Thai Banks' Swift Withdrawal Restrictions

[hyperdimension]

Do Thai banks place restrictions on withdrawals to another country?

I opened a US dollar account with Bangkok Bank. Depositing looks easy as there are no restrictions. However, after reading some posts about some hassle involved in sending money out from Bangkok Bank, I'm now hesitant to deposit.

I am an investor and would like to be able to freely send money from my US dollar Bangkok Bank account to US and UK financial institutions (e.g. fund managers) in amounts ranging anywhere from 5K USD to 15K USD. Would there be any problem with this?

If there are any people here who frequently send money out from their Thai bank accounts to other countries, how have your experiences been?

Edited April 30, 2010 by hyperdimension

[chiang mai]

There are no transfer restrictions on "non-resident" foreign currency accounts, only on "resident" accounts, it's your choice which type of account you open.

[nakachalet]

transferring THB out of TH as large as 10 digit, if you could answer questions in the required brief form, never constitute any problem for anyone....

the govt just wants to ascertain that the money is legit....

it is the destination country that might on occasion requires more details filing....

but if you completed a couple of legit transactions.... and your name is in the system.... you should have no difficulty.... cheers

[chiang mai]

There are some serious restrictions on transferring THB out of Thailand, as a general rule foreigners can do it.

[Bkung]

After 9/11, not only Thailand but all around the world in the same expect out space.

Restriction to make sure clean and clear money.

[hyperdimension]

There are no transfer restrictions on "non-resident" foreign currency accounts, only on "resident" accounts, it's your choice which type of account you open.

I am thinking of changing my account type to resident from non-resident so that I can get internet banking. I have a Tabien Baan ("Yellow book") that proves residency in Thailand.

Would you know of the restrictions for resident foreign currency accounts?

[chiang mai]

There are no transfer restrictions on "non-resident" foreign currency accounts, only on "resident" accounts, it's your choice which type of account you open.

I am thinking of changing my account type to resident from non-resident so that I can get internet banking. I have a Tabien Baan ("Yellow book") that proves residency in Thailand.

Would you know of the restrictions for resident foreign currency accounts?

The issue of whether you are truly resident or not (in that you have a yellow book) is largely irrelevant when it comes to banking issues, it's more a case that having a non-resident account provides you with some benefits that residents don't have, free movement of foreign currency being one of them - there's also a downside in that you cannot deposit THB into a non-resident account which is inconvenient when you sell something such as a car or a house and you need to deposit the proceeds. Having said all of that, residents (Thai nationals) are now allowed to own foreign currency accounts since the restrictions was lifted over a year ago, best perhaps to check with a bank to see what the differences are between resident foreign currency accounts and non-resident accounts. Finally, there's no reason why you can't have one of each account type, a resident and a non-resident account so maybe you shouldn't close your existing account, simply open an additional one. I have one or more of both types of account with the same bank so it is allowed and easily managed.

Edited May 1, 2010 by chiang mai