Dear readers,
I have a question for our banking experts. It's about my income… My former employer uses the SEPA system. Now, as everyone knows, it always costs time and money to make a transfer to a Thai bank.
Recently I spoke with an English neighbor who has his pension transferred to the Bangkok Bank branch in London (in British Pounds) and this money is then transferred to his Bangkok Bank account here in Thailand for a small fee.
I have already looked for a possibility to do this, but then my Euros have to be converted into Pounds or Baht and that entails unnecessary extra costs.
I have already searched a lot for alternatives on the internet.
So what I'm looking for is a bank in Europe, which has a branch in Thailand, where I can open an account that can also be used in Europe, just like the Bangkok Bank does.
Whether it is a Thai bank with a branch in Europe or vice versa, a European one in Thailand.
The condition is that this bank in Europe works with the SEPA system (that's what my former employer wants) and that you can then automatically receive the money on your account in Thailand.
Does anyone have advice or tips? I haven't found anything concrete so far. Thank you in advance!
Regards,
Sjaak
City bank is everywhere, looks like weeds.
Hi Jack,
The following banks have a branch in Thailand.
GDP Parisbas
City bank
Deutsche Bank
And also HSBC and Royal Bank of Scotland.
You should then check whether they have a branch near you in Thailand and in Europe, so that you can open accounts there. And also what costs they charge for an “internal” international transfer.
I use transferwise myself.
regards,
Khan Tom
Be careful Sjaak because then you have to open a 'foreign exchange account' with your bank in TH and if it receives your euros, at least 1% will be deducted from that! Please inquire first.
(And SEPA is for Europe not for the rest of the world but you already knew that)
My experience is that the ABNAMRO gives you the best rate if you transfer baht from NL and charge low costs. ABN has a 'currency market' page where you can calculate the exchange rate. Then you are also immediately rid of that 1%. And especially transfer larger amounts that saves costs. And I advise you not to look for 'exotic' solutions because, for example, maintaining an account in LON also costs money!
It is also very important that you provide the exact transfer details from your Thai bank to your bank in NL, because a small mistake can cause problems. So please ask for precise instructions in Th and in NL!
And as far as the exchange rate and costs are concerned, you can of course find that out yourself on the internet.
So work through.
regards,
I did a free trial transfer with Transferwise and it went quickly. 3 days. Money went from a Dutch bank to a German bank and from there directly to Thailand. Apparently it is possible to transfer to Thailand through a German bank without costs. How?
A German bank account can be opened via the internet if you have your identity papers verified via a bank in France in my case and perhaps also in Thailand. Perhaps interesting to find out this route by someone who has the time.
Connected,
Evert
ABN-AMRO has a branch in Bangkok:
Head Office
ABN AMRO Bank NV
1-4 fl., Bangkok City Tower 179/3 South Sathorn Road Bangkok 10120
Phone:+ 66 2 679 5900
Fax: +66 2 679 5901/2
Swift Code: ABNATHBK
but I think it's purely business there, for companies and investors and stuff, but you can always ask.
it looks like they also work there with the SWIFT code and not with SEPA.
ABM AMRO in Bangkok has not existed for years. After the takeover about 10 years ago, this is now the office of the Royal Bank of Scotland.
UOB Bank Thailand has branches in Paris and London
CIMB Thailand has branch in London
Shouldn't it be possible to walk the same path as your neighbor.
The employer deposits into the Bangkok bank in London etc…………..
Or am I thinking too simple?
greeting.
The problem is simply the first step. My old employer is a large company and only transfers money within the SEPA process due to cost savings. That the bank then forwards the money in baht or Euro is ultimately my choice. Bangkok Bank in London works with Pounds or Thai baht. The exchange rate costs are therefore unnecessarily high.
Citibank requires a minimum amount of 100.000 baht in the account. I just don't have it right now. Transferwise works with SEPA within Europe and also receives the money that way. So that is already within the possibilities. I will explore the other alternatives later. Thanks in advance for the tips… I've become wiser again.
Sjaak, why not an account in NL, eg ING, the Sepa problem is solved.
The problem is that you have to be in NL for simple and direct opening.
Read that it is possible to do this from Thailand, then you need a notary or lawyer in Thailand for identification and the documents regarding. the request by fax.
There you can transfer your pension in euros and then in euros itself via the internet, if possible eg once a quarter, to a bank account in Thailand, eg Bangkok Bank.
You can have a card that you can use internationally at both Ing and BkB.
Ing charges 0,1% for a transfer with a minimum of 6 euros and a maximum of 50 euros, Bangkok Bank charges 0,25% with a minimum of 200 and a maximum of 500 baht.
Transfer SHA=shared; works fast, few days and well.
Success.
Nico B
Paypal also works with SEPA
The road you want to go simply cannot do without the normal bank costs.
For example, what CAN be done in the USA is that the money (eg pensions, from the US govmt.) is deposited into a USA account of the BangkokBank (or any Thai bank that is located there) and then transferred to that bank within that bank. the holder's private account is passed through at Thai bank charges.
So you have to ask a new (think!) different question.
For example, ING had a major interest in the TMB some time ago, but the route proposed here really did not work at the time.
Do not agree with what Nico B. claims on February 12.
Two years ago I opened an account with a Dutch bank from Thailand.
The bank's condition was that the embassy verified the application, which it did.
Dear Willem, I'm glad you were able to open an account with a Dutch bank in this way.
That does not mean that another bank does not apply other criteria.
Each bank determines itself which procedure to follow to open an account from Thailand, there are no fixed legal rules for this, some banks do not do that at all. There are people who claim to have opened an account using the method I described. Fine, if it works.
Nico B
I don't get the whole story. First of all, a money transfer from NL to TH has nothing to do with SEPA. Sepa arranges payment transactions between banks in and within Europe. And is therefore not about transferring money to countries outside Europe.
In 2nd place, transferring money from a NL ban to a bank in TH is impossible for free and free of charge. Almost everyone has their own experiences, however: I transfer money with ING to BKB, and I use the BEN option. I will then pay a minimum of costs. NicoB has that experience when he steps up option SHA. Which indicates that everyone has to figure out their own best outcome. Especially in TH, banks can be fickle, although in NL they turn out to be just as stubborn in character, sometimes.
In 3rd place, questioner Sjaak has to deal with a third country, but he has to explain that himself.
Although I think I have written clearly, I will explain it step by step again clearly and start with the Banking Bank London premise.
Just like me, a neighbor has an account here in Thailand with the Bangkok Bank.
This bank has a branch in London.
The man lives in Thailand just like me and is no longer registered in his country.
His pension is transferred to that branch and is automatically transferred internally to his account to Thailand for a fee of approximately 500 baht.
However, this only works with Pound or Thai baht and is therefore not interesting.
If there is a sector in Europe that works with euros, then that is the appropriate bank.
In Europe, SEPA is an agreement within Europe to simplify mutual payment transactions in a cost-saving manner. Companies also use it. My old employer also and he transfers the salaries within Europe to the various bank accounts. Likewise on my account.
However, because I live in Thailand it costs me not only money, but also time to get my venture.
So I simply look for a bank that uses AND SEPA AND has a branch in Thailand, so that my money can be transferred directly through that bank at a lower cost.
Just like with the Bangkok Bank. Several useful answers have already been given.