What is the amount Banks must report under money laundering?

[Countryman]

Sure someone will know, what is the min amount that Banks must report deposits,

transfers,etc to the Central Bank,and or Tax authority under the money laundering

act, like the 10K in the US.

Just recently i wanted to transfer money from one account and open a new account

with higher interest paid, in the same bank,should be easy !, the lady pulls a few forms

out, first ? where did this money come from (had been in same account last 6 years)

that was what was left of the money i had transfered over 25 years ago, from sale of

business, no paperwork left for that,solicitor who handled everything ,long gone,the

bank i had it originally in ditto. Now the burden of proof is on you,if you don't have 100%

facts on your side ,the funds could be confiscated. so i just left account as it was.

Thanks relax Countryman

[SheungWan]

I would be inclined to change my bank account. Since your current bank is proving troublesome on moving larger amounts suggest draw down in smaller totals over a period of time.

[scooterboy]

I withdrew 1.4M baht from an account, which required the said paperwork. With this money I then walked 200 metres and placed it in a different bank, which again required the said paperwork.

I was informed that anything over 1M Baht would require the said paperwork.

'Nuff said.

PS Withdrew exactly 1M a few days beforehand - no said paperwork involved.

PPS Do as suggested - withdraw/move amounts (the necessary amount of times) not in excess of 1M.

Edited April 26, 2014 by scooterboy

[Boss]

This must bea very new regulation.... ! ?

[orpheus454]

I just recently did a transfer from overseas, and was contacted by the overseas service because the amount was more than 1 million baht.

No paperwork at my end, but they needed to notify the Thai central bank of the purpose of the funds.

They had to ask if it was for property, and when I said "Maybe." they asked if I could give the address of the property.

"No, still looking" was good enough for them.

That was it.

[AsterixThai]

50'000.-- US$

[KittenKong]

I made a cash deposit/withdrawal of 800K a couple of months ago (moving my retirement extension deposit from one bank to another bank next door that paid better interest), and nobody asked me anything at either bank. So the 1MB figure sounds likely.

[hawthorne]

Do most of you with larger amounts keep your deposits in Baht or a foreign currency? I do not have large amounts of deposits but have been considering changing my currency to a more stable currency and curious of anyone's opinion.

[Krataiboy]

It would be interesting to know the source of the new "rule" (if indeed there is one) - i.e. whether it is a domestic requirement or one imposed by an outside agency, and if so which agency.

As a Brit, I have never had a problem moving large sums of money from one account to another, whether in one bank or between banks. Are the posters who have been affected from different countries, or all from the U.S?

I ask because Brits resident in Thailand are not required to declare non-UK derived income to their domestic tax authority, whereas my understanding is that US citizens are obliged to declare and pay tax on all income irrespective of the country of origin.

My best guess is that some sort of edict has been issued by somebody which has spread confusion rather than enlightenment among Thai banks, which seem to have a pretty laissez faire in interpreting rules and regulations - whatever their source.

[orpheus454]

I withdrew 1.4M baht from an account, which required the said paperwork. With this money I then walked 200 metres and placed it in a different bank, which again required the said paperwork.

I was informed that anything over 1M Baht would require the said paperwork.

'Nuff said.

PS Withdrew exactly 1M a few days beforehand - no said paperwork involved.

PPS Do as suggested - withdraw/move amounts (the necessary amount of times) not in excess of 1M.

This makes sense, as I think I was told it was amounts from 1,000,050 baht.

[orpheus454]

It would be interesting to know the source of the new "rule" (if indeed there is one) - i.e. whether it is a domestic requirement or one imposed by an outside agency, and if so which agency.

As a Brit, I have never had a problem moving large sums of money from one account to another, whether in one bank or between banks. Are the posters who have been affected from different countries, or all from the U.S?

I ask because Brits resident in Thailand are not required to declare non-UK derived income to their domestic tax authority, whereas my understanding is that US citizens are obliged to declare and pay tax on all income irrespective of the country of origin.

My best guess is that some sort of edict has been issued by somebody which has spread confusion rather than enlightenment among Thai banks, which seem to have a pretty laissez faire in interpreting rules and regulations - whatever their source.

I think it's a Thai central bank requirement.

[mjakob007]

50'000.-- US$

Not just in LOS, there seems to be more attention (and in some cases restriction) on moving funds around in other countries in excess of USD10k.

I was asked

[KhunBENQ]

Very complicated rules as Bangkok Bank states on its website.

I assume it is still valid.

I guess that many customers will simply not know that transactions are reported.

Some amounts ridicolously low (50000 Baht).

So you have another idea of the amount of paperwork/bureaucracy in this country.

Cash withdrawl from own account is reported for 2 million Baht and above.

http://www.bangkokbank.com/BangkokBank/WEBSERVICES/AMLREGULATIONS/Pages/Default.aspx

Edited April 28, 2014 by KhunBENQ

[Eloelo]

10k in Oz as far as I am aware but I hear the financial regulators are tracking money more closely under the disguise of funding terrorism when in actual fact they are looking at stealing your money someday to pay for huge deficits..

[SheungWan]

I ask because Brits resident in Thailand are not required to declare non-UK derived income to their domestic tax authority,

That would be Brits registered in the UK as non-resident for taxation purposes.

[Travel Dude]

Do most of you with larger amounts keep your deposits in Baht or a foreign currency? I do not have large amounts of deposits but have been considering changing my currency to a more stable currency and curious of anyone's opinion.

It all depends what the purpose of that money is. If you think you will spend it in Thailand it might be better just to leave it in Thb.

If you consider spending it abroad it might be best to convert it (at the right time)

[heybuz]

sorry just a question,when i come back to thai i was going to bring bank cheque,any problems anyone

[GreasyFingers]

Recently transferred 850,000 baht via SWIFT to Thai account without any problems or questions.

[dighambara]

I've never been asked and have opened and closed numerous local accounts. Immigration wants to know that I meet the minimum income, but even they have not asked were the money comes from.

[KittenKong]

Do most of you with larger amounts keep your deposits in Baht or a foreign currency?

I currently have about 2MB in Thailand. This covers my 800K retirement deposit and the balance is for general living expenses. When that balance drops closer to about 500K I will transfer another 500K or so from abroad, and so on, so as to always have a local "buffer" for emergencies but never to have too much here.

Nearly all my investments are not in Baht and not in Thailand.

[KittenKong]

As a Brit, I have never had a problem moving large sums of money from one account to another, whether in one bank or between banks.

Moving money electronically is not normally an issue in the UK, especially between accounts that are all in your name. I do it often.

But try depositing (or even withdrawing) cash of more than GBP1000 or so and you may rapidly find yourself under scrutiny, unless of course you do it on a regular basis in connection with running a business etc.

[hopdafru]

Laos is USD10k under which no questions asked. over which simply explain use of money (ie buy land / car)

Btw good place to store your money if you have difficulty taking it out of LOS (no problem taking money out of Lao to EU)

[worgeordie]

You think its YOUR money until you try and do something with it,

all under the guise of preventing terrorism,and how do lots of

politicians around the World move their ill-gotten gains and we

are not talking few Million Bht,Sterling,Dollars.

I think the amount for reporting to Central Bank under the money

laundering act is over 1 Million.and remember the proof is on you

as to where it came from.

regards Worgeordie

[SheungWan]

You think its YOUR money until you try and do something with it,

all under the guise of preventing terrorism,and how do lots of

politicians around the World move their ill-gotten gains and we

are not talking few Million Bht,Sterling,Dollars.

I think the amount for reporting to Central Bank under the money

laundering act is over 1 Million.and remember the proof is on you

as to where it came from.

regards Worgeordie

If you think it is your money like in a piggy bank, you are mistaken. Your loan to the bank is further loaned out. You are a creditor. How money credited to you can be moved around is subject to various Banking Acts. If you are unhappy with that, then either stay in cash under the mattress or buy some Bitcoins and so on. Edited April 29, 2014 by SheungWan