Taking money home. Is it really difficult?

[garrya]

Hi there. What's the best way to transfer, or send, my money to the UK. I have a Kasikorn, Bangkok Bank and a Krungsri account. I intend to keep one of my accounts to keep some money over here. I understand how to apply for international money transfer. However, for example Bangkok Bank allows international money transfer only as salary repatriation. To complete the transaction, the one needs to show them a work permit, or proof of salary from the work place. What if the one doesn't have a work permit?

What if the transaction hasn't been approved? What other ways are to wire the money to a UK account?

Any help appreciated

[garrya]

Just been to Kasikorn bank and there is no way to be eligible to wire money abroad without a letter from the employer which I don't have as my contract has been terminated.

[Time Traveller]

If you have baht, it's pretty easy. Just go into the bank and transfer it. You don't need proof of salary or work permit but they may want to know the source of funds.

[Briggsy]

Remember in Thailand, different branches of the same bank will give you completely different answers to fairly standard banking questions. The bigger the branch, the more likely you are to do the transfer as they will know what they are doing. Head Offices tend to be best.

[chiang mai]

All banks, including Bangkok Bank, allow funds to be transferred overseas based on different sets of criteria. Having a work permit is just one route, another is to produce the foreign currency exchange form showing that the funds were originally brought into Thailand from overseas. A third way is to remit funds below USD 20k thus avoiding the need for BOT approval. A final way is via a Thai citizen who doesn't require approval from BOT. Note: Thai baht cannot be sent overseas, only foreign currencies.

[garrya]

If you have baht, it's pretty easy. Just go into the bank and transfer it. You don't need proof of salary or work permit but they may want to know the source of funds.

I tried it in Kasikorn but they insisted on showing them letter of employment and/or proof of incoming money.

[garrya]

All banks, including Bangkok Bank, allow funds to be transferred overseas based on different sets of criteria. Having a work permit is just one route, another is to produce the foreign currency exchange form showing that the funds were originally brought into Thailand from overseas. A third way is to remit funds below USD 20k thus avoiding the need for BOT approval. A final way is via a Thai citizen who doesn't require approval from BOT. Note: Thai baht cannot be sent overseas, only foreign currencies.

Thanks. So, for example, I wire my money to my wife's account and she wires it to the UK without any hassle?

[Briggsy]

How much are we talking here?

[garrya]

How much are we talking here?

a million baht

[Briggsy]

If you know someone you can trust from the UK, you can save yourself the 2% you lose on exchange and transfer.......

[Briggsy]

How much are we talking here?

a million baht

A million baht is over the 20,000 USD limit. This may be the cause of the bank's request for further documentation.

[garrya]

How much are we talking here?

a million baht

A million baht is over the 20,000 USD limit. This may be the cause of the bank's request for further documentation.

I didn't tell them the exact amount. I wouldn't mind sending it in smaller chunks.

By the way, the Krungsri account seems to work for me. Managed to send some money over, and still waiting for the decision from Bangkok Bank.

[Briggsy]

I knew you would succeed in the end. It is a case of simply persevering whilst constantly changing your method of attack, different banks, different branches, different staff in one branch, different bits of pointless paper, different hairstyle and clothes, etc.

[garrya]

I have only sent a smaller amount by Krungsri. The big test is coming when I try to send a larger lump sum.

There is always an exit to a maze.

[chiang mai]

All banks, including Bangkok Bank, allow funds to be transferred overseas based on different sets of criteria. Having a work permit is just one route, another is to produce the foreign currency exchange form showing that the funds were originally brought into Thailand from overseas. A third way is to remit funds below USD 20k thus avoiding the need for BOT approval. A final way is via a Thai citizen who doesn't require approval from BOT. Note: Thai baht cannot be sent overseas, only foreign currencies.

Thanks. So, for example, I wire my money to my wife's account and she wires it to the UK without any hassle?

Assuming your wife is Thai and it's a Thai bank account, AND the amount is under USD20k equivalent, that would work. Your wife may be asked for the reason for the transfer and may be presented with a list of valid reasons as compiled by the BOT. Reports in this forum by Thai nationals on this subject in recent times suggest the list is merely window dressing.

[garrya]

All banks, including Bangkok Bank, allow funds to be transferred overseas based on different sets of criteria. Having a work permit is just one route, another is to produce the foreign currency exchange form showing that the funds were originally brought into Thailand from overseas. A third way is to remit funds below USD 20k thus avoiding the need for BOT approval. A final way is via a Thai citizen who doesn't require approval from BOT. Note: Thai baht cannot be sent overseas, only foreign currencies.

Thanks. So, for example, I wire my money to my wife's account and she wires it to the UK without any hassle?

Assuming your wife is Thai and it's a Thai bank account, AND the amount is under USD20k equivalent, that would work. Your wife may be asked for the reason for the transfer and may be presented with a list of valid reasons as compiled by the BOT. Reports in this forum by Thai nationals on this subject in recent times suggest the list is merely window dressing.

Cheers. We'll give it a try.

[JohnC]

My branch of Bangkok Bank in Pattaya said I could transfer up to $50,000 without a problem, I don't have a work permit.

[chiang mai]

My branch of Bangkok Bank in Pattaya said I could transfer up to $50,000 without a problem, I don't have a work permit.

Very possibly, I thought I had read that the limit had been increased but wasn't certain so thanks for confirming that

[garrya]

My branch of Bangkok Bank in Pattaya said I could transfer up to $50,000 without a problem, I don't have a work permit.

Thanks. I am gonna give it a try next week.

So you just walk into the branch and tell them to get your money transferred from your Thai bank account ?

[Time Traveller]

If you have baht, it's pretty easy. Just go into the bank and transfer it. You don't need proof of salary or work permit but they may want to know the source of funds.

I tried it in Kasikorn but they insisted on showing them letter of employment and/or proof of incoming money.

Well if you are not working, where did the money come from?

If less than $20k then you can tell them you brought this into thailand - but trying to break larger amounts into less than $20k will be seen on their computer, so that probably won't work if you have more than $20k

If it from income generated in Thailand such as investments, provide the evidence.

If it's a gift from a Thai, then get the Thai person to go with you.

It's a simple question and if you can't provide an answer to the source of the funds - and that's all the bank really needs - then naturally the bank will refuse.

Edited February 11, 2015 by Time Traveller

[Time Traveller]

All banks, including Bangkok Bank, allow funds to be transferred overseas based on different sets of criteria. Having a work permit is just one route, another is to produce the foreign currency exchange form showing that the funds were originally brought into Thailand from overseas. A third way is to remit funds below USD 20k thus avoiding the need for BOT approval. A final way is via a Thai citizen who doesn't require approval from BOT. Note: Thai baht cannot be sent overseas, only foreign currencies.

this is not entirely correct.

[Minnehaha]

My branch of Bangkok Bank in Pattaya said I could transfer up to $50,000 without a problem, I don't have a work permit.

Thanks. I am gonna give it a try next week.

So you just walk into the branch and tell them to get your money transferred from your Thai bank account ?

I did $35,000 out of a K Bank account I opened 10 minutes beforehand.

The cash was in another K Bank branch account, so withdrew it and deposited it into a new account which I opened because it was closer to home. Then I did the overseas transfer to my father, who incidentally has the same name. No questions asked.

This K Bank branch is a small one, nobody speaks English that I know of. It is quite busy due to its location and in subsequent visits doing various things... everybody seems quite professional and knows their jobs well and how things work so they quickly get a person to the correct bank employee. This is distinctly different from K Bank Exchange Tower, which is the worst K Bank branch I have ever seen. I used to use it cause it is right there at Asoke, and was convenient at the time. Doing anything there... asking any questions ... always required going to the manager, who was a different person 4 times over 3 years. Avoid Exchange Tower if possible.

I think the maximum amount must be above $35,000, although I have read it was 20,000. Also, some branches are much better than others..

[chiang mai]

All banks, including Bangkok Bank, allow funds to be transferred overseas based on different sets of criteria. Having a work permit is just one route, another is to produce the foreign currency exchange form showing that the funds were originally brought into Thailand from overseas. A third way is to remit funds below USD 20k thus avoiding the need for BOT approval. A final way is via a Thai citizen who doesn't require approval from BOT. Note: Thai baht cannot be sent overseas, only foreign currencies.

this is not entirely correct.

Which part do you think is incorrect?

[jimky]

I've never had a problem wire transferring $10,000 to $19,500 USD at a time from Bangkok Bank to an unrelated checking account of my own in US. I do this for paying US taxes. I don't have a work permit or employment in Thailand. I could prove that I transferred the money here if need be, but have never been asked to furnish that proof.

[Time Traveller]

All banks, including Bangkok Bank, allow funds to be transferred overseas based on different sets of criteria. Having a work permit is just one route, another is to produce the foreign currency exchange form showing that the funds were originally brought into Thailand from overseas. A third way is to remit funds below USD 20k thus avoiding the need for BOT approval. A final way is via a Thai citizen who doesn't require approval from BOT. Note: Thai baht cannot be sent overseas, only foreign currencies.

this is not entirely correct.

Which part do you think is incorrect?

You are not restricted to just those 3 ways to send money. You are only required to explain the source of the funds.

Also, BOT doesn't give approval as you imply, it merely states what are acceptable reasons and limits for foreign transfers. And Thai citizens do have restrictions by BOT on sending money as well.

And the final sentence is a bit misleading also, foreign currencies generally can not be sent overseas unless they were converted into baht first or were in a Thai based bank account. (I found this out last week)

[chiang mai]

All banks, including Bangkok Bank, allow funds to be transferred overseas based on different sets of criteria. Having a work permit is just one route, another is to produce the foreign currency exchange form showing that the funds were originally brought into Thailand from overseas. A third way is to remit funds below USD 20k thus avoiding the need for BOT approval. A final way is via a Thai citizen who doesn't require approval from BOT. Note: Thai baht cannot be sent overseas, only foreign currencies.

this is not entirely correct.

Which part do you think is incorrect?

You are not restricted to just those 3 ways to send money. You are only required to explain the source of the funds.

Also, BOT doesn't give approval as you imply, it merely states what are acceptable reasons and limits for foreign transfers. And Thai citizens do have restrictions by BOT on sending money as well.

And the final sentence is a bit misleading also, foreign currencies generally can not be sent overseas unless they were converted into baht first or were in a Thai based bank account. (I found this out last week)

I did not intend for the list I presented to be all inclusive, merely helpful to the OP in deciding options. If there are additional ways then posters should post details, do you have additional ways?

BOT delegates responsibility for its banking policies to banks, banks in Thailand are BOT agents in this respect.

Foreign currency cannot be sent overseas unless it was 1) held in a Thai bank account (see banks as BOT agents above), converted into Thai baht or not, 2) recorded by Thai Customs at the point of arrival.

I would like to think nobody is reading this thread in the expectation they can walk into a Thai bank with bundles of notes and ask for them to be sent overseas, or perhaps my expectations are too high!

[Time Traveller]

I did not intend for the list I presented to be all inclusive, merely helpful to the OP in deciding options. If there are additional ways then posters should post details, do you have additional ways?

BOT delegates responsibility for its banking policies to banks, banks in Thailand are BOT agents in this respect.

Foreign currency cannot be sent overseas unless it was 1) held in a Thai bank account (see banks as BOT agents above), converted into Thai baht or not, 2) recorded by Thai Customs at the point of arrival.

I would like to think nobody is reading this thread in the expectation they can walk into a Thai bank with bundles of notes and ask for them to be sent overseas, or perhaps my expectations are too high!

I did just that for baht banknotes yesterday. No problem.

[gk10002000]

Can you write a check on the account and mail it and deposit it to your UK bank? I know that one of my banks in the USA is Etrade bank and they do not take checks drawn on foreign accounts. However my Wells Fargo bank account does accept checks for deposit from foreign accounts. I have deposited several checks from Singapore.

[gk10002000]

Can't you send Baht via western union? Below some amount I don't think there is much paperwork. You might have to wait 24 or 48 hours between transactions or something like that.

[smotherb]

Why, oh why, do so many farangs want to bring their hard-earned cash to Thailand? You cannot own property, and any vehicle you purchase is just chicken feet, or should be. There are hundreds of financial institutions which pay back any ATM fees. Use debit card for expenses here and invest elsewhere.

Edited February 11, 2015 by smotherb