Money Transfer

[Beardog]

Does anyone know what the deal is on sending money via wire back to the U.S. My bank SCB says it can't be done without a work permit. This sounds like someone is yanking my crank. I can take back $9999.00 US. currency at a point extra but would prefer the civilized way of wiring it. Is this corruption at its best. They let you wire in millions of baht , But it is a one way sphincter trying to get it out of the country. Any one know the how to. I have a citibank acct in the U.S. & there is a citibank branch in BKK. Is it possible to wire to my bank as an existing customer or is this a real fact you cannot take money out of the country once it is here? First country I have tried to wire money back & had some dweeb ask me a reason for sending funds.

Thanks Barry

[gk10002000]

Does anyone know what the deal is on sending money via wire back to the U.S. My bank SCB says it can't be done without a work permit. This sounds like someone is yanking my crank. I can take back $9999.00 US. currency at a point extra but would prefer the civilized way of wiring it. Is this corruption at its best. They let you wire in millions of baht , But it is a one way sphincter trying to get it out of the country. Any one know the how to. I have a citibank acct in the U.S. & there is a citibank branch in BKK. Is it possible to wire to my bank as an existing customer or is this a real fact you cannot take money out of the country once it is here? First country I have tried to wire money back & had some dweeb ask me a reason for sending funds.

Thanks Barry

1. Western Union works pretty well. But I have only wired money TO Thailand.

2. So the guy asks. Give him a polite reason. In the USA if one buys more than $3,000 in US postal service money orders, one has to fill out a form. A pain, but it does not stop the process. I doubt the Thai paperwork will go too far, especially if he is just asking questions.

3. Several banks openly advertise they want the foreigner's money to be deposited in their account if you work there. The yellow bank across from Carre 4 comes to mind. Fairly simple to wire money out from there from what I could read as I asked questions and read some stuff while in there on some money exchanging business.

But as far as any Thai law about taking money out of the country similar to the US $10,000 export laws I do not know.

[whatchamacallit]

Does anyone know what the deal is on sending money via wire back to the U.S. My bank SCB says it can't be done without a work permit. This sounds like someone is yanking my crank. I can take back $9999.00 US. currency at a point extra but would prefer the civilized way of wiring it. Is this corruption at its best. They let you wire in millions of baht , But it is a one way sphincter trying to get it out of the country. Any one know the how to. I have a citibank acct in the U.S. & there is a citibank branch in BKK. Is it possible to wire to my bank as an existing customer or is this a real fact you cannot take money out of the country once it is here? First country I have tried to wire money back & had some dweeb ask me a reason for sending funds.

Thanks Barry

Yes you can wire money from your US Bank account to anyone here in Thailand including yourself. Open a Thai Bank Account with your name (will need letter of residence from Thai Immigration) then when you're in back in the States go to your bank and fill out a Repetitive Wire Transfer form for funds to be transferred from your US Account (Savings or Checking) only to your designated Thai Account only. Your US Bank will give you a Repetitive Code which you will use whenever you want to wire money to your Thai Bank Account. With Repetitive Wire Transfer you can just call your US Bank whenever you want to transfer money to your Thai Bank Account without you having to go in person to your US Bank - this can be very convenient whenever you're in Thailand and need to transfer money. AND the Bank Transfer fee is only $14.00.

[BigSnake]

Check with another source>Western Union, Bangkok Bank or Krung Bank

[longball53098]

Isn't there something about having filled out a form when the money first came into Thailand about what the money is for? So this document needs to be submitted when taking the money out?

I know when I brought in more than 20k dollars SCB called me and asked what the money will be used for and then they said I should fill out a form and I said send me one and they never did. So without this document maybe the cash can't be sent back.

[beechguy]

Does anyone know what the deal is on sending money via wire back to the U.S. My bank SCB says it can't be done without a work permit. This sounds like someone is yanking my crank. I can take back $9999.00 US. currency at a point extra but would prefer the civilized way of wiring it. Is this corruption at its best. They let you wire in millions of baht , But it is a one way sphincter trying to get it out of the country. Any one know the how to. I have a citibank acct in the U.S. & there is a citibank branch in BKK. Is it possible to wire to my bank as an existing customer or is this a real fact you cannot take money out of the country once it is here? First country I have tried to wire money back & had some dweeb ask me a reason for sending funds.

Thanks Barry

Yes you can wire money from your US Bank account to anyone here in Thailand including yourself. Open a Thai Bank Account with your name (will need letter of residence from Thai Immigration) then when you're in back in the States go to your bank and fill out a Repetitive Wire Transfer form for funds to be transferred from your US Account (Savings or Checking) only to your designated Thai Account only. Your US Bank will give you a Repetitive Code which you will use whenever you want to wire money to your Thai Bank Account. With Repetitive Wire Transfer you can just call your US Bank whenever you want to transfer money to your Thai Bank Account without you having to go in person to your US Bank - this can be very convenient whenever you're in Thailand and need to transfer money. AND the Bank Transfer fee is only $14.00.

Useful information, but he is trying to send money to the U.S. not to Thailand.

[whatchamacallit]

Useful information, but he is trying to send money to the U.S. not to Thailand.

Ooops... sorry about that .... wiring money from Thailand to the States... Hmm if you owned a house/condo and sold it - you can send the exact amount as stated in your TT3 (tor tor sam?) back to the US right away and (I believe) the proceed (if any) you will have to pay capital gain tax first - after that I'm not sure if you can take this money out of Thailand - this if you want to do it the legal way of course - However there are other ways to accomplish this .

[basjke]

As far as I'm aware it is possible to withdraw money from any citibank account trough any citibank atm worldwide at no cost.

So assume that if you have a citibank account in thailand you can just withdraw money from it at any citibank branch in the US.

[Carmine6]

As far as I'm aware it is possible to withdraw money from any citibank account trough any citibank atm worldwide at no cost.

So assume that if you have a citibank account in thailand you can just withdraw money from it at any citibank branch in the US.

This might be true, but Citibank likely will make money out of the exchange rate.

To the OP, search the business thread. It's been covered and I think what happens is you have to have the documentation for the incoming amounts to prove that taxes are not due on the money. If I recall, some people who didn't have all the paperwork from the incoming wires but used the same bank and account have been able to have the bank look at the records.

[beechguy]

Useful information, but he is trying to send money to the U.S. not to Thailand.

Ooops... sorry about that .... wiring money from Thailand to the States... Hmm if you owned a house/condo and sold it - you can send the exact amount as stated in your TT3 (tor tor sam?) back to the US right away and (I believe) the proceed (if any) you will have to pay capital gain tax first - after that I'm not sure if you can take this money out of Thailand - this if you want to do it the legal way of course - However there are other ways to accomplish this .

I can understand your confusion, probably not very many of us have any money left over to send back home!

Edited May 29, 2009 by beechguy

[MeetJohnDoe]

As far as I'm aware it is possible to withdraw money from any citibank account trough any citibank atm worldwide at no cost.

So assume that if you have a citibank account in thailand you can just withdraw money from it at any citibank branch in the US.

People always make this false assumption!

Citibank Thailand and Citibank USA are basically separate national banks owned and branded by the same company. Citi USA operates under the banking regulations of America and Citi Thailand are under Bank of Thailand and Finance ministry regulations. If you had an account at Thai Citibank, you would have to go through the same procedures to transfer money to your USA Citi account just the same as if your Thai account was with Bangkok Bank. Similarly, the accounts are not linked such that if you went to the teller at the Sathon branch of Thai Citi, she would not be able to access your USA based account or do any transactions related to that account. Similarly if you were in USA and wanted to access your Thai account from a teller.

The rules relating to large transfers out of the country of foreign currency are related to money laundering laws and also attempts to control currency flight and the value of the baht. There are detailed regulations about purchasing condos with money from abroad that must be followed so that if you sell later and leave Thailand, you can repatriate the funds back to your home country. Don't really know the rules on how they might relate to funds brought over for business investments.

One way people have discussed is Bangkok Bank has a branch in NYC that is linked to their Thai banking network. You could open an account with them and deposit the money there and then withdraw it in NYC (if you were going there) or possible get a Thai ATM card good for use at overseas ATM networks and slowly withdraw you funds in that manner. However, these all have currency conversion and other transaction costs.

Edited May 29, 2009 by MeetJohnDoe

[Beardog]

so far the only 2 options are turn the Thai baht to U.S. currency & fly home with $9999.99 (under $10,000) or get the man that is buying our property to wire the funds from England to the U.S. bank acct Which is the same difference in wire fees. It seems pretty terminal to get funds out of Thailand , but very easy to get funds in. Now I can see why everyone always advises to keep as little in this country as you can! Usually the funds are coming in & getting depleted, they sure are taking the fun out of after 5 years a positive situation. Thailand never surprises me. I don't think I will be recommending to my friends that Thailand is a great place to retire. I think even Vietnam is not this redneck on wires out of the country.

[MeetJohnDoe]

Wiring direct from a UK bank to your USA bank would definitely be the way to go if the buyer would go along. Of course, he would then have the same issues if/when he sold that you face now because he would have no record of bringing in money to Thailand for the specific purpose of buying your house (Tor Tor Sam (3) it's called). Basically, this is a foreign-exchange transaction form that is issued by the receiving Thai bank when large amounts of foreign currency are wired into the country.

[Beardog]

It would only be 200,000 baht equivalent right now. It is 3 rai sold & we are taking payments 2 million to come & most of it will stay here. I just want to make sure I pay off $5000. for my loan back & have another $5,000 at home for now to draw on so I can pay online purchases off & have some in the kitty. I don't see Colin will have any problem with Transferring from England instead of here. Thanks for the info JD

Barry

[gk10002000]

1. Write a check and mail it. Making sure to put "for deposit only" on the endorsement and purpose sections.

2. Write a check and give it to somebody flying to the US to mail for you in the US. (Thai Mail is a bit iffy).

3. If you don't have a checking account, buy a money order or cashier's check with your Thai bath and do 1, or 2.

Make sure your US bank accepts foreign checks or money orders. My principal bank, Etrade no longer accepts non US checks or money orders of any type.

[Gary A]

Go to your Thai bank and buy a cashiers check in US dollars made out to your bank. Send it EMS to your US bank. Endorse the check by writing "for deposit only" to your US account. If you have a US checking account, include a filled out deposit slip. Thai EMS will cost you about 600 baht but it is very dependable and will get there within a few days.

Edited May 31, 2009 by Gary A

[Beardog]

Go to your Thai bank and buy a cashiers check in US dollars made out to your bank. Send it EMS to your US bank. Endorse the check by writing "for deposit only" to your US account. If you have a US checking account, include a filled out deposit slip. Thai EMS will cost you about 600 baht but it is very dependable and will get there within a few days.

Thanks Gary! I will be going back on the 7th of June . I can take the cashiers check in person. Is there a problem getting the cashiers check out or is it the same as cash? I know they hate to release money (accept cash without a work permit I was told. Cashiers check would be a lot more convenient than rolling with a $9999.00 wad in my pocket!

Thanks Barry

And the Kawasaki is still running great!

[Gary A]

Go to your Thai bank and buy a cashiers check in US dollars made out to your bank. Send it EMS to your US bank. Endorse the check by writing "for deposit only" to your US account. If you have a US checking account, include a filled out deposit slip. Thai EMS will cost you about 600 baht but it is very dependable and will get there within a few days.

Thanks Gary! I will be going back on the 7th of June . I can take the cashiers check in person. Is there a problem getting the cashiers check out or is it the same as cash? I know they hate to release money (accept cash without a work permit I was told. Cashiers check would be a lot more convenient than rolling with a $9999.00 wad in my pocket!

Thanks Barry

And the Kawasaki is still running great!

There will be no problems with the check. Cash would be where the problems could happen.

[Beardog]

Thanks again Gary I will be in Pattaya today & check out info at my home office bank!

[Beardog]

from what the bank offered as info....no cashiers check & no money transfers unless you have papers showing your money received has been wired in & is done immediately. from what the gal told me it was a toxin decision to shaft foreigners from trying to get money out of the country. Although the bank manager pretty much agreed that it sucks 7 is not helping the farang attitude towards Thailand there is a loophole . Bring in your passport & flight ticket out of the country wait till Thursday for the cash to make it & convert to USD. The bank is only taking out a super small fraction. Less than a wire. The downside is I hope I don't get whacked in the taxi to the airport. Lucky it is an earlier flight. Next time I will have Colin wire funds from England. The timing is off as he gets in the 3rd & I won't see him till the 4th & his wife hasn't talked to him yet about the transfer. Good thing I am going to America so I can deliver the money loaned. It's only $4000.00 but it is an overdraft protection free of interest loan if paid in 30 days. Would hate to lose the service!

[Gary A]

from what the bank offered as info....no cashiers check & no money transfers unless you have papers showing your money received has been wired in & is done immediately. from what the gal told me it was a toxin decision to shaft foreigners from trying to get money out of the country. Although the bank manager pretty much agreed that it sucks 7 is not helping the farang attitude towards Thailand there is a loophole . Bring in your passport & flight ticket out of the country wait till Thursday for the cash to make it & convert to USD. The bank is only taking out a super small fraction. Less than a wire. The downside is I hope I don't get whacked in the taxi to the airport. Lucky it is an earlier flight. Next time I will have Colin wire funds from England. The timing is off as he gets in the 3rd & I won't see him till the 4th & his wife hasn't talked to him yet about the transfer. Good thing I am going to America so I can deliver the money loaned. It's only $4000.00 but it is an overdraft protection free of interest loan if paid in 30 days. Would hate to lose the service!

I used the same Thai bank that I wire transfers from the US to my Thai account. They could see from my bank book that the money was wired from the US. Maybe that is why I had no problems.

[NanLaew]

^ Not wishing to hijack the thread but can Thai banks issue some form of certification of foreign (overseas) origin for funds wired into your domestic Thai bank account? I think they can do this for lump sums specifically brought in for condo purchases but wouldn't it be handy to have that all-important piece of paper for EVERY incoming wire transaction?

Sort of on the same thread, while the OP is in the US, he should invest in a proper money belt for future use. I was bringing in cash last year from the UK and US and having that silk money belt snug inside the pants meant no worries about keepings hands and eyes on the backpack all the time.

This one is from eaglecreek.com and is made from silk so very durable and light.

Edited June 3, 2009 by NanLaew