how to get my money out of thailand ?

[pumpjack]

i sold a condo recently  , i have 2.8M  baht sitting  idling in kasikorn bank.  i want it back to UK.   have spoke to moneycorp and they told me thai bank may not le me withdraw to my home country unless they do the exchange from baht to sterling , i dont know how correct this info is,      in 2006 i withdrew  4 Million baht to uk with no problems asked.

will bank ask to see the sale of condo agreement ?

how much will i get in sterling from 2.8 million baht and should i use moneycorp ? 

i owe taxman in uk a sum of money so may put the 2.8 into my southern ireland account in euros ,  is this a good idea or would i lose to much ? 

would i need pay tax on any money i bring to uk ?  and why should i pay tax as this money was originally sent to thailand over years of saving from work which i allready was taxed heavilly .

if i cant bring it back where would i get a decent return on 2.8 M

 

any advice much appreciated .  

[davidst01]

If you're technically 'savvy' you could buy 2.8m in Bitcoin using a Thai bitcoin 'exchange'. Transfer it immediately to a 'trezor' hardware wallet (czech made) or 'keepkey' (U.S brand). You have control of the bitcoin as you have the 24 word 'seed'. You can then hold it as long as you want (bc its safe) and open an account at a uk based bitcoin 'exchange' and transfer all your coin to that account. You can then immediately pay them to fund it to your bank account. 

 

The only issue I see is the deposit limits in the thai exchange. I dont know what they are. Some exchanges have small buying limits imposed which is annoying (coinbase) and some dont (kraken)- you can buy huge amounts right away after getting 3 tier verification. 

 

You might even make profit on it. But you can also lose some value if the global bitcoin price goes down. Its quite volatile. 

 

If your old and no good with technology then use a bank and pay huge fees etc. 

[chingching]

Ditto to DavidST01.  Anyone doing or contemplating cross border transfers should set up a bitcoin account. Ethereum would also be good, as the fees are much lower and the transfer times much quicker, but if you don't mind paying about 4usd in fees, and waiting an hour, btc is fine.  Ethereum costs about 0.15usd and takes about 5 minutes.

[peterb17]

Buy gold bars-,wrap in condoms and swallow- easy! Make sure you avoid those pesky body scanners .

 

Why not pop down to Kasikorn and ask? They are quite helpful 

 

 

 

[inThailand]

Do what YL did, get help from the military. 

[DrDave]

2 hours ago, davidst01 said:

 

If your old and no good with technology then use a bank and pay huge fees etc. 

What huge bank fees?

I recently transferred over 4 million THB to the US from Bangkok Bank, and the bank fee was all of 1,100 THB.

That day's T/T buy rate was used to convert THB to USD, and the money was safely in my US bank account the next day, with no bank fees on the US side.

Edited September 11, 2017 by DrDave

[spambot]

You can move your funds out of Thailand and you do not need to convert to THB prior to moving the funds - The best method is to choose from the many intermediary fx transfer service provider that will get you a better fx rate and lower charges than the banks in UK or in Thailand.  

 

You do however need to talk to the Kasikorn business center and fill out the appropriate paperwork since its a Gov requirement to show proof that the funds exiting the country has not been generated inside Thailand and hence not subject to tax. You could overcome this process by using an FX transfer service that is registered in Thailand and then would show up as Thailand only transfer and hence not seen as leaving the country. However I think most of these service providers I know about are registered in Singapore - initially try the following Singapore providers and compare their rates - its a competitive market and you should aim to save / retain at least 5% more of your GBP when they hit your UK bank of choice.  Also try Googling and contacting other similar providers to get a solution that best fits.  https://www.worldfirst.com/en-sg/ or https://transferwise.com/sg/ or http://tikfx.com/singapore/ 

 

As for the tax questions you pose - I have no idea on your personal situation, however it is unlikely that the situation would warrant the HMRC to have the power to freeze your account and withdraw when you make the deposit into UK. I would say that once the funds are in a UK account you are simply then free to do as you wish

 

As for converting the funds into Euros, its not a good time to make the conversion since the EUR/GBP is at a record high and you will now get 20% less GBP than would have got end of 2015 if you immediately then do the conversion to GBP. 

[WorriedNoodle]

3 hours ago, davidst01 said:

If your old and no good with technology then use a bank and pay huge fees etc. 

How old does one need to be to be precluded from using this method?

[bazza73]

1 hour ago, DrDave said:

What huge bank fees?

I recently transferred over 4 million THB to the US from Bangkok Bank, and the bank fee was all of 1,100 THB.

That day's T/T buy rate was used to convert THB to USD, and the money was safely in my US bank account the next day, with no bank fees on the US side.

Agree, I've found Thai banks are far less predatory than Western banks when it comes to currency conversion.

Why would the OP use Moneycorp if he is getting erroneous advice from them?

[nasanews]

Just provide your bank with the sale of condo agreement then of you go with your money transferred to your UK bank account as simple as that.

[KamnanT]

Just provide your bank with the sale of condo agreement then of you go with your money transferred to your UK bank account as simple as that.

Agreed. If you have your purchase/sale agreement and the receipts from the land titles office showing that you have paid the required transfer and withholding taxes on the sale, Kasikorn should allow you to send the money to wherever you want by telegraphic transfer. Fees are not unreasonable and if you get K Bank to do the conversion to GBP or EUR, you will almost certainly get a much better rate than your UK or Irish bank would give to buy THB.

Sent from my SM-N910C using Thailand Forum - Thaivisa mobile app

[pumpjack]

thankyou so much,  im as thick as sh *t when it comes to this kind of stuff.  

 

so,  i ask kasikorn to do the conversion ?   my home branch is is hauhin so i cant do it in bkk or pattaya branches .

i still use transferwise or moneycorp ?

i bring all evidence of  condo sale ? 

 

sorry for all the questions i just cannot afford any slipups

[KamnanT]

thankyou so much,  im as thick as sh *t when it comes to this kind of stuff.  
 
so,  i ask kasikorn to do the conversion ?   my home branch is is hauhin so i cant do it in bkk or pattaya branches .
i still use transferwise or moneycorp ?
i bring all evidence of  condo sale ? 
 
sorry for all the questions i just cannot afford any slipups

I don't know about MoneyCorp but I use Transferwise and they can't do transfers out of Thailand: they can only send money to Thailand.

Kasikorn should let you initiate a telegraphic transfer from any branch that offers foreign exchange services and has knowledgeable staff. I would have thought that any of the larger branches in Pattaya or Bangkok could do it. You do not have to go to your home branch. If the sum is substantial, you may be able to negotiate a better exchange rate.

The most important documents to have are the purchase and sale agreement and the original receipts from the land titles office.

[Maestro]

Removed an off-topic post.

[stud858]

On 9/12/2017 at 2:23 AM, nasanews said:

Just provide your bank with the sale of condo agreement then of you go with your money transferred to your UK bank account as simple as that.

Yes, as easy as that. You may need your paperwork from when you brought the money in.

You could mess about with bitcoin or other private online money movers, but they don't have the security and sureness of a bank.  I'm unlucky.  I stick with banks and cop the rip off exchange rates. 

[rumak]

On 9/11/2017 at 5:18 PM, WorriedNoodle said:

How old does one need to be to be precluded from using this method?

if you are old enough to spell  ""you're" correctly than you are too old for this method.

[SCOTT FITZGERSLD]

On 9/11/2017 at 6:28 AM, davidst01 said:

If you're technically 'savvy' you could buy 2.8m in Bitcoin using a Thai bitcoin 'exchange'. Transfer it immediately to a 'trezor' hardware wallet (czech made) or 'keepkey' (U.S brand). You have control of the bitcoin as you have the 24 word 'seed'. You can then hold it as long as you want (bc its safe) and open an account at a uk based bitcoin 'exchange' and transfer all your coin to that account. You can then immediately pay them to fund it to your bank account. 

 

The only issue I see is the deposit limits in the thai exchange. I dont know what they are. Some exchanges have small buying limits imposed which is annoying (coinbase) and some dont (kraken)- you can buy huge amounts right away after getting 3 tier verification. 

 

You might even make profit on it. But you can also lose some value if the global bitcoin price goes down. Its quite volatile. 

 

If your old and no good with technology then use a bank and pay huge fees etc. 

STUPID BAD advice. why do you confuse this man and

put his HARD EARNED money in risk with this bitcoin non sense? BITCOIN is a dangerous adventure, not for life savings. not only that it can lose 90% of it's value as fast as i fart , it can also be stolen easily from any wallet, and most banks still see it as dirty money and won't allow convert it to cash.

You should not have any problem transfering the money out of thailand, but you must show the bank the document that proves that you were the owner of the apartment.

than, don't worry much about exchange rates. Thai banks are not greedy like in the west, and charge quite good foreign exchange rates. Much better than any UK / US bank will give you.

as for the taxes you have to pay in the UK, it is your personal mattar. yes, the taxman can get into your account in your country and block the amount it sees right.

If you want to move your money to another financial center, like HONG KONG or SINGAPORE, you will have access to many investments products, and you still better do the exchange with your thai bank, to show the money trail (cause you have nothing to hide).

if you want to hide this amount from UK wife / taxman / ex-lover, you can keep it in a bank account outside the UK, and withdraw the money over the years with an ATM card. don't worry about the small fees.

[DoneTravelling]

Today 26 March 2018 I transferred a substantial sum out of Ting Tong Land via Bangkok Bank.

I printed out my documentation to prove I had at some time brought the money in, this was not needed. I had to complete one form stating amount to be transferred, my details, recipient details and tick one of four boxes at the bottom relating to what the transfer was for, I ticked education. Not required to show my passport, bank book or card, no copies of any documentation required. I was advised as long as I had sufficient funds there is no problem.
Signed the form and out in 5 minutes.

I think the requirements have been relaxed a lot.

[MiNombreEsFicticious]

On 9/11/2017 at 5:18 PM, WorriedNoodle said:

How old does one need to be to be precluded from using this method?

If you have to ask, then for sure you're too old. Tough day for you, but a rule's a rule.