Export profits from rental income???

[3421abc]

I have a couple of apartments rented in Thailand and I want to send the rental income out of Thailand. How can I do this?

I read many posts about exporting the money from real estate sale but never from a rental income. I am wondering how the process works. I no longer want to keep much money here.

[tonray]

I assume the first step would be to show that you have paid taxes due on the income.

[Peterw42]

Coudnt you do something like get a Thai credit card, buy things in another country then pay the credit card using thai funds ?

[xylophone]

Whenever I've wanted to send funds out of Thailand I have just done it by visiting my local bank!

 

Keep the money in an account until it reaches a certain level then transfer it.

[NanLaew]

2 hours ago, xylophone said:

Whenever I've wanted to send funds out of Thailand I have just done it by visiting my local bank!

 

Keep the money in an account until it reaches a certain level then transfer it.

Are the funds you send out from income earned in Thailand through local employment with an associated Thai work permit?

 

Looking at the rules for permitting transfers to foreign banks via local online banking, the bank would want to see the Thai work permit that enables the local income before allowing this.

[xylophone]

4 hours ago, NanLaew said:

Are the funds you send out from income earned in Thailand through local employment with an associated Thai work permit?

 

Looking at the rules for permitting transfers to foreign banks via local online banking, the bank would want to see the Thai work permit that enables the local income before allowing this.

No.

[3421abc]

I went once to do a wire transfer from bkk bank in Silom and the first thing the women asked  me was a work permit. I said dont have it, she then said sorry cannot do wire transfer.

I got very upset and she looked into my account history and saw some incoming wire transfer From overseas 2 yrs ago. She said she could transfer out the same amount and if I wanted to transfer more I would have to show a work permit.

I wonder if anyone has sent out rental income since for that we dont need a work permit.

[xylophone]

1 hour ago, 3421abc said:

I went once to do a wire transfer from bkk bank in Silom and the first thing the women asked  me was a work permit. I said dont have it, she then said sorry cannot do wire transfer.

I got very upset and she looked into my account history and saw some incoming wire transfer From overseas 2 yrs ago. She said she could transfer out the same amount and if I wanted to transfer more I would have to show a work permit.

I wonder if anyone has sent out rental income since for that we dont need a work permit.

If you have the "correct" paperwork showing the funds that you brought in to purchase the apartments, then were transferring an equivalent amount out in reasonable sized lumps, there shouldn't be a problem.

 

The other way is to purchase a short term Thai Govt bond, keep it for a short while, then withdraw the funds and then transfer them. This provides a paper trail as to where you got the funds from, so no questions asked.........and all legal.

[Khun Jean]

Open an account and get an ATM card that allows international withdrawals.

Did that for more then 15 years without any problem. (i used to stay 5-6 months per year in other countries)

 

 

[williamgeorgeallen]

19 hours ago, Khun Jean said:

Open an account and get an ATM card that allows international withdrawals.

Did that for more then 15 years without any problem. (i used to stay 5-6 months per year in other countries)

 

 

thats the easy way to do it. my thai ATM card works outside thailand. forget credit cards, hard to get and lots of fees. just get a high limit per transaction.

[inThailand]

Or have your tenants pay their rent to your non Thai bank account.

[Khun Jean]

22 hours ago, inThailand said:

Or have your tenants pay their rent to your non Thai bank account.

That is rather difficult and costly for them. Don't make paying you more difficult then necessary, any little problem gets exponentially bigger when international transfer from Thailand are needed.

 

[inThailand]

Some tenants may prefer paying from their home country bank to yours using their bank's electronic transfer system. 

[NanLaew]

On 7/16/2017 at 9:42 PM, Khun Jean said:

Open an account and get an ATM card that allows international withdrawals.

Did that for more then 15 years without any problem. (i used to stay 5-6 months per year in other countries)

 

 

That will work if one is happy to pull cash in different countries including your home country where cash could be deposited in a home bank account. Due to daily limits on ATM withdrawals by both the card issuing bank and the foreign ATM, at best this could only be a drip-feed way of repatriating money. Where permitted, one could possibly do a teller transaction for a greater amount but I assume there would still be daily limits. Unfortunately, bank-to-bank remittances FROM Thailand TO another country do still have several restrictions as pointed out earlier. The Thai Government Bond would be a viable option for those who have neither a work permit (proof of locally earned income) nor purchased a condominium (proof of funds from overseas) and wish to send money back home.

[scubascuba3]

The best answer I've read is ask the tenant to pay in your home currency. This may work perfect if they are from your country and still have a bank account.

I know someone who does it the other way around, rents out a place in the UK and receives rent in thai baht. Tenant pays same GBP amount every month and the landord takes the p&l of any currency movements

[William C F Pierce]

The cheapest easiest way to do this from a Bank account in any country is to  use an online FX company to do an International transfer.

Do it through a bank and their charges will be higher.

[Khun Jean]

15 hours ago, NanLaew said:

That will work if one is happy to pull cash in different countries including your home country where cash could be deposited in a home bank account. Due to daily limits on ATM withdrawals by both the card issuing bank and the foreign ATM, at best this could only be a drip-feed way of repatriating money. Where permitted, one could possibly do a teller transaction for a greater amount but I assume there would still be daily limits. Unfortunately, bank-to-bank remittances FROM Thailand TO another country do still have several restrictions as pointed out earlier. The Thai Government Bond would be a viable option for those who have neither a work permit (proof of locally earned income) nor purchased a condominium (proof of funds from overseas) and wish to send money back home.

With a maximum of 100.000 baht per day pulling cash from the ATM is really convenient. I don't have rental properties that give that much return per day so the 100.000 baht limit was no problem. You do need to do 2 or 3 withdrawals to get to that maximum as often the specific banks ATM machine only allow for a maximum number of notes. In Europe that is often 20 notes of 50 euro.

Per withdrawal the costs were approximately 7-10 euro including transfer and exchange costs. To minimize that it is best to pull the maximum the machine allows.

[inThailand]

The most likely scenario is...

The tenant is transferring money regularly, ie pension to his Thai bank account and paying the OP. And then the OP wants to transfer this money out of Thailand. Both parties are paying fees and exchange rates. Conducting this transacation more directly between them would be less, even if the costs were split. 

[Khun Jean]

Thats true. I answered from my perspective. My rental income is mostly from Thais and some from foreigners who make their money in Thailand.