Getting Funds Out

[Ithailian]

Ok ... let me prempt the flames by saying I did do a search on this subject and there was so much noise returned that my head is going to explode. I just can't bear to read through another "dude, I'm moving to Thailand with my 500K baht" thread.

So, here are three direct questions to those of you really in the know...

1. I'll be paid in THB in amounts in excess that I can use locally. Is there any restriction to me moving that money from a Bangkok-based THB account to a Bangkok-based foreign currency account or to a US-Based account.

2. Is there any restiction on investing in US stocks/funds if I am a US citizen resident in Thailand. If not, what is the best (read: cheapest way) to get THB into a USD demonimated investment account ... I prefer to use Fidelity.

3. Any other advice on how best to get my money back / invested in the US.

Thanks!

PS - I'm leaning towards SCB as they have a Los Angeles office and a number of foreign currency accounts.

[thaiflyer1]

Provided you have a work permit you can remit funds overseas . If you dont have a work permit an international ATM card could be used by a relative in your home country to withdraw funds for you and re-deposit in your bank account overseas. Check out the SCB Internet Banking website for further details of the first option (tried to post a link but wont link to the relevant page).

Edited March 10, 2005 by thaiflyer1

[Harmonica]

Ok ... let me prempt the flames by saying I did do a search on this subject and there was so much noise returned that my head is going to explode.    I just can't bear to read through another "dude, I'm moving to Thailand with my 500K baht" thread. 

So, here are three direct questions to those of you really in the know...

1.  I'll be paid in THB in amounts in excess that I can use locally.  Is there any restriction to me moving that money from a Bangkok-based THB account to a Bangkok-based foreign currency account or to a US-Based account.

2.  Is there any restiction on investing in US stocks/funds if I am a US citizen resident in Thailand.  If not, what is the best (read: cheapest way) to get THB into a USD demonimated investment account ... I prefer to use Fidelity.

3.  Any other advice on how best to get my money back / invested in the US.

Thanks!

PS - I'm leaning towards SCB as they have a Los Angeles office and a number of foreign currency accounts.

Starting from the bottom:

SCB ..... yes, that's the way to go.

3. Wire transfer instructions with your broker/Fin. institution etc. Average cost is $45 per transfer, but some will reduce or even waive the fee -- in the case of brokerage houses, the fee can be gotten waived in a number of ways -- large balances, large number of trades etc. etc..

2. No restrictions. Funds legally brought in and documented can be easily sent out -- conversion to USD from THB is automatic at the time of transfer (to US, that is).

1. With a WP you can transfer the money out of the country to a US based account -- however, I am doubtful that you can move THB from a local account to a locally held foreign currency account.

Both segments of point 1 should be checked with other posters as my degree of certainty here is not high.

[brianbrain]

How about funds that are not documented? Would 50K baht be difficult to send out? Presumably not. How about 500K baht? Does anyone have experience on this? Also, what documentation is required? Assuming the money was earned in Thailand via legitimate sources, would tax receipts suffice?

2.  No restrictions.  Funds legally brought in and documented can be easily sent out -- conversion to USD from THB is automatic at the time of transfer (to US, that is).

[brianbrain]

Just found this (below). Does anyone know what the said BoT restrictions are?

http://www.scb.co.th/eng/eng_main_retail_i..._outswift.shtml

Outward Remittance - SWIFT / Telegraphic Transfer

The service is for outward remittance via Telegraphic Transfer or SWIFT

Condition :

The service will be available to transactions that have documentary support indicates the purpose of remittance that could be allowed under restrictions of Bank of Thailand.

Service Highlights :

The funds will be remitted quickly, timely and securely.

Service Fee :

550 Baht/ Transaction.

Service Channel :

SCB. CALL CENTER tel. 02-777-7777 and SCB branches.