Transferring 5,000,000 Baht Out Of Thailand

[lovelg10]

Simple question - we (Thai wife and I) are selling our house and want to transfer the result to one of our US accounts. What is the best way to do this?

[FalangBaa]

The simple answer is: You can't. You'll find it very difficult to transfer even 1 million baht out of Thailand. The Government actively prohibits this.

[colinthailand20005]

Will not be easy. You will need proof that the funds came from outside Thailand to buy the house but then the legality of you buying land in Thailand even though the house may of been only in your wifes name will prove to be a problem because I am sure you would of brocken some rules.

You are going to be hit with a legal nightmare, I doubt you will be able to do it.

I would suggest your wife gets documents to prove the house sale and have them translated, then change the money in Thailand to USD and travel to the USA with the cash and declare it on entry. So about $166000 alot to carry but when you think about it it would only be about 800x$100 bills each.

But best of luck.

Or take out the money daily from a cash machine in the USA, most banks allow up to 200000 baht per day, just get a few bank account and do it that way.

Edited December 29, 2011 by colinthailand20005

[bhakta]

Go to some money changers who will take your money here and give you money wherever you want it. The Indians call it hawala. Do it through the bank of Thailand is impossible unless you can show you transferred the money into Thailand.

Posted with Thaivisa App http://apps.thaivisa.com

[jalansanitwong]

Dont try and transfer it out through the banking system.Big problem for farang. Transfer it all into 500 denomination euro notes ( 125,000 euros divided By 500 = 250 notes.). Shove it into a standard money belt and walk through the airport. Who knows?

[zakk9]

The ATM method is probably the only safe way. Large amounts of cash will often be discovered in security checks an if reported to the customs, you might get into more problems than you will find amusing. Carrying large amounts of cash between countries is seen by many, including customs officials, as an indication of organized crime or terrorism. Although you may be able to prove your innocence in the end, what you experience before that happens may not be amusing. And it's not so much a question of being legal or not, but of the opinion and mood of the customs officer in charge. And since you will be leaving Thailand... don't even dream about it. I'm sure some customs officers here do...

[Pib]

And a person could always get mugged....what a way to lose Bt5 million.

[englishinsiam]

I have had this conversation with my bank SCB just this week.

You can transfer a max of 50k usd from your account with no paperwork.

I have accts with 3 banks and need to use all 3 accts to transfer my money.

You have the house sale paperwork so you should be able to transfer your money okay.

Posted with Thaivisa App http://apps.thaivisa.com

[impulse]

I have had this conversation with my bank SCB just this week.

You can transfer a max of 50k usd from your account with no paperwork.

I have accts with 3 banks and need to use all 3 accts to transfer my money.

You have the house sale paperwork so you should be able to transfer your money okay.

From your post, it seems they don't associate the transfer with your passport number and track the total amount by your passport number?

I'm not saying that's wrong, just trying to understand.

The last country I lived in (China) tracked pretty much all of my transactions by my passport number and each time I did anything that was restricted, they would look up my history by passport number.

Just curious, it seems 5-10 lb of physical gold may solve such a problem. Does anyone have any experience in carrying gold across borders? Once again, not suggesting, just asking.

Edited December 30, 2011 by impulse

[FalangBaa]

Will not be easy. You will need proof that the funds came from outside Thailand to buy the house but then the legality of you buying land in Thailand even though the house may of been only in your wifes name will prove to be a problem because I am sure you would of brocken some rules.

You are going to be hit with a legal nightmare, I doubt you will be able to do it.

I would suggest your wife gets documents to prove the house sale and have them translated, then change the money in Thailand to USD and travel to the USA with the cash and declare it on entry. So about $166000 alot to carry but when you think about it it would only be about 800x$100 bills each.

But best of luck.

Or take out the money daily from a cash machine in the USA, most banks allow up to 200000 baht per day, just get a few bank account and do it that way.

What a wonderful idea, carrying 166 thousand dollars in a carry-on bag. Go to the toilet on the plane... Get off... Oops! Someone's been a little light-fingered. Oh well, start again from scratch...

[richard_smith237]

There must be a maximum transfer (someone already stated US$50k).

Open an HSBC account both in Singapore (or another country) and link it to a Thai account. Place the proceeds of your house in your Thai HSBC account and periodically make the maximum transfer).

Alternatively open separate accounts, spread the proceeds across these accounts and make the maximum transfer permitted.

The key issue is knowing the maximum transfer limit.

[chiang mai]

The simple answer is: You can't. You'll find it very difficult to transfer even 1 million baht out of Thailand. The Government actively prohibits this.

Cr*p, totally untrue!

If you've sold your property you will have received a blue receipt from the Land Office, that will allow you to transfer out the amount specified on the receipt. Assuming that you didn't pay sales tax on the total sales price (which seems to be the norm) that will leave you with a balance to be transferred. The best way to manage that is to buy cashiers cheques from the larger banks that have an office in the US, buy the cheques that are drawn on that branch (larger offices only). Buy a series of cheques, each under USD 20k in value and DHL or FedEx them to your own bank in the US for deposit, they will clear within three working days. Note: the exchange rate of the cheques (which are denominated in USD is the same as the TT rate thus it's the best around). PM if more queries.

[kurtmartens]

I have had this conversation with my bank SCB just this week.

You can transfer a max of 50k usd from your account with no paperwork.

I have accts with 3 banks and need to use all 3 accts to transfer my money.

You have the house sale paperwork so you should be able to transfer your money okay.

From your post, it seems they don't associate the transfer with your passport number and track the total amount by your passport number?

I'm not saying that's wrong, just trying to understand.

The last country I lived in (China) tracked pretty much all of my transactions by my passport number and each time I did anything that was restricted, they would look up my history by passport number.

Just curious, it seems 5-10 lb of physical gold may solve such a problem. Does anyone have any experience in carrying gold across borders? Once again, not suggesting, just asking.

Gold would the easiest route. The US only allows you to bring in 10,000 USD, however, gold is not counted towards that amount. (Only currency is counted.) Thanks to outdated rules by the IRS, its only 10,000 USD instead of the 20,000 USD most other countries use. By I am just ranting.

If not gold - which would at least be legal. I'd use 500 Euro notes (much less bulky than 100 dollar notes). Of course you could just do it legally, bring in the money in cash and report it as income to the IRS at Customs - fun!

[BookMan]

There must be a maximum transfer (someone already stated US$50k).

Open an HSBC account both in Singapore (or another country) and link it to a Thai account. Place the proceeds of your house in your Thai HSBC account and periodically make the maximum transfer).

Alternatively open separate accounts, spread the proceeds across these accounts and make the maximum transfer permitted.

The key issue is knowing the maximum transfer limit.

Most sensible

[chiang mai]

The maximum limit folks are groping for is USD 20K, anything above that requires BOT approval.

[Naam]

Gold would the easiest route. The US only allows you to bring in 10,000 USD, however, gold is not counted towards that amount. (Only currency is counted.) Thanks to outdated rules by the IRS, its only 10,000 USD instead of the 20,000 USD most other countries use. By I am just ranting.

If not gold - which would at least be legal. I'd use 500 Euro notes (much less bulky than 100 dollar notes). Of course you could just do it legally, bring in the money in cash and report it as income to the IRS at Customs - fun!

incorrect information! you can bring any amount legally to the U.S. as long as you report it on arrival. not only currency is counted but all negotiable monetary instruments, e.g. a certified banker's cheque, traveller cheques, bearer bonds, physical share certificates, money orders and promissory notes.

also gold exceeding USD 10,000 value in form of coins, bullion, medals, etc. has to be reported on arrival using form FinCEN 105.

[kurtmartens]

Gold would the easiest route. The US only allows you to bring in 10,000 USD, however, gold is not counted towards that amount. (Only currency is counted.) Thanks to outdated rules by the IRS, its only 10,000 USD instead of the 20,000 USD most other countries use. By I am just ranting.

If not gold - which would at least be legal. I'd use 500 Euro notes (much less bulky than 100 dollar notes). Of course you could just do it legally, bring in the money in cash and report it as income to the IRS at Customs - fun!

incorrect information! you can bring any amount legally to the U.S. as long as you report it on arrival. not only currency is counted but all negotiable monetary instruments, e.g. a certified banker's cheque, traveller cheques, bearer bonds, physical share certificates, money orders and promissory notes.

also gold exceeding USD 10,000 value in form of coins, bullion, medals, etc. has to be reported on arrival using form FinCEN 105.

Its not incorrect. Obviously you can legally bring any cash amount you want, but we were talking about reportable not reportable. And 10,000 USD or less isn't reportable. (No one else would assume that you can't bring cash in legally, so I didn't think it all needed to be said.) Anything over 10,000 USD is reportable, anything under isn't. Which is what I said about the IRS and just brining it in and reporting it.

And I disagree about the gold, although I am aware of the "other monetary instruments" line on the form.

[CWMcMurray]

no one has advised about regulations for Thai Nationals... he advised that he does have a Thai wife and he did mention the the overseas account were "theirs", so one could reason that his wife's name is also on the accounts?

... are Thai's allowed to transfer funds over seas? If so, any issue with her transferring the total amount in one shot?

[chiang mai]

no one has advised about regulations for Thai Nationals... he advised that he does have a Thai wife and he did mention the the overseas account were "theirs", so one could reason that his wife's name is also on the accounts?

... are Thai's allowed to transfer funds over seas? If so, any issue with her transferring the total amount in one shot?

Thai nationals are allowed to transfer funds overseas providing the reason for such transfers meets BOT approval, typical reasons include payment of overseas school bills or medical treatment, invoices are required, as is BOT approval. In short, Thai nationals are not at liberty to transfer funds out in the same way that Westerners are in their home country.

[chiang mai]

I'm amazed at the extent to which some posters here are turning the OP's simply request into a government conspiracy theory against farangs and the repatriations of funds. Heads up, it's not illegal to repatriate your money and there's a range of ways to do so, many already described here, gold purchases, ATM transfers, multiple bank accounts, midnight transfers and false hollow legs stuffed with fifties really are not part of the essential picture!

[maprao]

The simple answer is: You can't. You'll find it very difficult to transfer even 1 million baht out of Thailand. The Government actively prohibits this.

Cr*p, totally untrue!

If you've sold your property you will have received a blue receipt from the Land Office, that will allow you to transfer out the amount specified on the receipt. Assuming that you didn't pay sales tax on the total sales price (which seems to be the norm) that will leave you with a balance to be transferred. The best way to manage that is to buy cashiers cheques from the larger banks that have an office in the US, buy the cheques that are drawn on that branch (larger offices only). Buy a series of cheques, each under USD 20k in value and DHL or FedEx them to your own bank in the US for deposit, they will clear within three working days. Note: the exchange rate of the cheques (which are denominated in USD is the same as the TT rate thus it's the best around). PM if more queries.

Make sure you inform the IRS. Your bank will. This is the most sensible solution.

Be nice to hear feedback how this is finally achieved

[lovelg10]

Cr*p, totally untrue!

If you've sold your property you will have received a blue receipt from the Land Office, that will allow you to transfer out the amount specified on the receipt. Assuming that you didn't pay sales tax on the total sales price (which seems to be the norm) that will leave you with a balance to be transferred. The best way to manage that is to buy cashiers cheques from the larger banks that have an office in the US, buy the cheques that are drawn on that branch (larger offices only). Buy a series of cheques, each under USD 20k in value and DHL or FedEx them to your own bank in the US for deposit, they will clear within three working days. Note: the exchange rate of the cheques (which are denominated in USD is the same as the TT rate thus it's the best around). PM if more queries.

Make sure you inform the IRS. Your bank will. This is the most sensible solution.

Be nice to hear feedback how this is finally achieved

I really appreciate this advise! Two follow-up questions:

1: "buy the cheques that are drawn on that branch (larger offices only)" To clarify, the check should be drawn from an account at that branch?

2: How does one notify the IRS and what paperwork is needed.

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[WarpSpeed]

Dont try and transfer it out through the banking system.Big problem for farang. Transfer it all into 500 denomination euro notes ( 125,000 euros divided By 500 = 250 notes.). Shove it into a standard money belt and walk through the airport. Who knows?

Standard money belts don't work anymore with the new Xray machines or searches, it will be noticed.

[chiang mai]

Cr*p, totally untrue!

If you've sold your property you will have received a blue receipt from the Land Office, that will allow you to transfer out the amount specified on the receipt. Assuming that you didn't pay sales tax on the total sales price (which seems to be the norm) that will leave you with a balance to be transferred. The best way to manage that is to buy cashiers cheques from the larger banks that have an office in the US, buy the cheques that are drawn on that branch (larger offices only). Buy a series of cheques, each under USD 20k in value and DHL or FedEx them to your own bank in the US for deposit, they will clear within three working days. Note: the exchange rate of the cheques (which are denominated in USD is the same as the TT rate thus it's the best around). PM if more queries.

Make sure you inform the IRS. Your bank will. This is the most sensible solution.

Be nice to hear feedback how this is finally achieved

I really appreciate this advise! Two follow-up questions:

1: "buy the cheques that are drawn on that branch (larger offices only)" To clarify, the check should be drawn from an account at that branch?

2: How does one notify the IRS and what paperwork is needed.

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I've PM'd you with the details.

[WarpSpeed]

I have had this conversation with my bank SCB just this week.

You can transfer a max of 50k usd from your account with no paperwork.

I have accts with 3 banks and need to use all 3 accts to transfer my money.

You have the house sale paperwork so you should be able to transfer your money okay.

From your post, it seems they don't associate the transfer with your passport number and track the total amount by your passport number?

I'm not saying that's wrong, just trying to understand.

The last country I lived in (China) tracked pretty much all of my transactions by my passport number and each time I did anything that was restricted, they would look up my history by passport number.

Just curious, it seems 5-10 lb of physical gold may solve such a problem. Does anyone have any experience in carrying gold across borders? Once again, not suggesting, just asking.

Gold would the easiest route. The US only allows you to bring in 10,000 USD, however, gold is not counted towards that amount. (Only currency is counted.) Thanks to outdated rules by the IRS, its only 10,000 USD instead of the 20,000 USD most other countries use. By I am just ranting.

If not gold - which would at least be legal. I'd use 500 Euro notes (much less bulky than 100 dollar notes). Of course you could just do it legally, bring in the money in cash and report it as income to the IRS at Customs - fun!

You can bring in more to the US you just have to report anything over $10,000 but you're not limited to $10,000..

[chiang mai]

Cr*p, totally untrue!

If you've sold your property you will have received a blue receipt from the Land Office, that will allow you to transfer out the amount specified on the receipt. Assuming that you didn't pay sales tax on the total sales price (which seems to be the norm) that will leave you with a balance to be transferred. The best way to manage that is to buy cashiers cheques from the larger banks that have an office in the US, buy the cheques that are drawn on that branch (larger offices only). Buy a series of cheques, each under USD 20k in value and DHL or FedEx them to your own bank in the US for deposit, they will clear within three working days. Note: the exchange rate of the cheques (which are denominated in USD is the same as the TT rate thus it's the best around). PM if more queries.

Make sure you inform the IRS. Your bank will. This is the most sensible solution.

Be nice to hear feedback how this is finally achieved

I really appreciate this advise! Two follow-up questions:

1: "buy the cheques that are drawn on that branch (larger offices only)" To clarify, the check should be drawn from an account at that branch?

2: How does one notify the IRS and what paperwork is needed.

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Last thing:

You should probably try to quantify the gap between the sales tax receipt and the sales amount, the Land Office will have an amount on file for your property and you will be steered towards paying tax on that amount, regardless of what the sales amount really is. So, if you bought the house for say 1 mill and you sold it for 1.5 mill, the Land Office will disregard your numbers and go with the ones they have which in this example will be around 600k - that being the case you will be able to transfer 600k but you'll be left with 900k to manage out. In my case the purchase price was 6,2 mill and the sales price was 6.3 mill, the LO said the sale was valued at 2.6 mill and gave me a blue receipt for that amount, the balance was managed as discussed. Finally, it's no use trying to tell the LO that their numbers are wrong because they conveniently just don't want to know.

[lovelg10]

Thanks again.

[fletchsmile]

I think there's been a lot of misinformation posted above about how difficult it is. There are various options these days, and Thailand has relaxed significantly the rules for Thai nationals in particular holding investments or sending money abroad. These came in partly to address a significant strengthening of the baht some time back, where money was flowing into the country, the baht was strengthening and they wanted to provide outlets for outflows.

I'd suggest you talk to your bank about it. With that sort of money you are also in the premium/ priority banking segment, so should be able to ask for decent info, and talk to someone who knows what they are talking about. A foreigner working here who has earned that sort of money would be able to look at repatriation of earnings. Similarly if a foreigner could demonstrate they brought the money in for a purpose eg property and were now sending it back, shouldn't be an issue. For Thais there are other avenues, such as the amounts allowed to be invested overseas.

There really isn't enough info by OP to give proper advice, as there are various avenues and options. The link below would give some ideas on and a flavour of the type of thing your bank should be able to tell you about. I see no need to go all these convoluted routes to hide assets etc, if you have everything above board, which it appears you have. one example of many:

http://www.bot.or.th...controllaw.aspx

Bottom line, Thailand has procedures. At times they are bureaucratic, but follow them thru with help and they work...

Edited December 30, 2011 by fletchsmile

[samran]

I'd talk to a bank. As a Thai citizen, I can transfer money overseas quite easily, though it is a tiny bit bureaucratic to set up.

The other quirk is that I can't transfer money to myself, but I can send it to family (so long as I prove the relationship). Sending monies overseas to support family is an acceptable 'reason'. In my case, providing proof of what that money was for wasn't required, only the relationship.

As such, I've set up transfers which wire money to my parents and my wife's accounts in Australia. The first case my parents then simply wire the money to my Aussie account as soon as they have received it, the latter case my 'wife's account' is actually our own joint bank account to which I have access anyway.

Bangkok Bank set this up for me after I inquired. So as long as you trust your wife (which I am sure you do!!) then that is one option.

[FritsSikkink]

Currency Export regulations:

local currency (United States Dollar-USD) and foreign currencies: no restrictions, provided that arriving and departing passengers must report to US customs any money or other monetary instruments exceeding USD 10,000.-. Gold: Importation of gold coins or small, non-commercial quantities of gold must be declared upon arrival.

http://www.iatatravelcentre.com/US-United-States-of-America-customs-currency-airport-tax-regulations-details.htm