Transfering money overseas

[buksida]

I've just been into two different banks, both of which I have had accounts with for several years to enquire about transferring money overseas.

The answers I got were as follows:

Bank 1 (SCB) : Possible but very difficult, you will need a million documents.

Bank 2 (Kasikorn) : Cannot, too difficult.

Has anyone successfully transfered any money from a Thai bank account to an offshore one? How did you do it and what was involved?
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I've got a bad feeling about this

[webmaster]

Hi Buksi,

Unless it's a company route, as in you are paying for the goods you have ordered from abroad (import, invoive, shipping) or services (invoice only), it's close to impossible to get the money released to a foreign bank.

Also the charges and fees will be astronomical.
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Say mai penrai live longer!

[prcscct]

[buksida]

Possibly, maybe worth opening one next time I'm in the Big Mango and transferring some from these backwater provincial branches up there and then out (if they'll let me).

Anyone done this?
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I've got a bad feeling about this

[malcolminthemiddle]

To export funds over a specified limit, the local bank needs BOT permission and evidence that all taxes due on the funds have been paid.

These regulations do not apply to sums under this limit.

If I remember rightly, the limit is US$20K, not to be confused with the same limit recently placed on fund imports.

Bank charges (transfer and exchange rate) are the norm.

Sounds as if your bank are just being difficult or are not aware that there are no restrictions below the limit.

Try searching BOT web site for confirmation.



PS It has been a while since I made an outgoing transfer, so the rules may have changed.

[Burger]

BoT authorises the commercial banks to transfer 20k USD (per day) without reporting back to, or approval from, BoT.

Bangkok Bank have on several occasions transferred far more than this for me and a few times for other people I know, without question, just a normal transfer form.

Seems like it depends on the banks.

Go in tomorrow and tell the manager Bangkok Bank are happy to do it or you so you want to close your account for one of theirs.

Burger

[PAINTER01]

I came out 4 weeks ago just to sign a with drawl slip at SCB to get my money transferred back to the UK. When I got to the bank it was a different story as to what I was told in the UK by SCB.
Even though my money was transferred into Thailand with all the correct paperwork etc, obstructions were and continue to be placed to stop me taking money out of Thailand.
I have had to use a BKK lawyer to draw up the request forms as asked for by SCB but then rejected when then presented to them.
I have had to present 2 years audited accounts with share capital shown on the balance sheet on my Thai company, but then told this was not necessary.
We are now trying to get a swift withdrawl via my UK bank to SCB, very, very frustrating.
Bearing in mind my company has had audited accounts and does have the correct Thai capital invested in it.
I have summarised that at this stage obstacles are being put in place to stop withdrawls of the Thai baht to stop it being devalued. This then automatically tells me that the Baht is over valued but by what amount I do not know. The bigger picture on inward investment is more dubious as there seems to be no set rules in place on how to get your money out, as according to my Lawyer and HSBC BKK there is no reason for my money to be stopped from leaving the country.
As soon as I have a reply from our latest move to get my money out I will let you know.

[webmaster]

I hate to say this but, as I said earlier it's a bit difficult to get your money out in legal terms.

Pete has touched one of the ways but even then, there are some complications.
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Say mai penrai live longer!

[Heebio]

When my mum was over here earlier this year I asked her to open a bank account for this very purpose. If I need to move money back to the UK I'll transfer the funds into her Kasikorn account and then she simply uses her Kasikorn ATM card and withdraws the cash from any ATM in the UK, and then pay it in to my UK account - I then pay my bills or whatever online.

Appreciate this will only work up to a certain amount but I may only need it for unexpected bills etc. Dunno how much she can withdraw per day but it should do the job.
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Never trust a hippy....

[Winkie]

I regularly sent money overseas through Bangkok Bank.

I've never had a single problem, the process is very simple (1 sngle form, which I complete only about 10%).

Transfer usually arrives 24 hrs later.

Winkie
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Only the crumbliest, flakiest Winkie....

[buksida]

I have done a similar thing to Heebio before which is quite effective for small amounts.

Winkie, what sort of figures are we talking here and how recent was it (before of after coup), did the money have to come from overseas first? I can't believe two banks will say no and one other will say yes - however this is Thailand!

Petes option seems to be the best at the moment.
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I've got a bad feeling about this

[Burger]

Buski,

Bangkok Bank look at how much is in your account on their screen, then transfer upto 25k sterling (for me once) without any questions being asked.

You simply fill in part of a form, they fill in the rest later presumably.

It's a lot harder in Kasikorn and SCB though.

Burger

[Winkie]

[buksida]

Ok will check that out as I have an account there also and could well be waving goodbye to Kasikorn and SCB.
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I've got a bad feeling about this

[gooze]

SCB anything under $20,000 no problem as long as you do not do it more than once in a specified period. (they obviously were unable to tell me what the specified period is though).