Transferring money out of Thailand

[4MyEgo]

I use Transferwise to send money here to my Thai bank account from aboroad and am wondering if the reverse can also be carried out or is there an alternative to transfer money out of Thailand or a limit ? 

[Peter Denis]

With TrasferWise it is not possible to transfer money from your thai bank-account to abroad.

But you can use DeeMoney to do that.

[tiocfaidh]

Try Deemoney.

 

 

[Logosone]

You should use a Currency Broker if the amount warrants it.

 

Easy, convenient and you can save money.

[ExpatOilWorker]

K Plus.

https://kasikornbank.com/en/News/Pages/Overseas-transfer-via-K-PLUS.aspx

[Logosone]

I use these guys from the UK.

 

They give a very good exchange rate and are reliable. 

 

https://www.currenciesdirect.com/en

[JimmyJ]

Will the Thai banks wire money from my account to my bank in the USA if it has been demonstrated that tne money in my Thai account was wired in from a USA bank?

Edited June 3, 2020 by JimmyJ

[Trillian]

1 minute ago, JimmyJ said:

Will the Thai banks wire money from my account to my bank in the USA if it has been demonstrated that tne money in my Thai account was wired in from a USA bank?

Yes, but not as THB, only as the currency of the destination country, unless specified otherwise (except THB).

[chicowoodduck]

When I make a trip out of Thailand I usually just pack my suitcase with any leftover money I have in my room.....easy peasy....????????????????????????????????

[Bender Rodriguez]

a bit strange that those services work one way only... whatever...

 

if I need to send money, will ask my child in the future

 

or are there also limits for thai sending money ?

[Trillian]

7 minutes ago, Bender Rodriguez said:

a bit strange that those services work one way only... whatever...

 

if I need to send money, will ask my child in the future

 

or are there also limits for thai sending money ?

Thai Baht is a controlled currency, it cannot be freely exported and is subject to rules that are different for Thai nationals, foreigners in Thailand and financial institutions outsiode Thailand, the BOT rules are here: https://www.bot.or.th/English/FinancialMarkets/ForeignExchangeRegulations/FXRegulation/Pages/default.aspx

[theoldgit]

18 hours ago, ExpatOilWorker said:

K Plus.

https://kasikornbank.com/en/News/Pages/Overseas-transfer-via-K-PLUS.aspx

 

I used this earlier in the week to send some cash to Singapore, very easy and with the minimum of evidence needed, I received a message that the funds had reached the account in Singapore in a few minutes.
Only six currencies, USD, GBP, HKD, SGD, AUD and EUR and a maximum transaction limit of US $49,999 per day.

[david555]

3 minutes ago, theoldgit said:

 

I used this earlier in the week to send some cash to Singapore, very easy and with the minimum of evidence needed, I received a message that the funds had reached the account in Singapore in a few minutes.
Only six currencies, USD, GBP, HKD, SGD, AUD and EUR and a maximum transaction limit of US $49,999 per day.

I can confirm this as i send to Europe and got message very quick funds arrived at my E.U. bank , however it only appeared online on that account hours later hence time difference and opening time that bank .

 

Strange thing however as on my E.U. bank sender was described as from Lithuania , and just codes as sender information ,not my name to find , money correct however , super fast 

[Max69xl]

21 hours ago, Logosone said:

You should use a Currency Broker if the amount warrants it.

 

Easy, convenient and you can save money.

Save money using a currency broker? Really? In what universe? 

[ExpatOilWorker]

5 hours ago, theoldgit said:

 

I used this earlier in the week to send some cash to Singapore, very easy and with the minimum of evidence needed, I received a message that the funds had reached the account in Singapore in a few minutes.
Only six currencies, USD, GBP, HKD, SGD, AUD and EUR and a maximum transaction limit of US $49,999 per day.

Was there a flat fee? 

500 baht or about $15?

I assume they used the current day T/T rate.

[david555]

15 minutes ago, ExpatOilWorker said:

Was there a flat fee? 

500 baht or about $15?

I assume they used the current day T/T rate.

i was charged a flat fee of 250 baht in March ,before you send can see the amount it go cost in Thb on smartphone screen and rate was same as i could see on their KK+ exchange rate

[JimboJ]

On 6/4/2020 at 9:09 AM, Trillian said:

Thai Baht is a controlled currency, it cannot be freely exported and is subject to rules that are different for Thai nationals, foreigners in Thailand and financial institutions outsiode Thailand, the BOT rules are here: https://www.bot.or.th/English/FinancialMarkets/ForeignExchangeRegulations/FXRegulation/Pages/default.aspx

b. Foreign Currency Account of Nonresidents

Nonresidents may maintain foreign currency accounts with authorized banks in Thailand without limit.  The accounts can be freely credited with funds originating from abroad.  Payments from Thai residents or borrowing from authorized banks can be deposited subject to supporting evidences.  Balances on such accounts may be freely withdrawn.

 

The above is from the BOT.  Does it mean that money transferred to a foreign currency account in Thailand can be transferred out of the country again without limit?  Has anyone done this?

[BEVUP]

On 6/4/2020 at 5:48 PM, david555 said:

i was charged a flat fee of 250 baht in March ,before you send can see the amount it go cost in Thb on smartphone screen and rate was same as i could see on their KK+ exchange rate

Sounds good but as we know we lose money sending it back

1,000,000 THB = 40,000 bht loss  sending to Auss 

[EdrigoSalvadore]

If you want to be some what anonymous, you can use hodlhodl and transfer it to bitcoins, without using any identification.

[AlfHuy]

7 minutes ago, EdrigoSalvadore said:

If you want to be some what anonymous, you can use hodlhodl and transfer it to bitcoins, without using any identification.

or give it to me, I can help you do bring it overseas.I will take the flight after you.????

[david555]

4 hours ago, BEVUP said:

Sounds good but as we know we lose money sending it back

1,000,000 THB = 40,000 bht loss  sending to Auss 

But beware as it was a tempory offer fee untill end June as saw on K+ that time their offer  , before i tried a misrable 100 € with 250 bht fee...for testing with quick good result ....later a bigger amount same 250 baht fee charged.

But i dont know if 1000 000 baht would go same swift way ...as i think the reason for sending could be depending the amount to fill in , as 1 million baht would be little much for student fee expenses ????

Edited June 8, 2020 by david555

[Trillian]

On 6/5/2020 at 12:51 PM, JimboJ said:

b. Foreign Currency Account of Nonresidents

Nonresidents may maintain foreign currency accounts with authorized banks in Thailand without limit.  The accounts can be freely credited with funds originating from abroad.  Payments from Thai residents or borrowing from authorized banks can be deposited subject to supporting evidences.  Balances on such accounts may be freely withdrawn.

 

The above is from the BOT.  Does it mean that money transferred to a foreign currency account in Thailand can be transferred out of the country again without limit?  Has anyone done this?

There are two types of bank account in Thailand, Resident accounts and Non Resident accounts. Foreigners can open non-resident accounts and transfer funds into and out of it at will, without needing any additional paper work or authorsiation, those accounts do not allow deposits in Thai Baht. When a foreigner opens an account here it is typically a resident account, unless a non-resident account is requested specifically. Foriegn currency deposited into a Foriegn Currency Non-Resident account can be converted to THB for use in country. Foriegn Currency that is transfered out of Thailand once again is subject to a commission in lieu of the foreign currency exchange commission.

[Peter Denis]

6 minutes ago, Trillian said:

There are two types of bank account in Thailand, Resident accounts and Non Resident accounts. Foreigners can open non-resident accounts and transfer funds into and out of it at will, without needing any additional paper work or authorsiation, those accounts do not allow deposits in Thai Baht. When a foreigner opens an account here it is typically a resident account, unless a non-resident account is requested specifically. Foriegn currency deposited into a Foriegn Currency Non-Resident account can be converted to THB for use in country. Foriegn Currency that is transfered out of Thailand once again is subject to a commission in lieu of the foreign currency exchange commission.

Would a non-resident account holding the equivalent in foreign currency of the required 800K/400K money-in-bank be accepted by your local IO as proof that you meet the financial requirements when applying for the 1-year extension of your Non Imm O Visa?

[Trillian]

1 minute ago, Peter Denis said:

Would a non-resident account holding the equivalent in foreign currency of the required 800K/400K money-in-bank be accepted by your local IO as proof that you meet the financial requirements when applying for the 1-year extension of your Non Imm O Visa?

From what I've read it may depend on the Immigration office although, there's always one somewhere that wont. But I am aware that people have done this without a problem in Phuket, Bangkok and Chiang Mai. There is nothing obvious on the paperwork of the account to suggest the account is a non-resident account so the only real issue is whether foreign currency account depsoits are acceptable or not. I believe in most cases they are and that banks will describe foreign currency holdings as THB equivelents in the letter that is supplied for visa renewal purposes.

[BEVUP]

46 minutes ago, david555 said:

But beware as it was a tempory offer fee untill end June as saw on K+ that time their offer  , before i tried a misrable 100 € with 250 bht fee...for testing with quick good result ....later a bigger amount same 250 baht fee charged.

But i dont know if 1000 000 baht would go same swift way ...as i think the reason for sending could be depending the amount to fill in , as 1 million baht would be little much for student fee expenses ????

Open to all

If all goes well am looking at needing to get 2.5 mill out of Thai

The money will either go into my normal BB savings account where I transfer money from abroad into (transferred to thai bht) or my wifes 

I presume it wont be a basic TT transfer at no more then 50,000 US at a time 

If it goes into mine it will be impossible for wife to deal with bank (I'm not in Thailand )

if it goes into hers would it be a simple case of transferring  abroad 

Thanks for help as this is first time in this matter 

[4evermaat]

On 6/3/2020 at 2:12 PM, Logosone said:

You should use a Currency Broker if the amount warrants it.

 

Easy, convenient and you can save money.

Can you name a few here please?

[JimboJ]

3 hours ago, Peter Denis said:

Would a non-resident account holding the equivalent in foreign currency of the required 800K/400K money-in-bank be accepted by your local IO as proof that you meet the financial requirements when applying for the 1-year extension of your Non Imm O Visa?

Yes, I have used foreign currency accounts twice at Jomtien immigration for the 800,000 baht requirement.

[JimboJ]

3 hours ago, Trillian said:

There are two types of bank account in Thailand, Resident accounts and Non Resident accounts. Foreigners can open non-resident accounts and transfer funds into and out of it at will, without needing any additional paper work or authorsiation, those accounts do not allow deposits in Thai Baht. When a foreigner opens an account here it is typically a resident account, unless a non-resident account is requested specifically. Foriegn currency deposited into a Foriegn Currency Non-Resident account can be converted to THB for use in country. Foriegn Currency that is transfered out of Thailand once again is subject to a commission in lieu of the foreign currency exchange commission.

How can you tell if a foreign currency account is resident or non-resident?

Please explain the last sentence.  How much is the commission?  And is there any limit on how much can be transferred out, if it was already transferred in?

[Trillian]

8 hours ago, JimboJ said:

How can you tell if a foreign currency account is resident or non-resident?

Please explain the last sentence.  How much is the commission?  And is there any limit on how much can be transferred out, if it was already transferred in?

The charge to deposit foreign currency is 1% for USD, 2% for other currencies, the charge to withdraw funds in foreign currency is the same, 1% and 2%. Rules vary from bank to bank but are broadly similar.

 

https://www.bangkokbank.com/en/Personal/Save-And-Invest/Save/FCD-Account-for-Non-residents#:~:text=Can I deposit and withdraw,currency (minimum at 500 baht)

 

https://kasikornbank.com/en/personal/Account/Pages/foreign-currency.aspx

 

Note: I said earlier that THB can't be deposited into non-resident accounts. Apparently some banks do allow this but proof of work permit and source of funds must be provided.

 

 

 

 

 

 

 

 

[Trillian]

11 hours ago, BEVUP said:

Open to all

If all goes well am looking at needing to get 2.5 mill out of Thai

The money will either go into my normal BB savings account where I transfer money from abroad into (transferred to thai bht) or my wifes 

I presume it wont be a basic TT transfer at no more then 50,000 US at a time 

If it goes into mine it will be impossible for wife to deal with bank (I'm not in Thailand )

if it goes into hers would it be a simple case of transferring  abroad 

Thanks for help as this is first time in this matter 

TT transfers aren't limited by the USD 50k limit, they can be made at any amount, as long as proof of the funds is provided that the money was earned in Thailand under a work permit, represents proceeds from the sale of property and tax was paid or was brought into Thailand from overseas orgionally.