The 30% Withholding

[corkscrew]

The Nation in a sidebar (box) laid out the exemptions to the 30% withholding...which, among others, included money sent to purchase condos. It also said transfers of less than $20,000 were exempted. Does that mean -$20k per every transfer or -$20k max per year? I would guess the former. My wife's cousin, who works for Bangkok Bank, said it is unlimited if for private use. If he is correct you could import in excess of $20k at one time if you were, say, buying an expensive car.

Any thoughts?

[monty]

Absolutely correct!

If you can convince your bank manager (verbal, or with support of some paperwork) he can release the full amount in one time.

Purchases of condo's, cars, goods in general, services etc. are all exempt of the 30% rule, and it's the bank which receives the funds which can decide, so no delays until the BoT decides...

Incoming transfers to cover living expenses are also exempt, so the retired people having to send in 800,000 Baht (22,200 US$) not need to worry!

[lopburi3]

Absolutely correct!

If you can convince your bank manager (verbal, or with support of some paperwork) he can release the full amount in one time.

Purchases of condo's, cars, goods in general, services etc. are all exempt of the 30% rule, and it's the bank which receives the funds which can decide, so no delays until the BoT decides...

Incoming transfers to cover living expenses are also exempt, so the retired people having to send in 800,000 Baht (22,200 US$) not need to worry!

Unless you have a relationship with your branch manager, not likely for first time 800k senders, I would advise sending less than 20k even if it does cost an extra transaction fee. Banks are notorious for saying no and you may spend some very non quality time trying to get the 30% they took out back into your account I fear. This is a windfall for the banks and they could get very attached to having other peoples money without the need to pay interest and try to extend the time just as they used to use the old currency exchange rate option to maximize there profits.

[corkscrew]

Absolutely correct!

If you can convince your bank manager (verbal, or with support of some paperwork) he can release the full amount in one time.

Purchases of condo's, cars, goods in general, services etc. are all exempt of the 30% rule, and it's the bank which receives the funds which can decide, so no delays until the BoT decides...

Incoming transfers to cover living expenses are also exempt, so the retired people having to send in 800,000 Baht (22,200 US$) not need to worry!

That is precisely what my wife's cousin said. We've had accounts in the bank for 6+ years. But, I will drop in for a quick chat with the manager before I wire the funds.

The manager of my condo project, TCC Capital Land (Athenee), sent letters to all condo purchasers saying that the payments for condos was exempt.

Edited December 23, 2006 by corkscrew

[Maestro]

Incoming transfers to cover living expenses are also exempt, so the retired people having to send in 800,000 Baht (22,200 US$) not need to worry!

I believe you, Monty, although I did not see that one specifically mentioned as an exemption in the Bangkok Post articles I read, but then these papers are notorious for inaccurate/incomplete reporting.

--

Maestro

[Maestro]

Purchases of condo's...are all exempt of the 30% rule

According to a Bangkok Post article, to be exempt for a condo purchase the remitter must indicate, in the message for the beneficiary, the name of the condo project and the unit number of the condo being purchased.

About using several remittances below USD 20,000: these do not qualify for the Foreign Exchange Transaction Form, which will be useful if ever one wants to remit the money out of Thailand again in the future.

--

Maestro

[monty]

Read that one also, but anyway, it's up to the bank manager to decide.

Mine said he was not going to bother that much, and will release the 30% if the requirements to issue the Foreign Exchange Transaction Form are fulfilled.

I do worry a bit though for customers of small branches with slightly unscrupulous managers, who might require some incentives to release the 30%...

I once applied and was approved for a sizable business loan by a Thai bank (and not a small branch!), where the loan manager without blinking an eye told everything was perfectly in order and he would sign everything of, if we could just sponsor him a brand new digital camera ...

[Humphrey Bear]

Monty - as you know, I have been questioning all this in the Pattaya Forum, as I need to transfer-in a large amount of money so that my wife can buy a house.

I am sending her, together with my lawyer, to discuss this with my bank manager.

My wife and I have separate accounts and thus the cashiers cheque will come out of my account, but it will be drawn 'for the purpose of purchasing property number ***/*** in such-and-such district of Pattaya'. So I think it will be OK.

I will post further on this subject in the New Year, when I know more.

[rainman]

Lets face it: Its your money, you should be able to do with it whatever you want. I find it ridiculous that you need to justify what you do with your money and risk having 30% "locked up" for a year. Say someone wants to retire to Thailand with 1 million USD in his pocket. He sends the money here (stupid in the first place, i know ...but lets just forget about that) in one transfer and they lock up 300,000 for a year. Ridiculous if you ask me. All it leads to is make life difficult for people and in the end, those who plan on investing and pulling out before one year will find a way to get the funds in and out anyways, the government will just have even less control on it now than before.

Edited December 28, 2006 by rainman

[tuky]

I have just transfered 2 mill baht into my account (30k GBP), my Bank manager knows me and knows that the money is for my beer, no problems.

[Chang_paarp]

I have just transfered 2 mill baht into my account (30k GBP), my Bank manager knows me and knows that the money is for my beer, no problems.

Tuky

How are you going to pay for next week's bar bill? Better send more.

[warriors]

Well I am lucky, I do not have to send any money over here till the end of April. I think after a few first cabs off the rank sending there funds over, for what ever reasons, we will hear the complaints as to what we can do and can not do.

As I said before I am lucky I feel for the ones that need to send money very soon ( into the unknown)

[Kerryd]

I have just transfered 2 mill baht into my account (30k GBP), my Bank manager knows me and knows that the money is for my beer, no problems.

Sheesh, I'm in the wrong job !!

Instead of working in this pleasant place, I should go to a hel_l-hole like Korea !

Hey tuky, wanna switch jobs ?