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What are the best options for managing finances as an expatriate retiring in Phuket, Thailand?

money transferThai bank accountretirementsocial security depositsvisaPhuket banksmoney managementexpat financesTransferWiseinternational banking
Sep 20, 2020
4 years ago
Johnny ***************
ORIGINAL POSTER
Hi all, we plan to retire in Phuket, Thailand and would like to find out about what is the best option to :

1) How to transfer money out of my home country bank on a monthly bases to pay bills in Thailand?

2) Can my social security check directly deposit into my new Thai bank account?

3 Can I open a Thai bank account in Phuket while still living in my home country?

4) When living in Thailand and want to buy a car how do I go about transferring money out of my home country bank into my foreign/Phuket bank count?
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TLDR : Answer Summary
The conversation addresses various aspects of financial management for expatriates planning to retire in Phuket, Thailand. Key points include options for transferring money from a home country bank to Thailand, the feasibility of having social security checks deposited directly into Thai accounts, and the necessity of being in Thailand to open a local bank account. Participants share insights on reliable money transfer services like TransferWise, the ease of transferring funds into Thailand, and considerations regarding buying a car and managing larger sums of money. Issues related to visas and health insurance while living abroad are also raised, emphasizing the complexities of expatriate life.
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Brian ********
Question 1 you can transfer money from your UK account without paying any fees in the UK HSBC Bank FirstDirect Bank I think all banks allow you to do this I would always transfer ££ so it’s converted into ฿ when it arrives in Thailand

Any UK social payments like pensions can be paid into a Thai account but that would be unwise as any future pension increases will not be paid to you check it out on the gov webpage
4 years ago
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Veronica *******
You didn't say where is yr home country all laws are different????
4 years ago
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Joe ***********
@Veronica ******
 - The poster mentioned "Social Security"... When Americans read that they know it means American. But non Americans familiar with that.
4 years ago
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Veronica *******
@Joe **********
 sorry we also have social security in Australia & Age pension 😉👍👌
4 years ago
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Joe ***********
@Veronica ******
 okay understood
4 years ago
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Veronica *******
@Joe **********
 👌👍
4 years ago
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Veronica *******
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Bernie ********
Once you have a Thai bank account (must be in your name only, not joint) you can have your SSA check directly deposited to your Thai bank. It's a hassle as you have to deal with the SSA Office in Manila via email. You have to be in Thailand to open a Thai bank account. Apparently there is no limit on how much you transfer from the US bank to the Thai bank. I transferred $100,000 and no problems. If you have relatives in Thailand, that you trust, transfer money into their account, once you have your own Thai account you can transfer your money back to you account. You can have 2 accounts one for just you and one joint, but your SSA must go into your account. Good luck in getting there, I have a house in Udon Thani that I haven't seen in 1 and a half years, as it will cost me over $5000 just to get there with my Thai wife. ASQ Hotel, VISA, Airline tickets and health insurance.
4 years ago
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Johnny ***************
ORIGINAL POSTER
@Bernie *******
 if you transference more than $100,000.00 You only need an approval code to do so but , yes no restrictions
4 years ago
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Johnny ***************
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Brian ********
Once you open a bank account in Thailand you can send directly from your UK account free of any fees to your Thai account you will need the SWIFT Code and account number
4 years ago
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Oliver *************
Only Mentioning it as Yes Same as Me I Have been Taking out Transferring Pretty Much uk to Thailand for 20 Yrs as Well But Recently Transferring Offshore Saving Account from Jersey to Thailand Us Dollar Account I Had Problems With Krung Thai Bank Thats all Cannot Exactly Remember What Now But I Know it was SWIFT and Sort Code Errors Thanks
4 years ago
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Oliver *************
Hey Brian Be Careful WITH SWIFT Codes SORT Codes Etc in Thailand Ok
4 years ago
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Brian ********
@Oliver ************
 I’ve been Transferring money from my UK account for the past 10 years and I’ve never had a problem

My only advice is if it’s your first time only transfer a small amount of money to begin with and once you know the money has arrived then there’s no reason why you can not send more
4 years ago
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Brian ********
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Johnny ***************
ORIGINAL POSTER
@Brian *******
 ok that is nice to know
4 years ago
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Johnny ***************
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Joe ***********
Anyone here is invited to join my Facebook Group TransferWise Solutions Thailand of about 1,400 members. Link Below:

************************************************
4 years ago
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Sapbparot ******
Money transfers into Thailand are easy (getting it out again is another topic). But have you thought about visa and health insurance issues? That’s when it really gets tough
4 years ago
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Sapbparot ******
What do you mean by “the right way”? Try to have your money, that was transferred in from your bank account abroad, sent back to that account, if your are not in Thailand and only have a normal savings accounts (a fixed deposit account is even better). Enjoy the experience
4 years ago
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Johnny ***************
ORIGINAL POSTER
For me it seems that if you brought the money into the country the right way that you will not have a problem taking it out later! Do not blame the country if you try trick ! Plain and simple.
4 years ago
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Richard ******
David Broadfoot thanks Davd
4 years ago
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Richard ******
David Broadfoot I was looking at DeeMoney this morning. Is it a painless process?
4 years ago
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Paul ********
I sold my condo in BKK a few years ago and had zero difficulty getting the money out.
4 years ago
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Jorge ****
@Sapbparot *****
 May I ask difficulty in getting one's own money out of LOS back to home country?
4 years ago
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Richard ******
@Jorge ***
 They like it coming in, going out, not so much!
4 years ago
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Jorge ****
@Richard *****
 What obstacles should we expect?
4 years ago
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Richard ******
@Jorge ***
 Put it this way, I have been trying to transfer some money to my mother in England, I'm 4 days in and three visits to the bank and I'm no nearer being able to transfer. The bank are blaming Western Union, Western Union are blaming the bank. I know who I blame!!!
4 years ago
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Richard ******
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Johnny ***************
ORIGINAL POSTER
@Sapbparot *****
 yes I am busy getting that info also. What is the main problem getting your money out. If and when you sell your property then they should wire the money back to your account the way it came in to Thailand ??
4 years ago
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Johnny ***************
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John *********
Come to Thailand and set up a thai account. K bank is excellent. Get the banking info from the bank so you can transfer your money to your new Swift savings account. Easy peasy! Once you have your new Thai account, you can also register for a Transfer Wise app account.
4 years ago
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Oliver *************
Can Even Have Them in Krung Thai in Pounds Dollars or Euros Yes True I have A Dollar One
4 years ago
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Oliver *************
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Oliver *************
Wow You Need to Take it Easy and Be Careful Please Wish you the Best BUT Target Springs to Mind
4 years ago
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Joe ***********
Number 3. I say you will not be able to set up a bank account in Thailand unless you are here inside Thailand.
4 years ago
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Joe ***********
But I suggest not to use IDD for your social security monthly deposits. Rather - I suggest doing what I do. Use the TransferWise option of a Borderless Account. This service provides an account at a TransferWise Partner Bank in New York... By directing your Social Security to a Direct Deposit into your account at the TW Partner Bank - your funds automatically enter your Borderless Account and then can be directed to any Bank Account you have registered with TransferWise as a Recipient Bank Account.
4 years ago
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Johnny ***************
ORIGINAL POSTER
@Joe **********
 thanks good advice. Where and how and what is Transfer Wise of Borderless account ... sorry if this is a stupid question!
4 years ago
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Joe ***********
@Johnny **************
 You should go to my group to ask these questions.. However, The Borderless Account is built into the TransferWise System but you do have to activate it. It is best to work with a TransferWise Help Desk Support Staff member. You can start by downloading the TransferWise App to your Mobile / Cell phone. Online at TransferWise.com you will find the TW support contact info. They will guide you through your setup steps
4 years ago
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Joe ***********
@Johnny **************
 TransferWise is an International Company based out of the UK. Their business is providing International funds transfer services between banks in different countries. The Borderless Account is a feature service of TransferWise (TW).

The Borderless Account allows money to be kept (usually temporarily) in the Internet "Cloud" and thus is Borderless. Once funds are held in the Borderless Account the funds can be redirected to any pre-approved Recipient Bank in the world
4 years ago
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Johnny ***************
ORIGINAL POSTER
@Joe **********
 the requirements to open a Borderless account is a email address or Facebook account. Question ...My current email address is with a USA internet provider , what will happen if and when I arrive in Thailand and sign up with new internet provider same email address and now with a new Thailand address etc. .... how will this work with my Borderless Account setup and Transfer wise company ?
4 years ago
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Joe ***********
@Johnny **************
 - you can change email providers, change phone numbers, change address, etc... Nothing is cast in concrete
4 years ago
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Joe ***********
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Kool *******
@Joe **********
, doing direct deposit of SS into Bangkok Bank is the cheapest, and the dollars are converted at that days TT rate, better than transferwise fees. With deposits from SS under $2000 the fee is bt200, and it always shows at coming from overseas.
4 years ago
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Joe ***********
@Kool ******
 My suggestion is for people who want more flexibility and control. Do you still have to physically go to the bank and remove or transfer your monthly funds? And I doubt that the method you describe gives a better exchange rate than Transferwise
4 years ago
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Kool *******
@Joe **********
, no, I do all my banking transfers in Thailand, and around the world online. No need to go to the bank at all. The exchange rate I get for Social Security direct deposit is better than Transferwise by about 20 satang per dollar, and that adds up pretty fast over the course of the year. The total fee charged is bt200, or just less than $7. The same fee for Transferwise is $12.80. my current exchange rate is bt30.91 to the dollar. Transferwise is 30.70 to the dollar. They are not better, and it all ads up.
4 years ago
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Kool *******
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Johnny ***************
ORIGINAL POSTER
@Kool ******
 can I do the transfers while in Thailand say like every month or so from my home account into my New Thailand account ?
4 years ago
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Kool *******
@Johnny **************
, if you can set up a Charles Schwab account like I described you can do it every month, and even make it automatic. In fact you can do it up to four times a month for free.
4 years ago
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Joe ***********
Kool Breez - Yes - transfer as you need from anywhere using the App or Online
4 years ago
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Joe ***********
@Johnny **************
 Yes you can. Once setup - you can initiate and complete funds transfers from anywhere there is an Internet connection.. You do everything using the TransferWise Mobile App or Online at the TransferWise.com website
4 years ago
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Johnny ***************
ORIGINAL POSTER
@Joe **********
 do I need to keep a certain amount of money in this Borderless account per month ?
4 years ago
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Joe ***********
@Johnny **************
 - No - Whatever amount passes through each month is sufficient... Most people keep a zero balance or small money balance.
4 years ago
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Joe ***********
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Johnny ***************
ORIGINAL POSTER
@Kool ******
 what about if you need more money say to purchase a vehicle ?
4 years ago
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Kool *******
@Johnny **************
, it works the same way. Just do another transfer that particular month. If you set up the Charles Schwab account like I discribed you can do 4 SWIFT international transfers a month for free.
4 years ago
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Joe ***********
@Johnny **************
 - you just transfer the money you need in one or several transfers
4 years ago
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Joe ***********
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Joe ***********
Yes - Monthly Social Security Benefits can be directly deposited into a Thai Bank Account. It is now called IDD International Direct Deposit.
4 years ago
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Steve *********
1/transfer wise (or similar)

2/depends on the banking rules in whatever country you're from .... but unlikely

3/no, you need to be in Thailand to open an account.

4/see answer 1
4 years ago
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Kool *******
Assuming you are American, yes, you can do direct deposit into your Thai bank account. Bangkok Bank is best for that. No, you can't open a Thai bank account without being here physically. They must see your passport, and visa, and make a copy to set up the account. If you have money to do this, open an account with Charles Schwab stock brokers. It takes a minimum of US$20,000. What this gives you is the ability to make 4 international SWIFT transfers a month for free. You can transfer from your regular bank to your Charles Schwab account for free. Send these transfers into Thailand into a foreign currency deposit account with Bangkok Bank, and the total fee is a max of bt500, with a minimum of bt200, and then you can convert the dollars into baht online at your convenience, as the exchange rate fluctuates. That is the cheapest way to transfer, and not have a problem with the transfers showing as coming from overseas, that TransferWise can not show most of the times. The same way is used to send money to buy a vehicle.
4 years ago
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Jane ***********
@Kool ******
 OP is South Africa. Schwab only available to Americans and there are very very few branches of Bangkok Bank internationally, highly unlikely there is on in South Africa.
4 years ago
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Kool *******
@Jane **********
, when he went to highschool in California, I assumed he is American, and is getting American Social Security, which I think is the case with the OP. And, for his purposes he can only open a Bangkok Bank account in Thailand.
4 years ago
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Jane ***********
@Kool ******
 why American Social Security? Social Security available in many countries not just US.
4 years ago
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Kool *******
@Jane **********
, because, why would he go to highschool in America if he wasn't American?
4 years ago
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Kool *******
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Garrett ***********
@Ko**
 There is no minimum to open an account with Schwab. I opened mine with $20 a few years ago and never used it because they passed me off.
4 years ago
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Kool *******
@Garrett **********
, in order to get the free option on SWIFT international money transfers it takes a $20,000 minimum account balance. They do not do it for $20 accounts. There is a difference.
4 years ago
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Garrett ***********
@Ko**
 honestly I'm sure you're right. Never looked into it much after I opened the account. They froze my account a couple times because "mail that was sent to the address on file was returned," somehow my other 4 banks don't have this problem though.
4 years ago
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Kool *******
@Garrett **********
, retired, and on a fixed income, I have researched all avenues to get money into Thailand the cheapest.
4 years ago
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Kool *******
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Johnny ***************
ORIGINAL POSTER
@Steve ********
 2 comments above say # 3 is not a problem ? Why is this contradicted ... you say “no”
4 years ago
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Steve *********
@Johnny **************
 no, it means "no you can't open a Thai bank account from your own country"
4 years ago
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Garrett ***********
@Joh***
 Then 2 comments above are wrong. You need to physically go to the bank to open a bank account.
4 years ago
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Garrett ***********
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