Can a Thai National freely transfer funds overseas ? - from their own Thai bank in Thailand to their own Foreign bank in the EU?

The rules

https://www.bot.or.th/English/FinancialMarkets/ForeignExchangeRegulations/FXRegulation/Pages/default.aspx

Thanks Briggsy but I had already scoured that website for info, found nothing......which was my reason for posting here on TV where I was hoping to get a reply from a member having direct experience of this.

Below Bangkok Bank webpage has some information....and be sure to look at the sublinks talking ibanking transfers also.

http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/TransferingFunds/TransferringOutOfThailand/Pages/TransferringoutofThailand.aspx

She'll need a very good reason to transfer to her overseas account before they'll allow her to do it.

The Thai bank will want to know the purpose of the transfer and proof thereof. And the purpose must be on their list of approved transfer reasons - things like paying for her child's foreign education and living expenses.

sort of understanding the motivation for this question.

A Thai can send out up to 1 mill. USD per year to another Thai holding residency abroad so a middleman is needed . If via company to company or for the purpose of investment it can be up to 50 mill. USD per year.

From my experience it's easy for them to transfer to their own account overseas (ie. has same account name), but if the transfer is to a 3rd party such as for buying foreign property, then the bank will want documents of proof of the reason. Eg. property purchase agreement in case of real estate transactions. And they may also want to see any foreign government issued ID of the Thai citizen as well.

Edited September 7, 201510 yr by Time Traveller

From my experience it's easy for them to transfer to their own account overseas (ie. has same account name), but if the transfer is to a 3rd party such as for buying foreign property, then the bank will want documents of proof of the reason. Eg. property purchase agreement in case of real estate transactions. And they may also want to see any foreign government issued ID of the Thai citizen as well.

certainly but the OP's issue is to get out his/her own money otherwise the question simply wouldn't have been raised. Proof for reason to send to 3rd party is no obstacle at all.

Maybe should have posted replies per PM but not really that it can harm more than hurt by doing it here.

Leaving a sinking ship is instinctive behavior.

Edited September 7, 201510 yr by PCA

From my experience it's easy for them to transfer to their own account overseas (ie. has same account name), but if the transfer is to a 3rd party such as for buying foreign property, then the bank will want documents of proof of the reason. Eg. property purchase agreement in case of real estate transactions. And they may also want to see any foreign government issued ID of the Thai citizen as well.

certainly but the OP's issue is to get out his/her own money otherwise the question simply wouldn't have been raised. Proof for reason to send to 3rd party is no obstacle at all.

Maybe should have posted replies per PM but not really that it can harm more than hurt by doing it here.

Leaving a sinking ship is instinctive behavior.

Then he needs to send it himself. It really isn't difficult but you do need to have evidence of the source of your funds in the case it suddenly appeared in your bank account.

How much are we talking about here? I transfer $10,000 overseas without any problem to my wives account only need to tell the bank what its for, something like family support. Not sure about the transfer limit until they need to see hard copy proof. But large amount they will need to see proof, but most of the time they do not check the proof they just need to keep it on file so they can follow the money trail.

It's called International Banking.

Lots of Chinese transfer Pensions, Savings to the UK from their Chinese accounts.

Similarly Chinese in the UK transfer money back to support family in China.

A reason for the transfer must be stipulated to avoid money laundering.