Transfer money out of Thailand limits

[12DrinkMore]

you are flagged at 10k

Reference?

And what does flagged mean?

[beerzy]

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.

he said $50kUSD not $50

[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.

he said $50kUSD not $50

That wasn't what he wrote, if YOU would just read the ENTIRE thread!!!

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

[Maestro]

you are flagged at 10k

Wrong.

[chiang mai]

I'm afraid the Fed 10K law is still in effect although I would have thought it might have been increased by now. Basically, any cash transaction or aggregate therefore must be reported to help prevent money laundering:

https://en.wikipedia.org/wiki/Bank_Secrecy_Act

[scoutman360]

I'm afraid the Fed 10K law is still in effect although I would have thought it might have been increased by now. Basically, any cash transaction or aggregate therefore must be reported to help prevent money laundering:

https://en.wikipedia.org/wiki/Bank_Secrecy_Act

I did some digging online and found overwhelming response that the $10k reporting only applies to cash,such as a person walks into a bank and deposits more than $10k of cash. Wire transfers are not reported. The bank does the reporting anyway, so it should be no big deal as long as you have a paper trail in case there are questions. That is, unless the government wants to help themselves to your money through Civil Forfeiture.

[Maestro]

I'm afraid the Fed 10K law is still in effect although I would have thought it might have been increased by now. Basically, any cash transaction or aggregate therefore must be reported to help prevent money laundering:

https://en.wikipedia.org/wiki/Bank_Secrecy_Act

The talk was about the Thai bank's requirement for transfers out of Thailand. No Fed in Thailand, and the requirement to report it to the Bank of Thailand currently is for the equivalent or USD 50k or more.

[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.

Follow up for those interested. I had a pleasant conversation with the Branch manager and the International Transfer desk manager at Bangkok Bank. She said they do recognize ABA numbers (American system) and a swift code is not required. Secondly, I asked a hypothetical question. "What if I retire in Thailand, and say, 5 years later, want to move back to the U.S. and transfer my retirement money with me. How can I do that without a work permit?" She said it is easily done with evidence of employment in Thailand, such as an Employment Certificate which can be obtained from the previous employer.

Good answers that gave me some peace of mind.

[chiang mai]

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.

Follow up for those interested. I had a pleasant conversation with the Branch manager and the International Transfer desk manager at Bangkok Bank. She said they do recognize ABA numbers (American system) and a swift code is not required. Secondly, I asked a hypothetical question. "What if I retire in Thailand, and say, 5 years later, want to move back to the U.S. and transfer my retirement money with me. How can I do that without a work permit?" She said it is easily done with evidence of employment in Thailand, such as an Employment Certificate which can be obtained from the previous employer.

Good answers that gave me some peace of mind.

Bangkok Bank Thailand recognizes ABA numbers because they are the one Thai bank that has branches in the US and the UK that allows direct deposit to Thai based accounts, from those locations.

[BlackJack]

2 questions

if one transfers 49000 dollars out then it is OK?

if one has a debit or credit card can one take money out in another country?

[Maestro]

1. There is a separate form to fill out for remittances abroad. If the bank approves the remittance based on the information in that form, it is OK to transfer the money.

2. It depends on the contract you you have with the card issuer, ie the general terms and conditions for the use of the card.

[backstairs]

Money transfer on line.

a.  a work permit is essential 

b.  max amount allowed  in 1 year is  :   net salary per MONTH   X  10 [ten]

[Don Mega]

1 minute ago, backstairs said:

Money transfer on line.

a.  a work permit is essential 

b.  max amount allowed  in 1 year is  :   net salary per MONTH   X  10 [ten]

 

when did the restriction of amount come into play ?

[backstairs]

I discovered last week when the online page informed me in red that I had reached my limit.

I added up my transfers.   They were over the:    one month wages X 10.    When this action came in? I don't know.    I emailed IFT section; they looked at my transaction and said 'sorry cannot change'.   I assume I now have to wait till Jan 2017!!!  

 I hope their is a NON-ON-Line method.

Across the counter at my SCB branch?

[PaddyThai]

The restrictions on sending money abroad on this thread refer to foreigners in Thailand.

I wonder if a foreigner's Thai wife could use her bank account to transfer money on-line overseas to her husband's bank account, her own overseas bank account (if she had one) or indeed anyone else without as much restrictions

[djlest]

we need an update to this topic for 2017
I never in all my years in thailand had any problems sending occassional money back home. until this year!
Flat out refused in every branch i went, and not just refused but treated like im a criminal just for asking.
No i dont have a work permit because i dont work for a thai company, im a stock trader that works for myself and have an elite Visa...
Did they care? nope... they found it almost unheard of and couldnt grasp the concept of working internationally.

So, armed with some FET forms i proceeded to try and move money back
guess what - another no...

[bberrythailand]

Hello, is it true that Thai also cannot send money abroad ? Just $3000 and Kasikorn said that a Thai needs ID and other documents from the recipient ! Please confirm ? Thank you.

[fletchsmile]

1 hour ago, bberrythailand said:

Hello, is it true that Thai also cannot send money abroad ? Just $3000 and Kasikorn said that a Thai needs ID and other documents from the recipient ! Please confirm ? Thank you.

No it's not true :)

 

Yes, the sender will need to provide documents to support the transaction. These will vary according to the purpose of the transfer which also needs to be stated 

[bberrythailand]

25 minutes ago, fletchsmile said:

No it's not true :)

 

Yes, the sender will need to provide documents to support the transaction. These will vary according to the purpose of the transfer which also needs to be stated 

 

So if you just want to send money to a friend, you cannot ? (as a Thai). Isn't it so stupid when western union allows all transfers ?

 

 

[Chpied]

Hello, is it true that Thai also cannot send money abroad ? Just $3000 and Kasikorn said that a Thai needs ID and other documents from the recipient ! Please confirm ? Thank you.

For the last 2 years I have used transfer wise, I was getting upset at all the unnecessary Bank charges from both ends, I was running out of Hemorrhoid cream, now I don't worry about swift numbers or bad exchange rates, it's always the world rate, and always delivered in around 2 days.

Currently I do only send from Aust to Thailand, I haven't gone the other way as yet, but I see no way of anyone being able to stop the transfer, it also stops bank tellers asking shitty questions as to where the cash is going.








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[maprao]

Has anyone used transfer wise to send money from Thailand back to the UK?

 

Also if you send money to your Thai Bank via swift in small amounts 2k, 3k, 5k (GBP sterling) and then decide at a later date you want to send the money back to the UK for whatever reason does the FET automatically register that for instance 22k (GBP) came in via foreign transfer and then allow you to send that amount back?

Edited March 4, 2018 by maprao

[regedit]

13 hours ago, maprao said:

Has anyone used transfer wise to send money from Thailand back to the UK?

 

Also if you send money to your Thai Bank via swift in small amounts 2k, 3k, 5k (GBP sterling) and then decide at a later date you want to send the money back to the UK for whatever reason does the FET automatically register that for instance 22k (GBP) came in via foreign transfer and then allow you to send that amount back?

Re Thailand I didn't think you could send out via transferwise, only in.