How to take money out of Thailand?

[Maestro]

Thank you, Confuscious, for the additional information. I am glad to see that you have things well in hand and I shall now stay out of this topic.

[Confuscious]

20 hours ago, Maestro said:

Thank you, Confuscious, for the additional information. I am glad to see that you have things well in hand and I shall now stay out of this topic.

Your input in this thread was right to the point and helped me a lot.
Thanks

By the way, off topic, as I read in this group and chat with other foreigners, there seems to be a "Pandemic" of foreigners leaving Thailand for whatever reason.
But mostly for the unknown future of regulations for a Retirement or a "Thai Spouse" future.
Not quite what somebody else was telling about "Thailand as the destination Nr. 1 for retirees".

[SCOTT FITZGERSLD]

why don't you think about TT your money from your thai bank to the EU bank?

carrying cash is suspicious these days and you want your money to stay within the banking system.

[billd766]

33 minutes ago, Confuscious said:

Your input in this thread was right to the point and helped me a lot.
Thanks

By the way, off topic, as I read in this group and chat with other foreigners, there seems to be a "Pandemic" of foreigners leaving Thailand for whatever reason.
But mostly for the unknown future of regulations for a Retirement or a "Thai Spouse" future.
Not quite what somebody else was telling about "Thailand as the destination Nr. 1 for retirees".

I will be here until I turn up my toes and SWMBO has me turned into a crispy critter.

[david555]

31 minutes ago, SCOTT FITZGERSLD said:

why don't you think about TT your money from your thai bank to the EU bank?

carrying cash is suspicious these days and you want your money to stay within the banking system.

"carrying cash is suspicious these days "    

 

??? only starting 10 000 Euro or more  need to be declared when entering or leaving E.U. at customs  , but of course proof of ownership , bank slip or ATM slips could be asked  , just same way someone can be asked his drivers license or I.D. when driving  ????

If more you need filled in forms like this one and you can take what you can .... 

 

Declaring cash English vers..pdf

Edited January 13, 2022 by david555

[SCOTT FITZGERSLD]

34 minutes ago, billd766 said:

there seems to be a "Pandemic" of foreigners leaving Thailand for whatever reason.
But mostly for the unknown future of regulations for a Retirement or a "Thai Spouse" future.

the reason is quite simple - Thailand is now a depressing place because of the strict covid regulations

that literally destroyed the economy and the positive energies of thai people.

immigration regulations acctually eased a bit, with IO's more tolerant, but than you find

yourself in a place empty and deserted, so many foreigners are leaving or not coming at all.

[david555]

2 minutes ago, SCOTT FITZGERSLD said:

the reason is quite simple - Thailand is now a depressing place because of the strict covid regulations

that literally destroyed the economy and the positive energies of thai people.

immigration regulations acctually eased a bit, with IO's more tolerant, but than you find

yourself in a place empty and deserted, so many foreigners are leaving or not coming at all.

I am also in preparations to leave in 3th quarter 2022 , no problems with ret.ext as already 8 years in 13 years stay, but just find it  not same anymore , and because covid ..... well than i think i can be better of in home country ....if i have to live like this in Thailand ...

[Meat Pie 47]

I put mine in my pocket because that is all I had left

[david555]

7 minutes ago, Meat Pie 47 said:

I put mine in my pocket because that is all I had left

????

9975 € can fit perfect in your pocket as it is only 1.3 cm thick in 100 € bills ????

[stat]

On 1/11/2022 at 10:17 AM, GrandPapillon said:

nope, why is it a big loss? send THB and they will convert back to EUR, loss should be a small 1% or 2%, perfectly normal and acceptable

If losing 250€ to 500€ for you is quite normal for a simple transaction that should be about 2 € (Interactive Brokers charge )then I am surprised...

This kind of problem is the reason I went for a NON OA Visa.

Edited January 13, 2022 by stat

[GrandPapillon]

1 hour ago, stat said:

If losing 250€ to 500€ for you is quite normal for a simple transaction that should be about 2 € (Interactive Brokers charge )then I am surprised...

This kind of problem is the reason I went for a NON OA Visa.

IB doesn't control exchange rates, and the spread on a spot rate will always have a final impact of 1% to 2% on the overall transfer

 

the transfer is not a simple administrative cost,

[Confuscious]

11 hours ago, david555 said:

"carrying cash is suspicious these days "    

 

??? only starting 10 000 Euro or more  need to be declared when entering or leaving E.U. at customs  , but of course proof of ownership , bank slip or ATM slips could be asked  , just same way someone can be asked his drivers license or I.D. when driving  ????

If more you need filled in forms like this one and you can take what you can .... 

 

Declaring cash English vers..pdf 350.72 kB · 1 download

This thread was about the problem that if I withdraw money from my FDA it will be converted to Thai Baht, which I wanted to avoid.

Don't know why so many members are proposing to take the money and leave the country with it.

[Eibot]

Wire the money.

 

Depending on the amount they might ask for the source of the income, which would just be you showing the money entering the country. Also, you can sent the money in parts through Deemoney. This doesn't have to even be in your name. 

[CharlieH]

Reported post and response to it, removed.

[Chivas]

As I have said previously as long as the money is legitimate "walk it out of the country" after you've converted it back to Euro's carrying appropriate documentation at all times and declaring in on arrival

 

Allow plenty of time at check in and scanners as you'll almost certainly get a tug outbound

[billd766]

13 hours ago, SCOTT FITZGERSLD said:

the reason is quite simple - Thailand is now a depressing place because of the strict covid regulations

that literally destroyed the economy and the positive energies of thai people.

immigration regulations acctually eased a bit, with IO's more tolerant, but than you find

yourself in a place empty and deserted, so many foreigners are leaving or not coming at all.

I live in rural Kamphaeng Phet and AFAIK none of the local farang are leaving.

 

I am also a part of a farang social group of 10 or so farangs living around Kamphaeng Phet who used to meet up about a month though not for a year due to Covid. AFAIK none of us are leaving either.

 

Granted a few shops are closed down in Kamphaeng Phet but not so many as we are not a big tourist province.

[stat]

On 1/13/2022 at 6:51 PM, GrandPapillon said:

IB doesn't control exchange rates, and the spread on a spot rate will always have a final impact of 1% to 2% on the overall transfer

 

the transfer is not a simple administrative cost,

With IB you trade at the interbank rate for a flat fee of 2 Euros and a spread of 0.2 BPS= 0.002% spread in 27 major currencies. Thai Baht is not supported currently, however. In general a simple transaction even simpler then buying a share.

 

I worked in investment banking so you can trust my judgement.

 

https://www.interactivebrokers.com/en/trading/products-spot-currencies.php

Edited January 15, 2022 by stat

[The Hammer2021]

On 1/14/2022 at 9:22 AM, Confuscious said:

This thread was about the problem that if I withdraw money from my FDA it will be converted to Thai Baht, which I wanted to avoid.

Don't know why so many members are proposing to take the money and leave the country with it.

Have you considered  just carrying the money with you?

[GrandPapillon]

7 minutes ago, stat said:

With IB you trade at the interbank rate for a flat fee of 2 Euros and a spread of 0.2 BPS= 0.002% spread in 27 major currencies. Thai Baht is not supported currently, however. In general a simple transaction even simpler then buying a share.

 

https://www.interactivebrokers.com/en/trading/products-spot-currencies.php

buying spot or futures currencies on a trading account like IB is not the same thing as doing international transfers. I understand it's difficult to understand for newbies and non-financial people, but trading is not the same as banking.

[The Hammer2021]

On 1/13/2022 at 10:41 PM, SCOTT FITZGERSLD said:

the reason is quite simple - Thailand is now a depressing place because of the strict covid regulations

that literally destroyed the economy and the positive energies of thai people.

immigration regulations acctually eased a bit, with IO's more tolerant, but than you find

yourself in a place empty and deserted, so many foreigners are leaving or not coming at all.

Less foreigners are definitely coming because of difficult covid travel arrangements. But there's no indication  that long term ex pats are leaving. Nor has there been any change in immigration  rules to cause such a move. If anything the opposite because  loads of peoples who  normally would have gone home have stayed on covid

extensions.

[david555]

4 hours ago, The Hammer2021 said:

Less foreigners are definitely coming because of difficult covid travel arrangements. But there's no indication  that long term ex pats are leaving. Nor has there been any change in immigration  rules to cause such a move. If anything the opposite because  loads of peoples who  normally would have gone home have stayed on covid

extensions.

Long term expats with family here they are most  not in the possibillity to leave ....but those with no family ties ...i am sure some are leaving or planning to do so ...as i am one ...and so seems also  OP Confisious .....as that is why he made this finacial question  post...

 

For me i am glad no " Anchors " are holding me from leaving ...but i guess  it would be different for others with family ties .... if rules would become more demanding... that could create for some  dramas .

 

Edited January 15, 2022 by david555

[The Hammer2021]

12 hours ago, david555 said:

Long term expats with family here they are most  not in the possibillity to leave ....but those with no family ties ...i am sure some are leaving or planning to do so ...as i am one ...and so seems also  OP Confisious .....as that is why he made this finacial question  post...

 

For me i am glad no " Anchors " are holding me from leaving ...but i guess  it would be different for others with family ties .... if rules would become more demanding... that could create for some  dramas .

 

What are people going back to? The same miserable cold climate, joyless expensive place they left behind? Of the very few people I know who left over the last two years all regret it and wish to return.  I return to UK every year for summer then come back here. People  are free to do as they  choose.

[david555]

11 minutes ago, The Hammer2021 said:

What are people going back to? The same miserable cold climate, joyless expensive place they left behind? Of the very few people I know who left over the last two years all regret it and wish to return.  I return to UK every year for summer then come back here. People  are free to do as they  choose.

Pfffft !....  of course you compare with the U.K. ....????

 

When holding a E.U.  passport  we have 27 to choose out.... even visa free .....Sunny Spain/ Italy / South France / Greece as the favorites ....????

 

Maybe even some good take over offers from a leaving nationality for haciendas / condos ...????

Edited January 16, 2022 by david555

[The Hammer2021]

3 minutes ago, david555 said:

Pfffft !....  of course you compare with the U.K. ....????

Guilty as charged!

[GrandPapillon]

remaining long term expats here are stuck, they are not choosing to stay, they are prisoners, all they can do is find "justification" for staying

 

today, there is no justification to stay as a long term expat in Thailand

 

you are lying to yourself if you think you are needed here,

[stat]

22 hours ago, GrandPapillon said:

buying spot or futures currencies on a trading account like IB is not the same thing as doing international transfers. I understand it's difficult to understand for newbies and non-financial people, but trading is not the same as banking.

The transfer is a separate transaction that costs around 20€. OP was talking about the 1-2% spread on the currency transaction part that he will lose, so I pointed out the "real" cost of a currency transaction. BTW the bank will internally net their currency exposure and so will even pay a lot less then 2€ per currency transaction while "charging" 250-500€.

Edited January 16, 2022 by stat

[kokesaat]

My Siam Commercial Bank app allows me to transfer money to my account in the US.  No need to go to the bank.  I can transfer 1,500,000 in one fell swoop.  I've only done it once (in a much smaller amount, just to test it out.  Worked as advertised.

[GrandPapillon]

3 hours ago, stat said:

The transfer is a separate transaction that costs around 20€. OP was talking about the 1-2% spread on the currency transaction part that he will lose, so I pointed out the "real" cost of a currency transaction. BTW the bank will internally net their currency exposure and so will even pay a lot less then 2€ per currency transaction while "charging" 250-500€.

the banks will not pay 2EUR per currency transaction, they do their own currency crossing internally, so that's irrelevant, they are not customers, they are wholesalers, and most major banks are market makers for currencies.

 

The spread will depend on their inventory average to create a "Daily" price they call sell for "retail", that is more stable than the actual "live" price on a trading floor. If you want the "live" price, you need to open a currency trading account.

 

 

[Maha Sarakham]

4 hours ago, GrandPapillon said:

today, there is no justification to stay as a long term expat in Thailand

The current environment and government in Thailand would definitely make it hard to select as a winning retirement destination.  I think a lot of people stuck in their home countries still have this vision of what Thailand was pre-covid as they have not been back since 2019.  However on the contrary, many expats living in Thailand are at least contemplating going back home as the writing on the wall suggests that the lockdown cycles and restrictions will not end anytime soon.  The buzz and excitement that Thailand used to exude is mostly gone for many.  Those living in the countryside/sticks may see it differently as life is fairly normal there.

 

Best of luck on your money transfer, do let us know what ends up being the best method, as I'm sure some others are in the same boat as you but may not post actively.

[Adumbration]

OP.  Maybe your bank is lying or the staff you are speaking with just don't know.

 

I have had a FCD in AUD with Krugsri (Yellow bank) for years.  I also use it for my retirement extensions.  I had far more than the equivalent of 800K in the account.  I transferred a 120K AUD junk back to my Oz bank about five years ago.  No problems whatsoever back then.  Just a lot of paperwork.  I do recall however that they would only transfer to an offshore account in my name.  I wanted to transfer to an account in my company name but they would not do it.