How To Get 30k Into Thailand

[binnsy]

Hi,i need some advice on how to 30k sterling into thailand legally to purchase house.i have no bank account in thailand.tried to open but was told on several occasions that i needed a work permit and as i dont intend working there is no chance of getting one legally

[londonthai]

credit/debit card or travellers cheques

[percy2]

Hi,i need some advice on how to 30k sterling into thailand legally to purchase house.i have no bank account in thailand.tried to open but was told on several occasions that i needed a work permit and as i dont intend working there is no chance of getting one legally

Go see another bank, ask to open a non resident account for Sterling. You may have to show a purchase agreement , you certainly will (should) have to to avoid 30% retention.

Cheers

[percy2]

credit/debit card or travellers cheques

I'm not sure this will work if you want to have a CONDO in your name.

I highlighted the word condo because of course thats the most common form of residence you can buy in your name.

If you are buying a house it won't (normally) be in your name.

If you are buying it for someone else you will have to bring the money in in units smaller than $20k US to avoid the 30% retention.

Cheers

[Filer]

Exchange Sterling for TH Bht at specialist foreign exchange firm in UK (much cheaper than banks) and transfer in via SWIFT transfer directly to account of your Thai lawyer handling the purchase for you.

[jumnien]

I wired in $60,000USD last week, no problem, no 30% taken out ( I don't know where people get these crazy ideas?). They did call and confirm why I transferred it (to live). Often, you need to go to several banks and branches to find one that will open an account on a tourist or other visa. Persistance and good cheer will prevail.

[pap]

The guy who said go to another bank is right. I did not have a work permit in Thailand when I opened my first bank account and the 30% is not something I have ever experienced.

If you are buying anything in Thailand and you haven't involved Sunbelt or someone like them then you will be very very sorry. Attorney's need to see what you are doing or you are tossing money away. Those same attorneys can help you set up your accounts without issue. (You can also do this yourself without issue with a little patience.)

good luck.

[percy2]

I wired in $60,000USD last week, no problem, no 30% taken out ( I don't know where people get these crazy ideas?). They did call and confirm why I transferred it (to live). Often, you need to go to several banks and branches to find one that will open an account on a tourist or other visa. Persistance and good cheer will prevail.

Did you convert it to Thai Baht?

Did you get an exchange certificate?

Cheers

[zzz9]

"i have no bank account in thailand.tried to open but was told on several occasions that i needed a work permit ".

Try Siam commercial bank ,on few towns that I have been and wanted to open an account immediatly they opened no questions at all.

I think its because this bank is a private bank not under the govrement.

[Hans Lankari]

I wired in $60,000USD last week, no problem, no 30% taken out ( I don't know where people get these crazy ideas?). They did call and confirm why I transferred it (to live). Often, you need to go to several banks and branches to find one that will open an account on a tourist or other visa. Persistance and good cheer will prevail.

My experience of yesterday:

Transferred last week from Europe to Kasikorn in Euro 47 000 €. "For purchase a condominuim unit in TH".

Kasikorn was not able to pay me the funds from central bank of Thailand before I provided them a sales contract to prove where the money was going. Otherwise 30% -rule would have applied.

[JimsKnight]

I wired in $60,000USD last week, no problem, no 30% taken out ( I don't know where people get these crazy ideas?). They did call and confirm why I transferred it (to live). Often, you need to go to several banks and branches to find one that will open an account on a tourist or other visa. Persistance and good cheer will prevail.

Mdeland, which bank did you do the transaction with? Was it SCB?

[Filer]

I may be missing something here, buy why do so many people wire in money in foreign currency (thus potentially exposing themselves to the capital control checks)? Apart from the exchange rates into ThB given in some countries, and apart from the requirement for condo purchase money to be documented in foreign currency, why not just simply transfer ThB in? Is there some other consideration? I'm curious.

[backflip]

There are a couple reasons to wire foreign currency:

1. to buy a condo, you need to wire in foreign currency

2. to get the best exchange rate, you convert foreign currency to THB in Thailand

[jumnien]

I wired in $60,000USD last week, no problem, no 30% taken out ( I don't know where people get these crazy ideas?). They did call and confirm why I transferred it (to live). Often, you need to go to several banks and branches to find one that will open an account on a tourist or other visa. Persistance and good cheer will prevail.

Mdeland, which bank did you do the transaction with? Was it SCB?

Yes, I transferred from Wells Fargo Bank in California to Siam Commercial Bank Hua Hin. Money left in USD and showed up in baht. As always, no problem. No, I didn't ask for any paperwork (exchange certificate) because I'm just squandering the money on daily nonsense.

[Hans Lankari]

I may be missing something here, buy why do so many people wire in money in foreign currency (thus potentially exposing themselves to the capital control checks)? Apart from the exchange rates into ThB given in some countries, and apart from the requirement for condo purchase money to be documented in foreign currency, why not just simply transfer ThB in? Is there some other consideration? I'm curious.

In my case the reason is the land registration authority's requirement to have funds transferred in foreign currency. No other possibilities. (In order to obtain the TT3, that is.)

[tgeezer]

Hi,i need some advice on how to 30k sterling into thailand legally to purchase house.i have no bank account in thailand.tried to open but was told on several occasions that i needed a work permit and as i dont intend working there is no chance of getting one legally

Go see another bank, ask to open a non resident account for Sterling. You may have to show a purchase agreement , you certainly will (should) have to to avoid 30% retention.

Cheers

Help! I have never heard of the 30% 'retention' What does it mean? Is it new? I have bought a condo and now a house in the past and the money was not tampered with. I had the bank put 'for house purchase' in the remarks because worldwide banks were stopping money laundering and the money went to a Thai's account. I tried to send 3000 GBP before Christmas and specified it be transferred in GBP and have seen nothing of it, I am operating on 'snail-mail' so have not bothered to follow it up but got a hot flush when I read about the 30%. I now hope that it never arrives and the utter incompetance of the banks or mail may have operated in my favour for once.

[ThaiPauly]

I am in the process of buying a condo in my Wife's name.

When the time comes I will just transfer the required amount into her bank account,,,thus avoiding the witholding tax.

Cannot see a problem with that?

[JimGant]

to get the best exchange rate, you convert foreign currency to THB in Thailand

You can take a pretty good hit by converting to baht at the sending end. SWIFT wiring of foreign currency will usually get you the telex exchange rate; sending baht wil get you a considerably lesser rate, as some on this forum have found out the hard way.

In my case, my US bank wiring form has a block to check if I want to send dollars; otherwise, they'll convert to baht on their end -- at my expense.

Don't know why there's such a considerable gap. Maybe somebody who understands 'offshore' vs. 'onshore' rate differences could explain.....

[chuck6660]

On Tuesday I wired $31,000 from my Bank of America account to my wifes Bangkok Bank account with no problem. The exchange rate came out to 35.95 baht to the US$.

[Maestro]

My experience of yesterday:

Transferred last week from Europe to Kasikorn in Euro 47 000 €. "For purchase a condominuim unit in TH".

Kasikorn was not able to pay me the funds from central bank of Thailand before I provided them a sales contract to prove where the money was going. Otherwise 30% -rule would have applied.

In a news article about the reserve requirement I saw a recommendation that for remittances equivalent to over USD 20,000 for a condo purchase it is advisable to indicate, in the field for the message to the beneficiary, also the name of the condo building and the number of the condo unit. Just the same, the bank will probably need to see the purchase contract, as was the case with you, to comply with the new government regulations.

--

Maestro

[JimGant]

This is all somewhat confusing, at least to me.....

To send money from abroad to Thailand for, say, buying a new car, which will cost $30,000 (i.e., more than the $20,000 maximum to avoid the 30% withholding), will I be ok if it's sent to:

1. Our (me and Thai wife) joint account?

2. My individual account?

3. My wife's individual account?

(All accounts are savings accounts with Bangkok Bank.)

Which of the above (if any), apply?

[Maestro]

To send money from abroad to Thailand for, say, buying a new car, which will cost $30,000 (i.e., more than the $20,000 maximum to avoid the 30% withholding)

I don’t think an inward remittance over 20K dollars for the purchase of a car will be exempt from the 30% reserve requirement. Make it more than one remittance, each less than 20K dollars.

--

Maestro

[Vespa]

No, I didn't ask for any paperwork (exchange certificate) because I'm just squandering the money on daily nonsense.

[gharknes]

OK maybe I'm stupid, if you wanted a retirement visa you need to have money in a Thai bank account, so to get a Thai bank accout someone said you need a work permit, isn't this a contradiction and all the above is correct then it would be impossible to get a retirement visa, I am assuming a multiple type O is a visitors visa and would still not be enough to open a Thai bank account.