Bank forbids me from sending money home

[victory015]

In 2014, I transferred money to Thai bank for condo purchase, from my home country. I got a foreign exchange transaction form from the bank.

 

I sold condo and want to transfer money back to my country. The bank forbids me from sending money back home.

 

The bank said only can transfer for purpose of education, or house purchase in my home country.

 

What is this nonsense?

[HooHaa]

its pure ignorance.

so many ways around this. 

tellthem you are closing the account open up with a bank that doesnt cause you problems.

or you could buy a shedload of crypto currency and do with your funds whatever you wish.

[VocalNeal]

Find a bank that will like CIMB. Open an account and transfer your money there first.

[observer90210]

Could you please give the name of the bank in private message ? As I will avoid such a bunch of cheats.

[xylophone]

55 minutes ago, HooHaa said:

so many ways around this.

Yes there are..........and trying another branch of the same bank can also work. Seems like staff can interpret "rules" as they see fit! 

 

Also if you have the FET paperwork and then show the sale receipt for the condo that should do it. The source of funds sometimes seems to throw the bank staff, so a sale receipt can work.

[bluesofa]

9 minutes ago, xylophone said:

Yes there are..........and trying another branch of the same bank can also work. Seems like staff can interpret "rules" as they see fit! 

 

Also if you have the FET paperwork and then show the sale receipt for the condo that should do it. The source of funds sometimes seems to throw the bank staff, so a sale receipt can work.

FET paperwork. IIRC, is that the proof of bringing money into Thailand to buy a property, that you need when repatriating the funds back to the country of origin?

Or is that another kettle of fish completely?

[xylophone]

15 minutes ago, bluesofa said:

FET paperwork. IIRC, is that the proof of bringing money into Thailand to buy a property, that you need when repatriating the funds back to the country of origin?

Or is that another kettle of fish completely?

You are right that is the form required, however please be aware that this is Thailand!

 

By that I mean when I transferred money into the country to buy a property, I asked for proof of bringing that money in and they gave me a form which looked a bit like a certificate and had all my details from NZ on it as well as the amount transferred to my account here into SCB, so I thought all was well.

 

When I came to transfer it back out about five years later and gave them this very form, they said that it wasn't what was needed because it wasn't from the original clearing bank which handled the money when my funds came into the country. When I told them that this is what they'd given me as proof, it made no difference and to all intents and purposes I couldn't transfer the money out.

 

But I did manage it within a week by a rather circuitous route, so all was well.

[victory015]

52 minutes ago, observer90210 said:

Could you please give the name of the bank in private message ? As I will avoid such a bunch of cheats.

The bank is kasikorn bank.

[victory015]

40 minutes ago, xylophone said:

Yes there are..........and trying another branch of the same bank can also work. Seems like staff can interpret "rules" as they see fit! 

 

Also if you have the FET paperwork and then show the sale receipt for the condo that should do it. The source of funds sometimes seems to throw the bank staff, so a sale receipt can work.

I have tried about 10 branches of kasikorn bank. I called their call center many times. The answer is cannot.

[victory015]

1 hour ago, HooHaa said:

its pure ignorance.

so many ways around this. 

tellthem you are closing the account open up with a bank that doesnt cause you problems.
 

They don't care whether you close account or not

 

[xylophone]

27 minutes ago, victory015 said:

I have tried about 10 branches of kasikorn bank. I called their call center many times. The answer is cannot.

This from The Bank Of Thailand.........it is allowed so suggest you try the highest level in the bank. If no go, then enquire at another bank what their policy is and if they agree that a transfer is possible, then open an account and deposit the funds. Leave for a short while then transfer.

 IV. FOREIGN INVESTMENTS

Transfers in foreign currency for direct and portfolio investments in Thailand are freely permitted. Proceeds must be surrendered to an authorized bank or deposited in a foreign currency account with an authorized bank in Thailand within 360 days.

Repatriation of investment funds and repayment of overseas loans can be remitted freely upon submission of supporting documents to an authorized bank.  For repatriation of investment funds, evidence of sale or transfer of such investment shall be submitted.  For loan repayment, evidence of inward remittance of such loan and loan agreement shall be submitted.

https://www.bot.or.th/English/FinancialMarkets/ForeignExchangeRegulations/FXRegulation/Pages/default.aspx

[victory015]

2 hours ago, xylophone said:

This from The Bank Of Thailand.........it is allowed so suggest you try the highest level in the bank. If no go, then enquire at another bank what their policy is and if they agree that a transfer is possible, then open an account and deposit the funds. Leave for a short while then transfer.

 IV. FOREIGN INVESTMENTS

Transfers in foreign currency for direct and portfolio investments in Thailand are freely permitted. Proceeds must be surrendered to an authorized bank or deposited in a foreign currency account with an authorized bank in Thailand within 360 days.

Repatriation of investment funds and repayment of overseas loans can be remitted freely upon submission of supporting documents to an authorized bank.  For repatriation of investment funds, evidence of sale or transfer of such investment shall be submitted.  For loan repayment, evidence of inward remittance of such loan and loan agreement shall be submitted.

https://www.bot.or.th/English/FinancialMarkets/ForeignExchangeRegulations/FXRegulation/Pages/default.aspx

I also found out this page, and show to the bank employee. They still told me "cannot".

[xylophone]

32 minutes ago, victory015 said:

I also found out this page, and show to the bank employee. They still told me "cannot".

Then my other suggestion is your next avenue: If no go, then enquire at another bank what their policy is and if they agree that a transfer is possible, then open an account and deposit the funds. Leave for a short while then transfer.

 

PS. Try Bangkok Bank, they have been great for me.

Edited December 4, 2017 by xylophone

[coulson]

Open an account with Bangkok Bank.

[Jingthing]

Then my other suggestion is your next avenue: If no go, then enquire at another bank what their policy is and if they agree that a transfer is possible, then open an account and deposit the funds. Leave for a short while then transfer.
 
PS. Try Bangkok Bank, they have been great for me.

Why would they open an account for you if you tell them you are going to drain it? Also would the transfer form from the original bank be honored at a different bank brand? Also I wonder if you could hire a lawyer to persuade the original bank to do it?

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[YT3k72Em]

Just tell them the reason is for house purchase so they can tick the box on their form.

[cornishcarlos]

Just withdraw all your money. Buy $US or currency of choice and take it home in a big suitcase, like those Shinnys do :)

[yankee99]

14 hours ago, victory015 said:

I have tried about 10 branches of kasikorn bank. I called their call center many times. The answer is cannot.

I didn't think kasikorn did wire transfers from their branches? In the past they had special transfer sections sometimes connected to a branch. 

 

Anyway if you are transferring the money to yourself there are 0 problems with kasikorn. If you are transferring to another name or business they'll ask for a purpose. Not to hard to figure out how to give them a purpose

[victory015]

15 minutes ago, yankee99 said:

 

Anyway if you are transferring the money to yourself there are 0 problems with kasikorn. If you are transferring to another name or business they'll ask for a purpose. Not to hard to figure out how to give them a purpose

In fact, I want to transfer to my account in my home country. Kasikorn bank denied me from doing so.

[hawker9000]

Two lessons most expats eventually learn here:

 

1. It's much easier to transfer money IN to Thailand than back out again.
2. Inconsistency is simply baked into the culture.  And that applies as much to banks as anything else.  (So just keep trying until you find a bank that will accommodate your need.)

Deniers spend a lot of time trying to shout these down, but that only proves the reality.

 

Edited December 5, 2017 by hawker9000

[HooHaa]

15 hours ago, victory015 said:

They don't care whether you close account or not.

 

It doesnt matter if they care. If you close your account you can do whatever you want with the cash.

[simoh1490]

13 minutes ago, victory015 said:

In fact, I want to transfer to my account in my home country. Kasikorn bank denied me from doing so.

Do you have the blue receipt from the Land Office showing tax paid on the sale of your condo., the bank will need that before agreeing to transfer the money out again. The fact that you brought money into Thailand in the first place doesn't give you an automatic right to transfer it out again because you told them at the time your were going to buy a condo with that money. So, relying solely on your FET will not work in that instance, what they want to see is proof that you've sold the condo and paid tax on it, the blue LO receipt will provide that.

[simoh1490]

5 minutes ago, hawker9000 said:

Two lessons most expats eventually learn here:

 

1. It's much easier to transfer money IN to Thailand than back out again.
2. Inconsistency is simply baked into the culture.  And that applies as much to banks as anything else.  (So just keep trying until you find a bank that will accommodate your need.)

Deniers spend a lot of time trying to shout these down, but that only proves the reality.

 

That is simply not true, the realities are that it is perfectly easy to do, just so long as you follow the rules.

[hawker9000]

Just now, simoh1490 said:

That is simply not true, the realities are that it is perfectly easy to do, just so long as you follow the rules.

I see.  And what rule is the OP breaking?

 

ROFL

 

[simoh1490]

 

Just now, hawker9000 said:

I see.  And what rule is the OP breaking?

 

ROFL

 

Read post 23.

[hawker9000]

6 minutes ago, simoh1490 said:

 

Read post 23.

I did.  And just like I said, much easier to bring it IN than to take it back OUT again.

[anon537687643]

Ah Thai banks! Welcomes your currency from overseas but when you want to return it.... nooo! In fact theyre hoping you’ll leave Thailand without your money


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[simoh1490]

4 minutes ago, hawker9000 said:

I did.  And just like I said, much easier to bring it IN than to take it back OUT again.

Most people seem to forget that when they bring money in they have to declare a reason, and if that reason was "living expenses", don't expect to be able to transfer the same amount out again because you're supposed to have spent it - the idea is to prevent people from repatriating funds they acquired illegally.

[simoh1490]

1 minute ago, markaoffy said:

Ah Thai banks! Welcomes your currency from overseas but when you want to return it.... nooo! In fact theyre hoping you’ll leave Thailand without your money


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Again, rubbish. Over the past 15 years or so I've moved millions in and out via the banking system, all legally, either as a result of property or investment sales - it's very easy and I can even do it online without any prior authorisation.

[xylophone]

11 hours ago, Jingthing said:

Why would they open an account for you if you tell them you are going to drain it? Also would the transfer form from the original bank be honored at a different bank brand? Also I wonder if you could hire a lawyer to persuade the original bank to do it?

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For a start you are opening an account from which you will conduct your future transactions, so they are getting your ongoing business, and you simply ask what are their requirements for sending funds back to your own country.

 

The FET form should be from a clearing bank and will be accepted by any bank.

 

The lawyer suggestion is an idea the OP may want to try.

 

I simply would not put up with that crap and would move banks asap. I did exactly that, moving from SCB to Bangkok Bank.........a great move IMO.