Repatriations of funds back to country of origin

[ezzra]

I thought that posting this topic here would get better exposure than in banking section...

Recently I have decide to repatriate small fraction of the large sums of funds I have brought to Thailand

over the years for investments in business and properties, some of the fund brought over dating back

as long as 15-20 years,

the purpose of this post is to give a leg up to all foreigners who did the same and at one point will

conceder to do the same, be advise that you will need ALL your in-bound funds remittance documents

to be in perfect order, including the receiving bank's hard copies and originals of said funds coming

into your account here in Thailand, any missing documents, proofs and evidence are bound to be

disregard by the bank's head office and the foreign remittance bank of Thailand (bank chat in Thai) that

approves your repatriation of said fund back your bank account back home,

Currently I have been made to jump thru hoops just to remit a fully documented 100k that were brought

in 12 years ago to purchase a condo, and one more thing, astonishingly, this Bank Chat doesn't keep any

records passed 10 years, not hard copies or even computer records,

My dealing is with Krung Sri bank, been with them for 20 odd years, I hope that your bank is more

accommodating than mine...

[CharlieH]

MOVED TO BANKING

[Langsuan Man]

If you purchased a condo in the farang quota for your 100K then the land office will have the original currency exchange certificate with the chanote so what records the bank keeps or doesn't keep means nothing

If the 100K and or any other funds were brought into Thailand, then you should have been aware of the difficulties of repatriating the funds to your home country

As is in the West, ignorance of the law is no excuse

[David48]

ezzra ... mate, I didn't have to jump through the hoops you did to get money in or out of the country.

I used to share trade here, made a tidy sum ... maybe enough to ring the Bell once, but not twice.

When I say 'used to trade', I repatriating a lot of the funds as my Western Currency, the AUD is lowering consistently and I'm making a few baht on the exchange rate also. Just been lucky with the timings of the ins and outs.

So, the stock Broking firm simply transfers the money into my Bank account in the West as I require it, in the currency I nominate.

No other paperwork required. I do it all on-line through the share trading account.

When it appears in my Bank Statement in the West it simply says 'Proceeds of Share Sale' bla bla ... and just quietly, a tidy exchange rate ... they aren't taking a cut there.

[ezzra]

If you purchased a condo in the farang quota for your 100K then the land office will have the original currency exchange certificate with the chanote so what records the bank keeps or doesn't keep means nothing

If the 100K and or any other funds were brought into Thailand, then you should have been aware of the difficulties of repatriating the funds to your home country

As is in the West, ignorance of the law is no excuse

I don't think you should go around calling people ignorant.. you have a point to make, make it

without insulting people,

The crux of my post was to convey to people that have brought funds into this country and don't

have full documentations to back it up that they will have a hard time to send those funds back home,

Not everybody keeps their document in order for years as they tend to get lost and misplaced,

and for those people my post was about to prepare them selves to difficulties when time come...

[ezzra]

ezzra ... mate, I didn't have to jump through the hoops you did to get money in or out of the country.

I used to share trade here, made a tidy sum ... maybe enough to ring the Bell once, but not twice.

When I say 'used to trade', I repatriating a lot of the funds as my Western Currency, the AUD is lowering consistently and I'm making a few baht on the exchange rate also. Just been lucky with the timings of the ins and outs.

So, the stock Broking firm simply transfers the money into my Bank account in the West as I require it, in the currency I nominate.

No other paperwork required. I do it all on-line through the share trading account.

When it appears in my Bank Statement in the West it simply says 'Proceeds of Share Sale' bla bla ... and just quietly, a tidy exchange rate ... they aren't taking a cut there.

Thanks David, not sure what are the ramifications are when you play the stock market and than send

the seed's money and profits back home, I also made a tidy sums of money investing in the property

market and I shudder to think how I'm going to send those back home to Oz,

any ideas will be most welcome....

[David48]

^^ so, how about this, which I alluded to in my post.

Open a Stock Market account, I can give a good contact there.

Buy some shares. The BTS is show a nice and gentle upward direction.

Or the BECL ... the Bangkok Motorways ... something like those larger infrastructure stocks.

The commissions to buy and sell are negligible.

Wait a day, month, a year ... up to you.

Sell the shares. Then simply transfer the monies from the StockBrocking account directly into your account in the West.

It is as simple as that. There is no third party bank which you have to prove disclosure to.

Maybe PM me if you have doubts or questions. Happy to help ... that's what the Forum is about.

I've been helped with heaps of things.

[Langsuan Man]

If you purchased a condo in the farang quota for your 100K then the land office will have the original currency exchange certificate with the chanote so what records the bank keeps or doesn't keep means nothing

If the 100K and or any other funds were brought into Thailand, then you should have been aware of the difficulties of repatriating the funds to your home country

As is in the West, ignorance of the law is no excuse

I don't think you should go around calling people ignorant.. you have a point to make, make it

without insulting people,

The crux of my post was to convey to people that have brought funds into this country and don't

have full documentations to back it up that they will have a hard time to send those funds back home,

Not everybody keeps their document in order for years as they tend to get lost and misplaced,

and for those people my post was about to prepare them selves to difficulties when time come...

I didn't call you ignorant, all I said was not knowing the laws on repatriating money is ignorant. Clear ?

[SOTIRIOS]

...no idea where any of my paperwork is.....

[JacChang]

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^^ so, how about this, which I alluded to in my post.

Open a Stock Market account, I can give a good contact there.

Buy some shares. The BTS is show a nice and gentle upward direction.

Or the BECL ... the Bangkok Motorways ... something like those larger infrastructure stocks.

The commissions to buy and sell are negligible.

Wait a day, month, a year ... up to you.

Sell the shares. Then simply transfer the monies from the StockBrocking account directly into your account in the West.

It is as simple as that. There is no third party bank which you have to prove disclosure to.

Maybe PM me if you have doubts or questions. Happy to help ... that's what the Forum is about.

I've been helped with heaps of things.

I like the shares you suggested, we are like minds. I just bought BECL last week and as of current price expect dividend of 4.4%. With the rise in the toll price, we can expect happy years ahead.

That aside, I would like more information about your western bank account. My stock brokerage account currently is linked to my thai local bank account, so each time I sell my shares, and withdraw the funds, it gets debited into my local bank account through ATS.

So from what you are saying is, your ATS account with your thai local brokerage firm is actually a western account, let's say a bank in Australia? So at a click of a button, the funds will be transferred from your thai brokerage account into your local bank account in Australia?

[David48]

Have sent a PM to you guys.

[godden]

all good info

[maidee]

can your wife just send 1,5,10 million baht back to your account in the west? just wondering?

my dad in law bought a house in the US, 750k USD with no hasstle...

but he is thai , so is that the way ... ask wife or even kids (if 18+) with thai nationality to do it ?

[SattahipBri]

Hi David,

I may well have to repatriate funds to the UK at some point so if you could point me in the right direction I would appreciate it.

What share broker would you recommend that I could link to my Thai bank account buy shares and then in the future deposit

the funds to a UK bank account.

Thanks

^^ so, how about this, which I alluded to in my post.

Open a Stock Market account, I can give a good contact there.

Buy some shares. The BTS is show a nice and gentle upward direction.

Or the BECL ... the Bangkok Motorways ... something like those larger infrastructure stocks.

The commissions to buy and sell are negligible.

Wait a day, month, a year ... up to you.

Sell the shares. Then simply transfer the monies from the StockBrocking account directly into your account in the West.

It is as simple as that. There is no third party bank which you have to prove disclosure to.

Maybe PM me if you have doubts or questions. Happy to help ... that's what the Forum is about.

I've been helped with heaps of things.

[SattahipBri]

^^ so, how about this, which I alluded to in my post.

Open a Stock Market account, I can give a good contact there.

Buy some shares. The BTS is show a nice and gentle upward direction.

Or the BECL ... the Bangkok Motorways ... something like those larger infrastructure stocks.

The commissions to buy and sell are negligible.

Wait a day, month, a year ... up to you.

Sell the shares. Then simply transfer the monies from the StockBrocking account directly into your account in the West.

It is as simple as that. There is no third party bank which you have to prove disclosure to.

Maybe PM me if you have doubts or questions. Happy to help ... that's what the Forum is about.

I've been helped with heaps of things.

Hi David,

I may well have to repatriate funds to the UK at some point so if you could point me in the right direction I would appreciate it.

What share broker would you recommend that I could link to my Thai bank account buy shares and then in the future deposit

the funds to a UK bank account.

Thanks

[elliottm]

If you purchased a condo in the farang quota for your 100K then the land office will have the original currency exchange certificate with the chanote so what records the bank keeps or doesn't keep means nothing

If the 100K and or any other funds were brought into Thailand, then you should have been aware of the difficulties of repatriating the funds to your home country

As is in the West, ignorance of the law is no excuse

I don't think you should go around calling people ignorant.. you have a point to make, make it

without insulting people,

Thank you for the reminder. I have read here about visa extensions being delayed/turned down because they were asked to prove the foreign derivation of their bank funds. We recommend TV members keep their funds transfers-in up to date for all future eventualities.

However, he's not calling you ignorant, "ignorance of the law" not being an excuse is a legalistic term but your tetchy jumping of the gun is in danger of making you look so.

[Skypattaya]

I found this thread and probably noone will read this. But 3 weeks ago I repatriated the equilivent of $51,000 from my Bangkok Bank account back to my personal checking account in the USA where it all came from at the Pattaya 2nd Road branch. I had my Bank of America wire transfers for all the incoming funds and all 3 bank passbooks showing that all incoming money came from the account I was sending it back to and I was just sending what was left back in an international SWIFT transaction and I wanted to close the tourist account. Oh boy. If you transfer one dollar less than 50K, you are okay and the manager said she could do it no problem. I said I wanted to close the account and send it all. This started many phone calls to their main branch in Bangkok and it triggered an anti-money-laundering act or whatever. At least 6 phone calls to Bangkok from the branch manager and 2.5 hours of me sitting there. Have you ever dealed with government or people that make excuses and demand documents to where it's obvious they don't want to approve anything and maybe the person that does that is on a lunch break or vacation? We sent her copies of my 3 passbooks and then she wanted documentation of what I spent all my ATM withdrawls on. Oh gosh, I went to a go go bar, I ate at a Thai open, uh please be real. Then I was told the account was opened in Chok Chai and couldn't be closed because they couldn't see what was on that branch's computer. Then Bangkok wanted the wire transfer receipts and I told the branch manager that only the Bangkok branch who she was talking to had those records. Another 30 minutes and she had to call back, and the person wanted me to sign copies of my passbooks and fax them back, each page I had to sign with my full signature. I was shaking my head going &lt;deleted&gt;? The branch manager was looking at me and shaking her head and apoligizing. Well after 2.5 hours, she got upset that she had not been called back and she called and yakked someone. The transfer went through and was in my USA account that day. Whew. Listen up people, if you intend to transfer $50k or more, you are triggering a mound of paperwork. $49900, no problem. I hope this helps anyone that may end up in this situation