Moving money to Thailand

[Brunolem]

Since banks, worldwide, are becoming more and more inquisitive, I would appreciate it if some of you could share their experience when it comes to bring a significant amount of money, say more than 10 million baht, to Thailand.

 

Assuming that the money would be wired, could there be questions upon arrival of the funds, or paperwork to prove their origin, or anything else?

 

And what about a check...would the Thai banks cash a check in euros, with good conditions (exchange rate, bank charges)...and what kind of check would be more appropriate (regular, cashier's check or else)?

 

Thanks for your input.

[CharlieH]

Wrong forum!

MOVED to Banking.

[Peterw42]

There are standard money laundering checks when transferring money, a reason is usually required by the banks, usually a list of reasons from a pull down menu, personal, business, salary etc. (leave it blank and the bank will probably add a generic reason). In Thailand the "reason" is a requirement of the bank of Thailand. Again, the local Thai bank transfer desk would probably add a reason, if left blank, to satisfy the BOT. 

 

Banks use international networks such as "swift" to transfer funds. records, paperwork, origin etc. So all the relevant information is sent back and forth and available to banks, central banks, Governments etc.

 

In the case of the Thai government, it would appear that they account for every last baht of foriegn transfers as they are very good at knowing how much tourists spend etc.

What is SWIFT?

SWIFT stands for the Society for Worldwide Interbank Financial Telecommunications. It is a messaging network that financial institutions use to securely transmit information and instructions through a standardized system of codes.  

Read more: How the SWIFT System Works | Investopedia https://www.investopedia.com/articles/personal-finance/050515/how-swift-system-works.asp#ixzz5YmkAOVhj 
 

 

As for checks or cheques (country specific) it takes weeks or months to process an international check with associated fees.

[Brunolem]

2 hours ago, Peterw42 said:

There are standard money laundering checks when transferring money, a reason is usually required by the banks, usually a list of reasons from a pull down menu, personal, business, salary etc. (leave it blank and the bank will probably add a generic reason). In Thailand the "reason" is a requirement of the bank of Thailand. Again, the local Thai bank transfer desk would probably add a reason, if left blank, to satisfy the BOT. 

 

Banks use international networks such as "swift" to transfer funds. records, paperwork, origin etc. So all the relevant information is sent back and forth and available to banks, central banks, Governments etc.

 

In the case of the Thai government, it would appear that they account for every last baht of foriegn transfers as they are very good at knowing how much tourists spend etc.

 

Thanks.

 

I have done a few transfers in the past, with the largest for about 4 million baht, and ever had any question to answer.

I was just wondering if the rules were the same, never mind the amount, or if they might change with larger amounts...

 

[topt]

2 hours ago, Brunolem said:

I was just wondering if the rules were the same, never mind the amount, or if they might change with larger amounts...

4m, 10m or 20m I don't believe you would have any issue with the Thai banks.

 

As I am sure you are aware it is worth telling them (when they ask) that it is for property or investment purposes and get the printed form showing the details in case you ever want to send it out - does not mean you have to use it for that.

 

Your only issue may be with your sending back depending on country/institution who may need written instructions for that amount but you should know that from your previous transfers.

 

 

 

[thailand49]

I used Transferwise after researching a number of avenues and other services because I was doing it in Thailand it was a bit harder since the amount was larger than normal. 

In the application transfer, they ask me where the money was coming from I just noted " house sale and from medical " with that large amount just do a bit at a time.  Good luck

[chicowoodduck]

I always use a size LARGE suitcase.....makes the transfer so much easier.....????

[sometimewoodworker]

34 minutes ago, chicowoodduck said:

I always use a size LARGE suitcase.....makes the transfer so much easier.....????

But extremely interesting if you "forget" to declare the money to outward and inbound customs, they often do not miss a bag like that.

[tweedledee2]

20 hours ago, Peterw42 said:

 

 

 

As for checks or cheques (country specific) it takes weeks or months to process an international check with associated fees.

 

Last May, I deposited a state tax refund check into my account at the main Bangkok Bank in Surin. The exchange rate was .17 baht more than the US$ exchange rate and the amount was immediately debited to my account for use. 

[ArickChaiyaphum]

Moneycorp

[ArickChaiyaphum]

1 hour ago, chicowoodduck said:

I always use a size LARGE suitcase.....makes the transfer so much easier.....????

Those days of giving grandma the millions in her carry on luggage sitting in first class. Walking into a country are long gone. It’s not 1980s any longer 

[SunsetT]

2 hours ago, thailand49 said:

I used Transferwise after researching a number of avenues and other services because I was doing it in Thailand it was a bit harder since the amount was larger than normal. 

In the application transfer, they ask me where the money was coming from I just noted " house sale and from medical " with that large amount just do a bit at a time.  Good luck

Yes, Transferwise is the best I have found in 12 years; the best rates and the best and fastest service with everything on their website shown clearly and upfront with no hidden fees. There is also no charge from my receiving Thai bank; Kasikorn, which Ive never enjoyed before having tried most other ways to transfer money over 12 years. And another important advantage with Transferwise is that if having booked a transfer, u opt for the 'send the money later' option the exchange rate is guaranteed for 24 hours, and even longer at the weekend. So if the exchange rate should dramatically increase during that time u can cancel the transfer and book another one to take advantage of the better rate. The last transfer I made I actually forgot to send the money to them within the 24 hours but sent it a few hours late. The rate had gone up a bit but not enough to warrant cancelling and booking another transfer, but they still gave me the increased rate! Good service eh? And If u use this link to sign up you will get the first £500 sent free.............

 

transferwise.com/u/terencep15

 

You may have to send your millions in smaller amounts but Im sure that if u contact them they will tell u the best way to do it. Good luck..........

 

 

[quandow]

31 minutes ago, SunsetT said:

You may have to send your millions in smaller amounts but I'm sure that if u contact them they will tell u the best way to do it.

I set up an account with TransferWise about two months ago, the stock answer is a $5,000.00/day limit. Depending on the exchange rate, it would take approximately 65 days of daily transfers to complete this transaction.

[4MyEgo]

If you transfer the funds directly into my account, there won't be any questions or charges, PM me for my account details, once the funds have been received into my account, I will send you a PM advising it has arrived and for you to provide me with your next plan, after you have sent me that PM, you won't hear from me anymore.

[Brunolem]

2 hours ago, quandow said:

I set up an account with TransferWise about two months ago, the stock answer is a $5,000.00/day limit. Depending on the exchange rate, it would take approximately 65 days of daily transfers to complete this transaction.

I am not sure what you mean...are you saying that Transferwise will not accept to transfer more than 5,000 dollars per transaction?

 

[Brunolem]

4 hours ago, tweedledee2 said:

Last May, I deposited a state tax refund check into my account at the main Bangkok Bank in Surin. The exchange rate was .17 baht more than the US$ exchange rate and the amount was immediately debited to my account for use. 

I suppose that it was a check issued in America?

 

So you say that cashing a check was faster and cheaper than a regular transfer?

 

[thailand49]

6 hours ago, quandow said:

I set up an account with TransferWise about two months ago, the stock answer is a $5,000.00/day limit. Depending on the exchange rate, it would take approximately 65 days of daily transfers to complete this transaction.

Not sure why $5,000? Being in Thailand and trying to send larger sum like 30,000 I had a problem due to security from my bank, once I got that straighten out and confirm it was me I made a $30,000 USD amount. Due to a holiday here although the rate was guaranteed for 24 hours it took a bit longer was sent a message I could cancel or take the new rate which was higher.

 

When I went home to the U.S. in September, I used Transferwise online and requested a transfer of $150,000 USD,  got the address account number of their HQ office in New York, went down to my bank and ask them to transfer to their account it was no problem everything was confirmed within a few hours they  received the funds in N.Y. 

[Pib]

8 hours ago, tweedledee2 said:

Last May, I deposited a state tax refund check into my account at the main Bangkok Bank in Surin. The exchange rate was .17 baht more than the US$ exchange rate and the amount was immediately debited to my account for use. 

 

4 hours ago, Brunolem said:

I suppose that it was a check issued in America?

 

So you say that cashing a check was faster and cheaper than a regular transfer?

 

 

Where he says the exchange rate he got for the check was 0.17 baht more than the US$ exchange rate I expect he means more than the "Notes" rate....like where you exchange actual currency.   

 

The exchange rate give for a "check/sight bill" is around 0.20 baht higher than for Notes.  And the exchange rate for an incoming electronic transfer is around 0.10 baht more than the sight bill/check rate.  At least that the approx difference at Bangkok Bank.  Other Thai banks will be approx the same...Notes is the lowest rate, check/sight bill a little higher, and incoming (TT) electronic transfer the highest.  See below Bangkok Bank exchange rate snapshot as an example.

 

And a person needs to watch out....just because a Thai bank may immediately credit the ch to your account it may have a hold on it until it clears....you can see the credit/balance on your account but it's not "available" balance.  Banks will clear "certain" checks very fast.  Personal checks usually take 2 to 4 weeks to clear....government issued checks can clear faster.  Also with checks, there is usually around a $10/Bt330 cashing fee.

 

 

 

[sencelebi]

I don't know if you will transfer it from US or not.

I transferred $400.000 from US, using Wells Fargo Bank.

You can transfer $50.000 max each time and $100.000 in 30 calendar day. So basically you can transfer $100.000 every 30 days to your Thai bank account. I work with Bangkok Bank and very happy.

Wire transfer takes 24 to 36 hrs to be in your Thai account. Make sure you transfer it as US currency, then your bank here will call you when they receive the money and they will tell you the current exchange rate, Good thing about it is they will give you the TT rate which is 5 stang higher than market rate.

If you find the current rate low than you can tell the bank to hold on for exchange and you have 90 days to exchange the money when the rate is higher.

Wells Fargo charges $45 for each transaction, BKK bank don't charge anything.

PS: When you do your transfer put a note on wire transfer as a loan . This way if you ever need to take large amount of money to out of country it's a loan payback so you don't get hard time to take the money out of country.

 

[puipuitom]

Just ask some London foreign exchange traders…  I use them already a few years.

 

Peter Ashton |  Managing Director | Eiger FX

Web: www.eigerfx.co.uk  | Direct Line: +44 (0)207 426 1481 | Email: [email protected]

Registered Address: 22 Calvin Street, London, E1 6HF 

[patrick1968]

 I did 15m over 3 month/ 5 each time, did not have any problems just stander question? where the founds came from use for what , buy land then build house done ,,,

[Brunolem]

14 minutes ago, patrick1968 said:

 I did 15m over 3 month/ 5 each time, did not have any problems just stander question? where the founds came from use for what , buy land then build house done ,,,

Did you split the transfer by choice or was it a limit set by the country of origin?

 

 

[Brunolem]

1 hour ago, sencelebi said:

I don't know if you will transfer it from US or not.

I transferred $400.000 from US, using Wells Fargo Bank.

You can transfer $50.000 max each time and $100.000 in 30 calendar day. So basically you can transfer $100.000 every 30 days to your Thai bank account. I work with Bangkok Bank and very happy.

Wire transfer takes 24 to 36 hrs to be in your Thai account. Make sure you transfer it as US currency, then your bank here will call you when they receive the money and they will tell you the current exchange rate, Good thing about it is they will give you the TT rate which is 5 stang higher than market rate.

If you find the current rate low than you can tell the bank to hold on for exchange and you have 90 days to exchange the money when the rate is higher.

Wells Fargo charges $45 for each transaction, BKK bank don't charge anything.

PS: When you do your transfer put a note on wire transfer as a loan . This way if you ever need to take large amount of money to out of country it's a loan payback so you don't get hard time to take the money out of country.

 

The transfer will be from Europe, in euros.

 

I didn't know that the US had such limitations, or is it just Wells Fargo?

 

[chicowoodduck]

20 hours ago, sometimewoodworker said:

But extremely interesting if you "forget" to declare the money to outward and inbound customs, they often do not miss a bag like that.

I forget all the time, that is why I bring in Extra as "tea money" ????

[sometimewoodworker]

1 hour ago, chicowoodduck said:

I forget all the time, that is why I bring in Extra as "tea money" ????

 

1 hour ago, chicowoodduck said:

I forget all the time, that is why I bring in Extra as "tea money" ????

Why bother with providing extra income to customs officers, that may not be accepted (certainly will not be accepted outbound from some countries) when a customs declaration costs nothing.

 

There is only 1 reason that I can think of, that you can't prove that the money is that the money is legitimate, for taking that kind of chance.

[topt]

3 hours ago, sometimewoodworker said:

 

Why bother with providing extra income to customs officers, that may not be accepted (certainly will not be accepted outbound from some countries) when a customs declaration costs nothing.

 

There is only 1 reason that I can think of, that you can't prove that the money is that the money is legitimate, for taking that kind of chance.

Did you miss his use of emoticons..........

[5633572526]

Bangkok bank does not accept foreign checks for deposit until your account has been open for at least 6 months.

[patrick1968]

On ‎12‎/‎6‎/‎2018 at 11:31 PM, Brunolem said:

Did you split the transfer by choice or was it a limit set by the country of origin?

 

 

by choice  ,,, with friend advice  that works in the bank 

[Brunolem]

1 hour ago, patrick1968 said:

by choice  ,,, with friend advice  that works in the bank 

But what was the advantage of splitting the transfer instead of sending the funds all at once?

[topt]

2 hours ago, Brunolem said:

But what was the advantage of splitting the transfer instead of sending the funds all at once?

The banks get 3 lots of commission instead of one...........

If your bank allows it then (as I am sure you know ) no benefit to you to split.