Transfer money out of Thailand limits

[scoutman360]

I just read somewhere that Thailand banks do not allow individuals to transfer more than $50kUSD per wire transfer out of Thailand. Is that true? Has anyone had to deal with this? I know there are other limitations, such as proof the money originated oversees, or proof it was earned income. I am interested in the wire transfer limits for individuals. Thanks much.

(edited for typo)

Edited February 4, 2016 by scoutman360

[chiang mai]

You can export as much money as you brought into the country, for which you have the foreign currency exchange receipts, foreigners on a work permit can export I believe, 80% of their earnings. Sales proceeds of a property in Thailand can be exported subject to tax being paid at the Land Office and a blue receipt issued, the money to purchase the property must have originated from outside Thailand. I think those are the main points, the $50 nonsense is just that.

Edited February 4, 2016 by chiang mai

[scoutman360]

You can export as much money as you brought into the country, for which you have the foreign currency exchange receipts, foreigners on a work permit can export I believe, 80% of their earnings. Sales proceeds of a property in Thailand can be exported subject to tax being paid at the Land Office and a blue receipt issued, the money to purchase the property must have originated from outside Thailand. I think those are the main points, the $50 nonsense is just that.

Thanks Chiang Mai. Good answer. (BTW, I meant to say $50K)

Edited February 4, 2016 by scoutman360

[backstairs]

And once you have been approved by your Thai bank you can do it all online.

You type in the amount of the foreign currency i.e. you wanna send $4000 worth

they show you the exchange rate for the transaction and it is all done in

5 minutes.

300 baht charge.

And depending on your Bank rating in UK; no charge in UK.

The amount you can move in one month; liberal.

80% of your earnings? How do they know?

[bark]

What about a Money Gram ? Anyone know the maximum that you can send to Western Countries from Thailand ?

[arithai12]

I would worry about the receiving bank too. I think that in many countries a foreign transfer above 50k$ would be flagged and explanations would be sought.

[chilli42]

You can export as much money as you brought into the country, for which you have the foreign currency exchange receipts, foreigners on a work permit can export I believe, 80% of their earnings. Sales proceeds of a property in Thailand can be exported subject to tax being paid at the Land Office and a blue receipt issued, the money to purchase the property must have originated from outside Thailand. I think those are the main points, the $50 nonsense is just that.

This is true but think the bank also needs Bank of Thailand approval ... at least they did a couple of years ago.

[chiang mai]

You can export as much money as you brought into the country, for which you have the foreign currency exchange receipts, foreigners on a work permit can export I believe, 80% of their earnings. Sales proceeds of a property in Thailand can be exported subject to tax being paid at the Land Office and a blue receipt issued, the money to purchase the property must have originated from outside Thailand. I think those are the main points, the $50 nonsense is just that.

This is true but think the bank also needs Bank of Thailand approval ... at least they did a couple of years ago.

BOT delegated responsibility for administering the exchange controls act, to individual banks many many years ago:

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

[12DrinkMore]

And once you have been approved by your Thai bank you can do it all online.

You type in the amount of the foreign currency i.e. you wanna send $4000 worth

they show you the exchange rate for the transaction and it is all done in

5 minutes.

300 baht charge.

And depending on your Bank rating in UK; no charge in UK.

The amount you can move in one month; liberal.

80% of your earnings? How do they know?

Have you managed to that facility without a work permit?

I am with bbl, have internet access and a cc, being able to send funds online abroad is the next step.

[twozeds]

i was told you need a work permit today if you want to do the online transferring…. asked about them transferring me some funds to my UK account they told me i needed to supply as per chaing mai posted ….so no joy today for me….but I'm sure a few years ago i sent funds to my UK account no problem when i need to send my kids money in the UK??? have things changed since then?

[12DrinkMore]

i was told you need a work permit today if you want to do the online transferring. asked about them transferring me some funds to my UK account they told me i needed to supply as per chaing mai posted .so no joy today for me.but I'm sure a few years ago i sent funds to my UK account no problem when i need to send my kids money in the UK??? have things changed since then?

It should not be an issue up to usd 20k if you have a reason such as a holiday or supporting kids. Above that a bit more paperwork is needed.

[chiang mai]

i was told you need a work permit today if you want to do the online transferring…. asked about them transferring me some funds to my UK account they told me i needed to supply as per chaing mai posted ….so no joy today for me….but I'm sure a few years ago i sent funds to my UK account no problem when i need to send my kids money in the UK??? have things changed since then?

A foreigner needs a work permit before online banking privileges, to transfer funds overseas, can be granted via a Thai bank.

Another long standing core rule for overseas transfers is that governing funds sent to support Thai family members, schooling and support are the obvious ones, a second is the payment of an overseas invoice (within specific guidelines). Perhaps the instance you mention was in one of those categories perhaps.

[twozeds]

not sure but i enquired about perhaps sending over 500,000 baht for my holidays plus some to give to my son and daughter and she started quizzing me about where the money had come from…. which i think this amount is well under 20k USD…so I'm a little bit confused..this was the kasikorn bank on pattaya klang, near to 2nd road crossroads…. any advice or any other places that i could do a transfer from?

[chiang mai]

There is absolutely no problem whatsoever in sending money overseas, zero % nada, if you have the FET or similar, proving that the money was imported from overseas originally.

Any other explanation needs to be supportable with evidence and believable.

[twozeds]

whats FET? don't have any docs as such

[chiang mai]

FET = Foreign Exchange Transaction certificate, the receipt you received from the bank when you exchanged the currency may suffice, alternately an entry in a passbook may be coded as such.

[Dumbastheycome]

International transfers of funds are now increasingly being scrutinized in accordance with international protocols. This ( laudably ?) is due to the possibility of money laundering and/or funding of internationally illegal activities. Countries and Banks now audited for international transfers over specified limits.

Bank officers or lesser individuals who are party to the processing of such funds can be excusably pedantic or cautious in that process because personal liability in incorrect procedures become paramount.

The reality of the restrictions imposed are more likely to be that individual countries view the outflow of funds as being detrimental to the general funds tax base. That in contradiction to the international corporate tax incentive deductable profit stripping of those same countries !

Yes suckers ! Somebody has to pay so don't take it away .......spend it and it will make some corporate make hay ! ( Thats what friends are are for nah? )

[twozeds]

ok thanks

[MANFROMBOCA]

not sure but i enquired about perhaps sending over 500,000 baht for my holidays plus some to give to my son and daughter and she started quizzing me about where the money had come from…. which i think this amount is well under 20k USD…so I'm a little bit confused..this was the kasikorn bank on pattaya klang, near to 2nd road crossroads…. any advice or any other places that i could do a transfer from?

kasikorn has changed their rules, i went to send 900,000 baht had FET and was denied because FET was from last year, at Int'l Dept Pattaya Klang, tried other branches all is referred to Pattaya Klang,,, tried using Krungsri Bank, no problem...

[MANFROMBOCA]

kasikorn also told me they could transfer funds if i had a work permit and proof of funds or proof of sale of a condo only

[chiang mai]

not sure but i enquired about perhaps sending over 500,000 baht for my holidays plus some to give to my son and daughter and she started quizzing me about where the money had come from…. which i think this amount is well under 20k USD…so I'm a little bit confused..this was the kasikorn bank on pattaya klang, near to 2nd road crossroads…. any advice or any other places that i could do a transfer from?

kasikorn has changed their rules, i went to send 900,000 baht had FET and was denied because FET was from last year, at Int'l Dept Pattaya Klang, tried other branches all is referred to Pattaya Klang,,, tried using Krungsri Bank, no problem...

The date of the FET is not relevant, I've used ones that are six years old.

[MANFROMBOCA]

not sure but i enquired about perhaps sending over 500,000 baht for my holidays plus some to give to my son and daughter and she started quizzing me about where the money had come from…. which i think this amount is well under 20k USD…so I'm a little bit confused..this was the kasikorn bank on pattaya klang, near to 2nd road crossroads…. any advice or any other places that i could do a transfer from?

kasikorn has changed their rules, i went to send 900,000 baht had FET and was denied because FET was from last year, at Int'l Dept Pattaya Klang, tried other branches all is referred to Pattaya Klang,,, tried using Krungsri Bank, no problem...

The date of the FET is not relevant, I've used ones that are six years old.

HAVE you tried one lately the date did matter at kasikorn never mattered before, but now it does i was denied for that reason soooooooooooo.... am i wrong was i not denied for this reason ??

Edited February 6, 2016 by MANFROMBOCA

[chiang mai]

not sure but i enquired about perhaps sending over 500,000 baht for my holidays plus some to give to my son and daughter and she started quizzing me about where the money had come from…. which i think this amount is well under 20k USD…so I'm a little bit confused..this was the kasikorn bank on pattaya klang, near to 2nd road crossroads…. any advice or any other places that i could do a transfer from?

kasikorn has changed their rules, i went to send 900,000 baht had FET and was denied because FET was from last year, at Int'l Dept Pattaya Klang, tried other branches all is referred to Pattaya Klang,,, tried using Krungsri Bank, no problem...

The date of the FET is not relevant, I've used ones that are six years old.

HAVE you tried one lately the date did matter at kasikorn never mattered before, but now it does i was denied for that reason soooooooooooo.... am i wrong was i not denied for this reason ??

Nine weeks ago at UOB using an FET dated 2009 and it was not even a UOB FET but one from CIMB.

[ubonjoe]

A post flaming another member has been removed along with a reply to it.

[scoutman360]

I have signed up for the online international transfer system at both Kasikorn and Bangkok Bank. Took about 1 week for approvals. Work Permit required. However there are transfer limitations online. Can't remember the max allowable.

Small problem with Bangkok Bank. My bank in the U.S. does not use Swift codes, as many small credit unions do not have them, and use a 3rd party bank to handle international transfers. Bangkok Bank staff insisted that every bank has a swift code and I must have a swift code for the application. Trying to convince the staff otherwise was like talking to a wall. I gave up and just wrote my small bank's ABA routing number where the "swift" code was supposed to be written on the form. I am a little scared to try at the moment. Don't know if they would recognize an ABA number. Kbank....no problems. I have transferred money at Kbank many times without a swift code system.

Edited February 6, 2016 by scoutman360

[chiang mai]

SWIFT stands for Society for Worldwide Interbank Financial Transactions, it's the global equivalent of ACHA in the US. When you send funds internationally from one bank to another, both in different countries, the SWIFT code is essential. If you are using a credit union in the US it's likely that they have a relationship with a bank that manages international transfers on their behalf, I suggest you ask them which bank they use and that will help overcome the problem.

Note: ABA (American Banking Association) numbers are for use in the US only.

[Maestro]

For foreign exchange transactions valued at USD 50,000 or above or equivalent at market rate, the Thai bank must report the transaction to the Bank of Thailand (Thailand's central bank). The Foreign Exchange Transaction Form (FETF) is provided for this purpose but reporting is probably done electronically. Upon request, the bank client can obtain a paper copy of the FETF from his bank.

[KonaRain]

Moneygram refused am in 2013 because I was in Thailand.

Excepting above post, someone mentioned a stock account gave a lot of transfer freedom..

More ideas?

Aloha

[scoutman360]

I was just considering Citibank. Has anyone has a more positive experience sending money out of Thailand? They seem to be a more international company.

[VIPinthailand]

you are flagged at 10k