About to move to Thailand and intend to do a SWIFT TRANSFER from the UK but what exactly is this 30% rule.Will someone please explain in laymans terms the effects of this.

regards

In brief, if you're transferring less than USD 20,000 (about GBP 10,000) there's nothing to worry about.

If you're transferring more than that amount, in theory your bank will keep 30% for one year and not pay you interest on the withheld money.

In practice, a number of people have reported that the 30% is not withheld.

To be sure, though, it's best to make multiple transfers of less than USD 20,000.

In the last 12 months i have made at least 5/6 wires of more than 20K euros and never heard about this 30% rule???

All the money as always been credited in my Siam account

About to move to Thailand and intend to do a SWIFT TRANSFER from the UK but what exactly is this 30% rule.Will someone please explain in laymans terms the effects of this.

regards

I Have twice in the last 3 months sent more that that in one go and had no such problems,.

Hi Binnsy, from what i remember you are going to retire here, once youve done your swift transfer, ask for a receipt from the recieving bank in Thai, your bank should have this in about 4 working days, you will need this to help with retirement visa, Swift has only ever cost me 20 quid whatever sum i transfer, thats with Nationwide online services, no flex acc charge, no atm withdrawal charge, no need to keep all ATM reciepts, can print them off online,

Another thing, i e-mailed them asking for the reciepts of recieving bank in Thai, just to help with my 2nd retirement visa, 5 days later, got a snail mail with all the details of my swift transfers to Thai, They really are a brilliant bank,

Hope this helps you mate, Lickey.

Thanks for all the replies

Hi Binnsy, from what i remember you are going to retire here, once youve done your swift transfer, ask for a receipt from the recieving bank in Thai, your bank should have this in about 4 working days, you will need this to help with retirement visa, Swift has only ever cost me 20 quid whatever sum i transfer, thats with Nationwide online services, no flex acc charge, no atm withdrawal charge, no need to keep all ATM reciepts, can print them off online,

Another thing, i e-mailed them asking for the reciepts of recieving bank in Thai, just to help with my 2nd retirement visa, 5 days later, got a snail mail with all the details of my swift transfers to Thai, They really are a brilliant bank,

Hope this helps you mate, Lickey.

Can you initiate a Swift transfer from a Flexaccount online? I thought you had to fill forms in and sign them?

To Endure,

I enquired about this last week in my local branch in UK.If you have a nationwide online account there is a link to print out a swift form.This needs to be filled out and sent by post to head office(swindon).

To Endure,

I enquired about this last week in my local branch in UK.If you have a nationwide online account there is a link to print out a swift form.This needs to be filled out and sent by post to head office(swindon).

Cheers Neil!

Endure, yes, you fill in the forms online, print it off, sign it and send it to the address pre-posted on the top of the form for a window envelope, you must provide a mobile/home phone number because they will call you to verify address, but only the first time, after that, no questions, they will transfer with out holding 30% whatever, this has never happened to me,

Cheers, Lickey,

I transfered 94k sterling into my siam comm bank in march and no problems , i went to the bank asked them to make a bankers draft for a land purchase and had no problems .

Just showed them passport as ID .

JB

This is very interesting.

Can someone explain why these transfers are being allowed without invoking the 30% withholding rule?

Is it the bank?

Is it some advance paperwork being submitted?

Is the law just not being enforced or are the posters just plain lucky?

Does anyone know, because I have been restricting my transfer to 8,000 pounds for some time now, and it is costing me in transfer fees, to say nothing of the extra hassles.

Thanks

This is very interesting.

Can someone explain why these transfers are being allowed without invoking the 30% withholding rule?

Is it the bank?

Is it some advance paperwork being submitted?

Is the law just not being enforced or are the posters just plain lucky?

Does anyone know, because I have been restricting my transfer to 8,000 pounds for some time now, and it is costing me in transfer fees, to say nothing of the extra hassles.

Thanks

I transferred just over 30k GBPto my thai bank a few months ago. Bangkok Bank (the recieving bank - not my branch) asked me to send a fax confirming the money was required for "personal expenses".

This is very interesting.

Can someone explain why these transfers are being allowed without invoking the 30% withholding rule?

Is it the bank?

Is it some advance paperwork being submitted?

Is the law just not being enforced or are the posters just plain lucky?

Does anyone know, because I have been restricting my transfer to 8,000 pounds for some time now, and it is costing me in transfer fees, to say nothing of the extra hassles.

Thanks

I pay 21 pounds for an international money transfer from HSBC its the same if i send 100 pounds or a 100k , i did ask my thai bank if they would hold 30 percent if i sent large amount and they looked at me like i was out of space . Up to now i have not had a problem sending larger amounts and i dont know anyone else that is sending money to Thailand having problems.

Where is this 30 percent rule ......have seen it on int forums but not on offical Thai web .

JB

This is very interesting.

Can someone explain why these transfers are being allowed without invoking the 30% withholding rule?

Is it the bank?

Is it some advance paperwork being submitted?

Is the law just not being enforced or are the posters just plain lucky?

Does anyone know, because I have been restricting my transfer to 8,000 pounds for some time now, and it is costing me in transfer fees, to say nothing of the extra hassles.

Thanks

Friend recently had US 80k sent in ... This transfer was already endorsed with "for purchase of condo"

30% was not withheld however he was asked to come to the bank to explain before they would place the

money into his account ... 10 days delay

I myself made 2 transfers of < 20k, money in account in two days.

Naka.

Hi

Although your bank charged 20 pounds what sort of exchange rate did they give you. I have heard that exchange rates can be better if funds are converted in thailand.

Customers of ours are looking at making multiple small payments to thailand and I am currently interested in finding out how I can ensure that these payments land with the minimum charges and best exchange rates

Thanks

James

Nationwide will give you the exchange rate of the day you apply to send money, they will not guarantee it will be the same when money arrives in a Thai bank a few days later, perhaps a few more satangs or baht, or a few less, they convert the money into BHT before sending.

Perhaps your clients/friends would be better off if they had their money in a high interest acc in UK for a few months before sending to Thai.

Hope this helps, Lickey.

Nationwide will give you the exchange rate of the day you apply to send money, they will not guarantee it will be the same when money arrives in a Thai bank a few days later, perhaps a few more satangs or baht, or a few less, they convert the money into BHT before sending.

Perhaps your clients/friends would be better off if they had their money in a high interest acc in UK for a few months before sending to Thai.

Hope this helps, Lickey.

If you are going to send money to Thailand from the UK then tell the sending bank not to transfer into Thai Baht before they send it but to send it as Sterling and ask the recieving bank to convert it, you will get a better rate of exchange.

Hi

Although your bank charged 20 pounds what sort of exchange rate did they give you. I have heard that exchange rates can be better if funds are converted in thailand.

Customers of ours are looking at making multiple small payments to thailand and I am currently interested in finding out how I can ensure that these payments land with the minimum charges and best exchange rates

Thanks

James

James

I pay hsbc 21 pounds for international money transfer i ALWAYS send sterling and the money is exchanged from sterling to Thai baht in Thailand .

JB

As far as I was aware the 30% rule which is aimed at larger sums of money was never implemented - it's just hanging around in limbo in some office somewhere. Presumably being held back by those who understand what it would do to the Thia economy if it is rigourously enforced

As far as I was aware the 30% rule which is aimed at larger sums of money was never implemented - it's just hanging around in limbo in some office somewhere. Presumably being held back by those who understand what it would do to the Thia economy if it is rigourously enforced

Looks like you're right wilko.

I went to my bank today (Kasikorn in Na Klua) and asked them about all this.

They told me I can transfer over USDlrs20k equiv without worrying about a 30% withholding.

I would need to complete the standard Bank of Thailand form stating the purpose of the funds, (which I used to do in the past for large transfers), before they will release the funds to my account.

Could anyone say, when transferring foreign funds to a Thai baht savings account in a Thai bank, when the money is exchanged : is it :

When the thai bank actually receices the money - ie 1-5 days after initiating the transfer or

when the money is released to the beneficiaries thai bank account, which may be some time after initiating the transfer

Thanks

This is in part dependent upon the transferor's instructions, conversion will take place either at source [not best}, or at arrival at local Thai bank, {preferable}. It is unlikely that the funds will be held by the bank in foreign denomination until disbursement unless specific instructions are made and agreed to such an arrangement.

Regards

AFAIK the funds are converted to THB as soon as possible upon receipt. Rates are fluid and can move within the hour but not dramatically.

In any case the sender has no control over when the conversion takes place or the rate.

This is very interesting.

Can someone explain why these transfers are being allowed without invoking the 30% withholding rule?

Is it the bank?

Is it some advance paperwork being submitted?

Is the law just not being enforced or are the posters just plain lucky?

Does anyone know, because I have been restricting my transfer to 8,000 pounds for some time now, and it is costing me in transfer fees, to say nothing of the extra hassles.

Thanks

The rules changed about 3 months ago.

Now you can transfer in up to "I think" 2mil B for personal expenses without attracting 30% retention.

Of course you won't get a foreign exchange cert.

Call HSBC and check.

Cheers

In any case the sender has no control over when the conversion takes place or the rate.

Not entirely true, the sender can specify the currency of the transfer itself, in other words what currency 'leaves' , say Sterling, or Baht, though many are not aware of this, and often the sending bank would prefer you not to know it. However, once in Thai control the transaction would normally occur speedily. Again, if the receiver has a strong relationship with the bank here, and the amount is sufficient to warrant this, then it is possible to get a marginally better rate.

Regards

So are you saying that now a FET forms will not be provided for transfers under 2Mio Baht ? (Even if the stated purpose of the transfer is for condo purchase and it is just over $20K)

Cheers

<br />

This is very interesting.<br /><br />Can someone explain why these transfers are being allowed without invoking the 30% withholding rule?<br /><br />Is it the bank? <br /><br />Is it some advance paperwork being submitted?<br /><br />Is the law just not being enforced or are the posters just plain lucky?<br /><br />Does anyone know, because I have been restricting my transfer to 8,000 pounds for some time now, and it is costing me in transfer fees, to say nothing of the extra hassles.<br /><br />Thanks

<br /><br />The rules changed about 3 months ago.<br /><br />Now you can transfer in up to "I think" 2mil B for personal expenses without attracting 30% retention.<br /><br />Of course you won't get a foreign exchange cert.<br /><br />Call HSBC and check.<br /><br />Cheers<br /><br />

<br /><br /><br />

Thanks for the replies on when the conversion takes place - ie when the thai bank receive it or when the beneficiary goes to claim it.

In my case with KBank and a transfer just over $20K, it was deposited straight into my account on the day specified by sending bank on the confirmation of transfer form they faxed and posted to me here in the UK, whilst I am also here in the UK.

Well, this is what my internet banking is telling me. But I think I will make a confirmation call, just to make sure the transaction wont be backed out into some other account as I havent been to my branch about this - and at the moment I dont know if I need to go or not...

Edited October 25, 200718 yr by Khun Bob

So are you saying that now a FET forms will not be provided for transfers under 2Mio Baht ? (Even if the stated purpose of the transfer is for condo purchase and it is just over $20K)

Cheers

If you state its for buying a condo its not for personal expenses is it.

Cheers

Edit close quotes

Edited October 26, 200718 yr by percy2

Sorry - still not clear

If i transfer just over $20K, are you saying that i now cannot get an FET if it is unfer 2Mio Baht ?

Cheers

So are you saying that now a FET forms will not be provided for transfers under 2Mio Baht ? (Even if the stated purpose of the transfer is for condo purchase and it is just over $20K)

Cheers

If you state its for buying a condo its not for personal expenses is it.

Cheers

Edit close quotes