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Hi I use Ozforex for money transfer they have a branch in Canada and they're way cheaper than the banks and the exchange rate is very good..Time to transfer is  usually about four days although Canada might be quicker.Good luck in retail !

AGLV0121 wrote:

Also, is there a way for a temporary resident (6 or 3 months non-immigrant visa) to open a bank account?
If yes, I'd want to get my pension without paying heavy ATM fees or those conversion rates.

Also, does someone know to transfer money from a bank in Canada without transfer fees ($35).

Western union online? Xoom? Is there a better option?

Gerry

Hello,

I will answer some of your questions about banking, below is to take as a guide ( Bangkok Bank ) as each bank can have specific requirements to open a bank account :

Even if you are only visiting Thailand for a relatively short period of time, you can open a savings account and get a debit card to use for shopping and ATM withdrawals. All you will need to provide is your passport and one other official identification document – for example, a reference letter from your embassy, your home bank or a person acceptable to the bank.

You will also need to provide evidence of your address in Thailand as well as your regular address in your home country.

Regarding bank transfer ( I have done many from UK to Thailand ) from various amount up to the price of a house, and having tried more than 5 of these companies which always advertise they will beat all the bank forex in your home country with 0% fees, note that the exchange rate they will provide to you will be lower than the one you will get in Thailand ( many of the companies you have named will still charge fees ) or this fee will be hidden in the exchange rate margin they will take. I have save of 50,000 euros, and for big amount the bank in Thailand did block for free my money in foreign currency, they call me and propose me a better rate than the one published ( VIP rate ) and if you want to wait few months to have better exchange rate you can ( usually it is for amount above 2M THB ).

I prefer to send directly in Thailand and get what they call the TT rate ( Telegraphic Transfer rate ), go to any Thai bank you will get their rate published every day and update more than once per day, and compare with all these forex brokers by simulating the same amount. Also by doing as I said I don't wait 3/4 days, often the money is in my account same day ( depends on time difference or the day after if bank is closed when you do the transfer ).

The fee I pay in Bangkok Bank is 0.25% of the amount received ( fee min is 200 THB, max is 500 THB ), that means above 200,000 THB you will not pay more than the 500 THB.

Best of Luck t you

AGLV0121 wrote:

Hi all,

I am about to open a small store in Nakon Sawan, to sell food supplements, etc.
My gf will operate it, so I won't actually be 'working'.

I am getting 'some' advice from her sister but it's meager. And  don't speak Thai that much! :-/

A detail: as a test op, she sells biscuits on the market and seems to do so without any administrative constraints.

I would like to get all possible advice about what I have to do: permits, registrations, regulations, do I have to go to the town hall?
Against which authority? Local Min. of Revenue?

Do I have (does she have)  to 'officially' set up a company? etc.

Many small shop or food stall in market or small thai local restaurant often does not pay any taxes or very low amount for those I know ( they don't have employees or work with family ).

As it is Thai citizen, they will not need work permit ( no need to justify capital of 2 or 3 M ), no partnership ( sole proprietorship as she is Thai ), no concern abut shares, not pay corporate tax for small shop ( it is not a limited company ), will be exempt of VAT ( annual turnover is less than 1.8 million baht ), they can pay tax as personal income tax ( no tax below 150,000 THB yearly ) or pay tax on net profit.

All informations you will find in internet from lawyer's website will be for foreigners to set up business as more complicated process, and need of lawyer to do all administrative paperwork.

Thai for small shop does not go through this hassle and not use lawyer.

Regarding licence for food, you will need to check FDA website ( food and drug administration ) if you plan to import some product :

Thanks. Ozforex, well-noted, I'll investigate this today (am in Canada, coming 'back' early September.

Thanks cthierrymk - all the information you provided is new to me. I won't be silly enough to ask "which bank is best", although I have horror stories to tell and would rather ask "which bank is worst"

But all in all we have to live with them, and 'll try to keep away from money import as much as I can.
After all I can manage all transactions with exporters from my bank account in Canada.

No, small change is for day-to-day or month-to-month living (rental, grocery, etc.). Paying 6 bucks for a 20K bahts seemed expensive to me but maybe I'm getting used to it.

I better do it the way you do as there is a ceiling of 500 Bahts (did not know about this).

As for info about 'the store', I am all set regarding operations.

You provided actually the sort of information I needed, and I feel more confident.

It's a new [part-time] activity to me, and with my gf's help it will succeed.

As I am importing from China, I hoped there was a possibility to deliver via surface (train) but it seems Chinese companies prefer sending by boat. And it's difficult to have them change their habits.

Thanks again.

Gerry

Don´t know about other country´s Bank.

But Danish Bank have agreements with some Thai Bank.

Like my Danish Bank have agreements with Kasikorn Bank, And therefor if i send money to Thailand, My Danish Bank send it through Kasikorn Bank, Even if i use other branch, Therefor taking 1 day additional to come to me, and cost little more.
Maybe something to look into ?

@Never Done that: yes I know there are correspondents - I'll check which local bank is affiliated with mine in Canada.

But I am afraid I would have to go the transfer way.

I'll check anyway

Thanks

Gerry