Money transfer restrctions

[flexomike]

So if I am going to buy a three million baht Condo I have to do sixty transfers, I don't think so

[david555]

35 minutes ago, flexomike said:

So if I am going to buy a three million baht Condo I have to do sixty transfers, I don't think so

just use a bank for such sum , i think you can afford the bank fee......????  seeing the 3 mil. baht condo price ????

[Pib]

8 hours ago, david555 said:

That 49,999.99 limit  per transaction is named in USD  value not in baht 

Global Outward via K PLUS - KASIKORNBANK

 

This site explains the whole K+ procedure 

Probably talking apples and oranges here.  The K-bank service is talking outward flow of funds from Thailand; not inbound as other people are talking. 

 

From a couple of posts it does seem whatever transfer partner(s) Azimo and Currencyfair are using that those partners are limited to 49,999.99 baht inbound to/within Thailand.   

Edited December 1, 2021 by Pib

[GrandPapillon]

there seems to be a big compliance change in corresponding banks handling multi-currency, in light of new restrictions against Iran, Crimea, NK etc... the usual suspects

 

for a simple 15K USD transfer to Thailand, it has been weeks, after extra checks from SWIFT by the corresponding banks

 

all the compliance department must be swamped with "document claims" after stopping all those transfers, a nightmare scenarios

[david555]

19 minutes ago, Pib said:

Probably talking apples and oranges here.  The K-bank service is talking outward flow of funds from Thailand; not inbound as other people are talking. 

 

From a couple of posts it does seem whatever transfer partner(s) Azimo and Currencyfair are using that those partners are limited to 49,999.00 baht inbound to Thailand.   

If you would have  read my last post , there i realized  the " apples and oranges ".... it came because most time people is worried to get money OUT of Thailand , now it looks the new trend is getting money OUT of U.K. ..... isn't that not a bitt worrisome ..., ?? ????   ????

 

BTW  getting money out Thailand seems not a problem as i did 2 transactions different day  yesterday and before a day  for much more than that 49999 baht ...... but OUT of Thailand , but by bank not by just a financial institute 

Edited December 1, 2021 by david555

[userabcd]

13 minutes ago, GrandPapillon said:

there seems to be a big compliance change in corresponding banks handling multi-currency, in light of new restrictions against Iran, Crimea, NK etc... the usual suspects

 

for a simple 15K USD transfer to Thailand, it has been weeks, after extra checks from SWIFT by the corresponding banks

 

all the compliance department must be swamped with "document claims" after stopping all those transfers, a nightmare scenarios

From AMLO Thailand website:

 

List of High Risks Countries in accordance with FATF Public Statement As of October 2021 

KP Democratic People's Republic of Korea (DPRK) 1

IR Iran 1

AL Albania 3

BB Barbados 3

BF Burkina Faso 3

KH Cambodia 3

KY Cayman Islands 3

HT Haiti 3

JM Jamaica 3

JO Jordan 3

ML Mali 3

MT Malta 3

MA Morocco 3

MM Myanmar 3

NI Nicaragua 3

PK Pakistan 3

PA Panama 3

PH Philippines 3

SN Senegal 3

SS South Sudan 3

SY Syria 3

TR Turkey 3

UG Uganda 3

YE Yemen 3

ZW Zimbabwe 3

Key

1 = Jurisdictions subject to a Call for Action

2 = Jurisdictions subject to enhanced due diligence measures

3 = Jurisdictions under increased monitoring

 

This list is much longer than it was a few years ago. They keep adding to it.

 

And now with people moving money with crypto and these other sort of almost instantaneous transfers I guess there is increased scrutiny by the monetary authorities and traditional bank transfers who probably notice their money making swift transfer business declining.

Edited December 1, 2021 by userabcd

[GrandPapillon]

definitely, with cryptos being mainstream for "criminals", they are going to check everyone once they checkout of cryptos ????

 

[chang50]

Just emailed wise asking if the regs. have changed re limits on transfers to Thailand.I'll report their answer when I get it.

[ThailandRyan]

9 hours ago, chuang said:

Yes only 49,999 bahts to non K-Bank recipients per transaction. But more than the THB 49,999 you can still make multiple transfer..For K-Bank recipients no problem can be more...I have tried.

I just made my once every six months transfer via my banks self initiated Global Wire program from in the US to my K-Bank and it was in an amount that when exchanged from USD to THB was in the 7 figures.  It was sent via SWIFT in USD at 11pm from my bank last night, in the US through the fed, and was deposited at 9:53 am today into my K-Bank account.  33.72 Baht per $1 USD.  No issues with the amount.  Maybe it is an issue arising from the UK banking.

[david555]

1 minute ago, ThailandRyan said:

I just made my once every six months transfer via my banks self initiated Global Wire program from in the US to my K-Bank and it was in an amount that when exchanged from USD to THB was in the 7 figures.  It was sent via SWIFT in USD at 11pm from my bank last night, in the US through the fed, and was deposited at 9:53 am today into my K-Bank account.  33.72 Baht per $1 USD.  No issues with the amount.  Maybe it is an issue arising from the UK banking.

Before when Thailand restricted transfers OUT of Thailand all reactions here where like Thailand go bankrupt ????...., now it is in reverse mode restrictions OUT of U.K.  ..... no remarks in that direction ????

[GrandPapillon]

19 minutes ago, ThailandRyan said:

I just made my once every six months transfer via my banks self initiated Global Wire program from in the US to my K-Bank and it was in an amount that when exchanged from USD to THB was in the 7 figures.  It was sent via SWIFT in USD at 11pm from my bank last night, in the US through the fed, and was deposited at 9:53 am today into my K-Bank account.  33.72 Baht per $1 USD.  No issues with the amount.  Maybe it is an issue arising from the UK banking.

nice, yeah, could be an issue with UK bank, maybe with Brexit

[scubascuba3]

54 minutes ago, david555 said:

If you would have  read my last post , there i realized  the " apples and oranges ".... it came because most time people is worried to get money OUT of Thailand , now it looks the new trend is getting money OUT of U.K. ..... isn't that not a bitt worrisome ..., ?? ????   ????

 

 

i think it's more likely they are catching up on companies like Wise to ensure they follow money laundering regs

[david555]

7 minutes ago, scubascuba3 said:

i think it's more likely they are catching up on companies like Wise to ensure they follow money laundering regs

Or the" marry go round mill " in & out again ...... from the 65000 baht income users.... for immigration some (not all) are doing ?

 

Solving also so the problems about the transfer code as foreign transfer who seems to be a problem for some , as many could go different transferring option ?

Edited December 1, 2021 by david555

[MRToMRT]

This is probably the most confusing thread ever. 

[Jen65]

6 hours ago, scubascuba3 said:

Someone posted this on Facebook, kinda answers the question

This states "money transfer companies "  ,  it does not say anything about bank transfers !

[david555]

16 minutes ago, Jen65 said:

This states "money transfer companies "  ,  it does not say anything about bank transfers !

1 transfer is only 1 time money for them , 2 or more times  is more money for them ..... could that be the real reason ?

[CM Dad]

I have been trying to do a SWIFT wire transfer from my Wells Fargo account in the US all week and keep getting told that there is a "Red Flag", a warning, on doing wire transfers to Thailand.  No reason has been given thus far.  I am becoming more angry and frustrated about it each passing day, but I am still trying.

[ThailandRyan]

1 minute ago, CM Dad said:

I have been trying to do a SWIFT wire transfer from my Wells Fargo account in the US all week and keep getting told that there is a "Red Flag", a warning, on doing wire transfers to Thailand.  No reason has been given thus far.  I am becoming more angry and frustrated about it each passing day, but I am still trying.

That's weird as I had no issues with Chase Bank.

[Satcommlee]

I will try wise tomorrow for about $10K and report here how it went.

[GrandPapillon]

1 hour ago, CM Dad said:

I have been trying to do a SWIFT wire transfer from my Wells Fargo account in the US all week and keep getting told that there is a "Red Flag", a warning, on doing wire transfers to Thailand.  No reason has been given thus far.  I am becoming more angry and frustrated about it each passing day, but I am still trying.

yep, same here. Just be patient. Maybe they have put some silly AI systems that stop every little transfers ????

[GrandPapillon]

1 hour ago, ThailandRyan said:

That's weird as I had no issues with Chase Bank.

I think Citibank is doing all the extra checks, and they are a corresponding bank for a lot of overseas bank

[scubascuba3]

9 hours ago, david555 said:

Or the" marry go round mill " in & out again ...... from the 65000 baht income users.... for immigration some (not all) are doing ?

 

 

Money laundering checks won't stop that, but it's a tiny tiny problem, most people can't be bothered to do it, I've only heard of one case

[scubascuba3]

8 hours ago, Jen65 said:

This states "money transfer companies "  ,  it does not say anything about bank transfers !

How do you get the money to the money transfer companies? by bank transfer?

[Pumpuynarak]

On 12/1/2021 at 5:19 AM, RichardColeman said:

Might explain why my wise payment took 4-5 days the other month as opposed to the usual minutes

Yes indeed, received this from Wise.....

 

[chang50]

44 minutes ago, Pumpuynarak said:

Yes indeed, received this from Wise.....

 

Come to think of it the transfer I did on Monday was delayed a couple of hours or so.

[sammieuk1]

Sent £100k last week via wise in mainly 10k amounts first one all over the place took two days second one instant third 5 hours 

then a run of instant followed by a 5 days and last 5 hours finally mission complete Monday and my ahole can relax ????  

[Pumpuynarak]

16 minutes ago, chang50 said:

Come to think of it the transfer I did on Monday was delayed a couple of hours or so.

Something is happening ??????????????

[chang50]

8 minutes ago, Pumpuynarak said:

Something is happening ??????????????

Yep hopefully wise will reply to my question about any changes later today.It's particularly worrying to me as I had planned to have my State Pension paid directly to wise soon when it's due.

[MJCM]

I did a transfer yesterday afternoon from my EU bank to my Thai Bank (via WISE)

 

When I wanted to transfer 125.000 THB it showed me that it would arrive Friday 3 December, but when I lowered it to 100.000 THB it showed that it would arrive 2nd December.

 

Will know at 2pm (and also if it comes in as FTT)

[Satcommlee]

So far it seems business as usual, will post here if it arrives on time.