International transfers (American Bank to Thai Bank)

[mike_asia 1]

Which account type refunds the next business day?

[MM 6,562]

Which account type refunds the next business day?

I have a Schwab One account. I don't know their other account types.

[js007 795]

I have a Schwab One account. I don't know their other account types.

 

I'm not sure, but I think they also have a bank. So, you could probably have a stand alone checking or savings account.

[MM 6,562]

 

I'm not sure, but I think they also have a bank. So, you could probably have a stand alone checking or savings account.

I think that's what my friend has..a banking account. My account is with the brokerage. It has check writing, debit cards, etc, but is definitely not with their bank.

[js007 795]

I just looked at the Schwab site and here's what they say about their checking account:

 

 

What are the fees and minimums?

• Monthly service fees: $0
• Account minimum: $0

What do I get with this account?

• Unlimited fee rebates from any ATM worldwide¹
• A 0.06% APY variable interest rate on any balance²
• Free bill pay on Schwab.com and Schwab Mobile
• Apply for Schwab Mobile Deposit™ to deposit checks from anywhere
• Free standard checks and a Visa® Platinum debit card once the account has been funded.
• FDIC insurance up to $250,000³
• A linked Schwab One® brokerage account
• Link to Apple Pay™ to make purchases with your iPhone® 6 or iPhone 6 Plus

 

It looks like you can link to a Schwab One brokerage account, but I suppose you wouldn't have to use it.

[mike_asia 1]

Thanks for the info. Seems like Schwab is the way to go for beer money transfers.

Edited December 14, 2015 by mike_asia

[MM 6,562]

K-Bank ATM transaction with the SCHWAB card had 35.95 baht per dollar.

 

Edit: that was 12th of December and the exchange booth was giving 35.64 to the dollar.

Does it matter which bank's ATM you use when using the Schwab debit card? If so, then a quick consultation of this link http://bankexchangerates.daytodaydata.net/default.aspxfor USD to THB (TT) might be useful.

 

Right now it shows that Krung Thai bank is giving a lovely 36 THB per USD.

 

[DP Gumbypgh 97]

Off topic a little. Can any Canadians confirm whether or not ACH transfers are available for Canadian banks and if so which ones.

[nkped 1,208]

For future reference, made an ACH transfer from my US bank to Bangkok Bangkok on April 11. My access to phone/internet was intermittent most of last week and I was a bit concerned when I saw it had not posted to my Bangkok Bank account by Friday. Then I checked and saw there was bank holidays April 13-15. I was quite happy to see the message this morning that the transfer had posted. Glad I did not have a pressing need for the money.

[Gary 4,119]

My long time accountant and Kalifornia retirement fund manager hung it up and disappeared. My retirement account is with LPL Financial. I had to find another representative for LPL. I was surprised to find one in my old home town. The change was easily made. A lucky thing was that this guy is the son of the accountant that I used in Ohio when I was in business. I asked him if he could do my taxes and he told me that he could not but his brother was an accountant who would be happy to do that job. The accountant needed my Thai bank account details and the amount of money in the account. The FBAR filing is still needed if you have more than $10,000 in the Thai account. I have not received a bill from him yet but I'm sure it will be expensive at least this first time. In any case, being that I am here in Thailand, I consider myself lucky to have found another US accountant.

 

I am still using Citibank for my US bank account. I have no love for Citibank but I have given up trying to find a new bank. There are always problems that cannot meet my needs. Either I need a US address or the biggest problem is that other banks will not allow me to make wire transfers completely online. I don't need to send faxes or make phone calls to transfer funds.

 

I think the US government has pissed off the Thai banks to the extent that they don't want the business of US expats. I tried to open another account at the local Kasikorn branch and when they saw I was a US expat, they told me they didn't want my business. I wanted to see if Kasikorn paid interest on savings accounts. Siam Commercial no longer pays US expats any interest. I was pissed off at the bank but when I thought about it, I don't blame the Thai banks. They simply don't want to put up with the US government bullshit.

[JONPAT 222]

When I knew that I would be retiring in Thailand, I notified Scottrade for an address change. They immediately told me that I couldn't have a Scottrade account without a US residence. It was a poor time to get out of the market but I sold out. It ended up being a nightmare. I found an accountant who also represents LPL. I hired him to take care of my 401K account and to do my tax returns from over here. Scottrade caused me a lot of problems and the IRS told me I owed more than $10,000 in taxes. Scottrade was absolutely no help but my accountant finally got everything straightened out. He did notify me last year that if I had more than $10,000 in a Thai bank, that this year we would have to declare it. If he has any questions, he asks me for the answers, other than that we have very little dealings.

 

I usually get a refund every year that is several times more than what he charges me. I file a joint return.

SCOTTRADE has done the same to me. Close my account regular account and my ROTH. I have 60 days to move the money/stocks somewhere else. I thought I did maintain a USA residence, Illinois thinks so: the State of Illinois taxes my residence, I pay income tax to Illinois, I am registered to vote, have a driving license, pay for a car plate, have an address. Scottrade says I travel outside the USA too much. I've been with them since the mid 1990s. What a bunch of zealots or there is someone upset I come to Thailand 8 months a year for therapeutic sex. Do NOT do business with Scottrade or TD Ameritrade is my advice.

[js007 795]

SCOTTRADE has done the same to me. Close my account regular account and my ROTH. I have 60 days to move the money/stocks somewhere else. I thought I did maintain a USA residence, Illinois thinks so: the State of Illinois taxes my residence, I pay income tax to Illinois, I am registered to vote, have a driving license, pay for a car plate, have an address. Scottrade says I travel outside the USA too much. I've been with them since the mid 1990s. What a bunch of zealots or there is someone upset I come to Thailand 8 months a year for therapeutic sex. Do NOT do business with Scottrade or TD Ameritrade is my advice.

 

 

If you have an address in Illinois, pay taxes, etc., how does Scottrade even know you spend a lot of time in Thailand? That would be a pain in the ass, having to close all your US accounts. What's the alternative? Hong Kong? Singapore? KL?

[JONPAT 222]

 

 

If you have an address in Illinois, pay taxes, etc., how does Scottrade even know you spend a lot of time in Thailand? That would be a pain in the ass, having to close all your US accounts. What's the alternative? Hong Kong? Singapore? KL?

Scottrade rule for having an account is that you have a domestic phone number which they can contact you. They tried to contact my number and it has been disconnected. I told them I didn't have a domestic phone because I was on an extended vacation overseas. So , guess I told them. So now I have 58 days to liquidate the account and find another stock company that doesn't have their rules for an account.

 

Any one have an overseas stock broker account like Schwab or TD Ameritrade or Merril Lynch ?

[js007 795]

Scottrade rule for having an account is that you have a domestic phone number which they can contact you. They tried to contact my number and it has been disconnected. I told them I didn't have a domestic phone because I was on an extended vacation overseas. So , guess I told them. So now I have 58 days to liquidate the account and find another stock company that doesn't have their rules for an account.

 

Any one have an overseas stock broker account like Schwab or TD Ameritrade or Merril Lynch ?

 

 

Some of the places like Hong Kong, Singapore, and Kuala Lumpur, perhaps, deal with an international clientele on a daily basis. I looked into it one time, but that was years ago and I never followed through. You could probably open a brokerage account and bank account in one of those places. As for having a US phone number? Skype, or Google Voice? Again, I haven't looked into it much, although I do have a Google Voice number that is ported to my cell phone number in the US, but I'm not sure what happens if I shut down my US cell phone service. Keeping the US line operational would cost me at least $50 a month.

Edited October 17, 2017 by js007

[forcebwithu 4,856]

Scottrade rule for having an account is that you have a domestic phone number which they can contact you. They tried to contact my number and it has been disconnected. I told them I didn't have a domestic phone because I was on an extended vacation overseas. So , guess I told them. So now I have 58 days to liquidate the account and find another stock company that doesn't have their rules for an account.

 

Any one have an overseas stock broker account like Schwab or TD Ameritrade or Merril Lynch ?

 

Just had a look at Scottrade's residency requirement and the only thing I see that you ran afoul of was the requirement for a US phone number. Easily rectified as js007 posted using Skype In or Google Voice. Suggest getting one set up and registering it with Scottrade. They would then have no reason to require you to liquidate your account. If they still insist you can not maintain an account with them, then start taking names and let them know you'll be filing a complaint with the SEC.