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Thai Bank Account for Foreigner: Internal Transfer Only is Standard?


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I recently got a bank account at a local  Krungsri branch (Si Sa Ket) but was told i would only be able to transfer funds in. So apparently i can transfer funds from abroad to my account here but cannot transfer funds from here out. Normally i wouldn't go for this but out of the 4 major banks in town they were the only one willing to give me an account. Wondering if others experience similar; if this is standard practice in Thai banks or is unique to my branch. Thank you folks.

Edited by Dragonboat Ronin
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  • Dragonboat Ronin changed the title to Thai Bank Account for Foreigner: Internal Transfer Only is Standard?

If you are stuck and  need to transfer funds out of Thailand maybe look at using DeeMoney, if the destination country is supported by them. The transfer from your local bank to DeeMoney would be classified as an internal transfer so should not be a problem.

 

Plenty of information on the forum on setting up and using DeeMoney.

 

 

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- Tourists are not permitted to open bank accounts

- those working or living here long-term need to show some evidence of that

- so the restriction is not on the account per se, but on you.

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6 hours ago, allane said:

- Tourists are not permitted to open bank accounts

Thanks allane; i guess that expains why other banks said no. I'm surprised they let me do it at the Krungsri branch tho. If my status changes from tourist to a more legit visa, do you know if that might change the restrictions on me? Salutes.

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Some other banks do not allow transfer out of Thailand simply as they do not have swift or other facilities. TISCO is a good example. I found when standard chartered Bank sold their retail business to them a few years ago... ( Never forgiven standard chartered for that !!)

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Afaik Thai banks only allow transfers out of Thailand if you have a work permit. Do you illegally work in Thailand, or why would you need to transfer money abroad?

But you could either use a service like Deemoney, which might even be cheaper, or just transfer the money to a Thai person (or foreigner with work permit) and let them transfer it out of Thailand.

 

17 hours ago, allane said:

- Tourists are not permitted to open bank accounts

- those working or living here long-term need to show some evidence of that

- so the restriction is not on the account per se, but on you.

That's wrong

Edited by jackdd
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For international transfers, I agree that Dee Money is a better, cheaper, and usually faster option than doing a bank to bank transfer. I'd suggest you go ahead and set up an account with Dee Money now (you should be able to connect your bank account to it) so you have that as an easy option for transferring money out of Thailand.  

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Thailand has long controlled the outflow of funding, doubly so from those it deems may be tax avoiders (farangs not paying capital gains on the sale of a property, working illegally, etc) and to be fair, the only people I know sending funds out have been exactly that. I hear in the old days (80s or so) you couldnt even leave the kingdom without a tax clearance at the airport !! 

 

These days you can send out large lumps by showing the tortor3 or FETF inbound fund remittance paperwork, a work permit / tax history, or small amounts pretty easily with some banks, my Kasikorn has it in both online and mobile banking as an option limited to I think 50k usd. 

 

 

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21 hours ago, Dragonboat Ronin said:

I recently got a bank account at a local  Krungsri branch (Si Sa Ket) but was told i would only be able to transfer funds in. So apparently i can transfer funds from abroad to my account here but cannot transfer funds from here out. Normally i wouldn't go for this but out of the 4 major banks in town they were the only one willing to give me an account. Wondering if others experience similar; if this is standard practice in Thai banks or is unique to my branch. Thank you folks.

My experience being: if funds arrive from abroad you can transfer to anywhere abroad as well. SCB & KBank..At main Branch they told me if only domestic money coming in, not possible?????

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It really depends on who you and the relationship with your bank. I got a real credit card from Bangkok Bank without any collateral because I had a long relationship with them. I was also friendly with the current manager.

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