Once we retire overseas we instantly enter the international banking scene. Most retirees will have either a foreign source of income, usually in the form of a government or private retirement plan, or they will have savings that they draw on to provide Thai living expenses. Whatever that income source is we will need to move it from there to here. Voila! You are an international banker.

Step one in establishing yourself in international finance is to open a Thai bank account. Anyone with a valid passport and Bt 500 can open one. If you are going to apply for a retirement visa you will either have to show a Thai bank account with an B800,000 balance or proof of B65,000 per month income. Either way you will need a Thai bank account.

A number of international banks in Bangkok will allow you to hold your money in US dollars as long as the origin of the money was from abroad. And if you need a large sum of money, let's say to buy a house or car, some international banks provide services that can make this easy. For instance, I just talked to CitiBank and they told me the steps you need to take to transfer up to $50,000 per day. Check to see if your current overseas bank has a similar service.

Making wire transfers from your home bank to Thailand (with CitiBank).

1. Open up a Citibank checking or money market account in your home country.
2. Set up an on-line banking account with CitiBank.
3. When transferring money go to CitiBank's on-line wire transfer page (www.citibank.com) .
4. Have the following information available:
The name of the person who will be receiving the money.
The bank name and account number receiving the money.
The bank's SWIFT code (the Thai bank can tell you this)
5. The transfer will take up to a few days to complete. The money can stay in dollars or be converted into baht.
6. The minimum you can send is $1 and the maximum is $50,000 per day.
7. Cost is $40 per transaction.

Some banks in Thailand won't accept a foreign check. Others will clear checks, even personal checks, rather quickly, while some may take as long as 90 days before you get your money. Choose a bank that won't leave you mooching food off your friends while waiting for your check to clear.

A convenient way of getting a retirement payout is to have your money directly deposited. You will have to see if your bank here offers that service and also whether your retirement source allows for direct deposits. It makes things a lot easier when you can just have the money automatically waiting for you each month.

You can also draw on your money from your home bank using an ATM machine. As a tourist this is a convenient method but if you live here it is probably best to have a local source to draw your money from. You wouldn't want to miss your rent payment because you lost your ATM card, would you?

I suggest you become computer literate if you aren't yet. Internet banking has become very popular and most large Thai banks will offer this service. Besides checking your balances you may also be able to set up automatic bill pay for things like telephone, electricity and utility bills.

The fewer money hassles you have the better you will be able to enjoy your retirement. May all your checks clear quickly and may the exchange rate always be at its highest.

Next Column: Getting Around - Transportation Options
For info on Thai banking try:
www.santaferelo.com/ecs/data/sfguide/BKK/Banking.htm Send your questions on retirement to Thailand to:
retirement@chiangmaicitylife.com