Are these the BEST Burgers available in Bangkok ?

[RichardThailand]

If I transfer for example $50K US into Thailand for a retirement visa then how easy is it to transfer that money out again in a few years time? Would there be any problems with doing that? How about if I transferred in $100K or $200 and left it there in a savings account for a few years and then tried to transfer it out?

[chiang mai]

If you keep the Foreign Exchange Transfer receipts (or similar) the bank gave you when you transferred the money in, there's absolutely no problem at all.

Edited December 16, 2015 by chiang mai

[onetime]

Please, be smart about this!

You do not need to transfer money here as an American! You can walk into the embassy and get a notarized doc. stating that you have the money. This doc. will get you the retirement visa. They may ask for a bank statement. They didn't ask me.

Getting money out of this country requires you to fill out a form and get the banks approval. Do you want your money to be controlled by anyone but you?

There is a long history of bankers appropriating money here, and you will never get it back. The legal system here does not work in your favor. It's corrupt!

Consider yourself warned. If you get f't, you have only yourself to blame!

[chiang mai]

Utter rubbish and nonsense, please provide links from any authoritative source confirming what you say is true.

[meatboy]

Please, be smart about this!

You do not need to transfer money here as an American! You can walk into the embassy and get a notarized doc. stating that you have the money. This doc. will get you the retirement visa. They may ask for a bank statement. They didn't ask me.

Getting money out of this country requires you to fill out a form and get the banks approval. Do you want your money to be controlled by anyone but you?

There is a long history of bankers appropriating money here, and you will never get it back. The legal system here does not work in your favor. It's corrupt!

Consider yourself warned. If you get f't, you have only yourself to blame!

what a load of BULLS BALLS.

[laislica]

Please, be smart about this!

You do not need to transfer money here as an American! You can walk into the embassy and get a notarized doc. stating that you have the money. This doc. will get you the retirement visa. They may ask for a bank statement. They didn't ask me.

Getting money out of this country requires you to fill out a form and get the banks approval. Do you want your money to be controlled by anyone but you?

There is a long history of bankers appropriating money here, and you will never get it back. The legal system here does not work in your favor. It's corrupt!

Consider yourself warned. If you get f't, you have only yourself to blame!

Do you mean that you do as us Brits can do?

Give proof to the Embassy or Consulate that we have a regular income abroad and that if converted into Baht would at least equal the required monthly amount? (about 67,000 Baht / month)

I have done that but the Brits charge almost 3,000 Baht for each letter and take two days to do it.

The interest rate is not bad in Thailand so I keep the money tied up for 5 months and get a promotional rate.

The letter from the bank cost 100Baht so way to go for me!

BTW with the USD being about 35 Baht, you would need less than half of the 50K$, the rest is for spending?

Remember that you have to "Seed" for 60 days the first extension and then 90 days for subsequent extensions.

Once the extension is granted you can start to spend the money.

Just be sure to have it topped up to 800,000 at least 90 days prior to your application for extension.

Only one day short will not be accepted.

Thus, If you were planning to return home at the end of an extension, you would have a whole year to spend the 800,000Baht so I guess there wouldn't be that much left to transfer.

I was in Kasikorn last week and asked if it was easy to transfer money out.

The answer was: Some form filling, but yes can do.

I hope this helps with the OP's financial planning.

Cheers

Edited December 16, 2015 by laislica

[dotpoom]

I never had any problem transferring money out of Thailand.

[AbeSurd]

If you keep the Foreign Exchange Transfer receipts (or similar) the bank gave you when you transferred the money in, there's absolutely no problem at all.

You and I posted about this topic several years ago.

I haven't checked with my banks recently (Bangkok Bank and SCB) but I'd guess they'd say the same. Namely: yes it's easy to repatriate your money just so long as you don't take it out of the bank. In other words, if you send the money to Bangkok Bank, keep it in Bangkok Bank, and then there will be no problem.

[chiang mai]

If you keep the Foreign Exchange Transfer receipts (or similar) the bank gave you when you transferred the money in, there's absolutely no problem at all.

You and I posted about this topic several years ago.

I haven't checked with my banks recently (Bangkok Bank and SCB) but I'd guess they'd say the same. Namely: yes it's easy to repatriate your money just so long as you don't take it out of the bank. In other words, if you send the money to Bangkok Bank, keep it in Bangkok Bank, and then there will be no problem.

Interestingly I asked this exact same question of UOB, one of my two banks in Thailand. I asked, will you accept a foreign exchange receipt showing imported currency being received at CIMB, my other bank. They said, YES.

[uptheos]

I don't think an American even has to show proof to their consulate here that they actually have the money.

They just need to swear that they have it.

At least that's what I was told by an American, who certainly doesn't have it.

[TallGuyJohninBKK]

If I transfer for example $50K US into Thailand for a retirement visa then how easy is it to transfer that money out again in a few years time? Would there be any problems with doing that? How about if I transferred in $100K or $200 and left it there in a savings account for a few years and then tried to transfer it out?

As an American, if you apply for a retirement (O-A) visa from one of the official Thai consulates in the U.S., the bank deposit money that's one option for meeting the financial requirement can remain in any U.S. bank. You just have to provide proof of the funds to the Thai consulate. No need to transfer the funds into Thailand.

However, if you apply for a retirement extension of stay from Thai Immigration inside Thailand, then any bank deposit funds you're using to meet the financial requirement have to be on deposit in a THAI bank account. In that instance, you'll need to transfer them from the U.S. to Thailand.

The O-A retirement visa can be valid for up to 2 years, but renewals will require going back to the U.S. and applying for a new visa from the Thai consulates there. The retirement extensions of stay from Thai Immigration are valid for one year, and can be renewed annually at Thai Immigration without having to leave the country (Thailand).

You have choices and options.

[chiang mai]

Are you certain about that first statement, that's the first time I've ever heard of that and it would seem to run counter to the rules on seasoning whereby they state the funds must be held in a Thai bank.

[falang07]

I suppose every bank has to keep a record of all international transfers for many years so even if you do not keep the Foreign Exchange Transfer receipt, the bank should be able to provide it later, too.

[JACKSJM]

I bank with Bangkok Bank. A code is assigned to every transaction. If the code indicates a foreign transfer, then the funds may also be transferred out of Thailand. That said, I agree with keeping as much documentation as possible.

[Jeffkp]

I don't think an American even has to show proof to their consulate here that they actually have the money.

They just need to swear that they have it.

At least that's what I was told by an American, who certainly doesn't have it.

Yes, that's true. I went to the US consulate in CM with proof of my retirement funds, etc. They didn't want to look at it. I filled out a simple form, they made me swear it was true, stamped it and I was done. Of course I had to pay $50.00 for the privilege.

Some times, I hope Trump will win.

Edited December 16, 2015 by Jeffkp

[onetime]

To the naysayer. You're entitled to your opinion.

I have spoken with enough business owners who have told me that dispersal of profits to partners overseas requires a document signed by the sender and the receiver, and it must get approval from banking management.

I have spoken with people who have told me their lawyer told them how much money they had in their bank account. Yet they never told the lawyer. I wonder how that happens?

You do what you want. I'll err on the side of caution.

[luis888]

I have more a question than a reply to the OP.

Can I open an account in foreign currency in Thailand, in other words the money stays in US$ or Euros, and if and when I draw from the account it gets converted to Baht and if and when ever I decide to return to Europe I could just transfer the $'s or Euros without worrying about exchange rates being up or down.

I appologise to the OP for slightly changing the query. Thank you

[chiang mai]

I have more a question than a reply to the OP.

Can I open an account in foreign currency in Thailand, in other words the money stays in US$ or Euros, and if and when I draw from the account it gets converted to Baht and if and when ever I decide to return to Europe I could just transfer the $'s or Euros without worrying about exchange rates being up or down.

I appologise to the OP for slightly changing the query. Thank you

Yes, multi currency accounts are readily available from many banks in Thailand but they may not be the most cost effective, based on your circumstances. There is no charge to deposit foreign currency but most charge a fee in lieu of commission if the foreign currency is transferred out or withdrawn, without being changed into Thai Baht. Also, some banks charge an annual holding fee.

[eggers]

I don't think an American even has to show proof to their consulate here that they actually have the money.

They just need to swear that they have it.

At least that's what I was told by an American, who certainly doesn't have it.

Yes, that's true. I went to the US consulate in CM with proof of my retirement funds, etc. They didn't want to look at it. I filled out a simple form, they made me swear it was true, stamped it and I was done. Of course I had to pay $50.00 for the privilege.

Some times, I hope Trump will win.

Think if Thumper Trump wins, you may be confined to Fortress America, otherwise mightn't get back in!! Edited December 16, 2015 by eggers

[laislica]

I have more a question than a reply to the OP.

Can I open an account in foreign currency in Thailand, in other words the money stays in US$ or Euros, and if and when I draw from the account it gets converted to Baht and if and when ever I decide to return to Europe I could just transfer the $'s or Euros without worrying about exchange rates being up or down.

I appologise to the OP for slightly changing the query. Thank you

Yes, multi currency accounts are readily available from many banks in Thailand but they may not be the most cost effective, based on your circumstances. There is no charge to deposit foreign currency but most charge a fee in lieu of commission if the foreign currency is transferred out or withdrawn, without being changed into Thai Baht. Also, some banks charge an annual holding fee.

I asked this question in Kasikorn last week and their answer was that they don't offer a service like that.

Mind you, I only asked one person in one branch.

Who knows how many different answers I would get if I asked the same question in different branches. TiT!

[laislica]

To the naysayer. You're entitled to your opinion.

I have spoken with enough business owners who have told me that dispersal of profits to partners overseas requires a document signed by the sender and the receiver, and it must get approval from banking management.

I have spoken with people who have told me their lawyer told them how much money they had in their bank account. Yet they never told the lawyer. I wonder how that happens?

You do what you want. I'll err on the side of caution.

There is a possible misunderstanding here.

The OP asked about transferring funds out that he brought in.

Your post talks about dispersing profits.

Profits presumably are earned in Thailand so I suppose there might be more hassle in that case.

However, I feel that you made a very good point and gave a good alternative to tying funds up in Thailand.

[laislica]

To the naysayer. You're entitled to your opinion.

I have spoken with enough business owners who have told me that dispersal of profits to partners overseas requires a document signed by the sender and the receiver, and it must get approval from banking management.

I have spoken with people who have told me their lawyer told them how much money they had in their bank account. Yet they never told the lawyer. I wonder how that happens?

You do what you want. I'll err on the side of caution.

There is a possible misunderstanding here.

The OP asked about transferring funds out that he brought in.

Your post talks about dispersing profits.

Profits presumably are earned in Thailand so I suppose there might be more hassle in that case.

However, I feel that you made a very good point and gave a good alternative to tying funds up in Thailand.

[chiang mai]

I have more a question than a reply to the OP.

Can I open an account in foreign currency in Thailand, in other words the money stays in US$ or Euros, and if and when I draw from the account it gets converted to Baht and if and when ever I decide to return to Europe I could just transfer the $'s or Euros without worrying about exchange rates being up or down.

I appologise to the OP for slightly changing the query. Thank you

Yes, multi currency accounts are readily available from many banks in Thailand but they may not be the most cost effective, based on your circumstances. There is no charge to deposit foreign currency but most charge a fee in lieu of commission if the foreign currency is transferred out or withdrawn, without being changed into Thai Baht. Also, some banks charge an annual holding fee.

I asked this question in Kasikorn last week and their answer was that they don't offer a service like that.

Mind you, I only asked one person in one branch.

Who knows how many different answers I would get if I asked the same question in different branches. TiT!

They offer a number of variants of the FCY account, here's one:

http://www.kasikornbank.com/EN/Personal/BankAccounts/FCD/Pages/ForNonResidentAccount.aspx

[laislica]

^^^ Ah ha, just as I thought.

Ask another person and get a better answer LOL

Cheers

[SOUTHERNSTAR]

To the naysayer. You're entitled to your opinion.

I have spoken with enough business owners who have told me that dispersal of profits to partners overseas requires a document signed by the sender and the receiver, and it must get approval from banking management.

I have spoken with people who have told me their lawyer told them how much money they had in their bank account. Yet they never told the lawyer. I wonder how that happens?

You do what you want. I'll err on the side of caution.

I believe you have spoken to many people and have not done enough yourself.

If the OP transfer it in and keep the docs he can transfer it out. Even if the bank change this arrangement he can withdraw his money via an ATM in his home country or send money out via Western union. Even if you don't do that you can send money out for family support via SWIFT transfers. Etc etc etc

The OP did not say anything about starting a company so why would he need a lawyer ? About the lawyer and bank balances. Many foreigners use their lawyers service to do the income statements and balance sheets of their companies, part of this process is that they provide the lawyers office with their bank statements.

Edited December 16, 2015 by SOUTHERNSTAR

[nithisa78]

Please, be smart about this!

You do not need to transfer money here as an American! You can walk into the embassy and get a notarized doc. stating that you have the money. This doc. will get you the retirement visa. They may ask for a bank statement. They didn't ask me.

Getting money out of this country requires you to fill out a form and get the banks approval. Do you want your money to be controlled by anyone but you?

There is a long history of bankers appropriating money here, and you will never get it back. The legal system here does not work in your favor. It's corrupt!

Consider yourself warned. If you get f't, you have only yourself to blame!

what a load of BULLS BALLS.

You are too kind. My first thought was release the dogs. Its meal time.

[onetime]

If I transfer for example $50K US into Thailand for a retirement visa then how easy is it to transfer that money out again in a few years time? Would there be any problems with doing that? How about if I transferred in $100K or $200 and left it there in a savings account for a few years and then tried to transfer it out?

As an American, if you apply for a retirement (O-A) visa from one of the official Thai consulates in the U.S., the bank deposit money that's one option for meeting the financial requirement can remain in any U.S. bank. You just have to provide proof of the funds to the Thai consulate. No need to transfer the funds into Thailand.

However, if you apply for a retirement extension of stay from Thai Immigration inside Thailand, then any bank deposit funds you're using to meet the financial requirement have to be on deposit in a THAI bank account. In that instance, you'll need to transfer them from the U.S. to Thailand.

The O-A retirement visa can be valid for up to 2 years, but renewals will require going back to the U.S. and applying for a new visa from the Thai consulates there. The retirement extensions of stay from Thai Immigration are valid for one year, and can be renewed annually at Thai Immigration without having to leave the country (Thailand).

You have choices and options.

You do not have to keep your money in a Thai bank account. I walked into the embassy, got my notarized letter, took it to immigration and got the extension based upon retirement.

[onetime]

To the naysayer. You're entitled to your opinion.

I have spoken with enough business owners who have told me that dispersal of profits to partners overseas requires a document signed by the sender and the receiver, and it must get approval from banking management.

I have spoken with people who have told me their lawyer told them how much money they had in their bank account. Yet they never told the lawyer. I wonder how that happens?

You do what you want. I'll err on the side of caution.

I believe you have spoken to many people and have not done enough yourself.

If the OP transfer it in and keep the docs he can transfer it out. Even if the bank change this arrangement he can withdraw his money via an ATM in his home country or send money out via Western union. Even if you don't do that you can send money out for family support via SWIFT transfers. Etc etc etc

The OP did not say anything about starting a company so why would he need a lawyer ? About the lawyer and bank balances. Many foreigners use their lawyers service to do the income statements and balance sheets of their companies, part of this process is that they provide the lawyers office with their bank statements.

I believe your post is all over the board, and if you knew me you would understand that I do a lot, and I do my own research too. I'm far from being led astray. Go back and reread the post again, slowly...

[ericthai]

To the naysayer. You're entitled to your opinion.

I have spoken with enough business owners who have told me that dispersal of profits to partners overseas requires a document signed by the sender and the receiver, and it must get approval from banking management.

I have spoken with people who have told me their lawyer told them how much money they had in their bank account. Yet they never told the lawyer. I wonder how that happens?

You do what you want. I'll err on the side of caution.

You are talking about two different things. If you bring the money in from over seas all you need to the Funds transfer slip to send back out. If money is earned in Thailand then proof needs to be shown it is earned in Thailand to be sent out or that equipment or services are being purchased to be sent out.

As for Thai courts how many times have you used them? I'm betting none. I own a company in Thailand and have had to use the court a few times and have been very satisfied with them.

Yes, there is allot of corruption on Thailand, but that doesn't mean everyone is corrupt.

[TallGuyJohninBKK]

If I transfer for example $50K US into Thailand for a retirement visa then how easy is it to transfer that money out again in a few years time? Would there be any problems with doing that? How about if I transferred in $100K or $200 and left it there in a savings account for a few years and then tried to transfer it out?

As an American, if you apply for a retirement (O-A) visa from one of the official Thai consulates in the U.S., the bank deposit money that's one option for meeting the financial requirement can remain in any U.S. bank. You just have to provide proof of the funds to the Thai consulate. No need to transfer the funds into Thailand.

However, if you apply for a retirement extension of stay from Thai Immigration inside Thailand, then any bank deposit funds you're using to meet the financial requirement have to be on deposit in a THAI bank account. In that instance, you'll need to transfer them from the U.S. to Thailand.

The O-A retirement visa can be valid for up to 2 years, but renewals will require going back to the U.S. and applying for a new visa from the Thai consulates there. The retirement extensions of stay from Thai Immigration are valid for one year, and can be renewed annually at Thai Immigration without having to leave the country (Thailand).

You have choices and options.

You do not have to keep your money in a Thai bank account. I walked into the embassy, got my notarized letter, took it to immigration and got the extension based upon retirement.

Try reading what I actually wrote. I said bank deposits are "one option" -- not the only option -- for meeting the financial requirements of either a retirement visa or retirement extension of stay. Since the OP's question was re transferring money into Thailand for bank deposits, that was the focus of my answer.

But yes, monthly income as documented by a Consulate income letter is the other option for showing financial eligibility for a retirement extension of stay.

Edited December 16, 2015 by TallGuyJohninBKK