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Limits transferring money out of Thailand

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WWW.deemoney.com  also known as Sawasdeeshop  Soi 8 Sukumvit corner and Floor 31 Ocean Tower near BTS Asoke walkable  15 minutes.   No other branches so far as I am aware.  You can register on their web page but easier to go in with your passport and paperwork.  The compliance hoops are simple. They will remit your money home in chunks of 800,000 or similar amounts at a fee of 150 baht each time.  Large sums they may waive the 150 baht fees.  Speak to Santosh. Ciustomer Acquisitions 02 696 9599 Ext 1201.

Its a decent deal, as good as anything else you will find if any other avenues exist at all.

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8 hours ago, PETERTHEEATER said:

As I understand it, the Bank of Thailand limits the exported cash upper limit to ThB 800,000 per transaction. This for Personal amounts. The limits are higher for commercial (Company) transfers.

 

Looking at DEE MONEY, they have an upper limit per transaction and it is lower than the 800k limit so would have to carry out two separate transactions daily to utilise the BoT limit of 800k.

 

My (Thai) wife is about to face this. She expects to sell a property and wants to transfer the proceeds to a UK account. When you are looking at (say) 25 million Thai Baht that would require two transactions per day for over a month if using DEE MONEY to avoid the much higher bank transfer charges.

 

Or am I see it wrong?

We were in a similar situation a couple of years ago. Sold our home and wanted to transfer the proceeds back to the US. I ran into all sorts of issues at Bangkok Bank - the local branch was fine, but the HQ in BKK wouldn't approve the transfer, even with the branch faxing them lots of backup documentation.

The solution was to move the money to my wife's account at the same bank, and have her do the transfer to our joint account in the US, using "family support" and "living expenses" as the reasons for transfers. No problem at all transferring several million baht at a time. The bank fees were minimal - a couple thousand baht as I recall, and funds were in our US account the next day.

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SGD$4,600 BACS,invoiced to my BKK Bank account last week from India(now my Singapore company finance hub)
THB78,430 banked!
What happened to about THB12,000 (0.0413 ...ish) exchange(copy sent with invoice)
Am I missing something fishy?
Any advice welcome.Ask for payment by check for the full amount next time and bank it myself?
The Mrs says it's the main Bank in Bangkok taking the money,before it's in my local branch??
I'm confused


Sent from my SM-N950F using Thailand Forum - Thaivisa mobile app

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I frequently wire money in and out  of Thailand in the amounts of $50,000 USD and one time $120,000 USD.  No issues.  Maybe it has to do with where the money originally came from.  Go to the bank and tell them you want to wire your money.  When you wire money in they want a reason what the money is for.   If I can remember, if you wire money out of the country I think $50,000 USD, they want a reason.  I’ve never had any issues whatsoever.  Note the the money all originated from my account in the United States.

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Last time i sent money back to the USA was to pay off a credit card, i simply brought the credit card bill in with me to the bank in Maha Sarahkam, told her we wanted to pay it off.  In about 30 minutes the money was on its way.  Now i use K plus if i need to move money back to the states. 

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The Bank of Thailand has a short list of reasons for which foreigners may send money out of Thailand, such as repatriation of funds (sending back money you can verify that you earlier brought into Thailand) or sending money you earned here to your home country. There is a different short list of acceptable reasons for Thai citizens, such as paying for education expenses in a foreign country, or paying medical expenses of a close family member. You have to convince your bank that you have a good reason, and then they must file papers to convince Bank of Thailand. If you are paying a bill, you have to document this by attaching the invoice for the charge. There can be many other restrictions. For example, it at least used to be that you could send no more than 80% of your Thai salary home in no more than 10 of the 12 months of the year, and you had to do that at the time you earned it, and there is still a fixation on work permits, tax records and similar documentation. As with all things in Thailand, the rules may be indefinitely hazy in Thai language, may be badly translated into English, and of course are subject to (mis)interpretation all along the line, just like at immigration.  Go to the biggest bank branch in the biggest city you can, to minimize your chance of being spuriously denied by a bank clerk or even bank manager who has no idea what you're asking, but must "save face" at all costs. Be prepared for every person you talk to at every branch of every bank telling you a different story, sometimes differently on different days. So every person who tries to send money home may well have a different experience. Some banks are much more picky about "covering their a**" than others: in my experience, for example, one particular bank was vastly more likely to give a huge hassle about a work permit than another, so shop around. You're supposed to turn in your work permit the instant you quit, but that may strand your funds in Thailand. Buy a waterproof, fireproof safe, because when the roof collapses in your company apartment and destroys your bankbook, your bank may deny that it is possible to provide statements older than 12 months, and so you cannot document that money was brought into Thailand in the first place. Talk to your Thai friends, especially students who have gone abroad: they will suggest many elaborate ways to smuggle cash out of Thailand.

 

Bangkok Bank form for outbound SWIFT transfer (note particularly item 70): https://www.bangkokbank.com/-/media/files/personal/other-services/transfers/outwardremittance_app_feb2019.pdf?la=en&hash=876272C518D06C925D4B7E1E322B3FB9B8626971

 

Another recent discussion on ThaiVisa with more information:

 

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On 6/23/2019 at 12:23 PM, tpkhk said:

DeeMoney all the way.  Bangkok Bank had a long list of transfer requirements.  If I had to wait for them, it would have taken months to line up all the documentation. 

 

I wired funds out to Singapore and the US.  You'll have to go in once to get registered.

 

I suggest doing a small token amount, confirming it was rcvd before doing larger sums.  The charge is only THB 150/transfer, and from time to time they run fee free promotions.  

DeeMoney may be the easiest way but I doubt it is the quickest way to receive. I waited two weeks until the amount was credited in the beneficiary's bank account in India after making several calls and inquiries about the transfer. Eventually, DeeMoney was very apologetic.

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On 6/24/2019 at 9:34 AM, dave s said:

The Bank of Thailand has a short list of reasons for which foreigners may send money out of Thailand, such as repatriation of funds (sending back money you can verify that you earlier brought into Thailand) or sending money you earned here to your home country. There is a different short list of acceptable reasons for Thai citizens

Can you provide a link to the applicable rules and regulations that you outline?  There a 3 Thai people here to translate for me if no English version is available.

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Posted (edited)

Before making the posting above, I tried, unsuccessfully, to locate a neat set of rules for Thai nationals and for foreigners. I remember such a pair of lists, but it may have been on one of the forms I was filling out that got yanked away from me and chucked when the respective bank went into "no no no no no cannot" mode. Down near the bottom of this link are pairs of acceptable reason and the paperwork necessary to attach if you claim that reason:

    https://www.udonmap.com/udonthaniforum/what-is-the-best-way-to-transfer-funds-from-thailand-t21757.html

This link:

    https://www.bangkokbank.com/en/Personal/Digital-Banking/Bualuang-iBanking

has a kind of vague list for Thai nationals, and only one acceptable reason for foreigners (that is of course not true).  This discussion in ThaiVisa is the best I found this time around, especially the remarks by the member named "chiang mai":

   

What he says corresponds well to my experiences running around trying to send money back home. Response #2 there is the only reference I could find to the 80% rule: neither the human resources staff nor those who took care of paperwork for the international employees at the place I worked had ever heard of any restrictions at all on moving money around. It is a fact of life around here that every tin-horn "authority" interprets rules (when they even exist) their own way, or makes them up. So again I would advise that you shop around as much as possible, and hopefully you will randomly happen upon a bank, a branch office, a manager, a clerk, a personal mood, a phase of the moon, that will allow you to do the reasonable task you're looking for. As always, TIT. 😞

 

Edited by dave s

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