Withdrawing/transferring money from a Thai bank account?

[chiang mai]

Extremely simple to do as long as you have the Foreign Exchange Transaction certificate, or similar, showing that the money came into the country in the first place, from outside Thailand.

not true anymore

Then change your bank, it's no problem for me at my bank.

and your bank is...?

UOB (Thai) and CIMB (Thai), both of whom have accepted my export transfer orders of THB 1 mill. based on FET's they have issued previously, one being three years old, the other (?) but certainly more than one year. UOB was even prepared to accept a CIMB FET which came as a pleasant surprise.

EDIT TO ADD: my strongest suspicion is that this is a money laundering issue rather than any attempt by BOT to disallow transfers and keep the money in Thailand. It therefore follows that if a bank knows its customer well and has seen the funds inflows over many years, repatriation will not be an issue, it should even become easier as the the (fairly new) money laundering regs. get bedded in and branches exposed to them.

SECOND EDIT: holders of non-resident bank accounts may transfer funds overseas at will, few people are asked if they want a non-resident account however and even fewer know they even exist. One approach to this problem is to withdraw funds in cash from bank A, open a non-resident account with bank B, deposit cash from bank A and sometime later, transfer the funds overseas, non of which is illegal in any way. (note to self: have I been in Thailand too long or what).

Edited July 20, 2016 by chiang mai

[Naam]

UOB (Thai) and CIMB (Thai), both of whom have accepted my export transfer orders of THB 1 mill. based on FET's they have issued previously, one being three years old, the other (?) but certainly more than one year.

no additional supporting documents required, e.g. your birth certificate, letter of indemnity by your parents, HIV negative certificate duly notarised, recommendation by the British High Commissioner?

[chiang mai]

UOB (Thai) and CIMB (Thai), both of whom have accepted my export transfer orders of THB 1 mill. based on FET's they have issued previously, one being three years old, the other (?) but certainly more than one year.

no additional supporting documents required, e.g. your birth certificate, letter of indemnity by your parents, HIV negative certificate duly notarised, recommendation by the British High Commissioner?

Well of course those things are needed as a matter of course but nothing unduly onerous in addition!

[bazza40]

I have seen Thais taking out wads of cash the size of housebricks from their bank. I've also made withdrawals up to 200,000 baht myself.

The method may be a bit long-winded; however, I would withdraw the money 200,000 baht at a time, and convert it to US dollars at a money exchanger. Then take the dollars out of the country. I don't think the Thai authorities have any limits on the foreign cash you can take out.

You will have to declare amounts above $10,000 dollars in Australia; however, it should not be a problem if you have the supporting bank books.

I don't think the Thai authorities have any limits on the foreign cash you can take out.

you have to declare if the value exceeds US-Dollars 20,000.-

Do you have to declare gold?

In terms of exchange rate, the banks here take more of a bite than the money exchangers. Their spread is about 0.6 baht between buy and sell on the Aussie dollar. The money exchanger I use has a spread of 0.2 baht.

Don't get me started on Australian banks - rampant greed. Spreads of 4-5 baht.

Edited July 21, 2016 by bazza40

[Naam]

Do you have to declare gold?

In terms of exchange rate, the banks here take more of a bite than the money exchangers. Their spread is about 0.6 baht between buy and sell on the Aussie dollar. The money exchanger I use has a spread of 0.2 baht.

Don't get me started on Australian banks - rampant greed. Spreads of 4-5 baht.

not sure about gold.

as far as changing money is concerned i repeat that not everybody is living in the vicinity of your moneychanger and willing to carry around a few million cash Baht for an extended period of time respectively distance.

[chiang mai]

This on the subject of taking gold into the UK:

Any gift or souvenir over the value of £390 is subject to Customs Duty of 2 .5% on the total amount.

Gold for investment purposes is vat free in the UK, but must not exceed £5000 in any 12 month period, or £12,000 in total

without informing HMC&E.

[bazza40]

Do you have to declare gold?

In terms of exchange rate, the banks here take more of a bite than the money exchangers. Their spread is about 0.6 baht between buy and sell on the Aussie dollar. The money exchanger I use has a spread of 0.2 baht.

Don't get me started on Australian banks - rampant greed. Spreads of 4-5 baht.

not sure about gold.

as far as changing money is concerned i repeat that not everybody is living in the vicinity of your moneychanger and willing to carry around a few million cash Baht for an extended period of time respectively distance.

Accept what you are saying, certainly more remote Issan would not have the same services as available in Chiang Mai.

It really does amaze me how casual Thai bank customers are about cash. Some of the withdrawals I've seen by women in their 50's are enough to choke a goat, and I haven't noticed they use security such as bodyguards.

[Naam]

Do you have to declare gold?

In terms of exchange rate, the banks here take more of a bite than the money exchangers. Their spread is about 0.6 baht between buy and sell on the Aussie dollar. The money exchanger I use has a spread of 0.2 baht.

Don't get me started on Australian banks - rampant greed. Spreads of 4-5 baht.

not sure about gold.

as far as changing money is concerned i repeat that not everybody is living in the vicinity of your moneychanger and willing to carry around a few million cash Baht for an extended period of time respectively distance.

Accept what you are saying, certainly more remote Issan would not have the same services as available in Chiang Mai.

It really does amaze me how casual Thai bank customers are about cash. Some of the withdrawals I've seen by women in their 50's are enough to choke a goat, and I haven't noticed they use security such as bodyguards.

that applies also to not so remote Pattaya. i think the next Superrich is in Bangkok.

[JacChang]

Please never exchange cash for foreign cash at the banks. Use superrich please, google it and be the wise one. You will never exchange anywhere EVER again. Now you know.

now you know that only an idiot drives several hundred miles with a substantial amount of cash in his car because there's no Superrich in his vicinity.

Haha, where are you driving from? I usually use it on my way to the airport, so no fuss here.

[JacChang]

Do you have to declare gold?

In terms of exchange rate, the banks here take more of a bite than the money exchangers. Their spread is about 0.6 baht between buy and sell on the Aussie dollar. The money exchanger I use has a spread of 0.2 baht.

Don't get me started on Australian banks - rampant greed. Spreads of 4-5 baht.

not sure about gold.

as far as changing money is concerned i repeat that not everybody is living in the vicinity of your moneychanger and willing to carry around a few million cash Baht for an extended period of time respectively distance.

Accept what you are saying, certainly more remote Issan would not have the same services as available in Chiang Mai.

It really does amaze me how casual Thai bank customers are about cash. Some of the withdrawals I've seen by women in their 50's are enough to choke a goat, and I haven't noticed they use security such as bodyguards.

It's pretty common for a customer to withdrawl 500,000 to 2 million in a day at most branches. But anything above that requires a prior appointment so the bank can prepare that cash for you in their reserves.

Ok a quick look at today's rates for USD cash.

Kasikornbank 34.59 and 35.31 2.08% profit

Superrich 35 and 35.03 0.086%

with 500,000 THB you let kasikornbank earn 10400

Superrich earns 430

Take 1 million THB to exchange to USD

With Kasikornbank 28,320USD

With Superrich 28,547USD

[sendintheclowns]

Somebody mentioned ....Gold....latest news is, that there are scanners which will identify gold that you are carrying, going though certain airports. I can tell you, from a friend's experiences this year, that he got stopped and asked to ''accompany us please'', at several airports. This got noted in 'the system' at whatever passes for Homeland Security, in the UK. This information followed him on his travels to the US and back to Thailand.

[sendintheclowns]

On 21/7/2016 at 6:45 AM, Naam said:

no additional supporting documents required, e.g. your birth certificate, letter of indemnity by your parents, HIV negative certificate duly notarised, recommendation by the British High Commissioner?

Can I transfer money electronically.? My situation is, I want to return a security deposit to my ex-tenants, who have already closed their Thai bank account and returned to the UK. if I can, do I have the choice of doing it in the equivalent currency - Sterling. ?