Q. Large-ish Amount £ To Thailand...

[Marvo]

I have read a mix of answers in threads here to various questions I have, but I was hoping that someone here could advise me directly and prevent me from making stupid mistakes.

I need to transfer about £50k from the UK to Thailand in the next few days. This will be a "loan" (I know, there's no such thing in Thailand ) to the GF re land "aquisition". I have an Ayudhya account, running smoothly with smaller sterling CHAPS transfers from the UK. The questions I have are:

The sending bank asks for "reason for transfer" of the funds. What is "best" to tell them?

Ayudhya, on their website, say to contact their treasury dept re transfers over $10,000 US. Are they likely to ask me any awkward questions - like "reason for transfer"? like wise, what is the best thing to tell them? £50k - living expenses? - Nice life!

I gather that there is no longer a risk of the 30% retention as long as the money is not stated as being brought in for "speculation".

In the extremely unlikely event of being in the position to take this money back out of Thailand one day (I can dream), I guess I will need a Foreign Exchange Certificate from Ayudhya (with reason for transfer on it?). The cash is NOT being used to buy a condo though.

Is there anything else I should be considering, apart from my sanity ?

Cheers,

[RAZZELL]

I need to transfer about £50k from the UK to Thailand in the next few days. This will be a "loan" (I know, there's no such thing in Thailand ) to the GF re land "aquisition".

Are you nut's?

RAZZ

[Maestro]

Marvo, the owner of the Thai bank account to which you will make the remittance should talk to his/her bank about this before you initiate the transfer. There may be some paperwork involved for him/her when taking out a foreign loan of this size.

--

Maestro

[Marvo]

Are you nut's?

Yep!

[Maestro]

...The sending bank asks for "reason for transfer" of the funds. What is "best" to tell them?...

The truth and nothing but the truth.

--

Maestro

[RAZZELL]

Are you nut's?

Yep!

At long last...some honesty on TV...

Kudos

RAZZ

P.S. I'm a bit short this month...any chance of a sub?

[Knightsbridge]

That's one very, very, very lucky GF.

[chiang mai]

By transferring the money to your girl friends account it my already be lost. The one chance you will have in the future of reclaiming the money via the court system is if you state the true reason for the transfer and ensure your girlfriends bank records that.

As for the transfer out - you shouldn't be concerned since it is easily done without the certificate but there;s little point going into the details of that at this stage since it is purely hypothetical at this stage.

[soap]

The sending bank asks for "reason for transfer" of the funds. What is "best" to tell them?

tell them its a valintines day present.

then kiss it goodbye

[Governor]

Please get legal advice and get the conditions of the loan set in concrete. If your girl friend is sound, and I'm sure she is, she will have no objections.

I failed to get legal advice to protect myself, and am now paying for my misplaced trust.

[Knightsbridge]

I don't know how long you've been in Thailand for but I've seen far too many colleagues have financial losses by giving oh-so-much money to their GFs in my 4 years here..... My advice - don't send at all....

[Marvo]

Sorry guys and gals, let me clarify a little. The Cash can be xfered from the UK either into my account or the GF's account (both personal a/c's), whichever is most advisable. The cash will then go to the GF's company which will use the money to buy land. I just need to know if this is legit and what I need to put for the "reason for transfer" to keep me clean and not give me any problems in the future if we decide to sell up in Thailand in ten years time and go back to Blighty.

[RAZZELL]

not give me any problems in the future

Don't do it!

You're obviously British (like me)...and I know I wouldn't "lend" any girlfriend I had in the UK £50k!

Just a reality check...all the best

RAZZ

Edited February 14, 2008 by RAZZELL

[Marvo]

Just a reality check...all the best

Thanks Razz, your concern is touching, obviously heartfelt and much appreciated.

I'll get myself a lease on the land with a lifetime Superfices or Usufruct, that's good enough for me (no kids to leave it to). I'm not going into this "expecting" to see the cash again, I'll just be living exactly where I want to be for as long as I want it. That's the best/most you can expect to achieve in LOS. "Don't bring in to Thailand more than you can afford to loose" is the general concensus that's been hammered home after months of trawling through a zillion threads on the subject.

[naka]

Relax you guys.

She's different ... Anyway this is a 'till death us do part relationship' Ooops

Or perhaps just a p1sstake.

Naka.

Edited February 15, 2008 by naka

[Killroy]

When we bought our houes I send money straight to my wifes account,I just put Investment "for life" as a reason..

The bank then ask here what she will do with the money,she said buy a house "screw my husband"

[Marvo]

Relax you guys.

She's different ...

Naka.

They're all different Naka, with different length fuses on them. Maybe a year, 5, 10, 20. No way of knowing for sure until... BANG!

A bit like life really.

[egg6447]

Relax you guys.

She's different ...

Naka.

They're all different Naka, with different length fuses on them. Maybe a year, 5, 10, 20. No way of knowing for sure until... BANG!

A bit like life really.

hey marvo, your the magician you tell us. seriously, for what its worth, my experience. since may last year ive brought 50000k in all via a nationwide debit card. walk into a bank draw 400kbt often, . used to have all kinds of probs as they.re not used to it in the sticks, now not even a question, infact never did get a question ref the whyfores, so thats my take on it. you also get a better exchange rate with n/w plus no fee,s. easy peasy. regards.

[phutoie2]

Relax you guys.

She's different ...

Naka.

They're all different Naka, with different length fuses on them. Maybe a year, 5, 10, 20. No way of knowing for sure until... BANG!

A bit like life really.

hey marvo, your the magician you tell us. seriously, for what its worth, my experience. since may last year ive brought 50000k in all via a nationwide debit card. walk into a bank draw 400kbt often, . used to have all kinds of probs as they.re not used to it in the sticks, now not even a question, infact never did get a question ref the whyfores, so thats my take on it. you also get a better exchange rate with n/w plus no fee,s. easy peasy. regards.

You must be the magician!!. 50,000k is that seriously 50,000,000 baht ???, thats 125 withdrawals of 400,000 baht in 9 months!. No small wonder your up country bank are not used to it - crazy farang.

Todays rate with NW = 63.81 BAHT TO GBP, nothing to write home about either, and with the introduction of their card reader and issuing of new debit cards, more messing about of NW expats living in AT.

[egg6447]

my first impulse was are you crazy. then i think maybe im rong, jesus i hope not. how do you get 50,000,000bt out of 50k pds. now thats some exchange rate.

[egg6447]

i make that 3.1ml. how about you.= 7 withdrawals ish, .

[Noodles]

You must be the magician!!. 50,000k is that seriously 50,000,000 baht ???, thats 125 withdrawals of 400,000 baht in 9 months!. No small wonder your up country bank are not used to it - crazy farang.

Todays rate with NW = 63.81 BAHT TO GBP, nothing to write home about either, and with the introduction of their card reader and issuing of new debit cards, more messing about of NW expats living in AT.

Is there now a problem with using Nationwide debits cards here? Only I've just

got issued with one and my mums bringing it next month. Fed up of using HSBC with

the crap rated and charges, so I though I would get one of these to use?

Thanks

[Maestro]

Sorry guys and gals, let me clarify a little. The Cash can be xfered from the UK either into my account or the GF's account (both personal a/c's), whichever is most advisable. The cash will then go to the GF's company which will use the money to buy land. I just need to know if this is legit and what I need to put for the "reason for transfer" to keep me clean and not give me any problems in the future if we decide to sell up in Thailand in ten years time and go back to Blighty.

Nothing illegal about such transfer. If it is to an account in your name you can give "for personal use" as a reason. If you make the transfer to another person's account, you could state "loan", since this is what it obviously is.

It may be preferable to transfer to an account in your name, then get from your Thai bank the Foreign Exchange Transaction Form. This form will make it easier for you to remit the money out of Thailand again at a later date, if an occasion to so should arise.

--

Maestro

[Badbanker]

Sadly there seems to be so much bar room banter being posted in this thread, I just want to clarify things!

Transfering money to Thailand is a simple thing. Yes delare it as being for the lease of a piece of land and yes the UK may hold it for 7-10 days to check on its origin! Is has happened to me before.

Please ensure that you transfer UK pounds, NOT Thai Baht as by doing this you will get a better exchange rate of close to 5%! This is important!!!!! There is an onshore exchange rate and an offshore exchange rate in effect.

Transfering it to your bank account is also not problematic. The Bank of Ayudhaya is very reputable and WILL allow you to access in cash or in any other manner that you wish. Get a certificate from both banks to show that you have transfered the money into Thailand legally.

Get yourself a Usufruct on the land, and if at some point in the future you want to back out or are forced to back out of the deal you have your involvement documented.

Sadly there are a number of people who married someone and then threw their lifes saving into a house with their new wife only to be told to get out of the house. If they have been wise and documented their dealings they could get the majority of their money back through the court system. What is that old caveat? "A fool and his money are soon parted"

If you can prove to your investment and document, it you can also get the majority of it back!

BB

[Pakboong]

don't do it!!

[backflip]

"I have read a mix of answers in threads here to various questions I have, but I was hoping that someone here could advise me directly and prevent me from making stupid mistakes."

Too late

"I need to transfer about £50k from the UK to Thailand in the next few days...The sending bank asks for 'reason for transfer' of the funds. What is 'best' to tell them?"

Oh, this is a tough one: "to buy a home".

"Are they likely to ask me any awkward questions - like 'reason for transfer'? like wise, what is the best thing to tell them? £50k - living expenses? - Nice life!"

An "awkward question" would be "why is there lettuce hanging from your butthole"? Of course, your answer should be "that's just the tip of the iceberg".

"I gather that there is no longer a risk of the 30% retention as long as the money is not stated as being brought in for 'speculation'."

You are wrong.

"Is there anything else I should be considering, apart from my sanity?"

Yes, but I'd be wasting my time.