Transfering money out of Thailand.

[watcharacters]

 

I will wire in 10 or 15,000  USD to my   depleted KBank account.   What document, if any,  do I need from the bank  to prove the origin of said money should I decide to transfer   funds out of Thailand?

 

 

I've wired in funds in the past and never received anything I know of from the bank except fees.   

Edited April 29, 2018 by watcharacters

[KhunBENQ]

It's called a "FET" form.

 

Foreign Exchange Transaction Form

 

Other members will know more.

Especially about the difficulties to get one at smaller/unknowing branches.

It resurfaces in misc. threads from time to time.

Edited April 29, 2018 by KhunBENQ

[KhunBENQ]

The form as linked at the Bangkok Bank site:

http://www.bangkokbank.com/BangkokBankThai/Documents/Site Documents/GPSD/FXTransactionForm_15032011.pdf

 

(it seems to be a fileable form, you have to download it to do)

 

A good idea to print this and take to the branch, so they now what you are talking about.

 

Quote

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

I hope others know more about this limit.

No form necessary for lower amounts?

Edited April 29, 2018 by KhunBENQ

[dotpoom]

I top up at intervals from Euro through the Internet (both ways).Never had to show any papers?

[hobz]

Alternative way is to buy some cryptocurrency from bx.in.th or localbitcoins.com (the latter has higher fees) 

 

and then you would sell the cryptocurrency in the destination country using coinbase.com (US) or localbitcoins (any country) ..  might be faster and cheaper than bank wire transfers.. but maybe nervewrecking and subject to fluctuations in price of cryptocurrency

[simoh1490]

They may not issue an FET but any form of bank foreign currency exchange form will do, something showing the source, destination and amount of funds transferred and also the banks Treasury Department deal number for the transaction.

[arithai12]

You receive your money. Update the passbook to reflect the incoming transaction.

At any time of your choice, go to the bank, "funds transfer counter",

with the passbook and they will print out a full page with all details of that transaction

(originating bank, handling bank, fees, exchange rate, etc).

I believe this is what he OP wants.

Edited April 30, 2018 by arithai12

[simoh1490]

I'm not sure that all banks here actually code incoming foreign funds uniquely at the passbook level, plus not to many branches have a funds transfer counter, small points but worth noting, some branches have never made an overseas funds transfer and probably couldn't to save their lives.

[xylophone]

1 hour ago, simoh1490 said:

They may not issue an FET but any form of bank foreign currency exchange form will do, something showing the source, destination and amount of funds transferred and also the banks Treasury Department deal number for the transaction.

Ah Simoh1490, were it that simple!

 

I transferred in a few million baht, at one time to buy a house, and when I sold it, I wanted to transfer 4 million baht back to NZ, so I took along all of the forms they had given me which included forms and printouts from their Treasury Department, showing the bank from whence it came, the transaction number and how much was going into my Thai bank account – – in fact everything you could possibly put on a form was on these forms!

 

However it was not enough to transfer this money back out of the country as they wanted the original FET form, which they had never provided me with anyway, so when I asked them to look into their records to find this for me, of course I got blank looks.

 

It seemed crazy really because I had every piece of information regarding the money's origination, the bank involved, their bank details, my account details in their bank and transaction numbers, signatures and, and, and...............

 

So beware and ask for the FET as proof.

 

Anyway as I believe someone else has mentioned here you can transfer fairly large sums out of the country without any of this paraphernalia, around $50,000 I think was the quote, however better to check with your bank.

[simoh1490]

2 minutes ago, xylophone said:

Ah Simoh1490, were it that simple!

 

I transferred in a few million baht, at one time to buy a house, and when I sold it, I wanted to transfer 4 million baht back to NZ, so I took along all of the forms they had given me which included forms and printouts from their Treasury Department, showing the bank from whence it came, the transaction number and how much was going into my Thai bank account – – in fact everything you could possibly put on a form was on these forms!

 

However it was not enough to transfer this money back out of the country as they wanted the original FET form, which they had never provided me with anyway, so when I asked them to look into their records to find this for me, of course I got blank looks.

 

It seemed crazy really because I had every piece of information regarding the money's origination, the bank involved, their bank details, my account details in their bank and transaction numbers, signatures and, and, and...............

 

So beware and ask for the FET as proof.

 

Anyway as I believe someone else has mentioned here you can transfer fairly large sums out of the country without any of this paraphernalia, around $50,000 I think was the quote, however better to check with your bank.

I've heard stories that has happened to a small handful of people over time, mostly I think they are not very recent and the person had been unlucky in their choice of branch and staff. I like to think had that been me I would have pushed matters to head office level and then to BOT who actually make up the rules but who knows in reality what I might have done. I do recall some eight or nine years ago getting grief from a bank I hadn't been with for very long and they refused to transfer funds back out again. My solution was a workaround which served the same ends but avoided confrontation, a cashiers cheque drawn on BB London in Sterling, purchased in CM and couriered to my bank in London. My current workaround is to have a solid relationship with my overseas bank in Thailand whom I have been with for many years and they don't even bat an eye at such requests.

[Seeall]

It says on the form USD 50k up only I belelive...

[Seeall]

Hey guys, seems the point is getting distorted here, I dont believe the op is concerned about getting funds in!!!!

he wants it OUT!!! so the ISSUE is

The Banks say they wont issue the form as its under USD 50K  so, when you want to take it out,  then you get the blank usual lacking of greymatter look when you want to take out the 30 million (imagine 100k) USD you sold the house for......  the circus goes on...

and there seems to be no real answer I have found, as yet and I have been here with a house over 10 years...

 

A good topic indeed..

 

 

[simoh1490]

All I can add is that in 16 years of making transfers back and forth I've never seen a single FET, that's easily over 15 mill. of transfers.

 

As far as banks not issuing FET's under 50k, that's nonsense, the banks don't make the rules, BOT makes them and they have no such rule, the banks are BOT's agents in all of this.

[peterb17]

Don’t we have a similar post almost every other day- search option? 

[zaZa9]

Well I wish this guy would chime in - but I dont think he is a member here.

 

He sold his 17 million baht villa for 15 mill (10 years later- so a neg capital situation  )  ,  but still made money because his X rate was down.

The same bank that carried the funds in (KBank ) , didnt want to carry the 15 mill out and for 9 days he was a very angry man.

He claims ( not me ) that without an 'influential' Thai  friend he made over the years who made calls  , his money would still be here.

He said he had no idea what an FET was when he bought as his lawyer had never mentioned it ..

 

A very pee'ed off guy who wont be back..

[IFinish]

I have an acct at bkk bank and have the normal 800k baht on deposit. It has been in in the acct since last December.

Last month i was in my branch (Jomtien) for other reqsons, an requested an FET document for the transaction when i funded the account so i would have documentation of source should i want to withdrawl it. She said no problem transferring out less than $US 50k. Dont need source documentation. I pressed her hard to get it anyway for my peace of mind but she would not budge from her stmt that it was not necessary.

i told her that bkk bank needs to correct their withdrawl instructions on their website to show the below $US 50k exception.

[watcharacters]

On 4/30/2018 at 2:56 PM, hobz said:

Alternative way is to buy some cryptocurrency from bx.in.th or localbitcoins.com (the latter has higher fees) 

 

and then you would sell the cryptocurrency in the destination country using coinbase.com (US) or localbitcoins (any country) ..  might be faster and cheaper than bank wire transfers.. but maybe nervewrecking and subject to fluctuations in price of cryptocurrency

 

My  wire transfers are sent complementary from the institution.    Can't get much less expensive than free.  I now know I need to ask for a FET.

 

Thank you all.

[watcharacters]

On 5/1/2018 at 12:32 AM, IFinish said:

I have an acct at bkk bank and have the normal 800k baht on deposit. It has been in in the acct since last December.

Last month i was in my branch (Jomtien) for other reqsons, an requested an FET document for the transaction when i funded the account so i would have documentation of source should i want to withdrawl it. She said no problem transferring out less than $US 50k. Dont need source documentation. I pressed her hard to get it anyway for my peace of mind but she would not budge from her stmt that it was not necessary.

i told her that bkk bank needs to correct their withdrawl instructions on their website to show the below $US 50k exception.

 

Thank you for that reply, IFinish.

 

I can just imagine the  exchange you talk about.     The lady would not budge but then if and when you want to transfer out funds the next person you deal with  says, "What was the name of the person who told you that?    Well she no longer works here."

 

There is something in place in the bowels of the  government regarding funds  send from Thailand.   I just don't want to get caught off guard.

[meechai]

On 4/30/2018 at 7:32 AM, IFinish said:

I have an acct at bkk bank and have the normal 800k baht on deposit. It has been in in the acct since last December.

Last month i was in my branch (Jomtien) for other reqsons, an requested an FET document for the transaction when i funded the account so i would have documentation of source should i want to withdrawl it. She said no problem transferring out less than $US 50k. Dont need source documentation. I pressed her hard to get it anyway for my peace of mind but she would not budge from her stmt that it was not necessary.

i told her that bkk bank needs to correct their withdrawl instructions on their website to show the below $US 50k exception.

 

Anything less than 50K USD is not scrutinized

Anyone transferring money out of Thailand below that amount will never be hassled (I never was)

I have transferred 1.25 million baht a few times out.

None ever asked for any proof of source of funds for those amounts

 

Of course if your buying a condo you need to request a slip for any funds coming in & you need to

specify these funds are for real estate purchase

But that has more to do with proving source of funds for real estate purchases

Edited May 2, 2018 by meechai

[orientalist]

Well, don't try sending funds overseas from CIMB bank. I went along to their head office last month to ask about this, since I am now retired and don't have a work permit. They asked why I would be sending the money. I said, well, suppose my mother is very ill and I need to send her 1 million baht for hospital bills. They said, "Could you give us a copy of your mother's passport?"

 

My real reason for asking was that if I ever come down with a terminal illness I'd want to get most of my money under the jurisdiction of my UK will, but I didn't fancy trying to explain that to a Thai bank. They'd probably ask me for a medical certificate.