Withdraw large sums from Thai bank?

[eleceng]

My friend in Bangkok who owns a medium size business wants to withdraw a large, (>5millionTHB) sum of money. He tells me the bank won't even talk to him. He wants to instead use an Australian bank to help get the funds to Australia. It is a major bank but I would prefer not to mention their name. He is elderly and struggles with some aspects but this sounds strange to me.

 

Is this a normal scenario? Will the Australian bank be his best hope?

[smutcakes]

Does not sound to normal. I see Thai's withdrawing bundles and bundles of cash from the bank, business particular often have high demands for cash. Perhaps he needs to go to a bigger branch or the HQ of the region where they will have more reserves. Why can he not just do a bank transfer?

I have taken out 1 million before with no problem.

[eleceng]

He wants to do a transfer if possible, he is maybe not thinking too straight and is technologically challenged (enough that he can't do internet banking). I think your answer tells me all I need to know, they probably don't like his attitude and approach since he is a grumpy old bloke. Probably it now seems it is an international transfer, not a withdrawal but same outcome.

[Mattd]

2 hours ago, eleceng said:

He wants to do a transfer if possible,

What does he want to do, transfer 5m THB to Australia?

If so, then this is going to be difficult, as there are strict rules for this.

Normally the only two ways to do this are:

 

If he was working here, then he can repatriate his salary, he would need to show proof of his earnings, income tax payments and work permit.

 

If the money derived originally from outside of Thailand, then he can repatriate it, normally only the amount that was originally transferred and he would have to have all the original documentation to prove that the money did originate outside of Thailand.

 

Regarding a Thai registered business, I am really not sure about this part, if he is trying to repatriate profit or a percentage of the business, then it will probably depend on how this is all set up etc.

 

[smutcakes]

8 minutes ago, Mattd said:

What does he want to do, transfer 5m THB to Australia?

If so, then this is going to be difficult, as there are strict rules for this.

Normally the only two ways to do this are:

 

If he was working here, then he can repatriate his salary, he would need to show proof of his earnings, income tax payments and work permit.

 

If the money derived originally from outside of Thailand, then he can repatriate it, normally only the amount that was originally transferred and he would have to have all the original documentation to prove that the money did originate outside of Thailand.

 

Regarding a Thai registered business, I am really not sure about this part, if he is trying to repatriate profit or a percentage of the business, then it will probably depend on how this is all set up etc.

 

You can transfer 800,000 THB per day out of the country no questions asked.

[Mattd]

11 minutes ago, smutcakes said:

You can transfer 800,000 THB per day out of the country no questions asked.

As a tourist or an expat that doesn't earn money here?

They have relaxed things a little, but you would still need to show where the funds came from.

 

 

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).

Edited March 22, 2018 by Mattd

[smutcakes]

31 minutes ago, Mattd said:

As a tourist or an expat that doesn't earn money here?

They have relaxed things a little, but you would still need to show where the funds came from.

 

 

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).

I have transferred before and they never asked the source of income. Not sure if it was just lucky.

[shaurene]

If he tried withdrawing it from one of the tellers, they are trained to try and prevent it happening. He should go in and ask for the manager, and tell him what happened, and that you went to see your lawyer and they said that the bank cannot legally do this. As it is his money and he can withdraw any amount at any time. I have withdrawn 2 million 2 times, no problems with my bank. 

[khunPer]

In one's home branch it should not be a problem to withdraw larger amounts, but to my knowledge the banks have a limit for cash payout; using other branches the limit is much lower, if a prior request has not been made (they reserve the cash for the own branch clients). When I've been withdrawing larger amounts in my home branches – I use both Bangkok Bank and SCB, and both had same limits – the maximum was under 2 million baht; i.e. I paid 1 baht and could withdraw 1,999,999 and receive 2 million in cash. In other branches the cash limit was 200,000 or 300,000 baht.

 

Foreign transfers out of Thailand has to my knowledge a limit equivalent to a certain amount of USD, I think it has been raised to 50,000 USD now.

 

I'm not sure if there might be other limits with company limited accounts for larger cash withdraws, sometimes one need a meeting report for certain business transactions. The company's accountant or lawyer can make a meeting report, and request necessary documentation, for example recently verified print of registered director(s) that can sign on behalf of the company.

[Mattd]

9 hours ago, khunPer said:

Foreign transfers out of Thailand has to my knowledge a limit equivalent to a certain amount of USD, I think it has been raised to 50,000 USD now.

I am not sure if this is for both companies and personal foreign transfers, the BOT statement on this is not very clear, they did relax the regulations in 2010.

https://www.bot.or.th/Thai/PressAndSpeeches/Press/News2553/n4553e.pdf

[Road Warrior]

I use Bangkok bank and draw 1million  with no problems .this is a good bank to use

[chicowoodduck]

I remember in the past just going to my TMB Bank and telling them I was moving my money to another bank.....they counted out a million + on the counter and out the door I went...easy peasy.....???

[gamesgplayemail]

$100000 in a luggage takes little space...

 

 

 

 

[Mattd]

3 minutes ago, gamesgplayemail said:

$100000 in a luggage takes little space...

Would raise eyebrows though and a good chance that it could get confiscated in this day and age.

[Just Weird]

On ‎3‎/‎22‎/‎2018 at 4:16 PM, shaurene said:

If he tried withdrawing it from one of the tellers, they are trained to try and prevent it happening. He should go in and ask for the manager, and tell him what happened, and that you went to see your lawyer and they said that the bank cannot legally do this. As it is his money and he can withdraw any amount at any time. I have withdrawn 2 million 2 times, no problems with my bank. 

"If he tried withdrawing it from one of the tellers, they are trained to try and prevent it happening".

That is absolute nonsense, bank staff are not instructed to prevent account holders withdrawing their own money.

[Argus Tuft]

On 23/03/2018 at 10:38 AM, Mattd said:

Would raise eyebrows though and a good chance that it could get confiscated in this day and age.

Only if its undeclared and subsequently found by customs while travelling.  Declare it and provide credible reason or documentation to support the purpose of the funds, and no problem.  If the funds are legitimate and not the proceeds of crime, then all good

[Mattd]

5 minutes ago, Argus Tuft said:

Only if its undeclared and subsequently found by customs while travelling.  Declare it and provide credible reason or documentation to support the purpose of the funds, and no problem.  If the funds are legitimate and not the proceeds of crime, then all good

Agreed, although most folks that carry that sort of cash around tend not to want to declare it.

Please the obvious security concerns of having close to 160,000 USD on your person if 5m THB

[Rhys]

Just don't use Western Union....5555