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

[overherebc]

58 minutes ago, JoePai said:

Puerile, the usual exaggerations, however I will rise to the bait – suggest if your Somchai and team have a IoM account you are paying too much (or maybe conniving with money laundering?) and as for paying for your BC holiday tickets, would suggest you invest in a Credit Card as a safer way to pay

Didn't have to invest in one.

I'm only thinking about how local branches of banks will see it. 

I can withdraw 100,000 from my bank and pay it in cash into another persons bank, will it, in the banks eyes become an e transfer because it will be done on computer at the counter?

Does the payment of 60,000 baht for the hotel in UK for the holiday become an e transfer  when I use my Thai bank credit card and the money goes to UK ( the bank doesn't fly cash over )

It will in cases depend on how local bank managers want to look at it.

Edited October 2, 2019 by overherebc

[taken]

Money come IN Thailand ???? 

 

Money goes OUT Thailand ????

 

 

[Longcut]

1 hour ago, madmitch said:

I think you have it backwards! It's the baht going out of the country that they're clamping down on.

Yes, you are right.  My Bad!

[spidermike007]

No need to worry. This grossly incompetent administration will never be able to handle the monitoring, of the massive amount of money coming in and out of Thailand, on a daily basis. They would need an entire division  just to handle this inane proposal. If they had set a reasonable limit, like 500,000 baht, maybe. But at 50,000 baht just another exercise in shooting one's self in the foot. Not something we need to fret over. 

[Superphoenix]

Go Bitcoin. No Banks, no 3rd party involved. Minimal Fees. No borders. 

 

[IAMHERE]

Christ sakes, they couldn't have at least made the threshold 65,000 baht per month? The brain pool in Thailand is amazing in its shallowness.

[thurien]

I smelled a rat already 15 yrs ago when I decided to operate trifle things only from domestic (TH) accounts

[shy coconut]

15 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?

Some folk are really getting their knickers in a twist over this. Do you really believe this 

proposal applies in your case?

[the guest]

Money laundering is rife in Thailand, doubt these new measures will change anything. Fugitives who take their money out of Thailand still continues.

[natway09]

They have always had the right to "check" any transfer anyway.

They are doing this for a reason & it is not to catch us

[TPI]

Absolute nonsense! What about the foreigners who transfer money every month to and from their accounts to comply with the idiotic rules of the Immi. dept. who say they only measure money coming into the account? The usual amount that is examined is at least over aud$10K in the rest of the world!  

Edited October 2, 2019 by TPI
added thought

[Sunmaster]

Have these geniuses ever heard of crypto?

What serious terrorist would do a bank to bank transfer nowadays? Ridiculous 

Terrorism is a tiny problem in this world.

[Libai]

Regarding money laundering and inter bank money transfers; international money standard is £10,000 or equivalent as the norm. At today's XE value that would be approximately 370,000BHT 

[ThomasThBKK]

18 minutes ago, the guest said:

Money laundering is rife in Thailand, doubt these new measures will change anything. Fugitives who take their money out of Thailand still continues.

 

You must be out of touch with reality if you think rich thais have their wealth in Thailand, like every other rich person they are in Singapore and co.

 

This will just hinder the peasants, the little people, no rich person will ever be affected. Like all policies here, is meant to keep the population poor...

[overherebc]

11 minutes ago, shy coconut said:

Some folk are really getting their knickers in a twist over this. Do you really believe this 

proposal applies in your case?

I'll try again. It will depend on your local bank and how they read the law. Some are quite capable of telling you about rules they make up themselves to make it easier for themselves because they don't fully understand.

I just don't want some idiot telling me I can't use my credit card to pay for my hotel because it's over 50,000 baht.

Not too long ago I wanted to transfer 100,000 from my bank to my wife's bank. I was refused at the local bank because it was 'too much'. My ATM I have set the limit to 30,000 per transaction so I ended up doing 3 transfers by ATM without a problem. Strangely enough she transferred it back a couple of weeks later in one transaction from her bank and it wasn't 'too much'

[david555]

5 minutes ago, overherebc said:

I'll try again. It will depend on your local bank and how they read the law. Some are quite capable of telling you about rules they make up themselves to make it easier for themselves because they don't fully understand.

I just don't want some idiot telling me I can't use my credit card to pay for my hotel because it's over 50,000 baht.

Not too long ago I wanted to transfer 100,000 from my bank to my wife's bank. I was refused at the local bank because it was 'too much'. My ATM I have set the limit to 30,000 per transaction so I ended up doing 3 transfers by ATM without a problem. Strangely enough she transferred it back a couple of weeks later in one transaction from her bank and it wasn't 'too much'

"Strangely enough she transferred it back a couple of weeks later in one transaction from her bank and it wasn't 'too much'"

 

Privilege to be a Thai.....

[Max69xl]

1 hour ago, overherebc said:

Didn't have to invest in one.

I'm only thinking about how local branches of banks will see it. 

I can withdraw 100,000 from my bank and pay it in cash into another persons bank, will it, in the banks eyes become an e transfer because it will be done on computer at the counter?

Does the payment of 60,000 baht for the hotel in UK for the holiday become an e transfer  when I use my Thai bank credit card and the money goes to UK ( the bank doesn't fly cash over )

It will in cases depend on how local bank managers want to look at it.

The article just mention overseas e-transfers >50k. No one is talking about payments using a credit/debit card or domestic transfers. Or even transferring money using a local bank. Who does that 2019 except Thai people? 

[Khon Kaen Jeff]

3 hours ago, JoePai said:

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

You consider 50k baht a large pile of cash?

[Khon Kaen Jeff]

2 hours ago, thaiguzzi said:

Funny, first year i moved here in 03 i was in an Isuzu dealers looking at new trucks and was astounded, amazed and shocked as a customer turned up with a plastic shopping bag full of cash (700 odd k) to pay for his new truck...

Nobody batted an eyelid.....

Any place where large amounts of money are dealt with, still have cash counting machines; Kubota tractor dealer, fertilizer supply shop, big bike showrooms, 2nd hand car dealers etc etc....

Cash is King.

Why on earth would that shock and amaze you? It was only about 10k GBP back then. I assume you have led a very sheltered life.

[JoePai]

7 minutes ago, Khon Kaen Jeff said:

You consider 50k baht a large pile of cash?

If in 10 Baht coins then yes, a very large pile

[overherebc]

21 minutes ago, Max69xl said:

The article just mention overseas e-transfers >50k. No one is talking about payments using a credit/debit card or domestic transfers. Or even transferring money using a local bank. Who does that 2019 except Thai people? 

As I keep saying it depends how dense your local bank manager is and how he wants to read the rules.

Similar to another branch of officials who make up their own rules at their own office.

[khunPer]

16 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.

»Individuals who send more than Bt50,000 overseas« wouldn't than mean sending money out of Thailand...????

[khunPer]

16 hours ago, Cadbury said:

Big Brother is watching you. The Prayut government is learning fast about the communist Chinese CCTV surveillance and banking systems. 

Farang expats by default will always be primary suspects.

Khun Prayut rfecommended his population to read Animal Farm, whilst he, and his government, seems to have continued with 1984...????

[Max69xl]

Just now, overherebc said:

As I keep saying it depends how dense your local bank manager is and how he wants to read the rules.

Similar to another branch of officials who make up their own rules at their own office.

What local bank manager if people handles the "transfers" online?  

It's not about buying stuff online,just overseas >50k transfers. Every bank in the western world today, asks questions about overseas transfers. Late 2017 suddenly I had to answer maybe 20 questions online before my 75000 baht transfer to my Thai bank account was accepted. Even TransferWise needs a reason for every transfer. 

[Max69xl]

10 minutes ago, khunPer said:

»Individuals who send more than Bt50,000 overseas« wouldn't than mean sending money out of Thailand...????

Exactly, it seems like the posters only sees the Bt50,000,nothing else. How often do expats transfer large sums out of Thailand? 

[TallGuyJohninBKK]

13 hours 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 

 

The article, which is pretty vague and unclear, also talks about providing ID info for the beneficiary recipient.

 

So, does that mean you the sender simply providing the recipient's name and address. Or, does that mean they're going to want a copy of the recipient's passport or govt. ID like they do for the sender each and every time?

 

I have no idea what this is going to mean in practice.

 

[Max69xl]

37 minutes ago, Khon Kaen Jeff said:

You consider 50k baht a large pile of cash?

For a common Thai it's a lot of money. For an expat, money launderer or terrorist probably not. ????

[Max69xl]

3 minutes ago, TallGuyJohninBKK said:

 

The article, which is pretty vague and unclear, also talks about providing ID info for the beneficiary recipient.

 

So, does that mean you the sender simply providing the recipient's name and address. Or, does that mean they're going to want a copy of the recipient's passport or govt. ID like they do for the sender each and every time?

 

I have no idea what this is going to mean in practice.

 

How many expats transfers >50k out of Thailand?

If they do, how often?

[friend of siam]

people will stop using banks...use bitcoin and co transfer computer to computer without hanks stealing their fees from you or governments ( west and east alike )  interfering w. ur privacy..or the good old cash

[TallGuyJohninBKK]

4 hours ago, yosib157 said:

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. 

 

I think they're only talking about OUTBOUND transfers originating in Thailand and heading elsewhere, at least The Nation article seems to read that way...

 

Quote

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.