Sending X Million Baht From Usa To Thailand

[simon43 18032]

Funds of x million baht need to be transferred from the USA to a personal Thai bank account (not mine!). These funds are for the purchase by a Thai national of a shareholding in a Thai registered company.

The company accountant will manage all paperwork concerning the share transfer, CGT etc.

But what is the recommenmded procedure to transfer these funds so that the best exchange rate is obtained? What documents are required for the transfer, on both the USA and Thai sides? Are there any specific concerns that I need to be aware of?

Thanks

Simon

[ianguygil 194]

Please send me a PM. I can get our Bangkok Bank NY Branch to help you to move this, and depending on the amount we can set a special rate for you. We can step you through the process. Thanks

Ian

[jalansanitwong 1208]

I hope you know what youre doing. Sending a million baht to any thai in Thailand just after Chinese New year and gambling debts need to be paid off. Good luck! Probably best way is to send money through ATM account in your name only. I know yanks who have bought condos in thailand this way.

[simon43 18032]

Jalansanitwong - the money will be transfered only after the share transfer documents are completed. This concerns a business, not a condo, and the receipient is a depasrting shareholder in my Thai company. But I appreciate your concern

Simon

[ianguygil 194]

Jalansanitwong - the money will be transfered only after the share transfer documents are completed. This concerns a business, not a condo, and the receipient is a depasrting shareholder in my Thai company. But I appreciate your concern

Simon

Simon, sent you an email from my Bank ID. Please confirm it is ok for me to forward your details internally in the Bank. Thank you.

[CharlieH 43213]

Ian who answered you above is "the guy" to trust implicity for advice and guidance, both he and the bank that employs him offer a superb service for this type of transaction..........(IMHO):jap:

[gosompoi 261]

Use Bangkok Bank of New York, in New York city USA. Best rates and they can give you better rate than normal for a transaction like this. Also you will be dealing with US Bank in America for the transfer. You will do the transfer in USD, but An American at bank in New York will explain all of this to you in english!

http://www.bangkokba...from%20USA.aspx

Phone on 1333 or (66) 0-2645-5555 or Bangkok Bank's New York branch on (212) 422-8200.

Edited February 7, 2011 by gosompoi

[aurelius 5]

Funds for investment in Thailand should be received into a NON RESIDENT BAHT ACCOUNT which is a special account for the purpose of trackin foreign investment transactions. The incoming funds should be received in USD and will be converted to baht upon arrival. These accounts are only allowed to be operated at a branch counter. The investment is reported to the BOT which also therefore allows repatriation of funds at a later stage. I don't think these accounts pay any interest, its not a place to leave your funds lying around.

[Langsuan Man 5483]

I would never do it for another person due to the US Treasury requirement of reporting any overseas bank account deposits of over $10,000 USD, no matter how long in a Thai bank

See instructions in the attached Treasury form:

TD F 90-22.1.PDF

[timekeeper 215]

you can send to my account if you want..........

[Aromaz 0]

@ SIMON43;

If you are in Thailand and have business here (suspect from your message above)

Then it would be safe to assume you have workpermit too.

Here is what I have and I am regulary receiving large amounts of money (Yacht Factory)

1. Open a Thai Bank account and your preferred bank (Should have one anyway) - but for this you should open an account at a major branch or better the banks head office. IF you do personal account - Best because you are free from withholding and income tax. IF you do on business (Not recomend for this) - make sure you have exact documents on hand for purpose and prevention of all sorts of tax assaults. Even let bank stamp a copy for your declaration.

2. At same bank and branch you also open a FOREX account.

3. Simply transfer the funds to your FOREX account. Whenever the amount exceeds the bank's reporting level (change from bank to bank - Bangkok Bank is US$ 20,000, KTB and UOB is US$ 50,000) the bank will call you to go to any branch and complete a declaration for what the money is. Keep a copy; maybe sometime you want to send money out - good to have a collection of these incoming fund papers.

4. When you need it in Thai Baht, you negotiate with the bank first. The more you change at any given time, the better your rate. After all , they are traders. Usually better to sell forex at Friday PM and buy on Monday - but not always the case! Also reduced bank commission and free transfer between accounts in same branch.

5. I have accounts with UOB, KTB, SCB, Bangkok Bank and HSBC. US$ I found best value and willingness to trade at UOB - at the moment.

Last week I got US$ 84,000 in with Bank rate at Tb 30.84 I got trade at Tb30.76.

Edited February 9, 2011 by Aromaz

[simon43 18032]

As previously mentioned, these funds are nothing to do with me - they are funds being sent from overseas (by a Thai), to another Thai citizen to purchase her shareholding in a Thai business in which I also have a shareholding. I simply asked so that I could advise both sides as to the correct procedure.

The only benefit I gain is from having a new business partner...

Thanks again - the sender of the funds is in contact with Bangkok Bank in the US.

Simon