Transfering Foreign Funds Into Thailand!

[pluto_manibo]

I need to make a Swift wire transfer to my Thai bank account. I know that recently there was a new rule implimented which limited the amount of funds transfered and also a clause which stated that banks witheld a certain percentage of the amount for 1 yr at 0% interest.

1. What is the amount limit to avoid this?what is the % witheld?

2. Can you wire money several times under the nominal amount in a certain period of time?

3. Is this law implemented just for purchase of property(condo) or for every transfer from abroad?

Thanks for the replies....

[Maestro]

1. USD 20,000; 30%

2. Yes.

3. Remittances for the investment in real estate such as land and condominiums are specifically exempt from the rule.

See here for a summary of the rule, here for the full text.

The rule has already been relaxed to some extent, particularly regarding certain types of investments in funds.

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Maestro

[Karen51]

If you are remitting funds to your bank in Thailand to buy a property, how are they going to know that it is for a property purchase? Can you simply state that it is for a property purchase and all will be OK?

[jumnien]

I just swift transferred $50,000USD last week, I stated no reason for funds and none were withheld. Why would the bank withhold funds? I transfer about $150,000/year for living expenses and investments in Thai stocks, never had any withheld.

[Maestro]

Why would the bank withhold funds?

Because of this notice ( please click on the underlined text) issued by the Bank of Thailand, i.e. Thailand’s Central Bank. It appears, however, that some banks are implementing these instructions less strictly than others.

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Maestro

[macb]

Can I just bend this Topic a little bit:

If I open an account with Bkk bank in Thailand :

and have money paid into Bkk bank London using my THailand account details is this sufficient for the money to reach my account: Or have I got to have an Account at Bkk Bank London also thrn have it tranferred from one to the other ?

[Naam]

Can I just bend this Topic a little bit:

If I open an account with Bkk bank in Thailand :

and have money paid into Bkk bank London using my THailand account details is this sufficient for the money to reach my account: Or have I got to have an Account at Bkk Bank London also thrn have it tranferred from one to the other ?

-open an account here in Thailand,

-ask the bank for its SWIFT code,

-instruct your bank in London to transfer x-amount of pounds to your account using SWIFT,

-Thai bank will convert your pounds into Thai Baht.

as simple as that. no further action/bank accounts required.

[macb]

Can I just bend this Topic a little bit:

If I open an account with Bkk bank in Thailand :

and have money paid into Bkk bank London using my THailand account details is this sufficient for the money to reach my account: Or have I got to have an Account at Bkk Bank London also thrn have it tranferred from one to the other ?

-open an account here in Thailand,

-ask the bank for its SWIFT code,

-instruct your bank in London to transfer x-amount of pounds to your account using SWIFT,

-Thai bank will convert your pounds into Thai Baht.

as simple as that. no further action/bank accounts required.

I dont have a bank account in London but there is a Bangkok Bank in London:

Now I cant get my Pension paid into THailand because my previous employers use Royal Bank of Scotland and the TAPS facility does not include payments to THailand.

I am with Natiowide.

But if I asked my Emloyers to pay my Pension into the Bangkok Bank London will it Automatically transfer to my THailand Bangkok bank account, because it should be on there database ?

[ballbreaker]

Can I just bend this Topic a little bit:

If I open an account with Bkk bank in Thailand :

and have money paid into Bkk bank London using my THailand account details is this sufficient for the money to reach my account: Or have I got to have an Account at Bkk Bank London also thrn have it tranferred from one to the other ?

I do this very thing but in the U.S. I have Bank of America account in the US and Bangkok Bank account in Thailand. Whenever I wire money I have it sent to the Bangkok Bank in New York with instructions to deposit in my account. Thailand is never mentioned in the transfer. Bangkok Bank NY automatically, based on account number, sends to proper bank and account in Thailand and conversion from dollars to baht is done in Thailand.