Restrictions For Incoming Money

[meatboy]

i thought hsbc no longer operate in bkk.

so next time just transfer direct to scb. you should only pay swift charge and the regular thai bank charge 200-500bht.

oh and DONT convert sterling to bht.in the uk.

Meatboy you been on the cider again? He tried to do that but his bank went through an intermediary bank (just happened to be HSBC but could have been anybody) - not something he had a choice over.

ohhhhhhh hic,hic hic.

[fleur3]

http://www.bot.or.th/English/ForeignExchan...ControlLaw.aspx

c. Currency Regulations

1) Foreign Currency

Foreign currencies can be brought into Thailand without limit. Any person receiving foreign currencies from abroad is required to sell such foreign currencies to an authorized financial institution or to deposit them in a foreign currency account with an authorized financial institution within 360 days from receipt, except foreigners temporarily staying in Thailand for not more than three months, foreign embassies, and international organizations.

Excellent - in my view that information should be pinned - together with the later note about taking 500,000 Baht out to neighbouring countries or 50,000 Baht to other countries.

Agreed !

http://www.bot.or.th/English/ForeignExchan...ControlLaw.aspx

c. Currency Regulations 1) Foreign Currency

Foreign currencies can be brought into Thailand without limit. Any person receiving foreign currencies from abroad is required to sell such foreign currencies to an authorized financial institution or to deposit them in a foreign currency account with an authorized financial institution within 360 days from receipt, except foreigners temporarily staying in Thailand for not more than three months, foreign embassies, and international organizations.

Foreign exchange purchase or hedging with authorized financial institutions is generally available where a genuine underlying current or capital transaction exists.

2) Local Currency

There is no restriction on the amount of Baht that may be brought into the country. A person travelling to Thailand's bordering countries including Vietnam is allowed to take out Baht up to 500,000 Baht and to other country up to 50,000 Baht respectively without authorization.

any idea why i can open the above mentioned url but does not give the message here above ?

thanks

[fleur3]

I asked Bangkok Bank about this. Based on responses to this post, I limited incoming transfers from my company to under $10000 per time, but it seems that the posters I was relying on were mistaken. According to the Bank, any amount can be transferred into the country, the money will show up and can be withdrawn without making any declarations etc., no problems at all - indeed why would the recipient need to declare funds they are receiving? That is the responsibility of the sender - if they can send it, you'll get it. The only issue is when attempting to transfer a certain amount OUT of the country, then they will need to declare it with your ID, purpose and all. But this is not the case for incoming transfers. Therefore, I will ask my company to make a $20000 transfer and I'm pretty sure I'll be able to withdraw these funds within 24 hours of receipt, just like every other time so far.

I was seaching this and other treats but am not sure i found an answer.

I do have a foreign account at the bank. There are euro's in. More than €100.000. Reason is after my working life in europe i retired and moved to thailand.

The 100.000 were my savings. Did not want to convert into baht. Depending on my needs i transfer euros into my baht account so to be clear: it is first converted into baht and then deposit into my bahtaccount. Works quite well.

Now my question. I expect to get some tenths of thousands euro's maybe €50.000 from one of my parents who died a few months ago.

I would like to depsosit that again in my thai foreign account in thailand. Again in euro's. My (general) question is : can i transfer this euro's or my earlier deposited euro's without problems send to my family or sombody else ?

Unfortunately i can noot find any information about that at the governements, bank of thailands, website.

Please, i would appreciate not to get advice to keep my money in europe i definately woukld prefer to have it in my FX account in Thailand.

Thank you for your reply

[topt]

I asked Bangkok Bank about this. Based on responses to this post, I limited incoming transfers from my company to under $10000 per time, but it seems that the posters I was relying on were mistaken. According to the Bank, any amount can be transferred into the country, the money will show up and can be withdrawn without making any declarations etc., no problems at all - indeed why would the recipient need to declare funds they are receiving? That is the responsibility of the sender - if they can send it, you'll get it. The only issue is when attempting to transfer a certain amount OUT of the country, then they will need to declare it with your ID, purpose and all. But this is not the case for incoming transfers. Therefore, I will ask my company to make a $20000 transfer and I'm pretty sure I'll be able to withdraw these funds within 24 hours of receipt, just like every other time so far.

I was seaching this and other treats but am not sure i found an answer.

I do have a foreign account at the bank. There are euro's in. More than €100.000. Reason is after my working life in europe i retired and moved to thailand.

The 100.000 were my savings. Did not want to convert into baht. Depending on my needs i transfer euros into my baht account so to be clear: it is first converted into baht and then deposit into my bahtaccount. Works quite well.

Now my question. I expect to get some tenths of thousands euro's maybe €50.000 from one of my parents who died a few months ago.

I would like to depsosit that again in my thai foreign account in thailand. Again in euro's. My (general) question is : can i transfer this euro's or my earlier deposited euro's without problems send to my family or sombody else ?

Unfortunately i can noot find any information about that at the governements, bank of thailands, website.

Please, i would appreciate not to get advice to keep my money in europe i definately woukld prefer to have it in my FX account in Thailand.

Thank you for your reply

I would not have thought it was a problem but suggest you check with your bank first. I know the question has come up before but agree that responses were not definitive.

[Tomtomtom69]

I just transferred $145,000 USD from USAA bank to Siam CB. Wife went in on Tuesday and opened an account, she has changed her name to mine. Wire took less than 48 hours. Amazing. I transferred USD and it was converted here in Thailand.

She got a call within 24 hours from SCB asking what the money was being used for, and if it was her own money being brought in. She said it was her money that she earned in the USA and was using it to buy a house. I guess there is a report that has to be filled out...maybe for the AMLO?

Next day we went to the branch and it was transferred into her account. I did not go with her, thought it would be better that way. They asked her the same questions at the branch. And she had to sign a form that she was using the money for a house purchase. Very painless...and very fast! Cost me $35 from USAA...no costs were charged by SCB...at least that we know of!

if you did a wire transfer,

your wife's bank account and ultimately your tax filing history, is about to come "under review" as, every FED wire, goes to the IRS over $7,500 (they say it is 10k, but it isnt)

you would have been better off writing a check

Attempting to cash a foreign check in Thailand would be next to useless. Nobody deals with checks anymore outside of the USA and the only currency instrument that might still be accepted would be a bank draft. But they take ages to clear. Still, I don't know anyone who has ever used a bank draft before. Maybe 15-20 years ago but not these days.

[craigt3365]

LOL. No calls from the IRS yet! LOL

[irlguy1]

Guys

Can anyone shed some light on something for me please.

I recently transferred by swift some money from my bank in Ireland to my Kbank.

After asking around I was told that it was better to send it in Euro and let Kbank do the exchange to Baht.

The situation is this, The exchange rate in my irish bank was 38.4 and has stayed roughly the same all week.

The Kbank rate is 39.4 and again has stayed about the same all week. I got a confirmation from Kbank to say

they had received the money but my balance shows that I was only given the irish rate. I called the irish bank

and they say they definitely sent it in Euro so how is it possible I got such a crap rate??

My thai bank charge about 800 baht for the transaction but even taking that into consideration it makes no sense

how I lost so much in the conversion.

Any ideas or advice please as I need to send more next week.

Thanks in Advance

[Maestro]

Ask your Kasikorn branch for a print out a copy of the credit advice. This will have details of the amount received in EUR and the local bank charges.

If the EUR amount received by Kasikorn is less than the EUR amount remitted by your Irish bank the difference is the fee of an intermediary bank because Kasikorn is not a correspondence bank of your Irish bank for EUR.

[topt]

Guys

Can anyone shed some light on something for me please.

I recently transferred by swift some money from my bank in Ireland to my Kbank.

After asking around I was told that it was better to send it in Euro and let Kbank do the exchange to Baht.

The situation is this, The exchange rate in my irish bank was 38.4 and has stayed roughly the same all week.

The Kbank rate is 39.4 and again has stayed about the same all week. I got a confirmation from Kbank to say

they had received the money but my balance shows that I was only given the irish rate. I called the irish bank

and they say they definitely sent it in Euro so how is it possible I got such a crap rate??

My thai bank charge about 800 baht for the transaction but even taking that into consideration it makes no sense

how I lost so much in the conversion.

Any ideas or advice please as I need to send more next week.

Thanks in Advance

Ask your Kasikorn branch for a print out a copy of the credit advice. This will have details of the amount received in EUR and the local bank charges.

If the EUR amount received by Kasikorn is less than the EUR amount remitted by your Irish bank the difference is the fee of an intermediary bank because Kasikorn is not a correspondence bank of your Irish bank for EUR.

OP once you have this ask your Irish bank for the routing details as this will show which intermediary bank it went through. Ask them if there is another way to send Euros without paying that charge and how much. The reason I say this is I once got hit with a $55 charge for sending free from a UK offshore account to a Thail bank account. The UK bank said if I agreed to pay the charges it would only be about $18........which I subsequently now use.

Kasikorn receiving charge seems high as well. BKK bank and SCB charge a min of 200 and a max of 500 baht - plus a local transfer fee in SCBs case of 20 baht to move the money from Bangkok to Pattaya.

[hoffy66]

I'm thinking of transferring some Aussie Dollars via internet banking from my Aussie bank a/c to my Thai bank a/c. Will I get the exchange rate offered by my Thai bank (the receiving bank) or will it be set by the sending bank (ie Aussie bank)?

Make sure that your aussie bank does send the money as aussie dollars to your thai bank and then have it exchanged in to thai baht,

[maewang99]

Very simple. No problems at all..... unless it is Philippine Pesos.... first, there is the official 50% fee on certain kinds of inward Peso transfers... as for cash... officially prohibited.  the rate just referred to prominently displayed at every Thai retail bank (regardless of your preferred motif.. blue, green, purple or orange). Always double convert each way using US dollars. They are needed for buying more and more US Treasury debt... so the baht stays below the old rate of 20 to a dollar. And please don't forget. AEC 2015! AEC 2015! Which as any Thai can recite for you except as to the one starting with the letter P for some reason. Yet another thing for the Farlang Cannot Understand Thai category... or maybe I just don't wanna. 

Edited August 2, 2016 by maewang99

[topt]

 

On ‎02‎/‎08‎/‎2016 at 11:17 AM, maewang99 said:

Very simple. No problems at all..... unless it is Philippine Pesos.... first, there is the official 50% fee on certain kinds of inward Peso transfers... as for cash... officially prohibited.  the rate just referred to prominently displayed at every Thai retail bank (regardless of your preferred motif.. blue, green, purple or orange). Always double convert each way using US dollars. They are needed for buying more and more US Treasury debt... so the baht stays below the old rate of 20 to a dollar. And please don't forget. AEC 2015! AEC 2015! Which as any Thai can recite for you except as to the one starting with the letter P for some reason. Yet another thing for the Farlang Cannot Understand Thai category... or maybe I just don't wanna. 

Was there any point at all to this post - self actualisation maybe?

[hackjam]

In prep for new 10 year visa-if it happens, I need to transfer 60K USD from UK, to my Thai account-I have 2, one with SCB & one with Kasikorn. What is the best way to go about transfer, is there any restrictions. Am I better 30K to  each bank. Or I could use my wife account.

Any tips on fees/exchange rates.

[Eyespy]

The best thing man go speak with your banks as they are obviously in a better position to advise you. Explain to them your strategy and I'm sure things will work out fine. On the other hand if you'd like to invest 60 K USD, with my business I can guarantee you 12% interest +3% per year, back by hard assets not like the stock market.

[Ahab]

1 hour ago, Eyespy said:

The best thing man go speak with your banks as they are obviously in a better position to advise you. Explain to them your strategy and I'm sure things will work out fine. On the other hand if you'd like to invest 60 K USD, with my business I can guarantee you 12% interest +3% per year, back by hard assets not like the stock market.

12% interest +3% per year. My math skills may be rusty but doesn't that work out to 15%? Why not just say 15%?

 

I would also run from anyone asking for 60K USD with a guaranteed return of 15%. In my opinion it is likely a bad bet, but that is just me. It could work out great for you as long as you have 60K USD lying around that would not be a big deal to lose. Then again if you do have this kind of money lying around that you could lose and not notice why would you risk it in a potentially shady deal with someone you don't know and have never met?

[JimmyJ]

On 2/12/2016 at 10:27 PM, topt said:

OP once you have this ask your Irish bank for the routing details as this will show which intermediary bank it went through. Ask them if there is another way to send Euros without paying that charge and how much. The reason I say this is I once got hit with a $55 charge for sending free from a UK offshore account to a Thail bank account. The UK bank said if I agreed to pay the charges it would only be about $18........which I subsequently now use.

Kasikorn receiving charge seems high as well. BKK bank and SCB charge a min of 200 and a max of 500 baht - plus a local transfer fee in SCBs case of 20 baht to move the money from Bangkok to Pattaya.

 

topt - I've been hit with intermediary bank fees in the past sending/receiving funds out/in to the USA (but never from/to  Asian countries).

 

The annoying part is my bank(s) can never tell me in advance if there will be an intermediary  bank fee nor how much if there will be one.

 

" The reason I say this is I once got hit with a $55 charge for sending free from a UK offshore account to a Thail bank account. The UK bank said if I agreed to pay the charges it would only be about $18........which I subsequently now use."

 

I'm unclear what you mean by the above.

You were charged $55 by an intermediary bank.

The UK bank said if you agreed to pay the charges (?) it would be only $18.

Does this mean that your UK bank said that if you pay $18 they would cover the balance of the $55 intermediary bank fee?

Edited January 9, 2017 by JimmyJ

[topt]

41 minutes ago, JimmyJ said:

 

topt - I've been hit with intermediary bank fees in the past sending/receiving funds out/in to the USA (but never from/to  Asian countries).

 

The annoying part is my bank(s) can never tell me in advance if there will be an intermediary  bank fee nor how much if there will be one.

 

" The reason I say this is I once got hit with a $55 charge for sending free from a UK offshore account to a Thail bank account. The UK bank said if I agreed to pay the charges it would only be about $18........which I subsequently now use."

 

I'm unclear what you mean by the above.

You were charged $55 by an intermediary bank.

The UK bank said if you agreed to pay the charges (?) it would be only $18.

Does this mean that your UK bank said that if you pay $18 they would cover the balance of the $55 intermediary bank fee?

 

To be honest I am not clear why exactly but it just happens to work that way with Lloyds International. Transfers are free but when I first took advantage of it some years ago I was hit with the intermediary bank fee - I was sending from a $US account in $US to SCB. When I queried this (it took some probing on the phone) I was told that if I accepted the charges (IE not avail myself of the free transfer offer) it should only be about $18.

 

I actually made a transfer last week and using the same system the charge was less than $15 - and the telephone banking individual was able to go to someone else internally who informed her the charge should be around $15 - which is what it turned out to be. How this avoids the "unknown" intermediary bank charge is still a mystery to me but as long as it works.......

 

The main take away for me is that someone in the banks office can tell how much the transfer is going to cost where perhaps some variables are removed. I do know the banks normally have a choice of several other banks to use when they have to route via an intermediary.

[3 minus 2]

Slightly diferent track  but similar ish  pre brexit i transfered 2 million ish  baht from uk via xe, now owing to various reasons which i wont bore you with, i'm thinking maybe tranfer it bac to the uk, am i gonna encounter any probs doing a reverse tran's, any idea on the procedures.? thanks in advance.

 

[Maestro]

Go to your Thai bank and fill out the necessary form for the remittance to your UK account. Reason for the remittance: personal expenses.

Sent from my Nexus 5X using Thaivisa Connect mobile app

[3 minus 2]

On 3/5/2017 at 11:08 PM, Maestro said:

Go to your Thai bank and fill out the necessary form for the remittance to your UK account. Reason for the remittance: personal expenses.

Sent from my Nexus 5X using Thaivisa Connect mobile app
 

thanks can it be done online or by phone ?