Transferring Money Out

[Stubby]

Hi folks,

I've often read that transferring money out from Thailand is about as easy as pulling teeth. There are probably going to be time in the future where I might just want to send several hundred pounds over to the UK every once in a while, and although I haven't done this yet I would like to be aware of the easiest option, if there is one?

I know that brining money in is a painless transaction and can be completed in a nanosecond; I've done that many times myself, but not the other way around.

I will of course be popping into the BB in Chiang Mai to see what options are available, but if anyone reading here knows the simplest way, at reasonable rates, then please do share

Cheers,

Stubby

[onthedarkside]

Tricky - I found a way with my Bangkok Bank internet account. I noticed an option for international tranfers out. So I applied for that option, what a nightmare, had to show my Work Permit, lots of paperwork, after some weeks I now have that option. But never tested it so far. Best of luck with your quest ...

[eyecatcher]

I don't know for sure but I always thought you could send anything by western union or pay pal.

[HullyGully]

Its not that difficult to transfer money, smaller amounts around GBP20K, above that you will have to show were the money came from

You should keep all receipts or bank books showing funds coming into Thailand

If you need to send money to the UK, you need

Person name

Bank

Account number

SWIFT Code

[NancyL]

Stubby, it's good that you just want to send several hundred pounds over to the U.K. every so often. You've been given some options and other Brits will probably suggest other solutions. Where people have trouble is when they want to transfer large sums of money (like over $10,000), do it in a hurry and the banks really resist if it means they will be closing their bank account when they transfer the funds out.

A few hundred pounds every so often should be something much easier to do and a good way to gradually reduce your bank balance in Thailand.

[Thailand]

Sent sums in excess of $15,000 overseas from my THB Bangkok Bank account referenced as " personal expenses" on a few occasions without any problem.

Standard paperwork, THB400 fee, usually arrives at destination within 1 to 4 days depending on where it is going.

[Dante99]

Western Union is easy, fast, few questions asked but probably on the expensive side. The funds are available almost immediately, you just tell the receiver a code number to give when picking up the cash.

[triffid]

Just as an aside, if I was ready to take the risk of loss etc by taking cash out of Thailand - of course with in the permitted ($10,000?) limit - would I be better off taking the baht and converting at a european fx counter or buying the currency at a counter here and taking that out?

[Stubby]

Thanks everybody, I think I've got all the options now.

I know about the higher limits, in fact those even apply when transferring cash in over a certain amount. I done it many years ago and had people call me up wanting to know the purpose of the transfer, i.e. what's it for, why this amount, can you prove it, etc. Western Union is incredibly efficient but it's perhaps the most expensive way known to man, although there may be other, more costly options, but none that I know about.

I found TransferWise and it looks interesting at a glance. I haven't gone over it in detail yet, but if it can connect bank to bank, it could just be the perfect solution. I'll let you know how is get on as and when.

Cheers one and all.

Stubby

Edited March 20, 2014 by Stubby

[vagabond48]

If you do an international transfer, which bank determines the exchange rate?

I just read the following,

"If you carry any foreign currency of more than USD 20,000 into or out of Thailand, you need to file a report to the Customs Department. This report is required by the “Ministerial Regulation (No. 25) B.E. 2530 issued under the Authority of the Currency Exchange Control Act B.E. 2485 and relevant regulations."

Does this mean that you can carry out upto USD $20K out of Thailand without declaring it?

I always thought the max was USD 10K for undeclared cash.

If you go to a reputable currency exchange like SK, what is the maximum USD that they will exchange for Thai baht?

Putting transfer banks fee aside, will you get a better exchange rate from SK then doing a bank transfer?

Note: all the money came from either ATM or bank counter withdrawals.

Edited March 21, 2014 by vagabond48

[Spoonman]

Tricky - I found a way with my Bangkok Bank internet account. I noticed an option for international tranfers out. So I applied for that option, what a nightmare, had to show my Work Permit, lots of paperwork, after some weeks I now have that option. But never tested it so far. Best of luck with your quest ...

I do the same with Kasikorn, once all the documentation was lodged it took a month for it to be approved.

I now send 50% of my salary home every month without issue.