Christopher Albert Posted January 20, 2019 Share Posted January 20, 2019 Greetings, In Jan 2016 I applied and got a Thai retirement visa. I left in Nov of thet year, things have changed and I am now living in Mexico. I am retired US Army and need to be closer to a VA hospital for treatments. I put 20KUS in a Bangkok Bank account for the purposes of the visa. Now I want it back. I plan on flying to Bangkok to do so. I would like to wire transfer all the money in my account to my US bank, and close my account. Is this possible? What nasty surprises might I expect? How much will it cost to get my money out? Any advice appreciated. Link to comment Share on other sites More sharing options...
mstevens Posted January 20, 2019 Share Posted January 20, 2019 It all depends on the type of account the money is in. If the balance is locked in to a term deposit account, you might not be able to withdraw it until the maturity date (or if you do withdraw it early, there might be a reduced interest payment / penalty). If it's a standard savings account, you can withdraw it all / close the account immediately. If you have proof / can show that the funds were brought in to Thailand from abroad, it should not be a big problem to make a telegraphic transfer to your US bank. The cost of the last telegraphic transfer I made was, from memory, 550 baht. If for any reason it is not possible to transfer the balance directly to the States, simply withdraw the entire balance and then take it to a money changer like Super Rich or Vasu and get it exchanged in to US dollars which you can take to America and deposit in to your account there. Link to comment Share on other sites More sharing options...
NCC1701A Posted January 20, 2019 Share Posted January 20, 2019 24 minutes ago, Christopher Albert said: What nasty surprises might I expect? make sure you bring that funny passbook from 1965 they gave you. original deposit slips from when you opened the account. (if you still have them, not necessary) any ATM cards your passport your banks routing number and account number. you might have to go to the same branch that you opened the account, not sure. and yes worse case you withdraw the cash. but i think you need to declare it coming back to the USA because more than $10k, if traveling with friend or family you can divide it up. Link to comment Share on other sites More sharing options...
moonseeker Posted January 20, 2019 Share Posted January 20, 2019 Bring passport and bankbook. Details of destination bank including IBAN, Swift, Bank Code or Routing Number if available, as well as full address. BKKB is easy to transfer out. Just state medical or personal reasons. Cost now 1,200 total if charges on both ends included or 400 for TH end only. Max. amount below 1.5 Mio. Enjoy Mexico. Great and better choice in the right places.. MS> Link to comment Share on other sites More sharing options...
RKASA Posted January 20, 2019 Share Posted January 20, 2019 1 hour ago, NCC1701A said: make sure you bring that funny passbook from 1965 they gave you. original deposit slips from when you opened the account. (if you still have them, not necessary) any ATM cards your passport your banks routing number and account number. you might have to go to the same branch that you opened the account, not sure. and yes worse case you withdraw the cash. but i think you need to declare it coming back to the USA because more than $10k, if traveling with friend or family you can divide it up. You can download and fill out the form for funds in excess 10k and declare it entering the US - best - because dividing it among others is not legal and so stated on standard customs form - it is not a problem declaring valid cash leaving Thailand (15k dollars or more) or entering the US (10k dollars or more) - it is a problem trying to structure the movement of cash or not declaring it. A swift transfer from Bangkok Bank (your account) to (your account) in the US is easy at any main branch and in that amount the fee would be not more then 1250Baht - funds will arrive in your account in as little as 5hour or up to 5 working days depends on trending rate - if moving for Thai banks i.e. dollar dropping it will take as little as 5 hours. The routing number is not your normal one like you use for ACH or direct deposit - find online your banks international wire transfer routing number and swift code. Site that swift code and append your account number to that wire transfer routing number. The details of the account in US must match the address and name of that account on the form. If you have online banking with the us account check your profile and be sure you use the address they have for your account. Just did such a transfer from a local BB branch for 12k - they said easier if a main branch but did it via a fax and telephone call with main branch while I waited took all of 15 minutes and they made copy of face page passport etc. If it starts to be hassle i.e. manager is in self inflicted ass covering mode which leads to no can do - just withdraw funds or find another branch - you can order the amount of dollars you need right from that branch and come back and pick it up if not in stock. No need to run around town with wad of baht looking for exchange. You can get 10k dollars to carry and transfer the rest or what ever This type of transfer requires no online account at BB just pass book and ID and properly filled out form. It is helpful if passbook shows the deposit from off shore and returning the funds to same account of origin, at any rate just note in remarks on the form the truth - your returning your money from your account to your account. Link to comment Share on other sites More sharing options...
glegolo Posted January 20, 2019 Share Posted January 20, 2019 Check up Transferwise, they are great USA to Thailand, but the other way around I dont know. But as Transferwise is just transfering the money from their own thaiaccount to their own USA-account. maybe this is the simplest and cheapest way to do it... glegolo Link to comment Share on other sites More sharing options...
dotpoom Posted January 21, 2019 Share Posted January 21, 2019 "but i think you need to declare it coming back to the USA because more than $10k, if traveling with friend or family you can divide it up. " I had thought it was up to $20K without declaring it....then was corrected on here that it had changed to $15K....now you say it's $10K...? Link to comment Share on other sites More sharing options...
Tracyb Posted January 21, 2019 Share Posted January 21, 2019 I have one suggestion for you. If you decide to wire transfer your funds back to the USA you might want to stick around in Thailand until you can verify that the funds are deposited into your USA account. If the transfer gets gacked up for any reason you’ll be better situated to fix things if you’re still able to get to your Thai bank! Link to comment Share on other sites More sharing options...
cmrichsw Posted January 21, 2019 Share Posted January 21, 2019 Where in Mexico? what are the visa requirements there? Thank you for your reply Link to comment Share on other sites More sharing options...
Kerryd Posted January 21, 2019 Share Posted January 21, 2019 I'd just do (2) wire transfers, both for a little under 10k. I'm guessing you have a bank account in Mexico. You could transfer one sum to that account and the second sum to your account in the US. Or both sums to the same account. Or wire one sum, spend some of the balance on your holiday, close the account (or just empty it) the day before you leave, convert the baht to US $ at the airport and fly home. Carrying 90(+) x $100 bills will be a pain though. Personally, I'd do a wire transfer, then a second one a couple days later, then empty the account of whatever is leftover on the last day (could even do it at the airport using an ATM). If you have the correct wire transfer information (including IBANN and/or SWIFT code) it shouldn't be a problem. I think the banking system confirms the number before the transaction is processed so it's not like the transfer will "disappear" into thin air. I've never had a problem with a wire transfer. (Note: American banks like IBANN codes but Thailand uses SWIFT. Check with the American/Mexican bank you want to send the money to and see if they have both codes - just in case Thailand won't/can't use an IBANN code. This was an issue for me when I was having my salary wire transferred to Thailand as my Canadian bank wanted an IBANN number but was still able to process the transactions using the SWIFT code. Not sure if the Thai banks are able to do the same thing so it would be better to have both codes if possible.) No requirement to tell the Thai bank why you are doing the transfer or that you plan on closing the account either. Link to comment Share on other sites More sharing options...
Mavideol Posted January 21, 2019 Share Posted January 21, 2019 5 hours ago, moonseeker said: Bring passport and bankbook. Details of destination bank including IBAN, Swift, Bank Code or Routing Number if available, as well as full address. BKKB is easy to transfer out. Just state medical or personal reasons. Cost now 1,200 total if charges on both ends included or 400 for TH end only. Max. amount below 1.5 Mio. Enjoy Mexico. Great and better choice in the right places.. MS> Not so sure, El Chapo is in jail but they still have a punch of drug lords and violence/kidnapping is a daily business activity Link to comment Share on other sites More sharing options...
topt Posted January 21, 2019 Share Posted January 21, 2019 4 hours ago, glegolo said: Check up Transferwise, they are great USA to Thailand, but the other way around I dont know. But as Transferwise is just transfering the money from their own thaiaccount to their own USA-account. maybe this is the simplest and cheapest way to do it... glegolo Transferwise do not do transfers out of Thailand. Depending on where the OP is and if he has issues transferring directly from his account to the US and he does not want to take cash then he could look at DeeMoney. Link to comment Share on other sites More sharing options...
orchidfan Posted January 21, 2019 Share Posted January 21, 2019 2 hours ago, topt said: Transferwise do not do transfers out of Thailand. Depending on where the OP is and if he has issues transferring directly from his account to the US and he does not want to take cash then he could look at DeeMoney. I used Torfx via the UK to Australia. BB transferred the baht equivalent to $Aud12k to Torfx (need to open an "account" through them with Barclays Bank) and pass their security check. ...proof of address in Thailand etc...then they offer an exchange rate..if agreed..all done very quickly and no fees from Torfx. Just another option as most of these transfer companies don't want to touch Thai baht...but BB (big branch) sent the baht no problem. Cost around B1000 all up. Just another option. Link to comment Share on other sites More sharing options...
xylophone Posted January 21, 2019 Share Posted January 21, 2019 If he has online banking he can transfer his funds to a US account without coming to Thailand, can he not? Link to comment Share on other sites More sharing options...
moe666 Posted January 21, 2019 Share Posted January 21, 2019 5 hours ago, dotpoom said: "but i think you need to declare it coming back to the USA because more than $10k, if traveling with friend or family you can divide it up. " I had thought it was up to $20K without declaring it....then was corrected on here that it had changed to $15K....now you say it's $10K...? It has always been 10,000k Link to comment Share on other sites More sharing options...
Benmart Posted January 21, 2019 Share Posted January 21, 2019 8 hours ago, RKASA said: You can download and fill out the form for funds in excess 10k and declare it entering the US - best - because dividing it among others is not legal and so stated on standard customs form - it is not a problem declaring valid cash leaving Thailand (15k dollars or more) or entering the US (10k dollars or more) - it is a problem trying to structure the movement of cash or not declaring it. A swift transfer from Bangkok Bank (your account) to (your account) in the US is easy at any main branch and in that amount the fee would be not more then 1250Baht - funds will arrive in your account in as little as 5hour or up to 5 working days depends on trending rate - if moving for Thai banks i.e. dollar dropping it will take as little as 5 hours. The routing number is not your normal one like you use for ACH or direct deposit - find online your banks international wire transfer routing number and swift code. Site that swift code and append your account number to that wire transfer routing number. The details of the account in US must match the address and name of that account on the form. If you have online banking with the us account check your profile and be sure you use the address they have for your account. Just did such a transfer from a local BB branch for 12k - they said easier if a main branch but did it via a fax and telephone call with main branch while I waited took all of 15 minutes and they made copy of face page passport etc. If it starts to be hassle i.e. manager is in self inflicted ass covering mode which leads to no can do - just withdraw funds or find another branch - you can order the amount of dollars you need right from that branch and come back and pick it up if not in stock. No need to run around town with wad of baht looking for exchange. You can get 10k dollars to carry and transfer the rest or what ever This type of transfer requires no online account at BB just pass book and ID and properly filled out form. It is helpful if passbook shows the deposit from off shore and returning the funds to same account of origin, at any rate just note in remarks on the form the truth - your returning your money from your account to your account. Thank you for posting a first hand account of your experience. I also thank you for cautioning the person concerning structuring the movement of funds by dividing it up amongst others that may be traveling with the OP. The contrary "advice" from another poster, however well meaning, can lead to serious consequences; none of which would affect the wayward advisor. Link to comment Share on other sites More sharing options...
LawrenceN Posted January 21, 2019 Share Posted January 21, 2019 14 hours ago, NCC1701A said: but i think you need to declare it coming back to the USA because more than $10k, if traveling with friend or family you can divide it up. So what? Go ahead and declare it. Fill out a form, show the same proof you showed Bangkok Bank that it came from the US if they ask, and explain your change in retirement plans. There's nothing ominous or heavy-handed about it. Link to comment Share on other sites More sharing options...
NCC1701A Posted January 21, 2019 Share Posted January 21, 2019 14 minutes ago, LawrenceN said: So what? try not to start comments like this. it is rude. 14 minutes ago, LawrenceN said: There's nothing ominous or heavy-handed about it. who said anything about ominous or heavy-handed? i was just listing something for him to be prepared for. Link to comment Share on other sites More sharing options...
Pib Posted January 21, 2019 Share Posted January 21, 2019 OP, Shouldn't be a problem. Just be sure to bring along the account passbook/any other paperwork you have showing the funds were originally transferred into Thailand. Also be sure you know the coding needing to transfer to your US bank. I mean your US bank's SWIFT code, your account number, etc. Get with your US bank to get this info. Bangkok Bank will charge approx Bt1,200 to do the transfer and you will use the baht in your account to buy dollars at the bank's TT Selling Rate (i.e., how much baht they each dollar they will sell you). Or you could just hand carry the money out...be sure to declare it with outgoing and incoming customs. Personally, I don't like carrying big sums of money....I would transfer it. Or you could possibly use DeeMoney (a money transfer service in Bangkok) to transfer the funds depending on your US bank/credit union. Where some one said maybe use Transferwise, you can not use Transferwise to send funds "out" of Thailand. Great company for sending money "into" Thailand but they don't send money out of Thailand. Also, if you currently have a debit card associated with the account you could use that card to pull the funds in small chunks. Link to comment Share on other sites More sharing options...
KittenKong Posted January 22, 2019 Share Posted January 22, 2019 20 hours ago, xylophone said: If he has online banking he can transfer his funds to a US account without coming to Thailand, can he not? Not normally possible from USD (and other currency) accounts here. In fact I dont think that any of my banks here would let me do it from THB accounts either, though I admit I have never tried. FCD accounts here usually require the physical presence of the account holder for withdrawals, though a friend of mine with one can make online internal transfers from his FCD account to his own THB account, and can then make online transfers from his THB account to my THB account with another bank. Link to comment Share on other sites More sharing options...
KittenKong Posted January 22, 2019 Share Posted January 22, 2019 13 hours ago, Pib said: Or you could possibly use DeeMoney (a money transfer service in Bangkok) to transfer the funds depending on your US bank/credit union. For USD deposits, how would he get the money from his bank to DeeMoney? If you withdraw from an FCD account in foreign cash many (all?) banks here make a handling charge of up to 1%. I dont know what system if any they have here for electronically transferring currency to another Thai bank but even if they have one I bet it isnt free, so that could be another cost. Link to comment Share on other sites More sharing options...
Mavideol Posted January 22, 2019 Share Posted January 22, 2019 maybe you want to reconsider going to Mexico..... News Mexico sets new murder record with more than 33,000 killed in 2018 Link to comment Share on other sites More sharing options...
Pib Posted January 22, 2019 Share Posted January 22, 2019 58 minutes ago, KittenKong said: For USD deposits, how would he get the money from his bank to DeeMoney? If you withdraw from an FCD account in foreign cash many (all?) banks here make a handling charge of up to 1%. I dont know what system if any they have here for electronically transferring currency to another Thai bank but even if they have one I bet it isnt free, so that could be another cost. I know the OP said it put $20K in Bangkok Bank but he didn't specifically say it was a FCD account. He could have meant he just transferred to $20K to his Bangkok Bank account which was a regular Thai baht account. The OP has been silent mode since his post although he was on ThaiVisa today....maybe he will come out of silent mode and provide some more info. He could hand carry the money to DeeMoney if desired to do the transfer. Do it in a couple of smaller transfer if desired....the sending fee is only Bt150 per transfer regardless of size. And just like at a Thai bank where they use their TT "Selling" Rate to convert funds for transfer if necessary DeeMoney would use their selling rate but they call it the "Money Transfer Rate." In either case of using either a Thai bank or DeeMoney there is around a 1% currency exchange markup which is basically an indirect fee. Yeap, going to be costs involved in whatever electronic transfer method he uses to get the money back to the US. He should have no problem in just having Bangkok Bank do a SWIFT transfer for around Bt1,200. And if it is a FCD account, then that makes it even easier to transfer the funds out from the bank. Link to comment Share on other sites More sharing options...
Skeptic7 Posted January 22, 2019 Share Posted January 22, 2019 On 1/21/2019 at 1:49 AM, NCC1701A said: make sure you bring that funny passbook from 1965 they gave you. ???? Link to comment Share on other sites More sharing options...
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