Transferring Baht From Thai Bank To Foreign Bank – Any Obstacles?

[Filer]

Is it straightforward to transfer a sizeable amount (4-5 million) of Thai Baht by Swift transfer from a Thai bank account to a foreign account? Any likely complications? Any special care needed in arranging the transaction?

The scenario is:

- I sell some property here which I own and the buyer deposits Baht (several million) into my Thai bank account.

- I ask my Thai bank to transfer the same amount (in Baht) to my foreign bank account overseas.

- No foreign currency involved at all at any stage.

- If needed, I can document both the property here, and a corresponding transfer some time ago of Thai baht into Thailand for the purchase of the property (not to my Thai bank account here at that time, but direct to the property vendor’s lawyer). Again, I emphasise no foreign currency involved (I bought the Thai Baht at my foreign bank and will return Thai Baht there)

My lawyer handling the property sale for me says there should be no problem transferring the Thai Baht onwards out of Thailand. However, seeing that this is Thailand, I felt that it’s worth double checking with people’s actual experience.

[haybilly]

Is it straightforward to transfer a sizeable amount (4-5 million) of Thai Baht by Swift transfer from a Thai bank account to a foreign account? Any likely complications? Any special care needed in arranging the transaction?

The scenario is:

- I sell some property here which I own and the buyer deposits Baht (several million) into my Thai bank account.

- I ask my Thai bank to transfer the same amount (in Baht) to my foreign bank account overseas.

- No foreign currency involved at all at any stage.

- If needed, I can document both the property here, and a corresponding transfer some time ago of Thai baht into Thailand for the purchase of the property (not to my Thai bank account here at that time, but direct to the property vendor's lawyer). Again, I emphasise no foreign currency involved (I bought the Thai Baht at my foreign bank and will return Thai Baht there)

My lawyer handling the property sale for me says there should be no problem transferring the Thai Baht onwards out of Thailand. However, seeing that this is Thailand, I felt that it's worth double checking with people's actual experience.

There was a topic like this posted a couple of days back [ maybe a few days] and several over the years--as far as I am aware,and this is what happened when I 'Swift' transferred 2 million baht to a foreign bank, likewise cash came from a property sale, all the Central Bank of Thailand was interested to see was ALL evidence that money involved in property development, purchase or whatever--when you originally aquired your house--came from outside Thailand, legitimately, and want to see all transaction receipts etc...hope this helps--if not search through old forums.

[champee]

Is it straightforward to transfer a sizeable amount (4-5 million) of Thai Baht by Swift transfer from a Thai bank account to a foreign account? Any likely complications? Any special care needed in arranging the transaction?

The scenario is:

- I sell some property here which I own and the buyer deposits Baht (several million) into my Thai bank account.

- I ask my Thai bank to transfer the same amount (in Baht) to my foreign bank account overseas.

- No foreign currency involved at all at any stage.

- If needed, I can document both the property here, and a corresponding transfer some time ago of Thai baht into Thailand for the purchase of the property (not to my Thai bank account here at that time, but direct to the property vendor's lawyer). Again, I emphasise no foreign currency involved (I bought the Thai Baht at my foreign bank and will return Thai Baht there)

My lawyer handling the property sale for me says there should be no problem transferring the Thai Baht onwards out of Thailand. However, seeing that this is Thailand, I felt that it's worth double checking with people's actual experience.

My own experience has been to create an invoice that includes your offshore bank details to provide to the Thai bank...And as you want the remittance to the bank off shore to remain in Thai baht...keep the amount under 1 million bt. It seems this amount gets green lighted by the BOT without any problem...You should be able do one of these type of transfers per week...

Prior to there being two thai rates (offshore rate & onshore rate) amounts over 1 million baht weren't a problem.

chanmpee

[naka]

Are you sure a Foreign bank will hold Baht for you ?

Naka.

[chiang mai]

Foreigners may only take out of the country a maximum of 50,000 baht, regardless of how it is taken out.

Also, banks in Thailand will only transfer out of the country money that has been brought in, for a specific purpose. If that purpose is to buy real estate the bank that transfers the money out again is restricted in the amount it can transfer, as per the receipt from the Land Office showing how much tax was paid on what sale amount - if the sale amount was more than the Land Office receipt shows the receipt amount takes precedent. BOT delegates responsibility for the control of all of this, to the banks who act as their agents.

Finally, if you should ever manage to end up with 4 or 5 million baht in a foreign bank account, I presume you mean a UK bank since you mention SWIFT, look at the conversion costs from Baht to Sterling in that bank - they are horrendously poor and you will lose money. Do a search in this forum and read up on the many ways that people have tried to exploit the exchange rate mechanism and you will soon realize it cannot be done - the subject has been debated many many times.

And finally finally: think about getting a different lawyer.

Edited February 24, 2008 by chiang mai

[ilyushin]

I usually take Thai baht from my commercial account, buy dollars and make a TT/Swift to my accounts abroad with no problems. I complete a form detailing the transfer and have never had a problem regardless of the amount.

Not an expert, but just my own experience.

[chiang mai]

Are you sure a Foreign bank will hold Baht for you ?

Naka.

HSBC Hong Kong will hold Thai Baht for customers who have multi-currency accounts.