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

[gk10002000]

9 hours ago, zydeco said:

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?

OK, so just as in the USA there are some reporting requirements on some transaction amounts.  If you go to a US post office and ask for 3,000 in money orders they will demand you fill out a form with all sorts of details.  So of course just ask for 2900 at one office, then go to another office, etc.  In this 50,000 dollar instance, why could somebody not just send 49,000 and do it several times?  Of course at some point if you sent that 100 times somebody would probably notice.   But two.. 50,000 a month transfers or 40,000 and a 25,000 transfer would seem to "fly".  So on a leap, if you are using the income method, is it OK to transfer in two or more foreign transfers to meet the 65 k income ?  It would probably cost you more in fees since you pay by the transfer, but just wondering if anybody has been doing that or just doing a once a month transfer

[Max69xl]

2 hours ago, Arkady said:

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.

A credit card payment or a payment via PayPal is not same as a transfer.

If you buy something online from a well-known website or company why would any bank think that's part of a money laundering scheme or terrorist activity? 

[Max69xl]

57 minutes ago, gk10002000 said:

OK, so just as in the USA there are some reporting requirements on some transaction amounts.  If you go to a US post office and ask for 3,000 in money orders they will demand you fill out a form with all sorts of details.  So of course just ask for 2900 at one office, then go to another office, etc.  In this 50,000 dollar instance, why could somebody not just send 49,000 and do it several times?  Of course at some point if you sent that 100 times somebody would probably notice.   But two.. 50,000 a month transfers or 40,000 and a 25,000 transfer would seem to "fly".  So on a leap, if you are using the income method, is it OK to transfer in two or more foreign transfers to meet the 65 k income ?  It would probably cost you more in fees since you pay by the transfer, but just wondering if anybody has been doing that or just doing a once a month transfer

It's not about incoming transfers, only overseas transfers (from Thailand).

 

[WhatupThailand]

Is it the Time of year, or just an urge, like going to the toilet ?

Seems like all the Bureaucrats have to come up with new Schemes, Rules, and Excuses,

Just to get some attention, or justify their job.

All Knee Jerk solutions At best, with no common sense or thought given to the reality,

or effect, their "Paper Work" will have in the Real World.

Leaving Everyone Guessing how to interpret, or implement them, leading to another useless

Cluster <deleted> for everyone.

 

 

[Roy Baht]

19 hours ago, barryofthailand said:

I might be mistaken but they said transfers overseas not incoming transfers 

If that is the case and they make money easy to flow in but difficult to flow out, how will the baht do anything but strengthen further, something they pretend to oppose?

[ttrd]

On 10/1/2019 at 3:59 PM, david555 said:

Second thought ….

Could it have something to do with the 65000 a month rule....? As to keep an eye on those ,who plan or do already "the marry go round transfer tour" with the same sum ,  to prove the income method for immigration ??

Wonder why paranoia came to my mind .... ????

[soalbundy]

21 hours ago, kentrot said:

BANKS - I HATE THEM !

********************

I have been receiving my monthly pension from Canada into my BANGKOK BANK account for 16 years.

It has arrived on the last day of the month , before noon , like clockwork, every month  for - as I say - 16 years.

 

However for the past 3 months, the money is being held back and not transferred to my account for 24 and sometimes 48 hours. I have spent quite some time trying to determine why this change in automatic deposit  routine has taken place. After lengthy and expensive long distance calls to my Canadian pension (one of the biggest pension funds in the world) , I am assured that the money is still sent to Thailand as always and should be in my account on the last day of the month.

 

BANGKOK BANK operators tell me that the money NOW has to go through a 'Central Bank' and that is the reason for the delay.

it was also suggested that they are trying to dissuade any illegal money laundering. Fair enough.

I also learned that they have between 7,000 and 10,000 international transfers per day.  

 

Ahhhaaaa - that is where the penny drops .... Imagine that you can hold onto somewhere in the neighbourhood of 10,000 transfers of , lets say 100,000 Baht for 24 hours. That's 1,000,000,000 Baht per day sitting in your international transfer "hands". That is a lot of temptation. Maybe too much.

 

And so I wait and wait and wait for my hard earned pension which eventually arrives in my account 2 days later than usual.

And i wonder  what that money was up to for the past 48 hours ?

I send over 50,000 Baht into Thailand from Germany via Transferwise, it's always on my Thai account the next day, incidentally ticking the box for Thai visa requirements (Transferwise) has resulted in FTT in my bank book for the last 3 months.

[soalbundy]

31 minutes ago, freestyle said:

More adoption solves this problem.
You can buy bitcoin with fiat from anyone who owns some bitcoin, which in the future will be pretty much anyone.

Also buy a little now, and in 10 years the value of it will be huge. Plant a seed.
 

I wouldn't touch it, too volatile, if it ever got too popular it would be banned worldwide, governments don't like to lose control of money.

[david555]

3 hours ago, ttrd said:

Wonder why paranoia came to my mind .... ????

i can only guess... maybe....."you would not like them to use it that way ….." ????

[Max69xl]

7 hours ago, WhatupThailand said:

Is it the Time of year, or just an urge, like going to the toilet ?

Seems like all the Bureaucrats have to come up with new Schemes, Rules, and Excuses,

Just to get some attention, or justify their job.

All Knee Jerk solutions At best, with no common sense or thought given to the reality,

or effect, their "Paper Work" will have in the Real World.

Leaving Everyone Guessing how to interpret, or implement them, leading to another useless

Cluster <deleted> for everyone.

 

 

You have just read a short article in The Nation about a go ahead to start checking >50k overseas transfers. Why not wait until it's implemented and we can see how it will work, instead of whining before you know anything. 

[RocketDog]

13 hours ago, ThePioneer said:

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

Sad.. My account is also with Citibank IPB. I was lucky to get it when I did. They wanted some documents but not as you're describing.

 

My understanding is that if you go in person to Singapore with passport, bank letters, utility bills to prove address, etc. that it's easier. May have to try several banks.

[Max69xl]

12 hours ago, Arkady said:

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. 

If it's a transfer via PayPal, then it will possible be checked. A transfer is a transfer in my opinion, but a purchase from a well-known company online using PayPal or a credit/debit card is not the same thing. Why would any bank think that's a part of a money laundering scheme or supporting terrorists?

[Max69xl]

13 hours ago, Blue bruce said:

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

When you're moving money overseas from every major western bank in the world,the bank will automatically keep an eye on that transfer, especially if the transfers are regular or large. Starting just a few years ago, a lot of banks in countries in Europe asked a lot of questions online about this and that regarding the transfers, before they accepted it. It happened to me maybe 3 years ago,about 15-20 questions, but only once. After that no questions asked,and I transfer money every month. 

[atyclb]

On 10/1/2019 at 8:11 PM, wreckingcountry said:

All bureacracy to mask their incompetence! Pathetic


Sent from my iPhone using Thaivisa Connect

 

doesn't mask, just highlights it even more

[Max69xl]

1 minute ago, atyclb said:

 

doesn't mask, just highlights it even more

Just keep whining about something that hasn't even started. 

[WhatupThailand]

4 hours ago, Max69xl said:

You have just read a short article in The Nation about a go ahead to start checking >50k overseas transfers. Why not wait until it's implemented and we can see how it will work, instead of whining before you know anything. 

Not whining, only stating how much useless red tape gets pushed this time of year.

Cannot help but notice how the Scales are being pushed down on the Bias side toward Expats.

Never get a break even after being here 13 years causing no problems.

Maybe there should be a Bias Test for Immigration Officers, or is Discrimination a Virtue in Thailand?

 

Besides, Pointing out the useless red tape is Complaining not whining,

Sorry I did not mean to mess up your "FACE", Kar Toed....

[DPKANKAN]

22 hours ago, Number 6 said:

This is hilarious. All the usual suspects who quite literally are laundering money (it's the only thing this country does well) will have their accounts immunised from scrutiny. Meanwhile....

 

Whenevr I go in I see people with small suitcases in my banks.

 

I think it's just international posturing. Just like everything in Thailand, just for show.

And as usual, it only effects everyone who is open, honest, above board and accountable!! 

[mlmcleod]

On 10/1/2019 at 8:30 PM, RichardColeman said:

This would never happen internally as it would flag up too many 'gratuity' payments

Gratuity payments are done exclusively with cash!  Not much chance of stopping that.

 

I wonder how much terrorism one can buy for a measly 50,000 bt these days?

[atyclb]

3 hours ago, Max69xl said:

3 hours ago, atyclb said:

 

doesn't mask, just highlights it even more

Just keep whining about something that hasn't even started. 

 

 

my comment was simply directed at the incompetency, nothing about whining.

[Skeptic7]

Ridiculous, paranoid, out of touch, police...childish...nanny......stupid...suspicious...copycat...all for show, nothing of substance...unappreciative...moronic...bite the hand that feeds ya State this once great place has become! ????????????????????????????????????

[lucjoker]

On 10/2/2019 at 3:54 PM, Arkady said:

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.

Yes that sounds credible.

[sead]

I had to fill in 2 papers and was interrogated by the bank staff ,when I went to withdraw money I sent to myself. 4x80000. I had to fill out for all transfers. She recommended me to send under 50000 multiple times and problem solved