Moving money out of Thailand

[Mmushroom]

Hello hello

 

Been awhile since I was last on here. Years in fact, probably when I left Thailand in 2011. I’m pretty sure I dropped in now and then but so rarely that I have forgotten my login/pw. So created a new one that’s similar.

Enough pleasantries....

Currently living in Toronto. Booming real estate market.

The mrs (thai and now Canuck) wants to sell her condo in Bangkok, Chinese buyers offering crazy money, and use the funds to purchase property in Toronto (to sell to Chinese buyers offering crazy money).

 I don’t think she will be able to carry the money on the plane with her.

Any way for her to do it legally?

 

tks

MM

[ezzra]

Easy, just get a property contract of sale of a property in Toronto, together with the property's

plans, title deed pictures and descriptions, go to any bank, preferably BKK bank and tell them

she intend to buy a property in Toronto, show them the documents and she can transfer the

amount of the property in Canada in favor of the the owner of the property, ( could be any one)

with no hassles, as to what property she intent to buy?

that can be ANY property....

[simoh1490]

As a Thai citizen your wife is legally allowed to invest in overseas property up to USD 50 million:

 

https://www.bot.or.th/thai/pressandspeeches/press/news2558/n2358e.pdf

[Mmushroom]

Thanks.

 

The thing is she wants the money in hand in Toronto before actually buying anything yet since the dollar is so low compared to the baht.

[lannarebirth]

Why doesn't she just wire it to her Canadian bank account from her Thai bank account?  If she doesn't have one, get one.

[chicowoodduck]

Time to pack the bag and head back home....????

[Suradit69]

From Bangkok Bank website 
 

Quote

 

To transfer funds via SWIFT to anywhere in the world, simply visit any Bangkok Bank branchoffering remittance services. 

With several branches in other countries, as well as 1,000 partner banks across the globe, we can help you transfer funds to your recipient quicker, cheaper and with less fuss.

Click here  to view International Funds Transfer Service Branches

 

 

 

Transfer funds overseas via Bualuang iBanking

A fast and flexible way to transfer money overseas is by using Bangkok Bank’s International Funds Transfer via Bualuang iBanking. You can select from 16 different currencies when you make your payment. Transfer records are kept online, giving you the ability to access and print them out any time.

 

 

 

Western Union Money Transfer Service

Even if you do not have a bank account, an easy option to send or receive funds internationally within minutes is by using Bangkok Bank’s Western Union Money Transfer service. It is available at the Bangkok Bank branches and exchange booths throughout Thailand.
 

 

Information required when sending funds abroad To transfer funds overseas you will need the following information: The recipient’s account name, account number and address The name and address of the recipient’s bank  The SWIFT address of the bank that they have an account with (if any) Supporting document (Thai citizens – A document stating the purpose of the fund transfer; Foreigners - A document stating the source of the income). If you need to transfer money in Euro (EUR), Swiss Francs (CHF), Danish Kroner (DKK), Swedish Kroner (SEK) or Norwegian Kroner (NOK) to a recipient with a European bank account in a European country, you should also ask for their International Bank Account Number (IBAN). The IBAN helps the destination bank route the money to the recipient’s account more efficiently. The IBAN is a code consisting of characters and numbers showing the country, bank and branch, and the recipient’s account number. Each country’s IBAN is different, depending on the above factors and the bank account system in that country. European banks who have adopted the IBAN standard will provide an IBAN to their customers.

 

 

[topt]

32 minutes ago, chicowoodduck said:

Time to pack the bag and head back home....????

 

Can you come up with a different pic - getting bored with that one...............................

[catman20]

11 hours ago, ezzra said:

Easy, just get a property contract of sale of a property in Toronto, together with the property's

plans, title deed pictures and descriptions, go to any bank, preferably BKK bank and tell them

she intend to buy a property in Toronto, show them the documents and she can transfer the

amount of the property in Canada in favor of the the owner of the property, ( could be any one)

with no hassles, as to what property she intent to buy?

that can be ANY property....

not the same for us farangs then ?

[Cyclone88]

1 hour ago, catman20 said:

not the same for us farangs then ?

very easy in fact.

just make sure you have the Foreign Exchange certificate that you received when you brought it in. 

there is no limit . I  transferred a very large sum back to the UK only 3 days ago. The funds were in my UK account within 6 hours.

[seancbk]

2 hours ago, catman20 said:

not the same for us farangs then ?

 

If you bought the money in and have the paper work to prove it then you can easily take it back out.

The problem comes when you want to take out business profits, or salary that you've saved.   

 

[Goldieinkathu]

2 hours ago, seancbk said:

 

If you bought the money in and have the paper work to prove it then you can easily take it back out.

The problem comes when you want to take out business profits, or salary that you've saved.   

 

Never had a problem taking money out with a work permit.

It all seems to be getting easier, I think the government is happy that anyone is taking money "out" rather than bringing it in . 

[Mmushroom]

We purchased the condo when we were living in Bangkok.

It was mostly her money and I made up the remainder from my pay. Unfortunately I didn’t get an FET as it was my salary.

 

Someone mentioned it’s as simple as wiring the money, B11m, over to her Canadian account. Really?

 

Market in Bangkok is ridiculous, never in our mind when we bought it 10years ago that it will sell for that amount today....but that’s a different discussion.

 

Thanks for your input

 

 

[wcoast]

We purchased the condo when we were living in Bangkok.
It was mostly her money and I made up the remainder from my pay. Unfortunately I didn’t get an FET as it was my salary.
 
Someone mentioned it’s as simple as wiring the money, B11m, over to her Canadian account. Really?
 
Market in Bangkok is ridiculous, never in our mind when we bought it 10years ago that it will sell for that amount today....but that’s a different discussion.
 
Thanks for your input
 
 

I'd sure try to convert the currency here in Thailand before sending it to Canada. No doubt the CDN banks will rob you blind in forex rates.

Sent from my SM-A910F using Tapatalk

[Suradit69]

4 hours ago, wcoast said:

I'd sure try to convert the currency here in Thailand before sending it to Canada. No doubt the CDN banks will rob you blind in forex rates.

Yes, no Canadian bank would want that amount of Thai baht unless they got it at a stiff discount. They only thing they can do with it is try to shift it onto someone else.

[simoh1490]

9 hours ago, wcoast said:

I'd sure try to convert the currency here in Thailand before sending it to Canada. No doubt the CDN banks will rob you blind in forex rates.

Sent from my SM-A910F using Tapatalk
 

There would be no choice but to convert the THB into foreign currency first, the banks wouldn't allow her to export THB overseas since it's against BOT regulations in most amounts and circumstances (limited transfers to neighbouring countries being a possible exception).

[wcoast]

There would be no choice but to convert the THB into foreign currency first, the banks wouldn't allow her to export THB overseas since it's against BOT regulations in most amounts and circumstances (limited transfers to neighbouring countries being a possible exception).

My idea is to create a foreign currency account in CDN dollars, she could take her Thai baht to superrich, get a great exchange rate into CDN, then deposit those dollars and transfer them to the CDN bank.

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[Naam]

7 hours ago, Suradit69 said:

11 hours ago, wcoast said:

I'd sure try to convert the currency here in Thailand before sending it to Canada. No doubt the CDN banks will rob you blind in forex rates.

Yes, no Canadian bank would want that amount of Thai baht unless they got it at a stiff discount. They only thing they can do with it is try to shift it onto someone else.

advice irrelevant because no Thai bank transfers Baht to an account abroad. it is always converted.

[simoh1490]

28 minutes ago, wcoast said:

My idea is to create a foreign currency account in CDN dollars, she could take her Thai baht to superrich, get a great exchange rate into CDN, then deposit those dollars and transfer them to the CDN bank.

Sent from my SM-A910F using Tapatalk
 

OK, but I believe there is an exit or removal charge to transfer a foreign currency overseas, this in lieu of foreign currency exchange commission, from a Thai based foreign currency account. 

Edited February 3, 2018 by simoh1490

[lannarebirth]

12 hours ago, Mmushroom said:

We purchased the condo when we were living in Bangkok.

It was mostly her money and I made up the remainder from my pay. Unfortunately I didn’t get an FET as it was my salary.

 

Someone mentioned it’s as simple as wiring the money, B11m, over to her Canadian account. Really?

 

Market in Bangkok is ridiculous, never in our mind when we bought it 10years ago that it will sell for that amount today....but that’s a different discussion.

 

Thanks for your input

 

 

Yes, it is that easy.

[Naam]

Quote

wcoast said:

My idea is to create a foreign currency account in CDN dollars, she could take her Thai baht to superrich, get a great exchange rate into CDN, then deposit those dollars and transfer them to the CDN bank.

7 minutes ago, simoh1490 said:

OK, but I believe there is an exit or removal charge to transfer a foreign currency overseas, this in lieu of foreign currency exchange commission, from a Thai based foreign currency account. 

-there is a charge of 1-2% (depending on the bank) depositing foreign currency.

-it sounds crazy but CAD will be changed in Baht and the BoT will allow CAD for these Baht.

-then only CAD will be transferred.

 

summary: superrich idea does not work. moreover neither superrich nor any othe moneychanger can supply CAD for THB 11mm within a short time.

[Naam]

should read "Bot will allocate..."

[NiwPix]

Just a thought and maybe somebody with more experience / knowledge on the idea can elaborate.

1. Use the Thai Baht to buy Crypto Currency ( probably when the market "stabilizes" a bit again )

2. Transfer / Deposit the Crypto Currency into your Canadian Bank account

[Naam]

11 minutes ago, NiwPix said:

Just a thought and maybe somebody with more experience / knowledge on the idea can elaborate.

1. Use the Thai Baht to buy Crypto Currency ( probably when the market "stabilizes" a bit again )

2. Transfer / Deposit the Crypto Currency into your Canadian Bank account

that's gambling BIG!

[simoh1490]

A couple of (maybe) long shots that might be worth exploring further:

 

Thanachart bank in Thailand is 49% owned by Scotiabank in Canada, maybe there's mileage in opening an account at one to get access and transfer rights to the other?

 

Also, Bank Mitsubishi is in Canada, they own Bank of Ayhudhya in Thailand, same as the above, explore transfer capabilities perhaps?

 

[Monomial]

There is always the standby option, but it will require some effort and a little bit of cash. You will probably want to exhaust any easier options first.

1. Fly to Cambodia. Get an E visa at the airport.
2. Get a 6 month EG visa at the Cambodian MoFA,
3. Find the cheapest place you can in Cambodia that will give you a written lease. You don't need to live there, you just need the lease to open a bank account.
4. Open a Cambodian Bank account at ABA or another bank of your choice that offers THB accounts.
5. Carry 2 million baht at a time in cash out of Thailand and deposit to your account in Cambodia. Make sure to declare it to customs.
Repeat step 5 as necessary to move all your money. You may wish to fly with a security guard.
6. Wire the money from Cambodia to a bank of your choice anywhere in the world.

You will still need documentation to explain the source and purpose of the money, but you will not be subject to the BOT restrictions on outward remittance if you carry it in cash to Cambodia in amounts less than or equal to 2 million THB at a time.

[Mmushroom]

Thanks everyone for your input.

 

I will be sending some money to our joint account there as a FET to be safe.

She will be checking the rates daily before transfering. Waiting for it to fall just below B25.

 

 

btw. anyone want to buy a condo near Pra Kanong BTS?