kingofthemountain Posted September 26, 2020 Share Posted September 26, 2020 (edited) 8 hours ago, meechai said: This whole one way Thailand banking system is well...one way & unfair as is many "Thai" things & many folks realize it now. Look at all the Bangkok Banks in the US, London, Tokyo,Korea,Israel etc all one way...allow you to put money in Thailand bank but never withdraw. You are right the best image coming to my mind about Thailand and money is a big vacuum cleaner Edited September 26, 2020 by kingofthemountain 1 1 Link to comment Share on other sites More sharing options...
Johnthplumb Posted September 26, 2020 Share Posted September 26, 2020 12 hours ago, bodga said: did the phone go dead and you hear the sound of running feet half way thru the conversation????? I would have thought the smell of burning rubber, as the car accelerates to the cash point. 1 Link to comment Share on other sites More sharing options...
dabhand Posted September 26, 2020 Share Posted September 26, 2020 2 hours ago, George Aylesham said: 850,000 THB - my deposit is 800,000 THB - has the local Immigration been doing me a favour then? The OP has a Euro deposit and presumably transferred sufficient to cover for possible fx fluctuations when renewing his extension. So having an equivalent balance in excess of Bt800k makes total sense. Link to comment Share on other sites More sharing options...
The Theory Posted September 26, 2020 Share Posted September 26, 2020 (edited) 4 hours ago, George Aylesham said: 850,000 THB - my deposit is 800,000 THB - has the local Immigration been doing me a favour then? As dabhand already mentioned. Edited September 26, 2020 by The Theory Link to comment Share on other sites More sharing options...
Susco Posted September 26, 2020 Share Posted September 26, 2020 On 9/25/2020 at 4:10 PM, Barry864 said: I am seriously thinking about repatriating my equivalent to 850,000 baht deposit standing there idle with no immediate use. I transferred this amount from Europe in euros into a euro foreign currency account in Bangkok Bank Bad Idea Barry, First of all, foreign currency account is not accessible through internet banking or ATM, you can only withdraw money from at a branch, and even then it has to be a main branch, because sub-branches can not access foreign currency accounts. If you want to send back, it can not be done in foreign currency, but it has first to be exchanged to Thai Baht, for which you pay a fee. If the account is in USD, the fee is 0.25% on the total amount, if it is in Euro the fee is 0.5%. There is no limit on that fee. On top of that you will pay a transfer fee, and the receiving bank will have some charges for you Link to comment Share on other sites More sharing options...
Leaver Posted September 26, 2020 Share Posted September 26, 2020 1 hour ago, Susco said: Bad Idea Barry, First of all, foreign currency account is not accessible through internet banking or ATM, you can only withdraw money from at a branch, and even then it has to be a main branch, because sub-branches can not access foreign currency accounts. If you want to send back, it can not be done in foreign currency, but it has first to be exchanged to Thai Baht, for which you pay a fee. If the account is in USD, the fee is 0.25% on the total amount, if it is in Euro the fee is 0.5%. There is no limit on that fee. On top of that you will pay a transfer fee, and the receiving bank will have some charges for you Paying fees is better than paying for a "bail in" or losing access to your funds, or worse still, losing the lot. Transfer it while it's still yours to transfer. It can always be transferred back to Thailand in safer times. Link to comment Share on other sites More sharing options...
A512 Posted September 27, 2020 Share Posted September 27, 2020 can you make payments using your internet banking, I have probably the same account as yours and I am able to do. If Yes, then buy bitcoins or any other cryptocurrency, bitcoin cash by the way has very low fees, close to 0.05% This is really is your best option and you can always say you lost everything gambling ???? Link to comment Share on other sites More sharing options...
Susco Posted September 27, 2020 Share Posted September 27, 2020 55 minutes ago, A512 said: can you make payments using your internet banking, I have probably the same account as yours and I am able to do. If Yes, then buy bitcoins or any other cryptocurrency, bitcoin cash by the way has very low fees, close to 0.05% This is really is your best option and you can always say you lost everything gambling ???? Internet banking works only for accounts in Thai Baht. OP has a foreign currency account. Link to comment Share on other sites More sharing options...
micmichd Posted September 27, 2020 Share Posted September 27, 2020 8 minutes ago, Susco said: Internet banking works only for accounts in Thai Baht. OP has a foreign currency account. That's bad. He should have a Thai Baht account like I do. Whether SWIFT or SEPA in the West, you can use either now from Bangkok Bank. Link to comment Share on other sites More sharing options...
Susco Posted September 27, 2020 Share Posted September 27, 2020 6 minutes ago, micmichd said: That's bad. He should have a Thai Baht account like I do. Whether SWIFT or SEPA in the West, you can use either now from Bangkok Bank. It is not bad, a foreign currency account has its advantages. The money stays in the foreign currency, so you can exchange when the exchange rate is good. You can withdraw in foreign currency as well as in Thai Baht. If withdraw in foreign currency you pay a 1% fee. Thai Baht has no fee My understanding is that a foreign currency account stays in a " free trade zone", so it only is in the official Thai banking system after you exchanged to Thb. Immigration accept it for the retirement extensions, and certain currencies also earn interest. Link to comment Share on other sites More sharing options...
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