The team at Thai Kru is ready to help you. Contact Numfhon or Ericson to get help now.
Numfhon
Ericson
The original case presents a scenario where an individual, who holds investment funds in the USA, is looking to transfer money to Thailand from time to time. The main considerations for this individual are the reliability of Thai banks, the fees involved in the transfer, and the best USA and Thailand banks to use for this purpose.
According to Baan Smile, the simplest solution for international money transfers would be to use the US bank where the funds are held and the Thai bank where the individual has an account, provided both institutions have a SWIFT code. However, they caution that some US banks might require an in-person visit for large overseas transactions to prevent fraud, so it's crucial to keep the local branch manager informed.
For transferring money to Thai banks from US banks, Baan Smile recommends using Wise, or a similar money exchange transfer service. This option minimizes fees and rate conversion costs, although there will still be 'acceptance' fees charged by the Thai bank. They suggest having accounts with two or three Thai banks as a contingency plan due to Thai banks' provincial operation nature and their differing reliability compared to Western banks.
Baan Smile recommends Bangkok Bank, Kasikorn Bank, and Siam Commercial Bank for receiving transfers from Wise. However, they note that Siam Commercial Bank has more fees and charges. An important tip given is to open an account at the largest branch of the chosen bank(s) in the province where the individual plans to live. This is due to the provincial-based operation of Thai banks, which could require dealing with issues at the branch where the account was opened.
Lastly, they warn against keeping large amounts of money in Thai banks due to a reduction in government protection for bank deposits. The Thai government only guarantees 1 million Baht per customer in each bank, a decrease from the previous 15 million.
In conclusion, Baan Smile can provide valuable guidance for individuals planning to transfer funds from the USA to Thailand. Their extensive knowledge of Thai banking operations and international money transfer options can help individuals navigate these processes smoothly and efficiently. Baan Smile's expertise can ensure that their clients make informed decisions about which banks to use and how best to transfer their funds.
"Very friendly, professional and helpful. Made everything about getting my retirement visa fast and easy. Would definitely recommend Thai Kru for all your banking and immigration needs. Thank you Numfhon and the team."
"I just want to share with others whom are considering using them, that Thai Kru is an excellent service. They helped me with my STV visa. They helped me every step of the way. This was during a time where it was quite complex getting any visa in Thailand. During the application process, they were excellent especially regarding answering emails quickly and clearly. If there were any issues regarding the requirements I provided, they would inform me and help correct the issue. They had what seemed to be a perfectionist approach. It was very comforting. Everything went really well and it was hassle free. I also had them help me with my subsequent 90 day extension/report. That also went very well and hassle free. There’s no way I could have managed doing all of these processes on my own this smoothly. I’m very grateful and I continue to use there service till this day for my visa purposes in Thailand. I highly recommend them."
"Recommend this company, they are very helpful!"
The team at Thai Kru is ready to help you. Contact Numfhon or Ericson to get help now.
Numfhon
Ericson
