Sending money out of Thailand

[PJ71]

I need to send about £150K to the UK for a property purchase.

 

Does anyone know the limit per transaction i can send out, is it £10K or $10K or more? Is there a limit how many times i can do this per week / month?

 

Any accurate info appreciated.

 

Thanks.

[CharlieH]

Apparently it's $50,000 or equivalent.

Depends also on what , who, and Banks involved.

 

Registration for outward remittance

Because banks are quite tightly regulated in Thailand, many will require you to first register for their outward remittance service. Foreigners are asked for the source of income documents; Thais need supporting documents specifying the purpose of remittance.

The registration is typically done in one of their branches or, in some cases, online. But recently, some banks have stopped asking for this altogether for transfers in selected currencies. Once registered, you can send money abroad from their application or website at any time without having to go to the bank.

 

Read here...

Money Management

[PJ71]

Thanks for that.

 

Waiting for input to see if anyone has done this recently for first hand report, ie which bank, to which country and for what amounts etc.

 

Thanks.

[BenStark]

11 minutes ago, PJ71 said:

Thanks for that.

 

Waiting for input to see if anyone has done this recently for first hand report, ie which bank, to which country and for what amounts etc.

 

Thanks.

Sending out doesn't have a limit, as long as you can prove you brought it in officially, or if it concerns a business transaction you can show an official invoice.

 

I sent back 300.000 Euros in one go, with Kasikorn, but I had the money in a foreign currency account.

 

Cost was about 45.000 baht

 

Cost me quite a bit of money, because first have to exchange it to Thai baht, then back to Euro, because you can't send Thai baht out of the country.

Edited June 5, 2023 by BenStark
Edit to add the correct amounts as I remenber them

[PJ71]

3 minutes ago, BenStark said:

Sending out doesn't have a limit, as long as you can prove you brought it in officially, or if it concerns a business transaction you can show an official invoice.

 

I sent back 150.000 Euros in one go, with Kasikorn, but I had the money in a foreign currency account.

 

Cost me quite a bit of money, because first have to exchange it to Thai baht, then back to Euro, because you can't send Thai baht out of the country.

Thanks for the info.

 

The money i have is earned from working overseas and paid into BKK bank account, guess as proof i could show pay slips and work contract ( if required ).

 

If you don't mind me asking, was this recently?

[CharlieH]

Here is previous discussion from February on doing what you want to do.

 

 

[BenStark]

Just now, PJ71 said:

Thanks for the info.

 

The money i have is earned from working overseas and paid into BKK bank account, guess as proof i could show pay slips and work contract ( if required ).

 

If you don't mind me asking, was this recently?

This was 2019, but rules haven't changed.

 

Payslips will not suffice, you will have to have sent it over officially, and asked for the document TM "something".

 

If it concerns a business transaction, you can go through BOT

[PJ71]

1 minute ago, BenStark said:

This was 2019, but rules haven't changed.

 

Payslips will not suffice, you will have to have sent it over officially, and asked for the document TM "something".

 

If it concerns a business transaction, you can go through BOT

Ok, i have not sent over a significant amount one time with FET document ( think that's what it is ), used for property purchase.

 

I guess this changes things?

[PJ71]

13 minutes ago, CharlieH said:

Here is previous discussion from February on doing what you want to do.

 

 

Interesting - thx.

[BenStark]

20 minutes ago, PJ71 said:

Ok, i have not sent over a significant amount one time with FET document ( think that's what it is ), used for property purchase.

 

I guess this changes things?

It should show in your bank book as incoming international transfers, so I think you can have a word with your bank to get statements from the previous years.

 

In my case I got telex transfer rate for the Euros in my foreign currency account, and they charged 0.5% on that to transfer it back.

 

 

In your case you probably have Thai baht, so you get selling rate, and a fixed transfer fee.

 

You haven't mentioned which bank, but if it is Kasikorn the foreign currency department is on the first floor of nthe central pattaya road branch

Edited June 5, 2023 by BenStark
Edit the transfer rate

[PJ71]

12 hours ago, BenStark said:

It should show in your bank book as incoming international transfers, so I think you can have a word with your bank to get statements from the previous years.

 

In my case I got telex transfer rate for the Euros in my foreign currency account, and they charged 0.5% on that to transfer it back.

 

 

In your case you probably have Thai baht, so you get selling rate, and a fixed transfer fee.

 

You haven't mentioned which bank, but if it is Kasikorn the foreign currency department is on the first floor of nthe central pattaya road branch

Yeah, i'll pop into the bank and have a word with them.

 

I'm with BKK bank.

 

Thanks for the info.

[Brick Top]

12 hours ago, PJ71 said:

Thanks for that.

 

Waiting for input to see if anyone has done this recently for first hand report, ie which bank, to which country and for what amounts etc.

 

Thanks.

It's not $50,000 that is incorrect and only applies if you have no paperwork.

I recently sent 13.5 Million in one transfer , I was however required to provide proof that I had previously transferred that amount into Thailand.

I did that by showing the bank several Torta Sam's and credit advices (FET) showing I had transferred more than 13.5 Million into Thailand from previous years ,  some were dated 2004.

 

Edited June 6, 2023 by Brick Top

[arithai12]

You have to talk to your own branch of your own bank here in Thailand. Any info you find on this forum is a personal experience that might not apply to your case.

For what it's worth: I sold a condo last February, I transferred the amount (quite consistent) from a Bangkok Bank account (in my name) to a bank account (also in my name) abroad. They wanted of course all paperwork related to the original purchase and the sale, but in the end it was relatively simple and very economical: Baht to USD at the official exchange rate of the day plus some very minor commission like 1000 Baht, money received in a few hours.

 

[PJ71]

16 minutes ago, Brick Top said:

It's not $50,000 that is incorrect and only applies if you have no paperwork.

I recently sent 13.5 Million in one transfer , I was however required to provide proof that I had previously transferred that amount into Thailand.

I did that by showing the bank several Torta Sam's and credit advices (FET) showing I had transferred more than 13.5 Million into Thailand from previous years ,  some were dated 2004.

 

So you can send $50K if no paperwork?

[Brick Top]

1 hour ago, PJ71 said:

So you can send $50K if no paperwork?

Yes , that is what the bank told me 3 years ago , since then mind I have strated sending funds back to the UK without using my paperwork via the SCB banking app. 

Last time I used the SCB app for International transfer , I sent 2 Million baht without any problems at all or paperwork. The app informed me my remaining money limit was in fact 5 Million .

So if I were you I would try one of the banks apps first. I have also used Dmoney without paperwork but there daily limit was 800,000.

The funds I sent using the SCB app arrived in the UK the same day.

[Liverpool Lou]

14 hours ago, PJ71 said:

I need to send about £150K to the UK for a property purchase.

 

Does anyone know the limit per transaction i can send out

There's only one way to get your answer, call your bank and ask them, after all, when you've read any  conflicting responses here, that's what you're going to have to do.  Your bank won't be interested in the anonymous advice you received here.

[PJ71]

8 hours ago, Brick Top said:

Yes , that is what the bank told me 3 years ago , since then mind I have strated sending funds back to the UK without using my paperwork via the SCB banking app. 

Last time I used the SCB app for International transfer , I sent 2 Million baht without any problems at all or paperwork. The app informed me my remaining money limit was in fact 5 Million .

So if I were you I would try one of the banks apps first. I have also used Dmoney without paperwork but there daily limit was 800,000.

The funds I sent using the SCB app arrived in the UK the same day.

Thanks.

 

Do you have to go into the bank to set up the intl transfer option on your app?

Edited June 6, 2023 by PJ71

[Confuscious]

I posted long time ago a similat question as I have put money in a Thai bank for my Visa extension and want to move the money out of Thailand now with minimal losses.

I contacted DeeMoney and raised the question.
Their answer was:
 

- How much is the fee and other expenses to move these funds?

: The transfer free fee is THB 133.75 Nett per time per transaction.The transfer free fee is the flat fee rate.

- Will the funds be moved directly from Thailand to Belgium or will the
funds first be converted to Thai Baht on the withdrawing and from Thai
baht to Euro on the transfert to Europe?

: We transfer the money from Thai Baht to currency as per the recipient's country.For Belgium is available for a Euro currency.The payment will settle by your Thai Mobile Banking application at the end of process.

So, that means that they will do 2 exchanges before shipping out the funds to Belgium.

A quick calculation:
50.000 Euro x 36.459 = 1.822.950 THB
1.822.950 ThB / 37,639 = 48,832 EUR

Difference: 50,000 - 48,832 = 1.168 EUR

This means that you lose 1.168 Euro (42.548 THB) in the transaction on top of the fees.

Think about that before transferring your money to Thailand.

[Brick Top]

On 6/6/2023 at 10:13 PM, PJ71 said:

Thanks.

 

Do you have to go into the bank to set up the intl transfer option on your app?

No , you do not have to go to the bank 

[Brick Top]

On 6/6/2023 at 10:13 PM, PJ71 said:

Thanks.

 

Do you have to go into the bank to set up the intl transfer option on your app?

No you dont , I sent a screenshot of the bank Information

Edited June 8, 2023 by Brick Top

[topt]

On 6/5/2023 at 11:10 PM, BenStark said:

I sent back 300.000 Euros in one go, with Kasikorn, but I had the money in a foreign currency account.

 

Cost was about 45.000 baht

 

Cost me quite a bit of money, because first have to exchange it to Thai baht, then back to Euro, because you can't send Thai baht out of the country.

Not doubting you but this surprised me. If the money was held in a FCA in Euros why could they not just send it straight out in Euros?

 

Made me check Bangkok Bank as their online info is better than most banks -

https://www.bangkokbank.com/en/Personal/Save-And-Invest/Save/FCD-Account-for-Non-residents

Quote

Can I transfer foreign currency from FCD account into overseas saving account?

Yes, and the withdrawal transaction fees for FCD accounts will be varied depending on the currency between 0.25%-1.25% Of withdrawal money (minimum at 500 baht) and fees will be applies for transferring money to overseas (400 or 1,150 baht for major currencies except JPY and HKD). y Bangkok Bank branch providing FCD services.

Still going to be around the cost you mentioned in baht equivalent as .5% charge for Euro 

[BenStark]

53 minutes ago, topt said:

Not doubting you but this surprised me. If the money was held in a FCA in Euros why could they not just send it straight out in Euros?

 

Made me check Bangkok Bank as their online info is better than most banks -

https://www.bangkokbank.com/en/Personal/Save-And-Invest/Save/FCD-Account-for-Non-residents

Still going to be around the cost you mentioned in baht equivalent as .5% charge for Euro 

Yes you can't transfer back from a FCD account, because the money isn't in Thailand, so it first have to exchanged to Thai baht, then back into the currency you want to export.

 

USD the fee is 0.25%, Euro is 0.5%.

 

It is a significant sum, but you get a better exchange rate converting Thai baht back to USD/Euro, as if you would if you exchange at a money changer.

 

@confucious Your maths are wrong as usual.

 

It doesn't cost 1268 Euro to send back 50.000 Euro. It cost me about that amount to send back 300.000 Euro