50K Thai Baht Limit And Reason For International Transfer

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This week I set up a standing wire transfer authorization from Fidelity in the USA To SCB and Krungsri in Thailand.

 

I then initiated a 3000 USD transfer (about 108K THB) transfer from Fidelity to Krungsri with Citibank as an intermediary bank.

 

I just read today that due to new rules I can only wire 50K THB at a time into Krungsri. But I also read on a Bangkok Bank website that these rules do not apply to Americans. I'm confused.   Has anyone wired more than 50K internationally into Krungsri?  Has anyone had an uncompleted wire transfer if wiring more than 50K into Thailand for a bank other than Bangkok Bank, SCB, or Kasikorn?

 

On another note I was reading that for a transfer of any size that the reason for transfer must be specified.   When wiring the money, Fidelity did not ask for the reason.  I don't need any special coding for a condo purchase. I just want my transfers to go through.  Has anyone had transfers accepted or rejected this year if you did not specify a reason for the transfer?

 

 

[Bobbie Davies]

Ok. So many points. The reason for the 50k transfer limit is tracking for taxation. The reason for the differences for Americans, is tied international agreements between the two countries, Americans are the sole exception to the requirement of Thai partnership in a business as well.

The motivation factor for the reason being stated is also taxation. Yes I had a refused transfer with no reason from US to my fiancé in Thailand, to Government Bank. I am not sure the amount at this moment, but any amount over say 3000 Baht is supposed to be scrutinized for taxation purposes. Remember a Thai has to pay taxes on every dime they make no matter where that income comes from. Making you use Krusikorn Bank for over 50000 makes that tracking easier. Further if you are buying a condo, or building it is part of the law that the money not only has to be proven to be from out of country for the purchase, but purposed as such. Otherwise the money could have come from anywhere.

[Jingthing]

My understanding is that you're always supposed to state a reason for SWIFT wires. I always have. I put down: Personal Remittance. Obviously if it's a condo purchase, there are very specific guidelines you need to follow.  

[scubascuba3]

Everything I've read so far says Kasikorn, Bangkok Bank and SCB are the only banks that can receive over 50k baht from Wise or similar company, I'm not 100% on banks using swift, so let us know if it worked with Krungsri 

[userabcd]

3 hours ago, scubascuba3 said:

Everything I've read so far says Kasikorn, Bangkok Bank and SCB are the only banks that can receive over 50k baht from Wise or similar company, I'm not 100% on banks using swift, so let us know if it worked with Krungsri 

Every month I transfer over 50000 baht from Europe via SWIFT to Krungsri, no problem.

 

I think the restriction (max 50000 baht) on certain Thai banks international transfer deposit receipts is on WISE transfers (probably because of the particular way the transfer and deposit is structured and done local to local)

Edited July 30, 2022 by userabcd

[The Hammer2021]

You always have to give a reason for transferring  any amount I think. Amounts larger than 50k just take longer.

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On 7/30/2022 at 7:00 AM, scubascuba3 said:

I'm not 100% on banks using swift, so let us know if it worked with Krungsri 

It too longer than expected but eventually went through.  It was a small 3000 USD wire transfer.  If I had known, I would have used one of the other banks.

 

Thanks for the input guys!

[khagai1]

My experience (but I am American, the exception).  Last year, I wired $175K via SWIFT to my "foster" daughter (I have been taking care of her for 20 years--as a daughter, her mom has been GF for same time) to buy a commercial building and start a bakery.  We used Bangkok Bank.  I used Krungsri for the initial down payment, but their conversion fees increase dramatically as the funds transferred increased.  Bangkok Bank had a flat rate (super inexpensive) and a good TT exchange rate.  No reason was required, and transfer took 2 business days.  Additional funds were needed as improvement/maintenance/equipment  were also needed to prepare the building as a bakery (painting/cleaning/electrical upgrades/commercial oven/shelving/furniture/refrigeration/AC, etc.). 

 

Over a couple of months I provided an additional $20K which I did by simply funding an ATM account thru Schwab on my side and them withdrawing the money on 30K Baht increments/day and placing it in a Thai bank for cash payment to Thai workmen.  Schwab refunds the Thai Bank service charges each end of month, so no charges for use of ATM.   A lot of the furnishings/kitchen equipment/etc were purchased via Credit Card.  I find that using the bank account transfer for lesser amounts is easier and faster, but has to be timely as the Schwab max is $1,000 per account/day (you can have multiple accounts), and the Thai banks limits are either 20K baht or 30K Baht/day depending on  which bank ATM you use.  Your $3,000 transfer would have taken 3 days to get it out of the bank.  The bakery has been doing quite well to the point that they are expanding to the second floor of the building for more dining/lounging space so I sent additional money (not much) for purchase of tables/chairs/security doors/workmen expense last week again using the Schwab ATM for transfer rather than SWIFT or WISE.  So, in my experience, no hiccups or problems in all these transactions at various times over the last year.

[NONG CHOK]

On 7/30/2022 at 6:00 AM, scubascuba3 said:

Everything I've read so far says Kasikorn, Bangkok Bank and SCB are the only banks that can receive over 50k baht from Wise or similar company, I'm not 100% on banks using swift, so let us know if it worked with Krungsri 

I tried to make an AU $ 5,000 transfer to Krungsri Bank on 15 April 2023 via Twise and I was  reminded that they can't accept transfers exceeding the equivalent to 50,000 baht. As I have several Thai accounts I'll try Kasikorn next time.

[Mutt Daeng]

2 hours ago, NONG CHOK said:

I tried to make an AU $ 5,000 transfer to Krungsri Bank on 15 April 2023 via Twise and I was  reminded that they can't accept transfers exceeding the equivalent to 50,000 baht. As I have several Thai accounts I'll try Kasikorn next time.

Kasikorn doesn't have the 50K baht limit.

[nigelforbes]

On 7/30/2022 at 6:00 AM, scubascuba3 said:

Everything I've read so far says Kasikorn, Bangkok Bank and SCB are the only banks that can receive over 50k baht from Wise or similar company, I'm not 100% on banks using swift, so let us know if it worked with Krungsri 

There are no limits using SWIFT, not at any bank.