Susco
-
Posts
4639 -
Joined
-
Last visited
Content Type
Profiles
Forums
Downloads
Posts posted by Susco
-
-
4 minutes ago, GrandPapillon said:
discussed here previously with a lot of shared experienced with others here, I think there was a link posted from the BoT
The official limit is 2M THB in FX, but I got blocked several times by the BoT for small transfers of 30K USD, so went to 20K instead and no problem. Others mentioned 50K USD which seems reasonable, it can be a bit hit and miss depending on the staff at the BoT, and the pattern of transfers. If too many 50K transfers over a few months, they could start blocking and seizing the money until justification are provided.
It's not unusual, it's part of global AML tracking regulations, actually the BoT is pretty flexible about it, the paperwork to fill then was easy, but that might have changed because I know everywhere else, they are starting to ask a lot of questions.
This is particularly true for some of us who work "offshore" and get paid "offshore" for our services.
I just called Kasikorn bank, and they said there is no limit, though amount above the equivalent of 50K USD, they will have to verify with the customer what the purpose of the transfer. Proof of retirement visa and address in Thailand would suffice. They also say that not all transfers get asked for extra documentation
-
14 minutes ago, GrandPapillon said:
the 300K transfer using SWIFT, will be blocked and seized by the BoT and he will need to fill some AML form to prove the source of funds etc... this might be why the OP was looking for cryptos
Where did you get that info from? A source would be appreciated.
I recall there is a limit, but I think it's much higher than that.
-
- Popular Post
3 minutes ago, robblok said:Now that should the people up in the other topic who said that it was all talk. Probably because France has outdone their country. Well done France good for looking after your own.
I doubt its feasible for my country not enough Dutch people around.
The less people, the easier to accomplish, IMO.
What the French have proven is that it IS possible for embassies to vaccinate their citizens in Thailand, but other embassies rather give poor excuses than care about their citizens.
-
27
-
3
-
33 minutes ago, Eindhoven said:
Another thing you need to watch is from whence the phone comes. If it's a grey import you might have difficulties.
So how do I know if it is a grey import?
I stated already that I never bought a phone from Tukcom, but I know which stalls are long standing, and I don't give those in the middle of the floor any consideration
-
1 minute ago, Eindhoven said:
If you want a phone with guaranteed NFC, buy the POCO X3 NFC:https://www.lazada.co.th/products/0-poco-x3-nfc-ram-6gb-rom-64128gb-667-fhd-sd-732g-5160-mah-4-64mp-i1620308672-s4447784481.html
I doubt I can buy one that is out of stock ????, but that is one of the phones I had in mind, and is available at 300 Baht less than your link on Lazada, and 500 baht less at Tukcom.
On top of that, at Tukcom I get 1500 Baht trade in on my current phone, which otherwise would only be in a drawer collecting dust.
But which phone to choose not the topic of this thread, which is if someone has first-hand knowledge that brand-new phones at Tuckcom are without doubt knock-offs
-
So far I only see posts based on rumors and hearsay, not s ingle one that has come with facts.
-
On 6/25/2021 at 10:44 PM, champers said:
Long weekend in a week.
If foreign tourists are free to visit anywhere in Thailand after 14 days in Phuket, who is to say they will not come to Pattaya. If coming direct to Pattaya now it is 14 days stuck in an ASQ hotel, go to Phuket for 2 weeks instead and you can go anywhere on the island during that time.
Covid could put the kibosh on it all, of course.
The long weekend is in a week, as you say, so how will any of the sandbox tourists be able to come to Pattaya, as that only start end of the week?
-
18 hours ago, jacko45k said:
Heaven knows where the optimism is stemming from, new infection numbers isn't behind it. Likely just the fact vaccinations are occurring in Bangkok and people will travel from there.
The Czar has said he will open up.
New infections and deaths will
decreasenot be reported any more, to make it happen-
1
-
-
3 minutes ago, Heng said:
Crypto being involved in the transaction of course doesn't mean it's going to suddenly become a 'magically cheap transaction.' It's economical if you're holding a particular crypto and want to pay or receive funds in the same crypto in the same way.
But that is just the thing, I don't want to hold crypto, because it is too volatile.
If I want to speculate, I have other options in which I believe more.
What I want now is move my money from Belgium to Thailand, in the most economical way, but from what I read here is that crypto is not the option for that.
-
35 minutes ago, Masterton said:
If you want to avoid trying to set up a crypto exchange account in Thailand and avoid all that red tape, have a look at the cryptobaht.io website. You can transfer bitcoin to them and they will put the equivalent THB in to your Thai bank account almost instantly. If you decide to go this route, I would recommend messaging their support first because they may be able to offer you some better options. They are quite helpful and offer a good service.
Can you also give an indication what the cost would be for that service.
If I today would send it by SWIFT to Kasikorn, I would get an exchange rate of 37.36 Baht per Euro, minus the SWIFT costs, which are a few thousand baht as far as I recall, so on let's say 100K Euro they are less than 10 satang per Euro
So going the route you suggest, what do you estimate would be the end result if I did it today?
I don't need any papers or whatever, as I don't buy anything. I'm in Thailand for almost 30 years, address registered on the Embassy, and have no intention to move back ever.
The bank where I have my accounts, will end them on 5 August, and even moving them to a new account is a waste of time and money, because interests in Belgium are 0.11% if you don't touch the money for 12 months.
-
On 6/25/2021 at 11:58 AM, Sametboy2019 said:
Have had a H96 pro+ for 3 years and came with Netflix installed.
H96 pro+ is not Netflix certified, so the Netflix app installed on it is a modded old version, which supports on 480p resolution.
The Allwinner H616 processor, however it reads in the spec that it supports 6K decoding, it can't even handle 4K.
Yes it is cheap, a cheap piece of c*ap.
-
1
-
-
-
1 hour ago, fdsa said:
the best (cheapest, safest) way is to do a usual SWIFT transfer.
dealing with the cryptocurrency exchanges you will lose a huge amount on fees - up to 15% - so I would do this as the very last resort, only if I needed to quickly withdraw my money from the collapsing bank or country.
If you decide to go this way there are two options:
- the quick but somewhat complex method, and not very reliable in terms of customer protection (you might get scammed):
contact any reputable seller on localbitcoins.com / localcryptos.com from Belgium / SEPA zone, and ask for a private deal, e.g. 6x 50000 EUR transfers (as usually they set low trade limits, about 1-5k EUR), then contact another reputable seller from Thailand and ask for a similar deal - e.g. 5x 2mil THB transfers. After you came to agreement with both - buy Bitcoins/Litecoins/Ethereums from the first one and immediately sell them to the second one.
- the slow but less complex method, reliable in terms of customer protection but no guarantees that you will be able to withdraw THB (anti-money-laundering BS, etc):
use a stablecoin such as USDT/USDC to not lose much on exchange rate fluctuations. You need to register on some crypto exchange that allows buying USDT/USDC directly with EUR or USD, for example Kraken or Bitfinex. After all the verifications which may take a few weeks make a bank transfer to the chosen cryptocurrency and buy USDT/USDC. Then register on a local cryptocurrency in Thailand and pass all verifications. After your account is ready - withdraw the USDT/USDC from the first exchange to the local Thailand exchange and sell them for THB (and this is where the AML BS comes up, as Thailand might consider this as a money laundering. You could try to buy Bitcoins/Litecoins/Ethereums on the first exchange and then sell them to the local Thai buyer from localbitcoins.com/localcryptos.com)
Thanks for taking the time to write this detailed explanation.
As I said in the OP, I have no idea how crypto works, and reading your and other replies, I have now abandoned this route, as it is clear to me that crypto is not what the fanboys want us to believe.
I had that feeling long time already, and that is also the reason why I never got involved with it, and you just confirmed that I was right.
Crypto is not a way to make cheap, quick transfers, what the fanboys always shout from their soap box. Blockchain probably is, but crypto definitely not.
I'm getting at the end of my ideas about how to get my money here, the only way I now can think about is foreigners living in Thailand, who want to repatriate Thai baht back to a country in the SEPA zone.
But again, I have no idea how to find these people, as they don't advertise on the 7/11 ad boards.
-
1
-
-
14 minutes ago, phetphet said:
Just a thought. Have to tried opening a new Wise account? Might be worth a try. Also sending funds it in smaller amounts might raise less hackles.
HTH
I did, actually a few times, because the inquiry and closure of my Transferwise account happened more than a year ago.
The new accounts, which I made with different email and pseudonym, last 1 transaction.
Then about 2 months ago, I opened a new account with my real name but different email account, send them all the verification needs like copy of passport etc, made 1 small transfer within Europe. Next time I tried to login the account was deactivated.
I emailed them the other day, with the question why they closed my account ( the last one), and they only answered, we decided not to reactivate it.
The next day they send me a customer satisfactory survey to fill in. haha
-
1
-
-
5 minutes ago, phetphet said:
The banks and fin tech companies are very scared of upsetting the authorities and being accused of money laundering. They will close accounts over the slightest thing and not give any reason.
Exactly. This is the lame excuse CurrencyAffair gave me for closing my account instantly, after I had inquired how to handle a large transfer.
Please note that it does not matter what nationality you are. We can send the funds from Belgium to Thailand but we do not have appropriate license to operate in Thailand. As we have licenses restrictions, we had to close your account until you will return to Belgium or reside in any other country we can accept the registrations from.
I can't make any sense of it, but I asked them that if I traveled to Belgium and started my registration form there, if that would be OK for them then. They didn'tr answer any more.
-
5 minutes ago, phetphet said:
Firstly. providing the money has good provenance in France, why can't you just tell your French bank to transfer to you here in Thailand. Make sure they send it as Euros, and you will receive in your Thai account as THB.
My bank is Belgian, not French, and why I can't use my bank or Wise or CurrencyAffair is covered in this thread.
Oh and I had a look at that monito link long time ago, and I don't know what horse they have in the race, but it is very inaccurate. They for example claim that Azimo gives the best rates, but in reality their rates are far worse than Swift, and they are a rip off. Run by Paypal executives.
-
I have such a feeling from the responses so far, that my consideration was a bad idea.
From the other thread of mine, it looks as if my money will stay in Europe, as i have no options to transfer in a more normal way.
Next option will be to find people who want to move their funds in Thailand back to Europe, but I guess that will also not easy.
-
10 minutes ago, GrandPapillon said:
why would you want to do that instead of a simple wire transfer?
Because of this.
-
1
-
-
3 minutes ago, jumbo said:
If you move your crypto between two exchanges, with a hard wallet for example or transfer, that could be done in seconds and would not change the value of the crypto.
There will always be a difference in value, the way I understand it, because I buy in Euros and withdraw in Thai baht.
4 minutes ago, jumbo said:The Thai exchange will have daily withdraw limits, you must find out and increase the limit for 300K Euro and they will not accept all crypto's...
What will be the average limit?
So no costs involved at all? I read that it depends on the seller, and probably as well on the buyer, how much you pay or get for your crypto's. So I assume you will always lose between buy and sell. Not so?
-
Let me first point out, just in case you were not aware of that yet, that I'm not a crypto fanboy, neither are interested in investing in crypto, and as such I know nothing - Nada - Zilch about crypto currencies. But it might be useful this time.
So if wanted to transfer Euro from my bank account in Belgium to Thailand, and withdraw it here in cash, how easy and quick would that be for an amount of 300.000 Euro?
Considering that the crypto I choose would not change in value, I know this is not possible, but I try to get an idea about the real cost involved, how much would the transaction for such an amount cost?
Would it be possible to transfer that amount in one go, or would it involve multiple transactions?
How easy would it be to exchange for cash in Thailand?
How much time would it take from when I transfer money from my bank to the crypto seller, and that I withdraw the cash here in Thailand.
Will there be questions asked for this amount?
I know, a lot of questions, and most likley I even forget the most important ones, but I would like to hear your answers.
In short, how viable is it to transfer that amount of money to Thailand, and withdraw it there in cash?
I should add, how much will I lose in exchange rate compared to make the transfer using SWIFT?
-
35 minutes ago, Yellowtail said:
You may want to consider opening a (I assume) Euro account with a Thai bank. You could avoid losing anything to the exchange, and you can con maintain Euro in a Thai account as a hedge against the Baht.
That is the funny thing about the whole situation.
In 2015 I opened a Euro account with Kasikorn, and sent the lot over. 1 Euro was 39.xx Baht and rising at that time, and my intention was that when it went over 40, I would exchange it.
It never went to 40, it only went downwards, and in 2019 the exchange rate was 33.60. Since a Euro account doesn't pay interest, I decided to send the lot back.
Worst decision I could have made.
-
- Popular Post
- Popular Post
1 hour ago, BritManToo said:Photograph the open box before sealing.
Send them the photo when you post.
So after you have taken the picture, and before you close the box, you can't remove or replace the content?
-
3
-
1
-
2 minutes ago, Yellowtail said:
Can you not have your bank close your account and send you a check?
Can a bank that does not process international transfers, write a check that can be cashed in Thailand?
How much would I lose in exchange rate and processing cots, compared to a swift transfer?
-
3 minutes ago, Yellowtail said:
That blows. So you will be stuck with no banking in your home county?
You may just have to bite the bullet and do multiple transfers with TW or some-such.
If it's a checking account you could write and deposit a check.
When they close the account they will send you a check yes? You could deposit that.
You have missed that Wise has blocked my account right after I asked for the procedure how to transfer a large amount, and so did Currencyfair.
If I don't have a new account, my current bank just blocks the accounts on August 5. I have found another online bank which I can open an account from Thailand, but I actually are not much interested in having my money still stuck in banks at 0.1% interest.
I have such a feeling that if I move my funds to that new bank, and then want to transfer to Thailand, that all alarm bells will start ringing, since the money is in the account only for a short while.
Transfer money international using crypto
in Cryptocurrency News
Posted
Please don't try to turn this thread in a discussion of illegal practices, I have from the start of the thread, and in a related thread as well, clearly explained where the money comes from and why I want to transfer.
Nothing illegal involved.