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Can I Get my Money Out of Thailand?


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4 hours ago, CallumWK said:

Currency exchange companies like SuperRich can transfer  whatever amount overseas, but it has to be exchanged in foreign currency first

Yes, but the limits are almost certainly very low, a couple of hundred thousand baht.

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As far as I can see, there is no reason in law why the Thai banks shouldn't be able to remit 4 million baht in foreign currency, to an overseas account, apart from the fact they don't want to. If anyone else thinks there is a reason in law, perhaps they can point to it?

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Posted (edited)
2 hours ago, timendres said:

I can login to my KBank mobile app, and wire $50,000 USD to my account in the US no problem.

I can wire that amount every day until the account is empty.

That's around 1.8 mill baht per day. Can you tell me:

 

1) Is that just you or can all customers do the same?

 

2) Do you have a prior arrangement with your bank where you supplied them with paper work etc?

 

TIA

 

 

Edited by Mike Lister
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2 minutes ago, ExpatOilWorker said:

The limit is actually $100,000 per day and 25 different currencies are available. 

https://www.kasikornbank.com/en/international-business/global-money-transfer/pages/international-transferviakplus.aspx

Yes.....that's the one I mentioned at the outset, it supports transfers under 16 different scenarios, most of which seem aimed at Thai nationals

 

  1. Payment of imported and exported products
  2. Students’ expenses
  3. Consultant’s fee
  4. Income repatriation by workers
  5. Remittance to family members or relatives who have a permanent residence in other countries
  6. International travel expenses - others
  7. Travel expenses - tourists
  8. Fares
  9. Healthcare expenses
  10. Shipping costs
  11. Insurance and reinsurance premiums on goods
  12. Indemnity for goods
  13. News service fees
  14. Advertisement costs
  15. Property rental
  16. Private sector grants
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Transferring money to a family member can be tricky as a bank will ask for a copy of that person's ID card. When told that country does not make ID cards mandatory, the banker asked, "Well how can anyone know he is who he says he is?"

"He will tell them who he is," was met with puzzlement.

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10 hours ago, Mike Lister said:

there is no reason in law why the Thai banks shouldn't be able to remit 4 million baht in foreign currency, to an overseas account

Agreed. Especially many of not all Thai banks should have BIC/SWIFT codes to be used for international transfers. There are Thai banks (just google) that support international Western Union transfers.

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A close friends experience 12 months ago:- Now this relates to K Bank, South Pattaya Branch and it's manager, other banks may have a different result. 

Mate has lived in Pattaya 20+ years and goes home once a year to see family and get a medical checkup. He got stuck there with Covid and just as he was allowed to return had a mild stroke. Not able to travel anymore so can't return. 

He has a Retirement extension and 800k in Kbank. 

His son was coming for 20 days in January and he got a Power of Attorney, brought his dad's passport, his Thai will and bank book to the bank. Son was executor in the will. 
The bank manager could not have been more helpful. Gave him withdrawal forms to courier to his dad, said bring them in, signed and you can withdraw. And that's exactly what happened, 800k cash in his hand, he left the bank. 
The son had  also arranged the sale of his dad's house thru an agent. This agent then sent the 800k to his dad's OZ bank account. When the sale happened 3 months later the agent sent the 2 million baht proceeds to the same account. 
 

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23 hours ago, Mike Lister said:

In the past I’ve been able to remit a few hundred thousand baht (equivalent) overseas without difficulty, just by saying I need it for holiday spending. But I’m not sure what would happen if one day I walked in and, having sold my car et al and wanted to remit say 4 or 5 million back home again, what would happen?

 

Perhaps if anyone has any experience of the above, they might tell us what happened.

If you have transferred the money into Thailand as a large sum and declared it with Bank of Thailand, you got a receipt – which you of course carefully have keept – making you eligible to transfer same amount out of Thailand. Otherwise, for larger amounts, you need to declare the funds and probably prove that tax has been paid.

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On 6/18/2024 at 5:51 AM, Mike Lister said:

That's around 1.8 mill baht per day. Can you tell me:

 

1) Is that just you or can all customers do the same?

 

2) Do you have a prior arrangement with your bank where you supplied them with paper work etc?

 

TIA

 

1) Nope, applies to anyone.

2) Nope, just a standard account set up when I was on a Non-O 14 years ago.

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  I need to remit around £25k to the UK in the next couple of weeks with no prior arrangements.
Monies are held in an FCD account and were originally sent to Thailand as 'Living Expenses'
I will let you know how I get on.....
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its much much easier  to transfer shares rather than cash. However to do this you need a brokerage account outside Thailand that is capable of trading Thai stocks.

 

   This might work; 

 

    1) open a share trading account in Thailand.

    2) use your cash to purchase Thai stocks

    3) After a respectable gap , Instruct your Thai broker to transfer your shares to the (Thai ) custodian of your overseas broker, btw both parties need to be informed of your intentions. 

    4) share transfer takes place on a date agreed by both parties (thai and overseas broker)  , but everything can normally be done over a couple of days.

   5) After the transfer is complete,  your shares are still  held in Thailand but by a different custodian who will act on the instruction (given by you) to your overseas broker.

  6) once everything has settled you can either retain the shares or sell them via your non Thai broker, who can then convert   to the currency of your choice and the credit will be in your brokerage account outside Thailand.

  7) Bingo! your money is outside the country.

 

I have done this a number of times, over the years, without any problem, on one occasion involving a very significant portfolio in terms of value.

However i should add that i am an established customer of the Thai broker concerned and, over time, my  fund/stock  transfers have gone both into and out of country via this method. A new customer doing this with cash from an unknown source might arouse more interest from the authorities.

 

 

Edited by wordchild
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On 6/18/2024 at 12:44 PM, khunPer said:

If you have transferred the money into Thailand as a large sum and declared it with Bank of Thailand, you got a receipt – which you of course carefully have keept – making you eligible to transfer same amount out of Thailand. Otherwise, for larger amounts, you need to declare the funds and probably prove that tax has been paid.

That's my understanding.  Designed so money is stripped out of the Thai economy. 

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On 6/17/2024 at 2:58 AM, Mike Lister said:

But I’m not sure what would happen if one day I walked in and, having sold my car et al and wanted to remit say 4 or 5 million back home again, what would happen?

 

Perhaps if anyone has any experience of the above, they might tell us what happened.

 

 

We moved those amounts out a few years ago via Bangkok Bank back to USA no problems but we did it in a few transfers.

Do not know how true it is but we were told by others that if we kept transfers under 50k USD no questions or proofs would be needed & that is what we did

 

They asked for a reason on the trans sheet & I just said repatriation. Funnily enough it was the one time in years that my Thai wife had an albeit small problem & I did not. (because we were both doing separate transfers to speed it up)

They asked her to prove her dual citizenship by showing her US Passport which of course she does not carry so had to go get it 😉

 

So yes we moved those amounts in a few transfers usually averaging 1.3 million baht at a time over a week or two.

It would have been cheaper transfer wise to do a larger one I guess? But as told it went easily this way

Edited by mania
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I said I would respond as soon as UOB Bangkok replied to my query:

 

The simple answer is, as long as you have an FET (or equivalent) in your name, dated any time and from any Thai bank, they will transfer the funds overseas once again. All they want to see is proof that the funds originated from overseas in the first place.

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On 6/27/2024 at 7:51 AM, Mike Lister said:

I said I would respond as soon as UOB Bangkok replied to my query:

 

The simple answer is, as long as you have an FET (or equivalent) in your name, dated any time and from any Thai bank, they will transfer the funds overseas once again. All they want to see is proof that the funds originated from overseas in the first place.

So, nothing has changed then.  Right? 

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On 6/18/2024 at 3:49 AM, timendres said:

I can login to my KBank mobile app, and wire $50,000 USD to my account in the US no problem.

I can wire that amount every day until the account is empty.

We are all waiting to hear how it goes when you do the max transfer many days in a row.

 

I understand that the bank's rules say the daily limit is X.  That doesn't mean they won't at some point stop you from doing it to what they consider to be too frequently.

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On 6/27/2024 at 2:51 PM, Mike Lister said:

I said I would respond as soon as UOB Bangkok replied to my query:

 

The simple answer is, as long as you have an FET (or equivalent) in your name, dated any time and from any Thai bank, they will transfer the funds overseas once again. All they want to see is proof that the funds originated from overseas in the first place.

Does the bank keep the original FET to prevent you from re-using it at another bank?  This doesn't seem like a very secure method of restricting export of foreign currency.  The implementation makes me think this is merely a bank policy not an actual government restriction.

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