What are the most cost-effective methods to transfer funds to Thailand for retirement?

@Bill ************

no, I beleive that to get the non o in your home country you can show the funds in your home bank. Unless it is different at your embassy this is what I beleive us correct. Email the embassy to find out. I got my first 90 day non o in Savannakhet and showed my UK bank statements.

@Mark *******

yes it was instant

@Bill ************

Another note I use a Skype number for all my interactions with Fidelity and a US credit union. Flawless.

@Bill ************

I use Fidelity and their wires are free. Another benefit is 24 hours a day you get a real person on the phone. You do need to have “standing orders” set up before you leave the states. I assumed Schwab has the same.

@Bi**

it may depend how much money you have with them, they may waive fees over a certain balance, or possibly even if you ask nicely. You might get one a month free? I think Fidelity does them free for anyone though. Worth asking.

@Donna ****

no credit check. My score was a 550… also my Wells Fargo is also connected to my Capital one And my cash app is connected to my Capital one

@Joseph ******

yes they do.

@Jos***

yes. If you use the dropdown of reasons for transfer one of the options is “funds for long term stay in Thailand” just for that reason.

@Joseph ******

it has to be in a sitting bank account. If your money is sitting in your wise, then yes but it’s up to them..Some will approve and I’ve seen some ask for tax returns or payslips..

@Mic****

for a condo purchase the money needs to be documented to have come from outside Thailand. Make sure you specify property purchase on the Wise transfer for the reason, and that your bank account is with Bangkok Bank. This SHOULD be OK if going to Bangkok Bank and the amount is large enough and you select the right reason, it will probably go directly and appear as an international transfer.

You need a FET form for the condo which you can get from the bank that receives the money, this will be easier if your account is in the same bank that receives it.

Might be no harm to double-check with Wise that it will be sent by SWIFT and coded international. I think it should be, and it would only be a risk under 50,000 or going to a bank other than Bangkok Bank.

Just that this is one thing you need to be aware of with Wise, their model is they don't necessarily do the transfers from abroad, if it is a smaller transfer they take your money in the UK and then transfer to you in Thailand from their local THB account. That won't come up as international and won't be eligible to buy a condo (or for immigration). For most purposes this does not matter, the money is fine. It's only if you need to document it.

Just to be aware this is a potential issue- and as I say if you select the right reason on the Wise transfer, it is for over 50k THB and your bank is Bangkok Bank, I think you will get it as an international transfer and it will be fine. I'd confirm with Wise though just in case, and so you have someone on record telling you this before the money is transferred.

@Jus****

@To**

Thailand it's $20k you need to declare. If coming from the US you'd need to declare $10k+ to CBP in the US when leaving, each country has its own number and you need to declare both ends if it's over the number. $15k you would need to declare to CBP leaving the US but not on entering Thailand. $25k you'd have to declare both ends.

@Justine ********

above $10k u just have to declare it. You can take any amount of it's justified.

@Bi**

Thailand it's $20k. $10k is leaving the US, so if you have $15k you need to declare it leaving the US but don't have to entering Thailand. There's no issue carrying any amount as long as you declare it and for certain things (like buying a condo) you would need the receipt from customs proving that you brought it in anyway.

"Individuals or tourists may bring foreign currency in the form of banknotes or coins out of or into the Kingdom without limits. But if the total value exceeds USD 20,000 or its equivalent, a declaration must be made to the customs officer at the time of passing through Customs."

@Khun ****

so if you reported to TSA would you be ok with 10K + with no penalty?🙏🙏

@Joseph ******

 I contacted them two months ago, via email and they responded about my question to make the transfer to Thailand and their fees are a lot cheaper than regular bank transfer

@Joseph ******

I tranferred money from my US bank to my BKK account via their New York branch earlier this year with no issues.

@James ******

banks offer security

Wise doesn’t

@James ******

think it will better then exchanging the rate in the UK first before sending the amount over.

@Joseph ******

he appears to be from Barcelona 🤷🏻‍♂️