Restrictions For Incoming Money

[ding]

Bangkok Bank Foreign Currency Deposit Account info:

LINK HERE

Features Current Account Savings Account Fixed Deposit Account

Currencies Available • USD

• EUR

• GBP

• USD

• GBP

• AUD

• CAD

• SGD

• EUR

• JPY

• HKD

• CHF

Minimum Initial Deposit •USD 5,000

•EUR 4,000

•GBP 3,000

-Please refer to counter for other currencies.

(***this section may make no sense because it's columnar formatted -please see link***)

Interest Payment No interest payable Paid twice a year in June and December at the daily rate quoted Paid at maturity (1,3, 6, 9 or 12 months) at the daily rate quoted on the deposit date

Withholding Tax Not applicable •15% for individuals*

•15% for juristic persons

• NIL for foreign government organizations

* Tax is exempt if annual interest earned does not exceed THB 10,000 or THB 20,000 in case where Tax ID is presented to the Bank.

•15% for individuals

•15% for juristic persons

Deposit and Withdrawal Methods •Foreign bank notes

•Cheques and Drafts

•Traveler's Cheques

•Inward/outward remittance via SWIFT or Telex

Overdraft Facilities Not permitted

Minimum Balance Requirement •USD 250

•EUR 200

•GBP 150 •USD 500/deposit

•EUR 400/deposit

•GBP 300/deposit

Edited September 2, 2009 by ding

[craigt3365]

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!

[darrenr]

""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)?

Answer: when i transferred money from Australia to Thailand- so i could get the better rate in thailand when i completed my online internation transfer i put the words in the comment section : DO NOT CONVERT

That way the auzzie bank send AUD and then it is converted to thai baht at the T/T rate by the receiving bank.

the rate in Thailand is about 3-4 baht per dollar better which adds up on larger amounts !

[Optimodo]

What would happen if you were to take more than $20,000 or equivilent and got stopped at customs having not declared it? Would / could they confiscate the differance or is there some fine etc.... I know it is a stupid idea to be carrying large amounts if cash. But like the Op I want to avoid ATM fees and would like the cash on the hope the exchange rate improves rather than dump it all in at the current low rates. I have considered a bank transfer but want to stick to carrying the cash. However if possible I would like to avoid declaring it as I don't want to give the customs staff the temptation of making an excuse up of taking it for some reason if I was to declare it.

[ianguygil]

I am not quite sure what you are trying to avoid.

If you are concerned about the FX risk (i.e. you think the THB will drop relative to your home currency at some future time) you should transfer the funds to a Foreign Currency account at a large bank in Thailand like Bangkok Bank. the prior poster provided details of the wide range of currencies offered by BBL. That would remove your currency risk.

If you are concerned that the local authorities will know you have the money, I think your fears are misplaced. You are much more likely to be robbed or to have the funds confiscated in cash than to have a problem with a small amount (relative to the daily FX volumes) being transferred into Thailand. Also, we should all support the authorities in their efforts to try to fight money laundering, which is used to finance many illegal activities.

Finally, if you have no record of bring the money in and you ever want to bring the money out of Thailand again in the future, you will have problems if you do not use a formal transfer as you will have no records. So you will be setting yourself up for a huge headache.

Just transfer the funds, and decide if you want to receive it in THB or in your local currency.

Good luck.

[Langsuan Man]

I have heard/read from multiple sources that a foreigner can transfer up to $20,000 US into Thailand without the government being concerned/getting involved.

Is this $20,000 per transfer? Or per month Or per year?

Thank you.

It was a rule for a short period of time after the last coup and was designed to prevent speculation in Thai Baht, it has since been rescinded and the limit was per transfer (when it was in effect)

The US$20,000 is a myth:-

See above, it is not a myth but was a restriction two years ago

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!

SCB needs to fill in a block on the Currency Transfer form, (Reason for transfer) therefore they want a signature on the form with a reason

[petercallen]

""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)?

Answer: when i transferred money from Australia to Thailand- so i could get the better rate in thailand when i completed my online internation transfer i put the words in the comment section : DO NOT CONVERT

That way the auzzie bank send AUD and then it is converted to thai baht at the T/T rate by the receiving bank.

the rate in Thailand is about 3-4 baht per dollar better which adds up on larger amounts !

I deal with NAB in Australia and SCB here

NAB do not allow internet banking transfers of money to Thailand,You have to do it in the bank.

I return regularly to Australia and do it this way, there are no restrictions on the amount you can send.

It is sent in Australian dollars and SCB give me TC rate or sometimes better.

You need to check with your own bank if theywill allow you to send money via internet to Thailand

You can transfer money with NAB internet banking to some countrys but the maximum is $20000 a day.

[timpane]

Foreign exchange buy or hedging with authorized economic organizations is usually accessible where a authentic inherent present or capital transaction exists.

[thvifan]

Better to confirm with concerned authority.

[fred007]

I deposited 100 million bt into the Siam Commercial Bank......No probs just tell them your surname is Takhsin... not Tax ..in

[fred007]

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)?

use OZ Forex best rates cost nothing to join money is Guarantied if you send 10k no fees under 10k its about 15 ausi dollars best transfer rates at night ausi time call 24 hr a day i call uk free local call cheers

[Pib]

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)?

use OZ Forex best rates cost nothing to join money is Guarantied if you send 10k no fees under 10k its about 15 ausi dollars best transfer rates at night ausi time call 24 hr a day i call uk free local call cheers

Usually the sending bank offers you the choice to send in the home country currency or send in the receiving country currency. Usually the sending bank uses some kind of wholesale mid point exchange rate which is not as good as the Thai TT Buying Rate provided by Thai banks. Sometimes if you don't select where the exchange is to occur, the sending bank will exchange for you using their exchange rate which generally is not as good as the Thai bank TT Buying rate. But there are methods to get a little better rate than the TT rate if you are a member of some financial organizations as mentioned above. But generally, sending in your home currrency money and letting the Thai bank automatically provide you their TT exchange rate is the best you can get for the common man in electronic/wire transfers. Notice I used the word "generally" a lot because most folks can't do better than getting the TT rate when transfering money, while others have other methods/memberships where they can get a little more. Cheers.

[Potter]

I transferred 10m baht into Thailand to do my investment visa. I did this in 5 wires over 2-3 weeks. At some point I was requested some documentation, where the money came from, and what was the supose for the money in Thailand. I gave them the answer (in an email), and asked if they could wait with the paperwork untill all the money had arrived. Next time I used my ATM card it was frozen. I went to the bank, and filled in the papers and since then I have had no problems what so ever. The law might say 20k USD, but in actually, it might be 50k USD, and they request the paperwork. And each bank might have their own procedures. I think this, because I had already done the paperwork, when the last wire arrived, and I asked them if they needed any paper work, they said no, because the amount was less than 50k USD.

[TCA]

I transferred 10m baht into Thailand to do my investment visa. I did this in 5 wires over 2-3 weeks. At some point I was requested some documentation, where the money came from, and what was the supose for the money in Thailand. I gave them the answer (in an email), and asked if they could wait with the paperwork untill all the money had arrived. Next time I used my ATM card it was frozen. I went to the bank, and filled in the papers and since then I have had no problems what so ever. The law might say 20k USD, but in actually, it might be 50k USD, and they request the paperwork. And each bank might have their own procedures. I think this, because I had already done the paperwork, when the last wire arrived, and I asked them if they needed any paper work, they said no, because the amount was less than 50k USD.

http://www.bot.or.th...ControlLaw.aspx (November 2010)

From the above it would seem that there's no limit on electronic transfers of foreign currency into Thailand. Does anyone know at what level of transfer additional paperwork (reason for transfer) is required for Bank Of Ayudhya (Krungsri)? I will be sending GBP to a foreign currency deposit account (GBP), so not converting to Baht, but would prefer not to have any delays getting access to my money. I'll be in the UK when I send and the bank currently have no means to contact me there, so if I have to forewarn them I'd like to know the level that triggers them into action. Anybody know?

[RubbaJohnny]

If shes not called Pojaman your welcome to deposit any surplus with my wife

[RubbaJohnny]

The poster who quootes bank didnt charge is highly optimistic

Maybe no itemised fee probably scalped wit apoor rate

Fot those who thinks rates low now see forex of course CHF RMB andAUD may climb a tad see

I just got quotes for 50k Swiss

http://bankexchangerates.daytodaydata.net/

My link

compare Superich Rachadamri with rates above

[elektrified]

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.

Would share certificates denominated in Swiss Francs, Euros, and GB Pounds brought into Thailand fall into the same regulation? Does anyone know? Thanks.

[Cattracks]

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!

I have found that anything over 50,000 USD requires a letter/note to be signed. My wife took care of that and I will not exceed 49,000 just to dodge the BS. The sad part is, I just transferred 32,000 in hopes of 1 million Thai Baht, it came out after whatever fees that were attached at 98?,000 baht. Rather expensive in my mind!!!!

[attrayant]

I just transferred about $120K USD into my new savings account with K bank. I saw the amount updated when I went online, but for some reason I couldn't withdraw or make POS transactions. I went in and they told me that amounts over $10K are placed on hold until the account holder comes in and signs a form of some sort. The nice lady filled out a form and put it in front of me, and I obediently signed it. Later that day my funds were available.

No idea what this form was, as it was in Thai. Hopefully I didn't sign my life away. Perhaps they just wanted to know why a tourist would need to have so much cash in a local bank.

I guess this is not really a restriction but more of a control.

[chiangmaibruce]

No idea what this form was, as it was in Thai. Hopefully I didn't sign my life away. Perhaps they just wanted to know why a tourist would need to have so much cash in a local bank.

Were the funds to buy a condo?

[attrayant]

Nope. She asked me why I transferred so much (I wasn't sure if this was official questioning or just her idle curiosity wanting to know). I replied that I travel here frequently (which could be supported by numerous visa-on-arrival stamps in my passport, in case anyone doubted) and that my US bank hits me up for major fees when I do cash withdrawals here, so I figured why not just move a pile of cash here that I can tap when I visit? Also the certificate of deposit rates are better here; more than double the anemic rates in the US.

She cocked her head in a sort of a "huh, that's interesting" way and that's when she put the form in front of me to sign and that was that.

[trimesh]

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!

I have found that anything over 50,000 USD requires a letter/note to be signed. My wife took care of that and I will not exceed 49,000 just to dodge the BS. The sad part is, I just transferred 32,000 in hopes of 1 million Thai Baht, it came out after whatever fees that were attached at 98?,000 baht. Rather expensive in my mind!!!!

Be careful doing this - if the bank are following the FATF "best practices" and detect a pattern of activity that they suspect represents an attempt to structure your transactions to evade the reporting requirements then they are obliged to file a "suspicious activity report" on you. This can end up causing you far more hassle than just filing the reports in the first place. Guess how I know about this...

[hermespan]

I am willing to post my experiences carrying signifciant cash from Canada to Singapore if anyone is interested and if admin doesn't jump down my throat for doing so. I think comparisons are useful. It may be that it is more prudent for expats to keep their money (cash, gold, currency, digital or actual) outside of Thailand. Or not. Only enlightened debate can answer that.

Edited April 3, 2012 by hermespan

[hermespan]

Do Thai Customs provide one with a receipt that proves one legally brought cash in on one's person? I am forbdden by admin it seems to compare with other countries specifically, but I speak from experience that in leaving and entering two other nations I was given no receipt which puts me in a weak position. I do not understand why a receipt is not given. It makes one vulnerable to false accusations. Perhaps this is intentional?

Also, how does one solve the problem of travelling with cash, let's say for the sake of argument a million dollars in gold or some published (since they don't actually 'print' it always, sometimes that is subbed out to a private company eh?) currency by Central Bank X. It could become a hassle at each and every border one crosses. It become ridiculous if gold coins and taxed as well. Makes one not want to do business on the unregulated market - which perhaps is the whole point, state control of business.

[SVS]

Arriving LOS with about 200 American Silver Eagles and 200 American Silver Dollars and 200 American Silver Quarters plus about 20 more Silver and Gold Mexican and Canadian coins. Am I going to have problems? Is this the best thread for this Question?

[55Jay]

Do Thai Customs provide one with a receipt that proves one legally brought cash in on one's person? <For what? Certify that your explanation of source is legit... because you said so?> I am forbdden by admin it seems < After only 98 posts!> to compare with other countries specifically, but I speak from experience that in leaving and entering two other nations I was given no receipt which puts me in a weak position. <A position to be avoided after learning the first time?> I do not understand why a receipt is not given. <See above> It makes one vulnerable to false accusations <You should be used to that after 98 posts> Perhaps this is intentional? <Perhaps>

Also, how does one solve the problem of travelling with cash <One puts it in the bank>, let's say for the sake of argument a million dollars in gold <Rent a truck...but that still doesn't solve the problem of getting change from 7-11 when you buy a pack of smokes with 1oz gold bar> or some published (since they don't actually 'print' it always, sometimes that is subbed out to a private company eh?) currency by Central Bank X <Uhhhh> . It could become a hassle at each and every border one crosses <You are getting warm>. It become ridiculous if gold coins and taxed as well <Unless you keep carrying them around to differnt nations and border crossings over and over again (weak position)>. Makes one not want to do business on the unregulated market <Warmer> which perhaps is the whole point, state control of business. <Hot>

In my mind's eye, I see you still walking in the mountains of China with gold and cash on a pack mule, looking for a non-state, unregulated private institution that won't ask any questions about what you put in their box (and allow your mule inside the lobby). With all that weight you are apparently carrying around nation to nation, if you ever find this nirvana, NEVER LEAVE! I know your mule would appreciate it.

Edited April 26, 2012 by 55Jay

[55Jay]

Nope. She asked me why I transferred so much (I wasn't sure if this was official questioning or just her idle curiosity wanting to know). I replied that I travel here frequently (which could be supported by numerous visa-on-arrival stamps in my passport, in case anyone doubted) and that my US bank hits me up for major fees when I do cash withdrawals here, so I figured why not just move a pile of cash here that I can tap when I visit? Also the certificate of deposit rates are better here; more than double the anemic rates in the US.

She cocked her head in a sort of a "huh, that's interesting" way and that's when she put the form in front of me to sign and that was that.

I really enjoyed the manner and tone in which you tell your short story. Unflappable, go with the flow disposition. Not sure if it is caused by lack of knowing there are other options, or that resources are plentiful enough that moving 120k into the fun money pile is not an issue.

I still move in and out of LOS and desire to keep all my eggs in one or more US baskets, even with current in rates as they are (agreed).

However an earlier threat of moving over full time prompted me to find (on this very TV forum) fairly simple work arounds to the ATM/credit card fees without moving money into an LOS account.

There are a number of US institutions still noted in other relevant threads, which offer no foreign transaction fees on their ATM/Debit cards, Visa/MasterCard products that do the same, in tandem with the celebrated AEON ATMs at locations in Thailand to get around Thai ATM fees. Sounded like a pain to me at first but now that it is set up and linked, it's pretty effortless. Wife doesn't mind when I announce it's time to hit AEON ATM down at Mall XYZ as getting me to the mall for any other (non) reason is a significant challenge. 555. Anyhow, enjoy life and your travels. Cheers, J.

Edited April 28, 2012 by 55Jay

[oldsailor35]

I have a small inheritance of around 10,000 UK pounds sitting in the UK. Any advice on the best way to bring it to Thailand. I have an account with Ayutaya Bank.

[Tomtomtom69]

These days whenever you enter Thailand you are reminded that only US$20,000 or its equivalent can freely be brought into or out of Thailand in cash without being declared. You can still bring in more than this amount, but only if you report it and fill out a customs form. I guess they had to do something since Thailand was becoming quite a convenient place for money laundering before this law came into effect. Back in 2008 when the OP started this thread, these restrictions were not in place yet, but now they are.

I think that when you transfer money into Thailand, the restrictions are different. In general an Australian bank for example, will only allow you to transfer the equivalent of A$50,000 or equivalent per day to any one overseas account via internet banking or in person at a branch anyway (unless you request a higher limit), also to prevent money laundering of large amounts and most other banks around the world are the same. As some posters have commented, it seems that you should try to limit transfers to less than US$50,000 or equivalent to avoid reporting requirements, but if you are making regular transfers you might still have to be prepared to explain what the funds are being used for if the amounts are large.

[hermespan]

TomTom wrote...

"These days whenever you enter Thailand you are reminded that only US$20,000 or its equivalent can freely be brought into or out of Thailand in cash without being declared."

Thank you for this information. Curious that some developed western nations have the obsolete amount of USD10,000, but that for Singapore it is clsoer to USD23,000 and Thailand USD20,000. I don't know of any nation that is updating the cash limits in line with realistic value of the dollar.

Has anyone lately brought in between 20 and 50K and was it just a quick take the paper or did it involve a little chat?

I travel with withdrawal slips and proof of original source of income.