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

[gandalf12]

You would probably have to get permission from the BoT to transfer that amount of money. How you would make such a request I have no idea but I am sure if you go to the head office of your bank and have a chat with them they should be able to assist you

[Drburt]

You can contact me.  I can do it for you.  <Email removed as per forum rules>

Dr. Burt

Edited August 16, 2017 by metisdead
18) You will not post phone numbers, email addresses, business names, or web/Facebook/Twitter/Google+ addresses in posts or signatures.

[Naam]

2 hours ago, thongplay said:

4 hours ago, Naam said:

the expressions "k" (thousand) "mm" (million) and "bb" (billion) are widespread used internationally.

Nonesense. I have never seen "MM" before. "MM" and "bb" are not "widespread used internationally".

no worries! most poor people have no idea and never seen that "mm" (not capital letters) is used for "million".

[12DrinkMore]

3 hours ago, scorecard said:

 

Good news.

 

I wonder if the local bank staff  have up to date knowledge, in fact I wonder just how much actual training typical local tellers have.

 

A few years back a professor colleague invited his local bank manager to help with a Q and A in one lesson in an MBA program, the course was 'Personal Banking'. The students 60% Thai and 40% foreign exchange students. It's an all English program, no materials or discussions in Thai. Daytime class.

 

Students quickly fired some interesting questions at the bank manager (who spoke advanced English) who quickly floundered and quickly had to say (to many of the questions) that he didn't now the answer.

 

The professor concerned very quickly announced a coffee break and the bank manager quickly said his good byes to the professor and quickly departed. 

 

After the coffee break (students realized the bank manager had already departed) the students started some open discussion focusing on their shock that a bank manager couldn't answer the questions. The exchange students even more shocked. 

 

I've personally had a similar experience in one masters degree class in a  the philosophy of education course, I invited a senior from the Ed. ministry to do a Q and A session about the Thai Ed. policies aligned to the bigger subject of the philosophy of education.

 

It was quickly obvious she couldn't even begin to answer the students questions. Again the session cut short.  

 

Highlights the huge problem that Thailand has in developing any further economically.

 

The Thais are trained from an early age to never question anything or challenge somebody in a more senior position. And conversely those in senior positions do not expect to be challenged and are totally unprepared for it.

 

There is also the hindrance of the "Save the Face" game. Asking a question means you don't understand something, so you have already lost face. And asking someone to explain puts that person in a possible "loss of face situation", so, "greng jai" takes precendence. And they carry on in mutual ignorance.

 

I am totally not surprised by your two guests. They were expecting a lot of respectful waiiing, a few minutes of extreme gratitude that they time to spare, a short massage to their egoes, and a trivial discussion on something like what's for lunch or the weather or how pretty/handsome somebody in the class was.

 

[Naam]

47 minutes ago, gandalf12 said:

You would probably have to get permission from the BoT to transfer that amount of money. How you would make such a request I have no idea but I am sure if you go to the head office of your bank and have a chat with them they should be able to assist you

any transfer of foreign currency needs BoT permission.

[Thingamabob]

Whatever you do avoid Siam Commercial Bank. They are a nightmare to deal with. Would suggest HSBC or Citibank will be able to help. Would have said Standard Chartered but they are no longer operating in retail banking, sadly.

[scorecard]

10 minutes ago, 12DrinkMore said:

 

Highlights the huge problem that Thailand has in developing any further economically.

 

The Thais are trained from an early age to never question anything or challenge somebody in a more senior position. And conversely those in senior positions do not expect to be challenged and are totally unprepared for it.

 

There is also the hindrance of the "Save the Face" game. Asking a question means you don't understand something, so you have already lost face. And asking someone to explain puts that person in a possible "loss of face situation", so, "greng jai" takes precendence. And they carry on in mutual ignorance.

 

I am totally not surprised by your two guests. They were expecting a lot of respectful waiiing, a few minutes of extreme gratitude that they time to spare, a short massage to their egoes, and a trivial discussion on something like what's for lunch or the weather or how pretty/handsome somebody in the class was.

 

 

Agree with your comments.

 

In both instances there was a wild card,  a good number of exchange students, mostly from Europe with German exchange students dominating the numbers.

 

The European students are of course not frightened to ask questions, always in excellent English, always focused and always polite, and they expect that the teacher will expect them to ask questions. In both events I mentioned this happened quickly.

 

In many such mixed classes it has some effect / limited effect on the Thai students who become more open to ask and to contribute to the class discussions etc.

 

But does the above mean that greng jai dead and buried? No, and IMHO it will take a long time to even reduce. 

Edited August 16, 2017 by scorecard

[Naam]

[fletchsmile]

55 minutes ago, Thingamabob said:

Whatever you do avoid Siam Commercial Bank. They are a nightmare to deal with. Would suggest HSBC or Citibank will be able to help. Would have said Standard Chartered but they are no longer operating in retail banking, sadly.

For Stan Chart, you have until end of August to make overseas transfers from Thailand. After that Tisco, who are talking over the retail side, have informed customers they won't be providing this.

 

HSBC also no longer have a retail banking arm for individuals.

 

Citi would probably be another one in addition to Stan Chart and UOB that should be able to help. 

[Sumarianson]

Use a Forex broker. You will have to provide the paperwork to show that that amount was transferred from outside Thailand in order to transfer out. The document that proves this is called an FET. The other way is to do in portions through many outlets using different people which will take a long time.

[charliebadenhop]

As far as Bangkok Bank goes, I was told just last week that they would charge a 1% fee of the total sent out of the country.

 

Is that credible?

 

 

[Naam]

1 hour ago, Sumarianson said:

Use a Forex broker. You will have to provide the paperwork to show that that amount was transferred from outside Thailand in order to transfer out. The document that proves this is called an FET. The other way is to do in portions through many outlets using different people which will take a long time.

do you know of any forex broker who can execute transfers exceeding the value of USD 5,000 from Thailand? you don't? i thought as much

[12DrinkMore]

1 hour ago, charliebadenhop said:

As far as Bangkok Bank goes, I was told just last week that they would charge a 1% fee of the total sent out of the country.

 

Is that credible?

 

 

 

Nope.

 

http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/TransferingFunds/TransferringOutOfThailand/Pages/OutwardFAQs.aspx

 

 

[bangkok8]

What are talking about?  50 million baht.  Where i come 50M baht is  about. 1.5 million USD.  Hell yes that is going to be impossible.  Doesn't sound like you have all the paperwork like 50 million in tata soms.  Without those your money will stay in Thailand

[scorecard]

17 hours ago, charliebadenhop said:

As far as Bangkok Bank goes, I was told just last week that they would charge a 1% fee of the total sent out of the country.

 

Is that credible?

 

 

 

Banks, most greedy profession in the world (or is that lawyers?)  of course want their cut.

 

They are entitled to a fee but why should they get a %?

 

I've received transfers many times from 3 Australian banks over several decades, they have all charges a fee but never a additional %.

 

If Thai banks do charge fees plus % I wonder if there is a ceiling. Needs checking.

[Naam]

4 minutes ago, scorecard said:

If Thai banks do charge fees plus % I wonder if there is a ceiling. Needs checking.

what part of "Thai banks charge only a fee, no additional percentage" is it you don't understand and needs checking?

[scorecard]

1 minute ago, Naam said:

what part of "Thai banks charge only a fee, no additional percentage" is it you don't understand and needs checking?

 

My comment was "...

If Thai banks do charge fees plus % I wonder if there is a ceiling. Needs checking.

 

It's obvious my point was about any ceiling.

 

Perhaps you should slow down.

 

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[charliebadenhop]

I have no followed each and every post because there has been so many......

 

So, Bangkok Bank tells me I would have to pay 1%, or rather the manager at my branch.

 

I told her I would be sending B1 mil or more.

 

Somehow I don't think she is trying to make a bit of extra on the side, because if I did ever seriously question this and she got called up by a superior, I don't think they are all in on "it".

 

So, I wonder what is what.

[TallGuyJohninBKK]

On 8/16/2017 at 3:54 PM, Thingamabob said:

 Would suggest HSBC or Citibank will be able to help. Would have said Standard Chartered but they are no longer operating in retail banking, sadly.

HSBC Thailand has been out of the retail banking business in Thailand for a long time now.

 

Standard Chartered Thai is actually still in the retail banking business for the remainder of this month (August 2017), but at the end of the month, their retail banking sale to Tisco Bank takes effect. And I'd gather Tisco is going to be far less internationally minded that Standard Chartered has been.

 

[lkv]

OP, any further updates on the 50 MM?

 

I am following this subject with great interest, I may find myself in that position soon.

[Naam]

7 hours ago, lkv said:

OP, any further updates on the 50 MM?

I am following this subject with great interest, I may find myself in that position soon.

you too expect an inheritance of

Quote

$50MM Baht

what's the exchange of the currency "$50MM Baht" vs. € and £?

[speedtripler]

2 hours ago, Naam said:

you too expect an inheritance of

what's the exchange of the currency "$50MM Baht" vs. € and £?

 

[lkv]

On 8/26/2017 at 5:54 AM, Naam said:

you too expect an inheritance of

what's the exchange of the currency "$50MM Baht" vs. € and £?

Fortunately mine is in eurodollar.