irobot Posted October 28, 2018 Share Posted October 28, 2018 (edited) Here is a scenario.. as I enquired (in advance) with the bank.. and it seems very difficult to understand why this is so difficult here... I am just preparing for 5 years down the line... How to send hard earned money saved for (10+) years about say, THB15 Million to an Asian Country Account. Money was salary earned, LTF stock returns, Provident Funds, etc. here with Work Permit and in a Bank A/C in BKK. Why is it difficult to send the money out officially to an Asian Country with all sort of questions and raised eyebrows. (The bank (asian bank of the country) says I can only send money approx upto 1 year of my salary and not more.. what If I saved for years..????) Will I ever be able to take my earned money out of Thailand in one shot or at most 2. Is it normal and legal or not? OR Thailand has some law that disallows taking money out of Thailand say over 2 Million Baht. I have paid all my taxes deducted at source. P.S. I do not want to send every year or two or three or four (you get the point)... as I may have need for further investment here in BKK. Edited October 28, 2018 by irobot typo Link to comment Share on other sites More sharing options...
dayo202 Posted October 28, 2018 Share Posted October 28, 2018 goggle Deemonry Link to comment Share on other sites More sharing options...
Thailand J Posted October 29, 2018 Share Posted October 29, 2018 You should be able to send money out at a bank with a work permit. DeeMoney may be cheaper than the banks. There may be more options...long way to go for another 5 years. Link to comment Share on other sites More sharing options...
ihightower Posted October 29, 2018 Share Posted October 29, 2018 (edited) Deemoney cannot send more than 800,000THB per day. Edited October 29, 2018 by ihightower correction Link to comment Share on other sites More sharing options...
khunphil Posted October 29, 2018 Share Posted October 29, 2018 Hi, If I make no mistake, WITH a work permit, you can send up to 2 million Baht. Better check with your bank. But I don't know it his is per transfer / per month / per year ... Phil Link to comment Share on other sites More sharing options...
AtoZ Posted October 29, 2018 Share Posted October 29, 2018 Buy Bitcoin or Ethereum OTC or P2P Link to comment Share on other sites More sharing options...
OneMoreFarang Posted October 29, 2018 Share Posted October 29, 2018 Can you reasonably prove that you earned and saved that money? Money laundering is a big problem - all over the world. Link to comment Share on other sites More sharing options...
irobot Posted October 29, 2018 Author Share Posted October 29, 2018 (edited) Sure, all the BOT need to do is see through the transactions for the past 5 or 10 years of the salary deposits and savings accumulating in the passbook... as well as LTF transferred in / out and anymore... stock returns transferred in / out.... and any apartment sale (future) sale in / out... 10 years 15 Million Baht.. so If I have records of all of that above.. is it money laundering.. and any more questions.. bring it on.. Is it illegal to transfer 15 Million baht of hard earned money.. saved for 10 years.. to bring it back to one's own home country... in a SINGLE SHOT!!!!!! Is it that difficult!!!! Edited October 29, 2018 by irobot edited Link to comment Share on other sites More sharing options...
yankee99 Posted October 30, 2018 Share Posted October 30, 2018 I walked into bkk bank 2 weeks ago sent 2mb to the USA. They asked the source of funds i said salary and next morning it arrived in my usa bank. Never was asked for my wp was asked what the funds would be used for. 1 Link to comment Share on other sites More sharing options...
AlQaholic Posted October 30, 2018 Share Posted October 30, 2018 (edited) There may be some trigger with an upper limit, that triggers the whole money laundry action investigation process with a ton of bureaucracy and years of investigation before allowing the money to be transferred. Meanwhile, during the investigations, some people in the chain will try their utmost to get their hands on the farang money by all means possible. Edited October 30, 2018 by AlQaholic 1 Link to comment Share on other sites More sharing options...
Misty Posted October 30, 2018 Share Posted October 30, 2018 10 hours ago, irobot said: Sure, all the BOT need to do is see through the transactions for the past 5 or 10 years of the salary deposits and savings accumulating in the passbook... as well as LTF transferred in / out and anymore... stock returns transferred in / out.... and any apartment sale (future) sale in / out... 10 years 15 Million Baht.. so If I have records of all of that above.. is it money laundering.. and any more questions.. bring it on.. Is it illegal to transfer 15 Million baht of hard earned money.. saved for 10 years.. to bring it back to one's own home country... in a SINGLE SHOT!!!!!! Is it that difficult!!!! I wonder if you are just running up against an individual bank branch manager's internal rule, when asked verbally a theoretical question. It may be that particular bank has never been asked to send funds from legal Thai investments before. You might try a different Thai bank or bank branch. The bank branches that frequently deal with non-Thai citizens may have managers that are more versed in doing this. However, to answer your question, no, it's not illegal. Thai banks will and frequently do wire funds on behalf of individuals of the size you mention and larger, including sums that are multiple times the sender's annual income. The bank will require proof that the funds were legally acquired (multiple year tax filing, letter from employer, cashing out of Provident Fund or RMF/LTF etc). It may take a bit of time for the bank's personnel to understand and check with their superiors and make photo copies of all the documents, but even this process may only take about an hour. 1 Link to comment Share on other sites More sharing options...
inThailand Posted October 30, 2018 Share Posted October 30, 2018 SCB has allowed 1-2M a week with just passport. 1 Link to comment Share on other sites More sharing options...
Scottjouro Posted October 30, 2018 Share Posted October 30, 2018 13 hours ago, irobot said: Sure, all the BOT need to do is see through the transactions for the past 5 or 10 years of the salary deposits and savings accumulating in the passbook... as well as LTF transferred in / out and anymore... stock returns transferred in / out.... and any apartment sale (future) sale in / out... 10 years 15 Million Baht.. so If I have records of all of that above.. is it money laundering.. and any more questions.. bring it on.. Is it illegal to transfer 15 Million baht of hard earned money.. saved for 10 years.. to bring it back to one's own home country... in a SINGLE SHOT!!!!!! Is it that difficult!!!! Provided you can prove the monies concerned were legally aquired, and all taxation due is paid, no reason why you cant transfer the full amount out of the country in a single shot...dont listen to this " cannot" , THB 2.0 million etc rubbish.. however if you cant prove any aspect of where the money came from or the taxation, then you have a problem The simplest way these days...crypto transfer...open exchange acc in Thailand, transfer your cash, convert to the crypto of your choice and either 1... put it on a ledger nano and walk out the country with it in your pocket 2. Creat the Thai account per 1...and transfer crypto out to another exchange you have an account which is linked to your home country bank account and cash out (of course you may have to prove in your own country where the cash has come from Link to comment Share on other sites More sharing options...
lkv Posted October 30, 2018 Share Posted October 30, 2018 (edited) It may be more cost effective to change said amount at Super Rich, put it in a bag, and fly over to the Asian country with it, whilst declaring it (as long as you are a healthy man and do not have a heart condition) ???? Example: 15M baht / 33.25 = USD 451,128 Same 15M baht via Telegraphic Transfer at say Bangkok Bank: 15M baht / 33.42 = USD 448,833 Difference USD 2,294. DeeMoney today does 33.40, so just slightly under the bank's TT's selling rate for USD. Or do part via transfer and part via bag, the "via bag" one may very well pay for a vacation in that Asian country from spread difference. I don't know which Asian country you are talking about and which currency, which may change the above scenario. Just some ideas to consider. ???? Edited October 30, 2018 by lkv Link to comment Share on other sites More sharing options...
irobot Posted October 30, 2018 Author Share Posted October 30, 2018 Thank you all. Very good practical answers in the recent postings.. especially yankee99, AlQaholic, Misty, inThailand, lkv Will try out the suggestions at the time of need. Link to comment Share on other sites More sharing options...
DJ54 Posted October 30, 2018 Share Posted October 30, 2018 Don’t know what Thailand laws are but will share what Chinas were as if 3 years ago. - You were allowed in my case as US citizen you were limited ton$30,000.00 USD incoming - Taking money out of any value show where the money came from legal wages, sell of house etc. - Many houses bought are paid in cash. Yep crazy is what i thought. Link to comment Share on other sites More sharing options...
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