Selling my house here, how do I get the money to the US?

[LarryBird]

Say if I sell my house here, and want to bring that money back to the US, what is the standard procedure? Can I get a cashier's check?

Is it possible to do a wire transfer OUT of Thailand to a US bank? Would it require doing it in installments of $10k each?

Thanks, BirdMan

[JohnC]

You can transfer $50K out to USA without any issue

[Pib]

Assuming you sent money over from the U.S. to buy the residence you should have asked for a Foreign Exchange Transaction Certificate/Letter from the Thai bank that received the funds transfer. With that certificate/letter you can easily transfer out the same amount in the future in one lump sum.

[fosseway]

Assuming you sent money over from the U.S. to buy the residence you should have asked for a Foreign Exchange Transaction Certificate/Letter from the Thai bank that received the funds transfer. With that certificate/letter you can easily transfer out the same amount in the future in one lump sum.

Not sure about remitting the funds from a sale of a house, I assume it is registered in a company name, so you are only legally allowed to own 49%, therefore I would think that you would need to show the bank the land office sale contract, that shows your 49%. Maybe Companies House in Chonburi would need to be involved ?

In my experience remitting the funds for a condo that was bought and sold in your name, is quite easy, the bank need to see the L.O. sale contract, showing that all taxes have been paid, you can then remit that amount. The TT3 is not usually required, as the purchase price, if you have owned the property for many years, will be considerably less than the selling price, but no harm in showing the bank the TT3.

[SOUTHERNSTAR]

Open many bank accounts and withdraw the money in the US at ATM's. Variation on this one is to increase your daily spending limit on these cards and then use them as debit cards back in the US to buy stuff.

Use the legal route, if you brought it in the correct way.

Depending on the value of the house you and your wife can walk out with the cash. Convert the Baht into USD and go over with $ 10 k each.

Transfer the Baht into your Thai credit card and buy what ever you need back in the US.

Open an off shore account here and then use money back in US.

Use a combination of these above methods.

[Langsuan Man]

If the OP is a foreigner he did not get a Foreign Exchange Certificate for purchasing a house. You can only get one if you buy a condo in the farang quota and the Land Office maintains the original with the chanote

I read nowhere in the OP that he is married to a Thai, if he is, then she can send it all out without problem ( the land office will determine the tax (profit) based upon the amount paid versus the amount sold

If not married he will have to get the money out of Thailand using the method in post 5 above

[Caca4u]

I wired money out of thailand 2 months ago at the head office of bkk bank.

The wire transfer dept started asking me all kinds of questions.

I wired about 2 million out of here.

First thing she asked me when I gave her my passbook was "do you have a work permit?" And why there are some cash deposits of 20 and 30 thousand baht.

When I wired the money here they didnt ask for a work permit.

They didnt want to do it inicially so I just blew a fuse because the money came from overseas.

She went to my account history and saw the wire transfers into thailand last year and approved the transfer back out of here.

I couldnt believe these aholes didnt want to transfer MY MONEY out.

It was not a pleasureble experience.

I think every country should treat thais who live overseas the way they treat foreigners here.

[Dan5]

If the OP is a foreigner he did not get a Foreign Exchange Certificate for purchasing a house. You can only get one if you buy a condo in the farang quota and the Land Office maintains the original with the chanote

I read nowhere in the OP that he is married to a Thai, if he is, then she can send it all out without problem ( the land office will determine the tax (profit) based upon the amount paid versus the amount sold

If not married he will have to get the money out of Thailand using the method in post 5 above

So which is correct? Post 2 or 5. A big difference for me. I have no intention of ever going back to the USA, but if 2 is correct, I'd be comfortable keeping more money in Thailand since I could easily move it back for an investment in the USA.

[KonaRain]

Someone on TV suggested opening a stock market account. These gentleman seemed to be very knowledgeable.

[RBOP]

I have 2 condos here in Thailand. Both purchased with money from overseas. First condo I got a Tor Tor Sam (TT3) as I moved in $50K in one go. Second condo I brought in money from overseas 10-15$K each month over many years. When I had accumulated enough I bought my second condo. Bank said they can only issue TT3 for single transaction of $50K or more. But they did give me a letter summarising all the amounts moved in for the purpose of buying a condo (has the address condo I was buying) and I showed it the Land Office when buying. I think the LO kept a copy too. The bank told me this letter can be used like a TT3 when I sell and I can repatriate all the funds (max up to selling price). They told me I need to show all the sales documents, Land Office documents etc. I have not tried it yet but soon will be selling the first condo and send out the proceeds.

P.S. the lady at BKK bank is an old hag and not polite at all. Its just her demeanor and probably jealous she cant land a rich expat.

[Dan5]

Someone on TV suggested opening a stock market account. These gentleman seemed to be very knowledgeable.

More likely they're trying to sell you something.

[Suradit69]

I wired money out of thailand 2 months ago at the head office of bkk bank.

The wire transfer dept started asking me all kinds of questions.

I wired about 2 million out of here.

First thing she asked me when I gave her my passbook was "do you have a work permit?" And why there are some cash deposits of 20 and 30 thousand baht.

When I wired the money here they didnt ask for a work permit.

They didnt want to do it inicially so I just blew a fuse because the money came from overseas.

She went to my account history and saw the wire transfers into thailand last year and approved the transfer back out of here.

I couldnt believe these aholes didnt want to transfer MY MONEY out.

It was not a pleasureble experience.

I think every country should treat thais who live overseas the way they treat foreigners here.

"I think every country should treat thais who live overseas the way they treat foreigners here."

And make it just as easy for Thais to enter those countries and stay endlessly by getting tourist visas or visa exempt entries??

Most countries have rules and regulations concerning remittances out of the country, proving origins of the money and any tax implications.

Blowing a fuse at some low level desk jockey and pouting about the experience just because you were asked legitimate questions is childish. The number of expats who game the system working here illegally or using Thailand to launder funds are the ones to blame.

“As part of the Bank Secrecy Act, the U.S. government may launch investigations when large sums of money are transferred,” Gragg says. “If the actions are determined to be illegal — money laundering — then a criminal investigation may be launched. Individuals should be smart about their transfers, and if they are planning on sending large amounts of money, they should speak with a financial advisor who is knowledgeable about government regulations regarding money transfers.”

http://onlinefx.westernunion.com/Learning-Center/Personal/tax-considerations-when-sending-money-overseas-to-family

And of course there's all the FBAR brouhaha that Thai banks have to deal with when accepting deposits into accounts held by Americans.

Edited April 7, 2016 by Suradit69

[Tapster]

@Dan5

Post number 3 is correct.

I researched this in depth when bringing money to Thailand from the UK and South Africa within the last few months.

For any money (over 50k USD) coming into Thailand, no matter what it is for, you can and should get a Foreign Exchange Transaction Certificate.

The FET certificate is not only for the purchase of condos as some people think.

In order to get your money out again after selling, or moving away, you need the FET certificate.

Re: post number 2, I don't know if that is correct as I'm not moving money out at the moment, I've not researched that.

[Jonmarleesco]

Assuming you sent money over from the U.S. to buy the residence you should have asked for a Foreign Exchange Transaction Certificate/Letter from the Thai bank that received the funds transfer. With that certificate/letter you can easily transfer out the same amount in the future in one lump sum.

Not sure about remitting the funds from a sale of a house, I assume it is registered in a company name, so you are only legally allowed to own 49%, therefore I would think that you would need to show the bank the land office sale contract, that shows your 49%. Maybe Companies House in Chonburi would need to be involved ?

In my experience remitting the funds for a condo that was bought and sold in your name, is quite easy, the bank need to see the L.O. sale contract, showing that all taxes have been paid, you can then remit that amount. The TT3 is not usually required, as the purchase price, if you have owned the property for many years, will be considerably less than the selling price, but no harm in showing the bank the TT3.

'... I assume it is registered in a company name ...' Or in the name of a Thai. Either way, not as straightforward as with a condo, something many posters seemed to have missed.

[ozyjon]

So you (a fictitious person)

want to bring money here

buy a property

sell the property (for a huge profit)

send the money home ?

(why do people love pain)

Have you heard of the " Lumberjack Song "

it relieves all stress, just like my dear papa.

[1sickpuppy]

You can transfer $50K out to USA without any issue

If you use Kasikorn bank they have them in USA so should be no problem

[KonaRain]

Really? Sounds good

[Langsuan Man]

You can transfer $50K out to USA without any issue

If you use Kasikorn bank they have them in USA so should be no problem

Where did you come up with that fiction ? Unlike Bangkok Bank Kasikorn only has a "representative" office in LA

Los Angeles Representative Office

601 South Figueroa Street, Suite 3875, Los Angeles, California 90017, U.S.A.

E-mail: [email protected]

SWIFT: KASI US 6L

A representative office is an office established by a company to conduct marketing and other non-transactional operations, generally in a foreign country where a branch office or subsidiary is not warranted. Representative offices are generally easier to establish than a branch or subsidiary, as they are not used for actual "business" (e.g. sales) and therefore there is less incentive for them to be regulated.

[KonaRain]

You can transfer $50K out to USA without any issue

If you use Kasikorn bank they have them in USA so should be no problem

Where did you come up with that fiction ? Unlike Bangkok Bank Kasikorn only has a "representative" office in LA

Los Angeles Representative Office

601 South Figueroa Street, Suite 3875, Los Angeles, California 90017, U.S.A.

E-mail: [email protected]

SWIFT: KASI US 6L

A representative office is an office established by a company to conduct marketing and other non-transactional operations, generally in a foreign country where a branch office or subsidiary is not warranted. Representative offices are generally easier to establish than a branch or subsidiary, as they are not used for actual "business" (e.g. sales) and therefore there is less incentive for them to be regulated.

Thanks God, for that answer!

Bangkok Bank is in New York, NY.

Right?

Alohz

[Langsuan Man]

duplicate post

Edited April 8, 2016 by Langsuan Man

[Langsuan Man]

Bangkok Bank has a non retail branch in New York City which has a US routing number. This routing number allows US domestic transfers to show up in your Thai Bangkok Bank without the need for expensive SWIFT wires