Transferring money into Thailand - easy to get out again?

[Tapster]

Hi,

I opened a K-Bank savings deposit account in November 2013, on a tourist visa.

I'm transferring approximately 700,000 THB into K-bank in January 2014 to fund a long stay in Phuket.

If I don't spend all the money, is it easy to transfer it out again to a foreign bank?

I haven't read of any exchange control issues but would value advice from those who've done it.

Thanks in advance for any advice.

[jbaldwin]

There are foreign exchange control in Thailand.....but basically if you are show that you have brought money into the country then you can send up to that amount out again.

[SheungWan]

Did you make the transfer in foreign currency and then convert into baht in Thailand?

[Tapster]

@SheungWan

I haven't done the transfer yet but my understanding is that to transfer in foreign currency and then convert into Baht in Thailand is the best way to do it, so that's what I'll try to arrange.

Cheers

[searcher22]

Yes it's easy to transfer out again. Just keep the transaction receipt in case the bank asks you for proof that the money came from overseas.

[jaapfries]

All very interesting comments, which reminds me of something Sir Winston Churchill once said:

"For everything that happens, in this world, there's a logical explanation . . . . . . . . . and then; there's the truth !"

My advice to you is to, prior to transferring funds into your Thai account, have a chat with your Bank-Manager and announce the imminent arrival of your funds and request a "T-33" certificate. Stick this certificate in your safe and when time comes to transfer your funds back out of Thailand, all you have to do is to produce this T-33 form and "Bob's your proverbial Uncle".

[meatboy]

All very interesting comments, which reminds me of something Sir Winston Churchill once said:

"For everything that happens, in this world, there's a logical explanation . . . . . . . . . and then; there's the truth !"

My advice to you is to, prior to transferring funds into your Thai account, have a chat with your Bank-Manager and announce the imminent arrival of your funds and request a "T-33" certificate. Stick this certificate in your safe and when time comes to transfer your funds back out of Thailand, all you have to do is to produce this T-33 form and "Bob's your proverbial Uncle".

interesting to say the least what is a t-33 certificate that would confuse the bank staff.

the op when sending the funds needs to say what they are intended for,in the op's case living exs.

when the money arives in his bank he should get a call to let him know and what exchange rate he will recieve.

he then needs to ask his bank for a FOREIGN EXCHANGE TRANSACTION FORM which the bank will put all the details on.

name,nationality,address in los.country of origin of the trans.the currency,the amount,and ref.no.

read all what info before you sign and it is signed and stamped by an authorized financial institution.

keep it safe.

[Tapster]

Thanks, guys!

I knew about the foreign exchange transaction form but thought it was for transferring large amounts, as for a condo purchase for instance, and then ensuring that you can take it out again if you sell in the future. However, I can see it would be useful for me.

A complication is that I won't be in Thailand when the transfer is made. Do you think I could get a FETF by arranging it by email?

I think I've just got to try it by email and see what happens.