Offshore Banking

[The Skipper]

What's the latest on Off Shore Banking?

I'd like to move my cash offshore. Is there a way to avoid a paper trail?

Could I wire the funds here, Bangkok, take the cash and walk it across town to a different bank?

[kayo]

I can give you some good advise:

If you go off-shore, don´t get wet!

[The Skipper]

It's advice NOT advise.

I request the moderators keep the clowns in check, thank you.

[Curt]

Have funds paid directly into an account.

[kayo]

Doh!...

okay.. I earned that!

[WhiteShiva]

What's the latest on Off Shore Banking?

I'd like to move my cash offshore. Is there a way to avoid a paper trail?

Could I wire the funds here, Bangkok, take the cash and walk it across town to a different bank?

<{POST_SNAPBACK}>

Why not - that would not leave a paper trail. Could leave a bloody trail if someone in the first bank had mate who wanted to mug you on the way to the second bank.

"Pof course sir, can you please sit down for a few minutes while we count the money (meaning: while I call my mate with the handgun)"

Fifteen minutes later, when the associates have a good description of you and are waiting for you outside:

"Ok, here is you bag of money, sir - have a nice day!"

Stranger things have happened.......

[Jai Dee]

Have a look here.

[Noel]

Have a look here. 

<{POST_SNAPBACK}>

And also Here

[StateSix]

You can certainly move your cash offshore if you meet the criteria. However Money Laundering Regulations are strict these days and offshore banks need lots of proof of where the money comes from etc.

[OlRedEyes]

What's the latest on Off Shore Banking?

I'd like to move my cash offshore. Is there a way to avoid a paper trail?

Could I wire the funds here, Bangkok, take the cash and walk it across town to a different bank?

<{POST_SNAPBACK}>

If you make sure there's no hole in the bag, there should be no paper trail.

Ok. I know.

[Maestro]

I'd like to move my cash offshore. Is there a way to avoid a paper trail?

Could I wire the funds here, Bangkok, take the cash and walk it across town to a different bank?

Under Thailand’s Anti-Money Laundering Act (AMLA), the banks have to report transactions – including incoming foreign remittances – of a certain amount to the Finance Ministry. I believe the reporting threshold is THB 400,000 but somebody else on this forum will probably know the actual amount. Also, the limit may not refer merely to single transactions but to the total over a certain period, perhaps a calendar month or any consecutive 30-day period.

Withdrawing cash from one bank in Thailand and depositing this cash into your account at another bank in Thailand would seem a suitable way to interrupt the paper trail. However, if the amount is large, be prepared to be asked for identification at the bank where you deposit the cash. If both the cash withdrawal in one bank and the deposit in the other bank are reported to the Ministry, the two can be linked and the paper trail will be reconnected.

There’s a story on AMLA here.

Most countries in the world – at least those countries whose banking system you would trust – have similar regulations to keep track of money movements.

[thohts]

All incoming and outgoing wires are kept track of by the government, regardless of the amount.

However, a friend who works with such transactions says that the Thai government really doesn't care about transactions of a 1-2 million baht.

To remove the paper trail, you need to withdraw cash from your bank account and deposit it as cash in another bank offshore.

However, if you're a US citizen, there is no hiding (unfortunately).

The real question is, "How much would they care?"

[The Skipper]

I'm considering selling some real estate in California and getting the $$ offshore, Caymen Islands or someplace like that, to keep it away from any potential lawsuits, etc..

Do I need a Company or can it be done as a private individual?

I will probably go consult someone at HSBC.

[LindsayBKK]

Have a look here. 

<{POST_SNAPBACK}>

Less than 5.25%, I'll keep my cash in Australia thanks. Anybody getting a better rate for internet banking account with monthly access and interest monthly let us know.

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