Banking for expats

I've been looking for a Bangkok Bank in my state, but no dice; the only one in the US is in NYC.

But I have a Union Bank in my neighborhood, and they are part of a large Japanese conglomerate, Mitsubishi UFJ Financial Group.
Yay, they acquired the Bank of Ayudhya (Krungsri) which has branches all over Thailand. I need to find out if that means I can easily make transfers that way.

Any experiences along this line? … mited.html

Usually when a foreign bank buys into a Thai bank it is more like a management contract and they do not totally integrate with their other branches overseas.  I think GE Capitol was running Krungsri before and all that has changed is management and operating procedures.

I would ask your local bank about international wire transfers.  Probably all you need is the SWIFT code, bank and account information.  My brokerage company charges a flat rate of $35 dollars so the more you send at one time the cheaper it is.

You are correct, Bangkok Bank only has an office in NYC but if you can open an account with them your local US bank can make transfers to that branch and then onto a Thailand account.  Setup sounds difficult but once you get things setup all it takes is a phone call, at least for me.

Thanks. I checked with my local Union Bank. They are a subsidiary (or something) of MUFG which owns Krungsri, but they said dropping my money in with them wouldn't help.
I'll just transfer funds to Bangkok bank when the time comes.

It'll be complex enough without my help.

Thanks/kop kun krop.

You might want to look into a Schwab account. I use one all of the time and it provides some benefits, like no ATM fees. You can withdraw up to $1k a day. In my case that's fine. Using the Schwab account also helps to keep some distance to my primary account, to some degree blocking hackers or having too much information at Schwab. I've used this system for two years and never had a problem. But you must maintain a US address.

Using Bangkok Bank in New York works just fine but make sure you have a Bangkok Bank account in Thailand before using.   New York uses that account number to route your funds.  New York usual fee is $10 regardless of amount and Thailand branch will charge max of 500 baht admin fee.  Remember always send dollars so conversion takes place in Thailand.

In reference to Schwab account I do not have US address and experience no problems sending funds from my account and no fees are charged.

Thanks! I have a few pennies in a Schwab account and they offered a debit card. Guess I'll get one.
Of course, a retiree needs to leave some money in a Thai bank, and it may make more sense to set that up ahead of time.
I do have an address in California; actually my rental property (and they don't want to get my mail) but I live there now and I can use it to set up accounts, plus my sister's address nearby in Calif. I guess I'll be "virtually" living there for the duration.

Wither I need to or not I use I use a US address, just in case. I also use an electronic mail service (which I understand can be legally helpful). Maybe I just like to double check doting my i's and crossing my t's.

uh you on social security?

bill kip :

Wither I need to or not I use I use a US address, just in case. I also use an electronic mail service (which I understand can be legally helpful). Maybe I just like to double check doting my i's and crossing my t's.

Bill, what's an "electronic mail service"? Anything like email?
Most banks and other services permit transactions to be done online, but I would need to use "https everywhere" on my Firefox.

mchkin :

uh you on social security?

No, I'm not, actually.

An electronic mail service, of sorts, is a company or address in which you forward your mail. When the service receives your mail they give you the option of open and scan, store, or trash, and possibly other options. I think you also have a deposit check option. I have never used that option. One friend does use that option and I have never heard a complaint from him.

I will say that if you receive any check that is classified as income the service may deduct the appropriate state income from the check. On the other hand if you use a service in a state that does not collect state income tax, such as Nevada or Florida, then the service will not deduct any money. My friend uses a service in Michigan and they do take out a state income tax on any income checks.

Such a service lets you keep a relatively current track of your mail. When you are ready they will ship your stored mail to wherever you want. Since I'm coming back to the states on an annual basis I have the mail shipped to me and then I file any hard copies for whatever future needs there may be, such as IRS. It gives you access to read your mail anywhere in the world.

You should also check with the Post Office and check with them for your particular needs. There is the issue of permanent or temporary forwarding.

You can find these services on line. I think it cost me $25 a month for the service.

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