Bank transfer to SCB bank from EU

[parafareno]

I just talked to them and they told me max is 50000 usd per transfer. If it is more they will ask you for info where money came from etc...they will call you on phone number and not credit the money. 

I want to buy condo so that is why I am sending the money. 

I want to transfer 55000 eur so that is aprox 2 million bht....

Any idea what to do?

Also I am not there yet, I want to transfer the ammount before I arrive in Bankok on friday this week.

So should I do 2 transfers? 30000 transfer 1 and 25000 transfer 2?

I am little confused

I talked to customer service and it was so confusing. She told me if I do transfer more than 50000 usd I will need to present appartment contract to the bank. 

And I told her I want to do transfer before I buy the appartment.

Edited October 2, 2022 by parafareno

[nigelforbes]

The problem seems to be SCB rules, there are no restrictions on FOREX inflows to Thailand. When you say SCB, I presume you mean Siam Commercial Bank and not Standard Chartered Bank, that being the case the situation is even more strange.

 

When you say you talked to them, who did you talk to, Head Office or Branch, I see you say Customer Service but where? It's not unusual to get different stories from different people so maybe you should ask again, somebody else this time, perhaps try speaking with Treasury Department. I suspect the bank is quoting AMLO rules rather than BOT rules and these are being strengthened currently. See Guidance for Customer Due Diligence for Banks below

 

The other thing that occurs to me is your location currently, that may be part of the problem. If you don't have a track record of living and banking here, they just be over zealous. 

 

https://www.bot.or.th/English/FinancialMarkets/ForeignExchangeRegulations/FXRegulation/Pages/default.aspx

 

https://www.amlo.go.th/index.php/en/

Edited October 2, 2022 by nigelforbes

[parafareno]

13 minutes ago, nigelforbes said:

The problem seems to be SCB rules, there are no restrictions on FOREX inflows to Thailand. When you say SCB, I presume you mean Siam Commercial Bank and not Standard Chartered Bank, that being the case the situation is even more strange.

 

When you say you talked to them, who did you talk to, Head Office or Branch, I see you say Customer Service but where? It's not unusual to get different stories from different people so maybe you should ask again, somebody else this time, perhaps try speaking with Treasury Department. I suspect the bank is quoting AMLO rules rather than BOT rules and these are being strengthened currently. See Guidance for Customer Due Diligence for Banks below

 

The other thing that occurs to me is your location currently, that may be part of the problem. If you don't have a track record of living and banking here, they just be over zealous. 

 

https://www.bot.or.th/English/FinancialMarkets/ForeignExchangeRegulations/FXRegulation/Pages/default.aspx

 

https://www.amlo.go.th/index.php/en/

yes siam commercial bank..I talked to the thai woman over the phone. I called from europe.

 

here is the email I got from them later on, iti s pretty crazy....I have to do 2 transfers because I odnt have the appartment contract yet.....so crazy!!

 

Thank you for your interest in our services and so sorry if we got back to you so late.

As per the conversation on the phone, we'd like to inform you that our bank has a single SWIFT code to do fund transfer, so please find the information as following to do this transaction.

1. SCB account name and number  

2. Banks name and a branch name/address

Bank Address :  The Siam Commercial Bank PCL  ,  9 Ratchadapisek Rd., Jatujak Bangkok 10900 Thailand

Branch Address : Siriban Shopping Center (Trang) Branch, Unit A1,1st FL.,Siriban Shopping Center, 42 Choempanya Road, Thapthieng Sub District, Mueang District, Trang 92000 
3. A bank SWIFT code which is "SICOTHBK".
4. Currency and amount

For amount is less than $20,000 the bank will credit to customer' account right away.

For amount is over than $20,000 firsy of all, the bank will contact the customer to confirm rate  if the bank can not contact the customer, bank will credit to customer' account right away.

For amount is over than $50,000, the bank will contact to the customer to examine the objectives and request supporting documents according to the objectives.

If you have got more questions or comments about SCB products, please do not hesitate to contact us at Tel.+ 66 (0)-2777-7777 (press 9 for English) or visit our website any time at https://www.scb.co.th/en/personal-banking/contact-scb.html

Best Regards,

SCB Easy Call Center

0-2777-7777

[nigelforbes]

1 minute ago, parafareno said:

yes siam commercial bank..I talked to the thai woman over the phone. I called from europe.

 

here is the email I got from them later on, iti s pretty crazy....I have to do 2 transfers because I odnt have the appartment contract yet.....so crazy!!

 

Thank you for your interest in our services and so sorry if we got back to you so late.

As per the conversation on the phone, we'd like to inform you that our bank has a single SWIFT code to do fund transfer, so please find the information as following to do this transaction.

1. SCB account name and number  

2. Banks name and a branch name/address

Bank Address :  The Siam Commercial Bank PCL  ,  9 Ratchadapisek Rd., Jatujak Bangkok 10900 Thailand

Branch Address : Siriban Shopping Center (Trang) Branch, Unit A1,1st FL.,Siriban Shopping Center, 42 Choempanya Road, Thapthieng Sub District, Mueang District, Trang 92000 
3. A bank SWIFT code which is "SICOTHBK".
4. Currency and amount

For amount is less than $20,000 the bank will credit to customer' account right away.

For amount is over than $20,000 firsy of all, the bank will contact the customer to confirm rate  if the bank can not contact the customer, bank will credit to customer' account right away.

For amount is over than $50,000, the bank will contact to the customer to examine the objectives and request supporting documents according to the objectives.

If you have got more questions or comments about SCB products, please do not hesitate to contact us at Tel.+ 66 (0)-2777-7777 (press 9 for English) or visit our website any time at https://www.scb.co.th/en/personal-banking/contact-scb.html

Best Regards,

SCB Easy Call Center

0-2777-7777

When you initiate the transfer in Europe you are required to state the purpose of the transfer, everyone does. I will be very surprised if SCB gets heavy handed and causes a problem, as soon as they see the funds are intended to buy a condo that should be sufficient although this may be a gamble. Worst case is they ask for more documentation, is there anything you can supply to satisfy that need? Is this a new condo or a private purchase? Perhaps the seller can supply something?

[parafareno]

3 minutes ago, nigelforbes said:

When you initiate the transfer in Europe you are required to state the purpose of the transfer, everyone does. I will be very surprised if SCB gets heavy handed and causes a problem, as soon as they see the funds are intended to buy a condo that should be sufficient although this may be a gamble. Worst case is they ask for more documentation, is there anything you can supply to satisfy that need? Is this a new condo or a private purchase? Perhaps the seller can supply something?

i havent decided which condo I will buy that is the problem. I am coming there to choose one and make the payment. 

Also will transfer be taxed if my mother sends me the money from her european account to my thai bank account? I mean there are so many new ruiles it is sickening

[nigelforbes]

Just now, parafareno said:

i havent decided which condo I will buy that is the problem. I am coming there to choose one and make the payment. 

Also will transfer be taxed if my mother sends me the money from her european account to my thai bank account? I mean there are so many new ruiles it is sickening

That's a different picture from what you portrayed initially....I suggest you sort it out when you get here! 

 

I can see no reason why there would be tax on funds sent to your account in Thailand by your mother, why would there!!

 

There are not many new rules, just old money laundering rules that are now being enforced to bring them in line with the West, they present no great hardship to anyone, unless they are doing dodgy things. 

[parafareno]

8 minutes ago, nigelforbes said:

That's a different picture from what you portrayed initially....I suggest you sort it out when you get here! 

 

I can see no reason why there would be tax on funds sent to your account in Thailand by your mother, why would there!!

 

There are not many new rules, just old money laundering rules that are now being enforced to bring them in line with the West, they present no great hardship to anyone, unless they are doing dodgy things. 

because they might see it as a gift....so they will tax it possibly?  Do I need a proof that my mom is actually my mom?

[nigelforbes]

Just now, parafareno said:

because they might see it as a gift....so they will tax it possibly?  Do I need a proof that my mom is actually my mom?

I assume you are not tax resident in Thailand so you would not be taxed on the income here. Whether or not your mother would be taxed in her home country is a matter for others to decide.

 

I doubt that anyone here will interested in proving that your mum is actually your mum but you could bring a selection of nice photographs just in case. You know, you and mum, when you were 6, you and mum at the beach, you and mum at graduation, that kind of thing. If nothing else the pictures will be good talking points and will endear you to bank staff and any girls you meet I imagine. I will leave it to others to impart further wisdom. Byee.

 

[parafareno]

2 minutes ago, nigelforbes said:

I assume you are not tax resident in Thailand so you would not be taxed on the income here. Whether or not your mother would be taxed in her home country is a matter for others to decide.

 

I doubt that anyone here will interested in proving that your mum is actually your mum but you could bring a selection of nice photographs just in case. You know, you and mum, when you were 6, you and mum at the beach, you and mum at graduation, that kind of thing. If nothing else the pictures will be good talking points and will endear you to bank staff and any girls you meet I imagine. I will leave it to others to impart further wisdom. Byee.

 

she will not be taxed....it is her money

[phetphet]

 

Whichever Thai bank you use, be sure to send the money in USD or foreign currency. Do not send it in Thai baht.

Don't forget to obtain a Foreign Exchange Transfer Certificate. you will need it in the future if you ever wish to repatriate your money.

[nigelforbes]

2 minutes ago, phetphet said:

 

Whichever Thai bank you use, be sure to send the money in USD or foreign currency. Do not send it in Thai baht.

Don't forget to obtain a Foreign Exchange Transfer Certificate. you will need it in the future if you ever wish to repatriate your money.

In practice, the blue "tax paid" receipt issued by the Land Office at the time of sale, is sufficient to allow the funds to be exported once again, but only up to the limit of the value of the receipt.

[parafareno]

14 minutes ago, phetphet said:

 

Whichever Thai bank you use, be sure to send the money in USD or foreign currency. Do not send it in Thai baht.

Don't forget to obtain a Foreign Exchange Transfer Certificate. you will need it in the future if you ever wish to repatriate your money.

where to get it? in bank? By repatriate means getting money out of thailand?

[OJAS]

1 hour ago, parafareno said:

where to get it? in bank? By repatriate means getting money out of thailand?

Assuming that you are planning on making the transfer from a home country bank account, I would have thought that it will be for whoever is your home country bank's Thai partner bank (which may not necessarily be the same as the Thai bank with whom you hold the account to which the transfer is ultimately destined) to issue you with the necessary certificate after they have processed the transfer - although I do stand to be corrected on this.

 

However, before processing the transfer, the Thai partner bank may require you to complete a Foreign Exchange Transaction Form (see link below), just as I had to a few years ago in the case of a particularly large transfer from my UK to Thai accounts:-

 

https://pic.bankofchina.com/bocappd/thailand/201705/P020170525615529265916.pdf

 

 

[phetphet]

4 hours ago, parafareno said:

where to get it? in bank? By repatriate means getting money out of thailand?

Bringing foreign currency into Thailand

The Foreign Exchange Transaction form (previously and for some still known as Thor Tor 3) is the official document prepared under BOT regulations to report foreign currency exchange transactions in Thailand and the document also proofs the remittance of foreign currency into Thailand and the exchange of foreign currency into Thai baht inside Thailand. The FET form is issued by the authorized financial institution (bank) inside Thailand that handled the exchange of foreign currency and contains at least the following information:

• the transferred amount in foreign currency,
• the transferred amount in Thai Baht,
• the name of money sender,
• the name of money receiver,
• the purpose of transferring the money

For any foreign exchange transactions (buying, selling, depositing, withdrawing foreign currencies) between financial institutions and their non-interbank customers the recipient bank inside Thailand must prepare a FET form for each remittance and exchange of foreign currency with an equivalent of USD 50,000 or more (amount increased in 2010) and report this to the Bank of Thailand.

 

[BonMot]

Not to hijack the thread but what happens if he falls short between the money imported and the price of the property??

 

Ex:

 

Condo cost 3.3M

Funds import/convert 3.15M

 

Is it close enuff or need it be to the satang??

[nigelforbes]

On 10/3/2022 at 12:50 PM, BonMot said:

Not to hijack the thread but what happens if he falls short between the money imported and the price of the property??

 

Ex:

 

Condo cost 3.3M

Funds import/convert 3.15M

 

Is it close enuff or need it be to the satang??

Must be exact.

[parafareno]

14 minutes ago, nigelforbes said:

Must be exact.

exact or more pretty sure about that....