Taking funds out of Thailand that originated out of Thailand

[scubachild]

I would greatly appreciate people's advice and experience:-

Let's say I send GBP from my UK bank to my Thai bank. The Thai bank make the foreign currency transaction and I end up with 3M THB in the bank here. I put the money on deposit with 2 or 3 different Thai banks for 2 or 3 years or more.

3-4 years in the future I decide I want to take the equivalent 3M THB back to the UK. Is this possible under current laws? What proof would BOT require that the money originated overseas? What restrictions exist? What loops would I need to jump through?

Many Thanks Again

[breadbin]

Yes just keep your swift forms and bank books of proof if cash derivation.

My only question is why would you rather have 3 million in deposit in a Thai bank as your cash is secure in UK up to £85k if the banks go pop. So why?

[scubachild]

To breadin I would give my reasons as (1) 3.2 % interest (2) 15% tax rate refunded at year end for retired people (3) easy access to the money in emergencies (4) 47 exchange rate in my opinion it can only go down from here.

Finally no need to keep the money in one bank. 3 banks with 1m each the safest spread

[cardholder]

To breadin I would give my reasons as (1) 3.2 % interest (2) 15% tax rate refunded at year end for retired people (3) easy access to the money in emergencies (4) 47 exchange rate in my opinion it can only go down from here.

Finally no need to keep the money in one bank. 3 banks with 1m each the safest spread

.. and in theory that would be covered under the Bank of Thailand's deposit protection scheme.

[cardholder]

To breadin I would give my reasons as (1) 3.2 % interest (2) 15% tax rate refunded at year end for retired people (3) easy access to the money in emergencies (4) 47 exchange rate in my opinion it can only go down from here.

Finally no need to keep the money in one bank. 3 banks with 1m each the safest spread

.. and in theory that would be covered under the Bank of Thailand's deposit protection scheme.

[cardholder]

To breadin I would give my reasons as (1) 3.2 % interest (2) 15% tax rate refunded at year end for retired people (3) easy access to the money in emergencies (4) 47 exchange rate in my opinion it can only go down from here.

Finally no need to keep the money in one bank. 3 banks with 1m each the safest spread

.. and in theory that would be covered under the Bank of Thailand's deposit protection scheme.

[cardholder]

To breadin I would give my reasons as (1) 3.2 % interest (2) 15% tax rate refunded at year end for retired people (3) easy access to the money in emergencies (4) 47 exchange rate in my opinion it can only go down from here.

Finally no need to keep the money in one bank. 3 banks with 1m each the safest spread

.. and in theory that would be covered under the Bank of Thailand's deposit protection scheme.

[meatboy]

To breadin I would give my reasons as (1) 3.2 % interest (2) 15% tax rate refunded at year end for retired people (3) easy access to the money in emergencies (4) 47 exchange rate in my opinion it can only go down from here.

Finally no need to keep the money in one bank. 3 banks with 1m each the safest spread

spot on sc.dont worry about the taking of the money out of thailand,when the transfer is completed to your bank in thailand you should be given a certificate or you ask for one that has the date and the amount you transfered so make sure you keep it.regarding claiming the tax back which i have done the last 3yrs just go back a few months in the bank interest forum and you will see all the details.

[NCC1701A]

so which Thai bank has the highest interest on say about 4 million baht?

[wordchild]

Last time i asked (a couple of months ago) 50000 USD was the limit a bank can transfer overseas without reporting to the Bank of Thailand; You should be able to do a swift transfer for upto this amount without any issue or fuss. 2/3 transfers over the same number of days and its done.

[scubachild]

so which Thai bank has the highest interest on say about 4 million baht?

Krungsi (BAY) and Siam Commercial and Bangkok Bank all offer 3.1% fixed for 12-15 months

Krungi also offer 2.8% interest on instant access savings

[scubachild]

so which Thai bank has the highest interest on say about 4 million baht?

Krungsi (BAY) and Siam Commercial and Bangkok Bank all offer 3.1% fixed for 12-15 months

Krungi also offer 2.8% interest on instant access savings

[Bof]

Last time i asked (a couple of months ago) 50000 USD was the limit a bank can transfer overseas without reporting to the Bank of Thailand; You should be able to do a swift transfer for upto this amount without any issue or fuss. 2/3 transfers over the same number of days and its done.

I have internet banking with BB, and I can transfer as much as 75 K Euros per month back to my home country without any justification whatsoever.

[SamMunich]

Scuba Child, if you think in terms of leaving the money here for two or threee years, you run a VERY high chance, that the FX rate is way different from now. And not the way you hoped for...

I remember in the late nineties, when banks paid some 15+ percent interest, but then suddenly the Baht was only worth half it's former value. I think it is not a good idea to speculate on that, unless you do it professionally.

From my longtime experience (or memory? which one?) you get the best rate for your foreign money around the end of the year. The rates then go down towards Easter holidays and stay down there for quite some time...

About the deposit protection scheme I would not bet on it. It is o.k. as long as nobody needs it, but then... And if a political instable situation arises, I can imagine, that Thailand does, what the Malaysians did: restricting the "export" of money. BTW they just did this in Cyprus, too.

Quite frankly, I would bring my money to Singapore, because there they can't risk the bad reputation, that would come with screwing up with your money. And in money matters I think the Chinese are more professional...

[breadbin]

Last time i asked (a couple of months ago) 50000 USD was the limit a bank can transfer overseas without reporting to the Bank of Thailand; You should be able to do a swift transfer for upto this amount without any issue or fuss. 2/3 transfers over the same number of days and its done.

I have internet banking with BB, and I can transfer as much as 75 K Euros per month back to my home country without any justification whatsoever.

No you cannot.

[Bof]

Last time i asked (a couple of months ago) 50000 USD was the limit a bank can transfer overseas without reporting to the Bank of Thailand; You should be able to do a swift transfer for upto this amount without any issue or fuss. 2/3 transfers over the same number of days and its done.

I have internet banking with BB, and I can transfer as much as 75 K Euros per month back to my home country without any justification whatsoever.

No you cannot.

Stupid is as stupid says .

You obviously have no clue what you are talking about .