Transferring Money Out Of Thailand

[jimbim]

I've transferred money out of Thailand a couple times, requiring a letter from my employer which states my salary.

I assume because a salary amount is required that you can transfer out no more than a percentage of it. I asked at my bank what the limit was, but didn't get a satisfactory answer. I don't think I was understood.

Is there a limit? Is it based on a percentage of your income? Can you transfer as many times as you want as long as you don't exceed the limit?

Thanks

[OldAsiaHand]

When you transfer funds held in Thai baht out of the country, you may do so without limit so long as you can show that an equivalent amount was transferred into the country by you at sometime previously. If you are tranferring out funds which originated in Thailand such as your salary, and you cannot show evidence of funds coming into the country earlier which you are now returning, the requirement is that you demonstrate a sufficient and acceptable purpose for sending money out of the country such as the repayment of a debt, the payment of school or medical expenses, the purchase of something, or some such specific purpose.

Generally speaking, unless you are someone to whom the rules are only loosely applied, an acceptable purpose is NEVER to invest or hold funds overseas.

In the alternative, you can usually buy foreign currency locally, deposit it in a foreign currency accoount, and then after a decent interval, transfer the foreign currency overeas. At least you ught to be able to, but depending on the bank, they may give you a little crappola about it anyway. Best check in advance.

[jimbim]

Thanks for that.

Yes the money will be earned in Thailand. I've brought money in, but have no record of it.

I owe quite a large sum to a member of my family in Canada and was wondering how quickly I could pay it off. But because it's not to an institution, but to a bank account which the family member and I control jointly, I can see we might have a problem if the folks at my bank want to be sticklers.

I'll look into your suggestion about a foreign currency account.

Regards,

Jim

[NedKelly]

My mate told me that he asked his bank about transferring funds outside Thailand. he was told he could do it if he provided an invoice for somehting he had to pay.......somehting legit.........Ithinkthat would be the easy part. get your family member to make up an official looking invoice with a bogus company name but with the funds going to ...account name and number........!! So in theory if you had a regular payment to make such as a mortgage, you could do this easily if your bank or finacier sent regular invoices. Worth following up.....but keep in mind I have never checked this out.

[PvtDick]

I've transferred money out of Thailand -- quite significant amounts (the last time was about US$10,000) -- with no problem, at Bangkok Bank. All that was required were my passport and work permit.

[dr_Pat_Pong]

Thanks for that.

Yes the money will be earned in Thailand. I've brought money in, but have no record of it.

I owe quite a large sum to a member of my family in Canada and was wondering how quickly I could pay it off. But because it's not to an institution, but to a bank account which the family member and I control jointly, I can see we might have a problem if the folks at my bank want to be sticklers.

I'll look into your suggestion about a foreign currency account.

Regards,

Jim

How much do you need to transfer Jim ?

[Bluecat]

Can you transfer as many times as you want as long as you don't exceed the limit?

Do like most of us do.

Spend it.

No problem of transferring,...

But if you really need to, you have to justify what is the reason you send money abroad.

As others said, can be anything, payment of invoices,...

By the way, you have also to justify the transfer of money TO Thailand,...

Can do it with basically the same justifications.

[jimbim]

Thanks for that.

Yes the money will be earned in Thailand. I've brought money in, but have no record of it.

I owe quite a large sum to a member of my family in Canada and was wondering how quickly I could pay it off. But because it's not to an institution, but to a bank account which the family member and I control jointly, I can see we might have a problem if the folks at my bank want to be sticklers.

I'll look into your suggestion about a foreign currency account.

Regards,

Jim

How much do you need to transfer Jim ?

Not a large sum to everyone, but it certainly is to me.

$30,000 give or take a few dollars.

I do have another option. A friend has an account in the UK to which her salary is paid, then she must transfer part of it here for living expenses. She offered to send the money to my Canadian account if I pay her in Thai baht. Doesn't matter to her where the money is sent as long as her rent is paid.

[OldAsiaHand]

I've brought money in, but have no record of it.

Assuming it wasn't just in cash and you brought it in your pocket, the local bank which received any wires you sent will have records of every inbound transfer you made and that's what you need for an easy, trouble-free outbound tranfer -- not your own records.

[Khun Larry]

I do have another option. A friend has an account in the UK to which her salary is paid, then she must transfer part of it here for living expenses. She offered to send the money to my Canadian account if I pay her in Thai baht. Doesn't matter to her where the money is sent as long as her rent is paid.

Thai option sounds very good, legit too.

[dr_Pat_Pong]

Thanks for that.

Yes the money will be earned in Thailand. I've brought money in, but have no record of it.

I owe quite a large sum to a member of my family in Canada and was wondering how quickly I could pay it off. But because it's not to an institution, but to a bank account which the family member and I control jointly, I can see we might have a problem if the folks at my bank want to be sticklers.

I'll look into your suggestion about a foreign currency account.

Regards,

Jim

How much do you need to transfer Jim ?

Not a large sum to everyone, but it certainly is to me.

$30,000 give or take a few dollars.

I do have another option. A friend has an account in the UK to which her salary is paid, then she must transfer part of it here for living expenses. She offered to send the money to my Canadian account if I pay her in Thai baht. Doesn't matter to her where the money is sent as long as her rent is paid.

The friend option sounds like the way to go. Nobody will no a thing except the two of you

[konangrit]

Thanks for that.

Yes the money will be earned in Thailand. I've brought money in, but have no record of it.

I owe quite a large sum to a member of my family in Canada and was wondering how quickly I could pay it off. But because it's not to an institution, but to a bank account which the family member and I control jointly, I can see we might have a problem if the folks at my bank want to be sticklers.

I'll look into your suggestion about a foreign currency account.

Regards,

Jim

How much do you need to transfer Jim ?

Not a large sum to everyone, but it certainly is to me.

$30,000 give or take a few dollars.

I do have another option. A friend has an account in the UK to which her salary is paid, then she must transfer part of it here for living expenses. She offered to send the money to my Canadian account if I pay her in Thai baht. Doesn't matter to her where the money is sent as long as her rent is paid.

A little off topic, but with the current exchange rates it's going to cost you quite a bit. Of course no-one knows where the Thai Baht will be in a years time, but I would guess that it will be stronger than it is now. If you do have the option I would recommend paying as little as possible now as the Baht is very weak.

[dr_Pat_Pong]

The Canadian and Australian dollars are a bit off the boil too.

[jimbim]

The Canadian and Australian dollars are a bit off the boil too.

True enough, though I was talking in US dollars. They are "a bit off the boil" as well. But I have to start paying the debt, since my conscience, ###### thing, doesn't give me a choice.

Thanks for everyone's help.

[jimbim]

That's funny... hardly a profanity, high standards here, but it began with a "d" and you can guess the rest, something Huckleberry Finn might say.