Selling Thai property/ take back $ to US

[hellohello]

Whats the easist way to bring it in to the US.

 

I can get paid in Thai bhat or euros or $.  money is coming from Europe.

 

 

Anyone know a good laywer for some advice on the topic?     Thanks

 

 

[Patong2021]

Would it be possible to have the money paid from Europe to USA escrow account? If money does not enter  Thailand, you do not have the problem, yes? 

[condobrit001]

Unless the law has changed recently, to  register the sale of a property at the Land Registry Office, they require evidence of funds paid between buyer and seller in Thai baht. This usually takes the form of a cashiers check. They also  require taxes to  be paid on the transfer in  Thai baht. I do not think  it will be possible  to register change of ownership if these criteria are not met.

[HarrySeaman]

IF you have records showing that you brought the money used to buy the property into Thailand via a bank transfer you can transfer the same amount out easily.

My understanding is that if you don't have the records you can only legally transfer or physically take US$10,000 out of Thailand at once.  I'm not sure what would happen if you tried to repeatedly make bank transfers of just under $10,000.

 

The best advice is to never bring the money into Thailand and do as Patong2021 says, have it transferred directly to a bank account in the USA.

[xylophone]

I have done this and transferred 4 million baht from Siam commercial Bank to New Zealand.

 

True enough what others have said, you need to be able to show where the money came from in the first place, so if you bought it in you should have some records to show that money arriving here in your account.

 

But, I couldn't find the original records and it was looking very difficult to transfer my funds out so I quizzed the people in the bank as to what was actually needed, and one smart cookie came up with the fact that all the government needed was to see from whence the money came.

 

So after I sold the house I put the money into a government bond, and as I was leaving for NZ two weeks henceforth, I cashed it up then, made a small profit and transferred the funds to NZ, and the bank was fine with this.

 

In summary, I think it's that the bank/government want to know how you came about that money and seeing that I had cashed in a Thai Govt bond, was enough for the powers that be!

 

Made me a very happy man.

[khwaibah]

We are talking about the USA. 

 

You can send a maximum of 800,000 Baht per day.Aug 26, 2020

[bkk6060]

Not legally bringing more then $10,000 into the US is a false dialog.

It is legal, you just have to declare it and fill out a customs form with info and explanation.

 

Also, check the exchange rates but my Chase Bank allows up to $250,000 US a day wire transfer.

I have transferred large amounts back to the US never had a problem.

Check your Thai bank for any limits they may have.

 

Edited December 24, 2020 by bkk6060

[SAFETY FIRST]

9 hours ago, xylophone said:

I have done this and transferred 4 million baht from Siam commercial Bank to New Zealand

Did you send THB or NZD. 

 

I tried to send money to Australia via Kasikorn, they would only send AUD, lousy exchange rate, much prefer to send THB.

My bank said they couldn't send THB to Australia. 

[xylophone]

6 hours ago, SAFETY FIRST said:

Did you send THB or NZD. 

 

I tried to send money to Australia via Kasikorn, they would only send AUD, lousy exchange rate, much prefer to send THB.

My bank said they couldn't send THB to Australia. 

Thai baht as I recall, but was so pleased to have been able to get it out of the country, it could have been in pesos!!

 

Seems I was mistaken re the OPs question!! Still if my response helps someone then all is well.

[rumak]

As usual a variety of  answers that are very different.     I will add my experience of sending thai baht from my

thai bank account to a western country .   Bangkok Bank  that i used  simply had me fill out a form,  fill in reason

on form ( almost anything will suffice) ,  then they converted the baht amount    to currency of the country I was sending it to using

the appropriate rate for that day ,   charged me 400 baht ,  and poof  ........... it was in the foreign bank account within a day.    Did it more than once,  on seperate days,  amounts were in 1 mil  baht range.    I do not know if

they limit the amount but the amount i mention was not a problem.    I wasn't even asked where the money originated from.         

I have been with this bank for many many years but again,  do not know if that made a difference.  I would assume that having the money in a savings acct there  for more than a few days or weeks might  make a difference,  but who knows.     

also assume... as TIT..... that your experience at different banks may differ

[madisongy]

When I transferred money to Thailand to purchase my condo, I had read that I needed a specific form from the Thai bank.  Wish I could remember the name of that form, but I think it was to distinguish the fact that the funds transfer was designated for a real estate transaction, so that when I sold the condo, those funds would be eligible for repatriation to the US.   I always banked on using that form to send the money back if and whenever I sell my condo.  Based on some of the posts above, I may not need that form, and apparently it would be no problem to repatriate any profits I may realize from the sale.

[4reaL]

34 minutes ago, madisongy said:

When I transferred money to Thailand to purchase my condo, I had read that I needed a specific form from the Thai bank.  Wish I could remember the name of that form, but I think it was to distinguish the fact that the funds transfer was designated for a real estate transaction, so that when I sold the condo, those funds would be eligible for repatriation to the US.   I always banked on using that form to send the money back if and whenever I sell my condo.  Based on some of the posts above, I may not need that form, and apparently it would be no problem to repatriate any profits I may realize from the sale.

 

It was called a 'tor tor 3' 

Think my last condo purchase just retained the incoming wire transfer 

document as proof funds came from overseas, which would be the same document used to release funds from TH.