Thai bank international wire out? Only with work permit?

[WorriedNoodle]

Can international wires from Thailand banks be done without a work permit? I could wire the funds into Thailand then out again, but I don't think Thailand allows this do they? I am retired so not earning money here.

 

My KBank online web site requires work permits to link international accounts. Can international wires be done in person at my bank without a work permit? Just asking now as I have never tried.

 

My online brokerage in Singapore insists on funds coming only from a bank account in my name in country of my address, Thailand, reason for the question.

[Mike Teavee]

Try Deemoney https://www.deemoney.com/ 

 

[WorriedNoodle]

Isn't Deemoney like Transferwise but for outbound sending money? The brokerage doesn't accept these systems, only from personal bank accounts (I have Kasikorn) using paid for international wires and Swift code. A money laundering security check I expect.

 

My question was more related to can this even be done without a work permit??

[kwonitoy]

Yes you can transfer money out without a work permit, but you have to do it in person at the bank and you have to find someone you can communicate with. Take all your details of the bank you are going to transfer too, SWIFT IBAN account number, bank address etc.

The person I dealt with at SCB told me I could transfer up to 50K USD per day without a problem. I have done international transfers of that amount without a problem at a cost of 1350 baht. 550 baht commission and 800 baht bank charge.

 

It can be done you just have to find the right person. TIT

[Crossy]

2 minutes ago, kwonitoy said:

Yes you can transfer money out without a work permit, but you have to do it in person at the bank and you have to find someone you can communicate with.

 

Yes, that's my understanding too, WP needed if you want to set up online transfers. Otherwise in-person necessary.

 

[WorriedNoodle]

Thanks guys, I will have to go to bank and see. Appreciate the heads up.

[kwonitoy]

I went through the wringer two years ago when I sold my condo.

The helpful agent under reported the official sale price to help lower the transfer tax price, as is quite common.

The bank would only transfer the amount on the land transfer bill of sale in one go, so it left me with several millon baht left in Thailand.

A very helpfull girl at the 3rd SCB I visited informed me of the ins and outs of transfering.

Some of the pushback at some branches saying no can do, was them trying to save me the transfer fees!!!!

When they understood I did not mind paying the transfer fee, smiles all around and just a moment pleas.

[WorriedNoodle]

17 minutes ago, kwonitoy said:

I went through the wringer two years ago when I sold my condo.

Thanks. This is not to do with sales of properties in Thailand. My money is already outside Thailand, but the brokerage in Singapore will only accept funding from within Thailand, not outside, so I was thinking to wire the money here then out the next day.

[SCOTT FITZGERSLD]

1 hour ago, WorriedNoodle said:

Can international wires be done in person at my bank without a work permit?

yes you can. work permit is only required for self service on line payments.

if you go to the bank yourself, no need for work permit to send money out of thailand.

1 hour ago, WorriedNoodle said:

My online brokerage in Singapore insists on funds coming only from a bank account in my name in country of my address

that is quite srict, but the solution is simple- to send the money to thailand, than

from thailand to singapore.

maybe you should consider another brokerage like INTERNATIONAL BROKERS

who are more flexible. singapore is becoming too strict while it is full of  scammers and crooks.

[ianguygil]

Information required when sending funds abroad via SWIFT

To transfer funds overseas you will need the following information:

• The recipient’s account name, account number and address.
• The name and address of the recipient’s bank.
• The SWIFT address of the bank that they have an account with (if any).
• Supporting document (for Thai citizens, a document stating the purpose of the fund transfer; for foreigners, a document stating the income’s source).

 

If transferring funds to a bank account in Europe or the Middle East, senders should ask recipients for their IBAN.

 

Transferring out of Thailand (bangkokbank.com)

 

[WorriedNoodle]

5 hours ago, SCOTT FITZGERSLD said:

that is quite srict, but the solution is simple- to send the money to thailand, than

from thailand to singapore.

Yes, I will ask if that's what is required before sending.

 

The bizarre thing is my funds are already in the USA, the Singapore brokers receiving account is another bank in the USA used as a clearing account they forward onto Singapore. So I would have to send my funds from USA to Thailand then back to USA!

[couchpotato]

6 hours ago, kwonitoy said:

Yes you can transfer money out without a work permit, but you have to do it in person at the bank and you have to find someone you can communicate with. Take all your details of the bank you are going to transfer too, SWIFT IBAN account number, bank address etc.

The person I dealt with at SCB told me I could transfer up to 50K USD per day without a problem. I have done international transfers of that amount without a problem at a cost of 1350 baht. 550 baht commission and 800 baht bank charge.

 

It can be done you just have to find the right person. TIT

Correct. I do it regularly with Bangkok Bank (Naklua branch). Just walk in with the documents (as quoted above).

 

[Lucky dog]

I do exactly the same thing except with IBKR. They are way better than dealing with Singapore. 

[theoldgit]

16 hours ago, WorriedNoodle said:

The brokerage doesn't accept these systems, only from personal bank accounts (I have Kasikorn) using paid for international wires and Swift code. A money laundering security check I expect.

 

My question was more related to can this even be done without a work permit??

 

As you bank with Kasikorn you can send funds internationally via their K+ App, I've done it a number of times. You don't need to visit a bank and you don't need a Work Permit, I've sent funds to Singapore a few times, and have never had a WP.

 

https://www.kasikornbank.com/en/personal/digital-banking/kplus/functions/basic/Pages/international-transfer.html

[h3ith]

12 hours ago, WorriedNoodle said:

the Singapore brokers receiving account is another bank in the USA

It's not the Singapore branches of Interactive Brokers or TD Ameritrade,  I hope? I was thinking about opening an account with them.

[WorriedNoodle]

9 minutes ago, h3ith said:

It's not the Singapore branches of Interactive Brokers or TD Ameritrade,  I hope?

It's TD Ameritrade. If you go to their US web site they just direct you to Singapore if you live in Thailand. I am just playing along as I want to try them out - not sent any funds yet. They have given me a leverage account and a good looking software platform.

 

Currently do all my trading with a US broker (E*Trade) that allows free ACH wire transfers in and out, but has other limitations for me as a foreigner also.

[WorriedNoodle]

1 hour ago, theoldgit said:

As you bank with Kasikorn you can send funds internationally via their K+ App

Thanks, that is good to know. Will try that before going to the bank in person if I have to.

[SomchaiCNX]

20 hours ago, kwonitoy said:

Yes you can transfer money out without a work permit, but you have to do it in person at the bank and you have to find someone you can communicate with. Take all your details of the bank you are going to transfer too, SWIFT IBAN account number, bank address etc.

The person I dealt with at SCB told me I could transfer up to 50K USD per day without a problem. I have done international transfers of that amount without a problem at a cost of 1350 baht. 550 baht commission and 800 baht bank charge.

 

It can be done you just have to find the right person. TIT

Used SCB as well but it takes me about an hour while my wife is in and out in less than 10 minutes. THis is one of the many things the TAT forget to mention when they want to attract foreigners.

 

[h3ith]

2 hours ago, WorriedNoodle said:

It's TD Ameritrade.

Saxo Bank Singapore is another alternative, besides Interactive Brokers.

I haven't opened a Singapore account yet, but would be surprised if Saxo or Interactive Brokers had the same quirk as TD Ameritrade.

They require a reference bank account in your own name for transfers in and out of your brokerage account. But they don't state that your reference bank account needs to be in a certain country.

Normally, brokers and banks only require proof of identity (passport), proof of residence (e.g., a residence certificate by immigration office, or a bank statement from your Thai bank showing your address), and a Thai tax identification number or a reason why you don't have a TIN. 

 

[digger70]

On 8/13/2021 at 4:13 PM, WorriedNoodle said:

Isn't Deemoney like Transferwise but for outbound sending money? The brokerage doesn't accept these systems, only from personal bank accounts (I have Kasikorn) using paid for international wires and Swift code. A money laundering security check I expect.

 

My question was more related to can this even be done without a work permit??

Yes, It Can.

[anthos]

Krungsri bank has always allowed to make online SWIFT transfers abroad.
I don't think I ever applied for it with or without my work permit.
Surely never had to visit their branch to do it.
However I think I've never sent more than 10000 USD.

[Dickp]

I do all  brokerage  buy / sales with a large brokerage Co. in the the USA both US and oversea stocks. My account is med Sz 110,000.00 USD. I due it to have something to do, not so much for the money. Don't real know much about stock ect but learning more every day been investing in stock for 2 1/2 yrs now other then some mutual funds I purchase 37 yrs ago, those just had any dividends just rollover to purchase more funds. Grown from 1,500 USD to today 30,000 USD. The mutual funds were for my daughters college, never need them for that as the US saving bonds that I also started to purchase when she was born cover that cost plus then I was making enough to pay her yearly cost plus cashing in the US savings bonds. She finished college 2018, 12 yrs college with a PHD. A few years back I start buying stocks, that has grown to size I have now. Do not trust overseas stocks that much so that's what's why US brokerage account, easy for me to transfer from my bank to to them. I can purchase almost any overseas stock that I what though them.

[WorriedNoodle]

On 8/14/2021 at 1:14 PM, h3ith said:

But they don't state that your reference bank account needs to be in a certain country.

I have asked for clarification on this as I didn't know about it, it wasn't in the guidelines, and now it's cost me 18USD tx fee for a wasted transfer that will take 3 weeks to get back they say. Still waiting on a reply, they are slow on emails also.

[Pib]

You can use Krungsri Bank and Bangkok Bank to do online SWIFT transfers "without" having a work permit.  Krungsri has allowed this for years....and I have done a transfer to my U.S. bank to confirm it works...funds arrived in 6 hours.   

 

Bangkok Bank started allowing it around May 2021.   With Bangkok Bank you will first submit an online request for SWIFT to a certain bank(s)....it's simple....and within 3 business days they will approve/disapproved....assuming approved you can now make SWIFT transfers to that foreign bank(s).  I did this last month and was approved in 1 business day.  I do not have a work permit....just a marriage extension of stay.   Previously, Bangkok Bank did require a work permit, but Bank of Thailand loosened rules earlier this year.

[Pib]

As additional info, for you folks with Bangkok Bank, just log onto your ibanking and apply for Int'l Transfer online...it's easy...no work permit required "now."   As of approx 22 May 2021 you don't need a work permit as Bangkok Bank changed its policy based on Bank of Thailand new rules regarding international transfers.

 

You will need to know the SWIFT/BIC, Fedwire  number (i.e., ACH routing), bank name and address when submitting the online request.   If I remember right there is no need to submit/upload any documents like passport or passbook using the online process assuming the info you submit online matches what the bank currently has on record for you.

 

For U.S. folks, you can use your U.S. bank's "routing number" (a.k.a., FEDWire) vs SWIFT code...this is a good thing since some U.S. banks don't have SWIFT codes.   Yeap, just select FEDWire and then enter your bank's ACH routing number and your acct number.  Fedwire uses ACH routing numbers.

 

Once submit your online request for Int'l Transfer authorization you get a notice that you will approved/disapproved within 3 business days....took 1 business day for me....you get an email from Bangkok Bank....I was approved.

 

Now when I go into the New Int'l Transfer ibanking menu the U.S. beneficiary/bank I submitted in the application is listed in the "Transfer to Beneficiary" pull down menu.   In this case I'm the beneficiary as I'm sending money to my U.S. bank acct.   When I did this I only submitted for one particular U.S. bank....my primary U.S. bank....but I could have included others on the same submission form.   I didn't want to waste time requesting two or three of my U.S. bank be added as I was kinda assuming Bangkok Bank would disapprove my request since I don't have a work permit.....just a marriage extension of stay based on an old OA Visa.   But as mentioned, I was approved.   

 

Several years ago I submitted an online request and at the very end of the process it said I now need to fax-in my work permit and key passport pages--which I never did as I didn't have a work permit.  But that was the "old" rules; new rules now in place due to recent Bank of Thailand policy changes in loosening up the outflow of funds (geared towards weakening the baht I expect).

 

Now to add those other banks I would submit an amendment which is basically a repeat of the original submission but instead of providing the info for one bank I would provide the info for two, or three, or every how many banks I wanted to get approved for Int'l Transfers.   Once again, it's an easy process....just need to have your U.S. bank's SWIFT code or Fedwire (ACH Routing number), bank's address, beneficiary account number and address (can be your own info which is what I did), bank phone number, etc.   Once added the links will appear for you to use...pretty much like setting up an ACH Transfer link on your U.S. bank acct.

 

 

[Mike Teavee]

On 8/13/2021 at 4:13 PM, WorriedNoodle said:

Isn't Deemoney like Transferwise but for outbound sending money? The brokerage doesn't accept these systems, only from personal bank accounts (I have Kasikorn) using paid for international wires and Swift code. A money laundering security check I expect.

 

My question was more related to can this even be done without a work permit??

Yes it is exactly like TransferWise but for sending money out of Thailand instead of in & you do not need a work permit to do so.

 

Sorry I misread your question & thought you were trying to send money to the bank in another country & then send it to your Broker if you need to send it directly from your Thai bank account to them then obviously you’ll need to work that out with your Bank or change banks.

 

 

Edited August 19, 2021 by Mike Teavee

[shortstop2]

On 8/17/2021 at 3:25 PM, Pib said:

You can use Krungsri Bank and Bangkok Bank to do online SWIFT transfers "without" having a work permit.  Krungsri has allowed this for years....and I have done a transfer to my U.S. bank to confirm it works...funds arrived in 6 hours.   

 

Bangkok Bank started allowing it around May 2021.   With Bangkok Bank you will first submit an online request for SWIFT to a certain bank(s)....it's simple....and within 3 business days they will approve/disapproved....assuming approved you can now make SWIFT transfers to that foreign bank(s).  I did this last month and was approved in 1 business day.

Was any supporting documentation required such as an invoice?

 

I would like to do a small Swift transfer to the USA; less than 500 USD.   Can use Bangkok Bank, Krungsri, SCB, or Kasikorn. 

 

 

[Pib]

9 hours ago, shortstop2 said:

Was any supporting documentation required such as an invoice?

 

I would like to do a small Swift transfer to the USA; less than 500 USD.   Can use Bangkok Bank, Krungsri, SCB, or Kasikorn. 

 

 

None required.

[siam dreamers]

Every time I transfer funds into Thailand I request a letter from the bank (free) recording the transfer. If they want to know where the money comes from with out going transfer this letter always satisfies them.