Transferring large sum ($50MM) out of Thailand to US

[KasperC]

Inheriting around $50MM Baht and would like to move it to the US... Is it possible?

[KittenKong]

I know a Nigerian prince who can help you with that.

[KasperC]

Sorry, maybe I should have tagged as serious post. If you don't believe that's okay, but hypothetically is there a legal way to do it?

[JHolmesJr]

40 minutes ago, KasperC said:

nheriting around $50MM Baht and would like to move it to the US... Is it possible?

is Harold ok?

[KasperC]

2 minutes ago, JHolmesJr said:

is Harold ok?

I don't know what that means. Just asking if it's possible/legal way. Even if the amount is unbelievable how do people get more than $50K out a year?

Edited August 13, 2017 by KasperC

[JHolmesJr]

6 minutes ago, KasperC said:

I don't know what that means. Just asking if it's possible/legal way. Even if the amount is unbelievable how do people get more than $50K out a year?

i saw a spanish tv series where a couple of chicks walk into a barcelona travel agency and give a guy 100,000 euro…..he gives them an address in Bkk and a guys name and says go meet him he will give you 4 million baht. I am sure this works in reverse as well. you need a trusted name though….thats the tricky part

[KasperC]

1 minute ago, JHolmesJr said:

i saw a spanish tv series where a couple of chicks walk into a barcelona travel agency and give a guy 100,000 euro…..he gives them an address in Bkk and a guys name and says go meet him he will give you 4 million baht. I am sure this works in reverse as well. you need a trusted name though….thats the tricky part

That doesn't seem legal... I am inquiring if it's possible to legally move somehow. The money was legally earned/paid taxes in Thailand... 

[tstcman]

You can go to a bank that deals with high end clients .they would know. I.e. Bangkok

Sent from my ASUS_T00J using Thailand Forum - Thaivisa mobile app

[KasperC]

1 minute ago, tstcman said:

You can go to a bank that deals with high end clients .they would know. I.e. Bangkok

Sent from my ASUS_T00J using Thailand Forum - Thaivisa mobile app
 

Is there any bank in Bangkok that is well known for handling large sums?

[jpinx]

At the minimum - You will need the legal paperwork to prove where the money came from.  Presumably it is now in a Thai bank in your named account, so that should not be a big problem, and then you ask that bank what they will need to transfer it to your US account.  Of course the US might want to tax it as well.  Did you check on US tax regulations regarding inheriting abroad?

[blackcab]

Doing it legally is not difficult at all. In fact I would go so far as to say it's quite easy to arrange.

[KasperC]

2 hours ago, blackcab said:

Doing it legally is not difficult at all. In fact I would go so far as to say it's quite easy to arrange.

Interesting, it was implied to me from some relatives and friends that the government isn't fond of letting that much money out of the country. 

[KasperC]

2 hours ago, jpinx said:

At the minimum - You will need the legal paperwork to prove where the money came from.  Presumably it is now in a Thai bank in your named account, so that should not be a big problem, and then you ask that bank what they will need to transfer it to your US account.  Of course the US might want to tax it as well.  Did you check on US tax regulations regarding inheriting abroad?

I was under the assumption that inheritance tax wouldn't apply... because it would been done through Thailand regulations? and I haven't spoken with any counsel yet... just thought I would get an idea on here first. 

[A1Str8]

Yes it is possible but it's not a large sum of money at all.

[KasperC]

Just now, A1Str8 said:

Yes it is possible but it's not a large sum of money at all.

By simple bank transfer... or is it more intricate than that?

[A1Str8]

3 minutes ago, KasperC said:

By simple bank transfer... or is it more intricate than that?

If you can prove the origin of the money, you can simply transfer it. 

If you can't then buy bitcoins in Thailand then exchange it back in the US. 

[blackcab]

2 minutes ago, KasperC said:

Interesting, it was implied to me from some relatives and friends that the government isn't fond of letting that much money out of the country. 

 

It might surprise you, but Thailand holds considerably more foreign exchange reserves than the United States does.

 

50 million baht wouldn't even scratch the surface in terms of making a difference to Thailand.

 

The Bank of Thailand is neither fond nor not fond of letting currency of that quantity out of the country. If you qualify and you can supply the correct supporting documents then you will not have a problem.

[KasperC]

1 minute ago, A1Str8 said:

If you can prove the origin of the money, you can simply transfer it. 

If you can't then buy bitcoins in Thailand then exchange it back in the US. 

Even if the origin of the money is Thai based?

Someone else brought up bitcoin, but I heard it would be difficult to exchange that amount from crypto currency to US dollar and how do I explain that to the US government.

[blackcab]

11 minutes ago, KasperC said:

By simple bank transfer... or is it more intricate than that?

 

Yes of course by bank transfer. The days of shipping gold bars by steam powered ships passed some time ago.

[KasperC]

5 minutes ago, blackcab said:

 

It might surprise you, but Thailand holds considerably more foreign exchange reserves than the United States does.

 

50 million baht wouldn't even scratch the surface in terms of making a difference to Thailand.

 

The Bank of Thailand is neither fond nor not fond of letting currency of that quantity out of the country. If you qualify and you can supply the correct supporting documents then you will not have a problem.

This is very helpful, thank you! My worry was all of the money is Thai origin and from the sales of commercial real estate in Bangkok.

[A1Str8]

1 minute ago, KasperC said:

Even if the origin of the money is Thai based?

Someone else brought up bitcoin, but I heard it would be difficult to exchange that amount from crypto currency to US dollar and how do I explain that to the US government.

Anyway they will ask for proof regardless of whether it's Thai based or whatever based. Obviously you don't have proof otherwise we wouldn't be having this convo. So you gotta move it in another way. 

It would be easy to exchange it back to USD. And why would you need to explain it to anyone. 

Digital currencies allow you to move it anonymously, given that you do your research and you use scramblers to make tracing it almost impossible. 

But obviously you cannot do it all at once. You have to do it in parts. 

You can also buy diamonds with a certificate and then sell it over there. 

There are so many ways to do it. 

[inThailand]

Yes you can transfer it out. But normally Thai banks will only allow it in smaller chunks, like 2M at a time.

Edited August 13, 2017 by inThailand
fat fingers

[A1Str8]

What does it matter anyway. If you had 50 million, you wouldn't advertise it on an internet forum and you would have either the brains or the connections to move it. 

[blackcab]

13 hours ago, inThailand said:

Yes you can transfer it out. But normally Thai banks will only allow it in smaller chunks, like 2M at a time.

 

That's not quite true. After the equivalent of $50,000 US the Bank of Thailand requires additional documentation. The transfer will also attract additional scrutiny.

 

If you have the correct documentation there is no problem transferring out any amount.

[gummy]

Absolutely no problem,  just ask the PM how to do it.  According to Panama papers you could also consult the head of CP and Central groups as they may be able to provide relent advice although maybe for on 50 million they may not be interested

[mstevens]

50 million baht is a sizeable amount of money for an individual to have.  I'd expect someone who had earned that amount of money legally would have a few clues on most things, including how to transfer it out of the country.

[inThailand]

7 minutes ago, mstevens said:

50 million baht is a sizeable amount of money for an individual to have.  I'd expect someone who had earned that amount of money legally would have a few clues on most things, including how to transfer it out of the country.

Are you suggesting this could possibly be a troll post?

[lkn]

On 8/13/2017 at 5:20 PM, KasperC said:

Inheriting around $50MM Baht and would like to move it to the US... Is it possible?

Assuming you are a foreigner, you will have to go to a Thai bank and provide them with documentation to prove the source of your funds (inheritance).

 

This could be the death certificate of the deceased and their will, but given that we are talking about ฿50 million then you may also have to document or explain how the deceased achieved their fortune.

 

There is no law preventing you from taking money back to the U.S. but there are anti-money laundering regulation, know your customer requirements, and also some Thai specific checks to ensure the money was not earned by working illegally in Thailand.

[TallGuyJohninBKK]

1 hour ago, lkn said:

Assuming you are a foreigner, you will have to go to a Thai bank and provide them with documentation to prove the source of your funds (inheritance).

 

This could be the death certificate of the deceased and their will, but given that we are talking about ฿50 million then you may also have to document or explain how the deceased achieved their fortune.

 

There is no law preventing you from taking money back to the U.S. but there are anti-money laundering regulation, know your customer requirements, and also some Thai specific checks to ensure the money was not earned by working illegally in Thailand.

 

Finally someone provided a serious, sensible answer -- apart from all the smart alec B.S. offered above.

 

I'm assuming the OP is talking about an amount equal to about $1.5 million USD, which is a lot to be sending via wire transfer. I'm not sure what the maximum amounts are for individual international wire transfers, but for that amount, you really need to be talking to the foreign exchange desk at one of the Thai bank HQs like BKK Bank in Silom.

 

Since the OP indicated he has the legitimate documentation (inheritance) of how he came by the money, I'd assume the bank is going to want to see gobs and gobs of documentary evidence about that. So best to come prepared and packing.

 

Also, be aware -- on the assumption that you're an American citizen -- by having that large an amount in your foreign bank account, you've triggered reporting requirements under U.S. government tax rules called FATCA and FBAR. So if you're not already aware of the reporting requirements for each of those regulations, it's time to bone up on them. Lots of threads here on those subjects and their requirements. Potentially hefty $ penalties if you fail to report as required.

 

[blackcab]

1 hour ago, TallGuyJohninBKK said:

I'm not sure what the maximum amounts are for individual international wire transfers...

 

For non Thai people it is an unlimited amount if supported by the correct documents.

 

For Thai people it's normally up to 1 million USD per specified use per person per year, with the exception of purchasing real estate. This has a limit of 50 million USD per person per year.

 

The limits are so high that very few people would be troubled by them.