Getting My Money to Thailand

3POSTS

13 years ago

Since posting last a few days ago pondering whether to retire now and move to LOS, I have decided, yes, now is the time. I do have another question that I've been having some trouble with. I will have a pension. My employer will only deposit in a US bank. I understand I can have the money transferred to a Thai bank but that seems to get a bit expensive. And just "ATM'ing" exclusively seems impractical. I'd like to have a branch I could walk into in case I say lose my atm card or whatever. Or needed more cash than was available at the atm etc. Any suggestons?

See also

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corvinb Member

18POSTS

13 years ago

You can open an account with HSBC, they have branches both in the US and Thailand. They can open a Thai account for you even if you are still in the US and you will have access to both your US and Thai account using their online banking system (easy transfer between accounts). Another advantage is that they will use your your US credit rating if you apply for a credit card or a loan in Thailand.

thetefldon ViP

469POSTS

13 years ago

Alternatively retain US accounts and transfer money using specialist FX company to a local bank account in Thailand. Transfer in US dollars to attract better exchange rate.

Its easy to set up a bank account in Thailand for anyone on Non-Immigrant visa.

bonzersmom Active member

29POSTS

13 years ago

Interbank transfers can be pricey.聽 Schwab has a no fee ATM card as well as using the international posted exchange rate and refunding foreign transaction fees.聽 They are probably the best bet if you MUST have a US bank account (me too).聽

It is easy enough to just walk into a bank with an ATM card and they can give you any amount on the card (provided you have the funds to back it up).聽

As mentioned HSCB does have branches in the US and Thailand.

namron11 New member

6POSTS

13 years ago

If you wish to keep your account in the US then I can tell you that you can withdraw your funds from the聽 AEON ATM with no service charge. I have been here retired for two years and use this service.

johndale Active member

27POSTS

13 years ago

I'm an American currently in Asia (in Vietnam now, but going back to Thailand soon) and was looking to set up an account in the US before I left in order to make banking easy while in Thailand.

According to my research before I left the US, HSBC is leaving Thailand soon.

I'm not 100% sure on this, and I'm sure if you call their 800 number they won't be coughing up this information, but I found some people at HSBC saying they are halting business in Thailand.

Personally I have a no international fee Visa card, a no fee ATM card, and brought over a chunk of cash (less than $10k) an put it into Kasikorn bank - and got an ATM card from them as well.

The long term plan is to write some checks to Kasikorn and let them take 45 days to clear, or just do a semi-annual bank transfer and pay some fees.

There's a lot of discussion on this subject over at thaivisa.com and there are folks more wise and experienced than me there.

sbhawaiian Member

14POSTS

12 years ago

I just got off the phone with HSBC LA Chinatown Branch and asked about an account in the US that will let me access my funds in Thailand. The answer was yes if you have a Premier Account with a balance of $100,000.00.聽 Was I getting good information?

Straydog Serial expat

611POSTS

12 years ago

Ask you pension provide if they will deposit your funds in Bangkok Banks New York branch.聽 They have an ABA number which all US banks use.聽 If they will then open yourself a Bangkok Bank account in Thailand and your set to go.聽 Bangkok Bank New York will forward to correct branch in Thailand based on account number.聽 You cannot open account in New York it must be done in Thailand.

If they won't then Schwab bank is a good option.

Provided time is not important you can deposit a personal check drawn on US account in Thailand bank and it will clean in 45 days or less and cost only around $10 in fees.

Regardless of method you use make sure its set up before you leave the US.

The Homeland Security Act really tightened banking regulations.聽 This may be one of the reasons your pension provider must deposit in US Bank.

sbhawaiian Member

14POSTS

12 years ago

Hi, my name is Richard and I live on Maui.聽 I'm planning to visit Chiang Mai around the first week of December for a week to check it out as a retirement destination.聽 I would like to meet some of the expats in your group to get a good idea about what to expect if I move Chiang Mai.聽 Do you meet regularly or is there someone I can contact to help show me the ropes?聽 If I like what I see, I plan to return the next year and stay a month to get a better feel of the day to day living. Thank you