How To Move Large Sums To Money From Thailand To The Uk?

[Richb2004v2]

This is related to a topic concerning selling my house in Thailand. I didn't get that much response in the 'Property Forum' so thought best to post here.

How difficult is it to move a large sum of money from Thailand to the Uk?

I plan on selling my house in a year or so and as well as the uncertainty of selling I also wonder just what kind of restrictions there are to doing this?

Any advice welcome.

[jackr]

Did you get the paperwork in order when you brought in the money? Basically a bit of paper from the bank saying the money you brought in was to buy a house. This allows you to then remove it later... can only take out what you bring in.

Then there is always the option of doing a Taksin and removing via suitcase

[Richb2004v2]

Did you get the paperwork in order when you brought in the money? Basically a bit of paper from the bank saying the money you brought in was to buy a house. This allows you to then remove it later... can only take out what you bring in.

Then there is always the option of doing a Taksin and removing via suitcase

Unless I can find the bank paperwork from the transfers then probably no.

[chiang mai]

Do a search on this forum, this point raised many times hence lots of good info out there. In summary:

You can export funds from the sale of a Thai property according to the amount shown on the BLUE receipt from The Land Office showing tax paid on the sale - anything above that amount can also be moved at your discretion by buying cashiers cheques in foreign currency, drawn on overseas banks, really quite easy. The key however is to pay attention to the sales tax aspect at the Land Office, the issue of receiving incoming foreign funds receipt is largely irrelevant and not applicable.

[Richb2004v2]

Do a search on this forum, this point raised many times hence lots of good info out there. In summary:

You can export funds from the sale of a Thai property according to the amount shown on the BLUE receipt from The Land Office showing tax paid on the sale - anything above that amount can also be moved at your discretion by buying cashiers cheques in foreign currency, drawn on overseas banks, really quite easy. The key however is to pay attention to the sales tax aspect at the Land Office, the issue of receiving incoming foreign funds receipt is largely irrelevant and not applicable.

Thanks. You're right. I searched under 'funds transfer' and have quite a few threads to look though.

[chiang mai]

Feel free to PM if you get stuck on this.

[PattayaParent]

Do a search on this forum, this point raised many times hence lots of good info out there. In summary:

You can export funds from the sale of a Thai property according to the amount shown on the BLUE receipt from The Land Office showing tax paid on the sale - anything above that amount can also be moved at your discretion by buying cashiers cheques in foreign currency, drawn on overseas banks, really quite easy. The key however is to pay attention to the sales tax aspect at the Land Office, the issue of receiving incoming foreign funds receipt is largely irrelevant and not applicable.

Except to prove that the funds were remitted from overseas in the first place.

[chiang mai]

Do a search on this forum, this point raised many times hence lots of good info out there. In summary:

You can export funds from the sale of a Thai property according to the amount shown on the BLUE receipt from The Land Office showing tax paid on the sale - anything above that amount can also be moved at your discretion by buying cashiers cheques in foreign currency, drawn on overseas banks, really quite easy. The key however is to pay attention to the sales tax aspect at the Land Office, the issue of receiving incoming foreign funds receipt is largely irrelevant and not applicable.

Except to prove that the funds were remitted from overseas in the first place.

Sorry PP, I misread your post and you are entirely correct, I'll leave the rest of my response in place for information purposes.

If the reason used on the transfer form, at the time of transfer was "living expenses", those funds are expected to have been spent and clearly cannot count towards funds that are then exported at a later date. If however the funds were imported due to a real estate purchase then it's reasonable to expect the funds can then be exported after a sale of the property.

The entire notion of having a receipt for imported funds alone is not sufficient to allow their export, as has been discussed numerous times here previously.

Edited January 28, 2010 by chiang mai

[WeeGB]

Hi, don't want to get too personal here, but have you thought about putting your house on the market now? It will probably take some time to sell, and if you're going back to the UK, intending to buy property there, prices have increased over the past few months. If they continue to do so, you may find yourself trying to buy, in another period of rising prices. Good luck with your plans.

[Lancashirelad]

To actually move the money, the should use a currency broker as they will get you a better exchange rate than a bank. You should also speak to them well in advance as they should be able to "lock in" a good rate for use in the future.

[chiang mai]

To actually move the money, the should use a currency broker as they will get you a better exchange rate than a bank. You should also speak to them well in advance as they should be able to "lock in" a good rate for use in the future.

I don't agree, unless you are buying, as you say, forex futures. The reason I disagree is that brokers charge fees hence the service is not exactly free. Forex margins charged by banks in Asia are extremely low and don't even begin to compare with the horrendous margins charged by say UK banks, as such the banking route is very cost effective. If the argument were about using brokers when transferring from the UK to Thailand however, I would entirely agree.

[Andrew Hicks]

Did you get the paperwork in order when you brought in the money? Basically a bit of paper from the bank saying the money you brought in was to buy a house. This allows you to then remove it later... can only take out what you bring in.

Then there is always the option of doing a Taksin and removing via suitcase

In a world where exchange controls are a thing of the past (except perhaps in small banana republics that simply do not have the foreign currency to exchange for outward remittance), what is the regulatory rationale and basis for prohibiting the remitance of funds that lawfuly belong to the bank account owner?

Thailand is a modern nation with an open economy which makes all this bureaucracy very surprising.

Andrew

[chiang mai]

Did you get the paperwork in order when you brought in the money? Basically a bit of paper from the bank saying the money you brought in was to buy a house. This allows you to then remove it later... can only take out what you bring in.

Then there is always the option of doing a Taksin and removing via suitcase

In a world where exchange controls are a thing of the past (except perhaps in small banana republics that simply do not have the foreign currency to exchange for outward remittance), what is the regulatory rationale and basis for prohibiting the remitance of funds that lawfuly belong to the bank account owner?

Thailand is a modern nation with an open economy which makes all this bureaucracy very surprising.

Andrew

Yes and no, in the UK and the US for example there are controls in place governing the export of funds, I think the Thai model is aimed more at ensuring tax has been paid than anything else.

[LivinLOS]

The form you should keep for a record of inbound money is IIRC the Tor tor 3.. With that you can move the same amount out.

If you see the house dont forget you have to pay income tax on any capital gains.. Most people try to ignore this and ten complain when they have problems, same as landlords rentals, if you try to break the law dont be surprised when you have issues.

[LivinLOS]

Ohh I think sums under 800k are moved without paperwork..

[PattayaParent]

Did you get the paperwork in order when you brought in the money? Basically a bit of paper from the bank saying the money you brought in was to buy a house. This allows you to then remove it later... can only take out what you bring in.

Then there is always the option of doing a Taksin and removing via suitcase

In a world where exchange controls are a thing of the past (except perhaps in small banana republics that simply do not have the foreign currency to exchange for outward remittance), what is the regulatory rationale and basis for prohibiting the remitance of funds that lawfuly belong to the bank account owner?

Thailand is a modern nation with an open economy which makes all this bureaucracy very surprising.

Andrew

It's all to do with the US paranoia about funding terrorists and imposing their rules on other countries.

For example do you know that if more than US$10,000 is moved in or out of your US bank account it gets flagged? Now most people I know earn more than that a month.

[ThailandTommy]

I have brought and sold 2 properties in Thailand, I have not experienced any problems moving the cash out. Although I think that technically you can only take out what you initially bring in.

I had kept my Thai bank book showing the initial deposit, but have never been asked to produce it. You can transfer sums under $10k abroad without any problems/questions, this would involve several trips to several different banks and several commissions which is not practical for large sums.

I found the most expedient way is via on line banking, UOB (United Overseas Bank) are the best as they are the only bank I could find that will actually make the transfer in $, they are also the only bank that will issue a $ money order/bank draft.

It has been a couple of years since I last used them, if my memory serves me correct I think all I had to do was sign a document stating why I was taking the money out of the country, I said I was buying a boat in (the country you are sending the money) and the seller wanted payment in $.

Not a problem