Restrictions For Incoming Money

[hermespan]

Chaimai quoted a Thai regulation that reads: "Foreign currencies can be transferred or 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 of receipt, except for foreigners temporarily staying in Thailand for not more than three months, foreign embassies, and international organizations including their staff with diplomatic privileges and immunities. "

Put in simple terms that sounds like tourists can bring it a million dollars in cash as long as one declares it.

[hermespan]

It was a breeze.

Firstly, the airline did not even have Customs forms. Secondly, when I asked for such a form at Customs the young lady looked at me as if to say 'we don't take that seriously anymore, but if you insist...' I was taken back to an office where they found the correct form. I filled it out. One girl seemed to be showing the other girl how to do this obsolete prodecure. She asked to see the money. I had prepared it all in clear clean bags to keep it obvious and simple. They asked for the amount and took my word for it after doing a count of the totals I had printed on the bags and perhaps did an eyeball estimate. They weren't interested in any of the regional currencies in small amounts, but just the total in USD and CAD. They didn't seem to care about the distinctions between TCs and cash. I showed them my Canadian declaration of itemized FXS rates, precise currencies etc and they took my word for it being correct.

Best of all they gave me a receipt. Even the Canadians don't do that as a matter of practice though the courteous Canadian officer I spoke with did a quick stamp and "X dollars reported" on a post it note which I put in my passport.

Conclusion: Nothing to worry about based on my limited experience.

I am curious if it will be the same 'don't be silly' routine in other Asian nations, especially in the region.

Mind you, I don't travel with $300,000.

Edited August 4, 2012 by hermespan

[Tomtomtom69]

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.

[Tomtomtom69]

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)?

You should specify you wish to transfer $AUD to Thailand. There it will be exchanged to THB at a more favorable exchange rate.

Which rate would that be? The rate offered by my Aussie bank is lousy compared to what Bangkok Bank is offering.

The Thai banks exchange rate, which would be around 30.5 rather than the lousy 26.5 or 27 which your Aussie Bank would offer. Therefore, send AUD.

[MrWorldwide]

I think I should be able to take any amount out of Oz in USD Traveller's Cheques (technically, its not AUD..), but I cant. Imagine being stopped by the Police in Thailand and asked to show them how much money you had in your wallet ? It's Big Brother, pure and simple.

http://www.customs.gov.au/site/page4350.asp

Currency
There is no limit to the amount of currency you can bring in or out of Australia. However, you must declare amounts of A$10,000 or more in Australian currency or foreign equivalent. You must also disclose any promissory notes, traveller’s cheques, personal cheques, money orders, postal orders or other bearer negotiable instruments, regardless of value, if requested by a Customs and Border Protection officer or police officer.

[allalong]

Looking for help. I want to transfer around 40,000 GB sterling to my Bangkok Bank account from a UK bank account, I cannot seem to get an email address for information/contact on the Bangkok bank website. Has anyone had experience of transferring and the procedure?

I want to use this money for purchasing a condo in Thailand. I also have been told that to do this a buyer has to show the money has come from a foreign country account(Siam Legal told me this in an email) . Would appreciate help on these matters,

[Thaiaddict01]

for foreigners, is there a limit that you can wire money into Th bank account? or more fee for the large amount or something? any higher fee or anything if you wire USD into TH USD accounts? thanks

[topt]

Looking for help. I want to transfer around 40,000 GB sterling to my Bangkok Bank account from a UK bank account, I cannot seem to get an email address for information/contact on the Bangkok bank website. Has anyone had experience of transferring and the procedure?

I want to use this money for purchasing a condo in Thailand. I also have been told that to do this a buyer has to show the money has come from a foreign country account(Siam Legal told me this in an email) . Would appreciate help on these matters,

As long as you have the Bangkok Bank account details and the swift code and your UK bank has the correct instructions just transfer away - making sure you get the UK bank to send £. Then the transfer to baht will be done by the Thai bank and you will get a better rate.

The swift code for International transfers should I guess be on their web site somewhere.

You will need to apply to your bank for the correct form (if you can tell them before the transfer it may be helpful). Sorry I cannot remember the name (FET something?) of the form but if you search this forum it will be in there somewhere.

[topt]

for foreigners, is there a limit that you can wire money into Th bank account? or more fee for the large amount or something? any higher fee or anything if you wire USD into TH USD accounts? thanks

No limit but above a certain figure (I think now $50k) it may be held until they know the reason why you are transferring. The maximum fee for £/$ etc into a baht account is usually 500baht but there may be additional correspondent bank fees. If you are transferring $US into a foreign currency deposit account then then sorry not sure of the charges. You would have to open the account first anyhow and you should ask them then.

[denby45]

^{I just took $36,000 to Thailand a couple of weeks ago so I can have funds available in my account should something come up I want to buy. My bank here in the UAE and the exchange places are a complete rip off as far as exchange rates are concerned. Also I am with Kassikorn bank in Patttaya and I noticed that last time I was there they give a much worse exchange rate than TT exchange. Rather than take it to K bank directly I changed it first at TT and went along with Baht. On arrival in Big C branch the teller didn't ask me anything just deposited the funds in my account an wrote up the passbook. I inquired about the form I should fill out to declare the funds to be used to buy either property or a business. All I got was a blank look. Next, armed with my receipts to prove the source of the funds I took a number so I could speak to one of the relationship girls there. After trying to explain for 10 minutes she went off to get one of the supervisors. Again explain about the requirement to declare the purpose of the funds fell on deaf ears. One more person joined to assist and finally I saw I was getting nowhere so I gave up. Not one person was able to help. Now I'm not sure where I stand.}

^Den

[Langsuan Man]

I'll tell you where you stand, ALONE

Without the currency exchange certificate you are going to have a hell of a time transferring the money out of Thailand. There is a reason that the Thai government insists that large amounts be brought into the country legally. And legally doesn't mean on your person coming through Customs at the airport

I don't suppose that you declared the money when you came in did you ?

There are services here in Thailand that will provide you with a currency exchange certificate but that is going to cost you , thus eating up what you think you saved by gaming the system

There should be some members that will jump in here to direct you to them but you might want to open a new thread or do a search to find them, since your posting in a 5 year old thread might not give you the exposure that you want

[allalong]

So if i transferred 50,000$ to a thaibank it would be difficult to take it back out of the country if I chose to?surely getting necessary transfer payments would be simple?

[Langsuan Man]

So if i transferred 50,000$ to a thaibank it would be difficult to take it back out of the country if I chose to?surely getting necessary transfer payments would be simple?

If you transferred that kind of money into a Thai Bank there would be a record of the transfer coming from overseas, denby45, appears to have brought the money into Thailand without any documentation

Different situation, different future result

[Thaiaddict01]

I will also be wiring about 50k USD into Thai USD account, so I need to provide documentation of how I get the money? how do I get this currency exchange certificate and how much does it cost? so 50k or higher I will need some documentation, exactly over how much amount do all those hassles occur?

[topt]

I will also be wiring about 50k USD into Thai USD account, so I need to provide documentation of how I get the money? how do I get this currency exchange certificate and how much does it cost? so 50k or higher I will need some documentation, exactly over how much amount do all those hassles occur?

As I said in my previous reply it is likely that it will be held until you give them the reason - verbal is enough you should not have to provide any documentation at that point and there will be an electronic trail as it will come through the banking system (unlike denby45).

So the only hassle is contacting your bank initially and letting them know what you are doing and then getting hold of the documents you need when you buy the condo. You should not have to pay anything. If your branch has some English speakers then this should not be an issue but TIT......

See here for one thread but their are lots more on TV that deal with this- http://www.thaivisa.com/forum/topic/591722-strange-experience-buying-condo/

[wolf5370]

I have money sent every month from the UK to my Thai bank account.

If you send money from the UK you must tell your bank to send it as sterling and not let them covert it to Baht first as the rate in the uK is 4 or 5 Baht lower than here.

Once it arrives in my Bangkok bank account they convert it at a very good rate. Doing it this way has save me loads of money. Whole process does take up t 5 days though.

Agree with this.

[Scarpolo]

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!

Please report any changes to this issue, if they arise,

thanks

Steve

[Scarpolo]

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.

I dont know where this $20,000 cash limit came from but the USA requires anything over $10,000 to be a possible forfeiture....

I left the USA w $9,900

the rest comes from debit cards where you get charged 150 baht each transfer and get a flat 30 baht per dollar,

if you have a good relationship back home, you will get the 150 Baht fee waived, from the US side

I will not put money into a Thai account, until I know for sure, there isnt a hosing aroundthe corner,

I dont trust anything to do with banks, here, or abroad, as they are preparing "bail-ins' across the globe.

for those who never heard the term, that means, no more gov't bailouts, now the depositers will be covering the banks mistakes, as, "bail-ins"

look at Cyprus and Panama as examples and watch New Zealand, closely

[Scarpolo]

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

[Scarpolo]

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?

Obviously, this will be in a carry on bad and not luggae, or your bag will never see the light of day again, at least, not for your viewing pleasure,

and if in a carry on, will be spotted, your bag opened, and you will be asked <deleted>, you are doing.

Unless you fly 1st class out of JFK, on a foreign airline, and do so late at night when no one cares.

You are at great risk for any currency carry, and any coin movements, and the new $100 US bills have RFID tracking devices and will go off, from a metal detector if carried in large quantities,

BTW, your passport has RFID in it also,

pay attention to Ed Snowden,

[Scarpolo]

I will also be wiring about 50k USD into Thai USD account, so I need to provide documentation of how I get the money? how do I get this currency exchange certificate and how much does it cost? so 50k or higher I will need some documentation, exactly over how much amount do all those hassles occur?

People, I won't say this again,

FED wires mean FED wires,

they are tracked, accumulated and analyzed,

Checks, I repeat, Checks are NOT,

have a relationship with your bank at home so THEY know why the money is being sent out, or expect trouble, somewhere, sometime, when you least expect it

[Scarpolo]

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?

Just wondering how you would handle being called into a room with a dozen Thai police officers standing there, diviiding up your coins, then telling you to get back on a plane to wherever you just came from?

Then another guy at the window, stamps your passport as NO RE-NTRY?

[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!

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

Checks are a major pain here. Last time I tried I was told some 30 days to clear. The IRS does get reports of every CASH transaction over $10,000. According to this article, it's for cash transactions only?

http://www.ehow.com/about_4672449_transactions-do-banks-report-irs_.html

Plus, I don't care. I file my taxes properly and have nothing to hide. Doesn't both me at all.

[Scarpolo]

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

Checks are a major pain here. Last time I tried I was told some 30 days to clear. The IRS does get reports of every CASH transaction over $10,000. According to this article, it's for cash transactions only?

http://www.ehow.com/about_4672449_transactions-do-banks-report-irs_.html

Plus, I don't care. I file my taxes properly and have nothing to hide. Doesn't both me at all.

Agreed, but there are many people here, seemingly trying to game the system, but using the FED wires is a major mistake,

checks are not tracked, although, I do not have experience with this on the Thai side,

on the US, between US banks, they are not followed

[hhgz]

"the new $100 US bills have RFID tracking devices"

Nonsense. It's time to change the foil in in your aluminum hat.

[Ricohoc]

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 am going to do something similar, but with a smaller amount ($40,000 USD) into a Thai national's account. I had been wondering if the Thai bank would put any "hold" on wired funds like they do with checks. Based on the above, I guess not.

However, I realize that this post is from 2009; and I'm wondering if that has changed now six years later?

Any help appreciated.

[Davyro]

I have just noticed this year, having now moved to Chiang Mai from Phuket, that transferring GB Sterling from Nationwide bank account to Siam Commercial account in Chiang Mai now incurs extra charges. Nationwide charge a fixed 20 pounds fee for 'Swift' transfer of funds. But now on my first transfer up here, I was charged 14.79. on my second transfer a charge of 15 pounds both charges withdrawn from my Nationwide account in the UK.

After many emails to Nationwide, I learn that they have to use intermediary banks in order to transfer funds to Thailand. I my case HSBC in Bangkok are responsible and now levy these charges. Only last year using the same Siam CB in Phuket for 3 years, my Swift transfers never incurred such extra charges from my swift transfers. I asked Nationwide why I didn't have these charges in Phuket, yet now I do in Chiang Mai, Is this a new thing? Why are the charges different? What extra fees can I expect on my next transfer??

The only answer I have is that Nationwide have to use intermediary banks to transfer money. And these banks levy their own charges whatever they charge is beyond Nationwide control. After calling First Direct Bank, they also confirm this. So it seems now intermediary banks are sticking their greedy fingers into this pie !

My latest swift transfer I asked for fees to be taken from my receiving Bank, Siam CB. This time I have a shortfall of just over 1999 baht. Almost 40 pounds fee on top of the standard Nationwide 20 pounds. Anyone else had similar??

I see that Halifax Bank only charge 9.50 for Swift transfers for any amount. TSB charge 10 for transfers of less than 5000 and 17.50 for transfers over 5000 pounds. First Direct charge 25 pounds and Nationwide 20 on any amount transferred;

Anyone have any better ways to transfer Sterling to Thailand? Or is it better to convert to Baht in the UK then transfer to Thailand? Thanks

[topt]

I have just noticed this year, having now moved to Chiang Mai from Phuket, that transferring GB Sterling from Nationwide bank account to Siam Commercial account in Chiang Mai now incurs extra charges. Nationwide charge a fixed 20 pounds fee for 'Swift' transfer of funds. But now on my first transfer up here, I was charged 14.79. on my second transfer a charge of 15 pounds both charges withdrawn from my Nationwide account in the UK.

After many emails to Nationwide, I learn that they have to use intermediary banks in order to transfer funds to Thailand. I my case HSBC in Bangkok are responsible and now levy these charges. Only last year using the same Siam CB in Phuket for 3 years, my Swift transfers never incurred such extra charges from my swift transfers. I asked Nationwide why I didn't have these charges in Phuket, yet now I do in Chiang Mai, Is this a new thing? Why are the charges different? What extra fees can I expect on my next transfer??

The only answer I have is that Nationwide have to use intermediary banks to transfer money. And these banks levy their own charges whatever they charge is beyond Nationwide control. After calling First Direct Bank, they also confirm this. So it seems now intermediary banks are sticking their greedy fingers into this pie !

My latest swift transfer I asked for fees to be taken from my receiving Bank, Siam CB. This time I have a shortfall of just over 1999 baht. Almost 40 pounds fee on top of the standard Nationwide 20 pounds. Anyone else had similar??

I see that Halifax Bank only charge 9.50 for Swift transfers for any amount. TSB charge 10 for transfers of less than 5000 and 17.50 for transfers over 5000 pounds. First Direct charge 25 pounds and Nationwide 20 on any amount transferred;

Anyone have any better ways to transfer Sterling to Thailand? Or is it better to convert to Baht in the UK then transfer to Thailand? Thanks

The Intermediary bank charges are a real pain.

Re your last point - no if using one of the banks. You will always get a better exchange rate in Thailand as the baht is not widely traded outside.

The only time to convert in the UK would be if you were using one of the Forex brokers (eg HiFx or others) and agreed a rate with them first that you were happy with. Here you would have an internal UK transfer to them at no cost and then some of the services offer a nil transfer charge and even a refund of any charges but this may also depend on the amounts you are sending.

Another option may be to open a Bangkok Bank account and then the routing would go via the Bangkok Bank branch in London - there would still be charges but I think reduced. There have been several threads on this. Also have a look on their web site - http://www.bangkokbank.com/bangkokbank/personalbanking/dailyBanking/TransferingFunds/TransferringIntoThailand/ReceivingFundsfromUK/Pages/ReceivingFundsfromUK.aspx

[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.

Edited May 12, 2015 by meatboy

[topt]

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.