Transferring funds out of Thailand

[brit1984]

What are the reporting requirements / limits / taxes for transferring funds out of Thailand?

[davejones]

I've transferred up to 500,000 baht out at a time and wasn't asked any questions at all.

[chiang mai]

For people who do not hold a work permit in Thailand:

If the money is from the sale of property you'll need the blue receipt from the Land Office showing that tax was paid on the sale, in that event the transfer out amount must not exceed the value of the blue receipt.

If the funds to be trabsfered out were not from a property sale but were simply transferred in, you'll need to show the Foreign Exchange Transaction document (it takes different forms at different banks) - basically this is just a form showing the value of the inbound transaction, date, rate etc.

There are no taxes associated with transfer out. Outbound limits are determined by the nature of the transfer in and the reason for it, generally, outbound cannot exceed inbound unless the holder has a work permit..

[bender92]

For people who do not hold a work permit in Thailand:

If the money is from the sale of property you'll need the blue receipt from the Land Office showing that tax was paid on the sale, in that event the transfer out amount must not exceed the value of the blue receipt.

If the funds to be trabsfered out were not from a property sale but were simply transferred in, you'll need to show the Foreign Exchange Transaction document (it takes different forms at different banks) - basically this is just a form showing the value of the inbound transaction, date, rate etc.

There are no taxes associated with transfer out. Outbound limits are determined by the nature of the transfer in and the reason for it, generally, outbound cannot exceed inbound unless the holder has a work permit..

What? I've never had a work permit and I sent money out and in many times with no documents. Just limit money to the USA to less than $10,000 or the IRS is notified.

[chiang mai]

For people who do not hold a work permit in Thailand:

If the money is from the sale of property you'll need the blue receipt from the Land Office showing that tax was paid on the sale, in that event the transfer out amount must not exceed the value of the blue receipt.

If the funds to be trabsfered out were not from a property sale but were simply transferred in, you'll need to show the Foreign Exchange Transaction document (it takes different forms at different banks) - basically this is just a form showing the value of the inbound transaction, date, rate etc.

There are no taxes associated with transfer out. Outbound limits are determined by the nature of the transfer in and the reason for it, generally, outbound cannot exceed inbound unless the holder has a work permit..

What? I've never had a work permit and I sent money out and in many times with no documents. Just limit money to the USA to less than $10,000 or the IRS is notified.

Sending funds into Thailand is not an issue, farangs repatriating funds is governed by BOT rules, a part of which I have set out above.

Perhaps you can give us some more details about the times you've transferred funds overseas, what amount was involved and did you use the same bank for the outward transmission that you used for the inbound? If the latter is true it may be that if you didn't provide the bank with documentation, they already had it from the inbound transfer.

[metaben]

On a side note (question): does anyone know the Cheapest way to transfer funds?

it usually cost me around 1500 Baht through Bangkok Bank of which most of the amount is fixed fees.

[nissefalk]

For people who do not hold a work permit in Thailand:

If the money is from the sale of property you'll need the blue receipt from the Land Office showing that tax was paid on the sale, in that event the transfer out amount must not exceed the value of the blue receipt.

If the funds to be trabsfered out were not from a property sale but were simply transferred in, you'll need to show the Foreign Exchange Transaction document (it takes different forms at different banks) - basically this is just a form showing the value of the inbound transaction, date, rate etc.

There are no taxes associated with transfer out. Outbound limits are determined by the nature of the transfer in and the reason for it, generally, outbound cannot exceed inbound unless the holder has a work permit..

Do you know how much tax one has to pay on a sale of a property and how it is calculated and where do one pay it

[chiang mai]

For people who do not hold a work permit in Thailand:

If the money is from the sale of property you'll need the blue receipt from the Land Office showing that tax was paid on the sale, in that event the transfer out amount must not exceed the value of the blue receipt.

If the funds to be trabsfered out were not from a property sale but were simply transferred in, you'll need to show the Foreign Exchange Transaction document (it takes different forms at different banks) - basically this is just a form showing the value of the inbound transaction, date, rate etc.

There are no taxes associated with transfer out. Outbound limits are determined by the nature of the transfer in and the reason for it, generally, outbound cannot exceed inbound unless the holder has a work permit..

Do you know how much tax one has to pay on a sale of a property and how it is calculated and where do one pay it

The tax is paid at the Land Office at the time the title of the property is transferred, actually it's paid before the transfer is made hence if tax is not paid, transfer is not made!

There are three taxes involved, two are a fixed percentage and the third is on a sliding scale based on how long you've owned the property, the three taxes total about 3% as I recall, perhaps others can give you a detailed breakdown.

[brit1984]

I am interested on any restrictions / red-tape regarding transfers out of the country by Thai citizens.

Does anyone have any experience of this? or any knowledge of any rules or restrictions on this?

[chiang mai]

Unless the rules have changed very recently which I don't believe they have, the BOT regulations on Thai citizens sending money overseas is quite restrictive.

A Thai citizen needs to meet certain criteria, support of an overseas relative is one, payment of overseas school fees is another, payment to an overseas supplier is a third - an invoice is required in all cases.

[Time Traveller]

I don't think what chiang mai is saying is correct. I've never heard of this rule that the amount transferred out must not be more than the amount transferred in. That just doesn't make sense. Also I believe thai citizens can transfer up to $500,000 without any problems - I think it may have even been increased recently.

Go and speak with a bank, they are the people you need to convince.

[Time Traveller]

Here it is, straight from BOT website:

c. Transfers for Other Purposes

(1) Outward remittances to Thai emigrants who are permanent residents abroad provided that funds are derived from their own assets, from their families or relatives, or from their inheritances are allowed up to USD 1 million per recipient per year for each purpose. Fund transfers to public for donation are allowed up to USD 1 million per person per year.

(2) Purchase of shares, warrants and options of related companies abroad under employee benefit plans is allowed up to USD 1 million per person per year.

(3) Purchase of immovable properties abroad is allowed up to USD 10 million per person per year.

So the number is up to USD 10 million per person per year (for real estate purchases) or USD 1million (for shares purchases or donations or for family members)

I hope this puts to an end the never ended stupid rumors on this web forum about you can't transfer money out of the country.

[brit1984]

we want to make semi-regular transfers (~200,000-400,000 baht/month) for repayment of a personal loan

plan is for funds to flow from my Thai wife's Thai account to a US citizen's US account

the accounts will be the same as already used for the transfer (loan) in the opposite direction

can anyone think of any restrictions / red-tape / other obstacles we may encounter?

Edited November 19, 2013 by brit1984

[Oink]

How does this work if the house is in a company name? I have been told that one of our neighbors sold there house in a company name and were paid in Euros direct into their account back home.

[chiang mai]

Here it is, straight from BOT website:

c. Transfers for Other Purposes

(1) Outward remittances to Thai emigrants who are permanent residents abroad provided that funds are derived from their own assets, from their families or relatives, or from their inheritances are allowed up to USD 1 million per recipient per year for each purpose. Fund transfers to public for donation are allowed up to USD 1 million per person per year.

(2) Purchase of shares, warrants and options of related companies abroad under employee benefit plans is allowed up to USD 1 million per person per year.

(3) Purchase of immovable properties abroad is allowed up to USD 10 million per person per year.

So the number is up to USD 10 million per person per year (for real estate purchases) or USD 1million (for shares purchases or donations or for family members)

I hope this puts to an end the never ended stupid rumors on this web forum about you can't transfer money out of the country.

Para C1 is support of a Thai relative abroad which is what I stated earlier, Para C2 is company tax law not individual. I've not come across Para C3 before and assume that's a fairly recent change.

[chiang mai]

I don't think what chiang mai is saying is correct. I've never heard of this rule that the amount transferred out must not be more than the amount transferred in. That just doesn't make sense. Also I believe thai citizens can transfer up to $500,000 without any problems - I think it may have even been increased recently.

Go and speak with a bank, they are the people you need to convince.

These are the rules I have known for the ten years I've been here, unless you hold a work permit that is. The logic is that a person on a long stay visa is not earning money in Thailand hence the outbound amount can be no greater than the inbound amount. And indeed the last condo I sold here gave me problems on this front because the taxable value was less than the actual sale value hence the money to be remitted out was greater than the Land Office receipt, there's no way the bank would transfer the funds.

And one month ago I sent 500k baht (converted into Pounds) to a UK account, despite knowing me well and being a preferred customer, UOB CM was not prepared to remit the funds with out the FET or deal slip.

Finally, I'm willing to believe that the BOT rules might have changed but I've never heard of there being any increase in the amounts or relaxation of the rules for Thai citizens.

EDIT: the following thread confirms my view that the FET form is key, see post 71;

http://www.thaivisa.com/forum/topic/204188-restrictions-for-incoming-money/page-3

Edited November 19, 2013 by chiang mai

[Time Traveller]

Here it is, straight from BOT website:

c. Transfers for Other Purposes

(1) Outward remittances to Thai emigrants who are permanent residents abroad provided that funds are derived from their own assets, from their families or relatives, or from their inheritances are allowed up to USD 1 million per recipient per year for each purpose. Fund transfers to public for donation are allowed up to USD 1 million per person per year.

(2) Purchase of shares, warrants and options of related companies abroad under employee benefit plans is allowed up to USD 1 million per person per year.

(3) Purchase of immovable properties abroad is allowed up to USD 10 million per person per year.

So the number is up to USD 10 million per person per year (for real estate purchases) or USD 1million (for shares purchases or donations or for family members)

I hope this puts to an end the never ended stupid rumors on this web forum about you can't transfer money out of the country.

Para C1 is support of a Thai relative abroad which is what I stated earlier, Para C2 is company tax law not individual. I've not come across Para C3 before and assume that's a fairly recent change.

I think these have been in place for several years. What did happen this year is the limits were increased. Paragraph 2 actually applies for individuals as well. In fact there is higher limits for direct investment overseas for both persons/companies. You can read all about it here

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

Edited November 19, 2013 by Time Traveller

[chiang mai]

Here it is, straight from BOT website:

c. Transfers for Other Purposes

(1) Outward remittances to Thai emigrants who are permanent residents abroad provided that funds are derived from their own assets, from their families or relatives, or from their inheritances are allowed up to USD 1 million per recipient per year for each purpose. Fund transfers to public for donation are allowed up to USD 1 million per person per year.

(2) Purchase of shares, warrants and options of related companies abroad under employee benefit plans is allowed up to USD 1 million per person per year.

(3) Purchase of immovable properties abroad is allowed up to USD 10 million per person per year.

So the number is up to USD 10 million per person per year (for real estate purchases) or USD 1million (for shares purchases or donations or for family members)

I hope this puts to an end the never ended stupid rumors on this web forum about you can't transfer money out of the country.

Para C1 is support of a Thai relative abroad which is what I stated earlier, Para C2 is company tax law not individual. I've not come across Para C3 before and assume that's a fairly recent change.

I think these have been in place for several years. What did happen this year is the limits were increased. Paragraph 2 actually applies for individuals as well. In fact there is higher limits for direct investment overseas for both persons/companies. You can read all about it here

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

I don't agree with your interpretation I'm afraid, let me step through this one piece at a time and I'll post the links as I find them. First off, a write up here by a Thai law firm explaining the property buying process for foreigners in Thailand. The piece explains and confirms my earlier statements that you thought were wrong regarding needing the FET and the Land Office receipt for repatriation of funds:

http://www.thailandlawonline.com/article-older-archive/condo-purchase-currency-fet-form-remittance

Secondly, the situation is respect of a foreigner who has a work permit is quite clear in that they can export amounts equal to their salary so I don't think there's a need to confirm that?

Thirdly, foreigners on long stay visa's who DO NOT hold a work permit: I'm in that category and I'm very clear that I am allowed only to repatriate funds equal to an amount that I brought in from overseas, I will locate an independent link confirming this and I'll post it later.

Finally, the situation regarding Thai nationals: I'm not 100% confident on this aspect although I'm pretty certain the rules have not been changed that much, limits will almost certainly have increased and the framework under which they are allowed to transfer may well have been expanded slightly. But I do not believe that individuals can transfer up to USD 500k at will and without restriction - I will research and post.

[Surasak]

Three months ago I transferred ฿300,000 to the UK via KTB bank. I have used this bank for approximately 6 years and am known to the staff. When asked the purpose of the transfer, I said it was to repay a loan. No other questions were asked and the fee was ฿1200. Early this month I transferred a further ฿100,000. The fee was the same but no questions as to the purpose.

[chiang mai]

Three months ago I transferred ฿300,000 to the UK via KTB bank. I have used this bank for approximately 6 years and am known to the staff. When asked the purpose of the transfer, I said it was to repay a loan. No other questions were asked and the fee was ฿1200. Early this month I transferred a further ฿100,000. The fee was the same but no questions as to the purpose.

Do you have a work permit and/or are you Thai? If no and no, what visa do you hold for Thailand?

[chiang mai]

Since a couple of posters in this thread reckon that transferring money out of Thailand is so easy, they may want to try and convince everyone here:

http://www.thaivisa.com/forum/topic/683664-how-the-heck-do-i-send-my-own-money-home-i-bought-here/page-2#entry7075704

[isawasnake]

For people who do not hold a work permit in Thailand:

If the money is from the sale of property you'll need the blue receipt from the Land Office showing that tax was paid on the sale, in that event the transfer out amount must not exceed the value of the blue receipt.

If the funds to be trabsfered out were not from a property sale but were simply transferred in, you'll need to show the Foreign Exchange Transaction document (it takes different forms at different banks) - basically this is just a form showing the value of the inbound transaction, date, rate etc.

There are no taxes associated with transfer out. Outbound limits are determined by the nature of the transfer in and the reason for it, generally, outbound cannot exceed inbound unless the holder has a work permit..

Do you know how much tax one has to pay on a sale of a property and how it is calculated and where do one pay it

The tax is paid at the Land Office at the time the title of the property is transferred, actually it's paid before the transfer is made hence if tax is not paid, transfer is not made!

There are three taxes involved, two are a fixed percentage and the third is on a sliding scale based on how long you've owned the property, the three taxes total about 3% as I recall, perhaps others can give you a detailed breakdown.

This is for a 10 million baht condo sale.