Money In Thailand Stays In Thailand?

[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!

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 Balances on such accounts may be freely withdrawn.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.

Again,all your examples,some of which aren't even technically monies going out as in non-capital remittances quite clearly state that supporting paperwork or justification is needed!

Meaning that they will be submitted to the Customs Dept and presumably judged on a case-to-case basis.So exactly which part of my statement with regards to exchange controls would you deem to be incorrect?

And yes I have friends who have tried to get funds out for instance to fund a day trading account online,the banks were not keen at all to release the funds but my friend speaks perfect Thai which eventually facilitated initiating the bank wire transfer to fund his account!

For me,as stated before,I know better than to bring money into the Kingdom that I may later have to send back out.Plus I also set up offshore tax protection vehicles for a living,so am extremely familiar with the numerous better options out there.

[fletchsmile]

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!

You don't need special relationships to get it out either.

Unless you define "special" as "competent, English speaking person, who knows their job and can point you in the right direction of where to go and what forms to complete..."

[chiangmaikelly]

They have a special desk at the Bank of Bangkok I go to where they will write you a cashiers check in US dollars or any other foreign currency you want and then simply mail it or carry it out. I don't think dogs sniff checks yet or do they?

[fletchsmile]

Again,all your examples,some of which aren't even technically monies going out as in non-capital remittances quite clearly state that supporting paperwork or justification is needed!

Meaning that they will be submitted to the Customs Dept and presumably judged on a case-to-case basis.So exactly which part of my statement with regards to exchange controls would you deem to be incorrect?

And yes I have friends who have tried to get funds out for instance to fund a day trading account online,the banks were not keen at all to release the funds but my friend speaks perfect Thai which eventually facilitated initiating the bank wire transfer to fund his account!

For me,as stated before,I know better than to bring money into the Kingdom that I may later have to send back out.Plus I also set up offshore tax protection vehicles for a living,so am extremely familiar with the numerous better options out there.

I guess the gaps in your understanding about Thailand are part of the reasons why you work in as an IFA in China.

All I can add is that having spent time as a seasoned finance professional working legitimately in Asia and Thailand, I've never been stopped from transferring money out of the country. Nor have any of the people I know who have played by the rules. Sure. poor service, inadequate papers etc sometimes get in the way, and slows things down, but on the whole not that difficult.

[SeaVisionBurma]

Several bickering posts have been removed.

Its Sunday night - everyone chill out please

Lets stick to the topic and keep the posts constructive...

[Kerobokan]

Again,all your examples,some of which aren't even technically monies going out as in non-capital remittances quite clearly state that supporting paperwork or justification is needed!

Meaning that they will be submitted to the Customs Dept and presumably judged on a case-to-case basis.So exactly which part of my statement with regards to exchange controls would you deem to be incorrect?

And yes I have friends who have tried to get funds out for instance to fund a day trading account online,the banks were not keen at all to release the funds but my friend speaks perfect Thai which eventually facilitated initiating the bank wire transfer to fund his account!

For me,as stated before,I know better than to bring money into the Kingdom that I may later have to send back out.Plus I also set up offshore tax protection vehicles for a living,so am extremely familiar with the numerous better options out there.

I guess the gaps in your understanding about Thailand are part of the reasons why you work in as an IFA in China.

All I can add is that having spent time as a seasoned finance professional working legitimately in Asia and Thailand, I've never been stopped from transferring money out of the country. Nor have any of the people I know who have played by the rules. Sure. poor service, inadequate papers etc sometimes get in the way, and slows things down, but on the whole not that difficult.

Have you ever worked in a real bank,as in triple 'A' rated?

[chiangmaikelly]

Again,all your examples,some of which aren't even technically monies going out as in non-capital remittances quite clearly state that supporting paperwork or justification is needed!

Meaning that they will be submitted to the Customs Dept and presumably judged on a case-to-case basis.So exactly which part of my statement with regards to exchange controls would you deem to be incorrect?

And yes I have friends who have tried to get funds out for instance to fund a day trading account online,the banks were not keen at all to release the funds but my friend speaks perfect Thai which eventually facilitated initiating the bank wire transfer to fund his account!

For me,as stated before,I know better than to bring money into the Kingdom that I may later have to send back out.Plus I also set up offshore tax protection vehicles for a living,so am extremely familiar with the numerous better options out there.

I guess the gaps in your understanding about Thailand are part of the reasons why you work in as an IFA in China.

All I can add is that having spent time as a seasoned finance professional working legitimately in Asia and Thailand, I've never been stopped from transferring money out of the country. Nor have any of the people I know who have played by the rules. Sure. poor service, inadequate papers etc sometimes get in the way, and slows things down, but on the whole not that difficult.

Have you ever worked in a real bank,as in triple 'A' rated?

I think the consensus is that it is no problem taking money out of Thailand. What would your question have to do with that? Have you ever had a problem taking money out of Thailand?

[farang000999]

Now we know why Hotel California is so popular in Thailand.

Edited December 2, 2012 by farang000999

[AbeSurd]

Some of the information in this thread is 3 years old but it may help the OP:

http://www.thaivisa....to-a-thai-bank/

Edited December 2, 2012 by AbeSurd

[Khun Jean]

Well do what i do.

Put your money in 3 or more different banks. (never ever in only one account!, that is also valid for western countries,).

Then get an atm for them, with a maximum daily limit of 100.000 baht.

I have 5 accounts and taking out 800.000 baht takes two days. No questions asked, no controls whatsoever.

Your money, you take control.

[fletchsmile]

Have you ever worked in a real bank,as in triple 'A' rated?

Yes

Look, To say as you did (post#19 replying to Tommo) that exchange controls won't allow him/OP to transfer his 800k is just plain wrong. I've given you the link to the rules, and a link to Bangkok Bank, plus personal experience of working for banks here. Other people have also said to talk to BBL.

That you ask the question on credit grades just underscores further you really know what you're talking about when it comes to 1) banking 2) credit ratings 3) Thai regulations:

- AAA rated = "real bank"? Think about what you're saying. Google it. Look up how many "real banks" there are now by your definition

- The banks that know the Thai regulations best are banks in Thailand not the best credit rated banks somewhere else in the world.

BTW The best rated banks in Thailand are Fitch AAA (tha) rated, and yes I have worked for one of them. On a global Fitch, S&P or Moody's scale the top banks in Thailand with an unsupported rating would not get above single A on a stand alone basis.

Edited December 2, 2012 by fletchsmile

[Kerobokan]

I guess the gaps in your understanding about Thailand are part of the reasons why you work in as an IFA in China.

All I can add is that having spent time as a seasoned finance professional working legitimately in Asia and Thailand, I've never been stopped from transferring money out of the country. Nor have any of the people I know who have played by the rules. Sure. poor service, inadequate papers etc sometimes get in the way, and slows things down, but on the whole not that difficult.

Have you ever worked in a real bank,as in triple 'A' rated?

I think the consensus is that it is no problem taking money out of Thailand. What would your question have to do with that? Have you ever had a problem taking money out of Thailand?

I think the BOT consensus might be you're talking rubbish!

They have a special desk at the Bank of Bangkok I go to where they will write you a cashiers check in US dollars or any other foreign currency you want and then simply mail it or carry it out. I don't think dogs sniff checks yet or do they?

Try that with 100 million dollars and see how that goes for you!

[Kerobokan]

Have you ever worked in a real bank,as in triple 'A' rated?

Yes

Look, To say as you did (post#19 replying to Tommo) that exchange controls won't allow him/OP to transfer his 800k is just plain wrong. I've given you the link to the rules, and a link to Bangkok Bank, plus personal experience of working for banks here. Other people have also said to talk to BBL.

That you ask the question on credit grades just underscores further you really know what you're talking about when it comes to 1) banking 2) credit ratings 3) Thai regulations:

- AAA rated = "real bank"? Think about what you're saying. Google it. Look up how many "real banks" there are now by your definition

- The banks that know the Thai regulations best are banks in Thailand not the best credit rated banks somewhere else in the world.

BTW The best rated banks in Thailand are Fitch AAA (tha) rated, and yes I have worked for one of them. On a global Fitch, S&P or Moody's scale the top banks in Thailand with an unsupported rating would not get above single A on a stand alone basis.

That's a NO then,as I suspected!

[chiangmaikelly]

They have a special desk at the Bank of Bangkok I go to where they will write you a cashiers check in US dollars or any other foreign currency you want and then simply mail it or carry it out. I don't think dogs sniff checks yet or do they?

Try that with 100 million dollars and see how that goes for you!

Your post is off topic and argumentative because the amount is so large that no one here would be discussing moving that amount of money. Moving hundreds of millions of US dollars would put one on a different level or currency traders. More like Marc Faber who lives in Chiang Mai; he is the only one I know who moves that kind of cash around.

I think everyone now knows by the other posts that it is not a problem moving reasonable amounts of money in and out of Thailand contrary to what your imagination has told you. I gave you a concrete example of how money is moved using a cashiers check from the Bank of Bangkok with no problems. If you, not someone you have heard about but you, have had problems moving money out of Thailand why don't you tell us about it.

I am sure the posters here could advise you how to avoid similar problems in the future.

[fletchsmile]

Have you ever worked in a real bank,as in triple 'A' rated?

Yes

Look, To say as you did (post#19 replying to Tommo) that exchange controls won't allow him/OP to transfer his 800k is just plain wrong. I've given you the link to the rules, and a link to Bangkok Bank, plus personal experience of working for banks here. Other people have also said to talk to BBL.

That you ask the question on credit grades just underscores further you really know what you're talking about when it comes to 1) banking 2) credit ratings 3) Thai regulations:

- AAA rated = "real bank"? Think about what you're saying. Google it. Look up how many "real banks" there are now by your definition

- The banks that know the Thai regulations best are banks in Thailand not the best credit rated banks somewhere else in the world.

BTW The best rated banks in Thailand are Fitch AAA (tha) rated, and yes I have worked for one of them. On a global Fitch, S&P or Moody's scale the top banks in Thailand with an unsupported rating would not get above single A on a stand alone basis.

That's a NO then,as I suspected!

Read again. First line. I answered the question directly - "Yes" and even gave you a smile I also tried to give you an understanding of Thailand credit ratings on top of that. They also use Fitch (tha) ratings and yes I have worked for one of those as well. I've worked with AAA (global) to single B (global) and AAA (tha), and can tell you it has no relevance whatsover what the credit rating of a bank is to this thread.

What part of the word "Yes" do you not understand?

Edited December 3, 2012 by fletchsmile

[SeaVisionBurma]

Bit late sorry fletchsmile - the poster you're responding to has been "removed" from the forum

[boone57]

Thank you everyone. I will go request a recept from Siam Commercial Bank tomorrow. How ever I can already hear it "You have to go in person to the specific branch". It's in Chiang Mai and I now live in udon. Oh well thats Thailand, besides maybe I can swing by the American Embassy in BKK and get some more pages to my passport while I'm out and about. I know by appointment only, been there done that. They are usually booked out a week or so.

[chiangmaikelly]

Thank you everyone. I will go request a recept from Siam Commercial Bank tomorrow. How ever I can already hear it "You have to go in person to the specific branch". It's in Chiang Mai and I now live in udon. Oh well thats Thailand, besides maybe I can swing by the American Embassy in BKK and get some more pages to my passport while I'm out and about. I know by appointment only, been there done that. They are usually booked out a week or so.

I had no problems; Bank of Bangkok in any head office location in any city or in any Kasikorn bank for wire transfers out of Thailand. I had problems with two locations of Siam Commercial even though I had an account with the bank but not the branch I wanted to use. So now even though Siam is convenient I have stopped using them.

[kyb789]

I have transfered money back to the U.S. frequently. I used my main brach where my account is located, gave them my passport and work permit. No one even gave me second look. Filled out the wire transfer form and was on my way. No problems. Not sure if my work permit was the reason they never questioned me, but all went smooth.

[chiangmaikelly]

I have transfered money back to the U.S. frequently. I used my main brach where my account is located, gave them my passport and work permit. No one even gave me second look. Filled out the wire transfer form and was on my way. No problems. Not sure if my work permit was the reason they never questioned me, but all went smooth.

You didn't mention what bank? Bangkok bank and Kasikorn never asked me to see a work permit.

[kyb789]

I have transfered money back to the U.S. frequently. I used my main brach where my account is located, gave them my passport and work permit. No one even gave me second look. Filled out the wire transfer form and was on my way. No problems. Not sure if my work permit was the reason they never questioned me, but all went smooth.

You didn't mention what bank? Bangkok bank and Kasikorn never asked me to see a work permit.

Kasikorn Bank

[hotandhumid]

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.

Ha ha ha, so bitter.

Kasikorn Bank were allowing you to transfer USD20K out of Thailand regardless, no questions asked...is this still the case, anyone know?

[jcw]

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.

I have experienced different to this in practice. I disagree.

[chiangmaikelly]

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.

I have experienced different to this in practice. I disagree.

What did you experience? Do you have a retirement visa?

Edited December 6, 2012 by chiangmaikelly

[Jingthing]

Having a work permit and/or one of the approved "reasons" may be a factor in some banks. Obviously, retirees don't have work permits.

Also consider these kinds of policies are fluid and change over time.

Hearing positive or negative reports about one bank in one location at a certain point in time can't be seen as universally and permanently conclusive.

Bottom line foreigners should be aware of potential issues if they choose to export their money. Foreigners have sometimes had problems doing that in the past and will presumably some will also have problems in future.

Edited December 6, 2012 by Jingthing

[chiangmaikelly]

Thailand is a cash society. A gold ring or chain is more normal than a personal check for paying bills for the average Thai person. Of course most bills are paid in cash. You can pay your electric bill and water bill and TV satellite bill at the corner 7/11 store. Your rent is paid in cash and when you get sick the hospital does not bill you they collect cash even if they have to transport you to the ATM in a wheel chair with an IV hooked to it.

No one can tell you what is going to happen tomorrow. They can only tell you what happened yesterday. Had you transferred $100,000 to a Thai bank 10 years ago you would now have made about a 1,300,000 baht in profit from interest and exchange rate. 10 years ago a hundred thousand US was worth roughly 4 million baht today it is worth 3 million baht.

All funds going in and out of Thailand to the USA are cleared by Bank of Bangkok. If you get Social Security from the US it comes through Bangkok Bank and they require a Direct Deposit account to transfer it.

Do you need a work permit to open up an account at the Bank of Bangkok? Of course not. All of the retired guys living in Thailand who get US Social Security payments here have one and they don't have work permits. As an American you have some advantages doing business in Thailand look up Treaty of Amity.

Edited December 6, 2012 by chiangmaikelly

[Spoonman]

My Rent/Electric/Water are all paid online using internet banking.

I use crdit to buy groceries/

Thailand is a cash society. A gold ring or chain is more normal than a personal check for paying bills for the average Thai person. Of course most bills are paid in cash. You can pay your electric bill and water bill and TV satellite bill at the corner 7/11 store. Your rent is paid in cash and when you get sick the hospital does not bill you they collect cash even if they have to transport you to the ATM in a wheel chair with an IV hooked to it.

I rarely carry cash and everything you mentioned I pay via internet banking, credit card for the hospital/groceries/booze/fuel for pickup etc etc.

[chiangmaikelly]

My Rent/Electric/Water are all paid online using internet banking.

I use crdit to buy groceries/

Thailand is a cash society. A gold ring or chain is more normal than a personal check for paying bills for the average Thai person. Of course most bills are paid in cash. You can pay your electric bill and water bill and TV satellite bill at the corner 7/11 store. Your rent is paid in cash and when you get sick the hospital does not bill you they collect cash even if they have to transport you to the ATM in a wheel chair with an IV hooked to it.

I rarely carry cash and everything you mentioned I pay via internet banking, credit card for the hospital/groceries/booze/fuel for pickup etc etc.

You have more courage than I and I guess most Thai people. I counted 23 transactions while I was waiting to check out at Lotus today and one out of the 23 was with credit card. I really don't trust INTERNET banking so I never use it. But you are correct you can use a credit card no problem. I was only pointing out that most people don't and in fact Thailand is still a cash society. Of course eventually that will change.

[humbug]

if you have a foreign currency account you can send money out of the country and with a few stockbrokerages will also send money out of the country through their corresponding banks, then you have the foreign currency shops especailly like super rich that will transfer money out of the country.

[jcw]

I was on an ED visa at the time, money went into my Thai account via International wire transfer (TT).

I wanted to wire abroad to an account in my name in my home country that was linked to a credit card that was paying bills each month for me. I tried to wire $1300USD (Thirteen Hundred only) and it was rejected twice in the first bank from their head office which I had an account, then I tried SCB who said no.

I ended up opening a Bangkok Bank account who sent it with no issue. Every time I had to fill a special form out, saying what the money was for etc.

Talk about frustrating.