Moving One's Money Out Of Los

[yankee-expat]

I was told that if I bring money into Thailand, and it shows in the bankbook that it came from a foreign source, that there will be no trouble getting my baht out of the country.

For sake of argument let's discuss 1 million baht.

800 of that 1 million shows as deposited by SWIFT transfer. 200 does not.

Am I correct in thinking that I can get 800,000 baht in dollars and move it out of the country.

Now let's assume I put all those transactions in one bank account. But when I got here I decided it was too risky to keep all in one bank, and I am getting offered better interest rates so I move that money around.

Let's assume that I leave 400,000 baht in the original bank in a regular savings account for my marriage visa. I move the rest to other banks as they are offering better rates.

2 years later I want to leave and take all my money. The money is 400,000 in the original bank and the others are spread around. What issues will I have getting my money out when the other banks show the money as domestic - they don't know where it came from?

Let's assume that instead of leaving 400,000 baht in the account, I take out all but 1000.00 baht because I want to put 400,000 in a time deposit.

What issues will I run into by moving my money around?

I have a question about the 400,000 baht that I will ask in the visa forum but I'll ask here as well: If I put 400,000 or 10 40,000 deposits in say Thanachart, is that good enough for the marriage visa extension?

It makes no sense to put one big lump of money in a CD or time account - different account at Thanachart from my regular savings - I have two passbooks from Thanachart, one for time and one for savings - I put the time deposits in small increments say 50,000 baht -

I have reason for that as well. But I've buggered up this question with too much already - so I'll leave it at that and ask in a different question.

[naka]

In order to get the money back out you would need a Foreign Currency Transaction Cert.

This is a form issued by the bank, certifying that you brought in funds from overseas,

however the funds must have arrived at your bank in a foreign currency ! Not Baht.

This certificate is only issued if it is requested and the transaction ( 1 single transaction )

must be for US 20,000 equivalent or more. Since your largest transaction was for Bt 800k

it would qualify for a FCTC if it arrived in US, Euro etc. etc.

naka.

[yankee-expat]

It was not one transaction. I moved dollars 400,000 baht at at time. Some were travelers checks, other deposits were wires.

[bendix]

I dont think you'd have any problems. While the rules are the rules, the practice is often/invariably very different.

I transfer 150,000 - 200,000 baht from my account here in Bkk to a savings account in Australia every month by Swift. The funds all originate in Thailand; on the application form I just put 'personal expenses' if asked for a reason. Six months ago I let it accumulate and sent nearly 600k over in one go. Again, not an issue.

If the sums are as you state, I can't see it being an issue. If, however, you're talking about multiple millions of baht, then you might attract attention.

[naka]

I dont think you'd have any problems. While the rules are the rules, the practice is often/invariably very different.

I transfer 150,000 - 200,000 baht from my account here in Bkk to a savings account in Australia every month by Swift. The funds all originate in Thailand; on the application form I just put 'personal expenses' if asked for a reason. Six months ago I let it accumulate and sent nearly 600k over in one go. Again, not an issue.

If the sums are as you state, I can't see it being an issue. If, however, you're talking about multiple millions of baht, then you might attract attention.

Good luck with your application for a UK old age pension Bendix.

Naka.

[Arkady]

You are allowed to remit out money freely as a foreigner, if you can show you earned it as salary in Thailand. Thais and foreigners are allowed to remit money to support relatives and I think the limits are quite high but I don't know how much or what documentation you need to show.

When you remit in money in more than small amounts it is recommended that you ask the bank for the Thor Tor Sam (TT3) document (Currency exchange doc). The bank will not bother to give it to you, if you don't ask and they will make a big fuss, if you request it later on and may never find it for you. I don't know if a $20,000 limit now applies for TT3 but I got them for amounts of $10,000 in 2001. I have heard of Thai banks refusing to remit money out even with a TT3 on the basis that is was remitted in for living expenses and therefore should have been spent. Probably the best thing is to declare that it was for investment but you changed your mind about the investment. Sometimes the bank will call up and ask you the purpose when the money comes in and will note this on the TT3. You should ask the remitting bank to write "FOR INVESTMENT" on the remittance advice. A loan is also a good way to do it (reserve requirements allowing over $20,000), if it is coming from another person or your own offshore company. There is no argument about repaying loans. You will need to write a loan document to remit it out again.