Taking money out of Thailand

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sandyhh347
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How to get money back to U.K.

Post by sandyhh347 »

Due to ill health I am selling my condo.I have heard it is difficult transferring the money from B/kok. bank back to my internet bank in U.K. can anyone tell me the best way to go about this as I need to complete a house purchase back home.Any info will be gratefully appreciated.
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Re: How to get money back to U.K.

Post by HHTel »

It often depends on the person in the bank at the time. The BOT requires banks to gather documents supporting the reason for the transfer especially if for large amounts. Selling a condo implies that you have a Foreign Exchange Transfer document when you bought it. This allows you to send the value of the sale back to your country of origin.

I assume because of ill health, you are returning to the UK so another reason that is valid is 'repatriation'.

As I've said, it does depend on who you deal with in the bank. Some will do the transfer 'no problem' while others will strictly adhere to the rules and make you jump through a few hoops.
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Re: How to get money back to U.K.

Post by Pagey »

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sandyhh347
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Re: Taking money out of Thailand

Post by sandyhh347 »

Thank you all for the advise I will trawl the banks tomorrow. Cheers everyone.Sandy
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Re: Taking money out of Thailand

Post by booboo »

I'm with Kasikorn, you can transfer 1m baht to your bank Account abroad easy, no questions, over 1 m, they want your whole life history, and documents to show where every penny came from !
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Dannie Boy
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Re: Taking money out of Thailand

Post by Dannie Boy »

booboo wrote:I'm with Kasikorn, you can transfer 1m baht to your bank Account abroad easy, no questions, over 1 m, they want your whole life history, and documents to show where every penny came from !
Can you do multiple 1m transfers, say three or four over a two week period?
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dalmatiandave
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Post by dalmatiandave »

I would go to your bank to have the very conversation you put here.

As has been said you can do multiple transfers over a period. Through Kasikorn Petkasem I transferred 2.8m to UK but via 4 separate occasions of 700000 every other day.

I had all the documentation to prove the money had been sent to Thailand for purchase of a house but trying to get the money out in one go was a nightmare. As my house had been in a company name Kasikorn Head Office insisted I produce minutes of company meetings. They knew this was impossible.

The customer service girl cut through all that bs and suggested the smaller level of 700000 over a period of 8 banking days.

It can be done but you need to talk to your bank as all the info here is based on individual experience.
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StevePIraq
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Re: Taking money out of Thailand

Post by StevePIraq »

I bank with Kasikorn Phetkasem Road branch. I have recently transferred 1.5m Baht to Australia, initially the teller did not know what to do and asked for proof of what the money was for which I do not have. I spoke with Ming at Customer Service and in a few minutes all resolved, no proof required just standard forms which Ming completed for me. The teller then took almost an hour to process the paperwork.

Easiest reason for transfer is family support and ongoing education costs.
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Re: Taking money out of Thailand

Post by wpcoe »

I had transferred (using Bangkok Bank ACH system via New York) B2.5m into Thailand last fall in anticipation of buying a condo. I ended up not buying a condo, and used some of that money as general living expenses. Last month I went to Bangkok Bank to transfer the remaining funds (about B2.3m) back to the USA. Could not do one transfer, even though I had the FET form for the B2.5m. Apparently you can only transfer back the entire original amount (i.e. B2.5.m) and not any part less than that. Go figure.

The bank officer said she could send up to B1.5m per transfer without having a problem, but to wait a couple weeks to transfer the rest.

The good news was that I did a B1.4m SWIFT transfer at 1230pm to my brokerage in the USA and by 900pm (Thai time) which is 900am USA East Coast time, the money was already deposited in my brokerage account.
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Re: Taking money out of Thailand

Post by Bluesky »

I have attached the link for Bank of Thailand currency regulations. It was last amended in Aug 2015. Have copied and pasted the regulation that is possibly relevant. There is also a second piece of legislation. Anti-Money Laundering Act (the Act), was passed in March 1999 with amendments in 2013 which I have also included the link for. I think there MAY?? have been some amendments to the Money Laundering Act earlier this year. I hope this helps.


Bank of Thailand Currency control regulations.

EXCHANGE CONTROL REGULATIONS IN c. Transfers for Other Purposes

(1) Outward remittances to Thai emigrants who are permanent residents abroad provided that funds are derived from their own assets, from their families or relatives, or from their inheritances are allowed up to USD 1 million per recipient per year for each purpose. Fund transfers to public for donation are allowed up to USD 1 million per person per year.

(2) Purchase of shares, warrants and options of related companies abroad under employee benefit plans is allowed up to USD 1 million per person per year.

(3) Purchase of immovable properties abroad is allowed up to USD 50 million per person per year.


https://www.bot.or.th/English/Financial ... fault.aspx

http://www.tilleke.com/resources/anti-m ... -complinet
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StevePIraq
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Re: Taking money out of Thailand

Post by StevePIraq »

Bluesky, that is for Thais who have emigrated not for foreigners who reside in Thailand and wish to send funds out.

"Outward remittances to Thai emigrants "
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Re: Taking money out of Thailand

Post by Bluesky »

StevePIraq wrote:Bluesky, that is for Thais who have emigrated not for foreigners who reside in Thailand and wish to send funds out.

"Outward remittances to Thai emigrants "
Easiest reason for transfer is family support and ongoing education costs. ("StevePIraq")


Thanks for your pickup on that and yes it is applicable for Thai's who have emigrated and as would be the case for many foreigners residing in thailand who have children who have emigrated for either education or business purposes ( As in my instance my children all hold dual citizenships 2 now in OZ,1 here, having studied in both countries and now running businesses) which if you are in the same situation as you had indicated in your post (yes I thought I had quoted...my bad!) and have children abroad there is no real issue providing you can if necessary substantiate the transfer.
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Re: Taking money out of Thailand

Post by jingjoe »

I send my money back in oz dollars to Australia via kasikorn bank, in the last 2months I have sent 2 times $10000aud, 1 times $30000aud and 1 times $40 000 aud, all I had to show was the money coming into Thailand,luckily I had an old kasikorn passport, so there was no problems.
I wanted to spread the transfers over a few months so as to level out the exchange rates
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Re: How to get money back to U.K.

Post by aragon »

HHTel wrote:........Selling a condo implies that you have a Foreign Exchange Transfer document when you bought it. This allows you to send the value of the sale back to your country of origin.
When we bought our house we transferred money directly from our UK bank to the developer's Thai bank, as we didn't have a Thai bank account at the time, as such we have no FET document, so can anyone advise how this would affect us trying to transfer the money out if we sold our house?
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Re: How to get money back to U.K.

Post by Bluesky »

aragon wrote:
HHTel wrote:........Selling a condo implies that you have a Foreign Exchange Transfer document when you bought it. This allows you to send the value of the sale back to your country of origin.
When we bought our house we transferred money directly from our UK bank to the developer's Thai bank, as we didn't have a Thai bank account at the time, as such we have no FET document, so can anyone advise how this would affect us trying to transfer the money out if we sold our house?
If I may ask has the Full title (Chanot Nor Sor 4,) been registered and completed by the Provincial land titles office and if so what document was used if it was not a Foreign Exchange Document (FET, Thor Tor 3?)
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