Deposit Limit For Thb?

[Japhrodisiac]

I was wondering if there is a deposit limit for THB (in cash) at the banks. In many counties anything over US 10,000 equiv throws up the flag and one has to go to greater lengths in terms of justifying the origin of funds. Is there a similar limit here? Thanks -

[jbaldwin]

Thai bank are required to report any cash transactions over 2,000,000 baht. I understand that about 300,000 reports are made each day but that the authorities devote little or no resources into assessing these reports.

[12DrinkMore]

Thai bank are required to report any cash transactions over 2,000,000 baht. I understand that about 300,000 reports are made each day but that the authorities devote little or no resources into assessing these reports.

By my reckoning then at least 600,000,000,000 Baht changes hands every day in these large transactions. Seems like a hel_l of a lot, pity I can't cream off the odd 0.005%

[chiang mai]

And, you can only deposit Thai Baht into a Thai Bank account in Thailand if you have a resident account, a non-residents account will not allow Baht deposits.

[soundman]

My understanding of reporting requirements is 1 million Baht or over per cash transaction and/or any other cash transaction which the bank officer might find abnormal.

I have seen, on many occasions, bank officers grilling customers over amounts as small as 20k Baht.

[Naam]

And, you can only deposit Thai Baht into a Thai Bank account in Thailand if you have a resident account, a non-residents account will not allow Baht deposits.

what is the difference?

[rgs2001uk]

And, you can only deposit Thai Baht into a Thai Bank account in Thailand if you have a resident account, a non-residents account will not allow Baht deposits.

Someone had better explain the above to the Hsbc in Bangkok, I hold a non-resident account in Thai baht with money that was transferred into the account from abroad.

[ignis]

Is this something NEW ?

On a Visa on arrival, I put 5 million baht into a savings account, on my next visit I needed to pay 1.1 million to pay the builders, but found out that anything over 999,999 there are forms to fill out., what it for etc etc.. The builder had to come to the Bank in person.

Now I have a resident account simply because one get interest if its a resident account.. a non resident account you get NO interest

[chiang mai]

I also transfer funds from overseas and deposit them into my NON-RESIDENT account at HSBC. When I do that I am transferring foreign currency from Hong Kong and allowing HSBC Bangkok to convert it into Thai Baht before it goes into my account, that is allowed.

But with the same accounts, try and deposit Thai Baht gained from any source within Thailand into your BKK account and HSBC will refuse it. The reason as far their logic goes is that as a non-resident you are not supposed to have THB for deposit, only for withdrawal! The implications are that if you have THB for deposit you have earned it illegally in Thailand. I cam across this little gem after I sold my condo a couple of years ago and wanted to move the funds from Bangkok Bank to HSBC - the only amount they would accept was the amount shown on the Land Office sales slip (blue) even though the actual sales amount was higher.

As pointed out earlier, a resident account pays interest whereas a non-resident account does not. Restrictions exist also in respect of how much money and under what circumstances funds can be transferred out along with the amount and type of currencies that can be held in the two account types.

[rgs2001uk]

Seeing as there is only one Hsbc bank in Thailand, we must be using the same branch.

I hold a non resident (Thai Baht)account and receive interest minus the 15% tax.

Last week I was in the bank and they told me the new rate I will be paid will be 1.45%.

Next week I have to go to pick up the bank letter for immigration purposes, will check with the staff upstairs.

[chiang mai]

Seeing as there is only one Hsbc bank in Thailand, we must be using the same branch.

I hold a non resident (Thai Baht)account and receive interest minus the 15% tax.

Last week I was in the bank and they told me the new rate I will be paid will be 1.45%.

Next week I have to go to pick up the bank letter for immigration purposes, will check with the staff upstairs.

I'll be grateful if you will post details of what you find out since it has been almost eighteen months since I went through the process of converting my residents account to non-resident to address the issue I described above, maybe things have changed in respect of interest being paid, not sure. My account VP is Waree (sits downstairs) who will no doubt thrill you with the subtle differences between resident and non-resident accounts and the benefits of one over the other, it sent me to sleep pretty sharpish!

[thaiwanderer]

But with the same accounts, try and deposit Thai Baht gained from any source within Thailand into your BKK account and HSBC will refuse it. The reason as far their logic goes is that as a non-resident you are not supposed to have THB for deposit, only for withdrawal! The implications are that if you have THB for deposit you have earned it illegally in Thailand. I cam across this little gem after I sold my condo a couple of years ago and wanted to move the funds from Bangkok Bank to HSBC - the only amount they would accept was the amount shown on the Land Office sales slip (blue) even though the actual sales amount was higher.

naughty naughty

[chiang mai]

But with the same accounts, try and deposit Thai Baht gained from any source within Thailand into your BKK account and HSBC will refuse it. The reason as far their logic goes is that as a non-resident you are not supposed to have THB for deposit, only for withdrawal! The implications are that if you have THB for deposit you have earned it illegally in Thailand. I cam across this little gem after I sold my condo a couple of years ago and wanted to move the funds from Bangkok Bank to HSBC - the only amount they would accept was the amount shown on the Land Office sales slip (blue) even though the actual sales amount was higher.

naughty naughty

Well actually, not really. You see the Land Office determines values of property in CM, two years ago that is, and those values don't bear much relation to the actual value of sales transactions. So let's say you import the equivalent of Baht 6.0 mill from overseas and get a certificate confirming that fact. Then buy real estate for Baht 6 mill and live in it for two years. Then decide to sell for say, Baht 6 mill and go to the Land Office to complete the deal. The Land Office looks in their register and decides you property is worth 2.6 mill so you pay tax on that amount and are issued with a certificate that corresponds. Now go to your bank with your certificate for 6 mill and a cashiers cheque and try to export the original funds and the bank asks if the funds result from the sale of real estate because that's what you said you were going to use the funds for two years ago when you imported the money. Yes you reply. Cool they say, show me the Land Office receipt showing that the appropriate taxes have been paid! You see the problem? If you have a non-resident bank account you can't even deposit the cashiers cheque anywhere because it's in Thai Baht. BTW, this was with HSBC and Bangkok Bank.