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

[Arkady]

This is upending over 20 years of liberalisation of the capital account.  You used to need to send a form to the Bank of Thailand for outward and inward remittances over USD 20,000.  Then it was increased to USD 50,000 and I talked to a forex officer at BBL at that time who told me the BoT didn't really have time to even look at the forms, as there were far too many each day.  But the last time I didn't an inward remittance over USD 50k, not BoT form was required.  Now it's going to be 50,000 baht and AMLO or whoever gets the forms to check will be utterly swamped. 

 

I very occasionally order things from overseas that require a bank draft over B50k.  Now this will be impossible as it will be too much trouble for vendors to submit proof of ID to Thailand. The only answer will be to use overseas bank accounts credit cards paypal etc for booking things like airline tickets from overseas vendors or paying hotel bills abroad over B50k.  Absolutely ridiculous.

[pieeyed]

With the high baht they should investigate the transfer of any money out of Thailand over 50,000 baht.

[ttrd]

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

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.

 

* Wonder why "forced disappearance" came to my mind ... ????

[lucjoker]

20 hours ago, KhunBENQ said:

50'000 Baht.

Paranoid.

Will they hire an army of inspectors?

they just have to adjust the pc program a little bit.

Anything over 50 000 will be blocked.

And then it is you who have to go to your bank and beg to release

your money,

[inactiveposter]

I’m of the firm belief that there is a genetic predisposition of cranial/optical rectitis when it comes to most proposals here. 

[lucjoker]

20 minutes ago, pieeyed said:

With the high baht they should investigate the transfer of any money out of Thailand over 50,000 baht.

well they do this ,it works both ways.

Friend sold his house , 3 milj bht.

He put the 3milj  in his thai bank.

Years ago he transferred this 3 milj to buy the house in Th.

Got proof that the money came from his Belgian bank.

So he thought he could send it back to his Belgium bank........NO WAY said the thai bank.

Because he took it out of the thai bank. If it stayed all the time in the Thaibank ,then he 

could sent it back. 

Seems not normal? 

[observer90210]

7 hours ago, ujayujay said:

Wrong! Amounts over CHF 20K needs declaration in Switzerland.

Not for the Swiss residents or the foreigners with proper working permits and sojourn authorisations. Do your homework better.

[PremiumLane]

7 hours ago, johnarth said:

well there are millions of Muslims living here they send money to there home lands so maybe they trying to stop that in a small way

did they miss your medication this morning?

[Scott Tracy]

So every time I transfer my 65,000 THB from my UK bank to my Thai bank, for my O-A visa extension requirements, I'll be quizzed?

[Max69xl]

1 hour ago, Arkady said:

This is upending over 20 years of liberalisation of the capital account.  You used to need to send a form to the Bank of Thailand for outward and inward remittances over USD 20,000.  Then it was increased to USD 50,000 and I talked to a forex officer at BBL at that time who told me the BoT didn't really have time to even look at the forms, as there were far too many each day.  But the last time I didn't an inward remittance over USD 50k, not BoT form was required.  Now it's going to be 50,000 baht and AMLO or whoever gets the forms to check will be utterly swamped. 

 

I very occasionally order things from overseas that require a bank draft over B50k.  Now this will be impossible as it will be too much trouble for vendors to submit proof of ID to Thailand. The only answer will be to use overseas bank accounts credit cards paypal etc for booking things like airline tickets from overseas vendors or paying hotel bills abroad over B50k.  Absolutely ridiculous.

What has an airline ticket got to do with the topic? Do you normally transfer money abroad when booking a hotel room or buying an airline ticket? What's wrong with a thai Visa card or thai PayPal? Those work worldwide. 

[Max69xl]

8 minutes ago, Scott Tracy said:

So every time I transfer my 65,000 THB from my UK bank to my Thai bank, for my O-A visa extension requirements, I'll be quizzed?

It's about overseas transfers from Thailand.

[Max69xl]

14 minutes ago, PremiumLane said:

did they miss your medication this morning?

I doubt that "Muslims" transfers >50k monthly back home to their families. 

[ttrd]

44 minutes ago, lucjoker said:

well they do this ,it works both ways.

Friend sold his house , 3 milj bht.

He put the 3milj  in his thai bank.

Years ago he transferred this 3 milj to buy the house in Th.

Got proof that the money came from his Belgian bank.

So he thought he could send it back to his Belgium bank........NO WAY said the thai bank.

Because he took it out of the thai bank. If it stayed all the time in the Thaibank ,then he 

could sent it back. 

Seems not normal? 

Make sense to me as it should be a part of the same transaction i.e transfer to TH/buy - Sell/transfer back to your country - this to confirm the origin. If you break the process as he did by taking the money out of the bank then the traceability disappear which lay the basis for the whole process - actually not more complicated than that ...

[Max69xl]

1 hour ago, lucjoker said:

they just have to adjust the pc program a little bit.

Anything over 50 000 will be blocked.

And then it is you who have to go to your bank and beg to release

your money,

Where did you read that "anything over 50000 will be blocked"?

Did you read another article than the one in The Nation?

 

[ttrd]

1 minute ago, Max69xl said:

Where did you read that "anything over 50000 will be blocked"?

Did you read another article than the one in The Nation?

 

We may assume this was meant as a joke, but at the same time a kind of reality as all transfers above 50k/thb will not be accessible for the recipient until their identification and information are provided the bank ...

[Max69xl]

2 hours ago, ThomasThBKK said:

 

No, just because i expose your lies doesn't mean i am a whiner. There is no international framework that has anything to do with this 50 000 Limit, maybe it's a typing mistake by bad journalism tho - 500 000 THB would match the FATF guidelines.

 

Do you have anything to add except your useless praising of thailand and ad hominems plus misinformation? 

 

 

 

 

yes, many times. Always a pain if it's profits from RE sales especially.

 

 

 

Not brainwashed enough to have that in Thailand, no.

That's same as: I don't have that kind of money. 

[cmsally]

Bear in mind that next year the guarantee for bank deposits goes down to 1 million Baht. If there were to be a rumour of a bank collapse or Baht collapse etc etc. It would certainly make it more convenient to stem the outflow of capital.

[MRToMRT]

Actually that's no different from any other current method of transfer for a foreigner, you need to provide your ID and a valid reason for transfer to swift and interbank as well.

I read this as they are just adding regulation to the internet transfers that non-banks now provide. 

 

Don't get me wrong its still prehistoric but does not seems to be as bad as some think.

[overherebc]

4 minutes ago, MRToMRT said:

Actually that's no different from any other current method of transfer for a foreigner, you need to provide your ID and a valid reason for transfer to swift and interbank as well.

I read this as they are just adding regulation to the internet transfers that non-banks now provide. 

 

Don't get me wrong its still prehistoric but does not seems to be as bad as some think.

And if you go to some banks in a wheelchair and you're 80 years old they will still tell you you need a work permit before you can do a transfer.

[Roy Baht]

7 hours ago, khunPer said:

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

No. He was just being honest. His message was We are Pigs. You are Sheep. And if you question that, we'll set the Dogs on you.

[ttrd]

32 minutes ago, overherebc said:

And if you go to some banks in a wheelchair and you're 80 years old they will still tell you you need a work permit before you can do a transfer.

If you go in a chair to the bank it's a go-chair and a WP will not be required unless you are going to transfer anything else than money regardless of your age ...

[RocketDog]

23 hours ago, ThePioneer said:

I'm sure from your comment that you don't have an account in Singapore LOL

I got an account in Singapore several years ago. I did it remotely from the USA. Good luck doing that today.

 

I saw the writing on the wall because I'm American and must always expect my government to be "protecting me" from bad people in the world.

 

I've moved most of my financial assets overseas years ago except for real estate of course.  The transportations charges for house & land are exorbitant.

[Blue bruce]

Another move for big brother to kerp an eye on our money. They cdrtainly don't mind when you put money into your Thai bank, but try and take it out and there watching & waiting. This place is getting more communistic every day. Follow China, follow North Korea, se are being watched 24-7

[ThePioneer]

10 minutes ago, RocketDog said:

I got an account in Singapore several years ago. I did it remotely from the USA. Good luck doing that today.

I tried to open a coount with Citi bank, and another one, a few years ago.

 

I'm a European.

 

Both banks asked me tax records and some other documents from 20 years ago, as i had told them that I lived in Thailand for 20 years already, but the money would be transferred from my account in my home country

[Arkady]

3 hours ago, Max69xl said:

What has an airline ticket got to do with the topic? Do you normally transfer money abroad when booking a hotel room or buying an airline ticket? What's wrong with a thai Visa card or thai PayPal? Those work worldwide. 

I was assuming that this will also apply to credit and debit card overseas payments as well as Paypal over B50,000. That will be logical, particularly as Paypal can make payments to individuals overseas using your credit card or bank account.  But I hope it will not happen. 

[Arkady]

3 hours ago, lucjoker said:

well they do this ,it works both ways.

Friend sold his house , 3 milj bht.

He put the 3milj  in his thai bank.

Years ago he transferred this 3 milj to buy the house in Th.

Got proof that the money came from his Belgian bank.

So he thought he could send it back to his Belgium bank........NO WAY said the thai bank.

Because he took it out of the thai bank. If it stayed all the time in the Thaibank ,then he 

could sent it back. 

Seems not normal? 

I am not sure if I understand this correctly. If he transferred the money from Belgium to buy a property, he should be able to show evidence of the original remittance and the buying and selling transactions. Then he should be able to remit the principle and any after tax profit back to Belgium.  That's what happens with share transactions on the SET, although the broker usually arranges it all for you.  There must have been something missing in his documentation or in the bank's understanding of the regulations.  If he bought a house in the name of a nominee, rather than a condo in his own name, that could have been the issue.  If you remit money to buy land in the name of  a Thai spouse or a nominee, the chain may be broken as far as the Bank of Thailand is concerned.  In that case, you have technically imported the funds to lend to a Thai citizen to buy land.   Then they sell the land and repay you the principle possibly with some profit but that might not fit into the rigid box that allows a foreigner to remit principle and profit back out after selling an investment in shares or property.

[holy cow cm]

I wonder how it does work if you send money like 1000,000 baht to pay off a house in your wife’s name here. Is that taxable for her or not allowed? 

[overherebc]

1 hour ago, ttrd said:

If you go in a chair to the bank it's a go-chair and a WP will not be required unless you are going to transfer anything else than money regardless of your age ...

You really need to explain that.

You've lost me completely.

[amdy2206]

'Big Brother .

[Arkady]

1 hour ago, MRToMRT said:

Actually that's no different from any other current method of transfer for a foreigner, you need to provide your ID and a valid reason for transfer to swift and interbank as well.

I read this as they are just adding regulation to the internet transfers that non-banks now provide. 

 

Don't get me wrong its still prehistoric but does not seems to be as bad as some think.

The devil will be in the details but the article just refers to electronic transfers which include all types of overseas remittances including credit card payments and Paypal.