Do Thai Banks Withfold 30% Of Money Transfers From Abroad

[daveb1]

I think i read somewhere that the Bank of Thailand regulations require banks to withhold from use (for 12 months) <br style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; ">30% of money transfers...on amounts over US$20,000. is this still true or not, a friend needs to transfer some money over to his Thai bank account. I dont think this as ever happened to me before when i have transfered over living expenses for the year.Thanks

[CharlieH]

Never heard of a bank holding anything, but it must be reported over and above a certain amount and I believe you have to state what its for, ie: condo purchase etc.

someone will soon chirp in with more info thats for sure.

[sulasno]

I think the amount is 10% but it doesn't applies to individuals

[Naam]

nothing is withheld and nothing has to be reported. but it is advisable to mention the purpose in the transfer remarks even though it does not have to be specific. "general expenses" will do fine.

a few years ago 30% of incoming amounts were blocked (and later refunded) if the money was to buy short term government bonds.

[Pib]

Ditto to what Naam said.

[JamesSwan]

No! No!..Somebody has gave you bad advice!I have wired,direct deposited "Millions" of THB over almost four years,and sent a few million out also.In the past i have for my own Govt.(USA) stated the reason.My tax collector(IRS) does require stated purpose on money transfers over (10,000),but does not require any reasons from a "Direct Deposit" from a "USA BANK"..i.e. Bangkok Bank of New York(is a American Bank),if it is your account.I have never had a Thai Bank withhold anything but fees that might have been charged.The simplest way to get money in & out without little "Big Brother" looking over your shoulders is"Direct deposits"accounts,It is without doubt the least expensive and least intrusive & Quickest way.I am only referring to American "Expats",as i did not have information on "Bangkok Banks" dealings with other countries.Chok dee

[Sharp]

Nothing held back i send every month

[Langsuan Man]

After the last coup there was a law that was passed that required that Thai Banks withhold 20% on any inbound transfers of over $20,000 US or equivalent

This was designed to prevent the type of currency speculation that occurred after the 1997 Economic crisis. That law was repealed after the first post coup election

So yes there was a restriction but that was too long ago for you to worry about

[Naam]

After the last coup there was a law that was passed that required that Thai Banks withhold 20% on any inbound transfers of over $20,000 US or equivalent

This was designed to prevent the type of currency speculation that occurred after the 1997 Economic crisis. That law was repealed after the first post coup election

So yes there was a restriction but that was too long ago for you to worry about

incorrect information. after the military coup i made several large transfers (house construction, buying cars, etc.); not a single Satang was withheld.

[Pib]

After the last coup there was a law that was passed that required that Thai Banks withhold 20% on any inbound transfers of over $20,000 US or equivalent

This was designed to prevent the type of currency speculation that occurred after the 1997 Economic crisis. That law was repealed after the first post coup election

So yes there was a restriction but that was too long ago for you to worry about

incorrect information. after the military coup i made several large transfers (house construction, buying cars, etc.); not a single Satang was withheld.

I was buying my house/getting ready to move to Thailand in 2008 and sent over several various large chunks of money exceeding $20,000 per chunk...in fact, one chunk was $210,000. No withholding on any of the transfers....full amount went right into my Thai bank account.