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MainMoney Matters – How to use Paypal to transfer funds from the US All Topics

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bkkz
Yeah, you can always have a Paypal account based in the US so that you can withdraw funds into your U.S. account and then use the ATM to get your funds. This is a lot faster compared with a Thai bank as it takes 5-7 days for Paypal to transfer the money to the Thai bank account.

Depending on which bank you are with, you may or may not have to pay any fees. I used to have a Wells Fargo ATM card, and they deducted $5 for each transaction.


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Posted on: 8:13 pm on April 7, 2009
ThaidUp
Unf***ing believable it is about time you stopped working and started living!


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Posted on: 12:46 am on April 8, 2009
Quim
There is no doubt in my mind that BK does a whole lot of living


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Posted on: 12:55 am on April 8, 2009
DrLove
=========================================
I just got my soon-to-be landlord to agree to let me pay my monthly rent via PayPal as long as I pay the 3.9% PayPal transaction fee.
=========================================
Actually Paypal charges only 2.9% max + 0.30 USD per transaction.


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Posted on: 8:08 am on April 8, 2009
retiredintahoe
I don't use Paypal, so I don't have any experience with it.

Does PayPal really charge 2.9% for a transaction? Always, or just overseas?

If they really charge 2.9%, then for every $1000 USD they would take $29 USD. Plus the 0.30 transaction.

My ATM card charges $1 USD per transaction. So, I could get.gt. $1000 for $3 (ignoring any USD to THB exchange differences). I would guess that most other ATM cards are similar (except for BK's Wells Fargo Card).


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Posted on: 11:25 am on April 8, 2009
DrLove
If a third party pays you, these charges occur.

Mokewen is going to pay the rent to his landlord, so his landlord will be charged for 2.9% + USD0.30 and passes these charges onto Mokewen.

Even if I transfer money from my Thai Premier account to my US Business account, these charges occur.

Not unreasonable, as Paypal processes a credit card or Paypal-to-Paypal payment.

Most creditcard processors charge much more to merchants.

https://www.paypal.com/us/cgi-bin/webscr?cmd=_display-
fees-outside

I guess opening a Thai bank account, transferring money to there and pay from your account (or cash) would be cheaper.




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Posted on: 1:30 pm on April 8, 2009
mokewen
i offered my future landlord cash every month, but he did not want to carry it around with him and was only interested in inter-bank transfers or PayPal.

you are right dr. love, it is 2.9%. I must have hit the wrong key.

i might still have to open a thai bank account. the visa officer at the thai embassy told me I would have to have 800,000 baht on deposit with a thailand bank if I wanted to have my visa renewed for a 2nd year.

is this true?

i find a disparity between the information contained on the thai embassy - los angeles website, their recorded telephone messages, and what the actual visa officer tells you. it looks like the thai immigration bureau in bkk will have the final say!


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Posted on: 6:49 pm on April 8, 2009
mokewen
hey thaidup - I seem to remember that conversation over vietnamese food with you and riceman in westminster. it certainly took me long enough!


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Posted on: 6:59 pm on April 8, 2009
DrLove
The procedure for a retirement visa is as follows:

- Apply in your own country for a non-immigrant 'O' visa
That is valid for three months.
- Then you have to deposit 800,000 baht (a combination of 40,000 baht pension and lower deposit may apply).
This deposit has to season three months.
- Then you have to apply for an extended stay of 1 year.
- After approval you can take the deposit out of the bank.
- Then three months before getting another extension (your second year) you have to deposit the money again.

Look on Thai Visa for tons of info about retirement visas.

My procedure was a little different because I was already in Thailand. My visa was converted into a non immigrant 'o' for the first three months, then got an 1 year extension.


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Posted on: 6:23 am on April 9, 2009
mokewen
this is what I have been questioning -

i had 800,000 baht in my Bank of America savings account and submitted a notarized account verification as part of my application. they accepted this and issued my non-immigrant VISA.

i can now stay in bkk for 1 year as long as I visit the thai immigration bureau once every 3 months and have my VISA renewed.

in order to stay in bkk for another year, is it acceptable to verify I have 800,000 baht in my USA BofA account at that time or will I have to open a bank account in bkk containing 800,000 baht in order to have my VISA renewed?

another question - since they don't issue a multiple entry, non immigration type OA VISA, how do you take a short trip outside of thailand and then return.

being able to ask these type of questins and getting good answers is one of the many benefits of BTF. I have asked these questions and more at the thai embassy and receive conflicting answers.

thanks dr. love & I will front the first coupe of rounds when I arrive in bkk later this month

moke



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Posted on: 9:58 am on April 9, 2009
     

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