LTR Health Insurance : Self-insurance with US$100,000 Bank Deposit

[Green]

I have my savings with BkkBank. I want to know the best way to transfer money to an account in Canada where I can invest it in a long term savings account. I dont have an account in Canada at the moment (but I am from Canada). Is there any restrictions in Thai about how much can be sent out?

Thanks.

[keeniau96]

Thailand is very restrictive re outbound forex. Have to fill in official form and if over US$20k then have to provide documentation on why this is being done. Invoices, bill of lading, etc. Best check with the forex desk at your bank.

[shepsel]

You will have to open a bank account in Canada before you transfer it over there. To open an account in Canada you will need the show that you are a resident, therefore show identification.

For a quick small amount transfer, you can use Western Union. Otherwise, you should check with your branch here (I presume it is Bangkok Bank) and send it to yourself by swift code transfer to the branch of your choice. By the way Bangkok Bank has ties with Scotia Bank so it would be fairly hassle free.

[aurelius]

Search for more info on this site about restrictions on transferring funds out of Thailand, but basically as long as you can prove that you've earned it here, then you can send it out.

[PattayaParent]

Search for more info on this site about restrictions on transferring funds out of Thailand, but basically as long as you can prove that you've earned it here, then you can send it out.

So long as you have a work permit!

[Green]

Yes my bank is BB. Is it possible to set up a Canadian account via internet banking? I'm in bkk at the moment. Any recommendations on which internet banking is best? The amount I was planning to send out is over 20KUS. I dont currently have a WP, but did before when working full time here.

I just spoke to BB, they said they would need a letter from each of the company's that I worked at (its been 3 years since I worked there!), and usually they only allow 70% of the annual income to be sent out. Its going to be a real pain in the butt to get those letters now, can I take the money out and go to another bank? Any advice here?

Edited February 2, 2010 by Green

[Green]

Or send it in smaller amounts? Is there an interval of time that has to have passed before sending again? What is the largest amount that can be sent via Western Union?

[Green]

Just read this on another thread, could this work in my own situation?

"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 "

[aurelius]

BB's service for internet banking is intended for the ongoing resident who regularly needs to remit funds back home - its a kind of "open order" that means you can transfer how much you need, when ever suits you.

Your case is different as it seems more "one off" - I'd suggest that you just split your txn into 2 parts (10k each) and get BB to do it at one of their branches with remittance service. Different days would be best.

[Green]

BB's service for internet banking is intended for the ongoing resident who regularly needs to remit funds back home - its a kind of "open order" that means you can transfer how much you need, when ever suits you.

Your case is different as it seems more "one off" - I'd suggest that you just split your txn into 2 parts (10k each) and get BB to do it at one of their branches with remittance service. Different days would be best.

Thanks for that aurelius. Funny they didn't suggest that, so I suspect they will still require the WP or letter from my previous employer? But you mean if I use there internet banking I can send my amount without any WP or anything?

[Green]

Just read this on another thread, could this work in my own situation?

"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 "