Transferring funds out of Thailand

[Max69xl]

5 minutes ago, bkk6060 said:

It is actually $20,000.

So, you report it and have supporting evidence where it came from and fill out a form.  No big deal I have done it.

It's no big deal transferring the money out of Thailand,either. It's just a myth you can't do it. Loads of people are selling houses or condos when moving back home. How do you think they do it? Pack a suitcase full of money? 

[Max69xl]

4 hours ago, AAArdvark said:

And how long will it take the banks to actually implement these new rules?

When using Kasikorn Banks mobile banking app K+ you can at the moment transfer money to 24 Western countries. They said more countries will be added in the near future. 

[The Theory]

1 hour ago, bkk6060 said:

It is actually $20,000.

So, you report it and have supporting evidence where it came from and fill out a form.  No big deal I have done it.

???? I guess 450,000/30 = $15000

Edited December 21, 2019 by The Theory

[Maestro]

With evidence of the source of the funds, ie real estate sales contracts, your wife should have no problem with a remittance to a bank account in her name in Australia, her new country of residence.

 

Reason for the remittance: personal expenses.

[shy coconut]

6 hours ago, Gumballl said:

As informative as your post is, it may not apply to the OPs situation. His wife (presumably Thai) wants to sell her business, and move the monies overseas. I assume that the business was originally purchased using money that did not originate from overseas.

I'm not sure a Thai national would have to prove that her money originated overseas.

[Monomial]

7 hours ago, sfokevin said:

My Bangkok Bank web interface has a “3rd Party International Account Transfer” setup option... I went thru all the steps to set up my US bank Account as a recipient only at the end to find it saying I must provide copies of my work permit to complete the setup - They only seem to allow the online foreigners to use the transfer system for “salary reparation”?...

 

Looks like BBK's online software may not have caught up yet with the new BOT regulations. It might be necessary to physically visit the outbound remittance center and do the transfer in person to get the real story.

 

Based on what the BOT said in November, anyone, Thai national, foreigner or aliens from the planet Vogsphere, can now transfer any amount of money out of the country with no restrictions for any reason whatsoever (so long as it is not forbidden by the negative list).  There should no longer be a requirement for foreigners to show the money originated from overseas, and Thai's certainly don't have to.

 

Of course, there are also AMLO considerations to deal with, but you have those in any country.

 

I really want to know how banks are interpreting this new position by the BOT. If I actually had any money to send out, I'd try it myself just to see. Instead I have to live vicariously through those of you who do have cash.

[saengd]

10 hours ago, Gumballl said:

As informative as your post is, it may not apply to the OPs situation. His wife (presumably Thai) wants to sell her business, and move the monies overseas. I assume that the business was originally purchased using money that did not originate from overseas.

Yes I spotted that. But the funds from the sale are destined for their account in Australia which means they must be sent from an account in Thailand that includes his name, even though they might technically be her funds. I also assumed that he had funded her business from the outset, perhaps incorrectly.

 

Here are the BOT regs. on this subject, perhaps the OP can look at them and find a way to export the cash that best suits his circumstances, I don't believe it's a big issue at all and should be easily accomplished. 

https://www.bot.or.th/English/FinancialMarkets/ForeignExchangeRegulations/FXRegulation/Pages/default.aspx

[avander]

1 hour ago, saengd said:

Yes I spotted that. But the funds from the sale are destined for their account in Australia which means they must be sent from an account in Thailand that includes his name, even though they might technically be her funds. I also assumed that he had funded her business from the outset, perhaps incorrectly.

 

Here are the BOT regs. on this subject, perhaps the OP can look at them and find a way to export the cash that best suits his circumstances, I don't believe it's a big issue at all and should be easily accomplished. 

https://www.bot.or.th/English/FinancialMarkets/ForeignExchangeRegulations/FXRegulation/Pages/default.aspx

Thanks!

We are with Bangkok Bank. 

I funded the original purchase and my name and signature is on the Chanote although I am not sure why but the local land office asked me when we transferred the title documents originally?

It has also nearly doubled in value and is worth multiple million THB. My wife has it with an agent and will travel back to Thailand to finalise. Don't know if I also need to go?

I will check the link provided.

????????

[kwonitoy]

Sold my condo in September

The FET from my purchase 10 years ago was never even brought into use.

You can transfer the sales amount that is put on your land transfer document, the one that you're transfer tax is calculated on.

This is the big document that the bank will use.

In my case the estate agent under reported the amount on the land transfer document to "help" me and the buy not pay as much transfer tax.

I did the remit for the full amount of the land transfer document after a one day wait for the cashiers cheque to clear.

No problem at SCB in Pattaya, bring your passport, SWIFT code for receiving bank, and IBAN number for receiving account.

Prepare to wait, took me upwards of 4 hours due to the size of the transfer freaking out the bank employees and phoning Bangkok many times to make sure everything was good.

Transfer took one day, and into my offshore account

The remainder of the amount was transferred the following week also by SCB.

You can transfer up to 50,000 USD per day legally 

I had photocopies of the two cashiers cheques, one for the land transfer amount and the second to top up for the full amount of the sales price.

So for the second transfer I showed the second cheque and said it was for the furniture in the condo

Not a problem and transfer done and in my account 4 hours later

 

There will be others who have had problems, this is Thailand but all in all my money transfer was as smooth as silk.

Sold at a nice profit also, due to the change in baht from 10 years ago to now.

[MadMuhammad]

16 hours ago, The Theory said:

”Just change Thai baht to your currency notes in SuperRich and bring the money with you in the plane. The cheaper way for change and fees.” 
 

As far as I know $15000 cash without report is allowed. 800,000 will be more than $26000. 

 

You can just declare it with no issues. It’s to stop money laundering not Personal cash transport 

[justin case]

19 hours ago, elcaro said:

I use bitcoins for this. I have a bank account in both countries in my own name. Create and verify an account on localbitcoins.net. then buy bitcoin with your thai account and sell to your foreign account. Took me less than an hour last time. Both the fees and exchange rate are minimal

 

[saengd]

4 hours ago, avander said:

Thanks!

We are with Bangkok Bank. 

I funded the original purchase and my name and signature is on the Chanote although I am not sure why but the local land office asked me when we transferred the title documents originally?

It has also nearly doubled in value and is worth multiple million THB. My wife has it with an agent and will travel back to Thailand to finalise. Don't know if I also need to go?

I will check the link provided.

????????

A couple of things:

 

The BOT regs haven't been updated to reflect the latest loosening of the rules so you may want to check with them directly.

 

When you sell the Land Office will issue you with a blue receipt showing that taxes have been paid and the banks need to see that in order to proceed with an overseas transfer, it therefore is not sensible to reduce the valuation for tax purposes since it will reduce the amount shown on the blue receipt.

 

If you funded the purchase originally and you can prove that, you wont have any issues making the transfer.

 

 

[Peterphuket]

On 12/21/2019 at 3:38 PM, elcaro said:

I use bitcoins for this. I have a bank account in both countries in my own name. Create and verify an account on localbitcoins.net. then buy bitcoin with your thai account and sell to your foreign account. Took me less than an hour last time. Both the fees and exchange rate are minimal

That is wat I like so2, but it is difficult to understand for common people I think so, especcially for myself.

I bought some Ether at an ATM machine but still don't understand to deal with it.

[how241]

On 12/22/2019 at 10:49 AM, justin case said:

 

 

2 hours ago, Peterphuket said:

I use bitcoins for this. I have a bank account in both countries in my own name. Create and verify an account on localbitcoins.net. then buy bitcoin with your thai account and sell to your foreign account. Took me less than an hour last time. Both the fees and exchange rate are minimal

You will still have exchange rates to deal with as Bitcoin is priced is dollars  and then converted to thai baht using the current rate.

 

[DoneTravelling]

The problem with so many threads is there are so many experts.

 

To the OP just go to your bank and discuss it. I did this and the system is so simple.

 

[Max69xl]

2 hours ago, DoneTravelling said:

The problem with so many threads is there are so many experts.

 

To the OP just go to your bank and discuss it. I did this and the system is so simple.

 

Yes,that's what I said 25 posts ago. Like trading with bitcoins would be easier.