Some Thai Elite Visa applicants would want to pay in cryptocurrency upfront rather than in real cash. This is appealing to many people mostly because of how easy it is to make payments and transfer funds while overseas. Making payments while in another entirely different country involves loopholes and delays as well as high transfer fees – cryptocurrency makes transferring money overseas much more streamlined. With physical currency, banking institutions often play a role in controlling and forcing additional fees for transferring funds from one country to the next. This could also lead to massive delays, another drawback many would want to avoid. With the complete absence of a third-party institution such as a bank to regulate, charge, and approve the transfers, crypto users often enjoy cheaper and more straightforward transactions.
Crypto holders are able to pay for their Thailand Elite Visa using cryptocurrencies rather than physical funds, therefore allowing them to pay overseas without suffering many of the disadvantages of international transfer procedures. This payment method involves a different process compared to non-crypto payments – instructions on this are outlined below.
NOTE: When making a payment via cryptocurrency for the Thai Elite Visa of your choice, ensure that this payment is going through an accredited Thailand Elite partner. An example of an accredited organization that accepts cryptocurrency as a valid form of payment is Siam Legal.
What is cryptocurrency?
It is undeniable that purchasing crypto has been on the rise as of late. Crypto trading is an activity partaken by numerous individuals from across the globe and given its immense, rising popularity, many people have expressed interest in wanting to pay their fees through digital currency rather than physical ones. There are many different kinds of digital currency that crypto traders often specialize in holding. An example of a cryptocurrency would be the USDT. Others include Bitcoin (BTC), Ethereum (ETH), etc.
Fortunately, for crypto traders and enthusiasts alike, there is good news; Siam Legal accepts payment for the Thailand Elite Visa via cryptocurrencies such as bitcoin. This allows passionate traders to be able to make their way overseas to Thailand without needing to rely on physical cash to make their payments. This is very convenient for those without any physical currency on hand and makes it much easier to pay when not in Thailand provided its highly digital and online nature. Thailand, being a bustling tourist hub enticing to many aspiring traders, is well known for its strong crypto activity. A recent article on the Royal Thai Embassy’s site in Washington DC has stated that Thailand has secured a nice spot on the “Top five nations for Crypto Currency users” list. This spark in popularity has led to many soaring cryptocurrency exchanges, with organizations such as Bitkub and Satang taking center stage in providing a safe and intuitive platform for crypto traders within Thailand’s borders.
How to Pay in Cryptocurrencies
- Choose Your Thai Elite Package. Take some time to reflect on and choose the Thai Elite Visa package that best suits your needs and goals. Once selected, complete all the required forms and attach these, along with a copy of your passport and photo to an email addressed directly to your local Thailand Elite Agent, such as Siam Legal. The agent will then forward the application over to immigration services on your behalf.
- Submit the Application. The application has been sent and is now pending approval. During this stage, there will be a background check which will take 4 to 8 weeks.
- Approved Application. Your application should have been granted approval. An email will be delivered containing the approval letter and the payment invoice and instructions letting you know what to do to pay for your application. Do not follow the payment instructions if you want to pay via cryptocurrencies rather than regular cash.
- Request for Payment Under Cryptocurrency. Instead of following said instructions after application approval, send an email off to Siam Legal’s Thailand Elite Visa team to request payment under cryptocurrency. Await the follow-up from the Thailand Elite team as it will include detailed instructions on how to complete the payment.
NOTE: Provided the ever-changing nature of cryptocurrencies, it’s highly recommended that you pay in USDT/USDC.
- Contract Signing Between the Consultant and the Applicant. Once the Thailand Elite Agent has received the email, a consultant will be appointed in order to act as a representative to arrange the payment to be transferred from you and into the hands of the Thailand Elite Officers. With a working knowledge of cryptocurrencies such as Bitcoin, Ethereum, USDT, USDC, and other stablecoins, the consultant will inform you of what you need to submit, and what the exchange rate is, and share all the steps needed to facilitate the payment.
- Prior to commencing the transfer, a contract will be arranged between both parties. This contract will need to be agreed to and signed by the applicant before anything can go out.
- Initiate Transfer of Cryptocurrency. Adding on to this, the consultant will provide address details and a notice of confirmation to the applicant. Once received, the applicant has to then send over payment in cryptocurrency to the address given by the consultant. Depending on the consultant, they may also require the applicant to send a small amount to them as a test, then request the remaining fee to be sent over.
- Conversion of Cryptocurrency to Baht. As the Thailand Elite Head Office only accepts transactions in cash or credit card and therefore does not consider crypto as a valid form of payment, an authorized agent will be arranging for the cryptocurrency to be converted into Thai baht instead. Once the cryptocurrency has been successfully converted into Thai baht, the consultant will inform you and share with you the confirmation details, along with an invoice regarding the transfer from the bank. The Thailand Elite agent will do the THB bank transfer to the Thailand Privilege Card Co Ltd official bank account.
- Submit the Receipt to Thailand Elite Main Office. All you will need to do next is to submit the confirmation receipt delivered by the bank over to the Thailand Elite head office as evidence that the exchange was a success. The officers there will then receive the payment by bank transfer.
- Receive the Thai Elite Visa. Once it’s complete, Thailand Elite will prepare a Welcome letter and the member ID number for you. You should receive both documents within 10 days after the payment has been received by them. With these items, you can then travel to the nearest immigration office or international airport (upon arrival) to have your Thai Elite Visa affixed to your passport.
Glossary
- Bitcoin (BTC): an example of a cryptocurrency that can be transferred or paid digitally without the need for a third party such as a bank. This is typically considered the most well-known cryptocurrency.
- Cryptocurrency: a form of digital currency that can be utilized in place of regular cash. Unlike physical funds, cryptocurrency payments are not verified by banking institutions. The lack of such regulations means that it can often be transferred from overseas territories a lot easier.
- Crypto Trader: this is an individual specializing in acquiring and trading cryptocurrencies either as a hobby, as a side gig, or for a living.
- Crypto Consultant: this is a consultant with working knowledge of anything cryptocurrency related. A Crypto Consultant is the type of consultant that works closely with an applicant to ensure that their cryptocurrency payments have been converted into cash and processed. They often arrange for payments to be converted and transferred between the applicant and the Thailand Elite body.
- Ethereum (ETH): another example of a type of cryptocurrency used for the purposes of payment and trading.
- Tether (USDT): this is an example of a stablecoin cryptocurrency. USDT is used to refer to digital funds measured in US dollars. Unlike the US dollar (USD), the USDT is digital currency paid through an online platform such as Tether for instance.
- USD Coin (USDC): USDC is a type of digital currency known specifically as a stablecoin. This form of currency is an asset fully pegged to the US dollar.
Contact us
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