Big Brother Is Watching Your Bank Account

[Godders]

In view of the new ruling that falangs applying to extend retirement visas must have 800,000 baht in the bank for three months BEFORE they make the application, I recently completed an online transfer request for my falang bank to transfer a tidy sum to my Thai bank.

To my surprise and consternation they said they could not do so. When I asked why they said I had not told them why I wanted the money.

Naturally, I pointed out that this was none of their business. They agreed, but said that Thai banks now took a different view. They are now acting under instructions from the new regime not to accept any transfers into foreigners' accounts without a written explanation of what the money was to be used for.

Did I need the money to start a business, for example. Or to buy a property? my bank asked. In the end, we settled for describing my transfer as being for "living expenses". I hope that will satisfy Big Brother in Bangkok.

Meanwhile, one cannot help wondering whether the bloodless coup which replaced a democratically elected, if odious, administration with a military caucus is quite as innocuous as our non-elected new leaders would have us believe

[Twin]

When did this happen?

I wired US$25,000 from my US account into Bangkok Bank on 26 September and the money was in my account here with 16 hours of the time I initiated the transfer.

[Unknown]

To my surprise and consternation they said they could not do so. When I asked why they said I had not told them why I wanted the money.

Naturally, I pointed out that this was none of their business. They agreed, but said that Thai banks now took a different view. They are now acting under instructions from the new regime not to accept any transfers into foreigners' accounts without a written explanation of what the money was to be used for.

This has been in place for a very long time but you just had to write whatever came to your mind, furniture, air tickets, whatever...

The official explanation was that they did not want any money coming to Thailand for buying drugs.

As if you would have told them.

But well, maybe now you have to justify even more...

Edited October 3, 2006 by Unknown

[LaoPo]

Which country (bank) told you so? I'm curious.

I find it hard to believe that the Government/Bank Of Thailand -BOT- sent out messages, worldwide, to all banks, explaining such measurements as you describe.

But, not impossible; just hard to believe.

LaoPo

[george]

You always need to fill in a reason for a TT/SWIFT transfer. Nothing new.

[lopburi3]

I have never been asked a reason and my last transfer was for $9,000 on the 28th and the money was in Bangkok Bank the normal 14 hours later. I have been asked if I wanted to add anything to the transfer paperwork and always said no (so am sure you have the option to state a reason).

[Taggart]

When did this happen?

I wired US$25,000 from my US account into Bangkok Bank on 26 September and the money was in my account here with 16 hours of the time I initiated the transfer.

What about the currency restrictions put in place over the last few years? I know that in Canada you're limited to taking $10,000 CDN out of the country per year, and I think in America it's a U.S. $10,000 limit. Are there no hoops to jump through to obtain anything in excess of $10,000?

[briley]

Taggart - I think you're mistaking the limit over which transfers have to be reported to the central bank/authorities.

AFAIK neither country has a limit on the amount you can transfer each year.

[calibanjr.]

They (the US anyway) will flag anything over $10k, you don't have to report it. Don't worry guys, they see all of it. As to reason, I enter "." into the space supplied by HSBC Hong Kong on my internet transfer, excess of $10k usually. Never have a problem, including 9/29/06.

[Noel]

In view of the new ruling that falangs applying to extend retirement visas must have 800,000 baht in the bank for three months BEFORE they make the application, I recently completed an online transfer request for my falang bank to transfer a tidy sum to my Thai bank.

To my surprise and consternation they said they could not do so. When I asked why they said I had not told them why I wanted the money.

Naturally, I pointed out that this was none of their business.

Utter alarmist nonsense.

The last sentence above alone indicates the credibility of the OP...

[Taggart]

Taggart - I think you're mistaking the limit over which transfers have to be reported to the central bank/authorities.

AFAIK neither country has a limit on the amount you can transfer each year.

Briley:

You're right. I got my signals crossed, but the Canadian Government still gets notified of the transaction for anything $10,000 and over by the financial institution. I also know in the past, when I've sent less than $10,000, the financial institution has asked for the reason for the transfer and has written this down on the form. I've been told it has to clear the government before it can be sent.

Link

[Maizefarmer]

Hang on a sec - r u saying that the new regime in thailand has written to foreign banks and asked (sorry told them) that before they transfer any funds to Thailand on behalf of clients they must establish why those funds are been transfered????????

Thats outragous - suggest you change bankers - would you like to tell us all who the bank in question is so that we know not to bank with them??

Yes flags do up when people move large amounts nowadays - but thatis normally form the sending side and so long as you provide a reasonable explination (house purchase, long term rsidency ect ect ........... the funds are sent on their way - except for UK banks which are very good at hanging on to clients funds untill the last possible moment.

Tim

[wpcoe]

When I transferred US$35,000 to my Thai bank to buy a condo, I put down the reason "to buy a condo" on the SWIFT transfer (so that I could get a Tor Tor 3).

When I (last month) transferred US$11,000 to my Thai bank to qualify for a retirement visa, I put down the reason "to qualify for retirement visa."

Sometimes, simple openness and honesty is so easy and appropriate.

(My current income fell short of the B800,000/year requirement, hence the US$11,000 transfer)

[Godders]

In view of the new ruling that falangs applying to extend retirement visas must have 800,000 baht in the bank for three months BEFORE they make the application, I recently completed an online transfer request for my falang bank to transfer a tidy sum to my Thai bank.

To my surprise and consternation they said they could not do so. When I asked why they said I had not told them why I wanted the money.

Naturally, I pointed out that this was none of their business.

Utter alarmist nonsense.

The last sentence above alone indicates the credibility of the OP...

It is silly to attack the messenger simply because one doesn't like the message. I was not being alarmist. I was simply passing on what my bank (HSBC, not some hole in the corner outfit) had told me. I felt it could have worrying implications for fellow Forum members. Since you have chosen to quote only part of my posting, I can only assume you missed the point. Mai pen lai.

My thanks to the who quoted their recent personal experiences of international transfers. I will raise this curious matter with my bank once more and let you know the outcome.

[tim77]

It might not be Thailand. The U.S. Patriots Act has caused U.S. financial instutions to be very careful in wiring money abroad. I really went through about a month of agony, six months ago in trying to wire USD 40,000 to Thailand.

[Maestro]

I recently completed an online transfer request for my falang bank to transfer a tidy sum to my Thai bank.

To my surprise and consternation they said they could not do so. When I asked why they said I had not told them why I wanted the money.

..said that Thai banks now took a different view. They are now acting under instructions from the new regime not to accept any transfers into foreigners' accounts without a written explanation of what the money was to be used for. Meanwhile, one cannot help wondering whether the bloodless coup which replaced a democratically elected, if odious, administration with a military caucus is quite as innocuous as our non-elected new leaders would have us believe

Some countries have specific laws or regulations in place to prevent “money-laundering”. In other countries, banks have a voluntary accord to take the necessary precautions. Some banks are taking this to the extreme: when I recently paid CHF 2,500 cash into my wife’s account at a Swiss bank, I was asked to show identification.

Thailand certainly has given no instructions to foreign banks about required declarations on remittances from a foreign bank to a Thai bank. If anything, the Thai government can instruct Thai banks to refuse to credit an inward remittance to the beneficiary’s account if there is no indication of the purpose of the remittance, and in such case it would seem logical that the Thai bank informs its correspondent banks abroad of this rule.

Already last year, I heard from a Swiss living in Thailand that Swiss banks ask for an indication of the purpose for remittances to Thailand in excess of CHF 4,000 (ca. THB 120,000). Therefore, you are wrong to think that this requirement might be connected with the change in Thai government last month.

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

Maestro

[Noel]

In view of the new ruling that falangs applying to extend retirement visas must have 800,000 baht in the bank for three months BEFORE they make the application, I recently completed an online transfer request for my falang bank to transfer a tidy sum to my Thai bank.

To my surprise and consternation they said they could not do so. When I asked why they said I had not told them why I wanted the money.

Naturally, I pointed out that this was none of their business.

Utter alarmist nonsense.

The last sentence above alone indicates the credibility of the OP...

It is silly to attack the messenger simply because one doesn't like the message. I was not being alarmist. I was simply passing on what my bank (HSBC, not some hole in the corner outfit) had told me. I felt it could have worrying implications for fellow Forum members. Since you have chosen to quote only part of my posting, I can only assume you missed the point. Mai pen lai.

My thanks to the who quoted their recent personal experiences of international transfers. I will raise this curious matter with my bank once more and let you know the outcome.

I suggest you review you own words and, whilst you are at it, your attitude.

Also to infer that your bank flatly refused your instruction is nothing short of alarmist, given the context.

I have absolutely no doubt that all they wanted from you was the reason for the transfer, which is standard practice worldwide.

For you to then state: "Naturally, I pointed out that this was none of their business." was not only pompous and arrogant, but naive in the extreme IMHO.

Perhaps this was your first transfer; I trust you are now are up to speed.

Btw, I actually only quoted the first part part of your post so as to save you from being further ridiculed...

[dereklev]

You always need to fill in a reason for a TT/SWIFT transfer. Nothing new.

I have never been asked for a reason for the transfer. Even when I transferred 1 million baht to buy a car.

Love to know where lopburi and others get there 14/16 hour transfers from. My "Express" transfers from the UK rarely get into my account in less than 4 days! !

[astral]

This is nothing to do with Thai banks.

It is a result of international Money Laundering laws.

A friend answered the question with the reason........

"Gambling, women and booze, the rest of the money I will just be frittering away."

[lopburi3]

You always need to fill in a reason for a TT/SWIFT transfer. Nothing new.

I have never been asked for a reason for the transfer. Even when I transferred 1 million baht to buy a car.

Love to know where lopburi and others get there 14/16 hour transfers from. My "Express" transfers from the UK rarely get into my account in less than 4 days! !

My only experience with UK banks was in Nigeria in 1967 and that was enough to question how anything gets done. Paperwork upon paperwork and multi queues. But I hope that was history rather than current policy.

I use a small regional mid west bank and they transfer to Chase New York. I call at OOB US time, about 2200 Thai time and it is always in my Bangkok Bank (checked by phone banking) at about noon Thai time. I see many in US reporting the same time-frame.

[Thaiquila]

My experience with US bank transfers is that generally they DO NOT ask for a reason, even at higher amounts. However, if you wish to enter a reason, that can be added in the memo field. In other words, there isn't even a dedicated field on the form (again, in my experiences with about four banks).

[number6]

Hang on a sec - r u saying that the new regime in thailand has written to foreign banks and asked (sorry told them) that before they transfer any funds to Thailand on behalf of clients they must establish why those funds are been transfered????????

well how amazing - new regime are so efficient they can put intenational messures in place in less than 2 weeks of being in power - i now have absolutely no fears about economy here - this puts business efficiency of west to shame - come on west wake up - little Thailand is better at control and management than any of you

Sorry its just a dream thought LOS had changed

What a load of rubbish

[simon43]

Slightly OT, but I agree with DerekLev. UK banks usually take 3 days for an express funds transfer. I have no idea why when the yanks can do it in 12 hours!!

The fastest route if you have a Bangkok Bank account is to send your funds by same-day CHAPS to your Bangkok Bank a/c, but state the corresponding bank to be the Bangkok Bank branch in London, (as opposed to HSBC which is the 'default' route). This usually results in a 24 hour funds delivery.

Simon

[ronw]

quote!

Slightly OT, but I agree with DerekLev. UK banks usually take 3 days for an express funds transfer. I have no idea why when the yanks can do it in 12 hours!!

the reason banks in the UK are so tardy is quite simple.....they add it to their short term investment fund.....which is a "rolling " fund....and they earn cash money for doing so....

[percy2]

When I transfer HSBC UK (but offshore) to HSBC TH the monies are almost always credited within 24hrs.

When doing this transfer by online banking you are required to give a reason for the transfer and also a contact number for the reciever.

Its been this way for several years.

[percy2]

Isn't this thread in the wrong forum?

Surely it belongs in the Jobs , Economy , Banking forum.

Cheers

[Naam]

"They are now acting under instructions from the new regime not to accept any transfers into foreigners' accounts without a written explanation of what the money was to be used for."

*****

the bank told you rubbish. the regulation that transfers from offshore exceeding a certain amount have to be "christened" is more than two years old and has nothing to do with the "new regime". no "written explanation" required. every transfer domestic and international is normally made with a reference anyway, e.g. "your invoice 1111 dated xx.yy.zz".

what's the problem instructing your bank to use as reference "private expenses"? that's what i am doing and it is perfectly acceptable.

[Maestro]

well how amazing - new regime are so efficient they can put intenational messures in place in less than 2 weeks of being in power...

You are wrong. Contrary to what the original poster was told by what he calls his “falang bank”, this has nothing to do with last month’s change of government in Thailand. It is a policy of his bank, not a requirement imposed by the new government.

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

Maestro

[Godders]

In view of the new ruling that falangs applying to extend retirement visas must have 800,000 baht in the bank for three months BEFORE they make the application, I recently completed an online transfer request for my falang bank to transfer a tidy sum to my Thai bank.

To my surprise and consternation they said they could not do so. When I asked why they said I had not told them why I wanted the money.

Naturally, I pointed out that this was none of their business.

Utter alarmist nonsense.

The last sentence above alone indicates the credibility of the OP...

It is silly to attack the messenger simply because one doesn't like the message. I was not being alarmist. I was simply passing on what my bank (HSBC, not some hole in the corner outfit) had told me. I felt it could have worrying implications for fellow Forum members. Since you have chosen to quote only part of my posting, I can only assume you missed the point. Mai pen lai.

My thanks to the who quoted their recent personal experiences of international transfers. I will raise this curious matter with my bank once more and let you know the outcome.

I suggest you review you own words and, whilst you are at it, your attitude.

Also to infer that your bank flatly refused your instruction is nothing short of alarmist, given the context.

I have absolutely no doubt that all they wanted from you was the reason for the transfer, which is standard practice worldwide.

For you to then state: "Naturally, I pointed out that this was none of their business." was not only pompous and arrogant, but naive in the extreme IMHO.

Perhaps this was your first transfer; I trust you are now are up to speed.

Btw, I actually only quoted the first part part of your post so as to save you from being further ridiculed...