Is it safe to transfer larger amount of money to Thailand?

[jednakropka]

I am on tourist visa and in the very near future will have ED visa.

I will have soon a bank account here in Thailand. I think it will be saving account but if possible I will try to to open currency account (prefer to keep money in USD than in Baht)

I am wondering is it safe to transfer  larger amount of money from  my personal bank account in Europe to Thai bank account.

I am not sure what happens later once money transferred.

I simply worry that they will try to tax my money or they will think they come from working while I am in Thailand (and I do not have any work permit) or something like that.

[OneMoreFarang]

16 minutes ago, jednakropka said:

larger amount of money

define "larger amount of money"

[jednakropka]

 

Just now, OneMoreFarang said:

define "larger amount of money"

$20-80K

[ChaiyaTH]

17 minutes ago, jednakropka said:

 

$20-80K

Send under 500K baht at the time (via TransferWise) and you be perfectly fine. I recommend you to get 2 saving accounts with only 1 having an ATM card, you can then keep the big stash apart but still manage realtime from the Mobile apps. This is below the 15,000 euro anti money laundering limits in Europe too which avoids delays for no reason or your money being on hold / needing documents etc.

 

Depending on where you are from as well in general, I would not transfer more than you need to have here with some reserve too. Exchange rates could change quite a bit so an alternative is getting a multi currency account with for example Bangkok Bank.

 

Last but not least, if you do wanna do 80K at once and not spending it fast, open a few different banks and divide it, you could then transfer 480K baht X 4-5 banks at one time for example. Bank fees are nothing much anyway, average 200-300 baht per year incl. ATM card.

[Oldie]

50 minutes ago, jednakropka said:

I am on tourist visa and in the very near future will have ED visa.

I will have soon a bank account here in Thailand. I think it will be saving account but if possible I will try to to open currency account (prefer to keep money in USD than in Baht)

I am wondering is it safe to transfer  larger amount of money from  my personal bank account in Europe to Thai bank account.

I am not sure what happens later once money transferred.

I simply worry that they will try to tax my money or they will think they come from working while I am in Thailand (and I do not have any work permit) or something like that.

It is no problem to transfer larger amounts. But keep all the documents of this transaction.

 

They will just tax interest income. 

 

In respect of accounts in foreign currency be aware that there is no deposit protection by the government for such accounts. 

[Dagfinnur Traustason]

No, it´s the most dangerous country in the world to send money to, because there is always a future wife that is going to take a big chunk of it! ????

[jednakropka]

51 minutes ago, ChaiyaTH said:

Depending on where you are from as well in general, I would not transfer more than you need to have here with some reserve too. Exchange rates could change quite a bit so an alternative is getting a multi currency account with for example Bangkok Bank.

 

Last but not least, if you do wanna do 80K at once and not spending it fast, open a few different banks and divide it, you could then transfer 480K baht X 4-5 banks at one time for example. Bank fees are nothing much anyway, average 200-300 baht per year incl. ATM card.

 

I am transferring from a  UK bank. I am not British but I worked there for some years and I am moving way from the UK. I am not returning to my home country so I need to move money somewhere. And because I will be in  Thailand for at least  a year I would like to transfer here.

 

Opening many bank accounts can be a problem. What I read so far people sometimes have a problem to even open one. I know I can open one but not sure if I can open more.

 

[jednakropka]

25 minutes ago, Oldie said:

It is no problem to transfer larger amounts. But keep all the documents of this transaction.

 

They will just tax interest income. 

 

In respect of accounts in foreign currency be aware that there is no deposit protection by the government for such accounts. 

 

What documents do you mean?

 

"..there is no deposit protection by the government for such accounts"

To be honest, I was thinking to transfer the money here and later withdraw it and keep in different places e.g. insured safe locker (something like CB lockers)

In the future when I would go to my home country I would simply take some money.

 

I am moving my money as I am leaving the UK. I am not a UK Citizen but lived, worked there.

I will  not go to my home country but live in Thailand that's why I am thinking of transferring here.

 

 

 

 

 

[Oldie]

5 minutes ago, jednakropka said:

 

What documents do you mean?

 

"..there is no deposit protection by the government for such accounts"

To be honest, I was thinking to transfer the money here and later withdraw it and keep in different places e.g. insured safe locker (something like CB lockers)

In the future when I would go to my home country I would simply take some money.

 

I am moving my money as I am leaving the UK. I am not a UK Citizen but lived, worked there.

I will  not go to my home country but live in Thailand that's why I am thinking of transferring here.

 

All documents that show that you transferred the money to Thailand. 

 

Be careful if you close your accounts in the UK. It might not be a easy to open new ones if you are not a resident there anymore and especially if you want to do this from Thailand. But if you keep accounts there look that you have online access and can do worldwide transfers and everything else online. You have to avoid to be forced to fly there because of problems with these accounts.

[sammieuk1]

FCD accounts have such stone aged limitations like no linked internet banking passbook only at certain branches as I have found out trapped outside Thailand with no access to my money for 10 months suggest open a Baht account send what you need by transferwise or WU keep the UK account to move more when you like/need  it's far safer ????

[Oldie]

2 minutes ago, sammieuk1 said:

FCD accounts have such stone aged limitations like no linked internet banking passbook only at certain branches as I have found out trapped outside Thailand with no access to my money for 10 months suggest open a Baht account send what you need by transferwise or WU keep the UK account to move more when you like/need  it's far safer ????

At the Bangkok Bank I can transfer FCD money online to my Baht account. Of course converted to Thai Baht then. 

[gearbox]

1 hour ago, jednakropka said:

I am on tourist visa and in the very near future will have ED visa.

I will have soon a bank account here in Thailand. I think it will be saving account but if possible I will try to to open currency account (prefer to keep money in USD than in Baht)

I am wondering is it safe to transfer  larger amount of money from  my personal bank account in Europe to Thai bank account.

I am not sure what happens later once money transferred.

I simply worry that they will try to tax my money or they will think they come from working while I am in Thailand (and I do not have any work permit) or something like that.

Transfer the money with Transferwise in chunks and mark the reason for transfer "for long stay in Thailand". That way the transfers will be coded in Thailand as "FTT" (Foreign Telegraphic Transfer), which indicates it is your own money, not a payment from a Thai employer. At least that's how it works with Bangkok Bank - I just transferred 800k for visa in the last few days.

[jednakropka]

5 minutes ago, Oldie said:

All documents that show that you transferred the money to Thailand. 

 

Be careful if you close your accounts in the UK. It might not be a easy to open new ones if you are not a resident there anymore and especially if you want to do this from Thailand. But if you keep accounts there look that you have online access and can do worldwide transfers and everything else online. You have to avoid to be forced to fly there because of problems with these accounts.

 

3 minutes ago, sammieuk1 said:

.... keep the UK account to move more when you like/need  it's far safer ????

 

I really appreciate your replies.

To be honest I would like to keep my bank account in the UK but  I am not living there any more and  have no longer an UK address.

And as far as I know HSBC UK requires one to keep a bank account alive. I still keep my old UK address under my account even I am not there but I know I have to update it asap.

I got recently an UK settled status (5 years)

 

[Oldie]

"I am on tourist visa and in the very near <deleted>ture will have ED visa."

 

I just checked the requirements for an FCD account at the Bangkok Bank. They write that you can open it with a tourist visa. Here more information 

 

https://www.bangkokbank.com/en/Personal/Save-And-Invest/Save/FCD-Account-for-Non-residents

[sammieuk1]

1 hour ago, Oldie said:

At the Bangkok Bank I can transfer FCD money online to my Baht account. Of course converted to Thai Baht then. 

Note to self look at a Bangkok Bank account on my return K bank will be toast ????

[lovethai123]

Never tell a thai woman about your financial standing. Never let her see your bank book, or other info.

 

Don't bring everything. Bring what u need to live and for the visa. 

[Sophon]

9 minutes ago, sammieuk1 said:

Note to self look at a Bangkok Bank account on my return K bank will be toast ????

 

With Krungsri Bank you can also get an ATM card that allows you to withdraw money from your FCD account. However, the exchange rates in Krungsri Bank are slightly worse than those of the other major banks.

[Oldie]

19 minutes ago, Sophon said:

 

With Krungsri Bank you can also get an ATM card that allows you to withdraw money from your FCD account. However, the exchange rates in Krungsri Bank are slightly worse than those of the other major banks.

But can only be used at Krungsri ATMs.

[OneMoreFarang]

3 hours ago, jednakropka said:

 

I am transferring from a  UK bank. I am not British but I worked there for some years and I am moving way from the UK. I am not returning to my home country so I need to move money somewhere. And because I will be in  Thailand for at least  a year I would like to transfer here.

 

Opening many bank accounts can be a problem. What I read so far people sometimes have a problem to even open one. I know I can open one but not sure if I can open more.

 

You can open an offshore account and transfer part of your money to that account.

I.e. Standard Bank Isle of Man

[sammieuk1]

57 minutes ago, Sophon said:

 

With Krungsri Bank you can also get an ATM card that allows you to withdraw money from your FCD account. However, the exchange rates in Krungsri Bank are slightly worse than those of the other major banks.

Sorry the "K" I meant was Kasikorn bank can anyone move exchange from FCD account to baht account?  ????

[jednakropka]

22 hours ago, OneMoreFarang said:

You can open an offshore account and transfer part of your money to that account.

I.e. Standard Bank Isle of Man

 

I understand it can be done from Thailand.

Do you know what documents they require to open it?

[OneMoreFarang]

10 minutes ago, jednakropka said:

 

I understand it can be done from Thailand.

Do you know what documents they require to open it?

This should answer at least some of your questions:

International Bank Accounts - Apply Now | Standard Bank

As far as I know you need a certified financial advisor in Thailand if you want to do it from Thailand.

[Leaver]

A bank account in Singapore is also another option.

[jednakropka]

15 hours ago, Leaver said:

A bank account in Singapore is also another option.

 

Can it be open from Thailand?

Are you aware of what documents are needed to open it?

[KhunKenAP]

No problem using a bank wire transfer, but keep in mind, if you are not already here, your money will arrive well before you can.

[SCOTT FITZGERSLD]

On 12/18/2020 at 3:34 AM, jednakropka said:

 

$20-80K

Thailand has teritorial tax policy. this means that thailand does not care about

what you earned outside thailand. so you should not have problems with

sending money from abroad, especially from europe.

however, it is allways reccomended to avoid sending large amounts in one time,

if you do not really need them and if you did not pre-arrenge it with the bank manager.

better to send first 15000 $ and later another 15000$.

 

but make sure that the source of the money is legit and you are not involved in the (legal)  dutch

coffee shops industry, otherwise you might end like a dutch man who got 100 yrs in jail

for sending millions of dollars to thailand  - even 8 years after he did it !!!

[SCOTT FITZGERSLD]

On 12/18/2020 at 6:32 AM, lovethai123 said:

Bring what u need to live and for the visa. 

indeed that is a good advice.

why would you want to send a large amount of money to thailand in this hectic times?

bring only your living expenses for the next year or so...you can never tell what will happan

in the next few months....buying real estate is never a good idea...next year, if you will survive, you can bring more.

[jednakropka]

8 minutes ago, SCOTT FITZGERSLD said:

indeed that is a good advice.

why would you want to send a large amount of money to thailand in this hectic times?

 

 

I used to lived, work in the UK (I am not a British) and keep my money there. Since I left UK and not living there anymore I need to move my money somewhere. Because of Brexit many UK banks close accounts of customers who do not living there.

 

 

Not sure what that guy exactly did.

[phetphet]

Also bear in mind that it can sometimes be more difficult getting the  money out of Thailand than getting it in. So as an earlier poster said, "keep all documents and records".

 

I use Transferwise to transfer money in. Another guy I know uses Bitcoin. Each to their own.

[jednakropka]

3 minutes ago, phetphet said:

Also bear in mind that it can sometimes be more difficult getting the  money out of Thailand than getting it in. So as an earlier poster said, "keep all documents and records".

 

I use Transferwise to transfer money in. Another guy I know uses Bitcoin. Each to their own.

 

Is transfwise borderless account good for storing money?