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

[bat69]

Hi,

My wife needs to transfer a substantial amount of money from a TMB account to her Australian bank account. We are living in Australia and when we were in Thailand last November she set up internet banking so we could transfer money this way. When logged in to internet bankingt here is no option for international money transfers so my wife calld the bank. I just want to confirm if what they told her is correct.

1. She has to provide documentation to prove she is a Permanent Resident of Australa (she is)

2. Fill in an application form for an Outward money transfer

3. Provide evidence of why she is transferring this money

4. Go into the bank with these forms

5. Buy Australian Dollars (Can you convert to Aust $ onshore)

6. Transfer to Australian Account.

Is this correct? If so can her parents take the forms into the bank and do it for us (as we are in Aust)?

Why is it so difficult to transfer money out of the country?

The reason for the transfer is simply to place the money in a Term Deposit which provides a far greater return than Thai Banks.

Any info would be greatly appreciated.

[Naam]

Why is it so difficult to transfer money out of the country?

because of the prevailing currency restrictions which exist as long as i can think back (and i am an old man).

[nakachalet]

we swifted several times with bkk bk

we just needed to fill in a sort of standard clearance form which was used many times before,

declaring the origin, the destination and purpose and more importantly that it is not a money laundering scheme nor does it involes any illegal activity.... as i recalled.... that was that....

oh yes, of course, we need to id ourselves to the manager's satisfaction.... but since the first time went without a hitch, numerous subsequent visitations were substantially faster....

the last few times, after general greetings, the counterlady just went behind her cubicle and returned with familiarly look form.... and it took us no more than 5 min to complete the required form and another 10 min or so, depending on their activities, to verify the availability of the sig, funds and the availability and accuracy of the destination bank ascertaining that the destination bank name and acct is correct and that it is allowed to receive the intended swift funds.... and that was that as i recalled....

then again, we only swifted up to middle eight-figure.... but as you mentioned you wish to transfer substantial amount which i assume, could be substantially more.... then there might be different set of rules and reg which we have yet to encounter....

if you have time, let us know how it goes at tmb.... good luck.

Edited February 6, 2010 by nakachalet