Transferring funds for opening business in Thailand from overseas - how to do it?

[rostocker]

My plans are to open with my Thai friends a small business in Thailand next year and would like to invest 2.5M baht ish. The question is: how can I legally transfer my money (about 2 years ago I heard that in the case of setting up of a company with foreign capital, funds must be documented and go through bank channels only)? Or maybe something changed since then and other options including hand carrying and declaring money on the airport are possible?  

[phantomfiddler]

Just go ahead and do it by bank transfer into your own savings account, and then you have the proof that will enable you to take the cash out again (if there is any left !).

[NightSky]

You can send money into Thailand any way you wish. Many people use a transfer service like Transferwise or Worldremit to save on fees although for a large amount there may be no saving on bank transfer fees.

 

To take money out of Thailand is a little more technical. I heard from an ex-bank manager that the best way is to transfer USD into Thailand and have it converted when it lands in Thailand into Baht to get the better rate and to show it came from overseas. So USD to BAHT account.

 

The Thai account should be in your own name.

 

When you want to transfer funds out of Thailand you need to prove the funds were transferred into Thailand with the documentation (keep a statement and bank book for this account). 

 

If you want to transfer out any gains this may be more difficult but probably possible and more beneficial if you can show tax payment receipts.

 

Having said this I have an idea..

 

Why not just send me the money, I will take care of it for you and when you have had enough of trying to even start doing business in Thailand (or dealing with your 'friends') in the very near future, I will send you the money back less a small commission for taking good care of it for you and you will save yourself almost 2.5 million baht.

 

????

 

No seriously though good luck and Im sure you do your own due diligence.

 

 

 

 

 

 

Edited March 27, 2019 by NightSky