How the Heck Do I Send My Own Money 'Home' I Bought Here ?

[haveaniceday]

I do not work.

I have sent Millions of Baht to Thailand a couple of years ago (from an account in my name) that I want to send back abroad (home) to an account in my name.

It says I need a work permit and a letter from an employer, <deleted>? The lady in the local branch told me bluntly I can not wire money from Thailand to my self without these documents.

So how do I get around this ridiculous situation ?

I am not concerned at all about reporting to the Gov on the other end or need to send it in small amounts to avoid this, (as seems to be an issue to many reading other threads here).

http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/TransferingFunds/TransferringOutOfThailand/Pages/OutwardFAQs.aspx

[CharlieH]

With exchange rate climbing the way it is, and considering it "millions" I would have thought moving it now was the last thing you would want to do.

[PattayaPhom]

With exchange rate climbing the way it is, and considering it "millions" I would have thought moving it now was the last thing you would want to do.

I think you got that the wrong way round, as its climbing he will get less sending it back, so best to do it now

[meatboy]

how did you get it here in the first place?

and for what did you need it?

did you have a certificate of the transfer from your receiving bank for the amount?

[CharlieH]

With exchange rate climbing the way it is, and considering it "millions" I would have thought moving it now was the last thing you would want to do.

I think you got that the wrong way round, as its climbing he will get less sending it back, so best to do it now

No, its right, move it now and he'll lose big time, wait for it to drop back to below 50 again. Personally I hope it keeps rising, but if he needs it for something particular then yes move it quickly before it goes higher still, but if its not really needed I would wait for the rate to drop back again given the amount concerned.

[Jack Mountain]

You can use your thaibank ATM card at home but that will take sometime ofcourse ... or maybe somebody is interested to take over some of your baht's ...

[simple1]

OP: if having issues with your bank branch contact the H.O FX department.

From Kasikorn Bank website, I would assume all Thai banks have the same requirement as policy set by Bank of Thailand.

For repatriation of funds that a person previously brought into Thailand from abroad

Evidence indicating the inward remittance of money:

- In case the amount of foreign currency is less than USD 50,000 or equivalent at market rate, the credit advice (notice of inward remittance) shall be required.

- In case the amount of foreign currency is at least USD 50,000 or equivalent at market rate, a copy of the Foreign Exchange Transaction Form (for inward money transfer) shall be required.

-Evidence indicating that the remittance belongs to the foreigner, such as a copy of the passbook or account statement.

[partington]

Another possibility is to use a currency broker and not a bank.

In this case you set up an account with the currency broker, and transfer your money to them within the country, making it an internal transfer within Thailand that therefore does not attract any attention or regulatory interference.

The broker then transfers the money from their UK account into your UK account, usually giving you a better rate than the banks. It sounds dodgy but is very common nowadays. There is an article here explaining their use: http://www.telegraph.co.uk/finance/personalfinance/expat-money/10252220/When-moving-large-sums-youre-better-off-with-a-currency-broker.html

One of the firms listed in the Telegraph article, which must be reputable, says they will buy and sell Thai baht http://www.smartcurrencyexchange.com/OtherCurrencies.aspx

I have not used a currency broker for Thai baht, but used Hi Fx, another well known online currency broker, to transfer a very large amount of dollars from the US to the UK, at a rate that far exceeded the banks, and was almost instant. Setting up the account usually involves the kind of ID document certification you would need for a bank account, but once set up is amazingly easy to operate.

Maybe worth looking at this.

[MJP]

[partington]

OP: if having issues with your bank branch contact the H.O FX department.

From Kasikorn Bank website, I would assume all Thai banks have the same requirement as policy set by Bank of Thailand.

For repatriation of funds that a person previously brought into Thailand from abroad

Evidence indicating the inward remittance of money:

- In case the amount of foreign currency is less than USD 50,000 or equivalent at market rate, the credit advice (notice of inward remittance) shall be required.

- In case the amount of foreign currency is at least USD 50,000 or equivalent at market rate, a copy of the Foreign Exchange Transaction Form (for inward money transfer) shall be required.

-Evidence indicating that the remittance belongs to the foreigner, such as a copy of the passbook or account statement.

As a matter of interest do you know if it's easy to get this credit advice (notice of inward remittance) from Kasikorn?

All my transfers have been from the UK to Kasikorn by SWIFT. These appear in my passbook with a numerical code that signifies "international transaction", but I have never been given any credit advice (notice of inward remittance). Do they have this available somewhere in my records?

(I'm also idly wondering how easy it would be to get my money out if I decided to return to the UK - this would be whatever was left from my 800 000B retirement qualifying deposit , so well under $50, 000.)

[Chivas]

Am not trying to be facetious but if the OP has Baht switch it back into his home Currency within Thailand and walk out of Thailand complete with Documents detailing its origin, and fly it back to the relevant Country and obviously declaring it upon (insert Airport) assuming it was obviously legit in the first place

OP is saying millions but that is only £20k blocks of Sterling ??

Edited November 23, 2013 by Chivas

[KhunOr]

OP: if having issues with your bank branch contact the H.O FX department.

From Kasikorn Bank website, I would assume all Thai banks have the same requirement as policy set by Bank of Thailand.

For repatriation of funds that a person previously brought into Thailand from abroad

Evidence indicating the inward remittance of money:

- In case the amount of foreign currency is less than USD 50,000 or equivalent at market rate, the credit advice (notice of inward remittance) shall be required.

- In case the amount of foreign currency is at least USD 50,000 or equivalent at market rate, a copy of the Foreign Exchange Transaction Form (for inward money transfer) shall be required.

-Evidence indicating that the remittance belongs to the foreigner, such as a copy of the passbook or account statement.

As a matter of interest do you know if it's easy to get this credit advice (notice of inward remittance) from Kasikorn?

All my transfers have been from the UK to Kasikorn by SWIFT. These appear in my passbook with a numerical code that signifies "international transaction", but I have never been given any credit advice (notice of inward remittance). Do they have this available somewhere in my records?

(I'm also idly wondering how easy it would be to get my money out if I decided to return to the UK - this would be whatever was left from my 800 000B retirement qualifying deposit , so well under $50, 000.)

If you don't ask for the inward remittance credit advice note they won't give it to you. However, as it is electronic and on file indefinitely, you can always request one from the past. Call the bangkok HO FX Dept directly (your local branch can't do it). Give them the date and details of the transfer and ask them to email a copy to you.

[DoctorG]

When I decided that I did not want to be a retiree in TL I just walked into a branch of my bank and asked them to TT the balance back to my Oz account.

In my ignorance I did not know there might be a problem. The bank certainly deducted their fees, but they did it with no problem.

[SPIKECM]

I had this problem a year ago.. the best way is to email your friends and see who wants to buy some baht for pounds.. it doesn't have to be blind trust.. I sat with one guy who wanted about 1 million and we did it on line at 100,000 a time.. I trusted him actually, but I suggested this as it was no risk to him.

You just have to offer a slightly better rate than they would otherwise get by bank transfer, but the spread works in your favour, so that you can afford to do that without losing yourself...

[LivinLOS]

You need to show them the tor tor sam or FETF for the inbound money amount. With that you can send it back out without needing to show proof of tax paid.

[RubberBroke]

Old credit advice from kasikorn beyond 3 months ago takes a few days and costs 500 baht in service fees. You need to show the relevant passbook entry for them to track it. Can be done through your local branch but is sent to them from the receiving fx zone head office.

In my case that was the one on Pattaya Klang with my branch being in Big C on the same road. Got it for a year ago.

Hope this helps.

Cheers

Edited November 24, 2013 by RubberBroke

[Doc50]

With exchange rate climbing the way it is, and considering it "millions" I would have thought moving it now was the last thing you would want to do.

I think you got that the wrong way round, as its climbing he will get less sending it back, so best to do it now

No, its right, move it now and he'll lose big time, wait for it to drop back to below 50 again. Personally I hope it keeps rising, but if he needs it for something particular then yes move it quickly before it goes higher still, but if its not really needed I would wait for the rate to drop back again given the amount concerned.

50 you are dreaming!!

[Straight8]

Go to superrichthailand.com

Give them baht they will give you your nominated currency in cash.

Since you are not concerned declaring it to your gov't [at the airport in thsi case when you declare if bringing in XX amount of cash] then this would be no problem for you.

Risk is you would be carrying alot of cash on you.

[spambot]

My experience of Kasikorn - Simply go back a different day and ask them to perform the same service you were refused for in the first instance - And you will get a different answer.

I am amazed how many times I get this happening. But even better take a printout since it works even faster if you can cite something from their website.

By alling K-Contact Center 0 2888 8888 - ask about their product - Global Outward transfer service - This should be enough - Get the info - get the the employee to call the same once you have it confirmed on the call afterwards.

Website Page: - http://www.kasikornbank.com/EN/Personal/OtherProducts/KMoneyTransfer/InternationalMoneyTransfer/Pages/GlobalOutward1.aspx

------------------------------From Website-------------------------------------------------------------

Global Outward (บริการโอนเงินไปต่างประเทศ)

Faster Transfer Beyond Frontier*

Feel secure with efficient outward remittance through multiple channels! With advice and experience from the professional personnel and modern technologies of KBank, you can transfer money to anywhere in the world conveniently, accurately and swiftly – within the same day.* Conduct outward remittance transactions easily via KBank

-------------------------------------From Website------------------------------------------------------------------------------

[DiamondKing]

All these issues will be obsolete in the next few years as digital currency gains ground specifically Bitcoin.

No longer will you be held hostage by banks an not being able to transfer YOUR OWN MONEY freely and without hinderance and with tiny fees or even fee free.

The digital currency BITCOIN is growing in popularity and this past week US senate hearings on regulation were heard and it was all positive in addition to that you can now buy subway sandwiches. coffee, airline tickets, book hotels, buy a condo in the Trump Tower in NY and even a ticket to space with Richard Bransons spaceship.

There are also new bitcoin ATM's that are just being distributed and TOS terminals to make it easier for merchants to accept bitcoin, all you will need s your smart phone and you willbe able to do the hell what you want and transfer it anywhere in the world without any government telling you you cannot transfer your OWN MONEY.

Some of the worlds most susccessful business men are believers and the price of a bitcoin has gone from just $13 in january 2013 to $783.00 which is todays price.

Many Millionaires made just from the speculation of Bitcoin since its very volatile until it becomes more popular adn mainstream but all indications are that it will do just that.

There are many UNEDUCATED people that post complete BS on bitcoin in threads and they know absolutely nothing about it but still post complete crap so I suggest you do yor own research on Bitcoin and if you are smart you will see the potential of this and where it is going, which is to the moon. (1 bitcoin is expected to go to $1000 a coin, $3500 a coin to $30,000 a coin and then up from there to expected $700,000 to 1 Million a coin as it becomes mainstream.

Its already started

Edited November 24, 2013 by DiamondKing

[johninbkk]

081 687 4103

[gleeglee]

It seems amazing to me that you did not check the rules before you sent the money to Thailand, All money that comes into Thailand first of all goes through Bangkok Bank, before it is redistributed to other banks. A large amount of money that is, you then need to take the transfer slip to Bangkok Banks main office, who will issue you with a certificate of proof that this is foreign money and tax has already been paid on this money. When you want to leave the = amount of money can be moved free from tax. If you have more than you arrived with then you will be required to pay tax.

If you have no certificate, it will be looked upon that this money has been earned in Thailand and will be liable to tax

[AbeSurd]

When I decided that I did not want to be a retiree in TL I just walked into a branch of my bank and asked them to TT the balance back to my Oz account.

In my ignorance I did not know there might be a problem. The bank certainly deducted their fees, but they did it with no problem.

Yes, this sounds correct.

I bank with Siam Commercial and Bangkok Bank. Both of them have told me I can wire the money I sent from the UK back to the UK with no problem - just so long as I haven't moved the money out of the bank in the meantime. Even if you move the money out of your Thai bank only for a short time and then return it to the same Thai bank - you may have problems trying to repatriate it.

I tested this a while ago at Siam Commercial. I sent a test amount of 5000 baht back to my UK bank. Costs were high for such a small amount but the transfer went through no problem.

[Mudcrab]

All these issues will be obsolete in the next few years as digital currency gains ground specifically Bitcoin.

No longer will you be held hostage by banks an not being able to transfer YOUR OWN MONEY freely and without hinderance and with tiny fees or even fee free.

The digital currency BITCOIN is growing in popularity and this past week US senate hearings on regulation were heard and it was all positive in addition to that you can now buy subway sandwiches. coffee, airline tickets, book hotels, buy a condo in the Trump Tower in NY and even a ticket to space with Richard Bransons spaceship.

There are also new bitcoin ATM's that are just being distributed and TOS terminals to make it easier for merchants to accept bitcoin, all you will need s your smart phone and you willbe able to do the hell what you want and transfer it anywhere in the world without any government telling you you cannot transfer your OWN MONEY.

Some of the worlds most susccessful business men are believers and the price of a bitcoin has gone from just $13 in january 2013 to $783.00 which is todays price.

Many Millionaires made just from the speculation of Bitcoin since its very volatile until it becomes more popular adn mainstream but all indications are that it will do just that.

There are many UNEDUCATED people that post complete BS on bitcoin in threads and they know absolutely nothing about it but still post complete crap so I suggest you do yor own research on Bitcoin and if you are smart you will see the potential of this and where it is going, which is to the moon. (1 bitcoin is expected to go to $1000 a coin, $3500 a coin to $30,000 a coin and then up from there to expected $700,000 to 1 Million a coin as it becomes mainstream.

Its already started

Not according to many financial commentators. Just another bubble that will burst . Any currency is just a promise to pay.Usually the Government of whatever country issues the currency. Who promises to pay for Bitcoins? Some anonymous non entity on the internet? Good luck...keep buying them...someone will end up rich!!

Edited November 24, 2013 by Mudcrab

[DiamondKing]

All these issues will be obsolete in the next few years as digital currency gains ground specifically Bitcoin.

No longer will you be held hostage by banks an not being able to transfer YOUR OWN MONEY freely and without hinderance and with tiny fees or even fee free.

The digital currency BITCOIN is growing in popularity and this past week US senate hearings on regulation were heard and it was all positive in addition to that you can now buy subway sandwiches. coffee, airline tickets, book hotels, buy a condo in the Trump Tower in NY and even a ticket to space with Richard Bransons spaceship.

There are also new bitcoin ATM's that are just being distributed and TOS terminals to make it easier for merchants to accept bitcoin, all you will need s your smart phone and you willbe able to do the hell what you want and transfer it anywhere in the world without any government telling you you cannot transfer your OWN MONEY.

Some of the worlds most susccessful business men are believers and the price of a bitcoin has gone from just $13 in january 2013 to $783.00 which is todays price.

Many Millionaires made just from the speculation of Bitcoin since its very volatile until it becomes more popular adn mainstream but all indications are that it will do just that.

There are many UNEDUCATED people that post complete BS on bitcoin in threads and they know absolutely nothing about it but still post complete crap so I suggest you do yor own research on Bitcoin and if you are smart you will see the potential of this and where it is going, which is to the moon. (1 bitcoin is expected to go to $1000 a coin, $3500 a coin to $30,000 a coin and then up from there to expected $700,000 to 1 Million a coin as it becomes mainstream.

Its already started

Not according to many financial commentators. Just another bubble that will burst . Any currency is just a promise to pay.Usually the Government of whatever country issues the currency. Who promises to pay for Bitcoins? Some anonymous non entity on the internet? Good luck...keep buying them...someone will end up rich!!

TYPICAL uneducated comment by someone that has no clue what they are talking about.

time will tell then you or I can come back and say I told you so.

[Pib]

It seems amazing to me that you did not check the rules before you sent the money to Thailand, All money that comes into Thailand first of all goes through Bangkok Bank, before it is redistributed to other banks. A large amount of money that is, you then need to take the transfer slip to Bangkok Banks main office, who will issue you with a certificate of proof that this is foreign money and tax has already been paid on this money. When you want to leave the = amount of money can be moved free from tax. If you have more than you arrived with then you will be required to pay tax.

If you have no certificate, it will be looked upon that this money has been earned in Thailand and will be liable to tax

You say all money that comes to Thailand first goes to Bangkok Bank, just one of the major commercial/retail banks in Thailand? So, all the other banks like K-Bank, SCB, and the list goes on which have their own SWIFT codes, correspondent banks in other countries, etc., must have incoming money routed through Bangkok Bank first? I don't think so. But I'm sure you have a source for your statement.

[partington]

It seems amazing to me that you did not check the rules before you sent the money to Thailand, All money that comes into Thailand first of all goes through Bangkok Bank, before it is redistributed to other banks. A large amount of money that is, you then need to take the transfer slip to Bangkok Banks main office, who will issue you with a certificate of proof that this is foreign money and tax has already been paid on this money. When you want to leave the = amount of money can be moved free from tax. If you have more than you arrived with then you will be required to pay tax.

If you have no certificate, it will be looked upon that this money has been earned in Thailand and will be liable to tax

You say all money that comes to Thailand first goes to Bangkok Bank, just one of the major commercial/retail banks in Thailand? So, all the other banks like K-Bank, SCB, and the list goes on which have their own SWIFT codes, correspondent banks in other countries, etc., must have incoming money routed through Bangkok Bank first? I don't think so. But I'm sure you have a source for your statement.

Sounded very far-fetched to me too frankly. Why on earth would all money coming into a country be directed through one particular commercial bank?

There's no tax on your own savings brought into Thailand (unless they can deduce it was earned in the year you bring it in), in any case, so how could any bank give you a certificate that tax has been paid on it?

Furthermore money from abroad that goes into your account is always tagged with a code that shows it came from abroad, so there's no way it would be looked upon as being earned in Thailand.

So this post makes no sense on many levels.

[chiang mai]

Interestingly there's another thread running at present that discusses the same subject, there's a couple of guys on there who insist that they can simply walk into their banks and make the transfer without any paper work being provided or any questions asked, maybe the OP should get some tips from them!!!

http://www.thaivisa.com/forum/topic/682400-transferring-funds-out-of-thailand/

But in the meantime, on a practical note: if you have the Foreign Exchange Transaction form (FET) that was issued when the money was transferred in, there's no problem transferring an equal amount out.

Edited November 24, 2013 by chiang mai

[54321]

From 13 usd to 783 usd, no wonder there are many believers as they are the ones making the serious money from it.

I could be wrong and this could be the way ahead, but it sounds like a bubble that's going to burst. I doubt there are many people that have more than a small fraction of their assets in bitcoin.

quote name="DiamondKing" post="7074961" timestamp="1385272483"]

All these issues will be obsolete in the next few years as digital currency gains ground specifically Bitcoin.

No longer will you be held hostage by banks an not being able to transfer YOUR OWN MONEY freely and without hinderance and with tiny fees or even fee free.

The digital currency BITCOIN is growing in popularity and this past week US senate hearings on regulation were heard and it was all positive in addition to that you can now buy subway sandwiches. coffee, airline tickets, book hotels, buy a condo in the Trump Tower in NY and even a ticket to space with Richard Bransons spaceship.

There are also new bitcoin ATM's that are just being distributed and TOS terminals to make it easier for merchants to accept bitcoin, all you will need s your smart phone and you willbe able to do the hell what you want and transfer it anywhere in the world without any government telling you you cannot transfer your OWN MONEY.

Some of the worlds most susccessful business men are believers and the price of a bitcoin has gone from just $13 in january 2013 to $783.00 which is todays price.

Many Millionaires made just from the speculation of Bitcoin since its very volatile until it becomes more popular adn mainstream but all indications are that it will do just that.

There are many UNEDUCATED people that post complete BS on bitcoin in threads and they know absolutely nothing about it but still post complete crap so I suggest you do yor own research on Bitcoin and if you are smart you will see the potential of this and where it is going, which is to the moon. (1 bitcoin is expected to go to $1000 a coin, $3500 a coin to $30,000 a coin and then up from there to expected $700,000 to 1 Million a coin as it becomes mainstream.

Its already started

[DiamondKing]

quote name="DiamondKing" post="7074961" timestamp="1385272483"]

All these issues will be obsolete in the next few years as digital currency gains ground specifically Bitcoin.

No longer will you be held hostage by banks an not being able to transfer YOUR OWN MONEY freely and without hinderance and with tiny fees or even fee free.

The digital currency BITCOIN is growing in popularity and this past week US senate hearings on regulation were heard and it was all positive in addition to that you can now buy subway sandwiches. coffee, airline tickets, book hotels, buy a condo in the Trump Tower in NY and even a ticket to space with Richard Bransons spaceship.

There are also new bitcoin ATM's that are just being distributed and TOS terminals to make it easier for merchants to accept bitcoin, all you will need s your smart phone and you willbe able to do the hell what you want and transfer it anywhere in the world without any government telling you you cannot transfer your OWN MONEY.

Some of the worlds most susccessful business men are believers and the price of a bitcoin has gone from just $13 in january 2013 to $783.00 which is todays price.

Many Millionaires made just from the speculation of Bitcoin since its very volatile until it becomes more popular adn mainstream but all indications are that it will do just that.

There are many UNEDUCATED people that post complete BS on bitcoin in threads and they know absolutely nothing about it but still post complete crap so I suggest you do yor own research on Bitcoin and if you are smart you will see the potential of this and where it is going, which is to the moon. (1 bitcoin is expected to go to $1000 a coin, $3500 a coin to $30,000 a coin and then up from there to expected $700,000 to 1 Million a coin as it becomes mainstream.

Its already started

From 13 usd to 783 usd, no wonder there are many believers as they are the ones making the serious money from it.

I could be wrong and this could be the way ahead, but it sounds like a bubble that's going to burst. I doubt there are many people that have more than a small fraction of their assets in bitcoin.

Well no smart person would have all their eggs in one basket

As for the future there is a very slight chance it could turn to shit but NOTHING INDICATES THAT RIGHT NOW, in fact it is the opposite and estimates are that that $753 today will be worth $3000 then $30,000 then $700,000 then A Million PER COIN as the mainstream catches on.

Do your research and you will see why the early gamblers will clean up with this just like domains names way back when. I personally know guys that were not wealthy at all just a few months ago and today they are Millionaires because of Bitcoin and there will be many more Millionaires to come.

BILLIONAIRE Richard Branson is an investor and he gave Bitcoin his nod of approval yesterday and another BILLIONAIRE Donald Trump will allow you to buy a condo in his Trump Towers in NY with Bitcoin.

Should make you start thinking about it when you consider these are very smart businessmen and investors.

Edited November 24, 2013 by DiamondKing