Advertorial Transferring Money Out of Thailand? What to Do When the Computer Says, “No.”

[ASEAN NOW Sales]

Transferring Money Out of Thailand? What to Do When the Computer Says, “No.”

 

 

Whether you’re staying in Thailand long-term or planning to work here periodically, it’s certain that you’re going to collect cash in some manner. The next inevitability for all expats then lies in figuring out how to send money to and from the country. As many on this forum already know, this is no mean feat!

 

As with many day-to-day functions, we turn to digital technology for our money transfers in the hope that an app will make our live’s quicker and easier. But sometimes, as is the case with outbound salary remittance in Thailand, this is far from true. On the surface, many digital platforms suggest they offer exactly the kind of transfer service that you need for sending your THB to family back home. On closer inspection though, when it comes to setting up a transfer, the app will say, “Mai dai.”

 

Here’s a comparison of the top five digital money platforms for making global transfers and a look at which ones actually let you send THB currency out.

 

Transfer Company	Send THB	Details	Transfer Fee Amount
	✅	From balance or linked bank account.	$4.99 (Approx. 163THB) + Fixed Fee depending on the receiving country. Plus, Recipient pays fees to recieve funds from 2.9 - 5.4%.
		From another payment method.	$4.99 +3.4% + Fixed fee
	✅	Once a Member, you can send THB from the DeeMoney application, credit your transfers  direct from your Thai bank and/or an ATM.	150THB ONLY to 16 countries across the globe including the USA, the UK, and Australia.
	—	Technically, online transfers can only be made through Western Union from pre-registered bank accounts with: Bank Of Ayudhya Krung Thai Bank	The transfer fee increases as remittance amount does, BOA starts at 250THB. Bank Of Ayudhya Krung Thai Bank (Info not available online)
Hifx	❌	Money is exchanged into Pound Sterling account before transfer.
	❌	TransferWise’s Borderless account does not support the upload and transfer of THB.

 

As you can see, DeeMoney and PayPal are the only two digital platforms which allow for THB outward remittance. (Though fees are leveraged on both sender and recipient with PayPal.)

 

DeeMoney is uniquely positioned as a rare non-bank entity which is specially licensed to send THB out of the country. In addition, DeeMoney has rejected the out-moded money transfer tiered fees that fluctuate according to your payment amount and capitalize on what you wish to send abroad.

 

Instead, DeeMoney is offering an industry-first flat-fee of just THB 150 per transaction for amounts starting as low as 1,000 Baht up to THB 800,000 to 16 countries across the world.

 

A fully developed FinTech company, DeeMoney has established its licensed Money Transfer, Currency Exchange, and E-Payment Platform in the center of Bangkok. As well as its flagship branch on Bangkok's Sukhumvit Soi 8, there are three other DeeMoney outlets in Asoke, Samut Sakhon, and Samut Prakan. DeeMoney offers a complete one-stop service for all your international money transfers and currency exchanges needs. Once you’re signed up as a DeeMoney member, our mobile phone app always says, “Yes.”

 

 

[NCC1701A]

9 minutes ago, ThaivisaSales said:

What to Do When the Computer Says, “No.”

walk into the bank, withdraw your money in cash and get on the plane.

[Muhendis]

I can't understand why anyone should use those middle men. why not do a TT from the source account to the target account?

[yasin]

Why not use Bitcoin? You don't even have to transfer it. It stays in your mobile phone / hardware wallet & gives you complete freedom over your money with no intermediaries between. Goes everywhere with you and can be sent in an instant to anyone anywhere anytime. It's a blow to the parasite bank and money transferers who feed on your money. Just use Bitcoin! 

[likerdup1]

3 minutes ago, yasin said:

Why not use Bitcoin? You don't even have to transfer it. It stays in your mobile phone / hardware wallet & gives you complete freedom over your money with no intermediaries between. Goes everywhere with you and can be sent in an instant to anyone anywhere anytime. It's a blow to the parasite bank and money transferers who feed on your money. Just use Bitcoin! 

Where have you sold Bitcoin for Thai Baht? Where have you purchased bitcoin for Thai Baht? 

[topt]

1 hour ago, Muhendis said:

I can't understand why anyone should use those middle men. why not do a TT from the source account to the target account?

Because some people have had issues in being able to transfer money out of Thailand in that way. There are regular threads on here with people asking how they can take money out. This is another option.

 

Potentially this way could be cheaper as well.

 

There have already been a few threads on Dee Money over the last couple of months.

[topt]

29 minutes ago, yasin said:

Why not use Bitcoin? You don't even have to transfer it.

And watch it's value relative to what you want to buy go up and down quicker than a Soi 6 girls underwear ???? 

[Mavideol]

1 hour ago, Muhendis said:

I can't understand why anyone should use those middle men. why not do a TT from the source account to the target account?

agree and re-agree, can't understand so much writing about simple things,

[kekalot]

42 minutes ago, likerdup1 said:

Where have you sold Bitcoin for Thai Baht? Where have you purchased bitcoin for Thai Baht? 

very easily done on localbitcoins regardless of country/currency

[kekalot]

15 minutes ago, topt said:

And watch it's value relative to what you want to buy go up and down quicker than a Soi 6 girls underwear ???? 

rubbish. but if you worry about the value to dollar, you can just sell your BTC into USDT (or TUSD) and it will be worth exactly the same amount (1$ per)

if you have 100,000k USD in USDT, in 10 days, it will still be 100,000 USD. doesn't matter if bitcoin went to down to 5000 or up to 15,000

[jesimps]

16 minutes ago, kekalot said:

rubbish. but if you worry about the value to dollar, you can just sell your BTC into USDT (or TUSD) and it will be worth exactly the same amount (1$ per)

if you have 100,000k USD in USDT, in 10 days, it will still be 100,000 USD. doesn't matter if bitcoin went to down to 5000 or up to 15,000

if you bought Bitcoin through a broker here, then I assume that if you wanted to change your coins for UK pounds, then you'd have to register with a broker in UK? I can envisage all sorts of problems with them wanting local address, bank etc. I could be wrong, but interesting to know for future reference.

[kekalot]

Just now, jesimps said:

if you bought Bitcoin through a broker here, then I assume that if you wanted to change your coins for UK pounds, then you'd have to register with a broker in UK? I can envisage all sorts of problems with them wanting local address, bank etc. I could be wrong, but interesting to know for future reference.

none of this

 

you make a transfer or cash deposit (or even cash delivery) to the seller. you get the BTC. it's in Escrow on the site till then

then you can do the same way but you are the seller and people send you money through bank transfers back home, cash deposits or just cash the same way

 

nothing to do with brokers

[topt]

22 minutes ago, kekalot said:

rubbish. but if you worry about the value to dollar, you can just sell your BTC into USDT (or TUSD) and it will be worth exactly the same amount (1$ per)

if you have 100,000k USD in USDT, in 10 days, it will still be 100,000 USD. doesn't matter if bitcoin went to down to 5000 or up to 15,000

Thank you for the education - all be it there are still apparently (small?)charges for doing this.

[kekalot]

hmm, at this time on 1,000,000 baht to buy you would "lose" 1600 baht or so
 

1m baht would get you 4.71601902 Bitcoin which equals 998,402.01 Thai Baht as of now

 

changing to USDT and back on Binance would get you for 0.1% (not 1%, 0.1%) each way (so 1000 baht to buy USDT, 1000 to buy BTC back)

and then getting it out through multiple transfers should be roughly the same cost as getting it in

 

however, you can get your USDT when bitcoin is higher and then buy BTC when it's low IE: sell btc at 6600 rebuy at 6500 is a 1.5% gain on ANY amount. (ok, 1.499%) which would give you +10,000 thb every time you do it

 

but sure, it's about 5000 baht all in. not exactly cheap but you can also try your luck with the bank or big bags of cash.

edited in:

just so it's clear, the "fees" mentioned above are:

1. difference in price between current price and price they are selling at
2. 0.1% fee from Binance to trade into USDT

3. 0.1% fee from Binance to trade back to BTC

4. difference in price from buyer wanting to buy and current price

and if anyone is interested, total length of this process is:

about 5-10 minutes per transaction to acquire it
1 hour to get it to Binance. (btc transaction time)
instant trade to USDT

 

+ (uncertain amount of time before you need it back)

 

instant trade to BTC

1 hour to get it to localbitcoins (btc transaction time)
5-10 minutes each transactions

however, if anyone decides to do this with very large amounts, say 100,000 USD then you might not WANT people to send you 100 transactions of 1000 as that might trigger some kind of spanish inquisition via the bank
for that amount of money, i would travel to a major city and meet someone that trades large amount in person and has 100% feedback on the site
 

 

Edited October 27, 2018 by kekalot
added information

[recycler]

The larger established money changers will receive your Baht in Thailand and you'll receive the equivalent minus a small fee, much smaller than the transfer companies in your account in your home country. They balance out their customers some want money out some want it in.

[Pattaya46]

3 hours ago, Muhendis said:

I can't understand why anyone should use those middle men. why not do a TT from the source account to the target account?

I tried 3 banks in the past 10 years. All told me that without a Work Permit I cannot do TT towards outside Thailand.

I must go to a special office (on Central Road for Kasikornbank in Pattaya) and prove that the money I want send is money I first received from abroad. Also their fees and rates are rather bad...

[mungostjohn]

On 10/26/2018 at 3:09 AM, NCC1701A said:

walk into the bank, withdraw your money in cash and get on the plane.

Coming from Thailand with $20K could set off alarms at customs/immigration when arriving in

USA/or wherever

[CanuckThai]

The action of bouncing funds around, between here (los) to anywhere else is simple.  Costs depend on your abilities , resources (bank acc's, trading acc's, forex, ecoin acc's...etc) and how transparent (or not) you require it .  The more handholding you need, the more you pay (as with everything).  Everyone and their soi dog is lined up to take your fee and transfer your funds (they love to see sweaty, mouth breathing farang).  

[KKr]

On 10/26/2018 at 2:09 PM, NCC1701A said:

walk into the bank, withdraw your money in cash and get on the plane.

the limit for undeclared imports and exports at customs is USD 20.000.

[Pattaya46]

24 minutes ago, KKr said:

the limit for undeclared imports and exports at customs is USD 20.000.

To exit Thailand, yes, but if you fly to Europe,

the limit for declaration at arrival is EUR 10'000 (or equivalent in other currencies)

[KKr]

9 minutes ago, Pattaya46 said:

To exit Thailand, yes, but if you fly to Europe,

the limit for declaration at arrival is EUR 10'000 (or equivalent in other currencies)

However with a Bank Withdrawal slip from own account, I expect, there should not be a problem.

[Pattaya46]

4 minutes ago, KKr said:

However with a Bank Withdrawal slip from own account, I expect, there should not be a problem.

Exact. It's just a declaration. Never said it was a problem .

Just looks like many people don't like/want that .

[NCC1701A]

14 hours ago, mungostjohn said:

Coming from Thailand with $20K could set off alarms at customs/immigration when arriving in

USA/or wherever

why? if you declare it no problem. people take $50k $100k for business on aircraft and fly internationally all the time.

Edited October 28, 2018 by NCC1701A

[NCC1701A]

3 hours ago, KKr said:

the limit for undeclared imports and exports at customs is USD 20.000.

so declare it. no problem. there is no limit.

[simoh1490]

23 hours ago, Pattaya46 said:

I tried 3 banks in the past 10 years. All told me that without a Work Permit I cannot do TT towards outside Thailand.

I must go to a special office (on Central Road for Kasikornbank in Pattaya) and prove that the money I want send is money I first received from abroad. Also their fees and rates are rather bad...

The banks you went to don't know what they're talking about, get a new bank - I don't have a work permit and I can transfer funds overseas online with UOB and have done so three months ago.

[Pattaya46]

29 minutes ago, simoh1490 said:

The banks you went to don't know what they're talking about, get a new bank - I don't have a work permit and I can transfer funds overseas online with UOB and have done so three months ago.

Sorry, but I think you are wrong, or at least in a very special case.

All banks says the same. It BOT regulation:

- if you have a work permit, you can access International Fund Transfer service on Internet, but still are limited to a part of your salary (80%?)

- if not, you will not be authorised to do it directly online. You must go in agency and provide proof of origin from abroad, the famous FETF.

 

Example from Bangkok Bank site:

https://www.bangkokbank.com/en/Personal/Digital-Banking/Bualuang-iBanking

Apply for the International Funds Transfer service 

Required documents

Foreigners 

• Passport
• Work Permit OR employee card OR certificate of income issued by an employer
• Passbook OR cheque book OR cheque request form of the deposit account used for iBanking

[simoh1490]

23 minutes ago, Pattaya46 said:

Sorry, but I think you are wrong, or at least in a very special case.

All banks says the same. It BOT regulation:

- if you have a work permit, you can access International Fund Transfer service on Internet, but still are limited to a part of your salary (80%?)

- if not, you will not be authorised to do it directly online. You must go in agency and provide proof of origin from abroad, the famous FETF.

 

Example from Bangkok Bank site:

https://www.bangkokbank.com/en/Personal/Digital-Banking/Bualuang-iBanking

Apply for the International Funds Transfer service 

Required documents

Foreigners 

• Passport
• Work Permit OR employee card OR certificate of income issued by an employer
• Passbook OR cheque book OR cheque request form of the deposit account used for iBanking

I'm retired and on a long stay visa, I've been with my bank in Thailand, UOB, for at least ten years, I have no problem transferring funds out of Thailand whenever I want to.

 

What you've written about work permits is correct. What is also correct is that funds that were transferred into Thailand and where an FET was issued, can be transferred out again, regardless of the visa the account holder has. The extract you've posted above from BB is only a part of the picture, other parts include holders of non-resident bank accounts who may transfer funds overseas on an unlimited basis, and, the sales proceeds from property which is subject to tax at the Land Office and a blue tax receipt issued, can also be transfered overseas also.

 

[Pattaya46]

16 minutes ago, simoh1490 said:

the sales proceeds from property which is subject to tax at the Land Office and a blue tax receipt issued, can also be transfered overseas also.

Sure, I did it. But in agency, with proof/documents, not online !

 

16 minutes ago, simoh1490 said:

// other parts include holders of non-resident bank accounts who may transfer funds overseas on an unlimited basis, //

I would like to learn about that... but I have big doubts again seeing BOT rules.

Edited October 28, 2018 by Pattaya46

[simoh1490]

9 minutes ago, Pattaya46 said:

Sure, I did it. But in agency, with proof/documents, not online !

 

I would like to learn about that... but I have big doubts again seeing BOT rules.

There are two types of bank accounts in Thailand and they are not visa dependent, resident and non-resident.

https://www.tilleke.com/resources/banking-thailand-resident-or-non-resident-account