How does one report foreign money transfers > Thb 1.5m

[advancebooking]

I recently learn that 'Foreign transfers need to be reported when exceeding equivalent of US$50,000, about 1½ million baht – before the limit was $20,000 – and should you do a transfer in or above that size, then report it as "investment", and keep your stamped copy of the report slip, as that will eligible you to transfer same amount out of Thailand.'

 

Is this absolutely necessary? If so how does one do this?

 

I might have to report it to immigration based on my current situation

thanks

[moontang]

the bank will have to get permission from their head office, who notified BoT.  So a little less than 50K might be optimal, but you may need some docs or at least a good story.  Do what people do here:  ask on behalf of a friend, lol.  Have a chat with the go to lady at the bank...

Edited April 7, 2019 by moontang

[blackcab]

If I understand your post correctly you are describing a transfer of foreign currency into Thailand.

 

If this is the case the bank will do the reporting for you. All you have to do is ask the bank for a FET form and keep it safe.

 

You don't actually need the FET form unless you wish to transfer some of the money out of the country, but the form is free and obtaining it is a prudent step to take.

[dotpoom]

Ignorance must be bliss for sure.

  When I decided to move here 19 years ago, I sold my house in Europe for a lot more than the money being talked about here. Then I transferred the proceeds

to Thailand. Bought 3 condos in a "fashionable" project. Lived in one and rented out the other two.

Never reported anything to anybody?

Edited April 8, 2019 by dotpoom

[moontang]

19 minutes ago, dotpoom said:

Ignorance must be bliss for sure.

  When I decided to move here 19 years ago, I sold my house in Europe for a lot more than the money being talked about here. Then I transferred the proceeds

to Thailand. Bought 3 condos in a "fashionable" project. Lived in one and rented out the other two.

Never reported anything to anybody?

except, you likely showed the FET Form to the land office, showing the money came from abroad.

[GalaxyMan]

I've transferred several hundred thousand euros & dollars to my CIMB-Thai account and nobody ever said anything to me about reporting. The bank would actually call me to tell me that the money had arrived. I'd think if reporting such a thing were required, the bank would be aware of such and advise me accordingly.

[moontang]

4 minutes ago, GalaxyMan said:

I've transferred several hundred thousand euros & dollars to my CIMB-Thai account and nobody ever said anything to me about reporting. The bank would actually call me to tell me that the money had arrived. I'd think if reporting such a thing were required, the bank would be aware of such and advise me accordingly.

But it might be good to get the form, if you want to send it back...btw, what does the entry in your book show with CIMB?  Does it indicated the money came from abroad?

[tweedledee2]

Unless banking laws regarding money transfers have changed, I have transferred up to $80,000 from the US thru Bangkok Bank, NY and have never reported the amounts of any of the transfers or been instructed too.

[RJRS1301]

2 hours ago, GalaxyMan said:

I've transferred several hundred thousand euros & dollars to my CIMB-Thai account and nobody ever said anything to me about reporting. The bank would actually call me to tell me that the money had arrived. I'd think if reporting such a thing were required, the bank would be aware of such and advise me accordingly.

Transferred several hundred thousand dollars from Oz to Thailand, reported Australian end to Aus  authorities, as required by law, verbally asked by bank “where the money came from” produced documents from Australia, heard no more.

All done by the banks concerned

Edited April 8, 2019 by RJRS1301

[davidst01]

6 hours ago, RJRS1301 said:

Transferred several hundred thousand dollars from Oz to Thailand, reported Australian end to Aus  authorities, as required by law, verbally asked by bank “where the money came from” produced documents from Australia, heard no more.

All done by the banks concerned

Never heard of any requirement to report at oz end. Do it via online banking and so be it. Nanny state requirements that your possibly delving into too much

[inThailand]

You don't need to report anything your banks will do that for you. Big Brother wants to know. 

[Tomahawk21]

16 hours ago, dotpoom said:

Ignorance must be bliss for sure.

  When I decided to move here 19 years ago, I sold my house in Europe for a lot more than the money being talked about here. Then I transferred the proceeds

to Thailand. Bought 3 condos in a "fashionable" project. Lived in one and rented out the other two.

Never reported anything to anybody?

wait until you try to take your money back home , you could have a problem.

[moontang]

a friend sent back 9 million last year, and .2% fee solved all problems.

[Peterw42]

Any bank to bank transfer, swift etc, is the report. The amount, the reason, to/from, all gets sent to the Bank of Thailand.

Maybe a little different using transferwise etc, but even those transfers get reported to BOT, maybe not your details.

$50 at a booth gets reported to BOT.

Edited April 9, 2019 by Peterw42

[Peterw42]

21 hours ago, RJRS1301 said:

Transferred several hundred thousand dollars from Oz to Thailand, reported Australian end to Aus  authorities, as required by law, verbally asked by bank “where the money came from” produced documents from Australia, heard no more.

All done by the banks concerned

Never had an Australian bank ask where the money came from, it came from my account. Australian banks report large deposits to ATO etc but once the money is sitting in your account you are free to transfer it without showing where it came from (it could have come from 100s of sources over many years). The transfer requires a reason such as personal , business etc..

Edited April 9, 2019 by Peterw42

[ThaiBunny]

1 minute ago, Peterw42 said:

Never had an Australian bank ask where the money came from, it came from my account. Australian banks report large deposits to ATO etc but once the money is sitting in your account you are free to transfer it without showing where it came from (it could have come from 100s of sources). The transfer requires a reason such as personal , business etc..

Sure but all Australian banks automatically report transfers of more than $10K to Austrac as part of the anti-money laundering laws https://en.wikipedia.org/wiki/Australian_Transaction_Reports_and_Analysis_Centre

[RJRS1301]

14 hours ago, ThaiBunny said:

Sure but all Australian banks automatically report transfers of more than $10K to Austrac as part of the anti-money laundering laws https://en.wikipedia.org/wiki/Australian_Transaction_Reports_and_Analysis_Centre

Yes all done automatically. The minute the teller presses that transfer button, all done

[RJRS1301]

On 4/9/2019 at 5:38 AM, davidst01 said:

Never heard of any requirement to report at oz end. Do it via online banking and so be it. Nanny state requirements that your possibly delving into too much

Any amount over 10k is auto notified by the bank concerned even if you do it online.Has been legislation for many many years as par5 of anti money laundering legislation. You do not even know it happens, but Austrack and ATO know.