Transferring Money To America

[wilinusa]

I have a strange situation.  I am living in Bangkok on a 1 year extension Visa.  I would like to transfer some money to my home Bank Account.

The problem is that my home bank is a Credit Union and they don't have Swift Code.  Apparently Thai banks need a Swift Code to transfer out of Thailand?

Any advice would be appreciated.

[Pib]

You credit union may not have a SWIFT code, but they use the services of another U.S. bank where you send your money to that bank's SWIFT code along with another code that represents your credit union...and of course include you account number.  Then that bank then relays the transfer to your credit union/your account.

 

Just for example look at the USAA Bank response at below weblink since USAA Bank does not have a SWIFT code either; but they have instructions on how to send an international transfer to them which is a relay through another bank.  I'm sure your credit union has similar instructions...may be on their webpage or you may have to call/email them for the specifics.

 

https://communities.usaa.com/t5/Banking/swift-code/td-p/155899

[TallGuyJohninBKK]

23 minutes ago, Pib said:

You credit union may not have a SWIFT code, but they use the services of another U.S. bank where you send your money to that bank's SWIFT code along with another code that represents your credit union...and of course include you account number.  Then that bank then relays the transfer to your credit union/your account.

 

Just for example look at the USAA Bank response at below weblink since USAA Bank does not have a SWIFT code either; but they have instructions on how to send an international transfer to them which is a relay through another bank.  I'm sure your credit union has similar instructions...may be on their webpage or you may have to call/email them for the specifics.

 

https://communities.usaa.com/t5/Banking/swift-code/td-p/155899

 

Pib, I was wondering this myself: Can you use Transferwise to send money from a Thai bank account to a U.S. bank account, instead of the reverse way we normally talk about here?

 

[Pib]

7 minutes ago, TallGuyJohninBKK said:

 

Pib, I was wondering this myself: Can you use Transferwise to send money from a Thai bank account to a U.S. bank account, instead of the reverse way we normally talk about here?

 

Nope.   Can not use Transferwise to send money out of Thailand.   

[TallGuyJohninBKK]

4 minutes ago, Pib said:

Nope.   Can not use Transferwise to send money out of Thailand.   

 

Darn!!!!  Thailand is like a roach motel. The money comes in, but it doesn't come out!!!

[TallGuyJohninBKK]

OP, how are you situated on the Thai end?

 

In other words, on the Thai end, if you have a work permit, the Thai banks make it reasonably easy thru their methods to send money out of Thailand, AFAIK.

 

But if you do NOT have a work permit, sending money out of Thailand using the Thai bank channels becomes somewhat more difficult.

 

However, this is not my area of expertise, which is the opposite, being getting money INTO Thailand!

 

[kjun12]

No one has said it but it is very difficult to transfer money out of Thailand to another country.  You must prove that you brought this money into the country you must get clearance from the Thai Central Bank.  Lots of paperwork

 

Your best way is if you have a GOOD friend going to the states is to get them to take your money to the US and to deposit it into your account.  Convert the money into dollars before you do this.

[Pdavies99]

On 7/14/2018 at 4:10 PM, TallGuyJohninBKK said:

OP, how are you situated on the Thai end?

 

In other words, on the Thai end, if you have a work permit, the Thai banks make it reasonably easy thru their methods to send money out of Thailand, AFAIK.

 

But if you do NOT have a work permit, sending money out of Thailand using the Thai bank channels becomes somewhat more difficult.

 

However, this is not my area of expertise, which is the opposite, being getting money INTO Thailand!

 

It is very easy to transfer money out of Thailand.....providing you can show proof where the money originated from.

[TallGuyJohninBKK]

17 minutes ago, Pdavies99 said:

It is very easy to transfer money out of Thailand.....providing you can show proof where the money originated from.

 

So go ahead and elaborate in the following example:

 

no work permit. Wire transferred 1M baht in retirement savings from home country to Thailand 10 years ago. The principal has been in Thai banks ever since earning interest, but moved from bank to bank with account changes. And now, I want to leave Thailand and take all my 1M baht plus accrued interest back home with me...  How?

 

[Henricus]

use internet banking Les than 1 mil. baht no problem

 

[TallGuyJohninBKK]

3 hours ago, Henricus said:

use internet banking Les than 1 mil. baht no problem

 

 

AFAIK, the Thai banks where I have accounts won't give me any online banking capability to do international funds transfers since I am retired and don't have a Thai work permit, regardless of the amount I want to send.

 

Here's what Bangkok Bank says specifically in their online banking re international funds transfers:

 

 

And if you read their actual application form, the ONLY category that listed and available for foreigners to state as their reason for transferring funds is "salary repatriation" -- which would be kinda hard for a retired person to do.

 

Wanna try again???

 

[Pdavies99]

On 7/16/2018 at 9:17 AM, TallGuyJohninBKK said:

 

So go ahead and elaborate in the following example:

 

no work permit. Wire transferred 1M baht in retirement savings from home country to Thailand 10 years ago. The principal has been in Thai banks ever since earning interest, but moved from bank to bank with account changes. And now, I want to leave Thailand and take all my 1M baht plus accrued interest back home with me...  How?

 

You need to be able to show proof of when the money entered the country.

[TallGuyJohninBKK]

3 minutes ago, Pdavies99 said:

You need to be able to show proof of when the money entered the country.

 

And then what?  No online international wire transfers without a work permit.

 

Maybe a paperwork initiated wire transfer... maybe....

 

 

 

[Pdavies99]

23 hours ago, TallGuyJohninBKK said:

 

And then what?  No online international wire transfers without a work permit.

 

Maybe a paperwork initiated wire transfer... maybe....

 

 

 

Sorry to put it this way...Nonsense!

 

Many many people transfer in and out of Thailand monies and most of them are retired and certainly do not have work permits.

 

I suggest you speak again to your banks.

[TallGuyJohninBKK]

1 hour ago, Pdavies99 said:

Sorry to put it this way...Nonsense!

 

Many many people transfer in and out of Thailand monies and most of them are retired and certainly do not have work permits.

 

I suggest you speak again to your banks.

 

So if you don't have a work permit, why don't you simply post here how you do it exactly and with which bank/banks?

 

[Pdavies99]

4 hours ago, TallGuyJohninBKK said:

 

So if you don't have a work permit, why don't you simply post here how you do it exactly and with which bank/banks?

 

Fine, to transfer money to Thailand ie with HSBC and with Lloyds Bank and Citibank, I tell them the transfer details and make a swift transfer, when the money arrives, usually within 2-4 days I ask the Bangkok Bank, or Krung Thai Bank for a receipt showing it was an overseas transfer.

 

When I want to transfer money out of these banks, I give them the receiving banks Swift code etc, and they check where the money came from, (Ie transfer in past from overseas) and they transfer the money, the last time was a few months ago with Krung Thai bank, the charge was 1400 Baht with a very fair transfer rate for 2 million baht

 

Job done!

[Pib]

From looking at the various posts it seems it seems some are talking transferring out of Thailand via your Thai bank "ibanking" or and some transferring out by physically visiting your local bank branch.   Talking two different transfer methods.  

 

Sure, transferring funds out of Thailand by "physically visiting your local branch with the documents showing the funds originally came from overseas" is a "can do."   No work permit needed.  However, supporting docs of the source of the income is required along with reason for transfer.   Below from Bangkok Bank webpage where you walk into a branch to do the transfer....below complies with Bank of Thailand regulations which all Thai banks must follow.

 

 

However, trying to do the same by setting in front of your keyboard logged onto your Thai bank ibanking is a completely different story that requires previous approval from your Thai bank to get international transfer capability added to your ibanking.  If approved it's usually limited to "salary repatriation" for a foreigner if they have a work permit.  But Thai nationals get  more options.  For a foreigner a work permit along with salary docs is required to get approval by a Thai bank to do the transfer from your Thai bank ibanking for X-amount....an amount that does not exceed your salary...not just any amount.  Although below snapshot is from the Bangkok Bank website it talks ibanking international transfers based on Bank of Thailand regulations which apply to all Thai banks.

 

 

 

 

 

[lannarebirth]

Is it correct to assume that all the people who claim that it is difficult to transfer money out of Thailand are not married?

[TallGuyJohninBKK]

On 7/19/2018 at 9:11 AM, Pib said:

From looking at the various posts it seems it seems some are talking transferring out of Thailand via your Thai bank "ibanking" or and some transferring out by physically visiting your local bank branch.   Talking two different transfer methods.  

 

Sure, transferring funds out of Thailand by "physically visiting your local branch with the documents showing the funds originally came from overseas" is a "can do."   No work permit needed.  However, supporting docs of the source of the income is required along with reason for transfer.   Below from Bangkok Bank webpage where you walk into a branch to do the transfer....below complies with Bank of Thailand regulations which all Thai banks must follow.

 

 

However, trying to do the same by setting in front of your keyboard logged onto your Thai bank ibanking is a completely different story that requires previous approval from your Thai bank to get international transfer capability added to your ibanking.  If approved it's usually limited to "salary repatriation" for a foreigner if they have a work permit.  But Thai nationals get  more options.  For a foreigner a work permit along with salary docs is required to get approval by a Thai bank to do the transfer from your Thai bank ibanking for X-amount....an amount that does not exceed your salary...not just any amount.  Although below snapshot is from the Bangkok Bank website it talks ibanking international transfers based on Bank of Thailand regulations which apply to all Thai banks.

 

 

 

 

 

 

And as regards Bangkok Bank and trying to do an ONLINE outbound international wire transfer, there's another section on their website where it lists required documents for foreigners -- and that list includes mention of Thai work permit, salary statement or similar.  Things that no retiree would have.

[TallGuyJohninBKK]

38 minutes ago, lannarebirth said:

Is it correct to assume that all the people who claim that it is difficult to transfer money out of Thailand are not married?

 

Why would that make any difference?

 

[lannarebirth]

1 minute ago, TallGuyJohninBKK said:

 

Why would that make any difference?

 

 

Because your Thai wife can transfer an unlimited amount of money out of Thailand from her Thai bank account to her foreign bank account. My wife has transferred in excess of 32 million baht out of Thailand in the past four years. It is not a big deal at all.  She need only state her reason for the transfer, like purchasing a house or commercial building, children's education expenses, living expenses, whatever.

[TallGuyJohninBKK]

3 minutes ago, lannarebirth said:

 

Because your Thai wife can transfer an unlimited amount of money out of Thailand from her Thai bank account to her foreign bank account. My wife has transferred in excess of 32 million baht out of Thailand in the past four years. It is not a big deal at all.  She need only state her reason for the transfer, like purchasing a house or commercial building, children's education expenses, living expenses, whatever.

 

My Thai wife doesn't have a foreign bank account in my home country because, if she were to have one, it would interfere with and cause problems for our current U.S. tax situation.  Everybody's situation may be different. But it's good info for thought for the broader thread here.

 

 

[lannarebirth]

1 minute ago, TallGuyJohninBKK said:

 

My Thai wife doesn't have a foreign bank account in my home country because, if she were to have one, it would interfere with and cause problems for our current U.S. tax situation.  Everybody's situation may be different.

 

 

 

I understand. I was in the same situation for many years and yeah, you can shield a lot of money from taxes if you are creative/bold. I use a different system now.

[TallGuyJohninBKK]

5 minutes ago, lannarebirth said:

 

I understand. I was in the same situation for many years and yeah, you can shield a lot of money from taxes if you are creative/bold. I use a different system now.

 

Just fyi for the thread, if a U.S. citizen is filing Married Filing Separately, and thus not having any U.S. tax obligation for the foreign spouse's home country (Thai) income, then that foreign spouse can have ZERO U.S. source income, including even $1 of U.S. bank interest if the U.S. citizen spouse wants to take advantage of a substantial tax exemption on his U.S. taxes for the Thai spouse.  That's why....