Transferring money back to UK

[rakthai]

I am hoping to receive money in my Thai bank account which, as I live in the UK,  I haven't used for years but still have the passbook (hopefully it works). It will be a considerable sum being from the proceeds of a property sale. I want to transfer this money back to the UK as I don't live in Thailand. Can someone advise of any restrictions on limits of transferring money out of Thailand? Or indeed of any potential problems I may incur?

 

Thanks in advance.

rakthai

[retarius]

Good luck mate. If it really is a sizeable amount then take some time off and come over here to arrange it.

[Muhendis]

I don't know for sure but I have heard that you will need to satisfy the bank that your house was purchased with funds transferred from the UK before they will release such to your UK account. The question then arises about the difference between the price you paid and the selling price. That question is beyond me to answer but it could be that the bank will allow for inflation (or maybe not). I wish you luck with that.

[skatewash]

Thai banks must comply with Bank of Thailand anti-money laundering regulations so you may find it difficult to do what you are trying to do unless you can produce the documents that show you brought the money into Thailand to purchase your property.  These take the form of Foreign Exchange Transaction forms or similar documents issued by you bank when you originally brought the money into Thailand via electronic transfer.  You should have needed to present these same documents to register your purchase at the Land Office.  With these documents in hand you shouldn't have much problem doing the electronic transfer to the UK you wish to accomplish.

Whether you can do this from the UK is up to your bank.  If they will except the documentation described above electronically then perhaps you can accomplish the transfer by phone or even using online banking.  The bank may have transaction limits and/or daily transfer limits.  Depends on the bank.  Obviously it's in your interest to do a single transfer to avoid overhead costs.  It will be much easier to do in person, but with a cooperative bank it may be possible to do from the UK.

[LivinLOS]

Don't forget capital gains tax is required on any appreciation and is charged and filed as standard income tax. 

 

Once you have the tax clearance, sending it out its easy. 

[david555]

I think you would  be needed in Thailand to assist the transaction  ......!

Extract Pages From FETT INFO.pdf

[david555]

54 minutes ago, LivinLOS said:

Don't forget capital gains tax is required on any appreciation and is charged and filed as standard income tax. 

 

Once you have the tax clearance, sending it out its easy. 

...If there is a F.E.T. form (old name TorTor  Sam (3) from transferring the money in to Thailand with purpose buying condo ..., unless the sale was done as a Thai (official ) resident or Thai national ....

_ExtractPagesFrom FETT INFO.pdf

[williamgeorgeallen]

i have done it from selling my house in pattaya. basically you need to be in thailand. take every scrap of paper you have regarding the property then to from bank to bank till you get it done. it may take persistence.  expect several different sets of rules from branch to branch of the same bank. not sure how much you are looking to transfer but i would do a few thousand dollars first then if that goes well break it up into say 4 larger transactions to spread your risk. good luck.

[The Fat Controller]

Are you sure your Thai bank account is still active ?

Some banks make then dormant after inactivity.

Think you need to be in Thailand to get it all sorted.

Edited June 21, 2017 by The Fat Controller

[natway09]

You can only take out amounts over 500,000 Bht if can prove that monies imported in the first instance

(there is an exception for expats who have had a work permit & paid tax  for 5 continuous years.

I would get them to hold the monies (do not send to your old a/c) when monies available jump a plane

[Delight]

 You haven't specified if the property is a house purchased via Thai company or a condo in your name.

If it is the former then suggest that your buyer pays directly into your UK account.  If this is not possible  it will be almost impossible to repatriate the funds

 

If it is the   latter and you have the original bank book showing inward funds to Thailand -then that may be enough. The  date in the book and  the purchase date of the condo will tally

Edited June 21, 2017 by Delight
added detail

[rakthai]

Thanks for all the info.

 

its a little complicated but I appreciate the heads up.

 

my father had a house built with his Thai partner in his name but probably on her land  and he has returned to the UK due to ill health and we have POA,  his ex Thai partner bless her,  has managed to sell the house and provide us with the monies less expenses etc... We weren't expecting anything to be honest. Never thought a house in the middle of nowhere in a rural village would generate a sale. The locals could never afford it. 

 

You've all all raised some interesting points some of which I am aware and some not, but it does seem the ex Thai partner is dealing with everything over there and it could all come off.

 

yes , my account is closed as it was dormant for more than one year, I wonder if I could open it easily again or would I need a Thai address.

 

no doubt some of you may be interested in this little drama so I'll keep you informed. I myself spent a good year or so in Thailand, had the GF etc.. But never got hitched. I love the place but I needed to return home and work. I'm now settled here in the UK.

 

Edited June 26, 2017 by rakthai

[LivinLOS]

On 6/20/2017 at 10:41 PM, david555 said:

...If there is a F.E.T. form (old name TorTor  Sam (3) from transferring the money in to Thailand with purpose buying condo ..., unless the sale was done as a Thai (official ) resident or Thai national ....

_ExtractPagesFrom FETT INFO.pdf

an FETF is only to send out the amount you sent it.. 

 

The capital gains tax is required on the property's asset appreciation (lets assume it should have some) and the difference between sent in and sent back out of the investment.