Bank transfer from USA to Thailand?
This is a question for USA expats, particularly retired expats living in Thailand.
I am planning to obtain a retirement visa and live in Thailand in a few years. I need some rather specific information about personal finances.
I have a checking account with a bank checking card here in the USA. I use the bank card just like a credit card. For safety, I have a $200 per day limit on the card. My retirement check is direct-deposited to that account every month. I can use the bank card in Thailand, but there are fees. On a future visit I plan to open a bank account in Thailand. So, here’s the question:
How can I transfer money from my bank account in the USA, say every 1 to 3 months, to a Thai bank account, without paying fees, or at least having to pay the minimum of fees?
Tags: banking services in thailand, retirement in thailand
June 1st, 2009 at 5:11 pm
I don’t know of any way you can avoid transfer fees… it’s just a cost of doing business… and THAT is how I do it… I have a BUSINESS in the U.S. and in both Spain AND the Caribbean and I can transfer as much as I want to transfer at any time because there is no limit on a BUSINESS to BUSINESS transfer, so that $5000 limit for individuals doesn’t apply to BUSINESSES.
Will that help you?
June 1st, 2009 at 6:37 pm
I’m not retired, but do have checks deposited into Bangkok Bank which is routed through their New York branch and transferred into an account in Thailand. You do need to open an account at a Bangkok Bank in Thailand and have your checks deposited directly into a Bangkok Bank account instead of the bank you’re now using, but you’ll save on fees and get a better exchange rate. You can also transfer money from your existing account to a Bangkok Bank branch in Thailand which is also routed through New York, but will cost a little more to do it that way.
June 3rd, 2009 at 2:53 pm
Check out some federal credit unions near where you live in the US. I have my checks sent to my credit union and I withdraw cash from ATM’s in Thailand and the Philippines without any problem. Best thing is that many credit unions (US) pay for your ATM charges or at least a set amount even overseas!
You could open more than one account that offers the same deal. I can set up automatic transfers of cash to my credit union accounts from my bank or use the internet and make the transfers when that particular CU account runs low.
This has worked fine for me for several years. You might want to increase your limit a little but keep less in the account if you go with a debit card that has high fees. This way you can get more cash at one time and cut down on lots of fees. Then just top that account up with transfers from your main bank. You do have to notify your debit card provider that you will be living overseas.
I have several friends who live in Thailand and get their retirement checks sent to credit unions and withdraw it there using an ATM.. This is okay for day to day and month to month living expenses, if you need big bucks for a condo purchase that is something else. So, shop around now for a CU when it is easy to do it. (I have both MasterCard and Visa affiliations on my CU cards and so far – so good!)
Good luck.