Banking

[CGW]

I transfered money earlier on this week to my Pattaya Siam bank account from a HSBC offshore account, not a huge amount, enough to cover day to day expenses etc.

Bank contacted me via email to contact them by phone.

Appears that the Bank of Thailand has recently instructed banks that any money being transfed has to have a

reason

, what it will be used for? I was told that in future I must give a reason?

Thet were quite happy to put living expenses down as a reason.

Be aware if you are going to transfer money, as this delayed my transfer as never contacted bank immediatley.

Cheers

[Artisan]

Appears that the Bank of Thailand has recently instructed banks that any money being transfered has to have a reason., what it will be used for? I was told that in future I must give a reason?

I've been transferring money from my Bank of Scotland account in the UK to my Siam Commercial Bank account in Thailand every month for the last 14 years. I use "Phoneline" banking and I have been asked every time to declare the reason e.g. 'Personal transfer'. It's certainly not a new regulation and it's not a big deal anyway.

[Tammi]

I transfered money earlier on this week to my Pattaya Siam bank account from a HSBC offshore account, not a huge amount, enough to cover day to day expenses etc.

Bank contacted me via email to contact them by phone.

Appears that the Bank of Thailand has recently instructed banks that any money being transfed has to have a

reason

, what it will be used for? I was told that in future I must give a reason?

Thet were quite happy to put living expenses down as a reason.

Be aware if you are going to transfer money, as this delayed my transfer as never contacted bank immediatley.

Cheers

Yes, this happened to me a few weeks ago. Bank tried to contact me but I was away at the time and they didn't try cell phone. But once I got it sorted it came pdq - quickest ever!

Yes, they need a reason.

[Artisan]

But once I got it sorted it came pdq - quickest ever!

Yes, they need a reason.

My transfer arrives in my Thai bank account the day after making the telephone request....and that's quick.

[Nuff Said]

I transfered money earlier on this week to my Pattaya Siam bank account from a HSBC offshore account, not a huge amount, enough to cover day to day expenses etc.

Bank contacted me via email to contact them by phone.

Appears that the Bank of Thailand has recently instructed banks that any money being transfed has to have a

reason

, what it will be used for? I was told that in future I must give a reason?

Thet were quite happy to put living expenses down as a reason.

Be aware if you are going to transfer money, as this delayed my transfer as never contacted bank immediatley.

Cheers

Yes, this happened to me a few weeks ago. Bank tried to contact me but I was away at the time and they didn't try cell phone. But once I got it sorted it came pdq - quickest ever!

Yes, they need a reason.

When I transfer money to my Thai account my UK bank always asks the reason for the transfer, and they include this on the transfer document. Requirements such as this are normal and have been for several years now; they come under the general guise of anti money laundering procedures. But I've never been asked for a reason by my Thai bank, presumably because the reason has already been stated and the amount isn't huge, just for day to day expenses and retirement visa requirements.

Edited November 26, 2006 by Nuff Said

[Thumchok]

I transfered money earlier on this week to my Pattaya Siam bank account from a HSBC offshore account, not a huge amount, enough to cover day to day expenses etc.

Bank contacted me via email to contact them by phone.

Appears that the Bank of Thailand has recently instructed banks that any money being transfed has to have a

reason

, what it will be used for? I was told that in future I must give a reason?

Thet were quite happy to put living expenses down as a reason.

Be aware if you are going to transfer money, as this delayed my transfer as never contacted bank immediatley.

Cheers

Yes, this happened to me a few weeks ago. Bank tried to contact me but I was away at the time and they didn't try cell phone. But once I got it sorted it came pdq - quickest ever!

Yes, they need a reason.

When I transfer money to my Thai account my UK bank always asks the reason for the transfer, and they include this on the transfer document. Requirements such as this are normal and have been for several years now; they come under the general guise of anti money laundering procedures. But I've never been asked for a reason by my Thai bank, presumably because the reason has already been stated and the amount isn't huge, just for day to day expenses and retirement visa requirements.

I opened an account here about 2 months ago , and transferred some money into it . Lady rang and asked if I wanted to buy a condo , told her it was for visa requirements ( obviously not needed now . ) And it was in the account that day .

Transferred some more last week , and no questions asked from either bank .

[rocky]

I have money sent via Natwest and Lloyds monthly, never had this problem, maybe it was the member of staff having a bad day.

[Tammi]

I do internet banking. How long do you think it should take to transfer from CI to Kasikorn?

[rocky]

I do internet banking. How long do you think it should take to transfer from CI to Kasikorn?

The money transfers i do from england to thailand take about 3-4 dys, i wouldnt think that internet banking would take any longer, however i have never done this, infact the banks in the uk will not let me set up to send money abroad from internet banking, a form has to be faxed or handed in at the branch to request a foreign transfer,

[keenok]

i transfer money over once a year,enough for the year and never been asked about it.perhaps is different banks,different rules .im with kasikorn ,never had any problems with them.

[Thumchok]

2 working days from Isle of man to bank of ayudhya

[CRUNCHER]

More and more banks world wide are requiring this sort of thing. I believe it is to prevent money laundering and terrorists moving money around.

[Artisan]

I believe it is to prevent money laundering and terrorists moving money around.

How?

[Erwin1011]

I believe it is to prevent money laundering and terrorists moving money around.

How?

It doesn't. It just CYA methodology. Same same as the stupid questions asked by US airlines at check in (did you pack yourself, never lost it out of sight)

[rocky]

I believe it is to prevent money laundering and terrorists moving money around.

How?

You could always put on the form, reason for sending the money

"I am going on a 4 week bender with Ladyboys"

I sent money one time from the UK to a friend, the bank called me and siad they could not make the payment becasue of the paper work, i asked them why forgetting what i wrote.

The bank manager reminded me, in the section message to reciever i had put for a joke "Go to Jenny star bar for a lady Boy", He then asked me what it ment to which i replied it was non of his business. He would not send the money with that remark of the form even though it was a message for the reciever.

So not only does it apparantly stop money laundering, it also keeps you safe from Lady Boys, not such a bad rule after all

[davidjtayler]

I thought the B was a W ....

Had to check ...

[libya 115]

This rule has worked in my favour twice.

During telephone banking transfer of money from the Isle-Of-Man to my Thai bank, the telephone clerk usually asks " What is the purpose of the transferred funds"?

However, sometimes I use telephone banking and they forget to ask the reason. Then the funds don't arrive. I re-call the bank, ask the reason for the delay, they find out, call me back, I moan, they apologise and re-send the funds 'express' without charge.

Edited November 27, 2006 by libya 115

[dutch]

The 28th of every month, money goes from my Dutch bank account to my Thai bank account.

It arrives the 29th, no exception.(except february,it arrives the 1st of March )

Never gave a reason why I transfered or was asked for one.

[CRUNCHER]

I believe it is to prevent money laundering and terrorists moving money around.

How?

Dunno. Ask George Bush. If Thailand, or anyone else for that matter, does not do as they are told they cannot trade with US. Doubt it does any good. Just cosmetic. Expressed another way bovine manure. Terrosists and criminals don worry. Only thre innocent get hassled.

[john b good]

I've been remitting money to Thai banks (Bangkok Bank, Thai Farmers - now Kasikorn, and Krung Thai) for around 14 years and apart from the occasion I had money remitted to buy a property I have never once given a reason AND nor have I ever been asked for one.

And we (i.e. I ) are not talking about peanuts.

[Artisan]

I've been remitting money to Thai banks (Bangkok Bank, Thai Farmers - now Kasikorn, and Krung Thai) for around 14 years and apart from the occasion I had money remitted to buy a property I have never once given a reason AND nor have I ever been asked for one.

And we (i.e. I ) are not talking about peanuts.

Wow, not peanuts?...then maybe small potatoes!!! I'm impressed...NOT!!!

[libya 115]

I've been remitting money to Thai banks (Bangkok Bank, Thai Farmers - now Kasikorn, and Krung Thai) for around 14 years and apart from the occasion I had money remitted to buy a property I have never once given a reason AND nor have I ever been asked for one.

And we (i.e. I ) are not talking about peanuts.

Third World Country banks rarely ask their residents for details of the reason for their worldwide money transfers.

Not peanuts?

I believe all you ten-bob-millionaires every time.

Edited November 27, 2006 by libya 115

[Cuban]

Appears that the Bank of Thailand has recently instructed banks that any money being transfed has to have a reason, what it (that information) will be used for?

I was told that in future I must give a reason?

Thety were quite happy to put living expenses down as a reason.

Indeed the whole issue is one of overseas terrorist funding.

The rules on transfering money are changing, like Chip & PIN in the past few years or BACS some five years ago if memory serves. In all the small print that most people do not read there will be a clause that tells you not to lie when filling in the various forms your banking organisation requires you to comply with when moving money around. As the bank (or other) has asked the question, "What is this money for?" they have covered their arse should it turn out that instead of buying a few beers and a few ladies you really intended to purchase a few kilo of Moroccan Hashish, Peruvian Matching Powder or some Semtex instead.

If asked you will need to get used to providing an answer that does not cause them to go ape or anal in their response. It is much easier for all concerned if you are transfering money to an overseas account that is in your own name rather than a different name every time you send funds.

A stock reply of "This money is going into my holiday account." is a perfectly acceptable and respectable response to give. Generally this information/field on the transfer forms is required by Western banking institutions rather than the Thai side, although the Thai side need the Tor Tor Sam (3) to accompany the transfer if the money is to be used for a property purchase. Many places need a second level of proof of identity now when sending money overseas, such as passport, and the banking clerk needs higher (second level) approval to push the buttons to send the cash as well now. "Easier" transfer of funds might be encountered at Western Union, I have no direct experiance but, I'm told that their identity and security checks are less stringent. (Just repeating what I have been told.)

I am sure some people will react badly to these changes and say that what the money is for, is none of their (bank's) business. However the world is changing and these rules are probably here to stay and get tighter over time, get used to them. If you have dormant accounts (I am thinking of my backup Thai accounts) it might be wise to trickle money through them from time to time so that when you do need to use them it does not trigger unusual activity alarms.

The same goes for credit card activity, the anti-fraud protection on many CCs now is getting quite good at identifying unusual transactions, causing cards to be blocked within an hour (or less) of the transaction reaching the issuing bank. Wise to notify your CC issuer of your holiday to Thailand (wherever) before travel as a blocked CC on holiday is a pain. No money no honey.

[Tammi]

If you have dormant accounts (I am thinking of my backup Thai accounts) it might be wise to trickle money through them from time to time so that when you do need to use them it does not trigger unusual activity alarms.

The same goes for credit card activity, the anti-fraud protection on many CCs now is getting quite good at identifying unusual transactions, causing cards to be blocked within an hour (or less) of the transaction reaching the issuing bank. Wise to notify your CC issuer of your holiday to Thailand (wherever) before travel as a blocked CC on holiday is a pain. No money no honey.

Interesting that you feel you need backup Thai accounts.

[john b good]

I've been remitting money to Thai banks (Bangkok Bank, Thai Farmers - now Kasikorn, and Krung Thai) for around 14 years and apart from the occasion I had money remitted to buy a property I have never once given a reason AND nor have I ever been asked for one.

And we (i.e. I ) are not talking about peanuts.

Third World Country banks rarely ask their residents for details of the reason for their worldwide money transfers.

Not peanuts?

I believe all you ten-bob-millionaires every time.

The point that I was making (trying to make) is that it has not been just a few dollars.

I have never worked in the realm consequently all funds have been imported (as is the case with many other expats)

And, that over close to 15 years I have never been asked as to why I am bringing funds in or for what purpose it will be used.

The salient point in the whole thread is that the banking system in the realm is not consistent in it's workings.

[Cuban]

>Interesting that you feel you need backup Thai accounts.

So tell us oh wise one of the benifits of keeping your all your precious 20 Baht notes in an old pair of sox?

[BIGTOE3]

>Interesting that you feel you need backup Thai accounts.

So tell us oh wise one of the benifits of keeping your all your precious 20 Baht notes in an old pair of sox?

In case one sits and breaks a card ..... doh

My dear Watson it is so obvious

[CGW]

The point that I was making (trying to make) is that it has not been just a few dollars.

I have never worked in the realm consequently all funds have been imported (as is the case with many other expats)

And, that over close to 15 years I have never been asked as to why I am bringing funds in or for what purpose it will be used.

The salient point in the whole thread is that the banking system in the realm is not consistent in it's workings.

And the point I was trying to "make" before you all started getting "Bitchy" was as above!

I have been transfering money here for many years, peanuts or whatever!

I have never previously been asked Why!

Cheers

[icecubes]

>Interesting that you feel you need backup Thai accounts.

So tell us oh wise one of the benifits of keeping your all your precious 20 Baht notes in an old pair of sox?

In case one sits and breaks a card ..... doh

My dear Watson it is so obvious

You dont need loads of diferent bank accounts, as Western Union has out lets all over pattaya.

Easy to get money, if you have it.

Never been asked about internationl money transfers in 8 years.

Have a nice day.

[BIGTOE3]

>Interesting that you feel you need backup Thai accounts.

So tell us oh wise one of the benifits of keeping your all your precious 20 Baht notes in an old pair of sox?

In case one sits and breaks a card ..... doh

My dear Watson it is so obvious

You dont need loads of diferent bank accounts, as Western Union has out lets all over pattaya.

Easy to get money, if you have it.

Never been asked about internationl money transfers in 8 years.

Have a nice day.

I still think two accounts Nationwide Flexi a/cs and one Nationwide CC best. No questions at all. and No charges if you do the following and 85,000 a day available.

a/ 25,000 per day available from each ATM account

b/ 35,000 per day from your credit card account. NO charge if in credit and is also available from from ATM

c/ use internet banking to Transfer cash to your Nationwide account then internet Transfer amount to Your second Flexi Account and your Credit card account putting it in credit.

Cheap, ( no charges at all), Quick and No questions asked.

BT - yes you can still break a card etc so have a joint account and hold on to both cards