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ex-pat

Repatriating money

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ex-pat

For example exchanging 1 million baht for a foreign currency like USD - not cash, by bank transfer out of the country. The last time I looked into this was decades ago, and you had to show proof of transferring that amount into Thailand previously. I got the impression that was just the starting point and there was a lot of red tape involved. What is the situation now?

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Oukiva

AFAIK it's still the same process: If you don't have a work permit, then you must prove that you brought that money first in Thailand (e.g. buying a condo), or that you got it from investment in Thailand (e.g. trading).

Once you have that proof, the process is easy, but your bank probably will take you fees and its own exchange rate; that will make the global exchange rate very bad.  :(

If you can't have a proof, or if you want to save on exorbitant bank fees & rate, the easier is to get USD from local currency exchange points and to bring this USD cash with you by plane. Yes, you will have to declare such amount (at departure and arrival airports) but the process is easy and doesn't require any proof or reason for the transfer.

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ex-pat
34 minutes ago, Oukiva said:

AFAIK it's still the same process: If you don't have a work permit, then you must prove that you brought that money first in Thailand (e.g. buying a condo), or that you got it from investment in Thailand (e.g. trading).

Once you have that proof, the process is easy, but your bank probably will take you fees and its own exchange rate; that will make the global exchange rate very bad.  :(

If you can't have a proof, or if you want to save on exorbitant bank fees & rate, the easier is to get Cand to bring this USD cash with you by plane. Yes, you will have to declare such amount (at departure and arrival airports) but the process is easy and doesn't require any proof or reason for the transfer.

How about my pension transfers, or would they take the position those are supposed to be what I have been living on, therefore should not be available anymore? I know or at least think you are not in a position to give an authoritative reply - just wondering what your gut feeling is.

 

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ex-pat

And this: " get USD from local currency exchange points and to bring this USD cash with you by plane. "  Would they do that for say 600K thb? That would not have been possible when I looked into it, again decades ago.

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fatjack1

I transferred money back to the US back in February.  It was painless but I did have paperwork from sale of a condo.  I was told I did not need the original paperwork for the original purchase but for all I know that information was contained in my sale documents.

Doesn't help I know.  If I were you I would just take the money to a bank and ask if you can transfer it to a US bank account.  See what they tell you.

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Oukiva
21 minutes ago, ex-pat said:

How about my pension transfers, or would they take the position those are supposed to be what I have been living on, therefore should not be available anymore? //

My experience with KasikorBank is that the person who managed the transfer first search on the computer for the transfers-to-Thailand that I previously made. She found one big enough for the transfer-out I wanted to do, so told me it was ok. No paper or documentation needed.

Would she had accepted several transfers-in if none big enough for my transfer-out? I don't know for sure, but think it would be possible. :)

17 minutes ago, ex-pat said:

Would they do that for say 600K thb? That would not have been possible when I looked into it, again decades ago.

AFAIK it has always been possible to transfer cash, even very high amounts. The only important/mandatory point is that you have to declare it to customs. (if above US$20'000 for Thailand)

Edited by Oukiva

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Proffesor

I have 2 opinions / solutions to offer :-

1) Try ( I've not actually done this ) TransferWise. If you have a Credit / Debit /ATM or "virtual shopping" card, you should be able to use that to enable TransferWise to lift THB out of your Thai Bank account. Within TransferWise you can then convert the THB to any prominent International currency and drop it into a Bank account wherever.

2) I have done this a couple of years ago. My brother in Singapore, with a U.K. Bank account that he used to pay his alimony, arranged for me to do some work in Europe. I was paid direct into my Thai Bank account. I then needed to pay his commission et al  ( he found me the work, pre-paid the flights and accommodation expenses and insured me within his business umbrella ). So, he emailed me his "Invoice", I took that Invoice to the Kasikorn Commercial Branch ( at the foot of Pattya Klang ) together with his U.K. bank details. They then paid him in the U.K. direct from my Kasikorn account, without question. If you have a computer & printer, you can create an "Invoice" with any Word Processing software.

Please let us know how you get on.

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Oukiva
32 minutes ago, Proffesor said:

1) Try ( I've not actually done this ) TransferWise. If you have a Credit / Debit /ATM or "virtual shopping" card, you should be able to use that to enable TransferWise to lift THB out of your Thai Bank account. Within TransferWise you can then convert the THB to any prominent International currency and drop it into a Bank account wherever.

Sorry but no, TransferWise is not an option. It allows transfer TO Thailand only. Not possible to transfer FROM Thailand.

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Proffesor
1 hour ago, Oukiva said:

Sorry but no, TransferWise is not an option. It allows transfer TO Thailand only. Not possible to transfer FROM Thailand.

My apologies. I've learnt something today.

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kansuwan

https://www.deemoney.com/

Never used it, but there's a few reviews on Thai Visa.  Seems limited in the number of countries it can/will send THB remittances to. 

Edited by kansuwan

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Czmate

At the moment you can use K+ to make international transfers and it costs 250 THB per transaction not sure what the limit is but very easy to do.

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Oukiva
On 11/02/2020 at 20:47, Czmate said:

At the moment you can use K+ to make international transfers and it costs 250 THB per transaction not sure what the limit is but very easy to do.

Unsure where you saw that? I just logged-in and checked their website;

They still require a Work Permit for International Transfer... :unsure:

and their fee tables talk about 300+1'200 B !...

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Czmate
8 hours ago, Oukiva said:

Unsure where you saw that? I just logged-in and checked their website;

They still require a Work Permit for International Transfer... :unsure:

and their fee tables talk about 300+1'200 B !...

Argh ok could be like that fortunately I do have a work permit. It’s is 250thb fee.
sorry if misled anyone I didn’t know what the criteria is but it works extremely well i.e transferred money is in the other account within an hour during business hours.

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wes12

From my experience this wasn't an issue to a foreign account in my name. If you have problems with the banks, you can generally work around it by going to a small branch and dealing with it there. They may want you to open a new account with them and buy some 2k baht "insurance".

In the worst case, most visa agents or concierge services can help you out with the bank, and even if that fails, you can use cryptocurrency to move it.

Watch out for exchange rates and fees.

 

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