Moving Back to US can I wire Money Out of LOS

[dannywla]

I plan to sell my vehicle and condo in the next 90 days.  I can always use my Bangkok Bank and Krung Thai Bank ATM card to withdrawal dollars when in the US. 

 

As as easy as it was for me to wire money into LOS has anyone wired 5 million baht back to there US Bank?

 

is it possible ?

[simoh1490]

Two parts to this:

 

When you sell your condo you'll get a blue receipt showing that you paid tax on the sale, take that to your bank and they will let you send out of Thailand the amount that is written on the receipt - lie about the value of your sale in order to save on sales taxes and the amount will be reduced!

 

Second: if you can prove you brought the money to buy your car into Thailand, you can send it out again, do you have proof from your bank that you did that?

 

Forgot: yes, I've sent back 6 mill..

Edited May 8, 2017 by simoh1490

[Crossy]

What he said ^^^

 

Plus, if you have a Work Permit you can set up effectively unlimited outgoing transfers as "Salary Repatriation" and do everything on-line.

 

My Bangkok Bank account lets me transfer up to USD 24,999.99 per day with a monthly limit of USD 100,000 and an annual limit of USD 500,000. When I first read the limits I thought they were THB (which was going to be limiting) luckily I read the detail again before embarrassing myself at the bank.

 

[6thST]

Doesn't all monies over $10,000 being brought into th US has to be declared with Customs?

[Langsuan Man]

27 minutes ago, 6thST said:

Doesn't all monies over $10,000 being brought into th US has to be declared with Customs?

Only if on your person, if transferred via electronic means, the receiving bank handles any notifications 

[Kabula]

The new rule is Thai banks will wire funds back only if you can prove with hard copy documentation that the same sum or larger was wired into Thailand.  If a rep denies your wire present your supporing Thai deposit documentation and ask that their home office review and approve the wire.

 

You might remind them if they reject your request with proper supporting documenation, you will incur massive financial damages and a civil complaint will be filed in Thailand requesting reimbursement of the sum of the wire, plus punitive damages.

[edwardflory]

US Banks MUST report -->>  ANY  <-- "activity" on a PERSONAL bank account starting at $10,000USD to Treasury.

 

This does NOT mean you are in trouble, BUT, make damn sure you remember when you file taxes, that you might be audited, make sure you are able to show, if audited, the money is NOT from ' gainfull' or 'investment' income.

 

Just a hint!

Edited May 9, 2017 by edwardflory
spelling correction

[sanukjim]

You will be paying taxes on the money that you wire back to the US to the IRS .You would be better off using your Thai bank card drawing under $5,000.00 every month.A lot of expats before were going into Mexico and carrying cash across into The US but thats not a good option now.

[Gary A]

Things may have changed since I made a temporary move back to the US. I had my Thai bank make out a cashiers check in US dollars to my US bank. I endorsed the back of the check saying that the money was to be deposited into my US bank account along with my bank account number. It was a simple way to do it and I had no problems at all. I mailed the check EMS before I left Thailand.

[simoh1490]

1 hour ago, Kabula said:

The new rule is Thai banks will wire funds back only if you can prove with hard copy documentation that the same sum or larger was wired into Thailand.  If a rep denies your wire present your supporing Thai deposit documentation and ask that their home office review and approve the wire.

 

You might remind them if they reject your request with proper supporting documenation, you will incur massive financial damages and a civil complaint will be filed in Thailand requesting reimbursement of the sum of the wire, plus punitive damages.

That's not a new rule, that's the way ity has been for at least the past fifteen years.

 

But on the point about banks refusing to transfer the funds: it's worth pointing out to the bank manager that it's BOT who sets the rules, not the individual bank, banks simply act as BOT's agent in this respect. So if the bank refuses to transfer you might ask if they really want you to complain to BOT (which you can do and is not difficult).

[lathamallika]

dont forget you are allowed to take out of thailand $20000 in cash with no questions asked ,i did on a number of occasions to get my funds out  

[dannywla]

dont forget you are allowed to take out of thailand $20000 in cash with no questions asked ,i did on a number of occasions to get my funds out  

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[dannywla]

Would that mean since we are three person we can take 60k


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[simoh1490]

31 minutes ago, dannywla said:

Would that mean since we are three person we can take 60k


Sent from my iPad using Thaivisa Connect

Yes, and if you were four you could take 80k, and so on - adults only.

[Kabula]

4 hours ago, simoh1490 said:

That's not a new rule, that's the way ity has been for at least the past fifteen years.

 

But on the point about banks refusing to transfer the funds: it's worth pointing out to the bank manager that it's BOT who sets the rules, not the individual bank, banks simply act as BOT's agent in this respect. So if the bank refuses to transfer you might ask if they really want you to complain to BOT (which you can do and is not difficult).

I've been here for going on 12 years and I wire to the U.S. frequently and at time large sums.  I never had a problem until a month ago at Kasikorn Bank when they refused to wire.  They had to consult with the home office and when it was confirmed the sum I was wiring was wired in, then they did the wire.  I was told enforcement just begin with Kasikorn.  I also read  or was told somewhere of a new rule?

[simoh1490]

1 minute ago, Kabula said:

I've been here for going on 12 years and I wire to the U.S. frequently and at time large sums.  I never had a problem until a month ago at Kasikorn Bank when they refused to wire.  They had to consult with the home office and when it was confirmed the sum I was wiring was wired in, then they did the wire.  I was told enforcement just begin with Kasikorn.  I also read  or was told somewhere of a new rule?

These are old rules which are only now being rigorously enforced as a result of FATCA and money laundering concerns in the US, Thai banks (and others) have been warned that if they fail to thoroughly check their customers they will not be allowed to do business in the US nor with American banks. Some banks have been sensible about it all and put in place realistic measures - others have gone overboard, UOB Thailand for example forbids any of their staff or branches to have any contact with American based banks or American based institutions, financial or governmental. Kasikorn, like all banks in Thailand is responsible for executing BOT policy when it comes to overseas funds transfers and that policy is very clear, banks just need to record what funds were received in order to allow them out again. But the FATCA angle adds a new dimension, if Thai banks adhere to BOT policy but run afoul of the American one, that means they will be shut out of American financial markets.

[scoutman360]

7 hours ago, edwardflory said:

US Banks MUST report -->>  ANY  <-- "activity" on a PERSONAL bank account starting at $10,000USD to Treasury.

 

This does NOT mean you are in trouble, BUT, make damn sure you remember when you file taxes, that you might be audited, make sure you are able to show, if audited, the money is NOT from ' gainfull' or 'investment' income.

 

Just a hint!

Not what I found out. Researched online and came up with numerous posts of actual bank employees saying only CASH deposits over 10,000USD are reported.

[scoutman360]

On ‎5‎/‎8‎/‎2017 at 3:19 PM, Crossy said:

What he said ^^^

 

Plus, if you have a Work Permit you can set up effectively unlimited outgoing transfers as "Salary Repatriation" and do everything on-line.

 

My Bangkok Bank account lets me transfer up to USD 24,999.99 per day with a monthly limit of USD 100,000 and an annual limit of USD 500,000. When I first read the limits I thought they were THB (which was going to be limiting) luckily I read the detail again before embarrassing myself at the bank.

 

Also, if you are no longer working and your previous Work Permit is gone, you can get a letter of employment from your previous employer(s) to give to the bank. I think Bangkok Bank wanted 400thb to do it themselves. This is important information for retirees that finally want to take their money home that they earn years ago in Thailand.

[taxout]

When you make a large wire transfer like that from Asia to your U.S. bank, one well outside your normal banking pattern, then contact your bank before the transfer and find out what documents if any they want to see to demonstrate the source of the funds. Remember, banks close accounts these days on the flimsiest of grounds. Try to avoid problems by keeping your banker in the loop.

 

And while there's no automatic notification to the Federal government of wire transfers, there is a requirement to notify the Feds of "suspicious" transfers, and the standard for suspicion is very low.

 

Sale of an overseas residence by a U.S. citizen is subject to Federal income tax, of course, but the $250,000 exclusion of gain from sale of a principal residence also applies to sale of a foreign home, if the sale meets the requirements of the exclusion.