jul 12, 2018 9:28 pm

I know nothing about Schwab Auatralia but my suggestion was that if interested you might check it out. There is an old cliche, “Google is your friens” - where you been..? Here is a link straight from there in less than 10 seconds: https://www.schwab.com.au/

Proof of expenditure might work differently from a brokerage acct than it does from a bank acct. In USA we have similar rules about withdrawals in excess of $10,000 but I have never been questioned about transfers from my brokerage acct. Transfer Schwab Bank to Schwab brokerage then to Bkk Bank in HH, up to now no probs - knock on wood... But 3 similar large tranfers in one month might raise questions - its called ‘structuring’ - and might raise suspicion about money laundering

In the USA It used to be $1000 investment required to open a Scgwab One brokerage acct, which then makes you eligible to open Scgwab Bank accts.

I do not know particulars about offshore accts but do know that when I kick the can my accts will be closed and new accts will be opened in wife’s name, no probate and no will necessary (altho I do have one) as she is listed as designated beneficiary. And she is nonresident alien. If you want facts you gotta do yr research. YOUR OWN research is best. If you just want opinions, check the forums. Best frustration avoidance tactic is to DO NOT emulate Chicken Little’s precepts.

I have been outside the USA for many years but use an address there that I have never lived at. Been wandering with no actual address most years since 1954 until splattering down here in HH. Don’t you have any friends - with addresses you can use? Even without driving license you must have a passport - wat address did u use to obtain that..? And your bank accts and investmants..? You do not need to have bills, I have never had any. You do have bank accts, investments, & job history - establish your track record from that.

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Re: Most practical and least expensive way to transfer large funds to Thailand?

Post by hin » Thu Jul 12, 2018 10:43 pm

Steve P - do not know where you are or where your citizenship is but do not understand why you
can’t open a new Australian account as although I have bank and investments I have no bills, driving licence or visa which are required to open accounts
.”

When I was in Oz I had a Commonwealth checking acct and ATM card with no driving license and only ID was USA passport and a tourist visa. And same in New Zealand at ANZ Bank. Altho it was a few years ago. Why do you need references to put money in the bank? Getting a credit card tho would be a different matter. I got my first one without credit references and skipping all the bullshit by making a deal with the bank manager - opened a separate ‘frozen’ bank acct to cover the credit card and the amount in that frozen acct was my credit card limit. After 6 months the restrictions were taken off the credit card and I closed the frozen acct. There’s more ways to sc**w a cat than to hold him by the ears.. To fail without trying gets you zero but if you try and then fail you czn at least learn somthing

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Re: Most practical and least expensive way to transfer large funds to Thailand?

Post by moater » Fri Jul 13, 2018 7:54 am

hin wrote:
Thu Jul 12, 2018 4:17 pm
I transfer from my Schwab USA brokerage and checking acct directly into my Bkk Bank acct right here in HH. $25 flat fee no matter the amount.
You can set up ACH to Bangkok bank NY branch and then your Schwab fee will be a big fat $0. You'll only need to pay the usual incoming wire fee in Bangkok bank.

BTW, since mid-2017 Schwab USA is no longer opening accounts for residents of Thailand. They redirect people to Schwab Singapore instead, which offers no debit card and no ACH.

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Re: Most practical and least expensive way to transfer large funds to Thailand?

Post by StevePIraq » Sun Jul 15, 2018 5:35 pm

I lived in
hin wrote:
Thu Jul 12, 2018 10:43 pm
Steve P - do not know where you are or where your citizenship is but do not understand why you
can’t open a new Australian account as although I have bank and investments I have no bills, driving licence or visa which are required to open accounts
.”

When I was in Oz I had a Commonwealth checking acct and ATM card with no driving license and only ID was USA passport and a tourist visa. And same in New Zealand at ANZ Bank. Altho it was a few years ago. Why do you need references to put money in the bank? Getting a credit card tho would be a different matter. I got my first one without credit references and skipping all the bullshit by making a deal with the bank manager - opened a separate ‘frozen’ bank acct to cover the credit card and the amount in that frozen acct was my credit card limit. After 6 months the restrictions were taken off the credit card and I closed the frozen acct. There’s more ways to sc**w a cat than to hold him by the ears.. To fail without trying gets you zero but if you try and then fail you czn at least learn somthing
I lived and worked in Oz for 8 years so I do know the system there. I have accounts with Westpac, Commonwealth and ANZ However opening an account is not the topic.

Schwab Australia is not a commercial bank it is an Investment Bank
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Re: Most practical and least expensive way to transfer large funds to Thailand?

Post by hin » Mon Jul 16, 2018 12:17 am

 StevePIraq » Thu Jul 12, 2018 5:52 pm
...I can't open a new Australian account as although I have bank and investments I have no bills, driving licence or visa which are required to open accounts.
 StevePIraq » Sun Jul 15, 2018 5:35 pm
...I lived and worked in Oz for 8 years so I do know the system there. I have accounts with Westpac, Commonwealth and ANZ However opening an account is not the topic.
StevePIraq » Sun Jul 15, 2018 5:35 pm
...Schwab Australia is not a commercial bank it is an Investment Bank
Precisely, it is an Investment Bank - and exactly as I stated. I transfer thru my brokerage acct with no hassles. My perception was that your question was about transferring money and that is what my suggestion tried to address. Did not realize you had already narrowed down what type of banks or accounts would be acceptable to you - altho they did not work out in the past. It seems crazy to be so full of what cannot be done that it becomes pointless to research what might be possible.

Before using Schwab my regular commercial bank did do TT transfers but it cost more. If you need to provide proof of expenditure - do it - whats the big deal..?

Old Chinese proverb, “Naive falang sit under keyboard long time with mouth open before roast duck fly in”

-------------------------
moater » Fri Jul 13, 2018 7:54 am
You can set up ACH to Bangkok bank NY branch and then your Schwab fee will be a big fat $0. You'll only need to pay the usual incoming wire fee in Bangkok bank.

BTW, since mid-2017 Schwab USA is no longer opening accounts for residents of Thailand. They redirect people to Schwab Singapore instead, which offers no debit card
Although low, Bkk Bank NY does have fees. On $20,000 would be $!0 + ฿500 but for the difference I prefer to stick with Schwab’s $25 and prefer their bookkeeping. Have not tried both ways but usually transfer less often in large lumps and have always had a better exchange rate with Schwab than what Bkk Bank publishes. Even right here in Thailand Bkk Bank is not the best for exchange rates.
http://www.bangkokbank.com/BangkokBank ... omUSA.aspx

If you favor Bkk Bank’s transfer system they have a London branch too. And they claim, “several branches in other countries” Bkk Bank also says they will transfer money out of Thailand. I know nothing about it as have not had a reason - If you do, check it out.
http://www.bangkokbank.com/BangkokBan ... iland.aspx

A shame if Schwab Singapore no longer offers a debit card as it is a good one and I use mine regularly.. Do not need ACH tho if not going thru Bkk Bank NY. As said, I have never used ACH. But people with stock market dealings do move money back and forth. I would believe wire transfers to Bkk Bank Hua Hin should be workable from any brokerage acct. TT transfers is a basic necessity and fundamental feature of brokerage accts and Schwab is only one of perhaps thousands of the world’s brokerages. Finding the best one is the deal and for me Schwab is it.

I was assured 2 months ago that wife, who is my designated beneficiary and is Thai living in Thailand will have my brokerage acct reopened in her name after the monks have cooked me. My Schwab Savings acct too. But thanx for the heads up. Will double check that with a different representative to reconfirm. And ask about discontinuance of debit cards altho I don’t think she wants one. Schwab USA does have a tool free number from Thailand so very easy to transfer money

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