Its Happening - Law to Tax Overseas Income Now in Progress

[up2you2]

I was told by Siam Commercial Bank that I wasn't allowed to transfer a mere 1,000 Euros to my foreign account.

An officer at the Bank of Thailand replies:

All Thai banks must follow regulations for foreign money transfers. They can't make their own regulations.
There is no minimum amount set for transfers from a Thai account to a foreign account.
If you would like to transfer more than US$50,000 or the equivalent in another currency, you need to file a request with the Bank of Thailand.
We will consider the needs of the individual when granting permission.
As for transfers from a foreign account into a Thai account, any amount higher than two million Baht requires the bank to notify the Anti-Money Laundering Office to confirm the source of the money.
For more information, contact the Bank of Thailand at 02-356667858-9 or our call center at 02-35667799.

[jpinx]

The teller you were talking to probably didn't know how

Just withdraw the cash and then go to another window/branch and pay it in to whatever account you want

[wordchild]

i have made a number of transfers from my bangkok bank a/c to one of my overseas a/cs ; i always do it at head office where they are very helpful and never had an issue, very easy, in my experience, sign a couple of forms they do the rest. keep it below the bank of thailand reporting level ($50000) and there should be no issue .

Edited August 16, 2013 by wordchild

[fletchsmile]

Never found much of a problem myself.

The usual admin on finding out what the process is and the paperwork, but all in all it works. As mentioned Head Office are usually better than branches, seek guidance from your relationship manager or other bank staff as to what the various thresholds are, and whether to split the amounts

For Thai financial affairs always keep your paperwork.

Cheers

Fletch

[Pib]

Land of Smiles for incoming money; Land of Frowns for outgoing money.

[SantiSuk]

I just transferred GBP 40,000 into Thailand (exchange rate was about to hit my target rate of 48.5 to bring in a couple of years household expenses, which I was very happy about after some very worrying rates earlier in the year). Krungsri phoned me to say the money had arrived and that Ishould go into a branch and sign a form to evidence the receipt, because it was more than ThB 1.5 million (which is about US$50,000 is it not?). When I did that today the branch manager told me to hang onto that copy of the piece of paper you just signed - "very important if you want to export big money from Thailand".

I wondered what that was all about, so thanks to this thread for squaring some circles. Obvioulsy you can export small money with no problem, but if you want to export more than $50,000 (ThB 1.5 million) you need to be able to show that you brought it into the country in that quantity in the first place. I may of course be completely jumping to a false conclusion, TIT.

Edited August 16, 2013 by SantiSuk

[Pib]

No, you are not jumping to any false conclusion. Keep that document as it will make sending the money back to the home country much easier if/when you need to as you have proof from a Thai bank it was originally sent into Thailand. Expatiating large sums you brought in can be a pain without the right documentation. Land of Smiles for incoming money; Land of Frowns for outgoing money (unless you got the docs).

[up2you2]

After 784 views, and not one recounting their experience of trying to transfer more than US$50,000, or the equivalent in another currency, I would say by this response to date, that the Thai currency controls are a hundred percent effective.

This of course begs the question, just how all the expats have transferred their sales proceeds of their Thai villas and condominiums.

Of course there will be those that will say there are ways around this, which again by definition will preclude most Thais as purchasers.

Further more it will also preclude the purchaser of transferring his sales proceeds legally, out of the country at a later date.

So in the event that you wish to sell your property, your potential market is really somewhat limited.

[fletchsmile]

After 784 views, and not one recounting their experience of trying to transfer more than US$50,000, or the equivalent in another currency, I would say by this response to date, that the Thai currency controls are a hundred percent effective.

This of course begs the question, just how all the expats have transferred their sales proceeds of their Thai villas and condominiums.

Of course there will be those that will say there are ways around this, which again by definition will preclude most Thais as purchasers.

Further more it will also preclude the purchaser of transferring his sales proceeds legally, out of the country at a later date.

So in the event that you wish to sell your property, your potential market is really somewhat limited.

I think you've jumped to the wrong conclusion. I think it's more a reflection that most of the posters on Thai Visa rarely transfer that sort of money out.

A lot of what gets written on here is hearsay, which gets repeated without any real experience of facts. People make mountains out of molehills.

As mentions the system works - just keep your paperwork. I was talking to a friend just this morning comparing Vietnam and Thailand - neither are as difficult as the myths and hearsay would claim. He said he was regularly transferring money out of Thailand while working there and had no real problems either. Legit purposes, earned income, USD 100k on one occasion.

Bear in mind:

It's more common for foreigners to transfer large sums of money in than out. Most people on here don't deal in such amounts going out. More common is selling a property back in the west and bringing proceeds here. Also: Thai Visa is centred around people in Thailand or still connected to Thailand. People who have packed up left, sold up and moved on with their lives with little connection to Thailand won't be reading your thread.

I know quite a few people who've moved over USD 50k out. I don't know any legitimate person that has been unsuccessful. If you've been working here, and have salary exceeding the amount then no problem - even for a property sale - it's easier to say the source was salary if your income would cover it. If you put the source of funds as a property sale there's a bit more of a paper chase, but just speak to your bank. If as seems to be the case for you, the bank clerk doesn't seem to know what they're talking about, ask someone more senior or try another bank/ branch. Head office is usually most familiar.

Cheers

Fletch

Edited August 21, 2013 by fletchsmile