A Thai lawyer has just advised one of our clients that he can transfer funds into Thailand in Thai Baht with no adverse consequences.

It has always been our understanding that it was necessary to transfer in foreign currency and convert to Thai Baht here in order to obtain the old TD3 or current Foreign Exchange Transaction Certificate. This was necessary so that at a later date the equivalent funds could be returned without any problems.

Is anyone aware of any changes to the law in this respect?

We have tried talking to our bank, but that was a wasted effort. Nor can I find anything on the Bank of Thailand web site.

As far as I know from my bangkok lawyers mouth in January you have to transfer 20,000 US Dollar (or Equivalent foreign currency) to a get FETC.

You must also stipulate on the transfer the reason 'For Investment In Thailand'

I will be doing it in 2 weeks time so I hope the information he gave me is correct.

Edited March 10, 200620 yr by jflundy

you can send as much money here as you like and out for that matter. (under 20K USD per trans)

If you need a TEFT to buy a condo then yo have to send at least 20 K USD of your own currency and have it converted to Thai baht here and use the certificate within 6 months

you dont need a teft to send money out of Thailand!

If you need a TEFT to buy a condo then yo have to send at least 20 K USD of your own currency and have it converted to Thai baht here and use the certificate within 6 months

So if you don't use the certificate within the 6 months then what is the procedure to obtain a new one to enable you to take the 20 K USD out of the country in say 2 years time.

So if you don't use the certificate within the 6 months then what is the procedure to obtain a new one to enable you to take the 20 K USD out of the country in say 2 years time.

just to recap...you do NOT need a TEFT form or any other form for that matter to take money out of Thailand.

I recently made 3 transactions on the same day using my Siam Commercial Bank savings account on-line international money transfer service.

Each transaction was 30 minutes apart and for 19,999 US. no TEFT no nothing, no hassles.

TEFT is a form to show that funds originated outside Thailand for the purpose of purchasing condo's.

There is no limit to the amount of money you can take out of Thailand!!!!! (other than the amount of money you have)

So if you don't use the certificate within the 6 months then what is the procedure to obtain a new one to enable you to take the 20 K USD out of the country in say 2 years time.

just to recap...you do NOT need a TEFT form or any other form for that matter to take money out of Thailand.

I recently made 3 transactions on the same day using my Siam Commercial Bank savings account on-line international money transfer service.

Each transaction was 30 minutes apart and for 19,999 US. no TEFT no nothing, no hassles.

TEFT is a form to show that funds originated outside Thailand for the purpose of purchasing condo's.

There is no limit to the amount of money you can take out of Thailand!!!!! (other than the amount of money you have)

I think the point being missed here is not the freedom of movement of currency but the possibility that moving large amounts of currency out of the country will attract the attention of the Central Bank. I would not disagree that transferrring amounts less than $20,000 should not be a problem. But if you sell your condo and, as an example, want to transfer $250,000 out of Thailand then the possesssion of a TD3 or FETC will allow you to do so up to the amount brought in without query.

If you try to move larger amounts the Central Bank may want to know the source of funds. If you cannot show the funds were legitimately brought into the country then the assumption is that the funds were earned here and therefore are potentially taxable.

A couple of points 1) if the pupose of sending the money is to buy a condo and you want it in your name it must be sent in foreign currency, which is not such a bad thing under any circumstances as you will likely get a better exchange rate than changing into Thai baht in a foreign country. It must also state on the transfer form 'to buy a condo'.

2) And this is the interesting one from the comments above which are largely correct, it would appear that you cannot buy a condo for under Equiv US$20,000 if you only send its cost and have it in Farang name because you can't get exchange certificate..

I know this is not true because I have done it, but how can the two i.e. not getting the exchange certificate because under US$20,000 transfer and then putting in Farang name at land office without one?

Edited March 11, 200620 yr by spacebass

Thanks Thaip and all. I thought the TEFT was also used for confirmation that the money came from overseas to allow the same amount to be taken out again without incurring tax. Good so that also means if you can prove you transferred lesser amounts than 20,000 USD then you can also take that out.

I'm in the process of buying some land and I want to make sure if I decide to sell then I can get the money home if needs be.

Cheers All

I thought this all had to do with the anti-money laundering office.

Maybe check with them, I think I've seen their HQ on Suk Rd in BKK.

if I decide to sell

Getting the money out of the country is the least of your worries.

Finding a buyer is much harder!