Buriram Expats
Buriram Province - General Category => Jobs, economy, banking, business, investment in Buriram => Topic started by: Twisty on April 16, 2011, 08:44:36 PM
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Hi guys have a question for you. im planning on going thailand for a decent period of time to train muay thai. the complication i have come across is what to do with my money... i dont want to pay a % plus a fee each time i withdraw, the only options i seem to have is take all my savings as traveller cheques or look into opening an account in thailand and transferring my money. although i dont like the sound of the second option as i dont understand and know much about it and its a bit daunting :s or is it more straight forward than i think?
anyone else had the same concern? any advice?
Many Thanks
Matthew
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Mathew
Contact Coffee Corner for financial advice...........He also breeds Ducks
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Does that help when giving financial advice then?
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Carrying travelers cheques will be difficult - I don't think those Muay Thai shorts have pockets !
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:D
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CoffeeCorner you see my problem!!! any advice though :P?
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Twisty = you are clearly computer literate, so finding info should not be difficult.
Open a Thai bank account and transfer money from your home country as and when.
If you are from the UK, someone will give you specific details of how to transfer.
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Twisty = you are clearly computer literate, so finding info should not be difficult.
Open a Thai bank account and transfer money from your home country as and when.
If you are from the UK, someone will give you specific details of how to transfer.
Halifax is the cheapest ( I think ) at only £9.50 a transaction ,as the ATM charge 150 Baht a go ,ideally once you have opened a Thai Bank account you would send one lump sum to cover your whole stay. :)
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Or If you can go HSBC Premier, you can open an account with the BKK branch and all internet transfers globally are free and instant. The account is deemed as domestic so you will only pay the local tarrif on ATM transactions.
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CoffeeCorner you see my problem!!! any advice though :P?
forgive the sarcasm.
I am out and about today but will post later. The Halifax is the cheapest (also use friendly) online option.
Dave the Dude may also provide information on paypal (but you need to link to a Thai bank account).
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Does that help when giving financial advice then?
Was that a bit difficult for you Dave............Ducks have tight asses
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and who hasn't, Nookie?
Didn't that saying relate to a hair style?
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Twisty, I would consider opening a Halifax Reward account while you in the UK. That will enable you to satisfy their Money Laundering Rules requirements for confirming ID and also address verification paperwork.
You can fund this account - online preferably - from any existing bank account you have.
Halifax has an "International Payment" template.
When you get to Thailand open an account with someone like Kasikorn Bank in the area that you will be spending most of your time. You will most likely need to take a Thai with you to get around any obstacles that the bank may put in your way. Kasikorn have been the easiest to deal with more. You will need a savings account with card for ATM withdrawals - there is a small charge of a few hundred Baht for the card as I recall. You get a nice passbook so you can keep track of your transactions. Ask them to set you up for K-Cyber Banking - their online service.
You will have noticed that there is a bit of the chicken and the egg here. You cannot set up your International Payment with Halifax until you have Thai bank details. You cannot get the Thai bank details until you are in Thailand. If, for some reason, you cannot open a Thai bank account you are fcuked !
If you can open, say, a Kasikorn account then you will just need their SWIFT code (KASITH) and your 10 digit account number (on your passbook). Transfers get to Thailand within 48 hours and sometimes same day.
You may need to bring enough cash (Sterling or Baht) or travellers cheques to cover you for the first few weeks. An ATM card from a UK bank is a sensible back-up, as is bringing a UK credit card for emergencies (or buying your new-found Thai sweetie 5 Baht of gold! ;D).
Plan C: If all else fails, contact me and put Sterling into my UK bank account and I will transfer Baht to your bank (if you have one) or make cash available at Coffee Corner.
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Twisty. I am not sure how much money you can take out from UK in at a time, but Australia allows me to bring around $10,000 in cash to avoid any fees or charges and it usually equates to 300,000 baht. I have opened an account in Kasikorn bank and I deposit my cash in this account. Personally I prefer SCB as it gives best exchange rates, but we have K Bank in Prakhonchai which helps me to get statements etc easily.
If you are allowed to bring around 10,000 pounds, then it will be equal to 500,000 baht, which I expect to be sufficient for 10-12 months for country side living. You can use internet banking for any additional funds which you may not need if you are living a disciplined life with a good budget practice.
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Aeon Bank's (Not Thai owned) are the only Bank here that does NOT charge the 150b Non-Thai card fee. They seem commonly to be located within BigC supermarket.
You might want to check this out, although I have never used them...
https://www.moneybookers.com/app/?rid=2278097 (https://www.moneybookers.com/app/?rid=2278097)
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I have another question the other way around which I think is also good. How much money can you take OUT of Thailand with no problem from the bank?
They seem to like income and not outcome..... moneysmile
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I have another question the other way around which I think is also good. How much money can you take OUT of Thailand with no problem from the bank?
They seem to like income and not outcome..... moneysmile
c. Currency Regulations 1) Foreign Currency
Foreign currencies can be brought into Thailand without limit. Any person receiving foreign currencies from abroad is required to sell such foreign currencies to an authorized financial institution or to deposit them in a foreign currency account with an authorized financial institution within 360 days from receipt, except foreigners temporarily staying in Thailand for not more than three months, foreign embassies, and international organizations.
Foreign exchange purchase or hedging with authorized financial institutions is generally available where a genuine underlying current or capital transaction exists.
2) Local Currency
There is no restriction on the amount of Baht that may be brought into the country. A person travelling to Thailand's bordering countries including Vietnam is allowed to take out Baht up to 500,000 Baht and to other country up to 50,000 Baht respectively without authorization.
http://www.bot.or.th/English/ForeignExchangeRegulations/FXRegulation/Pages/ExchangeControlLaw.aspx (http://www.bot.or.th/English/ForeignExchangeRegulations/FXRegulation/Pages/ExchangeControlLaw.aspx)
Here is another site with banking Frequently Asked Questions
http://www.bangkokbank.com/Bangkok%20Bank/Personal%20Banking/Transfering%20Funds/Transferring%20out%20of%20Thailand/pages/outward%20faqs.aspx (http://www.bangkokbank.com/Bangkok%20Bank/Personal%20Banking/Transfering%20Funds/Transferring%20out%20of%20Thailand/pages/outward%20faqs.aspx)
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Many thanks for the swift and very helpful advice guys, greatly appreciated! im gonna do some phoning around then, i didnt have a clue to be honest but now i am more aware of what needs to be done :) so spot on!! Beers on me in a few months :P haha