Taking Your Money Out Of Thailand

[Petruchio]

Since I have mostly stopped using it, I have sold a small condo in Phuket for what I had in it and would like to get the money back to my home country where it came from in the first place. Since Thais want your money and don't want to part with it, I am wondering if there is any good practical way to reclaim it?

Thanks for any helpful replies,

Petruchio

[mcgriffith]

Moved to the Banking forum, where you will get much more response and answers.

Live link remaining on CR.

[Khun Jean]

If it is not more than a few million the ATM works fine. It takes a while but no questions are asked and the transfer is 'instant'.

I have around 5 bank accounts in Thailand all with a 100.000 max per day withdrawal limit.

That enables me to take out 500.000 baht in 1 day.

[djayz]

What's stopping you from simply transferring the money to a bank account of your choice?

If the paperwork is in order, there really shouldn't be any problems.

You can (I assume) prove that the original money was used for the purchase of the condo and the current money is from the sale of such property.

[onthedarkside]

If it is not more than a few million the ATM works fine. It takes a while but no questions are asked and the transfer is 'instant'.

I have around 5 bank accounts in Thailand all with a 100.000 max per day withdrawal limit.

That enables me to take out 500.000 baht in 1 day.

Better read the OP's post again. He wants to get the baht funds out of Thailand. Maybe you are talking about ATMs outside Thailand. Yes that would work.

[yoshiwara]

Assuming the funds are in baht.

You are permitted to carry out the equivalent of $20k per trip.

So you could withdraw cash, change into $/£/euro at TT Exchange (they will give you a rate) for each trip.

So for say 1.5m baht that would be 3 trips.

[onthedarkside]

Assuming the funds are in baht.

You are permitted to carry out the equivalent of $20k per trip.

So you could withdraw cash, change into $/£/euro at TT Exchange (they will give you a rate) for each trip.

So for say 1.5m baht that would be 3 trips.

That's quite a good solution if you don't have the proper paperwork to tranfer funds out of Thailand. The cash limit is 500,000 baht per person when departing Thailand.

[xylophone]

If you have got the original paperwork which shows the money coming into your bank from overseas (preferably from the clearing bank) then you will have no problem in transferring it to your overseas bank account via telegraphic transfer direct from your bank in Thailand.

[Khun Jean]

If it is not more than a few million the ATM works fine. It takes a while but no questions are asked and the transfer is 'instant'.

I have around 5 bank accounts in Thailand all with a 100.000 max per day withdrawal limit.

That enables me to take out 500.000 baht in 1 day.

Better read the OP's post again. He wants to get the baht funds out of Thailand. Maybe you are talking about ATMs outside Thailand. Yes that would work.

I thought that that was obvious as it was the OP's question. And indeed it works great and very fast. No hassle at all.

One caveat though, you would have to be in your home country, or maybe a family member you trust.

[yoshiwara]

Assuming the funds are in baht.

You are permitted to carry out the equivalent of $20k per trip.

So you could withdraw cash, change into $/£/euro at TT Exchange (they will give you a rate) for each trip.

So for say 1.5m baht that would be 3 trips.

That's quite a good solution if you don't have the proper paperwork to tranfer funds out of Thailand. The cash limit is 500,000 baht per person when departing Thailand.

Ah, that is interesting to know, so nearer $16k than $20k.

At least can still take out the $1.5m in 3 trips.

[Naam]

Assuming the funds are in baht.

You are permitted to carry out the equivalent of $20k per trip.

So you could withdraw cash, change into $/£/euro at TT Exchange (they will give you a rate) for each trip.

So for say 1.5m baht that would be 3 trips.

That's quite a good solution if you don't have the proper paperwork to tranfer funds out of Thailand. The cash limit is 500,000 baht per person when departing Thailand.

Ah, that is interesting to know, so nearer $16k than $20k.

At least can still take out the $1.5m in 3 trips.

incorrect information. the 500,000 Baht apply to cash Baht and that only to neighbouring countries (and Viet Nam). taking out cash Baht to any other country is limited to THB 50,000 only.

there is no problem changing THB into USD or any other currency and taking it out without declaration as long as the value does not exceed USD 20,000

to be on the safe side (because of exchange rate fluctuations) it would be prudent not to carry more value than USD 19,500 !

[Rancid]

Take the tax receipt from the land office from the Condo to the bank and you can transfer that amount out of Thailand no problem. Of course if you de4\valued the sales price then that is what you can transfer out.

[yoshiwara]

Assuming the funds are in baht.

You are permitted to carry out the equivalent of $20k per trip.

So you could withdraw cash, change into $/£/euro at TT Exchange (they will give you a rate) for each trip.

So for say 1.5m baht that would be 3 trips.

That's quite a good solution if you don't have the proper paperwork to tranfer funds out of Thailand. The cash limit is 500,000 baht per person when departing Thailand.

Ah, that is interesting to know, so nearer $16k than $20k.

At least can still take out the $1.5m in 3 trips.

incorrect information. the 500,000 Baht apply to cash Baht and that only to neighbouring countries (and Viet Nam). taking out cash Baht to any other country is limited to THB 50,000 only.

there is no problem changing THB into USD or any other currency and taking it out without declaration as long as the value does not exceed USD 20,000

to be on the safe side (because of exchange rate fluctuations) it would be prudent not to carry more value than USD 19,500 !

Aha! Good clarification.

[LongTimeLurker]

Take the tax receipt from the land office from the Condo to the bank and you can transfer that amount out of Thailand no problem. Of course if you de4\valued the sales price then that is what you can transfer out.

We have a winner!!

[Petruchio]

Thanks to all for your help. I seem to have some good options. The tax receipt thing would be nice except that I sold specifying that the buyer would pay the taxes, so he has the receipt, not me, and getting it from him would be problematical - and, he is down in Phuket as well.

The amount (as stated for the sale) is "only" 500,000b (it was a very small condo in a Condotel), so taking it out in cash would seem to be the best, since this amount would be under 20,000 USD. The penalty would seem to be limited to the difference in the exchange rate whatever that is (does anyone know, and where should it be exchanged?). Whatever it is would probably be significant for me since I am far from well off and live here on a very small monthly SS check.

I could roil the waters here by giving all my reasons for taking it out (mainly that after 9 years here i have become rather disillusioned, and am seriously considiring a move to the Philippines), but I'll try to get that going on another thread. I would love to hear some thoughts on this subject from long time Expats.

Petruchio

[mania]

Didn't you get a FET when you brought the money in to buy the condo?

I always get a FET for any amount over 20kUSD I bring in even if not used for buying condo etc.

I always thought you may take out anything up to the amount of matching FET's

Is this a incorrect assumption?

[koolbreez]

One small correction to the above. If you are taking $10,000US in cash, or more into the USA then you have to report it on the customs declaration form. Under $10,000 cash no problem with not reporting it.

The best thing to do is a bank to bank transfer, or a certified cashiers check from the bank. Your bank here can do it, and help with any paperwork required. There is no reporting requirement with checks.

[yoshiwara]

One small correction to the above. If you are taking $10,000US in cash, or more into the USA then you have to report it on the customs declaration form. Under $10,000 cash no problem with not reporting it.

The best thing to do is a bank to bank transfer, or a certified cashiers check from the bank. Your bank here can do it, and help with any paperwork required. There is no reporting requirement with checks.

The same thing applies in the EU where the equivalent is 10k euro above which one is obliged to, but not all do.

[Petruchio]

Koolbreeze, that is something I had not thought of. I got paid off for the condo with a bank check (Cashier's check, Bank Draft, etc.,), in fact.

I think you are saying that my Thai bank will give me a check on their bank against my account, which I can then take to my bank in the USA for deposit, and therefore only suffer the difference in rate/fees applied to me. Is this correct? The amount would be under 20,000 USD in my case, but I suppose if it were above a certain greater amount (?) it would not be allowed.

[mania]

Koolbreeze, that is something I had not thought of. I got paid off for the condo with a bank check (Cashier's check, Bank Draft, etc.,), in fact.

I think you are saying that my Thai bank will give me a check on their bank against my account, which I can then take to my bank in the USA for deposit, and therefore only suffer the difference in rate/fees applied to me. Is this correct? The amount would be under 20,000 USD in my case, but I suppose if it were above a certain greater amount (?) it would not be allowed.

We have taken large cashier checks in the past from Thailand to the US.

There are no rate/fees to suffer other than what ever is the current USD/THB rate

because the check is denominated in USD. Perhaps a small fee for making a check but at the time we did not incur any.

So basically the same as your changing your baht when you leave anyway.

You do not take a check denominated in THB

But it did take quite awhile to clear back in the USA

Which is to be expected

Also if your worried you can take multiple Cashier Checks for 5-10k USD

[Petruchio]

Thanks to all who have given helpful responses regarding transfer of funds.

Reply to Ajarnpot:

I still have one small condo for sale, in an adjacent building. It is on the ground floor, a big room that has a front rollup door and a door to the back hall with a secure iron door to the outside. I had it rented to a Thai woman for her minute mart / laundry but she had some problems with her husband or something, and he (they?) moved out and left it in bad shape. They took out the kitchinette and wall cabinets and left it also needing some repainting and a lot of cleaning.

It is held my me on a marketable long term lease (I can sell the lease) 30 years plus another 30 at option, and owned by a Thai woman in BKK who I have never seen. I have had it for 4 or five years and will sell my lease as is for 500,000 baht net to me (buyer pays all expenses of the sale which is primarily the tax due at sale - the bldg maint. fees and utilities are paid up to date at present). It is in a complex of 5 buildings (one a hotel), all belonging to the Condotel corporation - office in the hotel. All of the buildings are more than 50% owned by Thais and therefore many of the units in each building are in freehold by farangs, but the one I sold was the only one available. Since they are in a fairly high demand area, are small and affordable by a lot of Thais as well as Farangs, and in walking distance to everything needed - banks, bars, eateries, Rawai beach (more of a bay but very nice with eateries along it) motosai repair shops, supermarkets, etc. etc, and are in some demand. Therefore given the fact that Farangs are flocking to that area there are hardly ever any units that come available. I have a sa-ling (motorsai with sidecar and fabric roof cover) stored in the unit and will negotiat the sale of it as well. I have planned to keep the unit to use when I come back to Phuket to see friends and "do the town", but if i can sell quickly for that price I will, because I am building a place in Chiang Rai and could use the proceeds on it.

If you are interested you can get back to me and I will put you in touch with someone who can show it to you.

Best Regards to all.....

[AdmiralNelson]

Assuming the funds are in baht.

You are permitted to carry out the equivalent of $20k per trip.

So you could withdraw cash, change into $/£/euro at TT Exchange (they will give you a rate) for each trip.

So for say 1.5m baht that would be 3 trips.

That's quite a good solution if you don't have the proper paperwork to tranfer funds out of Thailand. The cash limit is 500,000 baht per person when departing Thailand.

Thought it was 50k Baht not 500k......??

[Naam]

Assuming the funds are in baht.

You are permitted to carry out the equivalent of $20k per trip.

So you could withdraw cash, change into $/£/euro at TT Exchange (they will give you a rate) for each trip.

So for say 1.5m baht that would be 3 trips.

That's quite a good solution if you don't have the proper paperwork to tranfer funds out of Thailand. The cash limit is 500,000 baht per person when departing Thailand.

Thought it was 50k Baht not 500k......??

THB 500k applies only to neighbouring countries and Viet Nam!