How much money can I transfer without it being impounded

[Big Boy]

I've been looking in vain for the recent thread about the Thai Authorities impounding 30% of money transferred in to Thailand for one year. Can't find it anywhere.

My reason for looking is that I seem to remember reading that if you transferred money in units of less than 10,000 Pounds at a time, the new legislation did not apply. Could somebody please confirm this?

If my previous statement is correct, does anybody know the frequency that you can transfer amounts of say 9,950 Pounds without incurring the 30% penalty for 12 months?

Would it make any difference to the frequency if for example I transferred 7,500 Pounds per week for 5 weeks, but immediately moved the money to another account as it was received in Thailand?

[ozuncle]

BB
I understood the amount was US$20,000.
I have sent amounts below this on a number of occaisions into private bank accounts. I always made the comment "family gift"
I realy think they are only looking for very big amounts going into corporate accounts.

[lomuamart]

Have a look at these links. Must admit a lot of it goes over the top of my head. Good luck:

http://www.bot.or.th/fipcs/Documents/FO ... 490114.pdf
http://www.bot.or.th/bothomepage/Genera ... n5249e.htm

[Big Boy]

Thanks guys, that information is brilliant. That PDF document was hard work, but I think I now know enough to do what I need to do.

You guys on this board rarely let me down.

Thanks again

[Burger]

The BoT authorises the commercial banks to transfer upto 20,000 USD per day, without the need to report it back to BoT or get special approval.

But I and people I know have transfered more than that at Bangkok Bank and no questions or special forms were used.

Burger

[niggle]

I am planning to transfer 900,000 BHT from UK bank to Bank in Thailand. AM I then better to make 2 transfers?

[ozuncle]

Anything more than US$20,000 is risky IMO.
But as I mentioned before I really think they are only targeting big corporations.
Not us small fry.

[gaijin]

[I am planning to transfer 900,000 BHT from UK bank to Bank in Thailand. AM I then better to make 2 transfers?]. It depends on what the 900,000 is for. If it is towards the purchase of land or a condominium, a business or shares in a listed company, then there is no need to split the transfer. If however, if you are so lucky that this is your drinking money so to speak, then yes split the transaction.[/quote]

[Mack111]

its no problem if its for a house just tell the bank prior to carrying out the transfer.

but as burget says 20,000 USDa is the trigger point for uk bank to investigate

[johnnyk]

I've transferred money before from an offshore bank and had the bank mark "for house purchase" on it so I can re-patriate the money if I sell up.
My understanding is that the "house purchase" notation was for sums in excess of 20K US$.
I now need to bring in a bit less than that to buy my furniture and kitchen. I thought I might bring traveler's cheques as my home gov't wants to know all about me if I transfer 10K$ or more from a CDN bank.
Anybody know if I bring in TCs will Kasikorn Bank give me the paper noting the money is for house purposes?
Any info is gratefully appreciated. Thanks.

[Nereus]

Anybody know if I bring in TCs will Kasikorn Bank give me the paper noting the money is for house purposes?
Any info is gratefully appreciated. Thanks.

I very much doubt it Johnnyk. You would probably be better off doing it in two TT transfers, the better exchange rate will just about cover the additional costs involved, and you will then have a record of the funds being transferred in from overseas.

[Burger]

Property investment has been specificially excluded from the 30% deduction.

So if it is for this purpose you can transfer as much as you like, even over 20,000 USD, just put for property investment on the reference section.

Burger

[johnnyk]

Thanks!

[elem]

When transfering funds for property, always make sure to ask the Thai Bank for a paper/certificate stating that the funds are indeed for purchasing property. I was told by BKK bank that if you don't, you might have trouble later if you ever want to transfer the amounts out of Thailand again.

[johnnyk]

Yes, I got the paper for my first transfer. This time I will transfer less than US$20K so was wondering if than that is eligible to be noted "for house".
I thought it had to be more than 20K???