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BANGKOK 17 June 2019 04:39
Hal65

Transferring high amounts vs low amounts more often

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For anyone in the know about thai banks, do you think it's worth added fees and time to do smaller transfers? I'd like to add to my investment account without causing problems, but of course it's more hassle and costly to transfer more often. The US will flag any transactions they deem suspicious, Thailand may or may not be like that too.

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Thailand likes any transfer, sky's the limit!

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I would be transferring out of Thailand. As the average salary here is still like $500/month I feel apprehensive tranferring 300k THB, maybe even half that. Then again I'm a foreigner which they should also see

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How much is your bank charging you for transferring money ?

IMHO and certainly with my bank, they can charge very high feeds indeed.

Personally I use transferwise. Good exchange rate and the fee is very reasonable

 

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6 hours ago, Hal65 said:

he US will flag any transactions they deem suspicious,

years ago i was told transfers of any type in the USA above $10,000 were automatically reported to the IRS. 

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40 minutes ago, NCC1701A said:

years ago i was told transfers of any type in the USA above $10,000 were automatically reported to the IRS. 

I don't believe that is true. It is $10,000 cash that banks will report (deposits), not digital transactions. There is a form they need to fill out.

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If your money is clean, the amount should not matter much... just remember people bring far larger sums here for purchase of condos etc... 

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Posted (edited)
14 hours ago, scoutman360 said:

I don't believe that is true. It is $10,000 cash that banks will report (deposits), not digital transactions. There is a form they need to fill out.

I have to agree with NCC1701A, and doing a quick Google search so does Transferwise:

 

 

The magic number $10,000 comes from the US government in this case, although it’s a common benchmark in many parts of the world. Under the Bank Secrecy Act, the IRS and other government bodies are required to report information about cash transactions over the value of $10,000¹ and to collect details about wire transactions over $3,000.²

 

Banks also have a duty to inform the IRS of any other suspicious activity. For example, they’ll report it if a customer seems to be trying to split up payments in such a way as to avoid hitting the $10,000 mark by making multiple smaller linked payments.¹ This is intended to deter and discover any individual trying to avoid paying tax, or any flows of money linked to illegal activity, such as crime, money laundering, or funding terrorism.

Edited by ClaySmc
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22 hours ago, Hal65 said:

The US will flag any transactions they deem suspicious,

if you don't have anything to hide what's the problem? Everybody has to live on something. Do whatever makes financial or practical sense to you.

I try to transfer once per year what I expect to spend plus a cushion and then its done. I don't have to worry about suddenly finding some cash for an emergency and unless Thailand goes ahead and massively reduces deposit protection do not see an issue.

16 hours ago, Hal65 said:

I feel apprehensive tranferring 300k THB

For many posters that is a relatively small amount and unless you are trying to stay under the $10k amount not much point. 

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U.S. govt weblink below summarizes the rules per the Bank Secrecy/Anti-Money Laundering laws/regulations.  Reports can be submitted on amounts much smaller than $10K.....they are looking at more than just the amount to determine if a report needs to be submitted.

 

https://www.ffiec.gov/bsa_aml_infobase/pages_manual/olm_015.htm

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16 hours ago, Chelseafan said:

How much is your bank charging you for transferring money ?

IMHO and certainly with my bank, they can charge very high feeds indeed.

Personally I use transferwise. Good exchange rate and the fee is very reasonable

 

He said he would be transferring OUT of Thailand. So Transferwise no good, Dee Money OK.

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19 hours ago, Pib said:

...unless you are sending the money for bad things like for Joe the Terrorist. 

 

  

You mean Joe the Plumber? 

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3 hours ago, wgdanson said:

He said he would be transferring OUT of Thailand. So Transferwise no good, Dee Money OK.

Ok I misunderstood but where did he say he was transferring out of Thailand?

 

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