how to transfer funds from kasikorn to UK bank

[pumpjack]

     i am back in UK.  i need transfer funds 3million baht from kasikorn to uk bank to buy a house here.          i am registered with cyber banking online with kasikorn.   

do i need go into my own bank in uk and request that they ask for the funds or do i do it online with kasikorn ,        i looked yesterday and it states 1 million per day limit.

    what do i need from kasikorn a swift code or IBAN number ?   my home branch is in hau hin.    would it be easier if i called their service centre ? 

 

THANKYOU

 

Edited May 24, 2017 by pumpjack

[NanLaew]

Kasikorn will need proof of the origin of funds before remittance overseas is permitted. If you already have enabled this to be done via internet banking and provided them with accepted proof of funds origin (Thai salary, etc.), it should be a case of configuring your receiving UK bank information (bank name, branch, account name, number, sort code, IBAN, etc.,) in your Kasikorn online account list of payees. Then it should be easy to do in 3 separate online transfers.

[pumpjack]

these funds were from sale of condo .    so do i start the process with my uk bank here in uk.    last time i made an international TT  about 10 years ago it was for 5 million and it was sent back to uk without them asking any questions ( siam commercial bank ) 

 

thanks for your answer but im confused 

[skatewash]

1 hour ago, pumpjack said:

these funds were from sale of condo .    so do i start the process with my uk bank here in uk.    last time i made an international TT  about 10 years ago it was for 5 million and it was sent back to uk without them asking any questions ( siam commercial bank ) 

 

thanks for your answer but im confused 

I think things may have changed over the past 10 years.  My understanding now is that to accomplish an electronic bank transfer from a Thai bank to a foreign bank outside the country the Thai bank will want to see evidence of where the money came from to comply with Bank of Thailand anti-money-laundering regulations.  In your case I believe you should have in your possession a Foreign Exchange Transaction (FET) form (or equivalent document) issued from your Thai bank that shows the money being brought into Thailand for the purchase of your Thai condo.  In my understanding you would not have been able to register your ownership to the Thai condo at the Land Office without showing the FET (or equivalent document issued by your Thai bank) under requirements spelled out in the Condominium Act about the money for the purchase of a condo under that act needing to come from outside of Thailand.

I also believe you must initiate the transaction from your Thai bank with your UK bank as the recipient.  You will need the relevant information for your UK bank, IBAN, Swift code, etc. (which if you don't already have you can probably get from your UK bank's website).  I think you must push the money from Thailand rather than pull the money from the UK.  Again, this is due to the anti-money laundering regulations imposed by the Thai government on electronic transfers of money leaving Thailand.  Whether you can do this entirely online depends on your Thai bank. 

[pumpjack]

i got this email from kasikorn today ,  see below - 

Referring to your enquiry about Global Outward, I would like to provide you with the information you have enquired: If you are a foreigner who is working in Thailand, you can make an International Funds Transfer via K-Cyber Banking.

If you are not working in Thailand, you can make a Global Outward at any Kasikornbank branch or International Trade Center by filling in Global Outward Application. 

You can transfer money to overseas within the same day, if you make the transaction before 3.30 p.m. on business days. The date and time of receipt may be different from local time due to the different time zones and business hours of each country. 

The following details are needed for application:
1. Supporting documents indicating purpose of transfer
2. ID Card or Passport of the transferor
3. First and last name including the local contact number of the beneficiary
4. Account number of the beneficiary. 
5. The name of beneficiary's bank and the branch
6. Destination country
7. The amount of money that would be transferred

You can check about required documents from Kasikornbank website (www.kasikornbank.com) at menu "Personal> Services> Money Transfers and Bill Payments> Global Money Transfer> Global Outward> Global Outward Form".

If the transferred amount exceeds or equivalent to $50,000, the transferor has to fill in the form showing the details of the transaction. The bank staff will assist you in preparing these documents.

Transaction Fee:
1. The beneficiary pays the foreign bank charge in Baht (Charge Ben) : 500 Baht
2. The sender pays the foreign bank charge in Baht (Charge Our) : 500 Baht + additional fee which depends on the currency as follows:
     - JPY : +0.05% of transferred amount (Minimum fee of 5,000 JPY)
     - EUR : + 25 EUR (1,200 Baht)
     - GBP : +20 GBP (1,200 Baht)
     - USD : +30 USD (800 Baht)
     - Others : +30 USD (800 Baht)

    so,       i need funds of approx 3 million baht transferred to my uk bank ,     do i need to return to thailand to initiate this transfer ( i just returned 2 days ago )    i do not have evidence of my money where it came from to buy my condo in first place , the money was saved and sent from uk over a long period of time about approx 5 years .  i took all 2.5 million baht from my bank in one go cash to buy the condo and no questions were asked at that time what it was for or anything .     i bought condo from matrix and im sure that matrix can give me a reciept for the 2.5 million cash . 

 

  i cant return to thailand so soon,  what chance or what options do i have to get these much needed funds ? 

 

thankyou

[skatewash]

1 hour ago, pumpjack said:

    so,       i need funds of approx 3 million baht transferred to my uk bank ,     do i need to return to thailand to initiate this transfer ( i just returned 2 days ago )    i do not have evidence of my money where it came from to buy my condo in first place , the money was saved and sent from uk over a long period of time about approx 5 years .  i took all 2.5 million baht from my bank in one go cash to buy the condo and no questions were asked at that time what it was for or anything .     i bought condo from matrix and im sure that matrix can give me a reciept for the 2.5 million cash . 

 

  i cant return to thailand so soon,  what chance or what options do i have to get these much needed funds ? 

 

thankyou

I'm assuming of the 7 requirements referenced in the letter that 2-7 are no problem for you to comply with, so will concentrate solely on the first requirement:
 

Quote

1. Supporting documents indicating purpose of transfer

What they need to see here is evidence of money being brought into Thailand for the purpose of purchasing the original Thai condo.  You say that the money was brought into Thailand in a number of transactions that occurred over a period of several years.  Ideally each of those electronic bank transactions should have indicated that the money being brought into Thailand was being brought in for the purchase of a specific Thai condo.  Then you should have obtained for each transfer from your Thai recipient bank a Foreign Exchange Transaction Form (Tor Tor 3) if the amount exceeded the equivalent of $50,000 USD (or possibly $20,000 USD depending on exactly when the money was transferred and the FET triggering amount in effect at the time).  If you brought less than that FET triggering amount then you should have sought from your Thai recipient bank a credit advice letter that basically contains the same information as the FET for each transaction.  

In other words, let's say you brought money into Thailand to purchase this condo at three different times.  At the end of this process you should have requested and received three different FETs (or credit advice documents, depending on the size of the individual transactions) from your Thai recipient bank.  These documents should have been required to be produced at the Land Office in order to accomplish the registration of your condo in your name.  That's the requirement of the Condominium Act of 2008 (and I assume it was also a requirement of the previous Condominium Act in effect prior to 2008).  The Land Office should not have allowed the registration to go through without this documentation being presented.  It's required legally in order to do the purchase of a freehold condominium, plus if you retain copies of these documents it establishes a documentary history that you can use to repatriate the money if you sell the condo in the future.

It doesn't sound like you were involved in doing this which is a problem.  Either the Land Office overlooked this requirement, or it is possible I suppose that your developer did it for you somehow (how is an interesting question because I think they would have had to go to your Thai recipient bank and request the FET or credit advice documents on your behalf -- maybe you gave them power of attorney to do that on your behalf?).  So at this point if you do not have the FETs or credit advice documents it's possible that the developer does, or it is possible that the Land Office does.  So you might need to check first with your developer about how your purchase was registered at the Land Office and whether they retained any of the documentation (specifically FETs or equivalent) or whether it is possible to obtain copies of that from the Land Office.

 

So, that's what your current bank wants to see.  If you take a look at the form you will have to fill out to initiate the transfer:
https://www.kasikornbank.com/th/Download/Level4_doc/GlobalOutward_EN_v1-0_2016.pdf

 

Specifically, the section on page 3 concerning "Repatriation of Funds by Foreign Nationals" you will see that you need to provide three types of documents to "prove inward remittance):  an FET, a credit advice, and/or other proof.  The other proof could be a copy of a passbook deposit (for each incoming transaction).  The relevant entries in the passbook will show something like FET or Foreign Exchange Transaction showing that the money being deposited in the account is coming from outside of Thailand.  So if you don't have or can't get from your developer the FETs and credit advice documents that you should have had it might just be possible to demonstrate that the money was brought into Thailand based on your old account passbooks.  Short of having evidence of this sort I don't think Kasikorn will allow the transfer to proceed.

 

So, to repeat, the Thai bank from which you are trying to transfer money back to the UK don't care about how you got the money, they just want to see that the money (used to purchase the Thai condo) was brought into Thailand from overseas.  Sounds like your best bet may be to contact the Juristic person at your former condo development and hope that they can help you with documentation.

 

Once having the necessary documentation you can then fill out the form indicated above and mail all that to Kasikorn if that is acceptable to the bank.  Obviously all this is easier to do in person in Thailand but it may be possible to do it by mail.  Also, obviously you will want to do only one large money transfer if possible as it will save you on fees charged.

 

Good luck!

[elgordo38]

19 hours ago, pumpjack said:

these funds were from sale of condo .    so do i start the process with my uk bank here in uk.    last time i made an international TT  about 10 years ago it was for 5 million and it was sent back to uk without them asking any questions ( siam commercial bank ) 

 

thanks for your answer but im confused 

10 years ago is 5 lifetimes in the banking business. 

[LivinLOS]

Buy bitcoin

[Pib]

Me thinks you are going to have to return to Thailand to show up in person at the bank with all required documents.  Thailand is the Land of Smiles for incoming money, but the Land of Frowns for outgoing money without all required documents (especially for large transfers).  

[JamJar]

Also beware of poor exchange rates.

Compare the cost of using an independent service.

www.superrichuk.com/

[lucjoker]

go back

take money out of thai bank

go to chinese bank and change in pound notes

put pound notes in suitcase

fly back

put pound slowly in UK bank

simple ,no problemo

ps wrap your suitcase in plastic on the airport when leaving Th.

dont tell no one ......

[Pib]

^^^^Tried and true method of money launders, drug runners and terroists. Works at least 51% of the time.

[pumpjack]

dear <deleted> god..........they want me to return to thailand to make the TT  see below - 

 

First of all, we are apology for the previous email and inconvenience cause for you, we would like to inform you that normally, to make a global outward you need to contact Kasikornbank branches along with bankbook and passport due to you need to show up in person only.

Due to the global outward cannot be performed from overseas since our bank applies the customer's security and confidentially policy. We truly apologize for inconvenience.

 

By the way, in your case if you have K-Debit/ATM card you may withdraw the money from overseas machine even there is the limit per day to withdraw you can check your limit and change the limit by contact K-Contact Center (66) 2888 8888, press 2 for English, press 06 then enter 16 digits of card number follow by # for 24 hours/ 7days (withdrawal maximum per day is 200,000 Baht)

In addition, K-Debit card is able to withdraw the cash around the world through ATM with "PLUS or VISA” sign with 100 Baht per transaction and changes in exchange rate is not over than 2.5 percent and there might be addition charge from oversea ATMs machine.

 

  so,  is there another way ?  i need to return to my work on monday .    what about the daily withdrawal ,  say i withdraw £300 each time  from an ATM  how much would i be charged in total to get back 2.8M baht .

Edited May 26, 2017 by metisdead
Profanity removed.

[skatewash]

2 hours ago, pumpjack said:

dear <deleted> god..........they want me to return to thailand to make the TT  see below - 

 

First of all, we are apology for the previous email and inconvenience cause for you, we would like to inform you that normally, to make a global outward you need to contact Kasikornbank branches along with bankbook and passport due to you need to show up in person only.

Due to the global outward cannot be performed from overseas since our bank applies the customer's security and confidentially policy. We truly apologize for inconvenience.

 

By the way, in your case if you have K-Debit/ATM card you may withdraw the money from overseas machine even there is the limit per day to withdraw you can check your limit and change the limit by contact K-Contact Center (66) 2888 8888, press 2 for English, press 06 then enter 16 digits of card number follow by # for 24 hours/ 7days (withdrawal maximum per day is 200,000 Baht)

In addition, K-Debit card is able to withdraw the cash around the world through ATM with "PLUS or VISA” sign with 100 Baht per transaction and changes in exchange rate is not over than 2.5 percent and there might be addition charge from oversea ATMs machine.

 

  so,  is there another way ?  i need to return to my work on monday .    what about the daily withdrawal ,  say i withdraw £300 each time  from an ATM  how much would i be charged in total to get back 2.8M baht .

Making the following assumptions:

1.  You have 2,800.000 THB in Kasikorn Bank

2.  You change your daily withdrawal limit from Kasikorn Bank to the maximum 200,000 THB per day

3.  You take 300 GBP out per ATM transaction

4.  the exchange rate offered by Kasikorn Bank is 44.41750 THB to 1 GBP (taken from Kasikorn GBP TT Selling rate from their website)

5.  The use of the ATM in UK is free to you.  The local ATM imposes no additional fee on you to withdraw money from the UK ATM.

 

Then you could do the following each day:

 

1.  Withdraw 300 GBP from your ATM fifteen (15) times per day, for a total of 4,500 GBP per day.

2.  Since you are doing fifteen (15) ATM transactions per day, Kasikorn would impose a per ATM transaction fee of 100 THB per transaction or 1,500 THB per day.

3.  This would deplete your Kasikorn Bank account by 199,878.75 THB each day (inclusive of the ATM transaction fee).  So you would be under the Kasikorn maximum 200,000 THB daily withdrawal limit. 

 

You could do the 4,500 GBP per day withdrawal for fourteen (14) days.  At the end of which you would have the following:

 

1.  You would have withdrawn 63,000 GBP and depleted your Kasikorn Bank Account by 2,798,301.50 THB.

2.  Do do this would have cost you an additional 21,000 THB in ATM fees (for 210 ATM transactions).

3.  Kasikorn Bank informs you that you may be charged up to 2.5% over the true exchange rate as a fee built into their exchange rate.  So, this fee could end up costing you approximately 69,957.56 THB.  Note this is not an additional fee but one built into the exchange rate used.
4.  Adding the ATM transaction fees and the cost of using Kasikorn's exchange rate your total cost would be approximately 90,957.56 THB (or 2047 GBP).   This means you would have paid roughly 3.275% in transaction and exchange fees to accomplish the withdrawal of 63,000 GBP.

Edited May 26, 2017 by skatewash
Added last sentence.

[pumpjack]

i have registered online k- cyber banking  .......  can this do   ????????

 

i have tried it but when i go online and click transfer international funds it asks me to input a number  SMS - OTP  but since i am back in UK now i cannot recieve an sms security password via sms/phone on my as i have only UK telephone number. 

 

  any ideas guys ??????  

 

 HELP !!!!

[skatewash]

14 minutes ago, pumpjack said:

i have registered online k- cyber banking  .......  can this do   ????????

 

i have tried it but when i go online and click transfer international funds it asks me to input a number  SMS - OTP  but since i am back in UK now i cannot recieve an sms security password via sms/phone on my as i have only UK telephone number. 

 

  any ideas guys ??????  

 

 HELP !!!!

If you have your Thai SIM with you in the UK and if you had activated international roaming for the UK with your Thai phone service provider you could receive the OTP in the UK on the phone with your Thai SIM.  

[pumpjack]

1 hour ago, skatewash said:

If you have your Thai SIM with you in the UK and if you had activated international roaming for the UK with your Thai phone service provider you could receive the OTP in the UK on the phone with your Thai SIM.  

 

i will try it but highly unlikely

[JamJar]

10 hours ago, skatewash said:

Making the following assumptions:

1.  You have 2,800.000 THB in Kasikorn Bank

2.  You change your daily withdrawal limit from Kasikorn Bank to the maximum 200,000 THB per day

3.  You take 300 GBP out per ATM transaction

4.  the exchange rate offered by Kasikorn Bank is 44.41750 THB to 1 GBP (taken from Kasikorn GBP TT Selling rate from their website)

5.  The use of the ATM in UK is free to you.  The local ATM imposes no additional fee on you to withdraw money from the UK ATM.

 

Then you could do the following each day:

 

1.  Withdraw 300 GBP from your ATM fifteen (15) times per day, for a total of 4,500 GBP per day.

2.  Since you are doing fifteen (15) ATM transactions per day, Kasikorn would impose a per ATM transaction fee of 100 THB per transaction or 1,500 THB per day.

3.  This would deplete your Kasikorn Bank account by 199,878.75 THB each day (inclusive of the ATM transaction fee).  So you would be under the Kasikorn maximum 200,000 THB daily withdrawal limit. 

 

You could do the 4,500 GBP per day withdrawal for fourteen (14) days.  At the end of which you would have the following:

 

1.  You would have withdrawn 63,000 GBP and depleted your Kasikorn Bank Account by 2,798,301.50 THB.

2.  Do do this would have cost you an additional 21,000 THB in ATM fees (for 210 ATM transactions).

3.  Kasikorn Bank informs you that you may be charged up to 2.5% over the true exchange rate as a fee built into their exchange rate.  So, this fee could end up costing you approximately 69,957.56 THB.  Note this is not an additional fee but one built into the exchange rate used.
4.  Adding the ATM transaction fees and the cost of using Kasikorn's exchange rate your total cost would be approximately 90,957.56 THB (or 2047 GBP).   This means you would have paid roughly 3.275% in transaction and exchange fees to accomplish the withdrawal of 63,000 GBP.

 

Skatewash's figures are little off.

 

TT rate has nothing to do with it. Their debit card is a Visa card and therefore will use the Visa exchange rate plus 2.5%.

https://www.visaeurope.com/making-payments/exchange-rates Site wasn't working at the time of posting, but the US version works; https://usa.visa.com/support/consumer/travel-support/exchange-rate-calculator.html/

According to that website you will need 45.903913 to buy each £. That will get you a max of £61,000. Then of course you would have to subtract the cost of the Kasikorn fee of 100 baht per withdrawal. So around £60.500

 

If the card limit is 200,000 baht one might be able withdraw over the counter(as long as the UK bank does not try to impose their own exchange rate). If they do, forget about it.

 

On the other hand, you can approach the company to which I have linked earlier.  Then it could just be a matter of transferring funds to their Thailand account and them passing on the funds to you in Pounds, minus their commission.

I guess this will be the cheapest option, as you will avoid the 2.5% plus 100 baht fee per ATM withdrawal and simply have to deal with a single commission.

https://www.bot.or.th/english/statistics/_layouts/application/exchangerate/exchangerate.aspx Current sell rate of 44.4599

 

Then you are looking at closer to the £63,000 minus Smile's commission(either flat rate or a percentage from the exchange rate).

 

But of course you may have problems with even that if you didn't set a Thai SIM up for a OTP beforehand, as you won't be able to transfer the 1,000,000 baht per day to their Thailand account.

 

 

 

 

Edited May 26, 2017 by JamJar

[steve73]

Do you know anyone in Thailand who needs THB for living expenses?  If so, and you trust them fully, arrange for them to send GBP from their UK bank to you, and at the same time transfer the equivalent THB from you K-bank to their account.  Obviously they can't use it to buy property (or not in their name), but OK for any other purpose.

 

I've used this method to help out a friend needing to repatriate some funds quickly... although not quite as much as you're planning, but it was mostly done so we'd both avoid fees & charges. 

[pattjock]

On 5/26/2017 at 4:06 PM, pumpjack said:

i have registered online k- cyber banking  .......  can this do   ????????

 

i have tried it but when i go online and click transfer international funds it asks me to input a number  SMS - OTP  but since i am back in UK now i cannot recieve an sms security password via sms/phone on my as i have only UK telephone number. 

 

  any ideas guys ??????  

 

 HELP !!!!

Call Kasikorns help line. Tell them you can not use SMS-OTP. They will ask you a number of questions regarding your personal details, bank accounts, ATM card, passport, if you can answer the questions to their satisfaction they will email you a code you can use in stead of the SMS-OTP. Note that this code can only be used that day until midnight Thai time if I remember right.

[pumpjack]

4 hours ago, pattjock said:

Call Kasikorns help line. Tell them you can not use SMS-OTP. They will ask you a number of questions regarding your personal details, bank accounts, ATM card, passport, if you can answer the questions to their satisfaction they will email you a code you can use in stead of the SMS-OTP. Note that this code can only be used that day until midnight Thai time if I remember right.

 

brilliant mate ill try it,  fingers crossed :)

[Rangerdriver]

On 5/26/2017 at 4:06 PM, pumpjack said:

i have registered online k- cyber banking  .......  can this do   ????????

 

i have tried it but when i go online and click transfer international funds it asks me to input a number  SMS - OTP  but since i am back in UK now i cannot recieve an sms security password via sms/phone on my as i have only UK telephone number. 

 

  any ideas guys ??????  

 

 HELP !!!!

Should have used Your sister inlaws phone for the OTP so that she could pass it on whilst on a Line chat for free. The land of smiles is a lifetime learning curve with hoops of fire, burning coals, beds of nails and added tax all the way. Keep On Walking said the drowner of sorrows!