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Hi TV members. I'm currently on a retirement extension, living in Bangkok. I'm considering transferring about 3 million Baht from the USA to my UOB account, which is in good standing. The purpose is to meet the "new" immigration requirements and to fund my life for a couple of years. My bank says this is fine and that no significant fees will apply. However, I'd like to have some real world input before I go ahead. I have two questions and would appreciate any help offered:

 

1) What sorts of fees, taxes or other withholding should I expect? 

2) It's a fairly large sum...what sort of scrutiny can I expect from Thai authorities?

 

Many thanks!

John

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You are unlikely to be able to transfer it in one go, break it up into a number of transfers. Maybe 3 or 4.

(Limits from your home bank in my case) 

Nevertheless there are no issues doing this. The fees are whatever your bank charges, usually a $50 or so SWIFT fee, and the Thailand receiving bank takes a one off charge to convert the money, 500 baht in my case. 

No taxes or with-holding.

I received no scrutiny...

Edited by jacko45k
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No problem at this end. Make sure you have the currency conversion done in Thailand.

Not my favourite bank but when I have done at BKB & KTB all well with good exchange rates.

Make sure you get an external funds import receipt just in case you need to move some out again at a later date

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I'm thinking you want to send this amount now before the THB rises any further against the USD. If you are CERTAIN you will be staying a few years, and you are CERTAIN that this money will not be needed back home during that time, then it MAY be a good hedge strategy against the rising THB.

However, it's a good strategy ONLY IF the THB continues to rise against the USD for the 'few years' you are CERTAIN you will stay. A few years is a long time to bank on the THB continuing to rise.

I would recommend doing the transfers once a year to coincide with the deposit requirements for your visa. IMHO it's a more prudent course of action.

 

Wishing you a happy stay here!

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You may first want to set up a foreign currency account with your Thai bank in the currency you are going to transfer. There is no tax payable this end and most Thai banks will charge 500 baht regardless of the amount being transfered. I personally transfered a little more than that in one transfer when I bought (her) land and built our house. The intrest is not great on these accounts, think about 1.1% currently, the advantage is you can get TT rates on any money exchanged at no cost to you and exchange when the rate is favourable. If it will ever be again. 

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From my own experience, I done a number of transfers in the past but I never do basically $30,000 each time my brother in the past transfer over 100,000 at a time and it got held up in the U.S. he had to verify where the money originated before it would complete to his Bangkok Bank account here in Thailand. This I believe a money laundry problem?

 

This last year I've move over 6 million baht done it a number of ways Transferwise, Charles Schwab, Vanguard and pretty much 30 at a time and each time it went into my Bangkok Bank as FTT,

 

What I noticed this year from all my Bangkok Bank account when I updated my book I got interest then a tax was taken out for the interest. Never seen this since I open my first account 18 years ago.

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Yes they recently started deducting tax from all foreigners accounts regardless of whether they reached the "tax threshold"
the solution is to get a Thai Tax number from your local tax office (no need for work permit ) then go to the bank with tax number and they will will stop deductions,untill interest reaches the tax threshold.

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40 minutes ago, thailand49 said:

 

 

What I noticed this year from all my Bangkok Bank account when I updated my book I got interest then a tax was taken out for the interest. Never seen this since I open my first account 18 years ago.

I have a Bangkok Bank  saving account for 15 years.

The tax have always been 15% on the interest, but earlier the did not print this in the book but gave me a separate slip for the interest and tax and gave me the netto interest cash.

Edited by DanielS

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You might want to break this into 2 transfers... I did about the same amt last year to buy a condo - I think they just asked what the money was being used for... no problem.

 

I have found Kasikorn to be really good with this... money from USA sent during our night is here the next morning... 

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13 hours ago, DanielS said:

I have a Bangkok Bank  saving account for 15 years.

The tax have always been 15% on the interest, but earlier the did not print this in the book but gave me a separate slip for the interest and tax and gave me the netto interest cash.

Funny, for me all Bangkok bank deposits that has never and I mean never happen to me.

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As stated before.  The recommended amount is under 50000 bht for each transfer. I would do 5x50000 once a week if you want to avoid paperwork. If you dont care a out paperwork then I would try 250000 at time to time

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57 minutes ago, sead said:

As stated before.  The recommended amount is under 50000 bht for each transfer.

Recommended by whom exactly?

 

Also did you mean 50k or 500k? 3m baht in 50k amounts would be a lot of transfers...........

Good job I had never heard of this "recommendation" before as I normally send over 1m a time with no issue. OP should not have any concerns as long as he sets it up with his home bank first.  

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