Management of THB in Thai Bank when leaving Thailand for Good

[chiang mai]

7 minutes ago, Pib said:

 

 

You are correct it's easier if you got Foreign Exchange Letters/Certificates issued from your bank for the your incoming transfers...that makes moving that money out a lot easier.  But when people are moving in small amounts or just build up their savings from in-Thailand funds where no such letters/certificates are issued, then it can become a hassle with the bank in providing the necessary documentation to satisfy the outflow of funds.  

 

Heck, even Thai citizens need to provide a bunch of documentation when out-flowing funds to relatives in foreign countries.  I have two neighbors on my soi who have children attending college in the U.S. and U.K.   They periodically send them approx Bt1M for living expenses and institution....they must provide a good amount of documentation proving their child are indeed attending foreign schools and other docs.   It not as simple as providing a bank account to send it to.

 

And when it comes to a foreigner outflowing funds from their "ibanking" that basically limited to repatriating salary after approval is provided by the bank.   

 

And of course when outflowing funds the baht is converted to the foreign currency at a healthy profit for the bank. 

 

All of this makes banks smile, but customers frown.

 

 

The reason for the transfer is all important. If a person transfers say £3,000 to Thailand, lists the reason for the transfer as living expenses and then repeats that process every three months for a year, the banks are unlikely to want to transfer out £12,000 (equivalent) at the end of one year. Why? Because you spent it on living expenses, at least that's what you told us.

 

But, if you accumulate funds here, well in excess of what is seen to be your living expenses, the picture changes. Say you transfer in £10k every six months and you're building on an existing base of say £50k (equivalent) or more, AND your spending pattern via your bank is say THB 60k a month, it's clear that there is a balance that can be exported, one that wasn't used up just living here. In the case of a the latter, exporting funds is very easy.

[chiang mai]

4 minutes ago, manfredtillmann said:

ofx, hifx,western union...?

 

Without even checking I'm confident the same will apply, the fact is that BOT sets the rules and the banks simply administer them and they dare not break them otherwise...! So western union et all, not a chance. Sorry.

[F4UCorsair]

18 hours ago, bark said:

Aussie dollar ? I think he is talking about real money in his post.

 

 

Was the Aussie $$ REAL money when the US$ was $1.07 = A$1.00?   

 

Or JPY 100 = A$1.00??

 

Or B35 = A$1.00??

 

I suppose not.....probably because Australians descended from convicts??   Let's hear it again.

Edited August 17, 2016 by F4UCorsair

[manfredtillmann]

14 hours ago, chiang mai said:

 

Without even checking I'm confident the same will apply, the fact is that BOT sets the rules and the banks simply administer them and they dare not break them otherwise...! So western union et all, not a chance. Sorry.

just wanted to thank you for teaching me a valuable lesson yesterday. i did check both transferwise and ofx and, as you obviously know, you are completely right. i am particularly disappointed with transferwise as they  promote their so call 'two pot' system as being independent from bank transfer rules and fees. so why one can use them to transfer to thailand but not from is beyond me, unless the are full of s..t.

i'll check my facts before i post next time.

again, thank you very much

mft

[bark]

3 hours ago, F4UCorsair said:

 

 

Was the Aussie $$ REAL money when the US$ was $1.07 = A$1.00?   

 

Or JPY 100 = A$1.00??

 

Or B35 = A$1.00??

 

I suppose not.....probably because Australians descended from convicts??   Let's hear it again.

Was. Now ?

[F4UCorsair]

1 hour ago, bark said:

Was. Now ?

 

 

Yes, was, but I recall in 2002 it was US$1.00 = A$0.50, that's 50 cents.   I was working in Asia at the time, paid in US$, and loving it, and then it went to A$1.00 = US$ 1.07 and I didn't enjoy receiving my monthly pay nearly as much.  Currencies fluctuate.  I guess the US$ wasn't a REAL currency when it dropped to $1.07??

 

From a trade point of view, a low A$ is very desirable and low 70's is where the government would prefer it to be.  They're not interested in good exchange rates for those who travel, and it just may keep some holidaying at home, which is good for the economy.

Edited August 18, 2016 by F4UCorsair
spellcheck

[bark]

21 minutes ago, F4UCorsair said:

 

 

Yes, was, but I recall in 2002 it was US$1.00 = A$0.50, that's 50 cents.   I was working in Asia at the time, paid in US$, and loving it, and then it went to A$1.00 = US$ 1.07 and I didn't enjoy receiving my monthly pay nearly as much.  Currencies fluctuate.  I guess the US$ wasn't a REAL currency when it dropped to $1.07??

 

From a trade point of view, a low A$ is very desirable and low 70's is where the government would prefer it to be.  They're not interested in good exchange rates for those who travel, and it just may keep some holidaying at home, which is good for the economy.

I'm not American. And I love you Aussie's. My most favorite country to visit. USA rules the money markets. They just keep printing money; with nothing to back it up.

[12DrinkMore]

2 hours ago, F4UCorsair said:

 

From a trade point of view, a low A$ is very desirable and low 70's is where the government would prefer it to be.  They're not interested in good exchange rates for those who travel, and it just may keep some holidaying at home, which is good for the economy.

 

That is not, and never has been,  a priority for any government in the world.

[F4UCorsair]

2 hours ago, 12DrinkMore said:

 

That is not, and never has been,  a priority for any government in the world.

 

 

I never suggested it was.  In fact, quite the opposite.  They are interested in what is good for the country (and for themselves, of course, all having their snouts in the trough!!), as a trading partner, AS THEY SHOULD BE!!!   I hope that's not what you deduced from my post, if that's what you are suggesting....maybe you're just noting it.

 

I care not about exchange rates, and holiday when and where I want, regardless of what exchange rates may be at the time.

Edited August 18, 2016 by F4UCorsair

[12DrinkMore]

18 hours ago, F4UCorsair said:

 

 

I never suggested it was.  In fact, quite the opposite.  They are interested in what is good for the country (and for themselves, of course, all having their snouts in the trough!!), as a trading partner, AS THEY SHOULD BE!!!   I hope that's not what you deduced from my post, if that's what you are suggesting....maybe you're just noting it.

 

I care not about exchange rates, and holiday when and where I want, regardless of what exchange rates may be at the time.

 

I was thinking about a holiday in the UK now the GBP has dropped.