Risks Of Receiving Money Into Thai Bank Account

[pete66]

I need a bank account to accept a large sum of money. What would be the risks of having the money sent to my Thai wife's bank account in bkk? I have been told bank officials have to look at large incoming funds, but do they notify anyone else? Is my wife likely to be investigated by tax officials?

[N&M]

Not really, if your worried about that aspect of it only, get the bank to issue a document stating the funds were brought in by you for the purpose of 'whatever' always usefull to say it is for a condo, even if not for a condo and then you have that record of it for future referance.

Bangkok bank is very good for this if her account is with them. You have to go into the branch in Silom, head office, but there is a gay guy up in that section that speaks great english and is very helpfull, specially if you ask for his phone number.

[Heng]

Have never had any issue from any Thai bank, usually all they do is send you a letter that confirms that you have received a wire transfer in the amount of ............... on this date and if this was in error, please contact............

[GuestHouse]

I'll let you use my account if you like

[Mobi]

Assuming you're in Thailand, why don't you just go into Bangkok Bank or Kasikorn Thai and open a savings account. Shouldn't take more than half an hour (not at Kasikorn anyway). I’ve been transferring large..ish sums of money from the UK over the past 3 years – like in excess of 20,000 pounds per remittance to a Kasikorn Thai savings account in my name and never had any problems. If the transfer is around 15,000 or less it will be credited directly into your account – usually takes 2 – 3 days from date of transfer. If over 15,000, you get the phone number of Kasikorn Thai international division and call them to confirm receipt of your funds. (You can do this from the bank branch where you hold the account). They will fax you a form which you fill and return. This is useful for future reference, and can even be used to remit the money back out of Thailand should you ever need to. The International desk will give you a preferential exchange rate for your remittance and will put the funds into immediately into your account. I have found Kasikorn to be very fast, friendly and efficient, and I believe Bangkok Bank is equally as good. If you are buying a house or condo in your name, it is definitely advisable to transfer the funds to an account in your name, as you may have to prove that the funds have come from abroad when you buy the house/condo. Also, no tax implications on your money – maybe some on the wife’s – unless her name is Shinawatra.

Hope this helps

[Khun Bob]

Do you know what the gay guy's name is ? I need inet banking and dont have a work permit... Hopefully someone will say that i dont need a work permit to get inet banking with bkk bank...

Bangkok bank is very good for this if her account is with them. You have to go into the branch in Silom, head office, but there is a gay guy up in that section that speaks great english and is very helpfull, specially if you ask for his phone number.

[rishi]

How much is a "large sum of money"?. I assume multi mega millions of baths would be scrutinized, while anything below a few millions will just be welcomed - you didn't transfer it into Thailand unless you expected to spend it in Thailand. That suffices for official Thailand.

I'll second Moby D'Ark, that it would be better to open your own bank-account. Although I do trust my wife completely, I also know that her expectations to my generousity would grow extremely, if she knew the size of my bankaccount - better not tempt her.

In the initial stages of my relocation I opened a savings account in Bangkok Bank, showing nothing but my passport. To that account I had no problem transferring several amounts at the a-few-100k-baht level.

[John 1]

Khun BOB,

I opened inter net banking with SCB and BKK bank no work permit required maybe be different rules at other locations, both work great.

[pnustedt]

I quite frequently transfer money from my HSBC a/c in HK to my wife's Bangkok Bank a/c in Sisaket. I just go along to the local branch of Bkk Bank, write a HK$ cheque in the bank's name - the money usually is in my wife's a/c next day or two. They have a list of reasons for transferring the money - just pick one of them. Never had a problem or had further questions.

[pete66]

Thanks for all the advice to date.

Just to clarify, the money isn't coming from my own account overseas but from an American corporation.

As for the amount, its millions but not tens of millions.

Fully appreciate the advice about not letting the wife see it, but I want to use the money to pay off half our mortgage so its not something I can keep secret from her