How to use Paypal to transfer funds from the US

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I caught this in the BKK Post during the flight back from CNX. I thought it worthy to post here in its entirety as the link will expire in a few days as per SOP for the BKK Post.

 

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[color:purple]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.[/color]

 

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Cheers,

SD

[limbo]

With Siam Commercial Bank no e-account is required and my Thai PayPal is al in English! No worries at all.

 

Interestingly, PayPal fees are very low if payments are in USD.

 

Euro's are charged at around 4%, USD's are charged at a max of 5 USD with an amount of 4.5K USD.

[pe7e]

With Siam Commercial Bank no e-account is required

 

That's interesting, are you saying I can transfere funds into my savings account with Siam Commercial Bank via Pay-Pal? can I sort it from the UK?

[limbo]

According to my experience, that should be no problem.

[elroy]

SD, Thank you very much for posting this. Very Very useful information.

 

[zzzz]

ACH transfer would be easier -- that is, if available for LOS. It's free and transfer is from bank to bank rather than bank to paypal to bank. When I'm in LOS, ATM is all I use.

[mongatu]

As far as I know, most, if not all, US banks will not do ACH transfers to a foreign country. They will only do wire transfers. If I am wrong about this, I would appreciate someone telling which US banks will allow one to do ACH transfers to a non-US bank.

 

Anyway, I set up a Thai based PP account and have attempted to link my Thai bank account to it. I had to skip the verifying of the PP account step because I don't have a Thai based credit card and the PP site won't accept my Thai Visa ATM debit card. Perhaps I can complete that step when I get back to Thailand and get a virtual CC from my Thai bank (BKK bank) like the guy in the OP did.

 

Or, perhaps I can get PP to allow me to verify the account with a US based credit card. Problem is their site adds Thailand to the end of the billing address no matter what you input.

 

In any event it will be interesting to see if they can successfully transfer their test funds to my Thai bank account without the account having first been verified via credit card.

[mongatu]

Limbo,

 

Is your Thai bank account a regular Thai Baht account? When you use PP to transfer funds to your Thai Bank account, who does the currency conversion into Thai Baht and is the rate the same as you would get if you brought cash in and converted it?

[Thenacity]

With Siam Commercial Bank no e-account is required and my Thai PayPal is al in English! No worries at all.

 

Would you mind explaining in a little detail just how you made your SCB account work with PayPal? For example, do you have an SCB credit card or did you have to get some other special banking product or service from them?

 

Like many other people I've tried and failed to verify with PayPal using an SCB ATM card (a/k/a "SCB Debit Card" with a MasterCard logo and marked "Electronic Use Only") linked to a savings account. But if there's a way to make it work, I'd really appreciate knowing how and I'm sure others would, too.

[zzzz]

As far as I know, most, if not all, US banks will not do ACH transfers to a foreign country...If I am wrong about this, I would appreciate someone telling which US banks will allow one to do ACH transfers to a non-US bank.

 

I read a post from another forum that a Thai bank with a branch in the USA can be used to do a ACH transfer to bank in LOS. But I can't remember the Thai bank with a branch in US.