Thai gov. to tax (remitted) income from abroad for tax residents starting 2024 - Part II

[JOEC77]

Need help -- I am planning on returning to U.S. after living in Thailand for 7 years. Have money in Bangkok bank that I would like to send back to U.S. Does anyone know what the rules/restrictions on such remittances are????

[Lite Beer]

Moved here.

[bunnaag]

Need help -- I am planning on returning to U.S. after living in Thailand for 7 years. Have money in Bangkok bank that I would like to send back to U.S. Does anyone know what the rules/restrictions on such remittances are????

If you can prove that the money came from abroad than you have no problem anyway with the Krung Thai Bank.If the money was earned here you may have to prove that you paid tax on it but I am not sure about it.I once transferred a greater amount back with Krung Thai Bank.

[12DrinkMore]

A few months ago I transferred around 800,000 Baht out with the Siam Commercial bank. There first response was, "why do you want to move it out?"

They required either a copy of the foreign inward transfer or a document showing tax paid on it.

I think there may be a loophole here, as I could not see anyway of preventing me using a copy of the inward transfer document multiple times with different banks. Otherwise go and buy a few kilos of yellow metal and carry it out. Might raise a few eyebrows at the metal detector though I believe there are no export restrictions on gold, but maybe import into the States will raise a few questions.

But, to be honest, why don't you go to your bank and ask them before asking here? Then maybe you could post the result and ask if there are alternatives.

[richm7]

I have heard stories of changing it locally into $$ and carrying it out in a suitcase! Go to Pattaya and ask the Russian Mafia, I'll bet they know!

I have not tried it myself, but I do hear that it can be a problem (not the briefcase or the mafia, doing it legally!). I'd also be interested in what is legally achievable. Say you bought a Condo for $100k which is now worth $150k and you sell it and move back home. O.K. so you can show you legally imported the $100k which you can get out, but what about the rest?

[Gary A]

I don't have a lot of experience sending money out of Thailand. The last time I did send money out, I went to my Thai bank and had a bank check made out in US dollars to my US bank. It was endorsed "Deposit Only" to my account. There were no questions asked and it was cheap.

[tripplejjj]

I believe that you have to declare any cash over $10K when going through the US Customs.

[flying]

I believe that you have to declare any cash over $10K when going through the US Customs.

Correct

10. How much cash may I bring with me for my trip?

There is no limit on the total amount of money or monetary instruments that may be brought into or taken out of the United States. However, if you transport or cause to be transported, more than $10,000 in monetary instruments on any occasion into or out of the United States, or if you receive more than that amount, in behalf of someone else and then transport it, you must file a Customs Form 4790 with U.S. Customs. Failure to comply can result in civil and criminal penalties, including seizure of the currency or monetary instruments. Monetary instruments include U.S. or foreign coins, currency, traveler's checks, money orders, and negotiable instruments or investment securities in bearer form are all considered when determining the total $10,000 reporting requirement.

[billaaa777]

So many answers and none of them correct. You are allowed to wire out up to $20,000 US for 2 reasons. One is Family Support or the other is Educational Support. You can do it as many times as you want, just not day after day. Hope this helps.

[aurelius]

So many answers and none of them correct. You are allowed to wire out up to $20,000 US for 2 reasons. One is Family Support or the other is Educational Support. You can do it as many times as you want, just not day after day. Hope this helps.

The other acceptable reasons in addition to these two above is to repatriate income earned or investment returns. If you have had salary in thailand which has led to your accumlated wealth here, then a salary slip or employer letter will be required as evidence of said earnings. If it is the proceeds from the sale of a condo, then a copy of the sale agreement showing the amount that you received will be required. If you are at Bangkok Bank, the people on the 2nd floor of the HO branch in Silom can help you, selected other branches have remittance centers too.

[Johan78]

Anyone know the least expensive way to do it?

If I understood my contact at SCB correct they would charge me 2% moving my money to a gbp account and then another 2% for sending it to my bank in Europe (and I presume they will take a fee as well...).

// Johan

[chiang mai]

Go to Bangkok Bank and buy Cashiers cheques drawn on Bangkok Bank New York (or London, maximum of USD20k each without any questions being asked and courier them to your own bank for deposit, will clear in three working days. Repeat the process as many times as needed. Cost of the cheque is the same as if buying currency hence it's favorable.

[Lost in LOS]

So many answers and none of them correct. You are allowed to wire out up to $20,000 US for 2 reasons. One is Family Support or the other is Educational Support. You can do it as many times as you want, just not day after day. Hope this helps.

I understand you need some paperwork for proof of this. what was required?

[syd barrett]

Dead easy: Just buy a couple of bundles of one hundred 500 Euro notes. You can transport 1,000,000 Euros in a small briefcase.