FET not possible with TransferWise

[Captor]

Hi

It is not possible to get the FET (Foreign Exchange Transfer) if sending money from Sweden to Thailand with TransferWise.

Is there any other way to send and getting the FET except bank to bank transfer?

 

Best Regards

Captor

[baansgr]

When you send money with Transsferwise  where does it go,  where do you collect it

[medic5678]

I've always used them to move money to Thailand, never had an issue needing an FET.  I compared ways of sending it and Transferwise was the clear winner.  Now, I'm sending to my wife's Thai bank account.

[scubascuba3]

Hi
It is not possible to get the FET (Foreign Exchange Transfer) if sending money from Sweden to Thailand with TransferWise.
Is there any other way to send and getting the FET except bank to bank transfer?
 
Best Regards
Captor

I'd say its not possible, numerous times its come up on here and the answer is you can't get an FET, because it comes up as an internal (Thailand) transfer

[medic5678]

Why do you need an FET?

[Captor]

I may need the FET the day I want to sell the home and want to send the money back to Sweden. If the shit hits the fan so to say. Then I need it or I have to pay tax when sending money back more than 50 000 USD. I have talked to the bank (Siam) and they said that it will probably not be noticed from the government if I send 2 x50 000 during 1 year. But after that it will. So if I sell a home and maybe want to send back a bigger amount I have to wait several years before it is back in Sweden. Or pay this tax which I don´t know how much it is.

 

baansgr:

I send it from my bank account in Sweden to my girlfriends bank (Siam) in BKK. I have done so maybe 10 times smaller amounts. And I have also been into the bank and tried to get a FET but with no success.

 

Scubascuba3:

Yes, I would say the same. Not possible. I have tried. My documents showed that the money were sent to Siam bank from my bank. I went to Siam and they could find the amount BUT the money came from Bangkok Bank! And that step in the chain was not shown in the documents from TransferWise.

I called them and they said that they can not help with that...

 

So that is way I am asking here if there is another way than bank to bank which is expensive.

[baansgr]

Is the reason as you are sending to your GFs account,  how could you get an FET in your name from someone else's bank account? Do you have a Thai Bank? 

[Langsuan Man]

6 hours ago, Captor said:

I may need the FET the day I want to sell the home and want to send the money back to Sweden.........So if I sell a home and maybe want to send back a bigger amount I have to wait several years before it is back in Sweden. Or pay this tax which I don´t know how much it is.

If you are talking anything other than a condominium in the foreign quota then you are not authorized an FET .  Just because you can prove that money comes from your home country that gives you no right to take it back out.  Once funds are here,  they stay here,  unless you have complied with the foreign exchange laws 

 

If you purchased a condominium under the foreign quota you can be issued a Foreign Exchange Certificate that would allow you to legally take that money back out.  But it sounds to me like you purchased a house in your girlfriends name or in a company name and,  if that is the case,  you have no legal rights to expatriate whatever funds you brought into Thailand 

 

So your only options are going to be to take SCB's advice and send it out in smaller amounts for a longer time or find a "private" source for a Foreign Exchange Certificate

[baansgr]

7 hours ago, scubascuba3 said:

14 hours ago, Captor said:

Hi
It is not possible to get the FET (Foreign Exchange Transfer) if sending money from Sweden to Thailand with TransferWise.
Is there any other way to send and getting the FET except bank to bank transfer?
 
Best Regards
Captor

I'd say its not possible, numerous times its come up on here and the answer is you can't get an FET, because it comes up as an internal (Thailand) transfer

Thats interesting, what about other companies such as WU or Xenpay, is it the same

[wotsdermatter]

Never had any problems sending money from Canada to Thailand and vice versa with WU (expensive but fast) which is direct payment within minutes, or TransferWise which is Peer2Peer and may take slightly longer.  TransferWise pays higher exchange and also lower commission because of the method of exchange which takes place inside both countries so the money stays within both countries of origin, just gets matched and swapped between people wanting to transfer.

 

'nuf sed

[Esso49]

Always used Transferwise.

Edited August 29, 2018 by Esso49

[scubascuba3]

Thats interesting, what about other companies such as WU or Xenpay, is it the same

Xenpay probably works like transferwise, western union more like a traditional bank transfer, both worth double checking with them

[simoh1490]

The funds need to be received at a Thai bank in order for the FET to be issued plus they need to have been received FROM your account overseas, not a third party account.

 

Don't confuse the FET with purchase of a house, a FET is granted based on foreign funds being received in Thailand, not what you chose to do with those funds after they are received. If you remit those funds to Thailand, get the FET and then buy a house, those funds have been spent, in effect, you have given them to your wife hence the only way you can legally get them back is via the divorce court when assets acquired during a marriage are split 50/50. If you remain together and then decide to sell the house you are not legally entitled to remit those funds overseas once again because those funds had already been gifted/spent, your wife, however, could do so when she sells an asset that is in her name.

[Captor]

18 hours ago, scubascuba3 said:

On 8/28/2018 at 9:39 AM, Captor said:

Hi
It is not possible to get the FET (Foreign Exchange Transfer) if sending money from Sweden to Thailand with TransferWise.
Is there any other way to send and getting the FET except bank to bank transfer?
 
Best Regards
Captor

I'd say its not possible, numerous times its come up on here and the answer is you can't get an FET, because it comes up as an internal (Thailand) transfer

Right, that is my experience too

[Captor]

10 hours ago, Langsuan Man said:

If you are talking anything other than a condominium in the foreign quota then you are not authorized an FET .  Just because you can prove that money comes from your home country that gives you no right to take it back out.  Once funds are here,  they stay here,  unless you have complied with the foreign exchange laws 

 

If you purchased a condominium under the foreign quota you can be issued a Foreign Exchange Certificate that would allow you to legally take that money back out.  But it sounds to me like you purchased a house in your girlfriends name or in a company name and,  if that is the case,  you have no legal rights to expatriate whatever funds you brought into Thailand 

 

So your only options are going to be to take SCB's advice and send it out in smaller amounts for a longer time or find a "private" source for a Foreign Exchange Certificate

I don´t think what I want to buy in Thailand has anything to do with getting a FET or not.

[Captor]

10 hours ago, baansgr said:

Is the reason as you are sending to your GFs account,  how could you get an FET in your name from someone else's bank account? Do you have a Thai Bank? 

It is still ME sending the money to my girlfriends account. I dont think that is the issue what bank I am sending to.

At least the bank did not mention that. They only said that the incoming money was from another bank that the bank Transferwise sent the money to. My girlfriends bank. The chain is not complete so they can not issue a FET.

[Captor]

10 hours ago, baansgr said:

Thats interesting, what about other companies such as WU or Xenpay, is it the same

I don´t know. That is why I am sending the question here at TV. To getting info about other ways to send money than TransferWise with whom I can not get a FET.

I will check up WU and Xenpay about how they are doing the money sending. But maybe they are more expensive than a normal bank transfer?

[Captor]

10 hours ago, wotsdermatter said:

Never had any problems sending money from Canada to Thailand and vice versa with WU (expensive but fast) which is direct payment within minutes, or TransferWise which is Peer2Peer and may take slightly longer.  TransferWise pays higher exchange and also lower commission because of the method of exchange which takes place inside both countries so the money stays within both countries of origin, just gets matched and swapped between people wanting to transfer.

 

'nuf sed

So have you got a FET from the target bank with WU? Do you know that it works? It sounds like it will not if they are doing the same way TransferWise is doing: just get matched with money already in the country.

[Captor]

4 hours ago, simoh1490 said:

The funds need to be received at a Thai bank in order for the FET to be issued plus they need to have been received FROM your account overseas, not a third party account.

 

Don't confuse the FET with purchase of a house, a FET is granted based on foreign funds being received in Thailand, not what you chose to do with those funds after they are received. If you remit those funds to Thailand, get the FET and then buy a house, those funds have been spent, in effect, you have given them to your wife hence the only way you can legally get them back is via the divorce court when assets acquired during a marriage are split 50/50. If you remain together and then decide to sell the house you are not legally entitled to remit those funds overseas once again because those funds had already been gifted/spent, your wife, however, could do so when she sells an asset that is in her name.

Right that is correct. I can buy whatever I want.

 

I think my gf can send the money back to my account if she has the FET or not? Without getting extra taxes to pay I mean?

By the way, anyone know how much this extra taxes are?

[scubascuba3]

 

 

 

I don´t know. That is why I am sending the

I will check up WU and Xenpay about how they are doing the money sending. But maybe they are more expensive than a normal bank transfer?

 

Western Union is renowned for being expensive. It seems if you want to get an FET your best bet is to send local currency by your farang local bank. You could get a Thai bank account from a bank that usually has the best rates

 

[Captor]

28 minutes ago, scubascuba3 said:

 

 

 

 

 

Western Union is renowned for being expensive. It seems if you want to get an FET your best bet is to send local currency by your farang local bank. You could get a Thai bank account from a bank that usually has the best rates

 

Yes, I think that is the best. Thanks.

[baansgr]

36 minutes ago, scubascuba3 said:

 

 

 

 

 

Western Union is renowned for being expensive. It seems if you want to get an FET your best bet is to send local currency by your farang local bank. You could get a Thai bank account from a bank that usually has the best rates

 

WU is only£2.90 to a bank with a very good XE.  It's only expensive for small amounts sent to be picked up

[baansgr]

1 hour ago, Captor said:

It is still ME sending the money to my girlfriends account. I dont think that is the issue what bank I am sending to.

At least the bank did not mention that. They only said that the incoming money was from another bank that the bank Transferwise sent the money to. My girlfriends bank. The chain is not complete so they can not issue a FET.

Maybe you need to understand  why FET is in place.  It's to stop money laundering so I can't see how an FET in your name would be issued from a different  account holder. 

[ukrules]

Buy some Bitcoin in Thailand, send it wherever you want, etc.

 

 

[medic5678]

This will never be a problem for me.  I view all money that I put is Thailand as lost to me forever and thus I plan accordingly.  We're building a small cottage in Thailand but my wife will have it after I die.    Maybe I'll have 45k in the whole thing.  As far as I'm concerned, that's getting off cheap when I consider the wonderful girl I met in Thailand.  Best wife on the planet and worth every cent I spend on her.

[Captor]

4 hours ago, baansgr said:

Maybe you need to understand  why FET is in place.  It's to stop money laundering so I can't see how an FET in your name would be issued from a different  account holder. 

Maybe what I have read is wrong. I read about the purpose of the FET at www.samuiforsale.com

 

Here is some of it:

Repatriating Funds to a Foreign Country

The banks in Thailand have to follow strict regulations. As a result, it can be quite difficult to repatriate funds if you do not have the correct paperwork. To repatriate the sale proceeds of the sale of a condo the bank will ask for a copy of the official land office sale agreement (with Garuda symbol) and land office tax receipt, a copy of the title deed of the condominium unit, passport copy and a copy of the FET-form (or the previously used Thor Tor 3 form) which the foreigner obtained when they remitted money into Thailand to buy the condominium. If these documents are supplied the bank will allow transfer of the money out of Thailand without additional deductions. When selling the condominium personal income withholding tax is taken as part of the transfer taxes. The land office will issue a tax receipt for payment. Withholding tax is calculated based on the years of ownership - read more condominium transfer tax and fees...

In case of transferring money out of the country, the tax-free amount is determined by the initial amount transferred into Thailand.

 

I have not read anything about money laundering.

[simoh1490]

6 hours ago, baansgr said:

Maybe you need to understand  why FET is in place.  It's to stop money laundering so I can't see how an FET in your name would be issued from a different  account holder. 

The FET has nothing to do with money laundering. FET's have been in place for a very long time, their purpose is so that BOT can control funds flows into and out of Thailand and have more to do with THB not being fully convertible than anything else.

[simoh1490]

1 hour ago, Captor said:

Maybe what I have read is wrong. I read about the purpose of the FET at www.samuiforsale.com

 

Here is some of it:

Repatriating Funds to a Foreign Country

The banks in Thailand have to follow strict regulations. As a result, it can be quite difficult to repatriate funds if you do not have the correct paperwork. To repatriate the sale proceeds of the sale of a condo the bank will ask for a copy of the official land office sale agreement (with Garuda symbol) and land office tax receipt, a copy of the title deed of the condominium unit, passport copy and a copy of the FET-form (or the previously used Thor Tor 3 form) which the foreigner obtained when they remitted money into Thailand to buy the condominium. If these documents are supplied the bank will allow transfer of the money out of Thailand without additional deductions. When selling the condominium personal income withholding tax is taken as part of the transfer taxes. The land office will issue a tax receipt for payment. Withholding tax is calculated based on the years of ownership - read more condominium transfer tax and fees...

In case of transferring money out of the country, the tax-free amount is determined by the initial amount transferred into Thailand.

 

I have not read anything about money laundering.

What you have written is correct, money laundering is unrelated to the FET issue.

 

But also, Thai's are restricted from remitting funds overseas except under closely defined criteria, those criteria have been relaxed in recent times but they are still not able to transfer funds at will.

[naboo]

The OP need not worry. I'm sure his gf will make sure those funds need never return to Sweden.

[Captor]

5 minutes ago, naboo said:

The OP need not worry. I'm sure his gf will make sure those funds need never return to Sweden.

Hehe, yes I hope so. I have the intention to live in Thailand when retire but you never now. Maybe we chose to live in Sweden after some time. I read a lot here about many people seems to move back to the home country. That is not the plan but I like to have a plan B ?