Is It Legal For A Thai Citizen To Have A Savings Account Outside Thailand?

[bkkflyer]

I am a bit confused. I have Googled internet and Thaivisa and apologize if this has been answered before.

Our daughter is Thai/European and my girlfriend would like to save some funds for her in Europe. No problem to open bank account in Europe (just an e-mail with copy of European passports).

On Kasikornbanks website they have a function for "International Funds Transfer". You need to have a pre-approval of the Beneficiary. When trying to sign up a new beneficiary, you have to specify the objective of the transfer, and it gives you 3 choices;

• Education Expenses
  
• Remittance of savings by foreigners working in Thailand
  
• Thai who is a permanent resident abroad
  

None of these seems to fit the purpose of a gift to our daughter.

I chatted with Kasikornbank, and basically they said "No problem, you can do it at the branch".

Off to the branch we went to send USD2000. We wrote "Gift" on the application form. The request was processed within a few minutes (cost 100+400 when chosing "shared costs") but I noticed they wrote "Personal expenses" on the receipt.....

I appreciate any information about this matter.

[Pib]

No problem in Thais having foreign bank accounts as long as they comply with the tax laws of Thailand and the foreign country. You can bet that many "rich folks" in Thailand also have foreign bank accounts.

Regarding the reasons to do funds transfers I think all Thai banks follow Bank of Thailand rules/regs as to what reasons qualify for Thais or foreigners to routinely transfer funds. The Bangkok Bank has a more extensive list of the reasons, one of which is as a gift, at this Link.

[Lifer]

yES, wife has an account at my credit union in US. She does have an IRS ID number assigned to foreign nationsls. May make a difference. A foreigner who inherits money from a US Citizen is subject to tax on the earnings when they close an account or investment such as mutual funds. Special paerwork must be submitted.

[thaimate]

My wife has two bank accounts in Britain also a nat ins number

[bkkflyer]

Sorry, I think I was a bit misleading with the topic.

I also think there isnt any law against having a savings account outside Thailand (at least if there is zero funds in it). I was more thinking what kind of restrictions (if any) there are on Thai Citizens sending funds from their Thai bank account to their own or family members account outside Thailand.

[Gone]

Sorry, I think I was a bit misleading with the topic.

I also think there isnt any law against having a savings account outside Thailand (at least if there is zero funds in it). I was more thinking what kind of restrictions (if any) there are on Thai Citizens sending funds from their Thai bank account to their own or family members account outside Thailand.

None what so ever. like you just told us, you just did it right? Just because they put "Personal expenses" on the form who cares. It was a personal expense. Done deal. You are answering your own questions.

[bkkflyer]

Sorry, I think I was a bit misleading with the topic.

I also think there isnt any law against having a savings account outside Thailand (at least if there is zero funds in it). I was more thinking what kind of restrictions (if any) there are on Thai Citizens sending funds from their Thai bank account to their own or family members account outside Thailand.

None what so ever. like you just told us, you just did it right? Just because they put "Personal expenses" on the form who cares. It was a personal expense. Done deal. You are answering your own questions.

Thanks for your input. However "who cares" reply wasnt actually the kind of answer I was hoping for. I know a lot of things work like that here in Thaliand, but I am more interested to know what is actually the rules and regulations for the matter.

Maybe one of the BB staff members here would shed some light on this?

The link to BB showing "Gift" as an option is interesting. Why wouldnt "Personal savings" be an option?

[samran]

Sorry, I think I was a bit misleading with the topic.

I also think there isnt any law against having a savings account outside Thailand (at least if there is zero funds in it). I was more thinking what kind of restrictions (if any) there are on Thai Citizens sending funds from their Thai bank account to their own or family members account outside Thailand.

None what so ever. like you just told us, you just did it right? Just because they put "Personal expenses" on the form who cares. It was a personal expense. Done deal. You are answering your own questions.

Thanks for your input. However "who cares" reply wasnt actually the kind of answer I was hoping for. I know a lot of things work like that here in Thaliand, but I am more interested to know what is actually the rules and regulations for the matter.

Maybe one of the BB staff members here would shed some light on this?

The link to BB showing "Gift" as an option is interesting. Why wouldnt "Personal savings" be an option?

If you want chapter and verse on the rules, then I suggest you google the Bank of Thailand's rules on foreign transfers. They also have the email address of the relevant offical who you can contact on the matter, and if you have questions they are pretty good at getting back via email, probably unique in Thailand.

However, the banks are very strictly compliance on this issue, and yes, transfering funds overseas to support members of the family is fine.

Where it gets a touch more tricky is sending money overseas to yourself. I, as a Thai passport holder, for one reason or another can't send money from my Thai bank account to my own Australian bank account according to BB. I didn't muck around to ask why, as I just nominated a joint account but used my wife's name as the beneficiary. Given it is a joint bank account, the money winds up with me anyway.....

Edited January 23, 2012 by samran

[floridaguy]

Sorry, I think I was a bit misleading with the topic.

I also think there isnt any law against having a savings account outside Thailand (at least if there is zero funds in it). I was more thinking what kind of restrictions (if any) there are on Thai Citizens sending funds from their Thai bank account to their own or family members account outside Thailand.

None what so ever. like you just told us, you just did it right? Just because they put "Personal expenses" on the form who cares. It was a personal expense. Done deal. You are answering your own questions.

Thanks for your input. However "who cares" reply wasnt actually the kind of answer I was hoping for. I know a lot of things work like that here in Thaliand, but I am more interested to know what is actually the rules and regulations for the matter.

Maybe one of the BB staff members here would shed some light on this?

The link to BB showing "Gift" as an option is interesting. Why wouldnt "Personal savings" be an option?

If you want chapter and verse on the rules, then I suggest you google the Bank of Thailand's rules on foreign transfers. They also have the email address of the relevant offical who you can contact on the matter, and if you have questions they are pretty good at getting back via email, probably unique in Thailand.

However, the banks are very strictly compliance on this issue, and yes, transfering funds overseas to support members of the family is fine.

Where it gets a touch more tricky is sending money overseas to yourself. I, as a Thai passport holder, for one reason or another can't send money from my Thai bank account to my own Australian bank account according to BB. I didn't muck around to ask why, as I just nominated a joint account but used my wife's name as the beneficiary. Given it is a joint bank account, the money winds up with me anyway.....

I also hold Thai and US passports, and have never had a problem transferring money to my own accounts in the US, either online or in person and the branch. I think the OP may be over thinking the categories. They basically are saying you have to have a legitimate reason to send money abroad, not "To purchase drugs" or some other silly thing. I have sent myself money and tried all the options, and they all work! No questions from bank staff. I even chose "Send money to support Thai family living abroad", they asked who, I said my 2 children, "Oh, are they Thai citizens also?", Nope and no questions further.

[Rama]

No problem. Mr. Thaksin has a few dozen and he wouldn't have them unless it was completely legal under Thai law.

[samran]

I also hold Thai and US passports, and have never had a problem transferring money to my own accounts in the US, either online or in person and the branch. I think the OP may be over thinking the categories. They basically are saying you have to have a legitimate reason to send money abroad, not "To purchase drugs" or some other silly thing. I have sent myself money and tried all the options, and they all work! No questions from bank staff. I even chose "Send money to support Thai family living abroad", they asked who, I said my 2 children, "Oh, are they Thai citizens also?", Nope and no questions further.

interesting, and yes, I'm sure if I had of walked into another bank branch they would have said 'fine'! Given I had an immediate back up, it didn't worry me. Might try it on again next time I need to set up another transfer to my swiss bank and cayman island accounts

Small heads up if you don't mind. Your kids, being born to a Thai citizen (ie you...) are automatically Thai citizens too...

[letitbe]

Its not illegal at all but banks and other financial institutions here while not forbidden are told they should not help Thais open or have access to funds bonds whatever outside Thailand. Theirs nothing they can do if a Thai say flies to Singapore or where ever and opens an account. HSBC in Bangkok will not allow Thais to have foreign fund accounts. We have accounts all over world mostly with HSBC in Singapore HOng Kong Jersey also some joint and individual (in my wifes name only) accounts in USA UK and other banks in Singapore. However HSBC in Bangkok would not allow us to have a joint account in non Thai baht. They admitted it was not Thai law but BOT would not like it and advised us to go to other international banks which did not always fully obey BOT recommendations. However since we already have many accounts abroad its not a problem

[letitbe]

Its not illegal at all but banks and other financial institutions here while not forbidden are told they should not help Thais open or have access to funds bonds whatever outside Thailand. Theirs nothing they can do if a Thai say flies to Singapore or where ever and opens an account. HSBC in Bangkok will not allow Thais to have foreign fund accounts. We have accounts all over world mostly with HSBC in Singapore HOng Kong Jersey also some joint and individual (in my wifes name only) accounts in USA UK and other banks in Singapore. However HSBC in Bangkok would not allow us to have a joint account in non Thai baht. They admitted it was not Thai law but BOT would not like it and advised us to go to other international banks which did not always fully obey BOT recommendations. However since we already have many accounts abroad its not a problem

[Gone]

Yes maybe they should have more check boxes in the "reason for sending" section. Maybe for instance:

* To buy toothpaste

* Pay for a bag of crisps

* Place bets on the ponies