longballlarry Posted April 23, 2012 Share Posted April 23, 2012 Ive just started a new job, and am using my Thai Bank Account for the wages to be paid into. I am paid in US Dollars, and its all converted into Baht when received by the bank. If for example I want to transfer a large ( ish ) sum, from my wages that has built up over a few yrs ( GBP 50,000 ) for example, to the UK, would there be a problem doing this ? if so, would opening a Dollar account with my bank ( Krungsri -) be a better option. Any ideas would be helpful Thanks. Link to comment Share on other sites More sharing options...
mark131v Posted April 23, 2012 Share Posted April 23, 2012 longballlarry I have been getting my wages paid into a Sterling Foreign Currency Deposit account with Krungsri for the last year or so, I have not had any issues at all and it is easy to transfer over to the current account at a very good exchange rate and you also get the ability to leave funds in the FCD account until your exchange rates are favourable. I have not had to move money out of Thailand but I have moved money into the FCD from my UK Bank using Swift so I would not imagine there will be an issue with doing that the other way. Probably a good idea to try and find a member of staff who actually knows what they are talking about.....good luck!! Link to comment Share on other sites More sharing options...
mark131v Posted April 23, 2012 Share Posted April 23, 2012 longballlarry I have been getting my wages paid into a Sterling Foreign Currency Deposit account with Krungsri for the last year or so, I have not had any issues at all and it is easy to transfer over to the current account at a very good exchange rate and you also get the ability to leave funds in the FCD account until your exchange rates are favourable. I have not had to move money out of Thailand but I have moved money into the FCD from my UK Bank using Swift so I would not imagine there will be an issue with doing that the other way. Probably a good idea to try and find a member of staff who actually knows what they are talking about.....good luck!! Just remembered something else that may be pertinent, you need to leave at least GBP350 or USD500 in the account at all times otherwise I think your account is billed or closed Link to comment Share on other sites More sharing options...
PattayaParent Posted April 23, 2012 Share Posted April 23, 2012 It's easy to transfer out if you show the bank your Thai work permit. Link to comment Share on other sites More sharing options...
mark131v Posted April 23, 2012 Share Posted April 23, 2012 It's easy to transfer out if you show the bank your Thai work permit. I do not have a Thai work permit and it is not a condition of opening a Foreign Currency Deposit Account so I dont understand how you would need one to transfer funds out Link to comment Share on other sites More sharing options...
Soutpeel Posted April 23, 2012 Share Posted April 23, 2012 It's easy to transfer out if you show the bank your Thai work permit. Reading between the lines here...suspect the new job the OP has is not in Thailand therefore may not have a WP. If the OP is being paid from overseas, maybe better opening and account in somewhere like Singapore or HK and just bringing the money into Thailand he needs Link to comment Share on other sites More sharing options...
Soutpeel Posted April 23, 2012 Share Posted April 23, 2012 It's easy to transfer out if you show the bank your Thai work permit. I do not have a Thai work permit and it is not a condition of opening a Foreign Currency Deposit Account so I dont understand how you would need one to transfer funds out Without a Thai WP you may have a hassle transferring money out of Thailand, certainly significant amounts as the BOT may get involved. Link to comment Share on other sites More sharing options...
Daveroc Posted April 23, 2012 Share Posted April 23, 2012 Important to keep a couple of areas separate. You do not need a work permit to open a FCD account. However you may be required to show evidence of where the USD came from if you want to remit away from Thailand. Under the regulations the Bank of thailand requires the Banks to sight evidence that the funds were earned in Thailand, and to earn legally here you need a WP, or that the funds came from overseas. The Banks will remit some money away at times without these documents as some posters will point out. If you are being paid in USD, are they coming from overseas? If so you have the evidence of the bank transfers that will satisfy the Banks requirement to remit the money away from thailand. Link to comment Share on other sites More sharing options...
mark131v Posted April 23, 2012 Share Posted April 23, 2012 (edited) Important to keep a couple of areas separate. You do not need a work permit to open a FCD account. However you may be required to show evidence of where the USD came from if you want to remit away from Thailand. Under the regulations the Bank of thailand requires the Banks to sight evidence that the funds were earned in Thailand, and to earn legally here you need a WP, or that the funds came from overseas. The Banks will remit some money away at times without these documents as some posters will point out. If you are being paid in USD, are they coming from overseas? If so you have the evidence of the bank transfers that will satisfy the Banks requirement to remit the money away from thailand. I am being paid my salary by standing order on a monthly basis therefore the Bank has all the details of where the funds are coming from, I have no employment inThailand, it is not a one off payment so if the OP gets a similar setup except his is in USD surely all the requirements for details is already with the Thai Bank. If I was to move a GBP10K that was earned and paid from outside of Thailand and has never been crossed over to a Thai account over to my UK account I fail to see how this can be an issue. Maybe I am being naive but when I moved money from the UK account or when my employer pays my wages I have had no issues at all with either the UK or Thai banking system. OP I would have a chat with the Bank but from my personal point of view I can confirm that you do not need a work permit and paying into a FCD account is easy, maybe if you have a large amount in Thailand that was not put into the FCD account from outside you might have an issue moving it out again Edited: Daveroc I have just reread your post and I am in agreement with all you have written there I dont know why I quoed your reply, must be getting old!! Edited April 23, 2012 by mark131v Link to comment Share on other sites More sharing options...
Soutpeel Posted April 23, 2012 Share Posted April 23, 2012 Important to keep a couple of areas separate. You do not need a work permit to open a FCD account. However you may be required to show evidence of where the USD came from if you want to remit away from Thailand. Under the regulations the Bank of thailand requires the Banks to sight evidence that the funds were earned in Thailand, and to earn legally here you need a WP, or that the funds came from overseas. The Banks will remit some money away at times without these documents as some posters will point out. If you are being paid in USD, are they coming from overseas? If so you have the evidence of the bank transfers that will satisfy the Banks requirement to remit the money away from thailand. I am being paid my salary by standing order on a monthly basis therefore the Bank has all the details of where the funds are coming from, I have no employment inThailand, it is not a one off payment so if the OP gets a similar setup except his is in USD surely all the requirements for details is already with the Thai Bank. If I was to move a GBP10K that was earned and paid from outside of Thailand and has never been crossed over to a Thai account over to my UK account I fail to see how this can be an issue. Maybe I am being naive but when I moved money from the UK account or when my employer pays my wages I have had no issues at all with either the UK or Thai banking system. OP I would have a chat with the Bank but from my personal point of view I can confirm that you do not need a work permit and paying into a FCD account is easy, maybe if you have a large amount in Thailand that was not put into the FCD account from outside you might have an issue moving it out again Edited: Daveroc I have just reread your post and I am in agreement with all you have written there I dont know why I quoed your reply, must be getting old!! No one is disputing about needing a WP to move money into Thailand, the problem may come trying to move it out of Thailand if you dont have a WP, but as you have stated yourself, you have never shifted money out of Thailand again, so you dont know first hand what would happen. As we all know these days shifting an amount of US$ 10,000 is flagged in the system As stated earlier the OP would be better opening an account in HK or Singapore and bringing what he needs into Thailand, shifting money in and out of HK of Singapore is easy. Link to comment Share on other sites More sharing options...
AngryParent Posted April 23, 2012 Share Posted April 23, 2012 Everything is easy if you are willing to pay a price. In this case you will probably lose 1-2% of every transaction in transfer fees and a bit more in exchange rates. You send 100,000 expect to lose 2-5,000 Baht. Link to comment Share on other sites More sharing options...
longballlarry Posted April 26, 2012 Author Share Posted April 26, 2012 Sorry for the confusion and thanks for the replies. Yes the money is sent from my employers in Dubai, so I dont think the WP would be an issue. I will speak with the bank about opening a USD account and the requirements and process for transferring funds back to the UK should I need to. With regards to the option of opening an OS account in Singapore. Is this easy to set up, and are there any you use personally or would recommend ? Link to comment Share on other sites More sharing options...
PattayaParent Posted April 26, 2012 Share Posted April 26, 2012 (edited) ^or you could open a sterling account offshore UK in Isle of Man very easily. Singapore banks usually require you to go there in person and / or have a letter of recommendation from an existing account holder. Edited April 26, 2012 by PattayaParent Link to comment Share on other sites More sharing options...
Soutpeel Posted April 26, 2012 Share Posted April 26, 2012 With regards to the option of opening an OS account in Singapore. Is this easy to set up, and are there any you use personally or would recommend ? Yes very easy with the big international banks, provided you are not a US citizen, if you are this may complicate things somewhat... I opened mine a few years ago with Citibank international personal banking....walked in a 11:00am...had the ATM card and online bank set up by 13:00 Link to comment Share on other sites More sharing options...
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