Money From Abroad

[4.real]

I will need to have some money sent from my home country .

I heard that there are now conditons [something about 30% ?]

If I have money sent to my thai bank can I withdraw it all?

[libya 115]

I will need to have some money sent from my home country .

I heard that there are now conditons [something about 30% ?]

If I have money sent to my thai bank can I withdraw it all?

Tell them to use Western Union, you will have no problems, arrives in 15 minutes, no 30% deduction for you, don't worry. Don't forget to present passport ID when you collect.

[Cuban]

The 30% BoT holding law only affects sums over USD20,000. Not a problem for most people most of the time. This will hit those looking to bring in money for houses etc etc. BoT will hold 30% of the funds for a year, after which you may "apply" for the money(without interest) to be repaid to you.

There was a last minute exclusion for money hitting the stock market, but the full effect and banking practice is yet to catch up with the new policy.

....as for why - it's a Thai idea to weaken the Baht and thus save Thai exports being beaten by the Chinese. Also look at the angst of most Americans as the Dollar falls futher on the world market.

Follow google searches such as the one below for more info.

http://news.xinhuanet.com/english/2006-12/...ent_5522720.htm

[4.real]

The 30% BoT holding law only affects sums over USD20,000. Not a problem for most people most of the time. This will hit those looking to bring in money for houses etc etc. BoT will hold 30% of the funds for a year, after which you may "apply" for the money(without interest) to be repaid to you.

There was a last minute exclusion for money hitting the stock market, but the full effect and banking practice is yet to catch up with the new policy.

....as for why - it's a Thai idea to weaken the Baht and thus save Thai exports being beaten by the Chinese. Also look at the angst of most Americans as the Dollar falls futher on the world market.

Follow google searches such as the one below for more info.

http://news.xinhuanet.com/english/2006-12/...ent_5522720.htm

Thanks for that info guys. I should be ok then as I only need a couple of thousand pounds sent.

Edited December 23, 2006 by 4.real

[Humphrey Bear]

I am bringing in 60k sterling to buy a house.

Both my UK and Thai banks have told me no prob's - provided I show that the money is going on a house.

[libya 115]

I am bringing in 60k sterling to buy a house.

Both my UK and Thai banks have told me no prob's - provided I show that the money is going on a house.

Good Luck!

Are you confident that property purchase is wise, considering all the recent visa/farang restrictions and Thai ethnocentricity?

[Humphrey Bear]

I think I'm covered as far as I want to be.

I am lending the money to my (Thai) wife, so that she can purchase the property.

In return I already have a 30-year lease registered at the land office, a deed of loan and an agreement regarding monthly repayment of the loan and monthly rent on my part.

I can afford the money - my wife has a secure property and we're both happy.

I also have a house back in the UK, rented out, earning lots of loverly lolly, so I see nothing but silver linings.

[Mobi]

I am bringing in 60k sterling to buy a house.

Both my UK and Thai banks have told me no prob's - provided I show that the money is going on a house.

Hi Humphrey,

I would check very carefully before transferring the money here. I read few days ago that when foreigners are sending money over to buy condos (which they can lergally buy - unlike houses), they must clearly state the name of the condo, project and contract number in order to avoid having 30% withehld.

I'm not convinced that even the banks know what documents/evidence are required to be exempt from the 30 % withhoilding. The original order was only made on the 19th, and as with everything in Thailand, it will take them a while to get the details sorted.

If it were me, I wouldn't trust any bank who told me it was OK - they have a repuation for getting everything round their necks, and the UK banks wouldn't have a clue. At the end of the day you are not bringing in money to buy a house, because you are not allowed to buy a house. You are bringing in money to lend to you your wife, which is a totally different matter.

Of course you may be fine - but I would proceed with the utmost caution, if I were you.

[monty]

It'll help if you have some sort of relationship with the manager of your branch. It is him who decides if you fall under the 30% rule or not.

My bank manager assured me that a little chat with him about where the funds are going to be used for is all that is needed.

Remember, buying goods and or services makes you exempt of the 30 % rule!

Condo's are no problem at all, houses are a little bit more difficult since you're not supposed to buy the land they're standing on anyway...

I'd have a good chat with your bank before proceeding if I was you, just to make sure!

[Rimmer]

I will need to have some money sent from my home country .

I heard that there are now conditons [something about 30% ?]

If I have money sent to my thai bank can I withdraw it all?

Tell them to use Western Union, you will have no problems, arrives in 15 minutes, no 30% deduction for you, don't worry. Don't forget to present passport ID when you collect.

That's very interesting libya 115 can you telll us more on this please? From what you say it seems like it may be a loophole?

[rocky]

As you are sending more than 25k over you can arrange with the bank and book a rate, which means you will get more bht t the pound than the over the shelf rate. It takes abit longer in the bank, but at 60k sterling 1 bht more is nearly 900 sterling, so look into this

If you are bringing the money over for a long term like a house purchase, well the one year 30% rule will make very little to no difference to you.

People look at life with very different risk attitudes, if you are happy with your risk, then there is no problem, I feel there bigger dangers in Thailand than sending money back holding 30%.

When the money goes into your thai bank account, ensure this is not the account that you use an atm on, you wouldn’t wish your card to be copied and your large funds withdrawn.... (also when using an atm here, only use indoor machine as it is much much much much safer....much much)

Some of the posters have a point with all of the instability here at this time, new rule after new rule and non of them seem to be farang friendly.

Remember right now in Pattaya it is a buyers market, there are many houses that have been on the market for a while, you are in the power position, use it.

Good look with your new challenge and live here in the Land of the smiles

[thebounder]

There are lots of exclusions to the 30% rule, including, but not limited to, purchases of land/property/condos. If a farang is buying a land/a house in a company name, technically he would be investing in a Thai company, which owns the house. So long as the farang's shareholding is more than 10% of the company and the individual has a management role in the company, the transfer qualifies as FDI (foreign direct investment) which is another exclusion from the 30% rule. Accordingly, the rule should have no effect on any property purchases.

[Sophon]

As you are sending more than 25k over you can arrange with the bank and book a rate, which means you will get more bht t the pound than the over the shelf rate. It takes abit longer in the bank, but at 60k sterling 1 bht more is nearly 900 sterling, so look into this

Always god to get the best possible rate, but 1 bht more to the pound would be overly optimistic as the "shelf rate" should be less than 0.5 baht below the interbank rate.

Sophon

[rocky]

As you are sending more than 25k over you can arrange with the bank and book a rate, which means you will get more bht t the pound than the over the shelf rate. It takes abit longer in the bank, but at 60k sterling 1 bht more is nearly 900 sterling, so look into this

Always god to get the best possible rate, but 1 bht more to the pound would be overly optimistic as the "shelf rate" should be less than 0.5 baht below the interbank rate.

Sophon

I disagree,

i bought dollars and bht, anything over 25k sterling and the rate was very differnet, this in my expierence anyway

[KhonJaiYen]

How does this new law affect joint bank accounts? For example, my Thai wife and I have joint accounts in Thailand and in the middle east. We normally send savings back every year to Thailand and depending on the exchange rates very often exceed the new limit. Being as she is Thai would this except us from this law. Thoughts?

[Cuban]

Being as she is Thai would this except us from this law. Thoughts?

As expected the letter of the law is still waiting for the dust to settle, The BP has carried a few articles on how the new law will be enforced over the past few days, I took a cutting from Saturday's Business section that had some fresh words on the subject. From what I remeber house purchase was excluded from the new law. The wording that I have seen used the phrase, "money from overseas". So it would include monies held by a Thai national in the FE; for example; coming back to Thailand just for investment.

On banking FX rates, transactions through banks (of all types) will offer different Spot Rates for a few $ for the average tourist compared to a big lump of money. Also remember to haggle the rate with your bank, shop around as one of the posters above says a fraction of a % is a few more Baht on your house, consider it an extra wall or a door or two.