| |
DaffyDuck
|
This was forwarded to me, from an article in the BKKPost.
-------
How to use Paypal to transfer funds from the US
LARRY WESTFALL
I wanted to get a Thai bank account as I plan on retiring here in two years, and wanted a way to transfer funds from the US to Thailand more cheaply than using Western Union. I figured PayPal (http://www.paypal.com/) would be the right transfer vehicle and thought I would be able to use my US PayPal account.
I was partially correct and this is what I did.
Step 1: Open a Thai bank account. I chose Kasikorn Bank after reading many favourable reviews online. I went with my Thai girlfriend to the bank, took a number and was seen in minutes. I explained, through her, that I wanted to open an account. The bank clerk asked if I lived or worked in Thailand, and my girlfriend explained that I did not, but that I visited three or four times per year. The clerk then asked if I had a Thai address, and she said I could use her mother's address.
I signed a couple of forms (in Thai) and deposited 500 baht. I also had to pay 300 baht for the ATM card. There were actually two fees, one for 100 baht and the other for 200 baht. My guess is that one was to create the card and one was the annual fee. I got the card on the spot along with a sealed document that included my PIN. I can keep this number or change it at any ATM.
My passport was required (and copied) to verify who I was. So it boils down to a Thai address and a passport, along with a few baht to open an account.
Step 2: Try to add the Thai bank to my US PayPal account. No joy. I can only add US banks to my US PayPal account. I emailed PayPal and asked what to do. In less than 24 hours, I was told that I can open a second PayPal account and designate Thailand as the country. I do this with no problem.
I then try to add my Kasikorn bank account to my Thai PayPal account. Still no joy. I try different variations: With the dashes, without the dashes, but to no avail.
I then call the Kasikorn Bangkok help desk (02-888-8800), on a Saturday, and confirm what I read on the Kasikorn web site. I need to have online access (a K-cyber account) and then I will be able to add the account (almost).
Step 3: Back to Kasikorn bank. I get the same clerk and explain that I want K-cyber access. I sign another form in Thai that lists my name, account number and my email address. I am told that I will get the log in info by email.
Step 4: I Receive an email within 24 hours from Kasikorn, telling me that my K-cyber account is set up and a log in and password. On my initial log in, both password and user name have to be changed. The bank also requires a second password for any transactions. This can either be done via SMS or I can create a second password. I choose a second password in case I am not in-country when I want to make a transaction, and create it at Kasikorn web site, at http://www.kasikornbank.com/portal/site/kbank. From the drop down menu, select Service Channels, then Internet, then K-Cyber Banking. A new window will open.
Step 5: In order to make online purchases or transactions there is another step. I have to create a K-web shopping virtual credit card. It is a simple application, requiring the second password, and within 24 hours I have a virtual credit card. What this means is, I was emailed a 16-digit number (the same as a credit card), expiration date, and a CCV (the three digits on the back of the card). All of this is virtual. This is an additional security step that the bank uses.
Step 6: Back to the Thai PayPal account. I log in to my Thai account, add the virtual account info (which is linked to my Kasikorn account), and the card is accepted. PayPal requires verification. It will deduct $1.95 (61 baht) from the account and the transaction will be listed as "PAYPAL1234" or "1234PAPAL". The four digits will then have to be posted to the PayPal account to verify. In the US, a few cents is deposited and then you have to enter that information to verify the transaction. Once verified, PayPal will reimburse the $1.95.
Step 7: Receive email confirmation that PayPal has deducted money from my account and the email has the four digits I need to confirm my account. Back to Thai PayPal and enter the four digits and all is good. Now I have an online account and can go shopping online, transfer money, etc.
Step 8: Time to test the transfer of funds from US PayPal to Thai PayPal. I send $100 (3,130 baht) by sending money email to email, and receive immediate confirmation by email that the transaction has completed. I log in to my Thai PayPal online account and can see that the funds are available and I now have to accept or decline. I accept.
Step 9: I now want to transfer the $100 from PayPal to my Kasikorn bank. Problem. I don't have a bank account associated with the Thai PayPal account. The virtual info is already there, but not a real bank account. So, I click on "add a bank account". All is well until I select the drop down menu that lists all of the banks, and everything is in Thai.
I open a second window and go to the Kasikorn web site and compare the Thai script and find my bank in the drop down window (the second bank listed). I select it, and next is a confirmation page and Kasikorn Bank is now in English, so I feel a little better that I have chosen the correct bank. I confirm the transfer and the next window informs me that it will take five to seven days for the transfer (a little longer than US PayPal, which is three to four days).
The bank account must be entered without the dashes.
I'm not sure if the same has to be done at other Thai banks - but this is what it took at Kasikorn.
|
Thai Girls : Meet Sexy Thai Girls
Posted on: 2:31 am on April 13, 2008
|
|
bkkz
|
That's good to know. So, Kasikorn Bank is the bank to use for verifying your Paypal account in Thailand. Do not use Bangkok Bank though, as you do not get the information required on their debit card statement.
|
Bangkok Women : Meet Sensual Bangkok Women
Posted on: 3:02 am on April 13, 2008
|
|
thaiaficionado
|
PayPal may have lower fees than Western Union, which charges the highest fees of any service I know of, but will still charge a significant percentage for both the transfer and the currency conversion.
I have a friend that has an account with Bangkok Bank. His account is with a branch here in Thailand, but Bangkok Bank also has a branch in New York. So, my friend does standard ACH transfers using the routing number of Bangkok Bank in NY (ACH is the standard method of transferring funds among different banks within the US). As a result, Bangkok Bank takes care of the currency conversion to his account in Thailand, and he gets a very high exchange rate with no fees at all. He claims this works quite reliably except for large amounts, since supposedly this is a grey area that only works because Bangkok Bank has an ABA number and is (usually) willing to do the work to move the funds.
|
Thai Girls : Meet Sexy Thai Girls
Posted on: 4:35 am on April 13, 2008
|
|
Mr Alan
|
Citibank has a branch in Bangkok, and I assume it would easy to transfer funds from a USA branch to an account at the Bangkok branch.
|
Bangkok Girls : Meet Sexy Bangkok Girls
Posted on: 12:04 pm on April 13, 2008
|
|
|
|
don5252
|
Yes, Having a Citi bank account in L.A. makes a wire transfer very simple to any bank in LOS where you also have an acct. flat fee of $20
|
Bangkok Women : Meet Beautiful Thai Girls
Posted on: 1:34 pm on April 13, 2008
|
|
Mel Gibson
|
Not sure if I would trust Paypal on the cross-rates.
Bank transfer from any bank in Aus to any bank in Thailand AUD $30. Send AUD and let the Thai bank do the exchange ( means up to 10% better exchange rate).
Mel
|
Bangkok Girls : Meet Attractive Thai Girls
Posted on: 3:51 pm on April 13, 2008
|
|
Mr Alan
|
Quote: from don5252 on 5:00 pm on April 13, 2008
Yes, Having a Citi bank account in L.A. makes a wire transfer very simple to any bank in LOS where you also have an acct. flat fee of $20.
I wonder if you have a Citibank account in US, and Citibank account in Bangkok, whether you would even have to pay the $20 fee.
|
Thai Girls : Meet Active Thai Girls
Posted on: 5:32 pm on April 13, 2008
|
|
don5252
|
Although I've never done it I did ask, the answer is yes, $20 for any internation wire transfer
|
Thai Women : Meet Matured Thai Women
Posted on: 7:48 pm on April 13, 2008
|
|
Mr Alan
|
Quote: from don5252 on 11:14 pm on April 13, 2008
Although I've never done it I did ask, the answer is yes, $20 for any internation wire transfer.
What if it is not a wire transfer? A bank can usually transfer funds to other branches without a wire transfer, although I don't know about tranfers to branches in a different country.
|
Bangkok Girls : Meet Attractive Thai Girls
Posted on: 9:23 pm on April 13, 2008
|
|
| |
|
