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

[tonray]

2 hours ago, arick said:

All transfers into Thailand go via Bangkok Bank then onto your bank. If there are questions regarding money laundering (usually in 2 million and up.) Bangkok Bank with stop the tranfer until the account owner can email them evidence of what the money is for. Ie purchase 

Why would my transfer to a Kasikorn account go via Bangkok Bank ?

[Peterw42]

1 minute ago, tonray said:

Why would my transfer to a Kasikorn account go via Bangkok Bank ?

They dont, I think he is confusing The bank of Thaiand (central bank) with BKK bank.

All transfers get reported to BOT and they want a reason why etc, its why you put "to buy a condo" etc.

[tonray]

Just now, Peterw42 said:

They dont, I think he is confusing The bank of Thaiand (central bank) with BKK bank.

All transfers get reported to BOT and they want a reason why etc, its why you put "to buy a condo" etc.

Actually I transfer two times a year to both Kasikorn and Bangkok Bank and never have to specify any reason. This is from my Charles Schwab acocunt. 

[Peterw42]

1 minute ago, tonray said:

Actually I transfer two times a year to both Kasikorn and Bangkok Bank and never have to specify any reason. This is from my Charles Schwab acocunt. 

I think you would find the bank/tranferwise probably adds a generic reason to keep BOT happy. 

 

[tonray]

Just now, Peterw42 said:

I think you would find the bank/tranferwise probably adds a generic reason to keep BOT happy. 

 

Yeah,,,it's probably "Lifestyle Enhancement"....5555

[Peterw42]

6 minutes ago, tonray said:

Yeah,,,it's probably "Lifestyle Enhancement"....5555

I am worried now, I probably have several entries that say "hookers and beer"

[thornton39]

I'm British living in the UK with my Thai wife. Several years ago, I transferred a substantial amount to my Bangkok Bank account with a view to buying a Thai condo. Due to my age, I cannot now get health insurance and that, together with the current covid restrictions, means that it's impossible for me to ever return to Thailand.  My Thai SIM card has long since expired and it's now impossible for me to receive a to PIN  in order to use my online banking. I need to recover my money back to the UK and have spoken several times with the bank, but they have been totally unsympathetic and uncooperative. I would be pleased to exchange my baht for GBP or USD on favourably agreed terms for both sides and of course, using all due diligence to find a mutually safe way to do this, for both sides. If interested, please emai me on [email protected] or call Dan on +44 (0) 75 701 77620.

[Nout]

The money is of course safer in the UK but who knows about Sterling fluctuations? Learn how to use transferwise

[windas]

Hi friends

 

Bangkok Bank: Foreign ACC's they charge 2% when you deposit & 2 % to withdraw, except if you transfer to your baby acc.

Many years ago it was 1% to dep & gave 4% interest.

 

Cheers

 

[windas]

Mistake in previous, "baht" acc.

Better to keep most money in UK acc as it is guaranteed, Thai is not.

 

[doomslayerxyz]

I have a question:

 

I have a normal Thai BAHT account at SCB.

Can I receive Dollars, for example a $15000 transfer without issues? and they will exchange it to baht? at a reasonable rate?

 

 

 

[Meat Pie 47]

9 hours ago, thornton39 said:

I'm British living in the UK with my Thai wife. Several years ago, I transferred a substantial amount to my Bangkok Bank account with a view to buying a Thai condo. Due to my age, I cannot now get health insurance and that, together with the current covid restrictions, means that it's impossible for me to ever return to Thailand.  My Thai SIM card has long since expired and it's now impossible for me to receive a to PIN  in order to use my online banking. I need to recover my money back to the UK and have spoken several times with the bank, but they have been totally unsympathetic and uncooperative. I would be pleased to exchange my baht for GBP or USD on favourably agreed terms for both sides and of course, using all due diligence to find a mutually safe way to do this, for both sides. If interested, please emai me on [email protected] or call Dan on +44 (0) 75 701 77620.

you will get your details deleted

[arick]

22 hours ago, tonray said:

Why would my transfer to a Kasikorn account go via Bangkok Bank ?

Ask the government why? One reason is that it is easy for Thai government to monitor Transactions and Money Laundering. Mine was stopped a few years back by Bangkok  Bank. Same reason there are no ATM for Thai baht after immgration. 

[tonray]

Just now, arick said:

Ask the government why? One reason is that it is easy for Thai government to monitor Transactions and Money Laundering. Mine was stopped a few years back by Bangkok  Bank. Same reason there are no ATM for Thai baht after immgration. 

No...the point is you are incorrect in calliing "The Bank of Thailand" "Bangkok Bank", Bangkok bank is a separate private enterprise that has nothing at all to do with transfers to other private banks.

[arick]

11 hours ago, windas said:

Mistake in previous, "baht" acc.

Better to keep most money in UK acc as it is guaranteed, Thai is not.

 

 

11 hours ago, windas said:

Mistake in previous, "baht" acc.

Better to keep most money in UK acc as it is guaranteed, Thai is not.

 

Good thing as well. I had 60k taken out over three months but so means. But was refunded within 24 hours 

 

[arick]

1 minute ago, tonray said:

No...the point is you are incorrect in calliing "The Bank of Thailand" "Bangkok Bank", Bangkok bank is a separate private enterprise that has nothing at all to do with transfers to other private banks.

Why don't you tranfer 10,000 and see what happens. I am speaking from experience. Do you have first hand experience. Have you had dinner in London with the President of the BOT.? I have 

[tonray]

1 minute ago, arick said:

Why don't you tranfer 10,000 and see what happens. I am speaking from experience. Do you have first hand experience. Have you had dinner in London with the President of the BOT.? I have 

Clearly you are missing the point...Bangkok Bank HAS NOTHING TO DO WITH TRANSFERS TO OTHER PRIVATE BANKS. BTW...I just transferred $28000 for a car purchase to Kasikorn...and lo and behold...Bangkok Bank doesn't know anything about it. Bank of Thailand (Central Bank) and Bangkok Bank are NOT THE SAME !!!!!!!!!!!!!!!!!!!!!!!

[arick]

3 minutes ago, tonray said:

Clearly you are missing the point...Bangkok Bank HAS NOTHING TO DO WITH TRANSFERS TO OTHER PRIVATE BANKS. BTW...I just transferred $28000 for a car purchase to Kasikorn...and lo and behold...Bangkok Bank doesn't know anything about it. Bank of Thailand (Central Bank) and Bangkok Bank are NOT THE SAME !!!!!!!!!!!!!!!!!!!!!!!

When or is stopped you will find out 

[brianthainess]

On 12/18/2020 at 2:47 PM, 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.

Very good advise,( as long as you are not paying bank charges) Always keep accounts open with a small amount in. But in Thailand if an account is not used for a long period not sure 1yr or 2yr??? they close it. Does that happen elsewhere?

[brianthainess]

44 minutes ago, tonray said:

Clearly you are missing the point...Bangkok Bank HAS NOTHING TO DO WITH TRANSFERS TO OTHER PRIVATE BANKS. BTW...I just transferred $28000 for a car purchase to Kasikorn...and lo and behold...Bangkok Bank doesn't know anything about it. Bank of Thailand (Central Bank) and Bangkok Bank are NOT THE SAME !!!!!!!!!!!!!!!!!!!!!!!

Had this prob one time money went to Bank of Thailand where they held it exchanged it at a lower rate and then transferred it to BKB. It was in AUD after extensive enquiries with the BKB I phoned my Oz bank and was told to put a message every time, although it was sent in AUD as follows "DO NOT EXCHANGE FUNDS"   now it goes direct to my bank. p.s. This happened twice 2nd time it went to another holding bank.

[tonray]

Just now, brianthainess said:

Had this prob one time money went to Bank of Thailand where they held it exchanged it at a lower rate and then transferred it to BKB. It was in AUD after extensive enquiries with the BKB I phoned my Oz bank and was told to put a message every time, although it was sent in AUD as follows "DO NOT EXCHANGE FUNDS"   now it goes direct to my bank. p.s. This happened twice 2nd time it went to another holding bank.

Is your account with Bangkok Bank ?

 

I have a feeling you guys are talking about Transferwise which is a unique peer to peer transfer operation. In normal wire transfers not using Transferwise....there is no reason that any other bank would be involved as an internediary.

[brianthainess]

On 12/18/2020 at 2:59 PM, gearbox said:

for long stay in Thailand

I now put "Subsidence" It now seems to arrive quicker. I don't use TransferWise.

[brianthainess]

3 minutes ago, tonray said:

Is your account with Bangkok Bank ?

 

I have a feeling you guys are talking about Transferwise which is a unique peer to peer transfer operation. In normal wire transfers not using Transferwise....there is no reason that any other bank would be involved as an internediary.

No it was a direct transfer in AUD from ANZ bank to Bangkok Bank, Bangkok bank were very helpful tracing it on their computer after i found out i had lost a few thousand baht compared to their ex-rate, and gave me print outs, they advised / told me to phone ANZ. I still to this day don't understand how they were allowed to do it. they must have made a profit somewhere or they just were <deleted> at me for not exchanging it to baht at their <deleted> poor rate. I trust my Thai banks more than the ANZ thats for sure.

[tonray]

2 minutes ago, brianthainess said:

No it was a direct transfer in AUD from ANZ bank to Bangkok Bank, Bangkok bank were very helpful tracing it on their computer after i found out i had lost a few thousand baht compared to their ex-rate, and gave me print outs, they advised / told me to phone ANZ. I still to this day don't understand how they were allowed to do it. they must have made a profit somewhere or they just were <deleted> at me for not exchanging it to baht at their <deleted> poor rate. I trust my Thai banks more than the ANZ thats for sure.

This is a different situation than was being discussed earlier. The other posts were saying that Bangkok Bank was involved in their transfers to for example Kasikorn or SCB....this  is false unless using transferwise. Your case I still don't understand.

[Oldie]

1 hour ago, brianthainess said:

Very good advise,( as long as you are not paying bank charges) Always keep accounts open with a small amount in. But in Thailand if an account is not used for a long period not sure 1yr or 2yr??? they close it. Does that happen elsewhere?

They don't close it as long as the minimum deposit is still on the account. But they might block it and you might need to go to them to unblock it. It will happen in many countries. Always check this. I do yearly little transfers to avoid blocking. If there is no movement you might get this problem. Interest payments don't count as activity.

 

In Thailand there was a plan for an additional regulation that after several years of inactivity it will be moved to the government and other things. Here the discussion of the law. I am not sure now if this got law already. 

 

https://www.nationthailand.com/Economy/30330115

 

If you fall below the minimum deposit they often will charge fees until your account is zero and then they will close it. Happened to me in Phuket at the at this time Thai Farmers Bank. They increased the minimum deposit requirement and I didn't know it because I lived for some years on the Philippines. When I came back everything was gone. ????

[Guest Harm Hendrik Reitsma]

Hello, i made a bankaccount to Transferwise and even got a creditcard, so I am happy and can put it in this account as saving or for transferring to Thai bath in the account for me and the wife. This quickly and cheap done by Transferwise. 

I advice this. Online banking is good and you have direct control to the card or your account to. 

Be save. 

[arick]

On 12/23/2020 at 9:44 AM, brianthainess said:

Very good advise,( as long as you are not paying bank charges) Always keep accounts open with a small amount in. But in Thailand if an account is not used for a long period not sure 1yr or 2yr??? they close it. Does that happen elsewhere?

Yes in Canada it happens  on almost all saving accounts even after 12 months. 

[arick]

On 12/23/2020 at 9:58 AM, tonray said:

Is your account with Bangkok Bank ?

 

I have a feeling you guys are talking about Transferwise which is a unique peer to peer transfer operation. In normal wire transfers not using Transferwise....there is no reason that any other bank would be involved as an internediary.

Rinrat you are the one that doesn't know what your talking about because you haven't had the experience of doing it like other members and myself. And 1 million baht usually doesn't get flagged but a couple of couple of several transactions with and it end up at a holding bank called Bangkok Bank not BOT

[arick]

On 12/23/2020 at 10:18 AM, tonray said:

This is a different situation than was being discussed earlier. The other posts were saying that Bangkok Bank was involved in their transfers to for example Kasikorn or SCB....this  is false unless using transferwise. Your case I still don't understand.

It's not false Bangkok Bank as another members has said was the holding bank