How Easy/Difficult To Repatriate Money Back To UK.

[steveb47]

My UK pension is paid into my Thai bank account. My savings in a UK bank were also transferred into my Thai account.

I plan to return to the UK by the end of the year.

I bank with Bangkok Bank. How easy (or not) is it to transfer this money back to my UK bank?

Has anyone experienced this?

[nong38]

No I have not but have you asked the Bank if there are any problems?

[fletchsmile]

Prepare for all the horror stories from people who've actually no first hand experience of this, but ready to tell you how you shouldn't bring money into Thailand

In reality if you have your paperwork on money coming in it's no big deal.

Cheers

Fletch

[gavinreynolds]

It is very easy! A simple international bank transfer can be done, with forms in English and Thai I think, although it is useful if you get someone who can speak a little English in the Thai bank to help (unless you are Thai fluent). Exchange to GBP first, then transfer. I repatriated several £K (Thai university earnings from a short contract) with no problem and at exchange rates FAR, FAR better than you get in the UK banks, learnt to my cost after I first took Baht back to UK. One thing to look out for is that they ask for a reason for the transfer on the form; I thought it best not to mention earnings so described it as "refund of travel expenses".

Hope this helps - Good luck.

[wordchild]

done it several times without issue; my advice-

1) do it at Bangkok Bank head office (Silom), the staff know what they are doing there and most speak excellent English, I have always found them very helpful; they will fill out the form for you and you just need to sign it. The foreign transfer section is on the floor above the main banking hall, just go up the escalator and turn right at the top.

2)as mentioned above, do the exchange in Thailand before you transfer out, you will get a much better rate.

3)if possible, keep the individual transfer amounts to below the Bank of Thailand reporting level 50000 US (as I remember). If greater than this amount, then you will need to provide evidence of the origin of the funds in Thailand. But again the staff will advise and help with this.

4)don't forget to bring your passport and bank book.

Edited October 9, 2013 by wordchild

[cassde]

I agree with 'wordchild' - the desk numbers on 2nd floor are 27 - 31

[steveb47]

done it several times without issue; my advice-

1) do it at Bangkok Bank head office (Silom), the staff know what they are doing there and most speak excellent English, I have always found them very helpful; they will fill out the form for you and you just need to sign it. The foreign transfer section is on the floor above the main banking hall, just go up the escalator and turn right at the top.

2)as mentioned above, do the exchange in Thailand before you transfer out, you will get a much better rate.

3)if possible, keep the individual transfer amounts to below the Bank of Thailand reporting level 50000 US (as I remember). If greater than this amount, then you will need to provide evidence of the origin of the funds in Thailand. But again the staff will advise and help with this.

4)don't forget to bring your passport and bank book.

Thanks word child.

Most helpful.

[BuriramRes]

Arrange for your pension to be paid into a UK bank, one with internet banking facilities and a debit card.

Works fine for me.

[oyster]

You have had some very wise and helpful advice. A couple of questions

Why would you want all the money in a UK bank ? - bear in mind that since the Halifax/Northern Rock fiascos we now know that if a UK bank defaults you are only covered for the first £35k, anything over bye bye............

Thai banks are good (most Asian banks are) the atm cards work world wide, and the cash limits can be set higher than UK ones. Also as they are offshore every transaction is not monitored by the UK tax man. On that subject be aware that every bank account in the UK that processes £12k is automatically referred to the Tax man.

This also applies to nectar and Tesco club cards - both report to the tax man.

Also should you die - all your UK assets come into probate..........if you have 50% offshore, and your son/daughter can access your Thai card (they will need the pin!) that money remains in the family sans tax!!!

Chok Dee.

[sintaramike]

Uk bank deposit proitection scheme covers up to 80k per person per financial institution, so joint a/c covered to 160K. Compliance reporting is required for amounts of 10k up and this case will not go to HMRC, this is for money laundering purposes not tax. As the funds are merely a return of taxed income back to uk there is nothing to be concerned about with hmrc, uk pensions are already subject to income tax rules. and the BKK is very helpful in transferring money out, as advised previously change to GBP here first.

[JMS]

I agree with the post above but it is £85K per account holder and offshore is £50K

I transferred around 10,000,000 THB back to my offshore account in Feb of this year

The BKK bank was the most helpful and I also used the Kasikorn. I did a million each time and it was not a problem that I did it on a number of occasions at the same bank which is in Pattaya, I just told them my family had money problems and I needed to send it and it was in my account the same day it was sent.

HMRC knows all about anybody's UK pension so it's not an issue where it's paid

[davejones]

Very easy. Go upstairs to the foreign currency section of Bangkok Bank. I've transferred money back twice and it arrived in the UK the next day. It couldn't be any simpler.

[steveb47]

Thanks for useful info. It's Bangkok Bank Head Office for me then