Transferring 5 million Baht+ to UK

[Neeranam]

Does anyone have experience or thought on transferring a few million baht from Krung Thai bank to a bank in Scotland?

 

What is the maximum amount and are the fees high?

 

Ideally, I could transfer Bitcoin but I can't see a way of cashing that out in the UK, as I don't live there. 

 

I am a dual citizen(British/Thai).

 

[Dagfinnur Traustason]

Are you going to Scotland? If so, take them with you in a portable crypto wallet.

[Neeranam]

25 minutes ago, Dagfinnur Traustason said:

Are you going to Scotland? If so, take them with you in a portable crypto wallet.

I plan to retire to Scotland in a few years, so want to buy a but n ben!

There's no need for that these days. They can be sent to any exchange, The problem is how to cash for Scottish pounds.

 

 

[Dagfinnur Traustason]

51 minutes ago, Neeranam said:

I plan to retire to Scotland in a few years, so want to buy a but n ben!

There's no need for that these days. They can be sent to any exchange, The problem is how to cash for Scottish pounds.

 

 

Sorry, don´t understand your problem. You just connect your crypto exchange to your scottish bank, right?

[Neeranam]

5 hours ago, Dagfinnur Traustason said:

Sorry, don´t understand your problem. You just connect your crypto exchange to your scottish bank, right?

I'm not sure, I think I would have to be a UK resident to do that

[John435]

I just checked the rate for transferring a large sum to Scotland through DeeMoney and the loss seemed to be about 3.4%

 

I am interested to hear of alternative methods. 

[Dagfinnur Traustason]

21 hours ago, Neeranam said:

I'm not sure, I think I would have to be a UK resident to do that

But, that would mean a friend in USA, could not sent money to your account????? Never heard of that before. If you have an account, you can transfer money to it.

[Neeranam]

26 minutes ago, Dagfinnur Traustason said:

But, that would mean a friend in USA, could not sent money to your account????? Never heard of that before. If you have an account, you can transfer money to it.

Sorry, I don't understand. I am talking about changing Bitcoin to British pounds in the UK.

[Neeranam]

2 hours ago, John435 said:

I just checked the rate for transferring a large sum to Scotland through DeeMoney and the loss seemed to be about 3.4%

 

I am interested to hear of alternative methods. 

Interesting, thanks. I'll check it out. 

[rimmae2]

On 2/23/2021 at 2:25 PM, Neeranam said:

Does anyone have experience or thought on transferring a few million baht from Krung Thai bank to a bank in Scotland?

 

What is the maximum amount and are the fees high?

 

Ideally, I could transfer Bitcoin but I can't see a way of cashing that out in the UK, as I don't live there. 

 

I am a dual citizen(British/Thai).

 

As you are Thai, you probably do not have to state the source of funds which applies for non-Thais transferring money o/s (same for every Bank in Thailand). Just give a reason such as education fees, purchase of property.

 

If information that you want is not on the website, then there probably is information on the App. With SCB overseas transfer can be done by Thai citizens using the App, but I cannot remember the limit. Krungthai may be the same.

[Neeranam]

1 minute ago, rimmae2 said:

As you are Thai, you probably do not have to state the source of funds which applies for non-Thais transferring money o/s (same for every Bank in Thailand). Just give a reason such as education fees, purchase of property.

 

If information that you want is not on the website, then there probably is information on the App. With SCB overseas transfer can be done by Thai citizens using the App, but I cannot remember the limit. Krungthai may be the same.

Good point, but I have a feeling transferring cash abroad is for everyone. I'll call the bank. 

[Dagfinnur Traustason]

1 hour ago, Neeranam said:

Sorry, I don't understand. I am talking about changing Bitcoin to British pounds in the UK.

Yes, I know that! That question is if you know what you are talking about.

You say that you have a Scottish bank account, then you must have access to that account too, right? After that you say that you can not transfer money to that account if you do not have a registered address in UK.

Then my answer was, that is very strange. That must then mean that a person living in another country, can´t transfer any money to you either. That makes it a quite useless account, right?

What do you think happen if you sell your bitcoin on exchange to money, and transfer them to your Scottish account? Does that not convert to the bitcion to money and sScottish pounds???? Why would that not be possible. It´s your account, right?

Same as you state you are both Thai and UK citizen. You can´t have it better! What´s the problem?

[mvdf]

9 hours ago, Dagfinnur Traustason said:

Yes, I know that! That question is if you know what you are talking about.

You say that you have a Scottish bank account, then you must have access to that account too, right? After that you say that you can not transfer money to that account if you do not have a registered address in UK.

Then my answer was, that is very strange. That must then mean that a person living in another country, can´t transfer any money to you either. That makes it a quite useless account, right?

What do you think happen if you sell your bitcoin on exchange to money, and transfer them to your Scottish account? Does that not convert to the bitcion to money and sScottish pounds???? Why would that not be possible. It´s your account, right?

Same as you state you are both Thai and UK citizen. You can´t have it better! What´s the problem?

 

Stop this crypto brouhaha. It's THB to GBP. Everything else is what criminals do to circumvent our society's good laws. 

 

[Dagfinnur Traustason]

3 hours ago, mvdf said:

 

Stop this crypto brouhaha. It's THB to GBP. Everything else is what criminals do to circumvent our society's good laws. 

 

What is your problem? It was the OP that mentioned about bitcoin, and I have discussed around that. If you don´t like the thread, just put your interest in something that is closer to your liking. Who are you to tell what others should do or stop with?

[nickmondo]

has it occured to you that calling your UK bank might be a good idea?

[xylophone]

15 hours ago, Neeranam said:

Good point, but I have a feeling transferring cash abroad is for everyone. I'll call the bank. 

A few years ago I transferred 4 million baht from Siam Commercial Bank to my New Zealand bank, and though there was a small fee involved, it wasn't very much at all.

 

As I recall the bank needed to know from whence the money came, so if I had provided them with documentation showing the sale of my house or something similar that would have been fine, but I didn't have anything, however they were adamant they needed a document to show the source of funds. 

 

So I bought a government bond here and kept it for a week before selling it and put the money in my Thai account, then transferred that to my NZ account, and they deemed that to be fine!

 

Not only that I made a few hundred baht on the deal.

[Neeranam]

3 minutes ago, xylophone said:

So I bought a government bond here and kept it for a week before selling it and put the money in my Thai account, then transferred that to my NZ account, and they deemed that to be fine!

 

Not only that I made a few hundred baht on the deal.

Good idea, thanks. 

I could perhaps do the same with gold, although I don't think that will go up.

[karunasup]

More and more banks in diff countries are controlling the on/off ramp to converting cash to BTC and BTC to cash....and so the AML/KYC requirements are being applied. You have to ask the Scottish bank how you can deposit cash proceeds from sale of BTC. One option: You can sell BTC via a peer to peer exchange in the UK itself - if an exchange will not accept you as a customer. Check out bitstamp.net   to see if they will accept you as a client.

[xylophone]

1 hour ago, Neeranam said:

Good idea, thanks. 

I could perhaps do the same with gold, although I don't think that will go up.

Yes I believe it was a good idea, because I bought the bond through the bank, there and then, completed the paperwork and came back a week later to sell it and complete the paperwork again, so it was all done in the bank and they were able to put on the "Source of funds" form that the funds came from a Thai government bond.

 

And of course it was signed by the manager of the bank giving it a bit more "weight".

[Neeranam]

1 hour ago, karunasup said:

More and more banks in diff countries are controlling the on/off ramp to converting cash to BTC and BTC to cash....and so the AML/KYC requirements are being applied. You have to ask the Scottish bank how you can deposit cash proceeds from sale of BTC. One option: You can sell BTC via a peer to peer exchange in the UK itself - if an exchange will not accept you as a customer. Check out bitstamp.net   to see if they will accept you as a client.

Thanks I will do that. 

This is the problem, I've already tried to cash funds in gaming sites, but they require proof that I'm a resident. 

[DJ54]

18 hours ago, Dagfinnur Traustason said:

But, that would mean a friend in USA, could not sent money to your account????? Never heard of that before. If you have an account, you can transfer money to it.

Wanted to send money WU from my US bank and because I was in Thailand it was 1 week before I was told can’t send without me being in US... that was 5 years ago.. 

[Dagfinnur Traustason]

6 minutes ago, DJ54 said:

Wanted to send money WU from my US bank and because I was in Thailand it was 1 week before I was told can’t send without me being in US... that was 5 years ago.. 

Ok, I stand corrected! Must say I am deeply sad that a country that wish to engage in things regarding the whole world, not even can let their citizens use their bank accounts. Maybe they have enough for a couple of years to deal with their domestic problems.

[Janner1]

On 2/23/2021 at 8:13 AM, Neeranam said:

On 2/23/2021 at 7:58 AM, Dagfinnur Traustason said:

 

I plan to retire to Scotland in a few years,

Forgive me but why would you want to do that? 
All you are going to find is cold weather, high taxation, cold weather, restrictions, cold weather, high cost of living and the dreaded Nicola Sturgeon, god help Scotland and the Scots if she gets her way.

[adammike]

26 minutes ago, Janner1 said:

Forgive me but why would you want to do that? 
All you are going to find is cold weather, high taxation, cold weather, restrictions, cold weather, high cost of living and the dreaded Nicola Sturgeon, god help Scotland and the Scots if she gets her way.

Get a EU passport if they get independence,better than a UK one whatever the colour.

[QPRFC]

I always use Transferwise (now known as Wise) to make money transfers BUT I just realised that I can only transfer money into Thailand THB and not out of Thailand THB ?!?

[Janner1]

23 hours ago, adammike said:

Get a EU passport if they get independence,better than a UK one whatever the colour.

You can not educate pork

[upu2]

There is a limit that you can send out of country without the Central Bank requiring to give permission for the transfer. I am not sure what it is but I would guess Bht 5 million would be over that limit.I would suggest you check with your bank or rather the head office of your bank.