International Transfers

[amlek]

Can anyone offer some advice about transferring money OUT of Thailand. Is it correct that the amount is limited to US$20,000 per transaction? If so, how often are you allowed to make a transfer & what documentation (if any) do you need to present?

[alexth]

Can anyone offer some advice about transferring money OUT of Thailand. Is it correct that the amount is limited to US$20,000 per transaction? If so, how often are you allowed to make a transfer & what documentation (if any) do you need to present?

Unless you have a work permit, you wouldn't even be able to transfer a nickle out of Thailand. At least that what my SCB branch required

[smilingjim]

Can anyone offer some advice about transferring money OUT of Thailand. Is it correct that the amount is limited to US$20,000 per transaction? If so, how often are you allowed to make a transfer & what documentation (if any) do you need to present?

Technically you can send money abroad from the banks but they make it very difficult. You haven't said why you are tranferring abroad - is it business related?

Easiest way is with Western Union - through one of the Thai banks which acts as an agent.Bank Of Ayudhya, Siam Commercial or United Overseas bank.

Contact them and they will give you full info and current restrictions on amounts.

Country website for Thailand below.

http://www.westernunion.com/info/homePage.asp?country=TH

[thohts]

Can anyone offer some advice about transferring money OUT of Thailand. Is it correct that the amount is limited to US$20,000 per transaction? If so, how often are you allowed to make a transfer & what documentation (if any) do you need to present?

Unless you have a work permit, you wouldn't even be able to transfer a nickle out of Thailand. At least that what my SCB branch required

Not true.

With SCB you can transfer a maximum of $20,000 US equiv. per transaction. Any more and you'll need the Thor Thor 3 form which shows where the money came from (get this from your branch from which you are transferring the money).

How often? Try it and see...

Ideally, you should already have an account at the bank you're transferring money from.

[naka]

If you have not worked in Thailand then you will need to show them a Foreign Funds

Transaction Form. This is a form which proves you brought money in from overseas

previously. This form is also only issued for amounts over US 20,000 per incoming transaction.

In other words the bank will want to know where the money came from !

Naka.

[thohts]

If you have not worked in Thailand then you will need to show them a Foreign Funds

Transaction Form. This is a form which proves you brought money in from overseas

previously. This form is also only issued for amounts over US 20,000 per incoming transaction.

In other words the bank will want to know where the money came from !

Naka.

I think you mean per outgoing transaction, right?

[OldAsiaHand]

As a practical matter, there are two ways to view this subject. Either there are so many rules that each individual person at each bank picks and chooses which they want to enforce on any given day; or there are no rules at all and each individual person at each bank makes up his own depending on who you are and whether they like the look of you. Either way, however, you will note the outcome is exactly the same.

Westerners have faith in 'the rules' and always want to know what they are. It simply doesn't work that way here. Make a friend at your bank and ask their 'advice.' Maybe even encourage them by telling them what 'advice' you would like to hear. Maybe, maybe even see that they have an 'incentive' to give you that advice. Then perhaps you will get what you want.

Start quoting 'rules' to them and you will never get what you want.

[samran]

I recently got the girl at the bank down from "You'll need forms x, y and z in triplicate, plus invoices in the exact amount of currency you want to transfer" to "you can just write on the form that you need to send money to your mum".

[OldAsiaHand]

There you go.

[lotus eater]

What if I buy a condo and later want to sell it and transfer the proceeds out of Thailand? Obviously the original purchase will have been with money transferred into Thailand - but let's assume (optimisttically) that the sale proceeds will show a profit.

Surely this is possible - whatever the paperwork. Otherwize this would be dampener on condo sales to foreigners, and would be a well publicized caveat.

[Dragonman]

What if I buy a condo and later want to sell it and transfer the proceeds out of Thailand? Obviously the original purchase will have been with money transferred into Thailand - but let's assume (optimisttically) that the sale proceeds will show a profit.

Surely this is possible - whatever the paperwork. Otherwize this would be dampener on condo sales to foreigners, and would be a well publicized caveat.

There is no problem if you have a good paper trail. BoT regulations allow transfers of investments plus profits. Only problems are where you do not have an income here or investments. People avoiding taxes, or bank robbers. . However OldAsiaHand is correct. My personal experience is that bank employees make it up as they go.

[lotus eater]

What if I buy a condo and later want to sell it and transfer the proceeds out of Thailand? Obviously the original purchase will have been with money transferred into Thailand - but let's assume (optimisttically) that the sale proceeds will show a profit.

Surely this is possible - whatever the paperwork. Otherwize this would be dampener on condo sales to foreigners, and would be a well publicized caveat.

There is no problem if you have a good paper trail. BoT regulations allow transfers of investments plus profits. Only problems are where you do not have an income here or investments. People avoiding taxes, or bank robbers. . However OldAsiaHand is correct. My personal experience is that bank employees make it up as they go.

Thanks for that Dragonman. It's a relief because I am committed to buying a condo that's under construction now. I don't foresee wanting to sell it for quite a while - and then who knows. But I would have thought much harder about buying it if the possibility of selling and exiting Thailand was entirely blocked.

I assume the paper trail wouldn't need to be much more than as follows

proof of purchase funds coming to thailand in currency

proof that they went to seller of the condo

the condo purchase contract

the condo sale contract

& permission to remit the entire sale price out in currency

[Maestro]

I assume the paper trail wouldn't need to be much more than as follows

...

There are four things you should do:

1. Remit at least USD 20,000, or the equivalent in another foreign currency, from your foreign account to your Thai account at a time. Your Thai bank will convert the foreign currency to Thai Baht for credit to your account.

2. On the payment order to your foreign bank there is a field called something like “Message for beneficiary”. In this field, write the purpose of the remittance, for example “for purchase of condominium”.

3. After receipt of each remittance in Thailand, obtain from your bank the Foreign Exchange Transaction Form (FETF).

4. Keep the FETFs in a safe place, for example in a safety deposit box at your bank.

---------------

Maestro

[Dragonman]

I assume the paper trail wouldn't need to be much more than as follows

...

There are four things you should do:

1. Remit at least USD 20,000, or the equivalent in another foreign currency, from your foreign account to your Thai account at a time. Your Thai bank will convert the foreign currency to Thai Baht for credit to your account.

2. On the payment order to your foreign bank there is a field called something like “Message for beneficiary”. In this field, write the purpose of the remittance, for example “for purchase of condominium”.

3. After receipt of each remittance in Thailand, obtain from your bank the Foreign Exchange Transaction Form (FETF).

4. Keep the FETFs in a safe place, for example in a safety deposit box at your bank.

---------------

Maestro

Yes, all these, and when you sell, provide details of transaction and evidence of tax paid on the sale.

[Wekhin]

Can anyone offer some advice about transferring money OUT of Thailand. Is it correct that the amount is limited to US$20,000 per transaction? If so, how often are you allowed to make a transfer & what documentation (if any) do you need to present?

Here is a guide.

http://www.bot.or.th/bothomepage/General/L...rol/guide_t.htm

You will need to keep all documents of money you bring in. The hard part will be documents on money you make here. If you just buy a condo and then sell it later on, that will be easy. But if you do assorted kinds of business, you should have good bookkeepings.

[Khutan]

This is interesting, I pay my ex about 1,500 a month for child support which is 60k Baht.

I opened an account at Bangkok Bank with the Electron Visa Card and she sighed it and I sent the PIN via SMS. She just goes to an ATM and draws the money every month.

If I want to send something special for the kids, I just tell her what extra I have paid. It has never been a problem except for the $5- transaction fee.

[lotus eater]

I assume the paper trail wouldn't need to be much more than as follows

...

There are four things you should do:

1. Remit at least USD 20,000, or the equivalent in another foreign currency, from your foreign account to your Thai account at a time. Your Thai bank will convert the foreign currency to Thai Baht for credit to your account.

2. On the payment order to your foreign bank there is a field called something like “Message for beneficiary”. In this field, write the purpose of the remittance, for example “for purchase of condominium”.

3. After receipt of each remittance in Thailand, obtain from your bank the Foreign Exchange Transaction Form (FETF).

4. Keep the FETFs in a safe place, for example in a safety deposit box at your bank.

---------------

Maestro

My thai bank did provide me with some sort of credit slip - certainly not the form you kindly posted. Presumably I can go back to them and insist they make out the FETF for each of these remittances - and presumably they can be required by me do this for remittances now a few months in the past?

As I recall I also made remittances directly to the developer - when I did not yet have an account in thailand - but I recall he did ask that my bank's remittance should state 'to buy condominium' and my bank did so.

[Dragonman]

I assume the paper trail wouldn't need to be much more than as follows

...

There are four things you should do:

1. Remit at least USD 20,000, or the equivalent in another foreign currency, from your foreign account to your Thai account at a time. Your Thai bank will convert the foreign currency to Thai Baht for credit to your account.

2. On the payment order to your foreign bank there is a field called something like “Message for beneficiary”. In this field, write the purpose of the remittance, for example “for purchase of condominium”.

3. After receipt of each remittance in Thailand, obtain from your bank the Foreign Exchange Transaction Form (FETF).

4. Keep the FETFs in a safe place, for example in a safety deposit box at your bank.

---------------

Maestro

My thai bank did provide me with some sort of credit slip - certainly not the form you kindly posted. Presumably I can go back to them and insist they make out the FETF for each of these remittances - and presumably they can be required by me do this for remittances now a few months in the past?

As I recall I also made remittances directly to the developer - when I did not yet have an account in thailand - but I recall he did ask that my bank's remittance should state 'to buy condominium' and my bank did so.

FETF's are not issued for amounts under $20,000, only Credit Notes. However the vast majority of Land Offices will not accept this and you will require a "letter of guarantee" from the bank. You will also likely require a letter of guarantee from the Developer's bank, as you have no evidence that money was received from abroad for purchase.

[lotus eater]

I assume the paper trail wouldn't need to be much more than as follows

...

There are four things you should do:

1. Remit at least USD 20,000, or the equivalent in another foreign currency, from your foreign account to your Thai account at a time. Your Thai bank will convert the foreign currency to Thai Baht for credit to your account.

2. On the payment order to your foreign bank there is a field called something like “Message for beneficiary”. In this field, write the purpose of the remittance, for example “for purchase of condominium”.

3. After receipt of each remittance in Thailand, obtain from your bank the Foreign Exchange Transaction Form (FETF).

4. Keep the FETFs in a safe place, for example in a safety deposit box at your bank.

---------------

Maestro

My thai bank did provide me with some sort of credit slip - certainly not the form you kindly posted. Presumably I can go back to them and insist they make out the FETF for each of these remittances - and presumably they can be required by me do this for remittances now a few months in the past?

As I recall I also made remittances directly to the developer - when I did not yet have an account in thailand - but I recall he did ask that my bank's remittance should state 'to buy condominium' and my bank did so.

FETF's are not issued for amounts under $20,000, only Credit Notes. However the vast majority of Land Offices will not accept this and you will require a "letter of guarantee" from the bank. You will also likely require a letter of guarantee from the Developer's bank, as you have no evidence that money was received from abroad for purchase.

I was referring to amounts of more than $20,000 (apart from condo payments I also bought a car). Can I insist that my bank issue me the FETF for these payments some a few months old?

As to the developer, if he does in due course get me registered etc as the owner (I'm dealing with a reputable developer and estate agent) would it be wise to leave it for then to ask for a global letter of g'tee from him/his bank - it's still 2 years away? Perhaps I'd better raise the issue now with the agent....

[Dragonman]

I assume the paper trail wouldn't need to be much more than as follows

...

There are four things you should do:

1. Remit at least USD 20,000, or the equivalent in another foreign currency, from your foreign account to your Thai account at a time. Your Thai bank will convert the foreign currency to Thai Baht for credit to your account.

2. On the payment order to your foreign bank there is a field called something like “Message for beneficiary”. In this field, write the purpose of the remittance, for example “for purchase of condominium”.

3. After receipt of each remittance in Thailand, obtain from your bank the Foreign Exchange Transaction Form (FETF).

4. Keep the FETFs in a safe place, for example in a safety deposit box at your bank.

---------------

Maestro

My thai bank did provide me with some sort of credit slip - certainly not the form you kindly posted. Presumably I can go back to them and insist they make out the FETF for each of these remittances - and presumably they can be required by me do this for remittances now a few months in the past?

As I recall I also made remittances directly to the developer - when I did not yet have an account in thailand - but I recall he did ask that my bank's remittance should state 'to buy condominium' and my bank did so.

FETF's are not issued for amounts under $20,000, only Credit Notes. However the vast majority of Land Offices will not accept this and you will require a "letter of guarantee" from the bank. You will also likely require a letter of guarantee from the Developer's bank, as you have no evidence that money was received from abroad for purchase.

I was referring to amounts of more than $20,000 (apart from condo payments I also bought a car). Can I insist that my bank issue me the FETF for these payments some a few months old?

As to the developer, if he does in due course get me registered etc as the owner (I'm dealing with a reputable developer and estate agent) would it be wise to leave it for then to ask for a global letter of g'tee from him/his bank - it's still 2 years away? Perhaps I'd better raise the issue now with the agent....

Don't you have a lawyer? If not I would get your Agent to clarify asap. Not following the Condominium Act can lead to problems which they should have advised.