Can I Send A Wire Out In Us Dollars

[namkang]

Hi

I have Thai Baht in Thailand which I want to move to Europe. The bank in Europe does not accept Thai Baht.. so I want to convert it to US dollars before sending it then wire it from the Thai bank.

Can this be done and if so how? Do I need to show proof of where this money came from (house sale in this case)?

Will all Thai banks allow this type of wire?

Thanks

[lannarebirth]

Most major Thai banks will do that for you I think. You're fortunate that you hold the money in Baht currently. If you held it in $USD in a $USD account you would have to first convert it to THB and then back to $USD to wire it, in your case only the one conversion. Yeah, it's really stupid, but there you are.

[Khun Jean]

Not only you have to show where the money is from but also what the money is for.

I have a few bills paid in my home country by a friend that uses my Thai ATM card.

Transfer from the bank is too much hassle.

If you succeed please let us know which bank and how you pulled it of.

[ianguygil]

Wow, a couple of different items here I need to address. As always I will disclose that I work for Bangkok Bank.

Thai banks will allow you to send money out from your THB account and will convert it to the currency you request. It is very important for you that you have them convert to USD here, not abroad, as the THB is not a widely traded currency and if you have it converted offshore in most cases your rate will be very poor.

And yes you do need to prove where the funds came from in most cases depending on the amount, if you earned them here, or if you transferred them in before and are now repatriating them.

Now to correct something said here. Any major bank will allow you to send funds out of Thailand from a foreign currency account in that currency. There is normally a small charge in lieu of the FX spread which is normally a fraction of a percent. We offer the largest choice of Foreign Currency accounts, 13 at my last reading. It is not correct that you have to do a USD-THB-USD dual conversion. That is just not how it works.

Please PM me if you need some help in doing this with us. Thanks

Ian

Edited November 23, 2010 by ianguygil

[lannarebirth]

Wow, a couple of different items here I need to address. As always I will disclose that I work for Bangkok Bank.

Thai banks will allow you to send money out from your THB account and will convert it to the currency you request. It is very important for you that you have them convert to USD here, not abroad, as the THB is not a widely traded currency and if you have it converted offshore in most cases your rate will be very poor.

And yes you do need to prove where the funds came from in most cases depending on the amount, if you earned them here, or if you transferred them in before and are now repatriating them.

Now to correct something said here. Any major bank will allow you to send funds out of Thailand from a foreign currency account in that currency. There is normally a small charge in lieu of the FX spread which is normally a fraction of a percent. We offer the largest choice of Foreign Currency accounts, 13 at my last reading. It is not correct that you have to do a USD-THB-USD dual conversion. That is just not how it works.

Please PM me if you need some help in doing this with us. Thanks

Ian

That is how it worked at the BANGKOK BANK Kad Suan Kaew Branch approximately 2.5 years ago on the day I closed my $USD account. To be fair to Bangkok Bank, Kasikorn Thai Bank (where I also had a $USD account) had EXACTLY the same policy at that time. Neither being what one would call an "international" bank.

[aurelius]

Bangkok Bank has branches in ten or more countries. Which is why they handle the bulk of the FX volume in this country.

[Khun Jean]

Wow, a couple of different items here I need to address. As always I will disclose that I work for Bangkok Bank.

Thai banks will allow you to send money out from your THB account and will convert it to the currency you request. It is very important for you that you have them convert to USD here, not abroad, as the THB is not a widely traded currency and if you have it converted offshore in most cases your rate will be very poor.

And yes you do need to prove where the funds came from in most cases depending on the amount, if you earned them here, or if you transferred them in before and are now repatriating them.

Now to correct something said here. Any major bank will allow you to send funds out of Thailand from a foreign currency account in that currency. There is normally a small charge in lieu of the FX spread which is normally a fraction of a percent. We offer the largest choice of Foreign Currency accounts, 13 at my last reading. It is not correct that you have to do a USD-THB-USD dual conversion. That is just not how it works.

Please PM me if you need some help in doing this with us. Thanks

Ian

So how does it work when the money is in a Thai bank account (checking or savings) and you want to transfer some money to Europe. Like for paying an amount for a mortgage on a house. Or electricity bills, property tax etc. Sen dsome money as a birthday present etc..

As i earn my money in Thailand i have no income stream in my home country and need to transfer it from a thai to a European bank. Until now no success. (Kasikorn and Krungsri)

[BillR]

If its not more than a few 1000s USD it is very EASY. I can do it online from Bank of Ayudha. You just select USD the conversion is done for you and yes it asks what its for but you just type that in. Don't believe the hype you read on this board.

I also just sent $2500usd, and I did it at the bank. Just needed my passport and I didnt have to say where the money came from, just what it was for, and I could of just made that up.

Edited November 23, 2010 by BillR

[KamnanT]

Thai banks will allow you to send money out from your THB account and will convert it to the currency you request. It is very important for you that you have them convert to USD here, not abroad, as the THB is not a widely traded currency and if you have it converted offshore in most cases your rate will be very poor.

And yes you do need to prove where the funds came from in most cases depending on the amount, if you earned them here, or if you transferred them in before and are now repatriating them.

Absolutely correct on the first point - sending Thai baht just about anywhere and letting the overseas bank convert it to local currency (USD, AUD, GBP) will almost inevitably result in a much worse rate than your Thai bank will apply to convert before sending. Makes sense - Thai banks are the biggest market makers in THB FX whereas the First National Bank of Witchita would probably have to dig a book out of the bottom drawer to figure out where a Thai baht came from.

On the second point, I must admit I've never been completely clear on exactly what the regulations and limits are on transferring money (THB or otherwise) out of Thailand. For online banking transactions, Bangkok Bank requires evidence (1) that the money is being sent to Thai nationals permanently residing overseas, (2) that the money is for the tuition or living expenses of Thai students studying abroad, or (3) that the money is the salary of a non-resident (which in this case appears to mean a person who is neither Thai nor a permanent resident of Thailand) working in Thailand. Such evidence must be provided annually in order to use the international transfer facility of Bangkok Bank's online banking. I wonder what would happen if I sold my condo and wanted to repatriate the proceeds? Would I have to prove where all of the money came from? The initial 30% came from overseas but the monthly payments on my mortgage have come out of my local salary. How would I demonstrate that 10 or 20 years from now?

Edited December 14, 2010 by KamnanT

[aurelius]

Hopefully Thailand will liberate foreign exchange by then

The sale agreement will be one document that will provide evidence of the source of your liquidity; however your question is interesting precisely because foreigners are not meant to hold mortgages, I doubt this case is covered.

[KamnanT]

Actually, there is no outright prohibition on foreigners obtaining mortgages from Thai banks to purchase a condominium. It's true that non-Thais must demonstrate (via Foreign Exchange Transaction forms) that the full purchase price was remitted from overseas, so a local mortgage is not required. However, one exception is for non-Thais who have been granted Permanent Residency: local funds may be used in this case and some Thai banks will arrange a local Thai baht mortgage for a foreign Permanent Resident (I know this to be true for HSBC and UOB). Others will not and even with the banks that do, it can be difficult to find staff who understand that it is possible...the automatic first response you get in most branches is "no, foreigners cannot have a mortgage in Thailand". In the end, I got the same terms and conditions (including promotional interest rate) from UOB that were available to any Thai borrower.

[aurelius]

I agree with you and I heard that Bangkok Bank will lend for that case too. Sorry, my wrong assumption. However if you are a Resident, then repatriating income from the sale of your house is not a matter related to proving the source of funds - that only applies to "foreigners" - technically your foreign remittances would then fall under the same policy constraints as Thais - I wonder how they handle the fact of changing from one status (non resident) to another (resident). I hope the solution isn't multiple transactions under the daily declarable limit (20k).???

Following info from http://www.tillekeandgibbins.com/publications/Articles/immigration_employment/immigration_practices.htm

Importation and Repatriation of Personal Funds

Non-Residents: An individual foreigner is not restricted in the amount of foreign currency or negotiable instruments that he/she can bring into Thailand. However, if the amount exceeds US$10,000, it should be registered with the Customs officer upon entry to avoid problems upon departure.

Residents: Residents are not restricted in the amount of foreign currency or negotiable instruments which they may bring into Thailand, but as a general rule, such foreign currency must be sold to an authorized agent and converted into Baht or deposited in a foreign currency account within 7 days. According to the new foreign exchange controls, a Thai resident traveling abroad for business or pleasure can take unlimited amounts of foreign currencies out of the country. However, prior approval is required for any purchase or conversion of foreign currency in any form other than bank notes and coins in the amount exceeding US$20,000 at a time. This includes letters of credit and/or other negotiable instruments the traveler is taking on the trip. Currently, no limits are set on credit cards