Repatriation of the 850,000 deposit

[Barry864]

Hi guys,

As I have been locked out of Thailand for about 6 months and I suppose I will come back when the situation gets a little better,  I am seriously thinking about repatriating my equivalent to 850,000 baht deposit standing there idle with no immediate use. I transferred this amount from Europe in euros into a euro foreign currency account in Bangkok Bank, when I got my first yearly retirement extension 2 years ago. Anybody  transferred or thinking to get his deposit back home ? Any problems with that ?

Many thanks in advance

[ubonjoe]

More of banking question than visa or extension related. Moved to the banking forum.

[Barry864]

17 minutes ago, ubonjoe said:

More of banking question than visa or extension related. Moved to the banking forum.

sorry, I could not locate the banking forum before. Found it already, thanks

[Caldera]

How do you plan to transfer the money from outside of Thailand? Do you have internet banking for that foreign deposit account?

[Barry864]

3 minutes ago, Caldera said:

How do you plan to transfer the money from outside of Thailand? Do you have internet banking for that foreign deposit account?

I have internet banking, yes. But trying to do that I am getting a message that my status is shown as a resident without a work permit and they advise me to go to a bank branch. I transferred all this money from abroad to Thailand and now it seems I cannot send it back

[Orton Rd]

If you have an ATM card you can take it out bit by bit in your home country, not a great exchange rate though

[Caldera]

2 minutes ago, Barry864 said:

I have internet banking, yes. But trying to do that I am getting a message that my status is shown as a resident without a work permit and they advise me to go to a bank branch. I transferred all this money from abroad to Thailand and now it seems I cannot send it back

If you still have proof of the transfer in, you are allowed to transfer the money out. But it could be tricky or even impossible to arrange that without being able to visit a branch.

 

I'd start with calling them. So far I've always been happy with their service when calling their call center. Hopefully someone with experience in the matter can give you better advice.

[Barry864]

1 minute ago, Orton Rd said:

If you have an ATM card you can take it out bit by bit in your home country, not a great exchange rate though

The ATM card they issue is only for a baht account. In order to do that I need to :

1) exchange euros to baht and deposit it to the baht account (done with internet banking)

2) then at the point of withdrawal in Europe exchange for the 2nd time , now baht to euros

I think with this way a good percentage will be lost

[Leaver]

4 hours ago, Barry864 said:

The ATM card they issue is only for a baht account. In order to do that I need to :

1) exchange euros to baht and deposit it to the baht account (done with internet banking)

2) then at the point of withdrawal in Europe exchange for the 2nd time , now baht to euros

I think with this way a good percentage will be lost

You are correct, but I can see no other way, unless you have someone in Thailand you can trust with this larger sum of money.  

 

 

[BRUFC]

Barry, check out https://www.deemoney.com

I've used them regularly to send money back to the UK although nowhere near that amount. 

 

[BlueScouse]

7 hours ago, Leaver said:

You are correct, but I can see no other way, unless you have someone in Thailand you can trust with this larger sum of money.  

 

 

I am outside Thailand now. I have given my wife the pin number of the ATM card and told her to spend the retirement extension money wisely, as she needs it.

[bodga]

21 minutes ago, BlueScouse said:

I am outside Thailand now. I have given my wife the pin number of the ATM card and told her to spend the retirement extension money wisely, as she needs it.

did  the  phone  go dead and you hear the sound of  running feet half  way thru the conversation?????

[impulse]

12 hours ago, Caldera said:

If you still have proof of the transfer in, you are allowed to transfer the money out. But it could be tricky or even impossible to arrange that without being able to visit a branch.

 

And make sure you do it while you're still on a long term visa status.  After my WP expired and I went on a non-resident visa status (visa exempt), I was not allowed to transfer money from my Thai bank account.  This in spite of proof that all the funds came into the account while I was paying Thai income taxes.

 

Edited September 25, 2020 by impulse

[lanng khao]

53 minutes ago, BlueScouse said:

I am outside Thailand now. I have given my wife the pin number of the ATM card and told her to spend the retirement extension money wisely, as she needs it.

Good lad,, thought I was the only gullible scouser..????

[DaRoadrunner]

13 hours ago, Barry864 said:

I am getting a message that my status is shown as a resident without a work permit and they advise me to go to a bank branch.

When I opened a similar account with Bangkok Bank they accepted my Retirement Visa and said as I am retired obviously I would not have a work permit. But then, this being Thailand, I may have gotten the only one in the bank who had any common sense!

 

Also, I just love banks who respond to enquiries from abroad by telling you to visit your local branch.... when there isn't one!

[meechai]

14 hours ago, Barry864 said:

I suppose I will come back when the situation gets a little better,  I am seriously thinking about repatriating my equivalent to 850,000 baht deposit standing there idle with no immediate use......<snipped>...............Any problems with that ?

 

Yes as you say you need to come back & that is most likely only real way to get it done efficiently

 

As for any problems no I had none & was not even asked where money came from or did I have FT slips(original Foreign trans in slips) ...Which I did but, as I said

they did not request seeing them at Bangkok Bank

 

As far as I know there is no real problem with Foreigners transferring out anything below 50k USD

Anything over that they may ask from where they came

 

When I was asked initially what transfer was for I just said repatriate & it was no problem

 

BTW: I was moving approx 2 million baht but did it in a 4 transfers. Each trans to US cost approximately 100 baht/$31 or so.

Mainly as I wanted to watch exchange rates & had time anyway as I knew a few months ahead we were leaving

 

Good Luck with your return & hope all goes well

 

On a side note: I have often thought that Thailand may be surprised when they reopen at just how many like yourself

had an awakening during this being locked out of the country period & realize that when it reopens they will be moving money out of Thailand.

 

This whole one way Thailand banking system is well...one way & unfair as is many "Thai" things & many folks realize it now.

Look at all the Bangkok Banks in the US, London, Tokyo,Korea,Israel etc all one way...allow you to put money in Thailand bank but never withdraw.

Classic Thailand/Hotel California

Edited September 26, 2020 by meechai

[Bender Rodriguez]

if you think of coming back, why not leave it in a thai bank ?

 

cost of repatriation of the money x 2 ... if Euro/dollar goes up/down in the next...

[micmichd]

4 hours ago, BlueScouse said:

I am outside Thailand now. I have given my wife the pin number of the ATM card and told her to spend the retirement extension money wisely, as she needs it.

My Thai lady signed as a guarantor when I opened my bank account at Bangkok bank, so they have my signature. 

You can transfer money (even big sums) from Bangkok Bank to the West. I would ask my Thai lady to get a transfer form from Bangkok Bank, fill in all details, and then sign it on my behalf. 

Not sure if all banks appreciate this kind of workaround, but I would try. 

Edited September 26, 2020 by micmichd

[AAArdvark]

Most, if not all, Thai banks require you to have an active Thai phone number so they can send OTPs to it.

[Peterphuket]

It proves time and time again, governments and banks make the problems, when you like to transfer your own money to somewhere.

For that reason I get the idea more and more that crypto currency is the only solution to transfer your money to where YOU like.

[micmichd]

1 hour ago, AAArdvark said:

Most, if not all, Thai banks require you to have an active Thai phone number so they can send OTPs to it.

Easy. If you have a Thai GF you can trust you might as well give them your gf's Thai phone number. 

[fulhamster]

7 hours ago, BlueScouse said:

I am outside Thailand now. I have given my wife the pin number of the ATM card and told her to spend the retirement extension money wisely, as she needs it.

How many days will that take ??????????????

[The Theory]

IMO no one else can do anything for you in Thailand regarding a currency account since it is not a joint account (and ATM won't work on a currency account). Transfers have to be done from bank branch (perhaps you need to do transfers to abroad from the original branch that you opened the account, not sure about this). 

[micmichd]

36 minutes ago, The Theory said:

IMO no one else can do anything for you in Thailand regarding a currency account since it is not a joint account (and ATM won't work on a currency account). Transfers have to be done from bank branch (perhaps you need to do transfers to abroad from the original branch that you opened the account, not sure about this). 

Like I said. 

Ask if his gf can do it from Thailand. Should be the original or the main branch of the bank. 

[George Aylesham]

22 hours ago, Barry864 said:

sorry, I could not locate the banking forum before. Found it already, thanks

850,000 THB - my deposit is 800,000 THB - has the local Immigration been doing me a favour then?

[Seeall]

22 hours ago, Caldera said:

If you still have proof of the transfer in, you are allowed to transfer the money out. But it could be tricky or even impossible to arrange that without being able to visit a branch.

 

I'd start with calling them. So far I've always been happy with their service when calling their call center. Hopefully someone with experience in the matter can give you better advice.

Their service?  who?

[Seeall]

6 hours ago, Bender Rodriguez said:

if you think of coming back, why not leave it in a thai bank ?

 

cost of repatriation of the money x 2 ... if Euro/dollar goes up/down in the next...

He probably wants to get a decent interest rate..

[Caldera]

1 minute ago, Seeall said:

Their service?  who?

Bangkok Bank.

[pixelaoffy]

9 hours ago, lanng khao said:

Good lad,, thought I was the only gullible scouser..????

Asking a Thai to spend wisely ? How long have you know Thais ? The 850k will been gone by end of the year 

[Leaver]

10 hours ago, BlueScouse said:

I am outside Thailand now. I have given my wife the pin number of the ATM card and told her to spend the retirement extension money wisely, as she needs it.

I'm sure your wife is "different."  ????