Banking in Thailand

[PaulGoossens]

Hi all

I am planning to live in Thailand from September 2017 on a retirement visum.

if I import savings from my European and American Citibank account, can I easily withdraw these savings from a Thai bankaccount if i move back again to Europe or US?

I would have a Dollar account and a Baht account a Thai Citibank. And also a Dollar account in the US, and a Euro account in Europe. All small amounts  of money savings on each account.

 

I am afraid that my savings could be blocked to export again to my home country after my long stay in Thailand. Or am I wrong?

 

thanks for your advice!

[allane]

In general, there is no prohibition against someone on a retirement visa sending money out of the country. Like any other resident foreigner, you will be subject to an annual limit of US $25,000.

Don't bring more money to Thailand than what you actually need. This is a semi-developed, third-world country. Who knows hat the situation here may be in 10 or 20 years ? Things could take a nasty, anti-foreigner, turn here on relatively short notice. Those of us who were here in the aftermath of the 1997 financial crisis remember.

[Scott]

42 minutes ago, allane said:

In general, there is no prohibition against someone on a retirement visa sending money out of the country. Like any other resident foreigner, you will be subject to an annual limit of US $25,000.

Don't bring more money to Thailand than what you actually need. This is a semi-developed, third-world country. Who knows hat the situation here may be in 10 or 20 years ? Things could take a nasty, anti-foreigner, turn here on relatively short notice. Those of us who were here in the aftermath of the 1997 financial crisis remember.

It is my understanding that there is no $25,000 limit.   Perhaps you or someone could clarify this?

[asiaexpat]

According to information from the Thailand Board of Investment, non-residents in transit may bring foreign currency and negotiable instruments into Thailand without limit.  Nonresidents may also freely take out of the country all foreign currency they had brought in, without limit.  Individuals in transit, however, may not take out Thai currency exceeding 50,000 Baht per person, except for trips to countries bordering Thailand (Burma, Laos, Cambodia, Malaysia and Vietnam), where an amount of up to 500,000 Baht is allowed. Just keep records of transactions (bank can provide certification of foreign origin of funds.)

[PaulGoossens]

So for our retirement visa

we need to import 2 x 850000 bht (couple not married)

and our first year budget for living.

our can we have the 1700000 bht or equivalent in Euro or Dollars on a foreign bank account?

[maprao]

Has to money in a Thai bank account.

 

 

[PaulGoossens]

Ok thanks all 4 your help!

[simoh1490]

The banking system differentiates between resident and non-resident accounts, as a foreigner who may or may not be resident here you are eligible to have either one.

 

As said earlier the contents of a non-resident account can be repatriated easily but the account is NOT covered by Thai banking deposit insurance (DPA) hence if your bank goes bust, you loses your money. Other drawbacks are that you cannot deposit THB into a non-resident account, you can transfer foreign currency to the bank and have them convert it into THB and let them deposit it but you can't walk in off the street with THB for deposit.

 

FWIW it is not difficult to repatriate funds from a resident account, as long as you have the paperwork showing that the funds were originally brought into Thailand from overseas. This aspect of banking in Thailand is overdone by many but in practise it is quite painless and easy, the likelihood of you having your assets blocked from export are very remote, as long as you haven't broken laws somewhere along the line.

 

 

[chingching]

FWIW,  if you have broken the law,  or don't want to do the paperwork,  or for any other reason yr funds may be flagged,  When you open your thai bank acct, make sure you have online banking.  Make bank transfers to bx.in.th, OR coins.co.th Or Localbitcoins.  Buy btc with your deposited fiat.  

Now your funds cannot be restricted by any govt, and are available to you in any country no matter where.

[speedtripler]

26 minutes ago, chingching said:

FWIW,  if you have broken the law,  or don't want to do the paperwork,  or for any other reason yr funds may be flagged,  When you open your thai bank acct, make sure you have online banking.  Make bank transfers to bx.in.th, OR coins.co.th Or Localbitcoins.  Buy btc with your deposited fiat.  

Now your funds cannot be restricted by any govt, and are available to you in any country no matter where.

 

Japan is leading the way  (as usual) in embracing  cryptocurrencys like Bitcoin and ethereum for rapid cheap payment systems

 

Singapore, Switzerland, hk and USA  are also thriving but I see Thailand now climbing the ranks faster than I expected... 

 

At any given time there are ~800 Bitcoin traders online on Bx.in.th  and thats up from about 300 last year

[Naam]

13 hours ago, Scott said:

It is my understanding that there is no $25,000 limit.   Perhaps you or someone could clarify this?

no limit = correct if the money is kept in a foreign currency account. but there is a catch! a transfer is only possible if the afore-said foreign currency is converted into Thai Baht, a permission to transfer from the Bank of Thailand has been issued and an allocation of foreign currency is granted, i.e. another conversion of Thai Baht to the desired foreign currency.

 

summary: a ridiculous procedure that even applies to transfers of foreign currency from one Thai bank to another one. been there, done that, never again!

[Minnehaha]

12 hours ago, PaulGoossens said:

Ok thanks all 4 your help!

Unless you are American. 

To move money out you need work permit, as of Dec 2016, according to K Bank manager in Bkk and K Bank Help line by phone. 

If you are on extension of stay based on marriage you cannot send 20.000 Baht to your daughter in Indonesia or the USA without an INVOICE. Or work permit. I think it is FATCA making difficulties for Yankees.

[lamecn]

There is a Citibank at the corner of Asoke and Sukhumvit in Bangkok. Ask if you can use your other Citibank accounts there.

[Naam]

57 minutes ago, Minnehaha said:

To move money out you need work permit, as of Dec 2016, according to K Bank manager in Bkk and K Bank Help line by phone. 

no fairy tales please! you don't need a work permit if you have forex in a Thai bank's forex account.

[lopburi3]

14 hours ago, PaulGoossens said:

So for our retirement visa

we need to import 2 x 850000 bht (couple not married)

and our first year budget for living.

our can we have the 1700000 bht or equivalent in Euro or Dollars on a foreign bank account?

The financial requirement is 800k not 850k.  And if you take the option to obtain a non immigrant O-A visa in home country before coming the money would not be required in Thailand for almost 2 years (as one year visa covers almost 2 year stay if new entry make just before it expires).  There is no requirement to have money for living (visa entry requires 20k baht if they want to check).  

[abab]

2 hours ago, Naam said:

no limit = correct if the money is kept in a foreign currency account. but there is a catch! a transfer is only possible if the afore-said foreign currency is converted into Thai Baht, a permission to transfer from the Bank of Thailand has been issued and an allocation of foreign currency is granted, i.e. another conversion of Thai Baht to the desired foreign currency.

 

summary: a ridiculous procedure that even applies to transfers of foreign currency from one Thai bank to another one. been there, done that, never again!

 

So the only smart solution is to carry your money in your pants !

 

 

[bazza73]

One possible solution is to draw out Thai baht from your Thai bank account and convert to US dollars at a money exchange. They accept that US dollars are needed when going to places like Vietnam and Cambodia. I don't know what amount would start raising red flags, however.

[Minnehaha]

3 hours ago, Naam said:

no fairy tales please! you don't need a work permit if you have forex in a Thai bank's forex account.

No fairy tale. And nobody mentioned forex account. 

My post stands as factual.  Sending cash abroad from savings account and not showing a wp. 

 

[simoh1490]

21 minutes ago, Minnehaha said:

No fairy tale. And nobody mentioned forex account. 

My post stands as factual.  Sending cash abroad from savings account and not showing a wp. 

 

Absolute nonsense. I don't have a WP but I have lived here on an o-A visa for over fourteen years, in that time I've moved funds, ten million or more, backwards and forwards between the UK, IOM and Thailand, outbound from Thailand over a dozen times or more as exchange rates have mandated. There is no BOT regulation regarding funds transfer and a WP, just one bank managers made up fiction.

[Minnehaha]

6 minutes ago, simoh1490 said:

Absolute nonsense. I don't have a WP but I have lived here on an o-A visa for over fourteen years, in that time I've moved funds, ten million or more, backwards and forwards between the UK, IOM and Thailand, outbound from Thailand over a dozen times or more as exchange rates have mandated. There is no BOT regulation regarding funds transfer and a WP, just one bank managers made up fiction.

It was not nonsense to me. 

You are not Amwrican.

You are not subject to FATCA. 

My post stands. And pls note my call to K Bank. 

By the way I have been here 26 years. This was my first experience. 

I also moved more than 1 Mil out and in at same bank branch. All new to me. 

Maybe just Americans?

[Naam]

52 minutes ago, bazza73 said:

One possible solution is to draw out Thai baht from your Thai bank account and convert to US dollars at a money exchange. They accept that US dollars are needed when going to places like Vietnam and Cambodia. I don't know what amount would start raising red flags, however.

-all Thai banks convert Baht into foreign currency, no need to go to a money changer (except when the rate is much better). advantage when getting forex from Thai banks is that you get crisp new notes in desired denominations (delivery ususally within two days).

 

-when travelling with cash exceeding a value of US-Dollars 20,000.-

the money has to be declared at airport customs. maximum allowance for cash Thai Baht is 50,000.-

 

-when travelling to neighbouring countries (Myanmar, Laos, Cambodia and Malaysia). the maximum is Thai Baht 500,000.-

[simoh1490]

18 minutes ago, Minnehaha said:

It was not nonsense to me. 

You are not Amwrican.

You are not subject to FATCA. 

My post stands. And pls note my call to K Bank. 

By the way I have been here 26 years. This was my first experience. 

I also moved more than 1 Mil out and in at same bank branch. All new to me. 

Maybe just Americans?

Nope, it's just Kasikorn, nothing to do with Americans per se.

 

UOB Thailand has similar issues, staff are forbidden to have any contact with US based banks, the Fed or the US governement in any shape or form.  I couldn't even get my US tax refund deposited at UOB Thailand because it would mean they had to clear the check through the US, I ended up clearing the check using CIMB.

[Naam]

58 minutes ago, Minnehaha said:

nobody mentioned forex account.

read the first half a dozen postings. but this time with reading glasses

[bazza73]

15 hours ago, Naam said:

-all Thai banks convert Baht into foreign currency, no need to go to a money changer (except when the rate is much better). advantage when getting forex from Thai banks is that you get crisp new notes in desired denominations (delivery ususally within two days).

 

-when travelling with cash exceeding a value of US-Dollars 20,000.-

the money has to be declared at airport customs. maximum allowance for cash Thai Baht is 50,000.-

 

-when travelling to neighbouring countries (Myanmar, Laos, Cambodia and Malaysia). the maximum is Thai Baht 500,000.-

Good information. The rate from Sakol Money Exchange in CM is much better than Thai banks - spread between buy and sell a lot less.

[sandyf]

On 5/3/2017 at 4:22 PM, Naam said:

-all Thai banks convert Baht into foreign currency, no need to go to a money changer (except when the rate is much better). advantage when getting forex from Thai banks is that you get crisp new notes in desired denominations (delivery ususally within two days).

 

-when travelling with cash exceeding a value of US-Dollars 20,000.-

the money has to be declared at airport customs. maximum allowance for cash Thai Baht is 50,000.-

 

-when travelling to neighbouring countries (Myanmar, Laos, Cambodia and Malaysia). the maximum is Thai Baht 500,000.-

It is usually a better rate from an exchanger, we buy Yuan fairly regularly and always get good quality notes otherwise the Chinese banks here in Thailand will not accept them.

[elgenon]

Don't think so. They did a full body scan when I left in February.  : (

[speedtripler]

On 2017-5-3 at 0:16 PM, abab said:

 

So the only smart solution is to carry your money in your pants !

 

 

Keep it in your "prison wallet"