If I transfer US dollars

[chippendalesam 37]

into a Thai(Bangkok Bank) US dollar account, do I negate all the current baht-dollar conversion downturns? In other-simple terms 100 dollars transferred out of USA, 100 dollars received in my Thai bank account, minus transfer fee of course?

[nkped 1,208]

Unless the USD keeps going down.  

[midlifecrisis 4,048]

2 hours ago, chippendalesam said:

into a Thai(Bangkok Bank) US dollar account, do I negate all the current baht-dollar conversion downturns? In other-simple terms 100 dollars transferred out of USA, 100 dollars received in my Thai bank account, minus transfer fee of course?

It is subject to an exchange rate.

https://www.expatica.com/finance/money-management/best-ways-money-transfers-international-108328/

I googled the following, that was the first hit:

is transfering money to a foreign account subject to exchange rates

[jacko 8,822]

7 hours ago, chippendalesam said:

into a Thai(Bangkok Bank) US dollar account, do I negate all the current baht-dollar conversion downturns? In other-simple terms 100 dollars transferred out of USA, 100 dollars received in my Thai bank account, minus transfer fee of course?

Yes you do, as of course, you remain in dollars. What you have to look carefully at is the terms of the Bangkok Bank FCD. I believe it is a good vehicle if one wants to say have the 800,000 baht equivalent to cover a retirement extension. You  of course, have to watch the exchange rate whereas 800,000 baht in a FD account is correct if left alone. I recall looking at a Sterling Account with the Bangkok Bank some years ago and something in the terms 'put me off'... damned if I can remember exactly what it was. It might be that the only way to release the money, is to convert it to baht, ie you could not simply transfer it back to  the USA as USD readily, or it had extra cost involved. You could not get USD cash issued at the bank directly from it. Sorry I cannot be more exact. 

Edited July 2, 2019 by jacko

[chippendalesam 37]

21 hours ago, midlifecrisis said:

It is subject to an exchange rate.

https://www.expatica.com/finance/money-management/best-ways-money-transfers-international-108328/

I googled the following, that was the first hit:

is transfering money to a foreign account subject to exchange rates

Thankyou midlifecrisis, that is a GREAT article,(i read it twice). But i think for my "fine tuning" questions i will have to speak in person with a higher up bank official at Bangkok bank for a concrete resolution to my question. When the time comes, i don't mind paying a few dollars for a transfer of my funds but i don't wish to get short changed with a currency exchange "rip off". I guess i will have to keep a VERY close eye on the time i wish to transfer and perhaps camp out ( ha ha) at Bangkok bank for a while. Thanks again for your time.

[midlifecrisis 4,048]

3 minutes ago, chippendalesam said:

Thankyou midlifecrisis, that is a GREAT article,(i read it twice). But i think for my "fine tuning" questions i will have to speak in person with a higher up bank official at Bangkok bank for a concrete resolution to my question. When the time comes, i don't mind paying a few dollars for a transfer of my funds but i don't wish to get short changed with a currency exchange "rip off". I guess i will have to keep a VERY close eye on the time i wish to transfer and perhaps camp out ( ha ha) at Bangkok bank for a while. Thanks again for your time.

yes that is prudent. There was a mention of Thai banks closing accounts under a certain amount. Make sure you understand how much money is needed in the account and over what period of time to prevent that.

[chippendalesam 37]

16 hours ago, jacko said:

Yes you do, as of course, you remain in dollars. What you have to look carefully at is the terms of the Bangkok Bank FCD. I believe it is a good vehicle if one wants to say have the 800,000 baht equivalent to cover a retirement extension. You  of course, have to watch the exchange rate whereas 800,000 baht in a FD account is correct if left alone. I recall looking at a Sterling Account with the Bangkok Bank some years ago and something in the terms 'put me off'... damned if I can remember exactly what it was. It might be that the only way to release the money, is to convert it to baht, ie you could not simply transfer it back to  the USA as USD readily, or it had extra cost involved. You could not get USD cash issued at the bank directly from it. Sorry I cannot be more exact. 

Jacko thanks for replying back to me, but forgive my ignorance-stupidity-misunderstanding, but your answer is the one i desire to hear but it is a bit different than the one midlifecrisis gave me. Perhaps i did not phrase my question correctly or midlifecrisis misunderstood me????

P.S. Jacko do you attend the PEC ex-pats sunday meetings at the holiday inn?

[midlifecrisis 4,048]

3 minutes ago, chippendalesam said:

Jacko thanks for replying back to me, but forgive my ignorance-stupidity-misunderstanding, but your answer is the one i desire to hear but it is a bit different than the one midlifecrisis gave me. Perhaps i did not phrase my question correctly or midlifecrisis misunderstood me????

P.S. Jacko do you attend the PEC ex-pats sunday meetings at the holiday inn?

I would go with an expat like jacko over me. I have only transfered money once. Expats have the knowledge regarding the real world. Mine is more academic. That said, please let us know what you discover. 

[teelack 9,646]

I would go with an expat like jacko over me. I have only transfered money once. Expats have the knowledge regarding the real world. Mine is more academic. That said, please let us know what you discover. 

Like you I have only transferred money once. Before my sending bank gave me a crap rate and charges and then Kasikorn slugged me again I chose not to bother again.

Sent from my Nokia 6.1 using Tapatalk

[jacko 8,822]

8 hours ago, chippendalesam said:

Jacko thanks for replying back to me, but forgive my ignorance-stupidity-misunderstanding, but your answer is the one i desire to hear but it is a bit different than the one midlifecrisis gave me. Perhaps i did not phrase my question correctly or midlifecrisis misunderstood me????

P.S. Jacko do you attend the PEC ex-pats sunday meetings at the holiday inn?

No I have never been there, but do go to the Friday one at the Mercure. Actually that venue  you mention, at the Holiday Inn, is a perfect place to ask your questions. I believe a lot of USA guys go there and you seem to have particular issues with Banks etc us UK ones do not. 

If what I posted was confusing, just rephrase the question, MLC was harping on about dormant accounts, not a situation I expect you to get yourself into. I was focused on using a USD FCD to qualify for a retirement extension. Acceptable to Immigration (Jomtiem), but you need to watch exchange rates if you sit close to the line, around $26,000 currently. 

Edited July 3, 2019 by jacko

[midlifecrisis 4,048]

18 minutes ago, jacko said:

No I have never been there, but do go to the Friday one at the Mercure. Actually that venue mention, at the Holiday Inn, is a perfect place to ask your questions. I believe a lot of USA guys go there and you seem to have particular issues with Banks etc us UK ones do not. 

If what I posted was confusing, just rephrase the question, MLC was harping on about dormant accounts, not a situation I expect you to get yourself into. I was focused on using a USD FCD to qualify for a retirement extension. Acceptable to Immigration (Jomtiem), but you need to watch exchange rates if you sit close to the line, around $26,000 currently. 

no I only mentioned it as another thing to discuss with the bank official. My main point was to trust in your experience.

[jacko 8,822]

3 minutes ago, midlifecrisis said:

no I only mentioned it as another thing to discuss with the bank official. My main point was to trust in your experience.

I am cautious to get into bank account discussions with USA guys, as you are forever under the sword of Damocles, ie the US revenue dept.

[midlifecrisis 4,048]

25 minutes ago, jacko said:

I am cautious to get into bank account discussions with USA guys, as you are forever under the sword of Damocles, ie the US revenue dept.

That is true. You can't get off an airplane overseas before declaring you aren't carrying more than 10K usd. Foreign bank accounts must be declared on our tax returns.

I am rethinking my previous lack of enthusiasm for Bitcoin. Not that I will for one last trip but a digital wallet might be a good way to go.

Just musing. I am no expert regarding it.

[nkped 1,208]

2 hours ago, teelack said:

Like you I have only transferred money once. Before my sending bank gave me a crap rate and charges and then Kasikorn slugged me again I chose not to bother again.

Sent from my Nokia 6.1 using Tapatalk
 

You have to dribble a little bit of money into a Kasikorn account to keep it active.  I have done that on the possibility I may switch to the 800K option in a year or so.  Keep it in a separate bank to reduce the temptation to dip into it.  Yes, it's easy to transfer between banks but it wouldn't be sitting there looking at me when I signed on to Bangkok Bank.

6 minutes ago, midlifecrisis said:

That is true. You can't get off an airplane overseas before declaring you aren't carrying more than 10K usd. Foreign bank accounts must be declared on our tax returns.

I am rethinking my previous lack of enthusiasm for Bitcoin. Not that I will for one last trip but a digital wallet might be a good way to go.

Just musing. I am no expert regarding it.

Filed FBEN reports, more than 10K, a few times.  It's easy on line and I have never heard anything back.

[midlifecrisis 4,048]

21 minutes ago, nkped said:

You have to dribble a little bit of money into a Kasikorn account to keep it active.  I have done that on the possibility I may switch to the 800K option in a year or so.  Keep it in a separate bank to reduce the temptation to dip into it.  Yes, it's easy to transfer between banks but it wouldn't be sitting there looking at me when I signed on to Bangkok Bank.

Filed FBEN reports, more than 10K, a few times.  It's easy on line and I have never heard anything back.

They just want to think they are doing something about money laundering and drug smuggling but $10K on an airplane won't go very far in the underworld these days.

And after all of these years you would think they would increase the amount. It's been $10k for as long as I can remember.

[Chang_paarp 253]

Another trap, is the fees that the sending bank want to charge. This might be an Australian thing (one reason why Au banks are some of the most profitable in the world), when I was transferring from my Au bank to Thailand, I would specify that the transfer was to go in AUD as the exchange rate that the bank offered was terrible compared with what the Thai bank offered, as a result they upped the transfer fee about $10, not a significant thing if there is a large amount involved, but the difference in exchange rate was significant.