What Happened To 30% Withholding On Money Transfers

[number6]

just wandered whqat happened to 30% withholding on transferring foreign money in

i transferred about $ 15,000 us just after it was announced and no problem got it all and have just trransferred another abour $ 14,000

yes i spend a lot

[lopburi3]

You misunderstood. There was never a withholding of amounts under $20,000 per transaction. And for amounts above most transactions are not now not subject to the withholding anyhow (but you may have to explain the reason to bank and have amount returned if they take it out).

[number6]

You misunderstood. There was never a withholding of amounts under $20,000 per transaction. And for amounts above most transactions are not now not subject to the withholding anyhow (but you may have to explain the reason to bank and have amount returned if they take it out).

?? can u expand on explain - as i said i plan to transfer quite a lot over next few months for projects on the house i already have (ok my thia iwe has) and on projects on my condos - so maybe isahould just transfer say $ 19,000 3 times ??? any comments - ??? how do i explain do they take 30% then i explain then they give it back ??? seems mad to me but i know TIT

[lopburi3]

Just keep transactions below $20,000. No problem.

Above that amount the 30% will be deducted without bank agreement not to do so - but can be refunded once proven funds were not for items that the 30% applies to.

[Peterpan]

Just keep transactions below $20,000. No problem.

Above that amount the 30% will be deducted without bank agreement not to do so - but can be refunded once proven funds were not for items that the 30% applies to.

Guys, I have just spoken with my accountant as he should know and the 30% with holding is only on stock not a bank transfer to you bank.

As I am due to send a large amount and I heard about this 30% thing, so I ask what was the score, he said no problem.

[lopburi3]

No problem for him.

[Berty]

Anyone can confirm this? All very confusing.

[Asia4ever]

As I mentioned in another thread, two days ago I opened a bank account with a Tourist visa and tried to wire transfer $25,000 USD for purposes of retirement, and for income while in Thailand. The banker absolutely refused to give me a Foreign Exchange Transaction Form and indicate that 30% would not be withheld. She said, "No exceptions".

It seems interesting that they set the limit at $20,000, instead of at let's say, $24,000. The latter would allow retirees to transfer enough for retirement purposes. Additionally, the official BOT document provides no explicit exclusion for funds brought in for retirement purposes. Coincidence? Methinks not.

The only option is to transfer the 800,000 BHT equivalent in two smaller amounts, but then no documentation

to guarantee that you can get that money out of Thailand if necessary. A risk I am unwilling to take.

[jumnien]

I just transferred $60,000 USD on Jan. 5th from Los Angeles to Bangkok. No money taken out, no problem. As always, they called on my mobile to confirm the transfer and were very nice. They asked what the money was for and I said "to live". A giggle on the other end of the line and "have a nice day". It's amazing how people got so worked up over nothing, as usual... TIF (this is farang)

[Asia4ever]

It's amazing how people got so worked up over nothing, as usual... TIF (this is farang)

Worked up over nothing? Do you not distinguish between a banker allowing you to do it with a giggle, and mine saying, "No exceptions"? Get real! You are comparing apples to oranges. So you got a lucky break, and I am happy for you, but does that mean that everyone will?

[jumnien]

Yes, it does mean everyone will. Sounds like you are having trouble communicating with the bank. Humbly and graciously get someone who speaks their native language to help you and I'm sure everything will be fine!

[VBF]

Yes, it does mean everyone will. Sounds like you are having trouble communicating with the bank. Humbly and graciously get someone who speaks their native language to help you and I'm sure everything will be fine!

As I'm now back in LOS - I went to my bank (SCB in Pattaya) and asked about the 30% witholding. They produced a wad of papers in Thai which 2 of the staff pored over and then basically said that they thought that deposits over $20,000 would be subject to the witholding. Obviously if even banks staff aren't sure, we have no chance! When I asked for more clarity, I was given the number of their head office and eventually was directed to a lady speaking good English. Her take on it is as follows:

"If the amount is over $20,000, SCB will withold the 30%. The customer can then go to the branch and show evidence of applying for a retirement extension. SCB will then apply to BoT for the money to be refunded. This will take a minimum of 2 weeks"

She didn't seem to know what evidence would be acceptable, nor whether "minimum of 2 weeks" is realistic!

So, IMHO, at present it would seem better to keep transfers below $20,000 to avoid all the hassles.

[Maestro]

I just transferred $60,000 USD on Jan. 5th from Los Angeles to Bangkok. No money taken out, no problem. As always, they called on my mobile to confirm the transfer and were very nice. They asked what the money was for and I said "to live". A giggle on the other end of the line and "have a nice day". It's amazing how people got so worked up over nothing, as usual... TIF (this is farang)

The rules are the same for all banks:

30 percent reserve requirement – summary

30 percent reserve requirement

I see nothing in those rules saying that an inward remittance over USD 20,000 “to live” is exempted from the 30% reserve requirement. However, like with a lot of other rules, there can be differences in how individual banks, bank branches, and bank employees interpret these BOT rules.

--

Maestro

[JimmyGreaves]

What are the banks rates for these transfers. Onshore (High) or Off shore (Low).

[thaihome]

Just keep transactions below $20,000. No problem.

Above that amount the 30% will be deducted without bank agreement not to do so - but can be refunded once proven funds were not for items that the 30% applies to.

Guys, I have just spoken with my accountant as he should know and the 30% with holding is only on stock not a bank transfer to you bank.

As I am due to send a large amount and I heard about this 30% thing, so I ask what was the score, he said no problem.

You need a new accountant.

TH

[Peterpan]

Just keep transactions below $20,000. No problem.

Above that amount the 30% will be deducted without bank agreement not to do so - but can be refunded once proven funds were not for items that the 30% applies to.

Guys, I have just spoken with my accountant as he should know and the 30% with holding is only on stock not a bank transfer to you bank.

As I am due to send a large amount and I heard about this 30% thing, so I ask what was the score, he said no problem.

You need a new accountant.

TH

Just transfered $50,000 and no problem, that is what my accountant told me, I wonder if it is because of number 1.4 maybe

In any banking system worldwide big amounts you have to prove what it is for, I sold my house in Tenerife for a lot of poundssterling, until I sent a copy of the sales agreement to my offshore Bank in Luxembourg I couldnt use it. Once sent could do what I like with it.

And you need new glasses

Summary of the Reserve Requirement on Short-Term Capital Inflows

This notice pertains to the Bank of Thailand's announcement regarding the implementation of reserve requirement on short-term capital inflows on 18 December 2006 and its subsequent relaxation. The goal of the measure was to help maintain stability in the Thai baht which is conducive to sustained long-run growth in the Thai economy.

The following summary is intended to help add clarity regarding the measure and serve as a reference for financial institutions in implementing the reserve requirement.

1. Foreign currencies bought or exchanged against baht for the following transactions are exempt from the 30 percent foreign currency reserve requirement:

1.1. Foreign exchange transactions related to current account activities including transactions related to exchange of goods, services, income, transfers and aid.

1.2. Inflows for equity investment in companies listed in the Stock Exchange of Thailand and Market for Alternative Investment (excluding mutual funds and warrants), investment in the Thai Futures Exchange (TFEX), and investment in the Agricultural Futures Exchange of Thailand (AFET). Funds destined for the aforementioned investments should be deposited in the Special Non-resident Baht Account for Securities: SNS.

1.3. Foreign direct investment defined as investments by non-residents in resident entities where the investor owns at least 10 percent of the equity capital and has managerial power.

1.4. Investment in real estate such as land and condominiums (excluding real estate mutual funds).