Transferring Over 2Mil Baht

[Okertes]

We have just opened a new bank account at K bank and were told transferring over 2 mil. Baht in one batch will raise some questions from the Thai Government .Anybody has some experience regarding this topic?

[uptheos]

If you get a letter from your financial institution stating that the funds orignated from your account and giving the length of time they have been in your name, it shouldn't be a problem.

[wimpy]

Never had trouble sending large amounts to Thailand. Trying to repatriate it is another story.

[gotlost]

Never had trouble sending large amounts to Thailand. Trying to repatriate it is another story.

I agree with wimpy. Transferring in is no problem. Just remember you can take out with no problem what you can prove you brought in and transferring funds is the number one prof.

[orang37]

Sawasdee Khrup, Khun Okertes,

We celebrate your wealth !

But, then we remember the time in 1997 when suddenly the baht went to 56 to the dollar. Thailand's "floating" the baht sunk a lot of farangs' little treasure ships.

Thai Baht Crisis 1997

And we shudder. And it's one reason why any money we have (had) in Thailand was in either a US $ or a Euro account in Bangkok Bank.

best, ~o:37;

[Drew Aitch]

I've done this on a few occasions some years ago and each time i got a phone call from some official asking me the purpose of the transfer along with a few other questions off the cuff. There was never any problems because i could answer the questions honestly and without pausing for thought. The calls only lasted a couple of minutes max (each time), but i did get it on every occasion after transfers of 2 mil.

Aitch

[Thakkar]

We have just opened a new bank account at K bank and were told transferring over 2 mil. Baht in one batch will raise some questions from the Thai Government .Anybody has some experience regarding this topic?

You are an honest person, Mr Okertes. I want to remit to you $15,600,000 (fifteen million six hundred thousand dollars). Upon successful transfer, we will split the money 70/30. That is, 70% for me and 30% for you. Please reply me with your bank details.

Transferring 2M is not a problem. Might be a good idea in the remarks section of the transfer form to state the purpose, such as to buy a car, for long term living expense, or to meet visa requirements, etc.

Edited July 29, 2010 by Thakkar

[elektrified]

By law, Thai banks have to report to the government any amount over $20,000.00 USD I believe is the figure Kasikorn Bank uses. The manager at Chang Klan branch told me that she always recommends foreigners to make several transfers; each one under $20,000 USD. She said some foreigners have had their accounts "frozen" by the government for extended periods of time when they made transfers over the above amount.

I too, agree with orang37. I would never keep large amounts of cash in Thai Baht in a Thai Bank. Who knows what could happen.

Edited July 29, 2010 by elektrified

[lingnoi1977]

To the OP:

My wife recently transfered a substantial amount for a house purchase. She was asked to verify where the $ came from and what it was for. She has to sign a Foreign Exchange Transaction form confirming this. The form was issued by the receiving bank. They then report this to the relevant government authorities.

The two main reasons for this are:

1. Taxation - if you are working here, the incoming funds will be treated as taxable income (depending on the threshold);

2. Legitimacy of transfer - the authorities want to ensure the funds are for legal reasons.

Both accounts are in my wife's (Thai national) name. I suspect this makes things a lot easier.

Hope this helps.

[doppa]

i believe the paper-form which entitles you to send back the same amount to the origin of withdrawl is called a' tor tor sam'

[SwaziBird]

i believe the paper-form which entitles you to send back the same amount to the origin of withdrawl is called a' tor tor sam'

I'm taking an educated guess at this !

Yes, a "tor tor sam" (or other number) is required to be provided by the bank and this form will state the reason

( given by yourself )for the transfer of these funds into Thailand.

Why is this important ?... well, if the funds were to be transferred in for the purpose of acquiring a condo (for instance) then, in the event of you selling that condo and wishing to send those funds back overseas, you will be able to produce the evidence that the monies initiated from overseas and do not arise from other Thai activities ( possibly illegal/prohibited for farangs ).

Something along these lines ... as was once explained to me by a lawyer...but, as you have gathered, I wasn't paying close attention.

Check out carefully, because you could have difficulties in trying to revert you funds back overseas.

Cheers

Edited July 30, 2010 by SwaziBird

[Gonzo the Face]

For smaller amounts such as this, just bring it in with you..... don't forget to declare it though....

Now if you do find it necessary to bring in some large amount of funds, I suggest a hollowed out log..... keep the log for when you do want to have it go the other way..... make sure its not teak as they check that very closely..

OP I hope you know I am just joking..... ?????

For big amounts use a conga drum disguised as a violin case with shoulder strap

[scorecard]

I've done this on a few occasions some years ago and each time i got a phone call from some official asking me the purpose of the transfer along with a few other questions off the cuff. There was never any problems because i could answer the questions honestly and without pausing for thought. The calls only lasted a couple of minutes max (each time), but i did get it on every occasion after transfers of 2 mil.

Aitch

Request the sending bank to addd: 'funds for house renovations'.

Used this perhaps 7 or 8 times, nothing ever queried, no delays.

[doppa]

i believe the paper-form which entitles you to send back the same amount to the origin of withdrawl is called a' tor tor sam'

I'm taking an educated guess at this !

Yes, a "tor tor sam" (or other number) is required to be provided by the bank and this form will state the reason

( given by yourself )for the transfer of these funds into Thailand.

Why is this important ?... well, if the funds were to be transferred in for the purpose of acquiring a condo (for instance) then, in the event of you selling that condo and wishing to send those funds back overseas, you will be able to produce the evidence that the monies initiated from overseas and do not arise from other Thai activities ( possibly illegal/prohibited for farangs ).

Something along these lines ... as was once explained to me by a lawyer...but, as you have gathered, I wasn't paying close attention.

Check out carefully, because you could have difficulties in trying to revert you funds back overseas.

Cheers

i think you were paying more attention than you think;)

[greasemonkey]

Better still, get someone to carry it through customs for you. That way, if they get caught you wont get into trouble. I'll do it.

Quote was supposed to be the bit about the conga drum. Better that technology make a fool of me than me to make a fool of myself. Now Ive managed to block all posts from members with a reputation of less than 20. Im gonna shoot my computer.

Edited July 30, 2010 by greasemonkey

[LJW]

Be careful of Kasikorn Thai bank. Recently (6 months ago) I had 250,000 baht taken from my account by a worker at the bank using a forged letter from me

After being their customer for more than 20 years..

[Okertes]

Be careful of Kasikorn Thai bank. Recently (6 months ago) I had 250,000 baht taken from my account by a worker at the bank using a forged letter from me

After being their customer for more than 20 years..

Oh no! did you ever get it back ? they need to show a paper with your original signature don';t they?

anyway thanks for the warning LJW

[techno]

In the UK the Banks are required by law to report to the relevent authorities, including the Police, of any money transfers to an overseas bank a/c over 10000GBP. About 9 years ago my solicitors transferred about 60000GBP to my Thai bank a/c and the were asked where the monies came from and as the solicitors were holding funds from the the sale of my house it was not a problem. It all relates to money laundering and illegal proceeds from the drug trade