I would like to send a big amount into my Bangkok Bank, can have any problem ?

[JackieShan]

I would like to send maybe around 20,000 - 30,000 €uros into my Thai BKK Bank. Using Transferwise.

 

There's any chance that they may block the funds and asking "the proof of sources", or someone get his account closed suddenly without any reasons ? (the money is legit, is my savings, but here in EU, they saw any large amount transfer as potential funds of terrorism or money-laundering & requesting proofs) I am not aware in Thailand if they act the same.

 

And right, I saw they're coming as "International transfer" so it gonna count well right for the Immigration Bureau for extend the visa, it's ok even the sum are just send like little by little, like 2-3 k each transfer for the Immigration later ?

[NanLaew]

Does it need to come as a lump sum?

 

I recall reading that the amount that triggers banking's Anti-money laundering (AML) flags is greater than US$10,000 or the equivalent. Maybe wire the equivalent of that FIRST, say €8000? Then you will get an idea of transfer times but as always, try and avoid weekends and holidays.

 

With regard to AML compliance, Thai banks need to be in compliance but since foreign currency transfers may be processed via intermediary or corresponding banks, it may be an unidentified bank that stalls a transfer of an excessive amount.

[Swiss1960]

Tens of thousands of people have sent that kind of money (and even much more) from one private account in their name to one in Thailand, me included. Don't forget to later ask the bank for the foreign transaction exchange form.

[NanLaew]

3 minutes ago, Swiss1960 said:

Tens of thousands of people have sent that kind of money (and even much more) from one private account in their name to one in Thailand, me included. Don't forget to later ask the bank for the foreign transaction exchange form.

 

This is broadly the case and is pretty much guaranteed if the corresponding banks have fulfilled their Know Your Customer (KYC) commitments. I went through this procedure with a UK offshore bank about 10 years ago which was about 28 years after I had opened an account with them and had already been funneling my billions all over the shop.

[Peterw42]

OP, if you are using transferwise, its not you doing an international transfer , its transferwise. The money will arrive in your account as a local Thai bank to Thai bank transfer. Transferwise are doing the international transfer. You do a local transfer in home country and receive a local transfer in Thailand.

 

All international transfers need to be accounted for,  there is usually a "reason" added to the transfer, (investment, salary, purchase etc) its a requirement of all central banks, the reason is put there by you, or the bank, or the private transfer company. There is never a question of where the funds came from, the transfer shows where it came from, account 1234 country XYZ.

Unless you are part of an ongoing Interpol investigation into international gun smuggling, nobody is asking how you made the money, where the money came from etc.

 

Literally 1,000s of people transfer similar amounts of money everyday, for condos, cars, visa's etc.

 

 

[offset]

10 minutes ago, Peterw42 said:

OP, if you are using transferwise, its not you doing an international transfer , its transferwise. The money will arrive in your account as a local Thai bank to Thai bank transfer. Transferwise are doing the international transfer. You do a local transfer in home country and receive a local transfer in Thailand.

 

All international transfers need to be accounted for,  there is usually a "reason" added to the transfer, (investment, salary, purchase etc) its a requirement of all central banks, the reason is put there by you, or the bank, or the private transfer company. There is never a question of where the funds came from, the transfer shows where it came from, account 1234 country XYZ.

Unless you are part of an ongoing Interpol investigation into international gun smuggling, nobody is asking how you made the money, where the money came from etc.

 

Literally 1,000s of people transfer similar amounts of money everyday, for condos, cars, visa's etc.

 

 

 

I have notice with Transferwise for small amounts 2000 Sterling or less the transfer is normally imedate but for larger amounts it can take much longer I do not know why, also the fee is not less because of how much you send

[ianguygil]

OP

 

This is not a large amount of money. The company you send "from", TW or a local bank, will ask you for details of where you got the money from. We - Bangkok Bank - will go through our standard compliance checks to ensure you are not on any watch lists and that there are no malicious players in the chain. I won't go into it all, but because we have so many overseas operations, we have to meet the requirements not just of Thailand but of other countries (we are in the UK and the US for example). So full checking for things like OFAC in the US are performed. Being next to Myanmar we have some transactions which are valid but which deal with a country on the watch list for example because Thailand has a lot of valid business operations with its neighbor to the West. 

 

And as others have said here, this is the kind of transactions literally done thousands of times a day into and out of Thailand.

 

TW is a retail service, so I question sending a large sum using their spreads, but that is really up to you. Apart from that they are highly reputable and reliable. 

 

Thanks

[Surelynot]

My account has accepted much larger amounts......I can give you the details and then transfer the money to your account.

Edited March 2, 2021 by Surelynot

[lkv]

No issue under USD 50K, above that they would hold the money until you complete an additional form that is required by the Bank of Thailand. This applies on SWIFT transfers.

 

For Transferwise, it might be perceived as a local transfer, as other posters have commented.

 

Either way, there is no issue for the amount mentioned above.

[roo860]

Edited March 2, 2021 by roo860
Deleted

[roo860]

11 minutes ago, roo860 said:

 

Wrong topic!!!!!!????????

Edited March 2, 2021 by roo860

[Magdalen]

In my experience over quite a few years with Bangkok Bank, amounts below Baht 1.5 million are not queried at all. Above this, however,  I always

get a rather menacing phone call from the Head Office, requesting my answer a load of questions about the provenance of the funds before

they release them. For Eur 20-30,000 you should be fine, at least with the above bank

[Berkshire]

8 minutes ago, Magdalen said:

In my experience over quite a few years with Bangkok Bank, amounts below Baht 1.5 million are not queried at all. Above this, however,  I always

get a rather menacing phone call from the Head Office, requesting my answer a load of questions about the provenance of the funds before

they release them. For Eur 20-30,000 you should be fine, at least with the above bank

I've sent over 1.5 mil THB a couple of times and did get calls from the bank.  They just asked what I plan to do with the money and that was about it.  Other transfers--and they've been many--have not been a problem.  All the funds always showed up as expected. 

[arick]

On 3/2/2021 at 8:36 AM, JackieShan said:

I would like to send maybe around 20,000 - 30,000 €uros into my Thai BKK Bank. Using Transferwise.

 

There's any chance that they may block the funds and asking "the proof of sources", or someone get his account closed suddenly without any reasons ? (the money is legit, is my savings, but here in EU, they saw any large amount transfer as potential funds of terrorism or money-laundering & requesting proofs) I am not aware in Thailand if they act the same.

 

And right, I saw they're coming as "International transfer" so it gonna count well right for the Immigration Bureau for extend the visa, it's ok even the sum are just send like little by little, like 2-3 k each transfer for the Immigration later ?

It's to small to trigger anything you won't have a problem if the stop it just says its for your visa.... 

[mvdf]

If it's legit with all paperwork in order, transfer it in one sum.

 

Transferring it incrementally below the flag threshold will raise, well, flags as this is seen as "structuring", a money laundering strategy assumed (falsely) as a way to stay below the radar. 

 

Google "structuring money laundering". First search result is what structuring is all about. 

 

[PETERTHEEATER]

18 hours ago, roo860 said:

Me no unnerstan

[natway09]

I would not be too concerned about the BKB end.

You will need to convince the sending country that the money is "legit" 

Send it in smaller denominations if you can & send in Euros.

The BKB here in HO (which is where it all get cleared first) will give a better exchange rate on Thai Baht than any overseas bank

[PGSan]

1 hour ago, natway09 said:

here in HO

Where is that?

[Dazinoz]

On 3/2/2021 at 10:53 AM, Peterw42 said:

OP, if you are using transferwise, its not you doing an international transfer , its transferwise. The money will arrive in your account as a local Thai bank to Thai bank transfer. Transferwise are doing the international transfer. You do a local transfer in home country and receive a local transfer in Thailand.

Not necessarily true. Transferwise has a section you select reason of transfer which has an option of long term stay in Thailand. By selecting this my money always comes to my Bangkok Bank account as FTT which is international transfer. Plus it helps to contact them and they put a flag on your account to ensure send as international transfer.

[fvw53]

On 3/2/2021 at 8:36 AM, JackieShan said:

I would like to send maybe around 20,000 - 30,000 €uros into my Thai BKK Bank. Using Transferwise.

 

There's any chance that they may block the funds and asking "the proof of sources", or someone get his account closed suddenly without any reasons ? (the money is legit, is my savings, but here in EU, they saw any large amount transfer as potential funds of terrorism or money-laundering & requesting proofs) I am not aware in Thailand if they act the same.

 

And right, I saw they're coming as "International transfer" so it gonna count well right for the Immigration Bureau for extend the visa, it's ok even the sum are just send like little by little, like 2-3 k each transfer for the Immigration later ?

 

I have only problems if I need to export some my money back home....I had to it in small amounts and to declare it was humanitarian aid for my family

[scubascuba3]

On 3/2/2021 at 10:53 AM, Peterw42 said:

OP, if you are using transferwise, its not you doing an international transfer , its transferwise. The money will arrive in your account as a local Thai bank to Thai bank transfer. Transferwise are doing the international transfer. You do a local transfer in home country and receive a local transfer in Thailand.

 

All international transfers need to be accounted for,  there is usually a "reason" added to the transfer, (investment, salary, purchase etc) its a requirement of all central banks, the reason is put there by you, or the bank, or the private transfer company. There is never a question of where the funds came from, the transfer shows where it came from, account 1234 country XYZ.

Unless you are part of an ongoing Interpol investigation into international gun smuggling, nobody is asking how you made the money, where the money came from etc.

 

Literally 1,000s of people transfer similar amounts of money everyday, for condos, cars, visa's etc.

 

 

Transferwise will do extra checks for larger amounts and may ask additional questions, this will delay settlement to days rather than hours. These are probably anti money laundering checks but they won't tell you that. Sending bank might block the transfer initially

Edited March 3, 2021 by scubascuba3

[thailand49]

I've done a number of transfer using TW the past few years from Thailand if I remember correctly from Thailand there might be a limit or it might be because it was my first time wanted to transfer 30,000 USD I had to do it in two segments 15,000 each.

 

The next time I was visiting the U.S. I online transfer request 30,000 USD an hour later went into my bank and wired that amount to TW main bank in New York Wells Fargo, this particular transaction was completed in 8 hours with the funds in my Thai bank Bangkok.

 

Each transaction they will ask you question basically what the money is for each time I just checked for Medical never had a problem.

[rwill]

I've wired much larger amounts with no problem.  They may call you to find out if the money is for buying property or living expenses.

[statman78]

About a month ago I transferred an amount in excess of $50,000 US from my account in the US to my account at Bangkok Bank.  Bangkok Bank called.and asked me what the money would be used for and if I approve the transfer.  I told them it was for living expenses.  I did not fill out any forms and the money was in may account within a few hours.

[khunPer]

On 3/2/2021 at 2:36 AM, JackieShan said:

There's any chance that they may block the funds and asking "the proof of sources", or someone get his account closed suddenly without any reasons ? (the money is legit, is my savings, but here in EU, they saw any large amount transfer as potential funds of terrorism or money-laundering & requesting proofs) I am not aware in Thailand if they act the same.

If you have no problems in explaining the source of funds if asked, you should have no problems transferring them in one lot.

Transferwise gives you variety to choose from in the drop down menu.

Today it's equivalent to $50,000 you need to declared when transferring funds into Thailand, earlier it was for a sum equivalent to $20,000. Thai banks might also have questionnaires about knowing their customers and whitewashing, especially when you engagement comes over a certain size, so you might be asked about that when doing larger transfers; I'm regularly asked to fill one out, like every fifth year or less (I don't count the time).

[DrDave]

One thing to remember when using Transferwise to transfer a large sum is that their "normal" business model doesn't apply to countries (such as Thailand) that don't allow transfers out. The normal model is that the majority of funds being "transferred" never actually cross borders, since transfers out are balanced somewhat against transfers in. Thus, in many cases these are just local transfers in both the source and destination countries. Not so for Thailand though, since there are no outbound transfers allowed. Transferwise therefore has to somehow maintain funds in their local Thai bank account(s) in order to accommodate inbound transfers. I suspect that transferring a large amount into Thailand could result in delays in the event that Transferwise doesn't have sufficient local funds on hand. Using their website, I've seen that transfers of progressively larger amounts are projected to take progressively longer times to process. 

 

[The Theory]

2 hours ago, DrDave said:

Using their website, I've seen that transfers of progressively larger amounts are projected to take progressively longer times to process. 

It even happened (more delay than expected) to my $2000 transfer a few days ago, but they gave me a better exchange rate instead. 

[Confuscious]

On 3/2/2021 at 8:36 AM, JackieShan said:

I would like to send maybe around 20,000 - 30,000 €uros into my Thai BKK Bank. Using Transferwise.

 

There's any chance that they may block the funds and asking "the proof of sources", or someone get his account closed suddenly without any reasons ? (the money is legit, is my savings, but here in EU, they saw any large amount transfer as potential funds of terrorism or money-laundering & requesting proofs) I am not aware in Thailand if they act the same.

 

And right, I saw they're coming as "International transfer" so it gonna count well right for the Immigration Bureau for extend the visa, it's ok even the sum are just send like little by little, like 2-3 k each transfer for the Immigration later ?

I did send over 50,000 Euro to my foreign currency at the UOB bank already 2 times in 12 years.

The UOB bank didn't accept any transferts to my foreign currency account without receiving before a signed letter from the bank abroad, declaring that the funds are from a bona-fide account (no ill gains).

The first time I transferred the 50,000 Euro I did not ask for the signed letter from the bank and the UOB bank did send everything back.
 

[Susco]

Things may have changed since, but December 2015 I sent 300K Euro and 300K US$ to foreign currency accounts with Kasikorn.

 

No questions asked, and money arrived in 24 hours.

 

I had to give my European bank a reason why I sent the money to Thailand.

 

I also think that for amounts of 20K US$, TransferWise fees are higher than if you sent it by normal swift.

[scubascuba3]

8 hours ago, DrDave said:

One thing to remember when using Transferwise to transfer a large sum is that their "normal" business model doesn't apply to countries (such as Thailand) that don't allow transfers out. The normal model is that the majority of funds being "transferred" never actually cross borders, since transfers out are balanced somewhat against transfers in. Thus, in many cases these are just local transfers in both the source and destination countries. Not so for Thailand though, since there are no outbound transfers allowed. Transferwise therefore has to somehow maintain funds in their local Thai bank account(s) in order to accommodate inbound transfers. I suspect that transferring a large amount into Thailand could result in delays in the event that Transferwise doesn't have sufficient local funds on hand. Using their website, I've seen that transfers of progressively larger amounts are projected to take progressively longer times to process. 

 

larger amounts take longer because of additional checks not because shortage of baht. Max is 2mb per transaction, they aren't having issues getting currency, they are most likely doing currency deals throughout the day to cover it