Thailand

Pharoah · #1 04-08-2006, 18:52

I'm moving there for about 9 to 12 months and have been trying to work out what to do with money.....read previous threads

I was thinking of this....am I on the right track.

Open a BKK bank account when I get there. Set up an account with an internet currency exchange firm to transfer monthly say 100baht (rate today 71.27 with firm but 67.8 with halifax - tourist rate stuff), this can be done each time or at an agreed rate set for xmonths. Ok that gets me my money there each month. What are the costs over there? noticed something in threads about ATM costs. If I simply use my GB cards I'm going to pay each time and my CC costs 2.65% on all purchases.

If renting, how do you pay the landlord. Thai bank card debit, GB card debit, Thai bank cheque or cash?

Same with internet and UBC, how are the payments made?

Internet banking....any good on the Thai bank accounts?

Loads I know but trying to sort my head out and keep my missus calm (she's up for the move but not quite in the zone yet, tooooo many things to sort for her).

K2 · #2 04-08-2006, 20:06

First - good luck with you movce over here - read Dodger lengthy thread on his move over - there's lot of very useful info there.

On specifics...

You'll need a bit more than 100 Baht transfered over - this must be a typo - assuming you mean more .... still if you bank will allow you set up an internet transfer to your Thai bank account thios would be convienient. Often better to do the currncy exchange in your home country rather than here as once the money is here you are at the mercy of what ever the BKK headquarters wants to give you (often very poor rate). You will be able to set the amount each mont you send out but not the rate - (unless your doing interbank forward FX) - the rate will be down to prevailing market rate, and against GBP this is pretty volatile.

As for costs over here do a search - its highly dependent on your lifestyle.

Pretty much all payments to landlords and bill for utilities/internet/UBC by foreigners are by cash only - pretty sure NO landlord would accept a credit or debit card! If you intend living in a place long term you can set up direct debit to your Thai back a/c for your regular bills.

Internet banking is available but so far sites in Thai - maybe they've got better but I would'nt trust internet banking with Thai banks yet.

Pharoah · #3 04-08-2006, 21:29

Thanks K2....meant 100k baht.

Right so utilities UBC etc ....are they to the landlord or do you have to go monthly to pay cash at a shop or something.

Think the missus will be joining your club, dubious whether she will convince me along.....tho' I'm supposed to be going n getting fit (currently a lazy slob)

K2 · #4 04-08-2006, 21:57

Quote:

Originally Posted by Pharoah

Thanks K2....meant 100k baht.

Right so utilities UBC etc ....are they to the landlord or do you have to go monthly to pay cash at a shop or something.

100k THB should see you have a decent life here.

Depends on the landlord - better if you get the bills yourself as you wont get 'additions' - you can pay most bills at Ocean/7-11/Post Office for small (10-20Baht handling fee) - bills are paid monthly and most landlords would expect 2-3 months deposit up front.

PS- You and the Mrs welcome on the Hash - see HHH section in 'Idle Chit Chat' sub-forum.

Sirgezza · #5 05-08-2006, 04:08

If you are keeping money in a UK bank and withdrawing overseas, try Nationwide flexaccount. It pays interest (not sure how much) and overseas ATM withdrawals are free and the rate is good as well.

Might save you messing around with a Thai bank and transfers if you are there on a temporary basis. Or do both.

ThaiLearner · #6 05-08-2006, 09:06

Quote:

Originally Posted by gez

If you are keeping money in a UK bank and withdrawing overseas, try Nationwide flexaccount. It pays interest (not sure how much) and overseas ATM withdrawals are free and the rate is good as well.

Might save you messing around with a Thai bank and transfers if you are there on a temporary basis. Or do both.

That gets my vote

ThaiLearner · #7 05-08-2006, 21:11

you could also try www.travelex.co.uk they have good rates.

dizbuster · #8 06-08-2006, 16:46

If you wish to keep your current bank account, i.e. not change to Nationwide's flex account, then there is another option - the Travel Money card from the Post Office.

http://www.postoffice.co.uk/portal/p...diaId=26800661

Minimum initial load is £250
Setup fee is £10
Withdrawal fee 1.5% of amount (£3 min)
Top Up fee 1.5% of amount (£3 min)

To top up your card, your just telephone the Post Office

Lightemup · #9 09-08-2006, 17:51

I transfer money into my Siam Commercial Bank account once in a while, using my danish internet banking option. Selecting the Express option, gets it here the next day. No idea on the exchange rates, not too concerned.

SCB has a nice internet banking page also.

I also had Bangkok Bank, but emptied that account, and only using SCB now.

I try not to use any of my credit cards from my Danish Bank, to avoid fraud. Relying on my SCB ATM card and cash payments everywhere.

landofsmiles · #10 29-08-2006, 14:25

Just opened an account today at the Ayudha Bank (yellow one) so I can transfer money from UK. Couldn't believe how quick and easy it was...in there 5 minutes, came out with Bank book and ATM card.

Only had to show passport and give address and phone number. Back in UK there would have been reams of forms to fill in and they'd want to know virtually your life's history before they'd consider opening an account.

Lady here did ask if I had a work permit...just said no, I live here most of the time and keep going out and back in.

Keep it simple

alibaba · #11 31-08-2006, 22:00

I need some advise on transfering money from UK. toThai bank a/c.
I have accounts with SCB. and Bangkok Bank.
Does anyone know of an a/c in UK. that will allow me to transfer funds via i/net??
At the moment it isn't a problem as i'm in the uk. but when i move to LOS. i'll need to be able to transfer money over at about 3 month intervals.
I've checked out a few banks in uk. but can't find any that offer i/net transfers to LOS.
Thanks.

Captain · #12 31-08-2006, 22:10

In Belgium I can do "home banking" from my PC via internet. Also international maney transfers. Doesn't your bank allow you to do something similar? Better ask them.

alibaba · #13 31-08-2006, 22:14

Quote:

Originally Posted by Captain

In Belgium I can do "home banking" from my PC via internet. Also international maney transfers. Doesn't your bank allow you to do something similar? Better ask them.

I have no problem finding accounts that allow me to manage them via i/net but to actually transfer cash abroad, as i said ,i've spent a lot of time looking at what services various banks offer and can't find anything.

sishow · #14 31-08-2006, 23:17

You can try the internet based banks like EGG.

BUt I think you need one of the premium service bank accounts that offers extra services on top, for an fixed fee per year. Or a Uk's off-shore account might be a better option!

I think its because of the tax implications when moving cash from the uk!

alibaba · #15 01-09-2006, 15:21

Quote:

Originally Posted by sishow

You can try the internet based banks like EGG.

BUt I think you need one of the premium service bank accounts that offers extra services on top, for an fixed fee per year. Or a Uk's off-shore account might be a better option!

I think its because of the tax implications when moving cash from the uk!

Thanks sishow.
I'll look at some of these.

LivinLOS · #16 01-09-2006, 16:08

In may case I use a thai local bank as I would a current account.. Gives a passbook (statements printed when you feed it into machine) and a ATM card.. Used like that its fine for daily pocket money and Siam Commercial and Kasikorn both offer internet banking without a work permit.

As my main bankers charge an ungodly amount for international transfers I send money once every 3 months and find that I get a good rate credited by sending my Euros and letting the Thai bank convert.

I have written before how weak Thai banking systems are (I was able to creatively empty my ex wifes bank account after she had died.. my buddy was credited an extra couple of million by mistake.. some banks let others know your balance without permission etc) and would never hold more than pocket money in one.. If there was a serious error that was not in your favour or if your money got signed out without you doing it I bet it would be hell to reclaim.. Also if the banks fold there are no customer protections like in the west and the banking system came close to failing in 97... You also get used to 'odd' things like I could not send money from the kasikorn bank to a bkk bank account and vice versa (I was told that the two bosses of each bank had an argument and in spite cut interbank transfers !!) and it seems impossible to set a standing order to pay my rent or bills (not tried with net banking I must admit)..

Lastly most things here are still a cash economy scene and you usually have to go to the electric company to pay electric and water company to pay water etc.. Kind of a pain in the ass but a minor one..

dizbuster · #17 01-09-2006, 20:08

Quote:

Originally Posted by alibaba

I need some advise on transfering money from UK. toThai bank a/c.
I have accounts with SCB. and Bangkok Bank.
Does anyone know of an a/c in UK. that will allow me to transfer funds via i/net??
At the moment it isn't a problem as i'm in the uk. but when i move to LOS. i'll need to be able to transfer money over at about 3 month intervals.
I've checked out a few banks in uk. but can't find any that offer i/net transfers to LOS.
Thanks.

Did you check out this thread at all ??

http://www.postoffice.co.uk/portal/p...diaId=26800661

I know it is not related to internet banking, but it could be a useful way of getting money out to Thailand for you. The assumption here is that it is for living expenses etc, which means amounts won't be very high. It also means that you don't have to rely on Thai banks - apart from their ATMs working. With a cheap call to the UK, which is easily done over there, it should be possible to transfer the money from your bank to the Post Office card and then you use the it in an ATM as and when you need money. I plan to do this when I come over next year for extended periods and my TG already has a card which I top up from time to time.

Aside from that, forget NatWest as I have asked and they don't do it through internet banking. I have asked but they tell me that I must submit payment requests in writing to them in order to use their international "standard transfer" facilities. https://www.natwest.com/personal02a....D_MONEY_ABROAD which costs £20 a time, plus you incur charges at the Thai end from their (NatWest's) agent !!

brit · #18 02-09-2006, 09:00

Check the posts on the american express travellers cheque card also as that is another option. You're able to fund the card online from their site.

A possible alternative is to use ecocard.com to transfer money from your uk bank account to your online ecocard and then back out to your thai account. That gets around the ATM fees and your bank not offering wire transfers to thailand.

Paddy151 · #19 14-09-2006, 16:47

LivinLOS, you said Siam Commercial and Kasikorn don't need work permit. Does that mean I could get a savings account with ATM card with just my passport and a correspondence address?

Cheers

SJ18 · #20 16-09-2006, 23:52

Opened SCB account whilst in Phuket, very easy, given cards and passbook. Found out later that needed to up level for withdrawals through ATMs and also for making payments with card. Asked for internet access which I got but find I cannot transfer money from it to other thai accounts at the moment. Plenty of options to pay bills within Thailand and to transfer money out, have not checked yet if UBC for example are on the list.

Have had no problem transferring money from UK, bank with HSBC and have offshore and mainland accounts with internet banking and just send money in sterling straight to SCB, much better rate for SCB to convert it. Charge by HSBC offshore is £25.00, no charge between UK & Jersey, £15.00 to any HSBC overseas account and you need to keep £5000 with them across the board for free banking. SCB pays interest but not much and their charge for transfer not worth mentioning.

Only interesting thing was when we tried to pay for duty free at Bangkok airport with SCB card it would not go through, (lack of funds) which was not correct. Can you only use it in area it was issued?