Sending Money Out Of Thailand

[dobbelinas]

I'm wondering,

Many years ago I've transferred a couple of million baht

into Thailand via my local bank abroad.

That was not a problem.

Now maybe I want to sell all assets here, and transfer the money back.

What is the easiest way to do this, and are there any hurdles along the way ?

I would wanna send out roughly 3 million baht.

Thanks for any replies.

[dobbelinas]

What I mean is, can I simply go to a bank and wire the money out ?

Are there any limits to how much I can transfer ?

If i'm over this limit, (If there is any) do I need some kinda paperwork

to proof what it's for etc ?

A couple of years ago, a friend of mine had to register a company to be able to lift his assets out of here.

I hope that has changed....

Edited January 14, 2007 by dobbelinas

[Gaudente]

I'm wondering,

Many years ago I've transferred a couple of million baht

into Thailand via my local bank abroad.

That was not a problem.

Now maybe I want to sell all assets here, and transfer the money back.

What is the easiest way to do this, and are there any hurdles along the way ?

I would wanna send out roughly 3 million baht.

Thanks for any replies.

A few days ago I wanted to wire to Singapore 1 million baht. It seems however you need to use the same bank account you used to receive money in first place. That money came from my stock broker account,and I had sent it into Thailand before wiring on HIS bank account directly. To avoid ENDLESS PAPERWORK to prove money now wired out had previously been wired in , I had to wire only 19,900 U.S. $ . That is the amount you can wire out EACH WEEK without having to prove you wired it in before.

It is unbelieable how Thai authorities are blindly greed. They complain about the baht being too high and at the same time they complain you SELL baht to purchase $ , therefore helping the Central Bank efforts to lower the exchange rate. They are so greedy they want both the money in and the baht low....eat the cake and then still have it. What a shame. This country deserves to sink to 4th World, the sooner the better (just give me the time to wire out my other money )

[jumnien]

What a shame you are leaving Thailand, you seem like such a gracious and fun-loving man!

[dobbelinas]

Thanks for the reply.

So if I wire out, let's say 500.000 Baht a week(~13.800$), X 6, I should be able to get my 3 million out in one and a half month then, right ?

If so, can this be done from any large bank in the city, or are there any

"special banks" for this ?

Hmm, I wonder if they keep track of the sending party, or the receiver ?

If it's the sender, I could have a few friends help me out to get it wired more quickly.

Edited January 14, 2007 by dobbelinas

[Gaudente]

[A few days ago I wanted to wire to Singapore 1 million baht. It seems however you need to use the same bank account you used to receive money in first place. That money came from my stock broker account,and I had sent it into Thailand before wiring on HIS bank account directly. To avoid ENDLESS PAPERWORK to prove money now wired out had previously been wired in , I had to wire only 19,900 U.S. $ . That is the amount you can wire out EACH WEEK without having to prove you wired it in before.

It is unbelieable how Thai authorities are blindly greed. They complain about the baht being too high and at the same time they complain you SELL baht to purchase $ , therefore helping the Central Bank efforts to lower the exchange rate. They are so greedy they want both the money in and the baht low....eat the cake and then still have it. What a shame. This country deserves to sink to 4th World, the sooner the better (just give me the time to wire out my other money )

RED ALERT

Today went to my bank to make my second swift , two weeks after the first, and they refused to make it asking for proof of the money being previousely wired in. Tomorrow I will retry taking with me all the statements of deposit on my stock broker account, hoping it will suffice.This place is getting each day more similar to Myanmar, DO NOT BRING YOUR MONEY HERE, FOR GOD'S SAKE !

Edited January 25, 2007 by Gaudente

[backflip]

With the low USD/THD exchange rate, perhaps you can sell it to farangs who are staying in Thailand with a baht or two per dollar extra as an incentive.

[tijnebijn]

Indeed for what I know there was a limit apprx 500k a week indeed.

rediculous that they won't let you transfer the money directle like you please,it is yours or not??

It is allready in thaibaht,and they proberly do not want to lose it...hummmm

[Gaudente]

rediculous that they won't let you transfer the money directle like you please,it is yours or not??

it seems that once you move your money in Thailand, it becomes THEIRS.

[chuchok]

Tell them you are buying a car,anything from overseas.You could make up the paper work etc.Could this work?

[watchoutfarang]

The simple answer to this is if you SWIFT money in to LOS in the first place, keep the FETF form and therefore you can prove that you actually brought it in for a reason. If you go to your bank with this and other relevant ID, you will have no problem whatsoever SWIFTing monies.

Thanks

watchoutfarang

[Casanundra]

On a recent trip back to the UK I was wondering how to take out some of the money I have in LOS with me as I don't want it here anymore either. So I decided to take 500,000 THB out of my bank, converted it back to GBP (it cost me 23 baht overall in the exchange) and then I simply walked out with it in my wallet. Easy peesy pudding and pie.

[topfield]

Hi chaps

Can offer some very important advice. It concerns the charges for wiring BAHT out of Thailand.

They have a cartel here (as in Switzerland their Konvention) called the Association of Thai Banks.

This cartel fixes the charges for things like travellers cheques AND fees for wiring funds.

These fees are outrageous when wiring BAHT out.

It was 3/8th per cent of the amount wired if I remember correctly.

So if you wire out say 10 million baht the fee will be 37, 500 baht if my maths is right .

The fee charged by Citibank which is OUTSIDE the cartel was Baht 1,000 a saving of Baht 36,500 !!!

Why should anyone then send such an amount that way ?

Can answer : BOT permission required to send out 10 million baht. They refused the permission when Citibank applied but granted it when Bangkok Bank applied so had no choice in the matter

[bendix]

Hi chaps

Can offer some very important advice. It concerns the charges for wiring BAHT out of Thailand.

They have a cartel here (as in Switzerland their Konvention) called the Association of Thai Banks.

This cartel fixes the charges for things like travellers cheques AND fees for wiring funds.

These fees are outrageous when wiring BAHT out.

It was 3/8th per cent of the amount wired if I remember correctly.

So if you wire out say 10 million baht the fee will be 37, 500 baht if my maths is right .

The fee charged by Citibank which is OUTSIDE the cartel was Baht 1,000 a saving of Baht 36,500 !!!

Why should anyone then send such an amount that way ?

Can answer : BOT permission required to send out 10 million baht. They refused the permission when Citibank applied but granted it when Bangkok Bank applied so had no choice in the matter

Utter utter nonsense. Topfield, if you're going to position yourself as Thaivisa's resident financial adviser with a stream of 'Stop Press, Important Advices' perhaps you should let us know your qualifications. Because in many cases, including this one, you're just plain wrong.

I have regularly wired out significant sums and have NEVER paid anything other than the bog-standard 400 baht transfer fee. The amounts have varied from as little as 50,000 baht up to a maximum 2.5 million. There has been no other charge relating to a percentage of the transferred sum.

[HenryB]

[A few days ago I wanted to wire to Singapore 1 million baht. It seems however you need to use the same bank account you used to receive money in first place. That money came from my stock broker account,and I had sent it into Thailand before wiring on HIS bank account directly. To avoid ENDLESS PAPERWORK to prove money now wired out had previously been wired in , I had to wire only 19,900 U.S. $ . That is the amount you can wire out EACH WEEK without having to prove you wired it in before.

It is unbelieable how Thai authorities are blindly greed. They complain about the baht being too high and at the same time they complain you SELL baht to purchase $ , therefore helping the Central Bank efforts to lower the exchange rate. They are so greedy they want both the money in and the baht low....eat the cake and then still have it. What a shame. This country deserves to sink to 4th World, the sooner the better (just give me the time to wire out my other money )

RED ALERT

Today went to my bank to make my second swift , two weeks after the first, and they refused to make it asking for proof of the money being previousely wired in. Tomorrow I will retry taking with me all the statements of deposit on my stock broker account, hoping it will suffice.This place is getting each day more similar to Myanmar, DO NOT BRING YOUR MONEY HERE, FOR GOD'S SAKE !

Bring all the money you want to Thailand but you can't take it out . Given if to my Thai wife.

Glad I can help you

Edited January 26, 2007 by HenryB

[topfield]

[A few days ago I wanted to wire to Singapore 1 million baht. It seems however you need to use the same bank account you used to receive money in first place. That money came from my stock broker account,and I had sent it into Thailand before wiring on HIS bank account directly. To avoid ENDLESS PAPERWORK to prove money now wired out had previously been wired in , I had to wire only 19,900 U.S. $ . That is the amount you can wire out EACH WEEK without having to prove you wired it in before.

It is unbelieable how Thai authorities are blindly greed. They complain about the baht being too high and at the same time they complain you SELL baht to purchase $ , therefore helping the Central Bank efforts to lower the exchange rate. They are so greedy they want both the money in and the baht low....eat the cake and then still have it. What a shame. This country deserves to sink to 4th World, the sooner the better (just give me the time to wire out my other money )

RED ALERT

Today went to my bank to make my second swift , two weeks after the first, and they refused to make it asking for proof of the money being previousely wired in. Tomorrow I will retry taking with me all the statements of deposit on my stock broker account, hoping it will suffice.This place is getting each day more similar to Myanmar, DO NOT BRING YOUR MONEY HERE, FOR GOD'S SAKE !

................................................................................

................................................................................

.

So finally somebody noticed ! The crazy situaion in Thailand where one hand is trying to stem the rise of the baht while the other is trying to prevent it from falling ! Totally contradictory ideas first noticed years ago when the local Thai bank would not give me dollars but the local exchange office was free to sell me a million.

................................................................................

..........................................................

Bring all the money you want to Thailand but you can't take it out . Given if to my Thai wife.

Glad I can help you

[Danny340]

On a recent trip back to the UK I was wondering how to take out some of the money I have in LOS with me as I don't want it here anymore either. So I decided to take 500,000 THB out of my bank, converted it back to GBP (it cost me 23 baht overall in the exchange) and then I simply walked out with it in my wallet. Easy peesy pudding and pie.

Just wondering, where did you exchange your baht to pounds? I've got 500,000 baht I want to change into pounds but can't seem to find anywhere which will sell pounds.

[soundman]

On a recent trip back to the UK I was wondering how to take out some of the money I have in LOS with me as I don't want it here anymore either. So I decided to take 500,000 THB out of my bank, converted it back to GBP (it cost me 23 baht overall in the exchange) and then I simply walked out with it in my wallet. Easy peesy pudding and pie.

Just wondering, where did you exchange your baht to pounds? I've got 500,000 baht I want to change into pounds but can't seem to find anywhere which will sell pounds.

A reply & a quetion for other forum readers.

A good place to exchange actual cash is in the market behind the Thai airways head office on Vipahwahdi Road where there are three or four exchange businesses in small offices. These businesses have large amounts of foreign currency from many different countries on hand. Their rates are more competative than the leading bank's advertised rates. (i'm not sure about the exact legal status of these businesses)

Question: Are the same limits placed on a thai national sending money out of the country as a foreigner? If anybody can answer this it would be greatly appreciated.

Thanks,

Soundman.

[topfield]

On a recent trip back to the UK I was wondering how to take out some of the money I have in LOS with me as I don't want it here anymore either. So I decided to take 500,000 THB out of my bank, converted it back to GBP (it cost me 23 baht overall in the exchange) and then I simply walked out with it in my wallet. Easy peesy pudding and pie.

Just wondering, where did you exchange your baht to pounds? I've got 500,000 baht I want to change into pounds but can't seem to find anywhere which will sell pounds.

A reply & a quetion for other forum readers.

A good place to exchange actual cash is in the market behind the Thai airways head office on Vipahwahdi Road where there are three or four exchange businesses in small offices. These businesses have large amounts of foreign currency from many different countries on hand. Their rates are more competative than the leading bank's advertised rates. (i'm not sure about the exact legal status of these businesses)

Question: Are the same limits placed on a thai national sending money out of the country as a foreigner? If anybody can answer this it would be greatly appreciated.

Thanks,

Soundman.

Hi Soundman,

Very interesting to hear about exchange offices on Rachada. Could you possibly give us all a few phone numbers so we can check out the rates as most are familar only with the offices near World Trade. Many thanks