Bringing Large Sums Of Money Into Thiland

[elzoro]

Hi all. Hope someone can help and I hope this is posted in the right place.

I have recently inherited a sum of money which must be paid directly into my bank account (around 200k UK). As I do not have a bank account in the UK I am forced to supply my Thai account details to the bank handling the estate. I was advised, by a friend, to get a Singapore offshore account set up but cannot do so yet as I understand it requires a large deposit to start one and right now I don't have that.

I think bringing the money into Thailand is okay but my query is this: are there restrictions in place regarding transferring money back out of Thailand? Is there a limit or a penalty for taking money out of the kingdom?

I'm stuck out in the Buri's, I don't trust Thai advice and I'm lost as what to do. If anyone can help I would really appreciate it.

Thanks in advance,

EZ.

Edited May 18, 2009 by elzoro

[PastEgo]

what an obvious troll post

i can hear it now

thailand is financial secure

no no do not deposit money in thailand you will lose a fortune

[MJP]

You can bring in as much as you like. I'd not advise it though.

The big <deleted>' idiot speaking to you brought in 3 million Baht in one hit. Asked the bank manager (this was during the time of inward capital control, BTW) if I had to leave a load of it in for a year. "No, we don't care about that."

Now I don't know your situation, but I'd not do this if I were you.

You wouldn't by any chance have a time machine available for hire. I'll only need it for a day.

[rgs2001uk]

I assume you are in Thailand just now, my advice to you is, seek proper professional advice asap.

By proper advice, I dont mean places with names such as, Shithouse-Carruthers (bkk jamgat) and any others of that ilk.

There are plenty of unscrupulous farang experts just waiting to advise you, avoid like the plague.

Get yourself to someplace like, Standard Charterd or HSBC, ask about the difference between a, resident and non resident account, and the restrictions of either.

Personally for that sort of money there is nothing that would keep me in Thailand, I would be on the first flight back to the UK to sort out my financial affairs.

I dont know the Uk legal system or how long the bank handling your estate can hold onto the money for you, but imho sorting this out is more pressing than any affairs you may have in Thailand.

It may inconvience you just now, but in the long run its worth going back to the UK to sort out, less hassle in the end, and you wont be at the mercy of the Thai banking system.

[MJP]

I assume you are in Thailand just now, my advice to you is, seek proper professional advice asap.

By proper advice, I dont mean places with names such as, Shithouse-Carruthers (bkk jamgat) and any others of that ilk.

There are plenty of unscrupulous farang experts just waiting to advise you, avoid like the plague.

Get yourself to someplace like, Standard Charterd or HSBC, ask about the difference between a, resident and non resident account, and the restrictions of either.

Personally for that sort of money there is nothing that would keep me in Thailand, I would be on the first flight back to the UK to sort out my financial affairs.

I dont know the Uk legal system or how long the bank handling your estate can hold onto the money for you, but imho sorting this out is more pressing than any affairs you may have in Thailand.

It may inconvience you just now, but in the long run its worth going back to the UK to sort out, less hassle in the end, and you wont be at the mercy of the Thai banking system.

Right then,

You first need to go to your embassy and get a letter confirming you are British or whatever and that you want to open a bank account. You'll need a non-immigration 'O' visa as well.

Take the passport with visa in it along with the original of the letter (make loads of copies first) along to Bangkok Bank in Silom Road. Here you can set up a Foreign Currency Account. Minimum to start the account is £2500. They charge 2% for Pound notes (you gangster) or 0.25% on SWIFT transfer. Minimum holding after that is £250.

Now, they don't charge commission for turning Pounds into Thai Baht. Set up a normal Thai Baht current account at the same time.

They open the account and give you 30 days to transfer the £2500.

Now only a few branches including Khon Kaen have the FX account facility. So to change money or do anything you'll need to go to one of these. They'll give you a list of branches.

PM me for more if you like, but that's about it really.

[givenall]

I assume you are in Thailand just now, my advice to you is, seek proper professional advice asap.

By proper advice, I dont mean places with names such as, Shithouse-Carruthers (bkk jamgat) and any others of that ilk.

There are plenty of unscrupulous farang experts just waiting to advise you, avoid like the plague.

Get yourself to someplace like, Standard Charterd or HSBC, ask about the difference between a, resident and non resident account, and the restrictions of either.

Personally for that sort of money there is nothing that would keep me in Thailand, I would be on the first flight back to the UK to sort out my financial affairs.

I dont know the Uk legal system or how long the bank handling your estate can hold onto the money for you, but imho sorting this out is more pressing than any affairs you may have in Thailand.

It may inconvience you just now, but in the long run its worth going back to the UK to sort out, less hassle in the end, and you wont be at the mercy of the Thai banking system.

Right then,

You first need to go to your embassy and get a letter confirming you are British or whatever and that you want to open a bank account. You'll need a non-immigration 'O' visa as well.

Take the passport with visa in it along with the original of the letter (make loads of copies first) along to Bangkok Bank in Silom Road. Here you can set up a Foreign Currency Account. Minimum to start the account is £2500. They charge 2% for Pound notes (you gangster) or 0.25% on SWIFT transfer. Minimum holding after that is £250.

Now, they don't charge commission for turning Pounds into Thai Baht. Set up a normal Thai Baht current account at the same time.

They open the account and give you 30 days to transfer the £2500.

Now only a few branches including Khon Kaen have the FX account facility. So to change money or do anything you'll need to go to one of these. They'll give you a list of branches.

PM me for more if you like, but that's about it really.

It is ok to send large sum of the money into Thailand through bank transfer. There is no limit. But make sure you get a certificate from the bank that this money was brought to Thailand from abroad. This way you have the proof that this money was not earned in Thailand and in future you can transfer it out of Thailand. I have done this many times and the largest sum was $300,000

[MJP]

I assume you are in Thailand just now, my advice to you is, seek proper professional advice asap.

By proper advice, I dont mean places with names such as, Shithouse-Carruthers (bkk jamgat) and any others of that ilk.

There are plenty of unscrupulous farang experts just waiting to advise you, avoid like the plague.

Get yourself to someplace like, Standard Charterd or HSBC, ask about the difference between a, resident and non resident account, and the restrictions of either.

Personally for that sort of money there is nothing that would keep me in Thailand, I would be on the first flight back to the UK to sort out my financial affairs.

I dont know the Uk legal system or how long the bank handling your estate can hold onto the money for you, but imho sorting this out is more pressing than any affairs you may have in Thailand.

It may inconvience you just now, but in the long run its worth going back to the UK to sort out, less hassle in the end, and you wont be at the mercy of the Thai banking system.

Right then,

You first need to go to your embassy and get a letter confirming you are British or whatever and that you want to open a bank account. You'll need a non-immigration 'O' visa as well.

Take the passport with visa in it along with the original of the letter (make loads of copies first) along to Bangkok Bank in Silom Road. Here you can set up a Foreign Currency Account. Minimum to start the account is £2500. They charge 2% for Pound notes (you gangster) or 0.25% on SWIFT transfer. Minimum holding after that is £250.

Now, they don't charge commission for turning Pounds into Thai Baht. Set up a normal Thai Baht current account at the same time.

They open the account and give you 30 days to transfer the £2500.

Now only a few branches including Khon Kaen have the FX account facility. So to change money or do anything you'll need to go to one of these. They'll give you a list of branches.

PM me for more if you like, but that's about it really.

It is ok to send large sum of the money into Thailand through bank transfer. There is no limit. But make sure you get a certificate from the bank that this money was brought to Thailand from abroad. This way you have the proof that this money was not earned in Thailand and in future you can transfer it out of Thailand. I have done this many times and the largest sum was $300,000

By the time the tax authorities catch up, trust me, she'll have spent the lot and handed it around the family.

Best advice, JUST DON'T DO IT!

You're good people on this site. Probably don't do drugs. Remember the old school films about junk etc. JUST SAY NO.

This is no exception.

Edited May 18, 2009 by MJP

[elzoro]

Thanks for the quick responses and advice so far.

I should explain that for various reasons I will not be setting foot in the UK ever again nor shall I ever be having any dealings with its financial institutes. I'm not a criminal on the run or an Anglophobe its just that, for reasons of my own, England is finished for me. Sorry to be vague.

Can anyone recommend a suitable (non UK) financial institute in Bangkok that can be trusted to advise me and perhaps set up an account for me? I have visa, work permit and existing Thai account and British passport but currently no funds to deposit. I just want to set up an account through an overseas bank with someone who can be trusted so that I'm ready to receive payment. The bank in charge of the estates say it will take months for the money to clear but have requested a bank account already in order to proceed.

Thanks again for the help,

EZ.

[Maigo6]

I know loads of guys that came to Thailand with large ammounts of money, they have never had a problem.

[MJP]

I know loads of guys that came to Thailand with large ammounts of money, they have never had a problem.

. . . yet.

Edited May 18, 2009 by MJP

[noahvail]

yes, yet... what year was it when the government froze the assets of all falange?

[MJP]

yes, yet... what year was it when the government froze the assets of all falange?

Hmmmm . . . .

You don't need a government to do that!

Just a bar girl with half a brain.

[Emeritus]

...

Can anyone recommend a suitable (non UK) financial institute in Bangkok that can be trusted to advise me and perhaps set up an account for me? I have visa, work permit and existing Thai account and British passport but currently no funds to deposit. I just want to set up an account through an overseas bank with someone who can be trusted so that I'm ready to receive payment...

I don't think there are any non-UK foreign banks in Thailand except perhaps UOB (United Overseas Bank, or something like that), which I read was Singapore owned but I'm not sure.

I think Singapore would be a good choice for you, even if you do not have any ready cash for a big initial deposit at the moment. Perhaps somebody can move this topic to the business and banking forum, where you would be more likely to receive useful replies to your inquiry.

[Maigo6]

I know loads of guys that came to Thailand with large ammounts of money, they have never had a problem.

. . . yet.

Just stick it in your Thai GF's or wifes account, no problem, if she loves you, you'll be oK.

Just don't piss her off, or fall in love with her younger sister............

[GreenSnapper]

Go to Singapore, Standard Chartered Bank. 30 minutes to open an account with debit card. 2$ minimum deposit. They also offer FX accounts.

Very efficient and no crap like in Thailand. I'd never bring a large sum here.

[GuestHouse]

The fist bit of advice I would give you is separate your reasons for not wanting to set foot in the UK from decisions about what is the best thing to do with your money.

The UK 'may not' be the best place for your money, but the UK has a very well regulated financial system and a legal framework that provides protections you just do not have here in Thailand.

Like I say, the UK 'may not' be the right place for your money - but it is very unlikely that Thailand is - Singapore has been suggested, as have a couple of the truly international banks - £200K is enough money for you to make a trip to Singapore, it's also enough money for you to get over your phobia about the UK for a week or so while you sought out your finances. (assuming there are no legal reasons why you can't set foot in the UK).

A couple of points to note:

A Thai bank will give you next to sweet FA interest and limited options of investment.

The Thai financial industry does not have anywhere near the number of investment vehicles as you will find internationally, nor anywhere near as many 'Tax Options'

The £/Bht rate is not in your favour right now for moving money into the country

And like it or not, Thailand has yet to sort out a few very serious political and social problems - Problems that might just make Thailand not such a good option that it is now.

I've mentioned before, one of the main players in Thailand's current problems has been humiliated by the British Authorities (refused entry/visa cancelled) while in the meantime the UK authorities have seized a huge amount of this man's money - He's widely known for a habit of spiteful vengeance.

Stop thinking of £200K as a lot of money and start thinking of it as a reasonable amount of options - It's my opinion that as a British Citizen living in Thailand right now, you need to have options. If you've burned your bridges back home then you need options where every you live.

Putting yourself and your money in Thailand with no option of going home is to my way of thinking putting all your eggs in one basket.

----

You are no doubt getting plenty of private messages now (or in the near future) - I'd advise you ignore those too.

Edited May 18, 2009 by GuestHouse

[dominator]

You can open a UK offshore account on the internet, with a Thai address. I did a few years ago. No problems.

[elzoro]

OK, some further clarification.

I don't have the funds to travel to singapore or any other country until the money is given to me. The money cannot be given to me until I have a suitable bank account. Catch 22.

How can I set up a Singapore account (or any other suitable one) from Thailand with next to no funds? Is there a branch of a suitable bank in Bangkok that I can visit to set up an account that will allow the money to rest in an account outside of Thailand?

Many thanks again for all the help so far,

EZ.

[imaneggspurt]

Send it into thailand as funds for a house purchase, leave it on deposit for a while then advise the bank the sale fell through and you are continuing to look,. dont be put off by the doubters, this will work,

[elzoro]

You can open a UK offshore account on the internet, with a Thai address. I did a few years ago. No problems.

Thanks Dominator. Can you advise me how to do this as I'm green at all of this? Can you give me a 'dummy's guide' to setting that up?

I will come clean with you all... the reason I don't want to use UK financial institutes is because I left some debt in the UK (15k) about 5 years ago. I am concerned that using a UK bank will make me pop up on the radar; would that enable the banks I owe money to to track me down and recover their funds?

Thanks again for the help,

EZ.

[yankee99]

You say you have a thai account just transfer it. Any amount is ok. You can open another account with very little in kasikorn bank for instance...I doubt the a uk bank is coming to thailand to seize your assets but who knows. I think they would go after the estate first..

[ilgitano]

I assume you are in Thailand just now, my advice to you is, seek proper professional advice asap.

By proper advice, I dont mean places with names such as, Shithouse-Carruthers (bkk jamgat) and any others of that ilk.

There are plenty of unscrupulous farang experts just waiting to advise you, avoid like the plague.

Get yourself to someplace like, Standard Charterd or HSBC, ask about the difference between a, resident and non resident account, and the restrictions of either.

Personally for that sort of money there is nothing that would keep me in Thailand, I would be on the first flight back to the UK to sort out my financial affairs.

I dont know the Uk legal system or how long the bank handling your estate can hold onto the money for you, but imho sorting this out is more pressing than any affairs you may have in Thailand.

It may inconvience you just now, but in the long run its worth going back to the UK to sort out, less hassle in the end, and you wont be at the mercy of the Thai banking system.

Right then,

You first need to go to your embassy and get a letter confirming you are British or whatever and that you want to open a bank account. You'll need a non-immigration 'O' visa as well.

Take the passport with visa in it along with the original of the letter (make loads of copies first) along to Bangkok Bank in Silom Road. Here you can set up a Foreign Currency Account. Minimum to start the account is £2500. They charge 2% for Pound notes (you gangster) or 0.25% on SWIFT transfer. Minimum holding after that is £250.

Now, they don't charge commission for turning Pounds into Thai Baht. Set up a normal Thai Baht current account at the same time.

They open the account and give you 30 days to transfer the £2500.

Now only a few branches including Khon Kaen have the FX account facility. So to change money or do anything you'll need to go to one of these. They'll give you a list of branches.

PM me for more if you like, but that's about it really.

Look into HSBC - they have a branch in BKK. For that amount, you could open a UK account, no transfer costs at all, and have a complimentary BKK account. Again for that amount I believe the BKK office will treat you like a king, and wave pretty much all fees - including forex on an international ATM card, which you could access on your local HSBC account and avoid the 150B fees everybody is getting squeezed by.

Look up HSBC on this site.

This post particularly: http://www.thaivisa.com/forum/Hsbc-Uk-t204592.html

[ilgitano]

You say you have a thai account just transfer it. Any amount is ok. You can open another account with very little in kasikorn bank for instance...I doubt the a uk bank is coming to thailand to seize your assets but who knows. I think they would go after the estate first..

Just try to keep it in GBP as long as possible - so you can choose your rate later. Somebody advised BKK with a GBP forex account. Maybe forex with another institution.

(just wading into the fray - my two stang worth)

[GuestHouse]

I don't have the funds to travel to singapore or any other country until the money is given to me. The money cannot be given to me until I have a suitable bank account. Catch 22.

It seems the money has come in the nick of time.

I therefore change my advice from long to medium term considerations to a mroe short term view.

Enjoy your windfall.... three good years is my guess.

[MJP]

I assume you are in Thailand just now, my advice to you is, seek proper professional advice asap.

By proper advice, I dont mean places with names such as, Shithouse-Carruthers (bkk jamgat) and any others of that ilk.

There are plenty of unscrupulous farang experts just waiting to advise you, avoid like the plague.

Get yourself to someplace like, Standard Charterd or HSBC, ask about the difference between a, resident and non resident account, and the restrictions of either.

Personally for that sort of money there is nothing that would keep me in Thailand, I would be on the first flight back to the UK to sort out my financial affairs.

I dont know the Uk legal system or how long the bank handling your estate can hold onto the money for you, but imho sorting this out is more pressing than any affairs you may have in Thailand.

It may inconvience you just now, but in the long run its worth going back to the UK to sort out, less hassle in the end, and you wont be at the mercy of the Thai banking system.

Right then,

You first need to go to your embassy and get a letter confirming you are British or whatever and that you want to open a bank account. You'll need a non-immigration 'O' visa as well.

Take the passport with visa in it along with the original of the letter (make loads of copies first) along to Bangkok Bank in Silom Road. Here you can set up a Foreign Currency Account. Minimum to start the account is £2500. They charge 2% for Pound notes (you gangster) or 0.25% on SWIFT transfer. Minimum holding after that is £250.

Now, they don't charge commission for turning Pounds into Thai Baht. Set up a normal Thai Baht current account at the same time.

They open the account and give you 30 days to transfer the £2500.

Now only a few branches including Khon Kaen have the FX account facility. So to change money or do anything you'll need to go to one of these. They'll give you a list of branches.

PM me for more if you like, but that's about it really.

Look into HSBC - they have a branch in BKK. For that amount, you could open a UK account, no transfer costs at all, and have a complimentary BKK account. Again for that amount I believe the BKK office will treat you like a king, and wave pretty much all fees - including forex on an international ATM card, which you could access on your local HSBC account and avoid the 150B fees everybody is getting squeezed by.

Look up HSBC on this site.

This post particularly: http://www.thaivisa.com/forum/Hsbc-Uk-t204592.html

I've sent some of the guys who MP'd the HSBC account information. Hong Kong FX account.

[Datsun240Z]

I know loads of guys that came to Thailand with large ammounts of money, they have never had a problem.

I know loads of guys, who where into the drug business, golden triangle, got lot's of nice villa's in the south. Man they where wiping their asses with dollar notes. Until they got caught !

[JoeThePoster]

You can open a UK offshore account on the internet, with a Thai address. I did a few years ago. No problems.

Thanks Dominator. Can you advise me how to do this as I'm green at all of this? Can you give me a 'dummy's guide' to setting that up?

I will come clean with you all... the reason I don't want to use UK financial institutes is because I left some debt in the UK (15k) about 5 years ago. I am concerned that using a UK bank will make me pop up on the radar; would that enable the banks I owe money to to track me down and recover their funds?

Thanks again for the help,

EZ.

Hmm, let's see now, you will have the money transferred to my account and give me a hefy commission, if I first pay the overdue debt on your behalf, no? God bless me and all that.

[elzoro]

Hmm, let's see now, you will have the money transferred to my account and give me a hefy commission, if I first pay the overdue debt on your behalf, no? God bless me and all that.

I suppose it does sound a bit like a scam doesn't it. LOL. Sorry but that wasn't the intention, I'm not going to offer anyone a 'once in a lifetime' opportunity don't worry. I'm just a fairly regular guy who left his credit card debts behind when he looked for a new life in Thailand.

Seriously though, thanks for all the help. I called HSBC today and someone is calling me back. I will call Standard Chartered tomorrow.

I will post how I get on, on the off chance that another 'green, offshore account hopeful' might read it and learn what to do.

EZ.

[PastEgo]

serious question

if a bank offers an off shore account

what set of bank rules / practices apply to that account

say if the bank has offices in thailand do thai rules apply or if its hq is in the uk do the uk rules apply

and where does the actually money stay

thanks

PastEgo

[astral]

Open an account with a reputable offshore bank in the Isle of Man.