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

[Thomas J]

It would seem that they will end up with so much data that it would be impossible to decipher.  If you are money laundering, you are going to then set up several bank accounts.  Unless there is some way to tie them together and have the computer screen the reports will be like the TM30 reports.  Just waste paper sitting in a warehouse. 

[friend of siam]

48 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? 

use TransferWise..on either side it is always an almost fee free inland transfer

[Max69xl]

2 minutes ago, friend of siam said:

use TransferWise..on either side it is always an almost fee free inland transfer

You can't use TW out of Thailand. 

[Huckenfell]

In my opinion, someone should investigate the bank accounts of many of the top Military, Police and any other official persons, and do something about corruption and other non possible incomes .

[Max69xl]

1 hour ago, david555 said:

"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.....

Why did she return the money in the first place? They usually only go one way. ????

[gk10002000]

Seems like a lot of work especially now that foreigners on retirement extensions for example that use the income method must now transfer 65,000 baht every month from a foreign source into Thailand.

[OKF]

well think about this more:

1. how the proof of the recepient come to the Thai bank? This is unworkeable

2. why only outgoing and not incoming, lack of logic in reference to the goal (like oftten here)?

3. how do the eleites doing it then, seems like they are going to 'uncover' themselves? This will not happen....

[Max69xl]

49 minutes ago, Khon Kaen Jeff said:

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.

You can't compare ~700k with £10k.

~700k was a fortune for a common Thai in -03. Still is 2019. 

[Huckenfell]

5 hours ago, Artisi said:

Does transferring watches from dead friends count? 

Tick Tock.    ????????????

 

5 hours ago, Artisi said:

Does transferring watches from dead friends count? 

 

5 hours ago, Artisi said:

Does transferring watches from dead friends count? 

 

[dabhand]

3 minutes ago, gk10002000 said:

Seems like a lot of work especially now that foreigners on retirement extensions for example that use the income method must now transfer 65,000 baht every month from a foreign source into Thailand.

Could be wrong, but the  final para of the OP suggests it relates only to transfers from Thailand.

[Reigntax]

4 hours ago, Bangkok Barry said:

 

Read it again. This is about sending 50,000 overseas, not into Thailand.

I believe you will find it enforced both ways

[zydeco]

4 hours ago, DPKANKAN said:

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????????????????

Now Thai authorities will know if that 65,000 baht per month for Immigration purposes is making a round trip every month.

[zydeco]

50,000 baht means you can send a little over $1600 out of Thailand right now without inspection. And when the bubble on the baht bursts? If the baht goes back to 35 baht to the dollar?

[Felt 35]

17 hours ago, La Migra said:

Given all the discussions on international bank transfers, those needed for Immigration, and if they showed up as international or internal...... If the banks start counting those under this 50Kbaht reporting rule, I wonder if you could use THAT report for Immigration. To show each monthly transfer was bringing money in from outside country.

No. I transfer and pay tax on more than 65K monthly and every year. Immigration and revenue department do not work together. Get every year a Certificate of residence from revenue department with full address, tax id, amount transferred in amount paid in tax etc., for nothing. But hey if it was possible thing would be transparent..????

My take on 50K transfer out...hmm soon or later that will be turned around to inbound transfers and a easy task for revenue department to increase tax gain from thousands of citizens and foreigners alike.????

[Max69xl]

1 minute ago, OKF said:

well think about this more:

1. how the proof of the recepient come to the Thai bank? This is unworkeable

2. why only outgoing and not incoming, lack of logic in reference to the goal (like oftten here)?

3. how do the eleites doing it then, seems like they are going to 'uncover' themselves? This will not happen....

1)

This is not important, because this is just an article in a newspaper so far. They don't know how it works in western banks.

2)

Why not incoming transfers? Because they are taken care of in the other end. Every bank in the western world checks every large transfer for money laundering. Have you never transfered a large sum overseas from an account in your country the last few years? 

3)

This will happen 100%, because thai banks are required to follow the same banking regulations as the rest of the world. It's as simple as that. 

[Derek B]

10,000 USD or equivalent is the typical amount that attracts a detour through a central bank when being transferred in or out of a country. 50,000 baht sounds like a limit for a transferred out sum.

[Felt 35]

14 minutes ago, dabhand said:

Could be wrong, but the  final para of the OP suggests it relates only to transfers from Thailand.

For now....personally belive outbound is only a "smoth as silk"cover for the real plan which revenue department have reported about coming for years already.

[Felt 35]

21 minutes ago, OKF said:

well think about this more:

1. how the proof of the recepient come to the Thai bank? This is unworkeable

2. why only outgoing and not incoming, lack of logic in reference to the goal (like oftten here)?

3. how do the eleites doing it then, seems like they are going to 'uncover' themselves? This will not happen....

Here here

[holy cow cm]

42 minutes ago, Max69xl said:

How many expats transfers >50k out of Thailand?

If they do, how often?

How many expats are shuffling 65k in and out and then back in to cover the rules?

[zydeco]

This is the price everyone is going to pay for TI getting rid of the TM 6. 

[overherebc]

54 minutes ago, Max69xl said:

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

Someone heading back to NZ when he wanted to move home after 10 years here transferred 23,000,000 back. At first was refused for many reasons and ended up having to transfer it into his wifes bank and she transferred it to their joint account in NZ.

[holy cow cm]

I tried to send $2k out 4 months ago to a friend and all of my banks would not do it.
Had to be going directly into my account or to a family member and proof had to be furnished. Other than that it could go to pay off a house or some bill, but an invoice had to be supplied and it had to be in your name. So I ended up going to Western Union and 10 minutes later is was sent. This government is pushing stuff way too far and getting way too nosey.

[dcnx]

Will this be another two week crack down?

[JonnyF]

47 minutes ago, Max69xl said:

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

Most expats working here could transfer more than that home pretty frequently.

 

I really don't see the point of this, I already had all my documents checked and filled in a million forms when I set up the International Transfers on my Bangkok Bank iBanking. They already limit my annual amount for transfer to 70% of my salary. Now I have to get it checked again at both ends every time I send more than 50k home? Or send 49,999 multiple times and incur the fees multiple times.

 

I've been reasonably confident keeping money in Thai banks up until now, but announcements like this out of the blue making it more difficult to repatriate money make me feel nervous. I know there are ways around it like BitCoin etc. but why do we have to constantly find "ways around" doing simple, perfectly legal things? 

[BigC]

One minute  they want our money  for the economy  next they want to investigate it. My head is spinning

[BigC]

Remember  50 000 baht is not much money from some countries 

 

I understand if 500,000 per month was coming in but 50 k come on

[justin case]

drug dealers, terrorists, human traffickers are known to use bank transfers or CASH to do their business ???????

[BigC]

Bot computer in goverment in goverment  shall explode with iver load

 

Schooo fees are about 200 k per year

[mindfulness]

ARE They called a Congress here also ? 

Baboon Mentality  

[Max69xl]

1 hour ago, friend of siam said:

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

"people will stop using banks"

Yeah, right! 

"use bitcoin and co transfer computer to computer without banks stealing their fees"

How will that work when I need a bank letter from my Thai bank for Immigration? 

You seem a bit paranoid,pal.