Transferring large sums of money out of Thailand

[mrmagyar]

Would anyone have links/details of the definitive rules on transferring large sums out of Thailand?

 

I understand that there are quite stringent currency controls in force here. But if a foreigner was to bring in say 20m Baht for the purpose of buying a condo but only spending 10m, could then easily repatriate the remaining balance of 10m?

 

And what about when coming to sell said condo 5 years down the road, would that money also be easy enough to get back out of the country?

[CharlieH]

MOVED to Banking

[nigelforbes]

When you transfer the funds to Thailand from overseas you will need to state the purpose of the transfer, if it's to purchase a condo, say so, if it's for living expenses, say so, I do not recommend you say it is for both condo purchase and living expenses, I suggest you make separate transfers.

 

When you eventually sell your condo you will be issued a blue tax paid receipt by the Land Office, that will tell the banks how much you can transfer back overseas again without the need for further documentation.

 

Funds you have bought into Thailand for the purpose of living expenses will be deemed to have been spent after a certain time, if you haven't spent them, say so and argue your case. In any event you will need a Foreign Exchange or Funds Transfer receipt from your bank, proving that the money was sent to Thailand from overseas, don't lose it. ????.

[RandolphGB]

Quote

I understand that there are quite stringent currency controls in force here.

I use Wise to transfer in, Dee Money to transfer out. It's pretty easy, all done by app and not strict. 

 

Though you will lose a lot on fees and exchange rates transferring back and forth. 

 

 

[mrmagyar]

1 minute ago, nigelforbes said:

When you transfer the funds to Thailand from overseas you will need to state the purpose of the transfer, if it's to purchase a condo, say so, if it's for living expenses, say so, I do not recommend you say it is for both condo purchase and living expenses, I suggest you make separate transfers.

 

When you eventually sell your condo you will be issued a blue tax paid receipt by the Land Office, that will tell the banks how much you can transfer back overseas again without the need for further documentation.

 

Funds you have bought into Thailand for the purpose of living expenses will be deemed to have been spent after a certain time, if you haven't spent them, say so and argue your case. In any event you will need a Foreign Exchange or Funds Transfer receipt from your bank, proving that the money was sent to Thailand from overseas, don't lose it. ????.

Nice one Nigel, exactly what I was after. Thanks

[mrmagyar]

Just now, RandolphGB said:

I use Wise to transfer in, Dee Money to transfer out. It's pretty easy, all done by app and not strict. 

 

Though you will lose a lot on fees and exchange rates transferring back and forth. 

 

 

Yeh, I was doing some rough maths on this and found the same. The 'friction' costs of the transfers are not fun.

[Etaoin Shrdlu]

A red flag for money laundering is when someone overpays or over-transfers money and then requests a large refund or transfer back out.

 

Probably best to transfer in just enough money to purchase the specific condo you have in mind.

 

 

[kwonitoy]

@nigelforbeshas it right

You need the tax paid receipt from the land office, go to the bank and tell them you want to transfer that amount out of the country.

You will have to provide your receiving bank name, address, IBAN number, and SWIFT number.

You'll need your passport and bank book of course.

Prepare to wait, I was there about 2.5 hours

I transferred 8 figures out after my condo sale.

Cost of 1350baht, done by SCB

[mrmagyar]

Thanks for the useful replies here.

 

I do wonder how foreigners get their money out after selling such like as a villa on the islands. 

 

If the foreigner built the villa themselves, or even if they bought a company ownership structure, it seems unlikely that they'd be able to refer to that when trying to get clearance to convert their THB to foreign currencies.

[nigelforbes]

7 hours ago, mrmagyar said:

Thanks for the useful replies here.

 

I do wonder how foreigners get their money out after selling such like as a villa on the islands. 

 

If the foreigner built the villa themselves, or even if they bought a company ownership structure, it seems unlikely that they'd be able to refer to that when trying to get clearance to convert their THB to foreign currencies.

You already know the answer!

Edited October 19, 2022 by nigelforbes