Money In Thailand Stays In Thailand?

[boone57]

Hello

I have an account with the 800K baht that is required for my retirement Visa. Is it true that it is illegal to take large sums of money out of the country? The banks will not wire funds abroad?

Thank you.

[Kerobokan]

Yes,they're called exchange controls and Thailand has very strict exchange controls for taking money out.Bringing money in is a very different story,obviously!

[Kerobokan]

The best place to keep your money when living in Thailand is offshore,generally in your home country for many,many reasons.Not least that it'll save you being scammed by bar girls,estate agents etc!

Only bring/wire what you need to pay for rent,food etc on a month-to-month basis,much safer that way.

[Jingthing]

If your bank doesn't allow a wire, there may be other ways to get the money out. Of course you can carry cash out within limits and considering reporting requirements and cash sniffing dogs. You can have a international enabled ATM card and use that over time to drain the account. With the 800K retirement method, many people spend down the account during the year and top it up annually to meet visa requirements. So maybe when you want to leave the balance will be much less than 800K if that's any comfort.

[loong]

If I remember correctly, you are only allowed to Take 10,000 Baht out of the country in cash.

As far as I know, there are no restrictions on other currencies.

You could change your cash into $ or Euros and carry that out.

Always best to check first though. My info may be well out of date.

I have known people transfer money out before, so maybe it is just your bank or maybe even just your branch.

If you need to transfer money out, try a few other banks, and change to the destination currency before you send it.

[wildorchid]

If you want to take money out of thailand then my susgestion is buy GOLD BULLION, that is international currency and of corce it has the potecil to increase in value,,,

or why not just keep the requierd amont in a thai bank for the three months then transfure to say CITI bank as they operate all over the world and you'll get a better intrest rate???

[krisb]

If I remember correctly, you are only allowed to Take 10,000 Baht out of the country in cash.

As far as I know, there are no restrictions on other currencies.

You could change your cash into $ or Euros and carry that out.

Always best to check first though. My info may be well out of date.

I have known people transfer money out before, so maybe it is just your bank or maybe even just your branch.

If you need to transfer money out, try a few other banks, and change to the destination currency before you send it.

I was sure it was 50k baht out. I remember it says that on the form when you leave at the airport.

[Jingthing]

Yes if carrying out cash, of course convert to a more logical currency first.

You also need to be aware of the rules and reporting requirements of the country you are importing the cash into. I know the U.S. has cash sniffing dogs so not reporting if required would likely result in the cash being seized.

You could also export the cash over a number of trips if that works for you.

I have one of those 800K accounts for immigration purposes and what I do do is request a printed RECEIPT for every international transfer I make into the account. Those will be free and in my experience they can go back quite a number of months with no problem.

Will having that paper help me get permission to do a wire OUT of Thailand if it comes to that? I don't know, but it's better than nothing.

BTW, if you're importing cash to buy a condo there is a standard method to get paperwork allowing you to export that money later, but that is not the same as importing money just for a bank account balance.

Edited December 2, 2012 by Jingthing

[TommoPhysicist]

You can take out whatever you brought in.

If the 800k was transferred in to the bank from overseas, the bank will transfer it back out.

[simple1]

To electronically transfer your funds out of Thailand you need the current equivalent to a Tor Tor 3, your bank will know the correct name of the form. This provides written proof that funds were transferred into Thailand from offshore. As said, send funds bank to your home bank in your country currency, much better exchange rate. This is the advice I have had from my Thai bank - Kasikorn.

Edited December 2, 2012 by simple1

[Jingthing]

To electronically transfer your funds out of Thailand you need the current equivalent to a Tor Tor 3, your bank will know the correct name of the form. This proves that funds were transferred into Thailand from offshore. As said, send funds bank to your home bank in your country currency, much better exchange rate. This is the advice I have had from my Thai bank - Kasikorn.

You will not be issued a Tor Tor 3 (equivalent) just to fund a bank account. That's for buying a condo. As far as importing funds to buy other investments such as businesses, I am not sure about the rules for that, but the OP specifically asked about an 800K account for immigration extensions. Edited December 2, 2012 by Jingthing

[loong]

If I remember correctly, you are only allowed to Take 10,000 Baht out of the country in cash.

As far as I know, there are no restrictions on other currencies.

You could change your cash into $ or Euros and carry that out.

Always best to check first though. My info may be well out of date.

I have known people transfer money out before, so maybe it is just your bank or maybe even just your branch.

If you need to transfer money out, try a few other banks, and change to the destination currency before you send it.

I was sure it was 50k baht out. I remember it says that on the form when you leave at the airport.

You're probably right. I haven't seen anything about it for a long time and 10,000 Baht does seem rather low. Plus my memory isn't so sharp nowadays

[Jingthing]

You can take out whatever you brought in.

If the 800k was transferred in to the bank from overseas, the bank will transfer it back out.

You seem confident about that. Have you tried it? If that is the case why do people importing millions of baht to buy condos require the special paperwork needed to export the funds later? They transferred it in, meeting the basic requirement you mentioned, so why MUST they have that special paperwork, that is not ever available just for funding accounts only? Edited December 2, 2012 by Jingthing

[simple1]

To electronically transfer your funds out of Thailand you need the current equivalent to a Tor Tor 3, your bank will know the correct name of the form. This proves that funds were transferred into Thailand from offshore. As said, send funds bank to your home bank in your country currency, much better exchange rate. This is the advice I have had from my Thai bank - Kasikorn.

You will not be issued a Tor Tor 3 (equivalent) just to fund a bank account. That's for buying a condo. As far as importing funds to buy other investments such as businesses, I am not sure about the rules for that, but the OP specifically asked about an 800K account for immigration extensions.

Not what I was told by my bank - OP cross check with your Thai bank. However for more info regards Tor Tor 3 (now called foreign exchange transaction form) go to:

http://www.thailandl...d-fet-form.html

Edited December 2, 2012 by simple1

[Jingthing]

To electronically transfer your funds out of Thailand you need the current equivalent to a Tor Tor 3, your bank will know the correct name of the form. This proves that funds were transferred into Thailand from offshore. As said, send funds bank to your home bank in your country currency, much better exchange rate. This is the advice I have had from my Thai bank - Kasikorn.

You will not be issued a Tor Tor 3 (equivalent) just to fund a bank account. That's for buying a condo. As far as importing funds to buy other investments such as businesses, I am not sure about the rules for that, but the OP specifically asked about an 800K account for immigration extensions.

Not what I was told by my bank - OP cross check with your Thai bank. However for more info regards Tor Tor 3 (now called foreign exchange transaction form) go to:

http://www.thailandl...d-fet-form.html

Over 50K USD, typical condo purchase. 800K baht not even close.

Reading that it does sound like my tactic of getting paperwork for each (lesser) transfer is a good idea.

[Kerobokan]

You can take out whatever you brought in.

If the 800k was transferred in to the bank from overseas, the bank will transfer it back out.

No you can't and no they won't.Thai exchange controls won't allow it!

[simple1]

To electronically transfer your funds out of Thailand you need the current equivalent to a Tor Tor 3, your bank will know the correct name of the form. This proves that funds were transferred into Thailand from offshore. As said, send funds bank to your home bank in your country currency, much better exchange rate. This is the advice I have had from my Thai bank - Kasikorn.

You will not be issued a Tor Tor 3 (equivalent) just to fund a bank account. That's for buying a condo. As far as importing funds to buy other investments such as businesses, I am not sure about the rules for that, but the OP specifically asked about an 800K account for immigration extensions.

Not what I was told by my bank - OP cross check with your Thai bank. However for more info regards Tor Tor 3 (now called foreign exchange transaction form) go to:

http://www.thailandl...d-fet-form.html

Over 50K USD, typical condo purchase. 800K baht not even close.

Reading that it does sound like my tactic of getting paperwork for each (lesser) transfer is a good idea.

yes, my error I transferred more than $50k in a single transaction

[Spoonman]

My kasikorn account is linked to my Australian account and whilst I do not know how much I could transfer in one sitting a few hundred k has not been an issue. logon to internet banking and do the transfer, it's in my aussie account within a few hours.

[Kerobokan]

My kasikorn account is linked to my Australian account and whilst I do not know how much I could transfer in one sitting a few hundred k has not been an issue. logon to internet banking and do the transfer, it's in my aussie account within a few hours.

What exactly do you mean by 'linked'?

[besth]

It has been a while since I did it but for transfers out up to the equivalent of US$ 5.000 there used to be no questions asked and up to US$ 20.000 "personal expenses" used to be accepted as a good enough concept. I understand that maybe regulations have changed and different banks or even branches of the same bank might have applied them differently in the past (nowadays I think it is a lot more controlled).

[Spoonman]

My kasikorn account is linked to my Australian account and whilst I do not know how much I could transfer in one sitting a few hundred k has not been an issue. logon to internet banking and do the transfer, it's in my aussie account within a few hours.

What exactly do you mean by 'linked'?

Linked as in multiple visits providing paperwork to Kasikorn so that I can transfer money online from my Thai account to my Australian account.

Edited December 2, 2012 by Spoonman

[metisdead]

An inflammatory post has been removed as well as the reply posts. Another baiting post using inappropriate language was also removed.

[fletchsmile]

Kerobakan, I'll give you the benefit of the doubt on being an IFA for 15 years and now in China. The rest is just inaccurate. It's not particularly difficult to move out what you brought in, and plenty of other legit reasons. Facts as below:

http://www.bot.or.th/English/ForeignExchangeRegulations/FXRegulation/Pages/ExchangeControlLaw.aspx

[Kerobokan]

Kerobakan, I'll give you the benefit of the doubt on being an IFA for 15 years and now in China. The rest is just inaccurate. It's not particularly difficult to move out what you brought in, and plenty of other legit reasons. Facts as below:

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

I was actually going to post the exact same link,the exchange control limits according to The (Central) Bank of Thailand are USD $20,000,how you came to the conclusion from this that my information was incorrect is quite staggering!

'Any person bringing into or taking out of Thailand foreign currency bank notes in an aggregate amount exceeding USD 20,000 or its equivalent must declare to a customs officer.'

Anything else needs special dispensation so I think you'll find I was actually 100% correct!

[fletchsmile]

Kerobakan, I'll give you the benefit of the doubt on being an IFA for 15 years and now in China. The rest is just inaccurate. It's not particularly difficult to move out what you brought in, and plenty of other legit reasons. Facts as below:

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

I was actually going to post the exact same link,the exchange control limits according to The (Central) Bank of Thailand are USD $20,000,how you came to the conclusion from this that my information was incorrect is quite staggering!

'Any person bringing into or taking out of Thailand foreign currency bank notes in an aggregate amount exceeding USD 20,000 or its equivalent must declare to a customs officer.'

Anything else needs special dispensation so I think you'll find I was actually 100% correct!

Seems you're struggling to understand the regulations. Admittedly the English isn't great as they are a translation of the Thai regulations.

What you mention is only the rule on bank notes exceeding USD 20k, and that a declaration can be made.

There are plenty of legit ways to take out, eg:

2. Withdrawal

(1) For payment to entities abroad of the account holder’s own obligations or its subsidiaries’ obligations.

Nonresidents may maintain foreign currency accounts with authorized banks in Thailand without limit. The accounts can be freely credited with funds originating from abroad. Payments from Thai residents or borrowing from authorized banks can be deposited subject to supporting evidences. Balances on such accounts may be freely withdrawn.

This section is a particularly big one on non-capital items

...Outward remittances of amounts properly due to nonresidents are permitted for items of a non-capital nature such as service fees, interest, dividends, profits, or royalties provided that supporting documents are submitted to an authorized bank. Traveling expenses or educational expenses of residents are also freely permitted upon submission of supporting documents.

On investments (capital) as opposed to above

IV Repatriation of investment funds and repayment of overseas loans can be remitted freely upon submission of supporting documents to an authorized bank. For repatriation of investment funds, evidence of sale or transfer of such investment shall be submitted.

I'm just wondering if you have ever tried to remit funds out and if so when?

There's a few forms to fill in, but generally as long as you've got evidence of where the money came from, for a foreigner it's not a big deal. A few years back there were a couple of years where restrictions were increased, but these have passed again.

I used to work for a bank here in Thailand, and although didn't work in the this particular department, as a senior person in the bank I'd help friends out from time to time who didn't know what they were doing. I'd just point them in the direction of the right people/ right department, who'd get them to complete the right forms. These included people just sending back money they'd brought in, repatriating earnings from working in Thailand, sale of assets etc.

Edited December 2, 2012 by fletchsmile

[Jingthing]

In practice of reality, when actually trying to do the transfer back, some people are indeed going to encounter some resistance.

[fletchsmile]

To OP

Contrary to what some people post it's not illegal, nor that difficult. Talk to Bangkok Bank or any as one of the better ones for this. To quote their website:

http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/TransferingFunds/Pages/TransferringFundsNew.aspx

"It's fast, easy and reliable to send your money anywhere in Thailand or overseas using our services".

800k you had in a visa account really shouldn't be a problem.

Of course there's also the chance you end up talking to people who are not very good at their job or don't know what they are doing...

[beechguy]

He can't even interpret what he was going to post. Fact, most if not all he has posted is erroneous.

To the OP, you can carry subsantial amounts of cash out of Thailand, 500K Thai Baht to a neighboring country, 50K in Thai Baht to other countries. If returning home better to do the exchange here. Anything over 20K USD would just need to be declared.

No problem to transfer your money out, as per above(fletcsmile post #25).

Edited December 2, 2012 by beechguy

[fletchsmile]

In practice of reality, when actually trying to do the transfer back, some people are indeed going to encounter some resistance.

The "resistence" is usually from low level bank employees who aren't very good at their job or don't speak English well or just plain poor service

The actual regulations themselves don't provide much resistance for the average person with a decent reason. So if you've found yourself a decent relationship manager at one of the better banks you'll be fine...

[Jingthing]

The OP has a a good reason to be concerned. There is no doubt it's easier in than out. You certainly don't need any special relationships to get the money in!