Transfer money from Thailand to Australia

[Dennis4]

I am an Australian who purchased a condo in Bangkok 13 years ago. I used it just for holidays. I live and work in Australia. I am selling the condo and want to bring the money (9mill thb) back to Australia. As it was 13 years ago when I purchased it and have no records of sending the money over to Thailand to buy it. What do I need to do? Can I bring it back? What is the best/cheapest way to transfer money? Thanks 

[pontious]

Have not used them but Deemoney is one choice.

[blackcab]

Moved to the banking forum.

[blackcab]

The cheapest option is to change the money at a currency exchanger (Vasu or Super Rich generally have the best rates), then hand carry the cash out of Thailand. Read the link below.

 

Do not forget to declare the cash entering Australia. Take your property sales documents to back up where the cash came from.

 

 

[Matzzon]

29 minutes ago, blackcab said:

The cheapest option is to change the money at a currency exchanger (Vasu or Super Rich generally have the best rates), then hand carry the cash out of Thailand. Read the link below.

 

Do not forget to declare the cash entering Australia. Take your property sales documents to back up where the cash came from.

 

 

Ok, 45 000 USD is about 1,35 million baht. Do you mean this guy is going to risk hand carry 300 000 USD through Suvarnaphumi Airport.

You do know that you are offering an illegal solution, right? With the risk that comes of having 9 million baht confiscated.

The safest way to do this without any documented proof of where the money originally comes from, would be to send it in smaller transfers with a transfer service or a few different services. Yes, there will be a fee connected to this everytime, but as it is the safest way that´s what you have to pay.

Also think about that the price you once paid for the condo, probably will be lower. That means you will also have a tax to pay in Thailand on the profit before taking the money away.

Edited August 13, 2019 by Matzzon

[blackcab]

31 minutes ago, Matzzon said:

Do you mean this guy is going to risk hand carry 300 000 USD through Suvarnaphumi Airport.

 

It's a choice for the OP. He asked for the cheapest option, and this is it. Don't forget he could split the hand carried amount into smaller chunks if he so wished and it suited his travel plans.

 

31 minutes ago, Matzzon said:

You do know that you are offering an illegal solution, right? With the risk that comes of having 9 million baht confiscated.

 

Could you explain why my solution is illegal, and why there is a risk of cash being confiscated?

[Matzzon]

3 hours ago, blackcab said:

 

It's a choice for the OP. He asked for the cheapest option, and this is it. Don't forget he could split the hand carried amount into smaller chunks if he so wished and it suited his travel plans.

 

 

Could you explain why my solution is illegal, and why there is a risk of cash being confiscated?

Yes, I can absolutely explain why your advice is illegal, and therefore I do not have to explain why the advice shouldn´t  be given.
 

Currency Export regulations:

Local currency (Baht-THB): up to THB 50,000.- per person or THB 100,000.- per family holding one passport. Foreign currencies: unlimited. However, amounts of foreign currency exceeding USD 20,000.- (or equivalent) must be declared to a Customs Officer upon departure by all travelers.

Above you can see the currency export regulation for Thailand. It´s nice to read that foreign currency can be unlimited, right. After you have the catch, though.
An amount over 20 000 USD must be declared. I plain text that means you must can show the origin of the money if asked for. The OP can´t do that, and only holds a peper that states sale of property. When the origin of the money can´t be produced, they will grab on to the money laundry act. Because they do not want money to leave Thailand. Therefore it will most likely be confiscated.

Of course, this is only if they get a hunch or if they sepect anything. Maybe he looks like he is hiding something. If not, it will work fine, but is it really worth that risk of a headache?

[blackcab]

2 hours ago, Matzzon said:

Above you can see the currency export regulation for Thailand. It´s nice to read that foreign currency can be unlimited, right. After you have the catch, though.
An amount over 20 000 USD must be declared. I plain text that means you must can show the origin of the money if asked for. The OP can´t do that, and only holds a peper that states sale of property. When the origin of the money can´t be produced, they will grab on to the money laundry act. Because they do not want money to leave Thailand. Therefore it will most likely be confiscated.

 

First things first: You haven't answered why my solution is illegal. It is legal to hand carry any quantity of foreign currency out of Thailand. Please explain why you believe this is illegal.

 

Moving on, when it comes to the export and declaration of cash from Thailand, do you speak from experience or speculation? I speak from experience, having done this exact procedure many times.

 

If you check the link I posted in Post 4, you will see that the declaration threshold for Thailand is actually 15,000 USD. The limit was lowered by the Bank of Thailand some time ago. Your reference to 20,000 USD is out of date.

 

Your "plain text" interpretation is also just that - an interpretation - which in my experience is incorrect. Passengers are not asked to show the origin of the money, and money is not confiscated. If you believe money is or has been confiscated, I would be grateful if you would be able to show any example of where this has happened at Suvarnabhumi airport for any legitimate outbound traveller, at any time whatsoever.

 

If the OP has documentation to support the sale of property in his name he will have documentation to show the source of the funds.

[Matzzon]

1 hour ago, blackcab said:

 

First things first: You haven't answered why my solution is illegal. It is legal to hand carry any quantity of foreign currency out of Thailand. Please explain why you believe this is illegal.

That´s exactly what I tried to explain. Never mind.

 

[blackcab]

16 minutes ago, Matzzon said:

That´s exactly what I tried to explain. Never mind.

 

 

I do mind. In Post 5 you stated that I was, "offering an illegal solution". I would absolutely like you to explain why my solution is illegal, or otherwise clearly state that you made a mistake, and that on reflection you realised my solution is legal.

 

The reason I mind is that publicly inciting someone to break the law is a crime in Thailand, and that is not something I want to be wrongfully accused of. I am quite happy to accept that you made a mistake if you choose to say so.

[Matzzon]

4 minutes ago, blackcab said:

 

I do mind. In Post 5 you stated that I was, "offering an illegal solution". I would absolutely like you to explain why my solution is illegal, or otherwise clearly state that you made a mistake, and that on reflection you realised my solution is legal.

 

The reason I mind is that publicly inciting someone to break the law is a crime in Thailand, and that is not something I want to be wrongfully accused of. I am quite happy to accept that you made a mistake if you choose to say so.

Ok, my mistake. You have my appology. Not going to continue this dicussion, due to that I interpret the rules and conditions in one way, and you chose to see it another way.

What I will do, though. Is send a request for answer about this matter to relavant authorities. I will send you a PM with the result.

[CharlieH]

Off topic post removed.

[Dennis4]

Thanks for your advice

[YT3k72Em]

You should should get some documents from the land office when you sell.  These can be shown to the bank.

good luck.