Got A Money Transfer In The Pipeline

[INTJ]

Hi,

After a quick panicky/confused read through the new regulations this morning (which has spoiled my day somewhat), this is the first opportunity I've had to get back here to ask a couple of questions. Hopefully some people here can shed some light and give me some advice.

Yesterday I received notification from a UK investment company that a payment has been made to me in respect of an estate of a deceased family member by bank transfer. The amount is approximately GBP 20,000. I was (am) planning to use this money to finance my year 2007 (living expenses, kids schooling etc), which was the reason I asked for the money to be transferred directly here a couple of months ago.

This morning I was reading a thread here about this new law, then a few pages a couple of posters later saying that the law had been repealed and there was no cause of concern. Can anyone tell me for certain what the (my) position is ? Do I need to be concerned, and if so, are there any steps I can take to prevent losing 30% for a year (if I am correct on that one ?) Unfortunately didn't have time to get to the bank today either, and by the open of business on Monday, there is a good chance the money will have already landed.

If anyone can give me an appraisal of the situation at present in plain English I would be extremely grateful.

Cheers,

INTJ.

.

Edited December 22, 2006 by INTJ

[Wekhin]

http://www.bot.or.th/bothomepage/General/P.../Eng/n5249e.htm

[jaithai]

Nice link. Very clear. Looks like INTJ has nothing to worry about.

[lopburi3]

My reading is that any transaction in the amount of 20k USD or above will be subject to 30% withholding until the funds are proven to be exempt. I am quite sure you will have to submit paperwork with your bank after the fact to obtain access to 30% of your transfer.

But, hopefully, I am wrong.

[monty]

Basically Lopburi is correct, however the decision lies with the branch manager of the bank where the funds arrive, so in my opinion a chat with him will clear the funds in no time (unless you have a history of trading currencies

Anyway, that's how my bank manager told things would be handled...

[apetley]

Hi, I wanted to transfer a similar ammount on Thursday afternoon to take advantage of the good rate for sterling. Phoned my bank and they told me no problem at all and no withholding of any tax.

Did a SWIFT transfer and ALL the money was in my Thai account a few hours later.

Hopefully you will have thesame smooth transfer.

[Maestro]

INTJ, you say you made the transfer to your Thai account “a couple of months ago". Therefore, I am sure that when you update your bankbook you will see that the full amount got credited as at that time the rule of withholding 30% was not yet in effect.

Put your book through the machine and stop worrying.

--

Maestro

[tuky]

I am expecting my monthly wage any day now, it is 30k GBP. I was worried too so I checked with my agent, and my bank. Both have said there is nothing to worry about, if my money does get withheld it is only a matter of showing that the money os not for speculation. Easy...

Don't worry...things will be ok.