How to legally export funds - tax paid

[simon43]

I am thinking of building a new little resort in Laos, (no wives involved, LoL)

The funds to build the resort are in my Bangkok Bank account - money that is profit from my resort businesses in Phuket, and on which tax has been correctly paid.

But how to legally send these funds outside Thailand? I know that whenever I send some small amounts by international bank transfer, I must provide an invoice from the supplier of goods/services whom I am sending funds to.

How does it work for larger sums, say 5 million baht? Or do I have to secret diamonds up my rectum in order to export my money?

Note that these funds originated in Thailand from my business profits - they did not originate from outside Thailand.

[falang07]

If the money is all legal, you can simply go to your bank, fill one paper and that is it.

[simon43]

If the money is all legal, you can simply go to your bank, fill one paper and that is it

Apparently not. Whenever I have sent funds abroad, I can only do so if I produce an invoice for the overseas company that has provided me with a product or service.

In this case, I want to send funds to an overseas bank account ==> no invoice ==> no can send, according to the Thai bank.

[Soutpeel]

If the money is all legal, you can simply go to your bank, fill one paper and that is it

Apparently not. Whenever I have sent funds abroad, I can only do so if I produce an invoice for the overseas company that has provided me with a product or service.

In this case, I want to send funds to an overseas bank account ==> no invoice ==> no can send, according to the Thai bank.

You can also send money as "family support" and you need nothing but the account number/name.... although when i have done it in the past they wanted to see a WP and the added advantage here is you can remit to your own account elsewhere as they would expect the family name to be the same

[realenglish1]

You do not seem to have much business sense but this is a legal way you can transfer Set up a Lao Corporation Open a bank account and if you have A Thai Corporation you can do a transfer if you invoice for legitimate reasons

[CharlieH]

Post removed and responses quoting it.

[bazza40]

If the money is all legal, you can simply go to your bank, fill one paper and that is it

Apparently not. Whenever I have sent funds abroad, I can only do so if I produce an invoice for the overseas company that has provided me with a product or service.

In this case, I want to send funds to an overseas bank account ==> no invoice ==> no can send, according to the Thai bank.

Change your bank to one that is more co-operative.

[Kerryd]

The main problem is the laws regarding money laundering. I think it's still any amount over $10,000 that has to be reported (and paperwork done) and of course you can only take so much in cash without having to report it as well. Once in awhile I need to transfer money back to my Canadian account. I do the wire transfer paperwork at the back and keep the amount just under the $10,000 limit. I've never tried doing multiple transfers over a short time span though and I've never been asked for additional paperwork (other than the usual signed copy of my passport of course).

I'm wondering though if the bank can't issue a Cashiers Cheque (or multiple cheques if need be) for deposit into the Laos bank ? Still there is the reporting issue if the amount is over the limit. It has to be possible though otherwise there wouldn't be any international business going on.

Maybe a combination of small wire transfers and taking a 50k lump sum with you every time you make a trip to Laos ?

[Soutpeel]

Do you really believe his post? I he had 50 million THB, I doubt he would be that stupid to do it this way and also advertise it here :-)

"I doubt he would be that stupid"

Stupidity isn't all that rare in these forums, but I seriously doubt he has 35 good Thai friends.

He also bragged about employing people on tourist visas and skipping out on paying taxes.

http://www.thaivisa.com/forum/topic/855575-i-closed-my-business-in-thailand-and-saw-surprising-effects/#entry9849107

And while he was waiting to get a tourist visa extension himself he also paid someone Baht 75,000 to get some inexplicable visa or extension. He just saw the "agent" somewhere and immediately handed over his passport and a Baht 25,000 deposit.

http://www.thaivisa.com/forum/topic/839521-review-of-a-visa-agent-service-total-cost-75k-per-year/#entry9606197

Another in a long line of TV trolls. Amazing how many people buy into his stories, but then here at TV everyday is April 1st.

More troubling is the fact a lot of these Walter Mittys believe their own BS...a bit like all 50 of Ex SAS members in a single bar in Pattaya who were all on "the balcony" at the same time...must have pretty crowded that day

[Soutpeel]

The main problem is the laws regarding money laundering. I think it's still any amount over $10,000 that has to be reported (and paperwork done) and of course you can only take so much in cash without having to report it as well. Once in awhile I need to transfer money back to my Canadian account. I do the wire transfer paperwork at the back and keep the amount just under the $10,000 limit. I've never tried doing multiple transfers over a short time span though and I've never been asked for additional paperwork (other than the usual signed copy of my passport of course).

I'm wondering though if the bank can't issue a Cashiers Cheque (or multiple cheques if need be) for deposit into the Laos bank ? Still there is the reporting issue if the amount is over the limit. It has to be possible though otherwise there wouldn't be any international business going on.

Maybe a combination of small wire transfers and taking a 50k lump sum with you every time you make a trip to Laos ?

If the cash is legit...who cares about about the 10k reporting limit ?...its no biggie...

[chilli42]

Two years ago, I needed to move B6 million to buy a property in my home country. Was a no go from the bank who needed government approval. I needed to fill in a pile of papers which were then sent yo the Bank of Thailand for signature by the deputy minister. In these documents I was asked how I came by the funds and I simply referenced my income tax records. Approval came back in a week. Maybe things have changed but that was my experience (was with Citibank).

[sendintheclowns]

I'm in the middle of doing what Chilli describes. He's correct. My bank SCB filled in an application for a couple of million baht, attached copies of the source of the funds (sold a house). Application to Bank of Thailand, it took 3 weeks.

Must admit that I have delayed the transfer, as the baht depreciated too much for my liking. Since the funds were to earn equity US investment income, I'm doing better in Thai equities. No home country tax hassles. Plus capital gains are not taxed here.

[Time Traveller]

Two years ago, I needed to move B6 million to buy a property in my home country. Was a no go from the bank who needed government approval. I needed to fill in a pile of papers which were then sent yo the Bank of Thailand for signature by the deputy minister. In these documents I was asked how I came by the funds and I simply referenced my income tax records. Approval came back in a week. Maybe things have changed but that was my experience (was with Citibank).

That's strange. I did the same thing at the beginning of this year. The bank (Bangkok Bank) checked with my broker and copies of sales and ownership of shares, the money was transferred on the same day. Just under 5m bt.

There's no reason you should have to wait a week.

[phirho]

Does anyone have any experience with exporting funds if the money is held in an FCD account?

e.g. the Bangkok Bank website plainly states "When withdrawing or transferring in a foreign currency: No documents required" and the same page also says that FCD account can be funded by up to $50,000 without supporting documentation.

Is it really possible to fund your FCD account with 1.8 million baht and send them abroad on the following day without providing tax returns etc.??

[blackcab]

Does anyone have any experience with exporting funds if the money is held in an FCD account?

e.g. the Bangkok Bank website plainly states "When withdrawing or transferring in a foreign currency: No documents required" and the same page also says that FCD account can be funded by up to $50,000 without supporting documentation.

Is it really possible to fund your FCD account with 1.8 million baht and send them abroad on the following day without providing tax returns etc.??

For Thai banks foreign currency means any currency that is not Thai baht. So no, you can not fund a FCD account with baht.

You could exchange the baht for foreign currency first though and then deposit it.

[phirho]

Does anyone have any experience with exporting funds if the money is held in an FCD account?

e.g. the Bangkok Bank website plainly states "When withdrawing or transferring in a foreign currency: No documents required" and the same page also says that FCD account can be funded by up to $50,000 without supporting documentation.

Is it really possible to fund your FCD account with 1.8 million baht and send them abroad on the following day without providing tax returns etc.??

For Thai banks foreign currency means any currency that is not Thai baht. So no, you can not fund a FCD account with baht.

You could exchange the baht for foreign currency first though and then deposit it.

Yes, that's what I meant, buying foreign currency with Thai baht (no documentation required up to $50,000 as per the Bangkok Bank website) and transferring it away (no documentation required either)

[Chalard]

If the money is all legal, you can simply go to your bank, fill one paper and that is it

Apparently not. Whenever I have sent funds abroad, I can only do so if I produce an invoice for the overseas company that has provided me with a product or service.

In this case, I want to send funds to an overseas bank account ==> no invoice ==> no can send, according to the Thai bank.

You can also send money as "family support" and you need nothing but the account number/name.... although when i have done it in the past they wanted to see a WP and the added advantage here is you can remit to your own account elsewhere as they would expect the family name to be the same

You can send up to US$25,000 to a family support a/c without providing any additional paperwork

[blackcab]

And I believe there are 13 commercial banks in Thailand (if I remember correctly, but please update me if I'm wrong).

[Misty]

To the OP: Is the bank account in your personal name, or in the name of your business? The reason I ask is that while an Invoice might be required for a business account to send funds overseas, it wouldn't make much sense to be required for a personal account.

For a personal account, you should be able to show the origination of the funds (as an example say your salary statement) and the tax paid on those funds (if it was salary income, then a Thai tax form such as a PND91 or monthly PND1s).

I've never had trouble moving funds with such documents available. The transaction is usually accomplished in less than an hour at the bank, including any Bank of Thailand required filing, depending on the amount. If for some reason your bank is still refusing to send the funds and you have these forms available , why not open an account with a bank that will?

Editing to add that amounts far more than THB 5m should be no problem with correct documentation.

Edited October 5, 2015 by Misty