Letter from thai bank confirming incoming funds. Do you bother?

[ubonr1971]

I'm sending funds from the nanny state to thailand to invest in the wifes business. Is it worth going to the bank to get a letter from them as evidence. 

 

Over the last few yrs Ive read many threads on this forum about old boys who are trying to send money back home. They said they need to show proof of incoming funds. 

 

Is this the only reason for getting this letter?

 

If I have been sending funds here twice a year can I simply show my evidence and get one letter detailing the lot? 

 

Is it worth it?

[OJAS]

It is not clear (to me at any rate) to which particular "nanny state" you are referring since there are so many of them spread across this great planet of ours!

 

I strongly suspect that the "old boys" to whom you refer are those on annual retirement extensions of stay, who need to obtain bank letters confirming minimum account balances of 800,000 THB in accordance with an Immigration Bureau financial requirement for such extensions.

 

It's not a question of whether "it's worth it" or "do you bother" in the case of such letters since immigration offices insist on them regardless in the case of retirement extension applicants proving finances in this way.

Edited March 12, 2018 by OJAS

[pearciderman]

1 hour ago, ubonr1971 said:

Over the last few yrs Ive read many threads on this forum about old boys who are trying to send money back home. They said they need to show proof of incoming funds. 

 

46 minutes ago, OJAS said:

I strongly suspect that the "old boys" to whom you refer are those on annual retirement extensions of stay, who need to obtain bank letters confirming minimum account balances of 800,000 THB in accordance with an Immigration Bureau financial requirement for such extensions.

 

It's not a question of whether "it's worth it" or "do you bother" in the case of such letters since immigration offices insist on them regardless in the case of retirement extension applicants proving finances in this way.

 

OJAS, did you even read the OP?

[KhunBENQ]

30 minutes ago, pearciderman said:

 

 

OJAS, did you even read the OP?

Seems not

No, it's nothing about retirement/extension/immigration.

 

It's simply about transferring funds for investing in whatever.

If it's considerable sums and you ever want to repatriate them it's indeed advisable to get a FET ("Foreign Exchange Transaction Form").

 

I am sure other members know more about this topic.

Edited March 12, 2018 by KhunBENQ

[ubonr1971]

2 hours ago, OJAS said:

It is not clear (to me at any rate) to which particular "nanny state" you are referring since there are so many of them spread across this great planet of ours!

 

I strongly suspect that the "old boys" to whom you refer are those on annual retirement extensions of stay, who need to obtain bank letters confirming minimum account balances of 800,000 THB in accordance with an Immigration Bureau financial requirement for such extensions.

 

It's not a question of whether "it's worth it" or "do you bother" in the case of such letters since immigration offices insist on them regardless in the case of retirement extension applicants proving finances in this way.

Actually, I didnt think of the immigration requirement. 

 

Is it necessary to show them this evidence about where the funds came from if Im apply for a 60 day ext of stay and then a marriage ext of stay? I can get a letter from the bank confirming my bank balance. But do I need to show evidence of it coming from oz?

[arithai12]

I do request such statements from my bank, for reasons which are different from those of the OP but no matter. Considering that it takes just a minute, I would say it doesn't hurt to get them.

Bring along the passbook where the incoming funds have been recorded. It's a free service (at least at my branch of Bangkok Bank).

[sfokevin]

I like to know how many have been in a position to repatriate funds that were invested in a wife’s business?.... 

[Peterw42]

Lots of treads about exporting money, always a good idea to keep proof of funds coming in.

 

https://www.thaivisa.com/forum/topic/1013172-taking-money-out-of-thailand/

 

[Monkeyrobot]

Dot the eyes and cross the tees, just as a back up. 

[xylophone]

2 hours ago, arithai12 said:

I do request such statements from my bank, for reasons which are different from those of the OP but no matter.

If you get the Foreign Exchange Transaction form and associated paperwork when the money comes into the country, then you'll have no problem in the future, however if you just ask for ordinary bank statements, even if they detail the money coming in from overseas, this will not be enough to satisfy the authorities if you wish to take large sums out of Thailand – – I know because I've been through it, and my own Thai bank would not accept its own statements with the incoming funds from my New Zealand bank as sufficient to be able to let me transfer it out a few years later.

 

5 hours ago, KhunBENQ said:

If it's considerable sums and you ever want to repatriate them it's indeed advisable to get a FET ("Foreign Exchange Transaction Form").

Absolutely spot on KhunBENQ............the FET form is the ONLY form of paperwork they will accept for large amounts.

 

I had huge problems getting 4 million baht out, back to the bank it came from, despite having every bit of pwork the Thai bank provided to me. FET or nothing I'm afraid......well it was 5 yrs ago anyway.

[Nuddy]

3 hours ago, sfokevin said:

I like to know how many have been in a position to repatriate funds that were invested in a wife’s business?.... 

Very subtle. I like it.

 

[Tofer]

Definitely worth it. Costs nothing and is completely straight forward when / if you come to repatriate your money.

 

Bangkok Bank require you to visit the head office in Silom to get the FET certificates. I get a transaction statement from my local branch and save them up until I next visit Bangkok.

 

I used an old version of this back in 1995 when I returned to UK and took everything out without drama.

[ubonr1971]

2 minutes ago, Tofer said:

Definitely worth it. Costs nothing and is completely straight forward when / if you come to repatriate your money.

 

Bangkok Bank require you to visit the head office in Silom to get the FET certificates. I get a transaction statement from my local branch and save them up until I next visit Bangkok.

 

I used an old version of this back in 1995 when I returned to UK and took everything out without drama.

When you say '' I get a transaction statement from my local branch and save them up until I next visit Bangkok.''

 

do you mean that I can log in and get a print out from my online statement showing the deposit... Then take this to the place and get the FET form? Or should I go in the branch and show my passbook and ask them for a 'transaction statement' print out from their machine?

 

Also, are you saying that I can get numerous back dated FETs if I follow this system. ie maybe I did a big deposit 3 months ago. And another one this week. Can I get both in one go?

 

thanks

[Tofer]

21 minutes ago, ubonr1971 said:

When you say '' I get a transaction statement from my local branch and save them up until I next visit Bangkok.''

 

do you mean that I can log in and get a print out from my online statement showing the deposit... Then take this to the place and get the FET form? Or should I go in the branch and show my passbook and ask them for a 'transaction statement' print out from their machine?

 

Also, are you saying that I can get numerous back dated FETs if I follow this system. ie maybe I did a big deposit 3 months ago. And another one this week. Can I get both in one go?

 

thanks

I take my passbook into my branch and they print out a full report / statement for each foreign transfer. This report gives all the details of the transfer, incoming currency and sum, where from, date, reason for transfer, applicable exchange rate, fees and sum deposited in my account in THB. I don't think you can simply print out a copy of your online statement, but might be worth asking the head office in Silom, as I'm not certain.

 

Yes you can get reports / statements for earlier transfers, I do it all the time. Likewise you can take these reports into Silom at any time to obtain the formal FET certificate. There doesn't appear to be any time limitations, as far as I know and in my experience.

 

When I send money from my UK bank I always ensure the reason for the transfer is documented. In my case I frequently transfer funds for my property development and make it known as such. I believe the FET's are only issued against funds brought in for investment purposes. I doubt you would get an FET for your annual subsistence / visa money.

Edited March 12, 2018 by Tofer
Add

[maprao]

What are the minimum transfer sums, if any, for Obtaining a FET?

 

 

 

 

 

 

[Peterw42]

11 minutes ago, maprao said:

What are the minimum transfer sums, if any, for Obtaining a FET?

 

 

 

 

 

 

From memory its over $50k US, under that and its a letter from the bank saying the same. I bought a condo for just under 50k and bank did a letter.

[Tofer]

9 minutes ago, maprao said:

What are the minimum transfer sums, if any, for Obtaining a FET?

 

 

 

 

 

 

I don't think there is any minimum, although I cannot be certain. The ones I have were for quite large amounts.

 

I have one branch report for only £6,000, but have yet to have this converted to an FET. I would imagine, if there is a valid reason for the investment of the incoming funds, there should be no problem, and as I am building a property it should be perfectly feasible/ understandable that funds are being drip fed, fingers crossed!

 

A quick call to Bangkok Bank should get an answer for you.

[Sir Swagman]

More than likely won’t be an issue. After ‘investing’ and then more than likely ‘propping up’ the business a couple of times, the more pertinent question may be whether you can claim it as a deduction in your nanny state.

[Sir Swagman]

Oh, and it won’t be her fault

[peergin]

9 hours ago, Peterw42 said:

From memory its over $50k US, under that and its a letter from the bank saying the same. I bought a condo for just under 50k and bank did a letter.

The Foreign Exchange Transaction Form (FET) says:

QUOTE

For transactions valued at USD 50,000 or above or equivalent at market rate.

UNQUOTE

 

"Equivalent" means other currencies.

 

I have found that the Bangkok Bank is extremely helpful in these matters and in anything else. Never a problem. 

 

However, I seem to remember reading not long ago that the FET form has been replaced by something new. Meaning FET forms will no longer be acceptable. Haven't found out yet. May be another Thai Visa member knows? 

Edited March 12, 2018 by peergin
Correction

[simoh1490]

10 hours ago, ubonr1971 said:

When you say '' I get a transaction statement from my local branch and save them up until I next visit Bangkok.''

 

do you mean that I can log in and get a print out from my online statement showing the deposit... Then take this to the place and get the FET form? Or should I go in the branch and show my passbook and ask them for a 'transaction statement' print out from their machine?

 

Also, are you saying that I can get numerous back dated FETs if I follow this system. ie maybe I did a big deposit 3 months ago. And another one this week. Can I get both in one go?

 

thanks

When you transfered funds to Thailand you were asked to give a reason for the transfer, if that reason was "living expenses" you cannot expect to get a backdated FET for those funds nor reasonably expect to transfer them back out again because you're supposed to have spent them - if you didn't supply a reason, somebody else did, probably your bank.

 

Incoming foreign currency transactions are coded as such in your bank account hence they are quite easy to identify. If you want to try and transfer some of those funds back out again (at some point in the future) you need EITHER an FET or something from the bank that shows the Treasury deal number for that exchange transaction. I have to say that in over 15 years of transferring money in and out of Thailand from overseas I've never once received an actual FET and I've moved up to 6 million at a time, an exchange reference from ANY bank in Thailand has always sufficed. I accept that things may have changed somewhat in the past twelve months as the rules have been tightened by most Thai banks but I'm certain the same principles still apply.

 

[partington]

2 hours ago, simoh1490 said:

When you transfered funds to Thailand you were asked to give a reason for the transfer, if that reason was "living expenses" you cannot expect to get a backdated FET for those funds nor reasonably expect to transfer them back out again because you're supposed to have spent them - if you didn't supply a reason, somebody else did, probably your bank.

 

Incoming foreign currency transactions are coded as such in your bank account hence they are quite easy to identify. If you want to try and transfer some of those funds back out again (at some point in the future) you need EITHER an FET or something from the bank that shows the Treasury deal number for that exchange transaction. I have to say that in over 15 years of transferring money in and out of Thailand from overseas I've never once received an actual FET and I've moved up to 6 million at a time, an exchange reference from ANY bank in Thailand has always sufficed. I accept that things may have changed somewhat in the past twelve months as the rules have been tightened by most Thai banks but I'm certain the same principles still apply.

 

 

The first paragraph of this post is not consistent with my experience as I recently transferred the remainder of my living expenses back out of Thailand to the UK on leaving the country permanently. Only the equivalent of around £2000, but no problems transferring out. The purpose of inward transfer of this money was always given as "living expenses".

 

Kasikorn bank if requested give you a Credit Receipt for incoming foreign transfers which lists the amount, the exchange rate, the bank sent from and currency sent, and the purpose of transfer and name of sender.  I got these on the day of the transfer by email, but initially had to make a personal visit to the bank to request them to be sent, a few years ago now. These are not FETs I am pretty sure.

 

However I was very aware that these Foreign Credit Receipts were necessary to be allowed to transfer the remaining money back out, and that mere passbook entries showing the code for incoming foreign transfers wouldn't have been, because the service person who dealt with the request looked like she was going to refuse, but her supervisor who was floating around, picked up my bundle of Credit receipts and showed them to her, obviously instructing her that these made it OK.

 

I would always advise anyone transferring money in from overseas to get these or their equivalent for every transaction. You can never be too careful is one lesson a few years in Thailand drove home...

 

 

 

 

Edited March 13, 2018 by partington

[ubonr1971]

12 hours ago, Tofer said:

I don't think there is any minimum, although I cannot be certain. The ones I have were for quite large amounts.

 

I have one branch report for only £6,000, but have yet to have this converted to an FET. I would imagine, if there is a valid reason for the investment of the incoming funds, there should be no problem, and as I am building a property it should be perfectly feasible/ understandable that funds are being drip fed, fingers crossed!

 

A quick call to Bangkok Bank should get an answer for you.

I wanted to know if you could post a pic of an FET with your personal details blocked out. I live in Isan and think its going to be an issue getting an FET. My language skills are not so good. Sorry if this is too much to ask but it would help if I can show them a pick even if its the top part of the page

 

thanks

[simoh1490]

1 hour ago, partington said:

 

The first paragraph of this post is not consistent with my experience as I recently transferred the remainder of my living expenses back out of Thailand to the UK on leaving the country permanently. Only the equivalent of around £2000, but no problems transferring out. The purpose of inward transfer of this money was always given as "living expenses".

 

Kasikorn bank if requested give you a Credit Receipt for incoming foreign transfers which lists the amount, the exchange rate, the bank sent from and currency sent, and the purpose of transfer and name of sender.  I got these on the day of the transfer by email, but initially had to make a personal visit to the bank to request them to be sent, a few years ago now. These are not FETs I am pretty sure.

 

However I was very aware that these Foreign Credit Receipts were necessary to be allowed to transfer the remaining money back out, and that mere passbook entries showing the code for incoming foreign transfers wouldn't have been, because the service person who dealt with the request looked like she was going to refuse, but her supervisor who was floating around, picked up my bundle of Credit receipts and showed them to her, obviously instructing her that these made it OK.

 

I would always advise anyone transferring money in from overseas to get these or their equivalent for every transaction. You can never be too careful is one lesson a few years in Thailand drove home...

 

 

 

 

I did say that things might have changed slightly in the past twelve months since BOT has relaxed the rules on funds transfer hence your most recent experience fits with that. I had also forgotten to add that on small amounts the rules are more flexible.

[Tofer]

5 hours ago, peergin said:

The Foreign Exchange Transaction Form (FET) says:

QUOTE

For transactions valued at USD 50,000 or above or equivalent at market rate.

UNQUOTE

 

"Equivalent" means other currencies.

 

I have found that the Bangkok Bank is extremely helpful in these matters and in anything else. Never a problem. 

 

However, I seem to remember reading not long ago that the FET form has been replaced by something new. Meaning FET forms will no longer be acceptable. Haven't found out yet. May be another Thai Visa member knows? 

I just checked my FET's and you're absolutely right, it clearly states USD 50,000.

 

I guess I will be out of luck with my smaller transactions.

 

Perhaps I will be ok with only the transaction reports for the smaller amounts as noted by a previous posts success.

Edited March 13, 2018 by Tofer

[StevieAus]

On 3/12/2018 at 7:57 PM, Nuddy said:

Very subtle. I like it.

 

It was very subtle but was probably very accurate I like it.

[Tofer]

On ‎13‎/‎03‎/‎2018 at 10:00 AM, ubonr1971 said:

I wanted to know if you could post a pic of an FET with your personal details blocked out. I live in Isan and think its going to be an issue getting an FET. My language skills are not so good. Sorry if this is too much to ask but it would help if I can show them a pick even if its the top part of the page

 

thanks

Hope this helps, good luck but shouldn't need it, very straight forward.

[ubonr1971]

37 minutes ago, Tofer said:

Hope this helps, good luck but shouldn't need it, very straight forward.

Thanks. I live in the sticks in isan. My bank is KTB and I will be surprised if they can give me this but I want to try. Pictures always help.

 

thanks

[lkn]

16 minutes ago, ubonr1971 said:

Thanks. I live in the sticks in isan. My bank is KTB and I will be surprised if they can give me this but I want to try. Pictures always help.

KTB = Krungthai, correct?

 

Like the Kasikorn customer above, I also receive an email from KTB with details about ordering bank/customer, amount, exchange rate, fees, etc. But for this, you do need to actually tell your branch what your email address is, and that you want to receive this.

 

I looked at the last one, and as purpose it says “318134 ค่าสินค้าออก”. I have *never* stated a purpose when sending money to Thailand.

 

I have not repatriated any money, but I did buy a condo here. When I did, I went to my branch and told them I needed a letter for the Land Office, they had to go through all incoming transactions, many of which were below $50k, and they added it all up in a letter to the Land Office, which the Land Office accepted as proof of money having been brought in from abroad, so I would be surprised, if I cannot do the same, if I want to repatriate some of my money.

 

[lkn]

On 3/12/2018 at 6:10 PM, xylophone said:

I know because I've been through it, and my own Thai bank would not accept its own statements with the incoming funds from my New Zealand bank as sufficient to be able to let me transfer it out a few years later

What bank was this?