What amount of incoming Baht is scrutinized/checked by the Thailand Money Laundering agency?

[scorecard]

I'm guessing that over a certain amount of Baht being transferred into Thailand is scrutinized/checked by the Thailand Money Laundering agency.

 

Can any member please share their knowledge of how this works.

 

Thanks. 

[Woof999]

My bank (Krungsri) tells me it is $20k US equivalent. They actually volunteered this info without me asking on one of their checkup calls.

 

This is backup up by the fact that every time I send myself $20k or more they call me, and all I say is that it's living expenses from my own foreign account. Once I said to was to buy a car. I've never been asked a second question during that call. Every time I've sent myself less than $20k (regularly $19k or so) I've have no such phone call.

 

That foreign account is in the same name as my Thai account so it's clear that it's me transferring my own money.

[Adumbration]

Why is any threshold amount even relevant, unless you are actually intending to launder the money?

[jts-khorat]

8 minutes ago, Adumbration said:

Why is any threshold amount even relevant, unless you are actually intending to launder the money?

Because the agency might take their good time with their checking, and if it is a time-sensitive business transaction (like the downpayment on a condo) it might be well worth sending several smaller payments than going through absolutely pointless hassle.

 

I actually really do not want to point it out, but somebody truly trying to launder money would likely know the way of circumventing this system already.

[OneMoreFarang]

The question is not so much the amount, it's the source.

Let's say if you get 20k USD from somebody without obvious reason, then the receiving bank will ask where that money comes from and why they sent you that money.

If you have 50k USD in your own account in a reputable bank outside of Thailand, and you transfer that money to Thailand, no problem. 

 

If you have nothing to hide, then it should be no problem to talk with the bank.

I was advised by someone who is active in finance to inform my bank in advance about any incoming money over 50k USD - just to be sure that they see you play with open cards.

[soi3eddie]

I've sent enough to buy condos on two occasions 6 Mil+ THB equivalent with no delays or questions. As others said, it could depend on the source of the funds (territory) but if it's from you and to you, then likely no issues on any amount.

 

[scorecard]

Just curiosity, if the funds are to 'cash in' earnings from bitcoin or similar and under 20KUS would that be of any special interest to the Thai banks / money laundering agency etc? 

[ezzra]

3 hours ago, jts-khorat said:

Because the agency might take their good time with their checking, and if it is a time-sensitive business transaction (like the downpayment on a condo) it might be well worth sending several smaller payments than going through absolutely pointless hassle.

 

I actually really do not want to point it out, but somebody truly trying to launder money would likely know the way of circumventing this system already.

So the best solution for you to be in order to 100% sure being a time sensitive transaction is to ask your bank yourself and get the correct info from the horse's mouth.

[nigelforbes]

Any amount over USD 20k requires a Customs declaration and/or notification of BOT. Banks act as BOT agents and carry out Central Bank policy.

 

 

[rwill]

6 hours ago, Woof999 said:

My bank (Krungsri) tells me it is $20k US equivalent. They actually volunteered this info without me asking on one of their checkup calls.

 

This is backup up by the fact that every time I send myself $20k or more they call me, and all I say is that it's living expenses from my own foreign account. Once I said to was to buy a car. I've never been asked a second question during that call. Every time I've sent myself less than $20k (regularly $19k or so) I've have no such phone call.

 

That foreign account is in the same name as my Thai account so it's clear that it's me transferring my own money.

Same with SCB.  20K and over they will call you first and ask what you are using it for.  I think they want to know if it is for personal expenses or for buying property.

[Colabamumbai]

Some banks allow transfers of more than 50,000 Bhat, Bangkok Bk. Others, less. 

[nigelforbes]

3 minutes ago, Colabamumbai said:

Some banks allow transfers of more than 50,000 Bhat, Bangkok Bk. Others, less. 

All banks will let you transfer into Thailand however much you want to, BOT does not set a limit. As already said, BOT policy is that anything over USD15k must be declared and the reasons for the transfer clearly understood by the receiving bank who then reports that information to BOT - these things are not variable nor negotiable, they are the rules of the Central Bank that all banks in Thailand must follow.

 

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

[jaideedave]

3 hours ago, rwill said:

Same with SCB.  20K and over they will call you first and ask what you are using it for.  I think they want to know if it is for personal expenses or for buying property.

As far as I know its just a box they have to tick..a formality.nothing more.Don't call Dick Tracy yet..

[nigelforbes]

3 minutes ago, jaideedave said:

As far as I know its just a box they have to tick..a formality.nothing more.Don't call Dick Tracy yet..

Funds that have been imported for personal living expenses are deemed to have been spent hence they cannot be repatriated later. Funds used to purchase real estate are different and can be repatriated. The significance of this "formality" becomes apparent later when people try to send money out of Thailand.

[ChipButty]

21 million baht from Ukraine does that sound dodgy?

[RocketDog]

14 hours ago, soi3eddie said:

I've sent enough to buy condos on two occasions 6 Mil+ THB equivalent with no delays or questions. As others said, it could depend on the source of the funds (territory) but if it's from you and to you, then likely no issues on any amount.

 

Same for me. 6m thb, Bangkok Bank acct in Huahin. Transferred using Wise. No questions ever asked. I regularly transfer 10k USD with no questions ever.

YMMV

[gamb00ler]

14 hours ago, soi3eddie said:

I've sent enough to buy condos on two occasions 6 Mil+ THB equivalent with no delays or questions. As others said, it could depend on the source of the funds (territory) but if it's from you and to you, then likely no issues on any amount.

 

Same for my wife and I.  Two wires over 6M ฿ from US accounts to 2 different Thai banks.  The first was almost 20 years ago so not very relevant to today's financial regulations.  The last one about 2 years ago.  There were no questions for either transfer.  

[tomazbodner]

Not aware of any set amount for bank transfers, but there are limits that some refer to above, for bringing cash in or taking out of the country.

 

For that it is 20,000 USD or equivalent for foreign currencies, and 500,000 THB. Same limits are imposed both directions.

 

That's from the customs website I was digging through for something else last week.

 

EDIT: Forgot to mention - that are limits of bringing currency without declaration. If amount is higher, it needs to be declared.

[nigelforbes]

17 minutes ago, tomazbodner said:

Not aware of any set amount for bank transfers, but there are limits that some refer to above, for bringing cash in or taking out of the country.

 

For that it is 20,000 USD or equivalent for foreign currencies, and 500,000 THB. Same limits are imposed both directions.

 

That's from the customs website I was digging through for something else last week.

 

EDIT: Forgot to mention - that are limits of bringing currency without declaration. If amount is higher, it needs to be declared.

It's changed, now USD 15k:

 

"foreign currency bank notes in an amount exceeding USD 15,000 or its equivalent requires Customs declaration when entering or leaving the country".

 

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

[gearbox]

17 hours ago, jts-khorat said:

Because the agency might take their good time with their checking, and if it is a time-sensitive business transaction (like the downpayment on a condo) it might be well worth sending several smaller payments than going through absolutely pointless hassle.

 

I actually really do not want to point it out, but somebody truly trying to launder money would likely know the way of circumventing this system already.

This old trick with splitting large chunk of money into smaller chunks has been known for long time by the AML govt agencies, the software looks for patterns and aggregates the transfers. They also use the so called "entity aggregation" to merge your possible reincarnations into a single one, for example when you use different IDs or different addresses when doing transfers.

 

However if your money are legit you have nothing to worry about. There are some thresholds on cash transactions which are reportable to the AMLO office by law, but by the world standards they are pretty high, most of them 2mil baht. Cash is still king in Thailand.

[Neeranam]

On 4/25/2023 at 6:14 PM, Adumbration said:

Why is any threshold amount even relevant, unless you are actually intending to launder the money?

For income tax reasons.

[scorecard]

15 hours ago, Neeranam said:

For income tax reasons.

I called K Bank Call Centre this morning:

 

-Now changed again to under US$50,000 no check at all.

-Bank staff do manually check that account number and name details received agree with K Bank records, therefore if large numbers of transfers this could cause some delay. 

-Is transfers goes first to a Thai intermediary bank there will be a delay, intermediary bank take their time to onforward to the final receiving Thai bank.

-Over US$50,000 refererred to Thai money laundering agency for check, details unknown.

 

[Liverpool Lou]

On 4/26/2023 at 8:25 AM, Colabamumbai said:

Some banks allow transfers of more than 50,000 Bhat, Bangkok Bk. Others, less. 

Such nonsense.  All Thai banks permit incoming deposits of any amount to their customers' accounts, there are no upper limit restrictions.

[nottin]

Thailand actually has an AML agency, wow, so diligent!

 

I would think just one transaction isn't going to alert the AML, but a series of them with the same characteristics might start to raise attention. 

 

If you have a larger amount, let's just say something like USD 200k, coming into your Thai bank account don't be surprised if you are called by the treasury department asking about it. It is not so much about why it is coming, but a sum like that hitting them unannounced puts them at some market risk with the USD after converting to THB for you. Yeah they will ask what the amounts for, but "living expenses" always works cause how to debate that. But if they call it's actually a really good  thing cause then you can negotiate a better rate with them while on the call! If it just came straight through then you would get whatever market rate they have. Someone earlier suggested calling the bank before the transfer to alert them it is coming which is a great idea because then you can hopefully negotiate a better rate as well. All that said, if use Wise to convert and wire in THB they seem to have very competitive rates. Just my two cents, but hopefully it makes you a few extra Baht!

[nigelforbes]

35 minutes ago, nottin said:

Thailand actually has an AML agency, wow, so diligent!

 

I would think just one transaction isn't going to alert the AML, but a series of them with the same characteristics might start to raise attention. 

 

If you have a larger amount, let's just say something like USD 200k, coming into your Thai bank account don't be surprised if you are called by the treasury department asking about it. It is not so much about why it is coming, but a sum like that hitting them unannounced puts them at some market risk with the USD after converting to THB for you. Yeah they will ask what the amounts for, but "living expenses" always works cause how to debate that. But if they call it's actually a really good  thing cause then you can negotiate a better rate with them while on the call! If it just came straight through then you would get whatever market rate they have. Someone earlier suggested calling the bank before the transfer to alert them it is coming which is a great idea because then you can hopefully negotiate a better rate as well. All that said, if use Wise to convert and wire in THB they seem to have very competitive rates. Just my two cents, but hopefully it makes you a few extra Baht!

 "It is not so much about why it is coming, but a sum like that hitting them unannounced puts them at some market risk with the USD after converting to THB for you".

 

USD 200k is about 7 million Baht or the price of a small/medium condominium ,upcountry. The GDP of Thailand on the other hand is USD 520 bill or around THB 16 trillion. There is zero market risk in that size of transaction.

 

It is not primarily AML that wants to know about the reasons for the transfer, BOT has always asked (via the banks), for the past two decades or more,  why money was coming in and for what purpose. 

[FarAway]

Use Crypto. No questions asked from stupid banks that should be to your service, but in reality are to the service of governments and 3-letter-agencies.

 

It is YOUR money coming to YOUR account, it always amazes me how people accepted it as a norm that banks are spying on you and as soon as you put some money here and there, you immediately are suspicious and need to explain something about YOUR money. People are idiots.

[Peterphuket]

On 4/29/2023 at 7:03 PM, FarAway said:

Use Crypto. No questions asked from stupid banks that should be to your service, but in reality are to the service of governments and 3-letter-agencies.

 

It is YOUR money coming to YOUR account, it always amazes me how people accepted it as a norm that banks are spying on you and as soon as you put some money here and there, you immediately are suspicious and need to explain something about YOUR money. People are idiots.

I think you have never been in the Netherlands, they like to follow you when you transfer more than 100 euro.....can you imagine?

[oxo1947]

On 4/29/2023 at 5:09 PM, Liverpool Lou said:

Such nonsense.  All Thai banks permit incoming deposits of any amount to their customers' accounts, there are no upper limit restrictions.

I think thats correct---about 5 years ago I brought in just over 10 Million Baht in one deposit, BKK bank  had no problem with it.

[Liverpool Lou]

14 hours ago, oxo1947 said:

On 4/29/2023 at 5:09 PM, Liverpool Lou said:

Such nonsense.  All Thai banks permit incoming deposits of any amount to their customers' accounts, there are no upper limit restrictions.

I think thats correct---about 5 years ago I brought in just over 10 Million Baht in one deposit, BKK bank  had no problem with it.

It is correct!