Problems Getting Thai Baht Sent Out Of Thailand?

[ditch0]

Hi,

Has anybody had or heard of this problem?

I've had to sell my condo at The River in Bangkok so I figured I would get a better rate using a currency broker rather than letting the buyer's bank sell him Sterling and then send it to my bank in the UK. I told them I wanted Thai Baht and they sent Hong Kong Dollars to the brokers in London, which they promptly sent back because the contract I have with them is to buy Thai baht and sell me Sterling. I was lucky that the brokers extended the contract until the 8th so that the buyer could send the funds again in Thai baht but The agents are now saying that it is not common practice for any Thai bank to transfer funds out of Thailand in Thai baht. This is what they said to me on Friday 3rd July:

"Refer to your prefer the fund in Thai Baht in your account, I have already checked with many Bank in Thailand and found that it is very complicated as below;

- Not widely supported by Thai Bank (please kindly check with your broker and advice me for the bank that can do this requested transaction).

- Bank of Thailand requires many documents relating to this resale unit from all parties including you, new buyer and us. Then, it will take many days and need to be approval by BOT and then new buyer can transfer money to you. I'm sure that it will be later than 7^th July. (if the new buyer pay to sterling currency, he can pay immediately (8^th July).

- The cost of transfer is quite high comparing to sterling currency to your account.

- And, I would like to inform you that the bank will be closed from 4^th – 7^th July because National holiday. "

Can any body advise me on this please? If the funds don't arrive in the brokers account in Thai Baht on the 8th. I will be in breach of contract and they will charge me £329 for their losses.

Am I being messed around here? is that a load of bull**

Many Thanks for any help on this matter

Cheers....

[aussiebebe]

I've no experience of buying or selling a condo, however I have frequently wired money out of Thailand, if that helps. I've always used the Kasikorn branch in Paragon shopping centre do to SWIFT transfers and they have never sent Thai baht - they always change the currency using the exchange rate posted on the electronic display board at the bank.

I have never asked them to wire Thai baht - having never seen the point as baht is used only in Thailand and, in my opinion, when visiting any country I always find that they give better rates in the country where the money is used. ie. Dollars are worth more in America, Bahts more in Thailand etc. Just my experience.

[12DrinkMore]

It is impossible (unless somebody has done it...) to send THB out of Thailand via the Thai banking system. The banks are required to convert the currency in Thailand to the destination currency.

I met this when the "on shore" exchange rate was different to the "offshore rate". To test my "get rich" scheme I transferred a sum inwards and then tried to send THB out to be converted abroad, hoping to make a few percent. It it had worked I could have creamed a nice annual percentage. After three hours trying to explain what I wanted to do AND show proof that the cash was brought in, the final "DO IT" button on the screen came back with a message similar to "outgoing currency has to be converted to the destination currency in Thailand".

Failure.

And I also believe that for the proceeds of selling a condo you also have to show that tax has been paid on any profit.

So, I do not believe that it is possible to export Thai Baht through a Thai Bank, presumably with the logic that

1. Nobody needs Thai Baht outside of Thailand

2. We don't want these Farang to mess with the system

TIT

[samILO]

Money Transfer and Repatriation of Funds

Thailand, the Land of Smiles, has become very popular among foreigners as their location of choice outside their home country in order to work as a professional or buy property for various reasons, which vary from enjoying life on a tropical island to the benefits the pulsating lifestyle in a major city like Bangkok has to offer.

In this context it may be interesting to know for many foreigners living and working in Thailand under which conditions funds earned as remuneration for a job or received from a property sale in Thailand can be transferred into an account out of Thailand.

Basically, such money transfer can be made and is a straight forward process provided that some simple rules are considered in order to ensure smooth fund remittance.

Generally speaken, every money transfer initiated by foreigner in Thailand is subject to the rules and regulations incorporated by the Bank of Thailand. The said rules and regulations state that the amount which can be transferred depends on the purpose of the transfer and the supporting documentation which can be provided. In case an expat living and working in Thailand would like to transfer funds out of Thailand, the applicable annual transfer limit would be his/her annual earnings, less taxes and living expenses. In context of such money transfer the transferring bank may request documentation supporting the transfer such as work permit as well as confirmation letter of your employer stating your salary in Thailand.

In case, you want to transfer an amount which is higher than your annual earnings out of Thailand, i.e. funds generated from a property sale, you may be required to provide the following documentation depending on what bank is used to arrange the transfer: Foreign Exchange Transaction Forms (FET) showing the initial import of funds into Thailand for the purpose of purchasing property, property sale and purchase agreement as well as updated (condominium unit) title deed both showing transfer of the property, receipts issued by land department showing payment of applicable transfer fees and taxes (if any).

In this context it shall be mentioned (again) that the highest attention should be paid to the correct application of Foreign Exchange Transaction Forms or other relevant documentation issued by the money receiving bank whenever remitting foreign currency into a Thai Baht bank account in Thailand. At a minimum the FET should clearly designate the purpose of the transfer of funds into Thailand (e.g. Condominium Unit purchase) and the name of the transferor/buyer. Such FET must not only be provided to the authorities in the event of Condominium Unit purchase in order to qualify as a foreign freehold buyer, the FET may also be required as evidence as to the original source of monies to be later repatriated out of Thailand in case of a property re-sale.

[hhgz]

OP,

Did the attorney answer your questions? It appears that the response was cut-and-pasted by someone who did not understand your question. I think that I do: you tried to go around the system, and you got the short end of the lollipop stick. If the only thing you lose by trying to circumvent the system is $500US, you're lucky.