Cabinet okays plan to inspect e-bank transfers of above Bt50,000

[starky]

3 hours ago, DrTuner said:

'Individuals who send more than Bt50,000 overseas and the recipient will have to provide their identification and information to banks before the transfer is completed.'

 

I can see this going pear shaped.. I send more every month, with a little Thai ingenuity they'll soon have the bank version of TM30, please submit 58 pages of A4 for every transfer.

 

2 hours ago, overherebc said:

So, a three week holiday in UK with total costs above 50,000 for any transaction like car hire hotel bills blah blah is going to raise eyebrows?

If you and she decide on a business class flight,

55-70,000 baht each what will happen?. Would you have to wait for gov' clearance on the transaction or what?

It's cash transfers is it not? Not paying bills or for holidays etc via your bank account or credit card. I think your gilding the lilly a bit. 

[DrTuner]

34 minutes ago, starky said:

It's cash transfers is it not? 

All the money I use in Thailand I move to a Thai bank first. How much was the pension limit for extensions again? 65k a month? Yeah, imagine writing a 5000 page novel every month to get your money to a Thai bank account, or starve to death. Welcome to Thailaan!

 

Ok maybe a teeny weeny bit hyperbole but I like bold strokes.

 

The way FATF compliant banks do it is if it comes from an account under your own name and goes to another account under your own name, it's AML'd by the first bank when it was originally received and flagged low risk. But that's NIH (Not Invented Here), so Thais must do it Thai way, which in 99.99999% of the cases is complete <deleted>.

 

BTW the limit when Kasikorn calls you on an incoming transfer was 30k USD before this. I asked the last time they called, which was last year. 

 

EDIT: Fairly easy to guess what this is about. Money has been flowing into Thailand for some time now and now they want to throttle the exit route so it stays here. Ain't going to work, it came here to avoid such controls in the first place. 

Edited October 1, 2019 by DrTuner

[ThomasThBKK]

3 hours ago, ThePioneer said:

 

Well in EU anything above 2000 Euro a month you need to give a good reason, and with 2000 Euro in Euroland you do much less than with 50K Baht in Thailand

lol no? it's 12.5k EURO in germany for example.

 

But that's not a monthly limit, it's a per transaction limit (also counts if transactions are split but for the same thing).

It doesn't stop you from sending millions tho, it just means the bank needs to report you.

 

 

50k THB is an absolute joke... 

[BestB]

3 hours ago, DrTuner said:

'Individuals who send more than Bt50,000 overseas and the recipient will have to provide their identification and information to banks before the transfer is completed.'

 

I can see this going pear shaped.. I send more every month, with a little Thai ingenuity they'll soon have the bank version of TM30, please submit 58 pages of A4 for every transfer.

Do not we need to provide passport now to send or receive money?

 

i regularly send money to and from Thailand via internet banking . Bank has my information . Not much of a change there. You even need passport just to change money , so really unsure what they planning or thinking 

[DrTuner]

1 minute ago, BestB said:

Do not we need to provide passport now to send or receive money?

 

i regularly send money to and from Thailand via internet banking . Bank has my information . Not much of a change there. You even need passport just to change money , so really unsure what they planning or thinking 

This is about sending from Thailand, but Thais have a way to muddle it in implementation so wouldn't be surprised if it'll be applied to incoming too before somebody does the usual outrage youtube facebook social media thing.

 

But yes, it looks like if you're going to send >50k THB using a web bank from Thailand to abroad, be prepared to supply not only your KYC data (passport, proof of residence, etc) but also that of the recipient. Absolute PITA and again a very good reason to keep your money outside Thailand if possible.

[david555]

7 minutes ago, BestB said:

Do not we need to provide passport now to send or receive money?

 

i regularly send money to and from Thailand via internet banking . Bank has my information . Not much of a change there. You even need passport just to change money , so really unsure what they planning or thinking 

When you get that control in Europe it is only that the money keep a little longer to arrive,  if all is clear,when asked to them why ….the answer is "it was under compliance " , if not going thru you get the more questions ...

Edited October 1, 2019 by david555

[helloagain]

10 hours ago, Reigntax said:

A lot of sick buffalos will have their medical treatment delayed

Money going out in in

[ukrules]

I guess large wedges of cash inside Thailand will be completely unaffected.

[legend49]

Let them trial it on politicians see if it works?

[AhFarangJa]

Will this also apply to certain top government officials, or will they be exempt......

[Tayaout]

17 minutes ago, AhFarangJa said:

Will this also apply to certain top government officials, or will they be exempt......

Doesn't affect brown envelope hand transfers. 

[jerojero]

Thought they were bent on cutting red tape. Enter LONG tape, here we go!

50'000 Baht.
Paranoid.
Will they hire an army of inspectors?

[OnTheRun]

11 hours ago, overherebc said:

So, a three week holiday in UK with total costs above 50,000 for any transaction like car hire hotel bills blah blah is going to raise eyebrows?

If you and she decide on a business class flight,

55-70,000 baht each what will happen?. Would you have to wait for gov' clearance on the transaction or what?

Good luck waiting on Govt clearance, I've been waiting over 8 weeks now for my TM-30 registration and have heard nothing.

[kirbi53]

Just a thought 

This could be used possibly effectively for 

stopping romance scammers receiving their money from gullible Thai women. As it seems to be the case of money going out of Thailand 

 

 

[Artisi]

11 hours ago, White Christmas13 said:

So that does not include politicians ?

Does transferring watches from dead friends count? 

[animatic]

50,000 baht??  Ridiculously low amount.  Only $1,623.00. That’s a high end oven or a big screen TV

 

USA checks all transactions above $10,000 which is 306,171.00 baht.

if the government said 300k no one would have started laughing at them.

[radjag]

Currently my bank (Krungsri) permits online transfers of up to USD10k (converted from Baht at prevailing rate) per day. There is already a requirement to provide name and address details of both sender and receiver (in my case, usually one and the same name, different addresses). We'll see how/whether this proposed change works out. Hope that it is simply photo ID at both ends (my bank here has a copy of my passport on file and it is easy to provide similar photo ID for the other end which could also be put on file. Hopefully, the banks will organise the admin of the new rules and it will be relatively painless. Fingers crossed.

[overherebc]

8 hours ago, starky said:

 

It's cash transfers is it not? Not paying bills or for holidays etc via your bank account or credit card. I think your gilding the lilly a bit. 

Ok, but, this is Thailand and in some, a few, a lot?? of banks they will have their interpretation on transfers.

Head office. E transfers over 50,000.

Branch manager  Transfers over 50,000.

Teller who was on facebook during the seminar.

Transfers.

[lapamita]

11 hours ago, observer90210 said:

Thailand is getting a bit Cheap-Charlie-Somchai.....50k is peanuts today abroad...make it 500k at least please....better open that account in either Singapore or Geneva fast...no hassles or questions asked for (reasonable) amounts transfered upto CHF 50'000,-

 

Edited October 2, 2019 by lapamita
want cancell post

[donnacha]

12 hours ago, snoop1130 said:

According to international standards, Thailand has been found lacking on 17 issues in relation to preventing money laundering and the financing of terrorism.

No mention of which "international standards" or who has supposedly found Thailand lacking. The vast majority of countries would not dream of suggesting reporting requirements at such a low amount, the idea is laughable.

This all boils down to China. As Thailand increasingly shifts to a Chinese model, they will come to see any money exiting the country as even more of a danger than they have up to now.

You can bet that the Chinese government have made it clear to the Thai government that, while they are willing to tolerate their citizens investing limited amounts in Thai property, they will not tolerate Thailand becoming a backdoor for Chinese families to get real money out into the wider world.

The Chinese stock market and property market are ridiculously overpriced, primarily because there is nowhere else for money to escape to. We have seen how harshly they cracked down on Bitcoin exchanges and generation (a big industry there), they will be equally energetic in closing any other leaks they become aware of.

In the same way that the other big world player, the USA, forces foreign governments to place extra controls on the transactions of their citizens, you will see these new limits used to subject Chinese citizens to particular scrutiny, and quite likely blanket refusals.

 

Edited October 2, 2019 by donnacha
Pressure from Beijing

[klauskunkel]

12 hours ago, snoop1130 said:

Cabinet okays plan to inspect e-bank transfers of above Bt50,000

Cabinet also okays list of cabinet members et al to be exempted from above inspection

[Sydebolle]

Well, congratulations to the wise brains running Big C then.

I paid my (Citibank) credit card bill and the maximum amount I can pay in one transaction was  THB 49'000. Having had a (medical) bill exceeding this by quite a bit I deposited five payments of THB 49'000 and a sixth payment of THB 6'000. 
To do so, I had to withdraw the money first from Bangkok Bank's ATM in TEN transactions as  these machines spit a maximum of 25 bank notes and, if you are lucky, the machine has enough THB 1'000 bank notes; alternatively you end up with 25 x THB 500 (which extends the fun). 
The alternative is to pay THB 251'000 (at the very Bangkok Bank) against a "transfer fee" of THB 300. Your call ......... 

In the past you had to complete a form for the "Bank of Thailand" requesting the transfer of anything exceeding USD 5'000. Among others you could tick (on said form) for "strategic goods" - so keep in mind that this particular box is reserved for the army only ???? 

 

[JoePai]

12 hours ago, overherebc said:

So, a three week holiday in UK with total costs above 50,000 for any transaction like car hire hotel bills blah blah is going to raise eyebrows?

If you and she decide on a business class flight,

55-70,000 baht each what will happen?. Would you have to wait for gov' clearance on the transaction or what?

How quaint, you do not use Cards for Car Rental, Hotels, Flights etc, just large piles of cash ?

[yosib157]

And Immigration scrutinises my account and insist I prove at least 65,000 each and every month comes from overseas for my Visa. All my transfers are electronically made. 

Does this mean my transfers will be delayed which will contradict what Immigration require. 

Both Government Departments involved in another idiotic scheme. 

[Evolare]

50.000 that's some low budget terrorists I tell ya??? it would make more sense at 500.000. This will stop many small businesses allowing transfers as they dont want the government to check everything they do. 

 

It's not uncommon that hotel or condo payments are over 50.000 most thai farmers spend more than that on their fertilizers every year and more and more transfer it which is way safer than cash payments but with this I guarantee more businesses will do cash only. 50.000 is commonplace transaction for many small businesses now a days...this is just stupid.

 

We just bought new brake pads, tyres and wheels for one of our 10 wheelers the total price of that was over 50K. I didnt know our parts dealer was a terrorist

 

And the Rebuild of engine for the same truck set us back around 55K.

[DPKANKAN]

12 hours ago, DrTuner said:

'Individuals who send more than Bt50,000 overseas and the recipient will have to provide their identification and information to banks before the transfer is completed.'

 

I can see this going pear shaped.. I send more every month, with a little Thai ingenuity they'll soon have the bank version of TM30, please submit 58 pages of A4 for every transfer.

And guess what!!! It is under the figure that us retirees have to bring in a month!!!!.

And if a terrorist was operating 50,000 is pocket money. F..kw..ts????????????????

[sletraveler]

This is a matter of Thailand falling in line with the International Banking Cartels (banksters) to know and control as needed what everyone is doing.  The recent changes to ACH international transfers was consistent with this as the transfer now includes personal information of both parties involved with the transfer. 

[crazykopite]

And who will check there transactions ????????

[overherebc]

7 minutes ago, JoePai said:

How quaint, you do not use Cards for Car Rental, Hotels, Flights etc, just large piles of cash ?

If Somchai and team do 120,000 bahts worth of work extending the house then I might consider a transfer to his Isle of Man bank.

Of course I use cards, but as I posted a few minutes ago interpretation of e transfers just might depend on your banks interpretation of e transfer.  140,000 baht for two BC flights is quite normal at the moment. How will the bank see that if it's going to a non Thai airline.

[heiri007]

Every new day turning a bit into even more police state.