Transfer money out of Thailand after sale of Company-owned house

[wpcoe]

I was in the USA recently and met a fellow socially who sold a house in Thailand a year or so ago which he had bought via the company-owned scheme.  I don't want/need comments on the wisdom of buying via such a scheme.  What I am looking for is advice on what he was told when he tried to export the money back to the USA:  He could only transfer 49% of the cash because that was his ownership share.

 

Does that sound right?  I can sort of see the reasoning, but have no clue about buying/selling a company-owned property.

 

He still has THB2+ million in a bank here.  He's in his mid-70s and really doesn't want to make the long trip again.  Until he chatted with me, he was simply resigned to the fact that the money was gone.

 

As mentioned, I only just met him socially so I don't really expect him to trust me with his money, but I would willingly make multiple small transfers from my Thai bank accounts to him in the USA if he could make online transfer(s) to my bank accounts here, which he thought he could do.

 

Any other suggestions on how he might be able to get his money out without another trip over here?  I just hate to see that much money sit there and eventually end up in the Thai bank's pockets.

[ukrules]

Sometimes I buy some Bitcoin, then move it elsewhere. It's easy to buy a couple of million Baht worth of Bitcoin and send it anywhere you want.....

 

Here https://bx.in.th/

Edited January 2, 2019 by ukrules

[ezzra]

A thai person has much more flexibility and freedom to move bahts out of the country under the guise of paying for property or study abroads,

the thing is, to find such person whom you can trust..other than than, take a trip to Thailand, buy US $ and take them out legally when flying back... 

[impulse]

I got a rude surprise when my Thai visa status went from long term extension on a WP to visa exempt after my contract ended and my WP expired.  I went to the bank to transfer a few thousand USD to a company in China, and was told it's against Thai law (not just bank policy) for someone on a short term visa to do an outgoing wire transfer.   Even though all the money in my account came in through payroll and was properly taxed and traceable.

 

So I'd check the details carefully before making a trip just to do some banking.  That's a long way to come to get disappointed if you don't have the right visa.

 

BTW, I'm not claiming to know anything except what happened to me.

 

Edited January 2, 2019 by impulse

[Pattaya46]

6 hours ago, ukrules said:

Sometimes I buy some Bitcoin, then move it elsewhere. It's easy to buy a couple of million Baht worth of Bitcoin and send it anywhere you want..... Here https://bx.in.th/

Deposit fees + Trading fees x 2 + Withdrawal fees …

Probably not the best way to get money out of the country.

[happylarry]

Open a paypal account.......you pay a commision but its so easy to do, pay it in and take it out, where ever you are in the world. Havent done this myself but been told.

HL

[KittenKong]

15 hours ago, wpcoe said:

He still has THB2+ million in a bank here.  He's in his mid-70s and really doesn't want to make the long trip again.  Until he chatted with me, he was simply resigned to the fact that the money was gone.

 

As mentioned, I only just met him socially so I don't really expect him to trust me with his money, but I would willingly make multiple small transfers from my Thai bank accounts to him in the USA if he could make online transfer(s) to my bank accounts here, which he thought he could do.

2MB really isnt a huge amount. Two or three smaller transfers should not be an issue and that is how I would do it if he doesnt want to come back here. Of course, if you happen to want 2MB then you could just pay him in USD for them.

 

If he has proof of the original import of money (any money, for whatever purpose) then he can easily export anything up to that amount, but he would probably need to be here to do it.

[Kurtf]

On 1/3/2019 at 4:13 AM, ezzra said:

A thai person has much more flexibility and freedom to move bahts out of the country under the guise of paying for property or study abroads,

the thing is, to find such person whom you can trust..other than than, take a trip to Thailand, buy US $ and take them out legally when flying back... 

Fly back to Thailand and buy US dollars  is a ridiculous solution since the max you can bring back at any one time is $10,000.

[Briggsy]

4 minutes ago, Kurtf said:

Fly back to Thailand and buy US dollars  is a ridiculous solution since the max you can bring back at any one time is $10,000.

Incorrect! Barstool myth!

 

The maximum undeclared you can bring out of Thailand at any one time is $15,000.

 

If you declare it, you can take out the lot.

 

Edited January 4, 2019 by Briggsy

[MarleyMarl]

Since he's not here, and doesn't want to fly back i'm not sure. But if it was me, I would fly here, write a cheque from the company to cash, cash the cheque at the bank and then exchange the THB to USD at a place like Superrich, probably a few times as anything over 500k I think there is more paper work involved and then take the cash back home with the cash.

Edited January 4, 2019 by MarleyMarl

[johndudorn]

11 hours ago, Kurtf said:

Fly back to Thailand and buy US dollars  is a ridiculous solution since the max you can bring back at any one time is $10,000.

Here are the facts:

 

It is $10,00.00 not $15,00.00... Please read no fees, taxes etc...The issue may be more on Thailand customs?

 

Many people are under the impression that you are not allowed to carry more than $10,000 into the United States; this is nothing more than an urban legend. The fact is that you may legally carry any amount of money you want into or out of the United States, but there is a catch. When transporting more than $10,000, you must file a report declaring the exact amount of funds you are transporting to U.S. Customs and Border Protection (CBP). To be clear, there are no customs duties, taxes or other fees paid to U.S. Customs for the international transportation of the money; it is merely a reporting requirement to U.S. Customs.  On a Typical Day in Fiscal Year 2015, CBP seized $356,396 in undeclared or illicit currency.

If persons traveling together have $10,000 or more, they cannot divide the currency between each other to avoid declaring the currency. For example, if one person is carrying $5,000 and the other has $6,000, they have a total of $11, 000 in their possession and must report it.

What happens if you don’t declare your money? The penalties and repercussions can be severe. If you are stopped by a U.S. Customs and Border Protection officer and more than $10,000 is found on your person or in your belongings and this money was not declared, you run the very real risk of CBP taking all of the money you were carrying… and keeping it. Failure to report the international transportation of money is serious business. Not only could you lose your money forever, you may be subject to civil and criminal penalties.

Edited January 4, 2019 by johndudorn

[johndudorn]

11 hours ago, Briggsy said:

Incorrect! Barstool myth!

 

The maximum undeclared you can bring out of Thailand at any one time is $15,000.

 

If you declare it, you can take out the lot.

 

 

 

 

Many people are under the impression that you are not allowed to carry more than $10,000 into the United States; this is nothing more than an urban legend. The fact is that you may legally carry any amount of money you want into or out of the United States, but there is a catch. When transporting more than $10,000, you must file a report declaring the exact amount of funds you are transporting to U.S. Customs and Border Protection (CBP). To be clear, there are no customs duties, taxes or other fees paid to U.S. Customs for the international transportation of the money; it is merely a reporting requirement to U.S. Customs.  On a Typical Day in Fiscal Year 2015, CBP seized $356,396 in undeclared or illicit currency.

If persons traveling together have $10,000 or more, they cannot divide the currency between each other to avoid declaring the currency. For example, if one person is carrying $5,000 and the other has $6,000, they have a total of $11, 000 in their possession and must report it.

What happens if you don’t declare your money? The penalties and repercussions can be severe. If you are stopped by a U.S. Customs and Border Protection officer and more than $10,000 is found on your person or in your belongings and this money was not declared, you run the very real risk of CBP taking all of the money you were carrying… and keeping it. Failure to report the international transportation of money is serious business. Not only could you lose your money forever, but you may also be subject to civil and criminal penalties.

 

You are the one creating a barstool myth, the amount of undeclared money is $10,00.00, not $15,000.00

[Briggsy]

7 hours ago, johndudorn said:

 

You are the one creating a barstool myth, the amount of undeclared money is $10,00.00, not $15,000.00

That is why I said out of Thailand. It is $15,000 out of Thailand undeclared and as much as you like if you declare it. So your initial statement that you cannot take more than $10,000 out of Thailand remains totally wrong. You are now deflecting by not referring to it. Please do not post this barstool myth again.