Moving Large Quantities Of Baht Out Of The Country

[chanchao]

Hi,

This is a question on behalf of my sister who has a client who lives in Thailand and claims he cannot move money out of Thailand because of the local law / banking policies.

Is this true?

This is to pay rent in a European country. It's a 'substantial' rent also by European standards, though don't know exactly how much money we're talking about.

So suppose you had to move 200,000 baht monthly out of Thailand, would that be as easy as going to your bank and doing an international transfer, or is it really difficult / impossible? If there is a certain amount that's allowed, what amount would that be?

(Yes I know, the story sounds strange because who would keep all his money in baht in Thailand, but it *IS* his story, so I'm just looking to know if moving baht out of Thailand is easy or not.)

Cheers,

Chanchao

[lingling]

This is a question on behalf of my sister who has a client who lives in Thailand and claims he cannot move money out of Thailand because of the local law / banking policies.

Is this true?

If the money are his legal income (from jobs, investments etc), declared to the revenue dept, and he has paid his taxes etc then he will have no problem doing a monthly SWIFT transfer. For some types of payments there will be a withholding tax (e.g. a Thai company buying services from a foreign company).

[chanchao]

Thanks!! And suppose it's just his own personal money and there's no taxable income involved, would it then be impossible to transfer money?

[billaaa777]

Your can transfer up to $20,000 US Dollars per wire transfer as many times as you want. They will ask for a reason; (Family Support.)

[stickman]

It all comes down to the individual bank branch and the relationship the person wanting to make the transaction has with the staff at the international desk in that branch. But to answer your question, there are no laws preventing transfers out of the country and generally speaking it is not a problem. If the amount one wishes to send is in excess of $US 20,000 or equivalent the bank branch is required to call the treasury department of the bank - this is to check on what the current rate is - as it may have changed since they received the rates in the morning.

[twix38]

I thought it was a bit harder for over $20,000.

For instance sale proceeds of a house/Condo sale cannot be transfered out without a Tor Tor 3 form having been acquired on purchase and then the original purchase value can be transfered (not any profit made, as I understand it)

It is not always straight forward to take your money back home if sizeable and $20,000 a day can take a hile and cost a lot, so hopefully over that amount can be achieved. Not simply a matter of a transfer whatever amount though.

[smilingjim]

Hi,

This is a question on behalf of my sister who has a client who lives in Thailand and claims he cannot move money out of Thailand because of the local law / banking policies.

Is this true?

This is to pay rent in a European country. It's a 'substantial' rent also by European standards, though don't know exactly how much money we're talking about.

So suppose you had to move 200,000 baht monthly out of Thailand, would that be as easy as going to your bank and doing an international transfer, or is it really difficult / impossible? If there is a certain amount that's allowed, what amount would that be?

(Yes I know, the story sounds strange because who would keep all his money in baht in Thailand, but it *IS* his story, so I'm just looking to know if moving baht out of Thailand is easy or not.)

Cheers,

Chanchao

Suggest you check out the bank of Thailand regulations which explains all this. Hope the link works:

http://www.bot.or.th/Bothomepage/General/L...rol/guide_t.htm

If not go to www.bot.org.th and do a search.

[Gaudente]

Your can transfer up to $20,000 US Dollars per wire transfer as many times as you want. They will ask for a reason; (Family Support.)

That was Bangkok Bank Pattaya 2nd rd branch stated me first time. Second time, they told me I could not. Had to come back a second day and show evidence that funds had previously been wired into the country into my stock broker account, and for an amount covering also the amount of the first 19,900 $ I had swifted before.

And for my third swift of $26,000 they bullshitted me for three days in a row, each day asking for further documentation that they had not asked for the day before.

This is even more absurd considering how BOT has to struggle to keep the exchange rate at 35.80 , they should welcome anyone helping them to sell baht and buy $ now.

My advice to all is not to invest a single satang in such a crazy country.