Fetf (Tor Tor 3) And A Few Other Banking Questions.

[LivinLOS]

My local bank seems utterly clueless.. I just have returned from there and been given not much more than blank stares, and 'that look'.. the one thats like a dog thats just been shown a card trick. Ohh and of course the promise to call me back with all the answers, I wont be holding my breath.

So a year or so ago I moved a lump into Thailand, couple hundred k US.. That time when the money came in, it was blocked or put on hold, I was called, an exchange rate was given and confirmed, and I had to go to the bank to sign a FETF stating what the 'purpose of funds' was (spending !?!?!) before it was accessible in my account.. I was told to get a tor tor 3, proof of inbound currency, but they (the bank) claimed that was no longer issued.. After much back and forth they provided me a faxed copy of the FETF from head office, stamped it with blue ink and signed it in the local bank and that was the claimed replacement (sure seemed a bit rough but money tends to flow one way for me with Thailand so not a bother).. Thats with some other important docs in a bank deposit box.

So last week I needed a top up, and moved a smaller amount, but still well over the 50k I understood it had to be, again into Thailand. This time I get an SMS that the money is in my account, it wasnt blocked, and I was able to access the funds instantly online. No one called about a rate, and no one mentioned the FETF signing I had to do to unblock it.

Today I go to my branch, to explain this, ask for an original FETF, and why no block. After going through customer support, 2nd senior customer support, then the manager.. They are all bloody clueless to, the tor tor sam, the FETF, why it wasnt put on hold, or anything.. The manager at one point told me that the levels had been changed and it now had to be north of 2 million (I thought it was 50k USD ??) to be put on hold or get the paperwork (paperwork she clearly didn't know about).. I then pointed out it WAS north of 2 million and it still wasn't put on hold, or a rate agreed, and she just shrugged.

To emphasize why I needed the FETFs I explained, I understand them to be essential if ever moving lumps of money back outside of Thailand.. she said this wasn't the case.. I asked how much I could move in a single transaction, without needing any paperwork and she basically didnt know.. Made out like any amount could simply be transferred out without any tax receipts, statements from anyone.. I tested that by saying "OK I want to send 10 million baht out of thailand then please" and she looked shocked (shes a bank manager for gods sake) and said quickly said that will need head office approval, which is closed, etc.. So again the question I asked was "what amount is able to simply be sent out of Thailand without any paperwork" and again the answer is.. er er er er.. Mai loo..

I mean.. Manager of a bank.. Clueless.. They really dont inspire any kind of confidence.

So.. To sum up.

1) what minimum amount is the FETF issued for ??

2) the tor tor sam is now defunct and replaced by the FETF ??

3) If holding FETFs for a set amount that amount can be sent out of the country without any tax papers ??

4) what are the outbound transaction amounts which require FETF's and or tax papers to show the source of the money ??

[Digitalbanana]

Interesting. I'm currently waiting for a Thai bank to call me to discuss exchange rates on two incoming USD wires that are on hold? I don't know when they'll call or know why they don't just use today's exchange rates?

I thought also for a FETC to be issued the incoming transfer had to be marked for purpose (such as property buy) or the money just goes straight into account? I could be wrong. Would appreciate more informative answers to o/p points if anyone can suggest.

[fletchsmile]

Yes it's now a Foreign Exchange Transfer Form that should be issues instead of a Tor Tor 3.

You should be able to get one of these each time money is transferred in over $50k. In the event that you weren't issued one, you lost it etc, you can go to the bank to request you are issued with a new form. In the event they can't do that (e.g significant period of time passed), you can ask them that they issue you a signed and stamped letter confirming that the funds were transferred in from overseas, the date and the purpose on the transfer form. Keep all your records on both sending and receiving end. Regardless of the de minimus limit its worth asking for a receipt or paperwork to support the transfer in. I usually get a pink slip which is a copy of the slip they book the entry to my account with, showing amount rate, date and purpose

On the threshold, I also thought it was USD 50k.

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

VI. REPORTING

Any person purchasing, selling, depositing, or withdrawing foreign currencies with an authorized bank in an amount of USD 50,000 or above shall be required to report such foreign exchange transactions to the authorized bank in the form as prescribed by the Competent Officer.

(Could be the bank manager is remembering based on a previous exchange rate. They often learn these thresholds, and then don't take on board changes!).

Then again it could revolved around the word "competent" as the person you dealt with clearly wasn't

Regardless of the threshold, you should still be able to get some form of paperwork for the transfer in if you request it, and as mentioned if needed for a specific purpose you can ask for a letter. As a letter isn't often normal policy, that may further confuse the unitiated!

All in all you're on the right track. Just another example of the struggles you can have with banking staff who don't know what they're doing.

On those sort of sums I'd also suggest you enrol for Priority or Premium banking (usually THB 3mio+) at whichever bank you are using. You will get your own Relationship Manager (RM) who should be better than the average person dealing with mass market clients.

[Soutpeel]

With things like this...this is reason I hold my principle account in Singapore.. and only use my Thai bank account for normal day to day stuff ie withdrawing cash from an ATM, anything more complicated than this and Thai banks seem to have major problems

[LivinLOS]

With things like this...this is reason I hold my principle account in Singapore.. and only use my Thai bank account for normal day to day stuff ie withdrawing cash from an ATM, anything more complicated than this and Thai banks seem to have major problems

Ohh of course.. I keep my assets offshore.. These are my spending money accounts but with a villa design and build theres some spending going on.

[LivinLOS]

Its also worth noting the lack of experience on this.. ask about wiring money into Thailand, and 10's of posters have the experience.. Ask about moving decent sized chunks out.. and no ones done it !!!

That says it all..

So I was promised a call at 10 am this morning.. I took her mobile number as cyincal old me thought maybe they might not.. So at 12 I call her.. Ohh yes we have your form, please come to the bank.. Drive in, get there, and they have a printout of the exchange rate and the credit advice.. NOT a FETF !! So I again go through what I need, again I ask how much money I can move out without restriction, the manageress told me 'any amount'.. I asked her if she was sure.. She said yes.. I said so if I want to move 10 million baht you dont need any paperwork, she pulled a face like a bar girl whose just been told what your tax bill is in the west "ohh so much ??" I mean really, 10 million, so much ?? To a bank manager ??

So now it was 10 million she didnt know, one second before it was unlimited, now ?? God knows.. What annoys me the most is, not only doesnt she know, she doesnt seem willing, able or interested to find out. She then guessed at maybe it was the 50,000 USD the same as the FETF (why wasnt my 75k in held, as it should have been for an FETF signature.. Again dont know, dont know how to ask, end of thought process).

So now I am still at square one.. She runs off out the back, obviously not willing to show any further what she doesnt know.. One of the customer service staff sits me down, listens to my need for the FETF, I explain its a vital form if for example your buying a condo, starts digging through the computer, getting my ID numbers, asking all the right questions (purpose of funds) etc etc.. Seems like its progressing, 20 more mins go by and he comes back with a Thai script letter.. No idea what it was but still not an FETF.

Once again I go through the description of FETF.. Used to be the Tor tor sam.. They get out a book of blank forms to photocopy, everything from dtac bank debit forms to god knows what.. I have been in the bank for an hour now.. I ask if they have internet on the computer ?? Yes they do.. Go to the kasikorn website, after a bit of messing about find it.. Its here.

http://www.kasikornb...TRANSACTION.pdf

He then kept on with "ohh you mean the tor tor 3".. well yes I had called it that 10 times explaining that it used to be a tor tor sam.. But has been changed to now be a FETF.. But that was his face saving 'out' ohh the farang wants a tor tor sam.. why didnt he say so... Etc.. Of course the form is clealy headed FETF with no mention of tor tor sam anywhere, but let him play his games.

They then print it.. Fill it in, stamp it.. Say theres a 100 baht processing fee (no receipt) but I think, thank fuc_k, only an hour and 30 minutes now to tell them their own job.. and.. They make a photocopy and give me the copy.. Er, I want the original (last time I got a blue ink signed and stamped one).. No this copy is for the bank, we have to keep the origional.. 20 goddam minutes ago you didnt know this form from a hole in the ground, now you know that the original is to be kept by the bank ?? And filed where ?? If I hadn't spent 2 days fighting for it, it would never have been written !!

I dont mind that they have systems, but I would just like them to know what the systems are, and do the same thing each time.

Anyway, I now have one (a copy) and still not a clue how much money can be sent out of Thailand.

Edited December 11, 2012 by LivinLOS

[meatboy]

Its also worth noting the lack of experience on this.. ask about wiring money into Thailand, and 10's of posters have the experience.. Ask about moving decent sized chunks out.. and no ones done it !!!

That says it all..

So I was promised a call at 10 am this morning.. I took her mobile number as cyincal old me thought maybe they might not.. So at 12 I call her.. Ohh yes we have your form, please come to the bank.. Drive in, get there, and they have a printout of the exchange rate and the credit advice.. NOT a FETF !! So I again go through what I need, again I ask how much money I can move out without restriction, the manageress told me 'any amount'.. I asked her if she was sure.. She said yes.. I said so if I want to move 10 million baht you dont need any paperwork, she pulled a face like a bar girl whose just been told what your tax bill is in the west "ohh so much ??" I mean really, 10 million, so much ?? To a bank manager ??

So now it was 10 million she didnt know, one second before it was unlimited, now ?? God knows.. What annoys me the most is, not only doesnt she know, she doesnt seem willing, able or interested to find out. She then guessed at maybe it was the 50,000 USD the same as the FETF (why wasnt my 75k in held, as it should have been for an FETF signature.. Again dont know, dont know how to ask, end of thought process).

So now I am still at square one.. She runs off out the back, obviously not willing to show any further what she doesnt know.. One of the customer service staff sits me down, listens to my need for the FETF, I explain its a vital form if for example your buying a condo, starts digging through the computer, getting my ID numbers, asking all the right questions (purpose of funds) etc etc.. Seems like its progressing, 20 more mins go by and he comes back with a Thai script letter.. No idea what it was but still not an FETF.

Once again I go through the description of FETF.. Used to be the Tor tor sam.. They get out a book of blank forms to photocopy, everything from dtac bank debit forms to god knows what.. I have been in the bank for an hour now.. I ask if they have internet on the computer ?? Yes they do.. Go to the kasikorn website, after a bit of messing about find it.. Its here.

http://www.kasikornb...TRANSACTION.pdf

He then kept on with "ohh you mean the tor tor 3".. well yes I had called it that 10 times explaining that it used to be a tor tor sam.. But has been changed to now be a FETF.. But that was his face saving 'out' ohh the farang wants a tor tor sam.. why didnt he say so... Etc.. Of course the form is clealy headed FETF with no mention of tor tor sam anywhere, but let him play his games.

They then print it.. Fill it in, stamp it.. Say theres a 100 baht processing fee (no receipt) but I think, thank fuc_k, only an hour and 30 minutes now to tell them their own job.. and.. They make a photocopy and give me the copy.. Er, I want the original (last time I got a blue ink signed and stamped one).. No this copy is for the bank, we have to keep the origional.. 20 goddam minutes ago you didnt know this form from a hole in the ground, now you know that the original is to be kept by the bank ?? And filed where ?? If I hadn't spent 2 days fighting for it, it would never have been written !!

I dont mind that they have systems, but I would just like them to know what the systems are, and do the same thing each time.

Anyway, I now have one (a copy) and still not a clue how much money can be sent out of Thailand.

see todays post on blocked funds.i will post if we have problems [5million bht]