# Managing banking



## Wishingtostart (Jul 4, 2014)

I'm curious how I should manage my banking between a US bank and a Thai bank? I plan to be on a retirement visa within a year or so and am not sure the most cost affective way to transfer US dollars into Thai Baht on a regular basis. I understand I'll need to keep roughly 80,000 Baht in a Thai bank. The part that I don't know is how to minimize exchange fees when converting a couple thousand US dollars per month into Thai Baht in order to live /pay bills etc. I bank with USAA but haven't phoned them yet. Was hoping to get an expat/customer perspective from here first. Much thanks!


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## Mweiga (Sep 24, 2010)

Wishingtostart said:


> I'm curious how I should manage my banking between a US bank and a Thai bank? I plan to be on a retirement visa within a year or so and am not sure the most cost affective way to transfer US dollars into Thai Baht on a regular basis. I understand I'll need to keep roughly 80,000 Baht in a Thai bank. The part that I don't know is how to minimize exchange fees when converting a couple thousand US dollars per month into Thai Baht in order to live /pay bills etc. I bank with USAA but haven't phoned them yet. Was hoping to get an expat/customer perspective from here first. Much thanks!


Probably a US citizen living here can offer good advice on US bank to Thai bank transfers , but my own experience with moving money to my Thai bank account from outside over the past ten years is the process is quick and simple - just a phonecall to my bank , with the usual security checks , and the money is in my Thai account two to three days later , with minimal charges (around 15 pounds = $23 per transfer).

The "roughly 80,000 Baht" balance you mention I think refers to the minimum balance required in your Thai account to qualify for the one year non-immigrant visa ("retirement visa"). You've missed out one zero - it's 800,000 baht minimum credit balance on your account two months before you make the initial visa application , and three months before you apply for annual extensions. An alternative to this is to prove a minimum monthly income of 65,000 baht - usually done with a letter from your embassy.


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## Wayward Wind (Aug 28, 2011)

I keep my money is my US bank in DC, have my pensions sent there via direct deposit, and then just use ATMs here to draw out as I need. 180 THB for each withdrawal, PNC bank reimburses those charges.

Correct info for a retirement extension - either:

1. Income from home country (pensions, etc) in excess of 800,000 THB per year, shown on an income affidavit notarized by the US Consulate here, *OR* As of now, the US Embassy does not require proof of the income, but it is safer to have such proof available if Immigration asks for it when you apply. Some provincial offices do, others don't.

2. 800,000 (not 80,000) deposited into a Thai bank (I use Bangkok Bank) for at least 60 days prior to the first application, and 60 days prior to any subsequent application. Proof is a bank book updated on the day before you file your application, and a letter from bank verifying the deposit - agin obtained the day before you apply. The funds do not have to remain in the account after the extension is approved, but must be replenished at least 60 days prior to the next application for an extension,* OR*

3. A combination of home country income and deposit in a Thai bank exceeding 800,000 THB. If this method is used, there is no "seeding" requirement for the bank deposit; however, you still need the updated bank book and the bank letter as described above.


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## Wishingtostart (Jul 4, 2014)

Thank you for the informative replies. Nice to know it seems fairly uncomplicated...I mistyped the 800,000 Baht. Yes, I understand....roughly $22,270 on deposit. I've been saving and planning for retirement, so I should be in pretty good shape. Based on replies here it may make sense to manage either with wire transfers (2-3 days), or ATM withdrawals. I think for my ease, I may do a wire transfer US bank to Thai bank once per month and then use Thai bank ATM card for my day-to-day spending. Nice to know this sounds easy enough to manage. Thank you very much for the info.


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## Wayward Wind (Aug 28, 2011)

Wishingtostart said:


> Thank you for the informative replies. Nice to know it seems fairly uncomplicated...I mistyped the 800,000 Baht. Yes, I understand....roughly $22,270 on deposit. I've been saving and planning for retirement, so I should be in pretty good shape. Based on replies here it may make sense to manage either with wire transfers (2-3 days), or ATM withdrawals. I think for my ease, I may do a wire transfer US bank to Thai bank once per month and then use Thai bank ATM card for my day-to-day spending. Nice to know this sounds easy enough to manage. Thank you very much for the info.


Bangkok Back maintains an office in New York which can receive incoming wire transfers from other banks in the US; your bank transfers to New York, and the funds show up in your account here. Cheaper than an international wire transfer.

Transfer money from USA to Thailand


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## Wishingtostart (Jul 4, 2014)

Wayward Wind said:


> Bangkok Back maintains an office in New York which can receive incoming wire transfers from other banks in the US; your bank transfers to New York, and the funds show up in your account here. Cheaper than an international wire transfer.
> 
> Transfer money from USA to Thailand


Thanks for the great info. Seems like using Bangkok Bank for my Thai bank when it comes time may be a great option---makes a lot of sense to use a Thai bank that has a US operation. Appreciate your help


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