Can You Wire Money Out Of Thailand ? How Much,etc?

[phormio]

Can you earn money in Thailand (in Thai baht) and wire transfer the money out ?

Does anyone know what are the limitations and restrictions for wire transferring funds out of Thailand to a foreign account?

Any comments would be appreciated.

[paulfr]

I think alot depends upon how often and what amounts

you are talking about.

If the amounts were small and often, I would send

the ATM card of an LOS account to the US and you/they

can just get cash at any ATM.

This works well in reverse if you are sending money

to your TGF here in LOS. Just keep the acct balance

small and there is little risk.

[yok yawng]

There are a number of depends ... try looking at Bank of Asia, they have Global Funds Transfer available online so you can transfer from a local BoA account to a foreign account.. there are limits on the amount of Bhat....

[bkkharry]

I have an account at Bangkok Bank. They told me I can only wire out the same amount I wire in, no more. Only wired money out once to US, wanted to wire more than I had wired in, only a couple of hundred dollars more, but no go.

[phormio]

I have an account at Bangkok Bank. They told me I can only wire out the same amount I wire in, no more. Only wired money out once to US, wanted to wire more than I had wired in, only a couple of hundred dollars more, but no go.

I suspected there was some law or regulation like this but don't really know.

I find myself in somewhat of an absurd situation, but feel there is probably a way around the rules.

My Thai wife and I are planning to move from the US to the LoS; as the situation stands , she is much more likely to get a well paying job than I since she has had a very sucessful career in the states and is likely to land a very good paying job(by Thai standards) ; however, my prospects, at least initially, are looking more like 30K-40K baht a year as an English/Science/Math teacher - perhaps more later if I am able to locate work with an MNC or discover a good idea for a business.

If I stay in Thailand on an Non-Immigrant "O" Thai Wife/ Support visa we are required to transfer approximately $10,000 (into Thailand from a foreign source)every year to extend my visa. But we don't want to do this since we will have to draw down investments (which will be used for retirement decades in the future).

We don't want this money to be invested in Thailand

So we'll make plenty to live in Thailand on our salaries - and I wonder if we can

"recirculate" the 400,000 baht (appx $10,000) into and out of Thailand.

[konangrit]

however, my prospects, at least initially, are looking more like 30K-40K baht a year as an English/Science/Math teacher - perhaps more later if I am able to locate work with an MNC or discover a good idea for a business.

$ or ฿ ?

[kwiz117]

If you have an international credit card, it is easy.

All I do is, just TT money in USD stating the reason as to "Settle the credit Card". I am transferring around 50,000Bht - 300,000 bht amounts every month like this in USD and so far, no problems or no questions asked.

But I have transfered only to an account in my name. So it's me to me but country to country.

If you transfer in the range of 500,000 Bht up every month, you may have to submit supporting documents.

I am not sure about the exact rules here when it comes to transfer money. But I have heard that if you work here in Thailand you are free to transfer the money you earn.

[Richard Hall]

Generally, there must always be a good reason and appropriate paperwork to wire money out of Thailand. It is surely understandable that Thailand has no interest that funds are leaving the country. If you run a business and plan to purchase merchandise abroad you have to present a proforma invoice from the seller, if you want to participate in a language course in a foreign country you have to present your enrolment application etc.

In Western countries you have more freedom to do with your money whatever you want but keep in mind that Thailand is still a developing country and hence has to apply different rules. Therefore the scheme to support your foreign girlfriend in a foreign country with money earned in Thailand does generally not work as per Thai legislation. One can not invest Thailand earned money abroad. Works only in respect of bringing money INTO Thailand.

Therefore, if you contact your bank in terms of wire money transfer have your explanations and paperwork ready why the transaction is made. Keep also in mind that the law is to fight illegal activities such as money laundering and/or having foreigners staying on Non Immigrant O visas in Thailand and send the same money back and forth again and again to be entitled for extensions while actually living on money earned by illegal (no work permit) activities.

For a Non Immigrant O on basis of family support the regulation reads to bring in a lump sum of Baht 400,000 from abroad OR have a minimum monthly income of Baht 40,000. Therefore get a Non Immigrant O, a work permit and a job that generates those Baht 40,000 and no money transfer from abroad is necessary. Alternatively, go for a Non Immigrant B, a work permit and appropriate salary job and the same situation applies.

[phormio]

however, my prospects, at least initially, are looking more like 30K-40K baht a year as an English/Science/Math teacher - perhaps more later if I am able to locate work with an MNC or discover a good idea for a business.

$ or ฿ ?

Oops - meant 30K-40K baht per "month" not per"year". Thanks for pointing out the mistake. How did you get that single character baht symbol to come out in the post?

[phormio]

...

Therefore get a Non Immigrant O, a work permit and a job that generates those Baht 40,000 and no money transfer from abroad is necessary. Alternatively, go for a Non Immigrant B, a work permit and appropriate salary job and the same situation applies.

This is what I would like to do, but what the situation presents when we arrive in Thailand at the end of 2004 may not meet the minimum requirements for visa extension.

As Thailand is in the process of opening up , i.e. the WTO and the impending FTA with the US and other countries, one would hope that many of these restrictions(FOREX as well as many others - perhaps tariffs on autos in Thailand will be cut) would gradually fade away.

Going back to 1997 to the crash, members of the Thai privileged classes were forewarned of the imminent devaluation, and pulled large amounts of liquid assets out of Thailand and made a killing.

There is the law, there is fairness, and there is justice - rarely in coincidence at any place or at any time.

[phormio]

If you have an international credit card, it is easy.

All I do is, just TT money in USD stating the reason as to "Settle the credit Card". I am transferring around 50,000Bht - 300,000 bht amounts every month like this in USD and so far, no problems or no questions asked.

But I have transfered only to an account in my name. So it's me to me but country to country.

Thanks for this suggestion - I had never thought of it.

As it so happens I will be using a foreign credit card when we move to Thailand.

The bank never asked you for a copy of your non-Thai credit card bill?

[kwiz117]

If you have an international credit card, it is easy.

All I do is, just TT money in USD stating the reason as to "Settle the credit Card". I am transferring around 50,000Bht - 300,000 bht amounts every month like this in USD and so far, no problems or no questions asked.

But I have transfered only to an account in my name. So it's me to me but country to country.

Thanks for this suggestion - I had never thought of it.

As it so happens I will be using a foreign credit card when we move to Thailand.

The bank never asked you for a copy of your non-Thai credit card bill?

You are welcome!

No, so far they have not asked any supporting docs from me.

I am using Kasikorn Bank. For 1 TT they charge around 400 Bht max irrespective of the amount I transfer. But I mark the foreign bank charges to be paid by Beneficiary.

I do not think you can use this for larger amounts like 500,000 Bht up monthly transfers.

-------------------------

Anyway, you should be able to freely transfer the amount you earn in Thailand from employement to any country you want if you are having a work permit and a non-imm B visa and a Thai bank account. I do not see any problem with this unless your income is from business.