Bank forbids me from sending money home

[chicowoodduck]

Go to the bank, draw your money out and go home and pack your bags....easy peasy.....???

[simoh1490]

12 minutes ago, xylophone said:

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.

I can confirm I've taken an FET issued by CIMB and used it to transfer funds out at UOB.

[BuaBS]

You can transfer money out with the Bangkok bank without having an account there . I did it 3 times ( because they had the best TT exchange rates).

[z42]

Bitcoin, Ethereum, Dash, Ripple, Bitcoin Cash.... Your money will multiply and you will be able to cash it out in your home country if you use GDAX, coinbase or other licenced exchange.

[BuaBS]

8 minutes ago, z42 said:

Bitcoin, Ethereum, Dash, Ripple, Bitcoin Cash.... Your money will multiply and you will be able to cash it out in your home country if you use GDAX, coinbase or other licenced exchange.

Unless they crash ... then you have to wait a day (or 2)  longer when they recover from the crash.

[tingtongtourist]

1 hour ago, chicowoodduck said:

Go to the bank, draw your money out and go home and pack your bags....easy peasy.....???

Only trouble most countrys only will allow you to carry a certain amount in.

If they dont accept the explanation you give you risk to get it all confiscated.

[tingtongtourist]

59 minutes ago, BuaBS said:

Unless they crash ... then you have to wait a day (or 2)  longer when they recover from the crash.

Have the rules of investing somehow change?

For absolutely everyone to make a profit (which is impossible anyway and is fake news) someone else has to take a loss

or someone else is buying at a premium much higher than the original cost, no?

 

These things is nothing but a big ponzi scam.

Remember the pyramid scams? 

 

The big guys behind all this will have a system set up and alert them when the conditions is good for them.

They will flood the market at the right time and they will run away laughing while everyone will loose millions

 

Crypto=next Leeman type scam

 

[BuaBS]

15 minutes ago, tingtongtourist said:

Have the rules of investing somehow change?

For absolutely everyone to make a profit (which is impossible anyway and is fake news) someone else has to take a loss

or someone else is buying at a premium much higher than the original cost, no?

They created a new currency out of nothing, which is pretty illegal in most countries , but this one is heavy encrypted and only on the illusive internet. Als long as the price goes up , or stays relatively the same , there are no losers . The last buyers , that pay for crypto's at these prices ( or higher ) , will be to losers if they step out . But isn't this with nearly all investments ? Crypto's and the underlying blockchain , is here to stay in one way or another . And while it seems anti bank , anti tax , anti controle , it's just one more way governments are easing us away from a cash based society. Eventually they will find more ways to control all these crypto currencies .

[ujayujay]

Quit Kasikorn and change to Bangkok Bank.

[RBOP]

1 hour ago, simoh1490 said:

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.

I tried that (online transfer) and they want a work permit only.

[recycler]

Use a money changer, there are people who need similar amounts in the other direction and they balance supply and demand.

[snowgard]

Give this idiots a look at their own website: 

 

https://www.kasikornbank.com/en/personal/services/payment/Pages/outward.aspx

 

I believe they never done it and not want loose the face because they don't know how to do!!!

Edited December 5, 2017 by snowgard

[david555]

Double posted (removed 1..)

 

Edited December 5, 2017 by david555

[david555]

2 hours ago, chicowoodduck said:

Go to the bank, draw your money out and go home and pack your bags....easy peasy.....???

This travels lighter......

[DavidB1960]

So if i have no intention of investing the money im bringing in into a condo or other investment, what reason should i put on the form so it doesnt get hung up? The real reason is b/c they require it but i suspect that reason would not help the situation.

[MyFriend You]

15 hours ago, victory015 said:

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

Hard heads  -  go to the Main Branch of Kasikorn Bank in Bangkok  -  they can do things a satellite branch won't.   1 Soi Rat Burana 27/1, Rat Burana Road,  Rat Burana District, Bangkok 10140. 02-2220000     If they won't do it, take your money out and deposit it elsewhere to make the transaction.

[xylophone]

8 minutes ago, DavidB1960 said:

So if i have no intention of investing the money im bringing in into a condo or other investment, what reason should i put on the form so it doesnt get hung up? The real reason is b/c they require it but i suspect that reason would not help the situation.

I brought over 10 million baht into the country over a 2 yr period (5 mil in one go) and never had to give a specific reason for it as I recall...........living expenses/retiring in Thailand seemed to suffice.

[Queen4ADay]

Just my 2 baht worth.

You need the "Bank Clearance" document. Typically funds coming into Thailand clear through Standard Charter Bank or HSBC, then they arrive at your own bank. The "clearing bank" name may be on the document that they gave you.  Then you can go to their offices and get a copy of the original clearing document. This is the "proof" that Kasikorn needs.

 

Bangkok Bank has an account called a "non-resident baht account". This is typically used by expats & investors who want to bring money into Thailand for investment/property purchases. You provide them with the purchase & sale agreement for each transaction. They issue the FET letters or Bank Letter depending on the transaction and they "keep track" of the funds "in & out". You are legally able to send  the money transferred in for the original purchase back out of the country when the correct "documents' have been provided to show the original source of funds. Profits, earnings/savings, can be transferred out up to 1M THB per month without issue. More requires "permission". You might consider moving your funds to there. Go to Head Office Bangkok Bank, Silom/Soi Convent.

 

Find your original "transfer request" from your home bank. Check to see which clearing bank was used before it got to Kasikorn and get that document and then you also need the document that you have from Kasikorn, including the original FET. 

 

All of these challenges are created by legislation in the anti-money-laundering act. Thank the "crooked" ones for your challenges. Honest people always take the hit!

Good luck. It can be done. It just takes time and patience.

[Queen4ADay]

14 minutes ago, xylophone said:

I brought over 10 million baht into the country over a 2 yr period (5 mil in one go) and never had to give a specific reason for it as I recall...........living expenses/retiring in Thailand seemed to suffice.

Your "specific reason" was living expenses/retiring. That is a good enough reason.

[Minnehaha]

I have seen this issue many times in various iterations in LOS. 

The condo buyers  bank issues a FEC for funds and Land Office rejects it.  Why?  Cause the brilliant K Bank manager did not know that the funds actually came into Thailand from HSBC Singapore to CLEAR at HSBC Thailand into Thai Baht and then sent to Kbank.  We had to go to HSBC Thailand office to get the FEC doc which was a letter. 

 

The moral is Thai banks are so very screwed up and incompetent that you really need to do homework and deal with experts in property or good lawyer.  Or ask on Thai visa 

[farq]

FYI. Advice I was given by my solicitor was that any money transferred into the country form out side, stays here and can't be repatriated. 

[simoh1490]

1 hour ago, RBOP said:

I tried that (online transfer) and they want a work permit only.

I don't have a work permit, never did.

[simoh1490]

3 minutes ago, farq said:

FYI. Advice I was given by my solicitor was that any money transferred into the country form out side, stays here and can't be repatriated. 

What your solicitor knows about this subject is less than zero. If you want a real answer why not write to the President of which ever bank you deal with and get their reply in writing, failing that, write to the BOT, the people who make up the rules about these things..

Edited December 5, 2017 by simoh1490

[simoh1490]

16 minutes ago, Queen4ADay said:

Just my 2 baht worth.

You need the "Bank Clearance" document. Typically funds coming into Thailand clear through Standard Charter Bank or HSBC, then they arrive at your own bank. The "clearing bank" name may be on the document that they gave you.  Then you can go to their offices and get a copy of the original clearing document. This is the "proof" that Kasikorn needs.

 

Bangkok Bank has an account called a "non-resident baht account". This is typically used by expats & investors who want to bring money into Thailand for investment/property purchases. You provide them with the purchase & sale agreement for each transaction. They issue the FET letters or Bank Letter depending on the transaction and they "keep track" of the funds "in & out". You are legally able to send  the money transferred in for the original purchase back out of the country when the correct "documents' have been provided to show the original source of funds. Profits, earnings/savings, can be transferred out up to 1M THB per month without issue. More requires "permission". You might consider moving your funds to there. Go to Head Office Bangkok Bank, Silom/Soi Convent.

 

Find your original "transfer request" from your home bank. Check to see which clearing bank was used before it got to Kasikorn and get that document and then you also need the document that you have from Kasikorn, including the original FET. 

 

All of these challenges are created by legislation in the anti-money-laundering act. Thank the "crooked" ones for your challenges. Honest people always take the hit!

Good luck. It can be done. It just takes time and patience.

It's not about Bank Clearance, FET's or funds tracking, it's a tax related issues - go read post 23 again.

[12DrinkMore]

16 minutes ago, farq said:

FYI. Advice I was given by my solicitor was that any money transferred into the country form out side, stays here and can't be repatriated. 

 

He was probably hoping that he could "look after it" for you.

 

 

[12DrinkMore]

1 hour ago, BuaBS said:

They created a new currency out of nothing, which is pretty illegal in most countries , but this one is heavy encrypted and only on the illusive internet. Als long as the price goes up , or stays relatively the same , there are no losers . The last buyers , that pay for crypto's at these prices ( or higher ) , will be to losers if they step out . But isn't this with nearly all investments ? Crypto's and the underlying blockchain , is here to stay in one way or another . And while it seems anti bank , anti tax , anti controle , it's just one more way governments are easing us away from a cash based society. Eventually they will find more ways to control all these crypto currencies .

 

It is being defined as a commodity, not a currency.

 

There are now over 1,300 cryptos in existence.

 

https://coinmarketcap.com/14

 

 

[johnc925]

They don't care whether you close account or not
 

IM me... I can put you in touch with someone who should be able to help

Sent from my SM-A910F using Thailand Forum - Thaivisa mobile app

[NanLaew]

57 minutes ago, simoh1490 said:

It's not about Bank Clearance, FET's or funds tracking, it's a tax related issues - go read post 23 again.

But the OP's bank haven't asked for this.... yet.

 

The OP needs to get the letter from the clearing bank first and try that. If it works, he's saved the hassle of getting the tax receipt. If the OP's bank is too dumb to precisely advise of the correct procedure beyond ''cannot", the chances are they will be also ignorant of any tax receipt requirements.

[simoh1490]

2 minutes ago, NanLaew said:

But the OP's bank haven't asked for this.... yet.

 

The OP needs to get the letter from the clearing bank first and try that. If it works, he's saved the hassle of getting the tax receipt. If the OP's bank is too dumb to precisely advise of the correct procedure beyond ''cannot", the chances are they will be also ignorant of any tax receipt requirements.

Overseas transfers into Thai banks are recorded in the recipient's passbook and coded as such, in addition, the recipient will have received some form of notice to confirm the transfer hence there are at least two separate ways to confirm the transfer took place, without needing to get an additional letter. The question in my mind now is whether the funds actually came from outside of Thailand, whatever some of us may think about Thai banks, they are not totally stupid and despite some reports to the contrary, they do act professionally most of the time.

 

The second point is, if the OP sold his condo through legitimate channels and the sale was transacted at the Land Office, he already has the blue receipt showing tax paid, obtaining that receipt is therefore not an additional step but is one that has already been completed.

[Media1]

20 hours ago, victory015 said:

They don't care whether you close account or not

 

Yes but you have your money. Wire transfer from western union