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[lannarebirth]

mosquitobill, on 2009-02-12 13:13:55, said:

I have read the rules concerning foriegn exchange but can someone please answer for me the following questions.A friend is bringing me about 8000 GBP in cash which is not dodgy money but thats the way he wants to do it and as I do not have a foriegn currency account but just a savings account with TMB can I just walk in my bank and deposit the GBP and my account will be credited with Thai Baht. Thank you in anticipation.

Yes.

[lannarebirth]

tygerstar, on 2009-08-17 02:17:42, said:

I'm thinking of transferring some Aussie Dollars via internet banking from my Aussie bank a/c to my Thai bank a/c. Will I get the exchange rate offered by my Thai bank (the receiving bank) or will it be set by the sending bank (ie Aussie bank)?

You should specify you wish to transfer $AUD to Thailand. There it will be exchanged to THB at a more favorable exchange rate.

[tygerstar]

lannarebirth, on 2009-08-17 02:32:02, said:

tygerstar, on 2009-08-17 02:17:42, said:

I'm thinking of transferring some Aussie Dollars via internet banking from my Aussie bank a/c to my Thai bank a/c. Will I get the exchange rate offered by my Thai bank (the receiving bank) or will it be set by the sending bank (ie Aussie bank)?

You should specify you wish to transfer $AUD to Thailand. There it will be exchanged to THB at a more favorable exchange rate.

Which rate would that be? The rate offered by my Aussie bank is lousy compared to what Bangkok Bank is offering.

[downtown]

when transferring in quite a large sum of money, are the authorities bothered about how the money was accumalted? i could of sworn i recently heard that Thailand didnt sign-up to a new money laundering agreement initiated by the US..

[Chaimai]

up-country_sinclair, on 2009-08-15 10:45:34, said:

I have heard/read from multiple sources that a foreigner can transfer up to $20,000 US into Thailand without the government being concerned/getting involved.

Is this $20,000 per transfer? Or per month Or per year?

Thank you.

The US$20,000 is a myth:-

c. Currency Regulations

1) Foreign Currency

Foreign currencies can be transferred or brought into Thailand without limit. Any person receiving foreign currencies from abroad is required to sell such foreign currencies to an authorized financial institution or to deposit them in a foreign currency account with an authorized financial institution within 360 days of receipt, except for foreigners temporarily staying in Thailand for not more than three months, foreign embassies, and international organizations including their staff with diplomatic privileges and immunities.

Foreign currency purchased with authorized banks is generally allowed upon submission of the underlying international trade and investment. Corporates in Thailand can engage in derivatives transactions with authorized banks to hedge against foreign exchange risk provided that supporting documents indicating future foreign currency receipts or obligations are submitted.

Any person, who brings into or takes out of Thailand an aggregate amount of foreign currency exceeding USD 20,000 or its equivalent must declare to a customs officer.



2) Local Currency

There is no restriction on the amount of Thai Baht that may be brought into the country. A person travelling to Thailand's bordering countries including Vietnam is allowed to take out Thai Baht up to 500,000 Baht and to other countries up to 50,000 Baht respectively without authorization.

[ding]

Bangkok Bank Foreign Currency Deposit Account info:
LINK HERE

Features Current Account Savings Account Fixed Deposit Account
Currencies Available • USD
• EUR
• GBP

• USD
• GBP
• AUD
• CAD
• SGD
• EUR
• JPY
• HKD
• CHF

Minimum Initial Deposit •USD 5,000
•EUR 4,000
•GBP 3,000

-Please refer to counter for other currencies.


(***this section may make no sense because it's columnar formatted -please see link***)
Interest Payment No interest payable Paid twice a year in June and December at the daily rate quoted Paid at maturity (1,3, 6, 9 or 12 months) at the daily rate quoted on the deposit date
Withholding Tax Not applicable •15% for individuals*
•15% for juristic persons
• NIL for foreign government organizations
* Tax is exempt if annual interest earned does not exceed THB 10,000 or THB 20,000 in case where Tax ID is presented to the Bank.

•15% for individuals
•15% for juristic persons

Deposit and Withdrawal Methods •Foreign bank notes
•Cheques and Drafts
•Traveler's Cheques
•Inward/outward remittance via SWIFT or Telex

Overdraft Facilities Not permitted
Minimum Balance Requirement •USD 250
•EUR 200
•GBP 150 •USD 500/deposit
•EUR 400/deposit
•GBP 300/deposit

Edited by ding, 2009-09-02 23:35:57.

[craigt3365]

I just transferred $145,000 USD from USAA bank to Siam CB. Wife went in on Tuesday and opened an account, she has changed her name to mine. Wire took less than 48 hours. Amazing. I transferred USD and it was converted here in Thailand.

She got a call within 24 hours from SCB asking what the money was being used for, and if it was her own money being brought in. She said it was her money that she earned in the USA and was using it to buy a house. I guess there is a report that has to be filled out...maybe for the AMLO?

Next day we went to the branch and it was transferred into her account. I did not go with her, thought it would be better that way. They asked her the same questions at the branch. And she had to sign a form that she was using the money for a house purchase. Very painless...and very fast! Cost me $35 from USAA...no costs were charged by SCB...at least that we know of!

[darrenr]

""I'm thinking of transferring some Aussie Dollars via internet banking from my Aussie bank a/c to my Thai bank a/c. Will I get the exchange rate offered by my Thai bank (the receiving bank) or will it be set by the sending bank (ie Aussie bank)?


Answer: when i transferred money from Australia to Thailand- so i could get the better rate in thailand when i completed my online internation transfer i put the words in the comment section : DO NOT CONVERT

That way the auzzie bank send AUD and then it is converted to thai baht at the T/T rate by the receiving bank.

the rate in Thailand is about 3-4 baht per dollar better which adds up on larger amounts !

[mikemcleanuk]

What would happen if you were to take more than $20,000 or equivilent and got stopped at customs having not declared it? Would / could they confiscate the differance or is there some fine etc.... I know it is a stupid idea to be carrying large amounts if cash. But like the Op I want to avoid ATM fees and would like the cash on the hope the exchange rate improves rather than dump it all in at the current low rates. I have considered a bank transfer but want to stick to carrying the cash. However if possible I would like to avoid declaring it as I don't want to give the customs staff the temptation of making an excuse up of taking it for some reason if I was to declare it.

[ianguygil]

I am not quite sure what you are trying to avoid.

If you are concerned about the FX risk (i.e. you think the THB will drop relative to your home currency at some future time) you should transfer the funds to a Foreign Currency account at a large bank in Thailand like Bangkok Bank. the prior poster provided details of the wide range of currencies offered by BBL. That would remove your currency risk.

If you are concerned that the local authorities will know you have the money, I think your fears are misplaced. You are much more likely to be robbed or to have the funds confiscated in cash than to have a problem with a small amount (relative to the daily FX volumes) being transferred into Thailand. Also, we should all support the authorities in their efforts to try to fight money laundering, which is used to finance many illegal activities.

Finally, if you have no record of bring the money in and you ever want to bring the money out of Thailand again in the future, you will have problems if you do not use a formal transfer as you will have no records. So you will be setting yourself up for a huge headache.

Just transfer the funds, and decide if you want to receive it in THB or in your local currency.

Good luck.

[Langsuan Man]

up-country_sinclair, on 2009-08-15 09:45:34, said:

I have heard/read from multiple sources that a foreigner can transfer up to $20,000 US into Thailand without the government being concerned/getting involved.

Is this $20,000 per transfer? Or per month Or per year?

Thank you.

It was a rule for a short period of time after the last coup and was designed to prevent speculation in Thai Baht, it has since been rescinded and the limit was per transfer (when it was in effect)

Chaimai, on 2009-08-31 06:45:47, said:

The US$20,000 is a myth:-

See above, it is not a myth but was a restriction two years ago

craigt3365, on 2009-09-04 08:34:57, said:

I just transferred $145,000 USD from USAA bank to Siam CB. Wife went in on Tuesday and opened an account, she has changed her name to mine. Wire took less than 48 hours. Amazing. I transferred USD and it was converted here in Thailand.

She got a call within 24 hours from SCB asking what the money was being used for, and if it was her own money being brought in. She said it was her money that she earned in the USA and was using it to buy a house. I guess there is a report that has to be filled out...maybe for the AMLO?

Next day we went to the branch and it was transferred into her account. I did not go with her, thought it would be better that way. They asked her the same questions at the branch. And she had to sign a form that she was using the money for a house purchase. Very painless...and very fast! Cost me $35 from USAA...no costs were charged by SCB...at least that we know of!

SCB needs to fill in a block on the Currency Transfer form, (Reason for transfer) therefore they want a signature on the form with a reason

[petercallen]

darrenr, on 2010-01-02 14:41:01, said:

""I'm thinking of transferring some Aussie Dollars via internet banking from my Aussie bank a/c to my Thai bank a/c. Will I get the exchange rate offered by my Thai bank (the receiving bank) or will it be set by the sending bank (ie Aussie bank)?


Answer: when i transferred money from Australia to Thailand- so i could get the better rate in thailand when i completed my online internation transfer i put the words in the comment section : DO NOT CONVERT

That way the auzzie bank send AUD and then it is converted to thai baht at the T/T rate by the receiving bank.

the rate in Thailand is about 3-4 baht per dollar better which adds up on larger amounts !

I deal with NAB in Australia and SCB here
NAB do not allow internet banking transfers of money to Thailand,You have to do it in the bank.
I return regularly to Australia and do it this way, there are no restrictions on the amount you can send.
It is sent in Australian dollars and SCB give me TC rate or sometimes better.
You need to check with your own bank if theywill allow you to send money via internet to Thailand
You can transfer money with NAB internet banking to some countrys but the maximum is $20000 a day.

[timpane]

Foreign exchange buy or hedging with authorized economic organizations is usually accessible where a authentic inherent present or capital transaction exists.

[thvifan]

Better to confirm with concerned authority.

[fred007]

I deposited 100 million bt into the Siam Commercial Bank......No probs just tell them your surname is Takhsin... not Tax ..in

[fred007]

tygerstar, on 2009-08-17 02:17:42, said:

I'm thinking of transferring some Aussie Dollars via internet banking from my Aussie bank a/c to my Thai bank a/c. Will I get the exchange rate offered by my Thai bank (the receiving bank) or will it be set by the sending bank (ie Aussie bank)?

use OZ Forex best rates cost nothing to join money is Guarantied if you send 10k no fees under 10k its about 15 ausi dollars best transfer rates at night ausi time call 24 hr a day i call uk free local call cheers

[Pib]

fred007, on 2010-12-08 11:38:41, said:

tygerstar, on 2009-08-17 02:17:42, said:

I'm thinking of transferring some Aussie Dollars via internet banking from my Aussie bank a/c to my Thai bank a/c. Will I get the exchange rate offered by my Thai bank (the receiving bank) or will it be set by the sending bank (ie Aussie bank)?

use OZ Forex best rates cost nothing to join money is Guarantied if you send 10k no fees under 10k its about 15 ausi dollars best transfer rates at night ausi time call 24 hr a day i call uk free local call cheers

Usually the sending bank offers you the choice to send in the home country currency or send in the receiving country currency. Usually the sending bank uses some kind of wholesale mid point exchange rate which is not as good as the Thai TT Buying Rate provided by Thai banks. Sometimes if you don't select where the exchange is to occur, the sending bank will exchange for you using their exchange rate which generally is not as good as the Thai bank TT Buying rate. But there are methods to get a little better rate than the TT rate if you are a member of some financial organizations as mentioned above. But generally, sending in your home currrency money and letting the Thai bank automatically provide you their TT exchange rate is the best you can get for the common man in electronic/wire transfers. Notice I used the word "generally" a lot because most folks can't do better than getting the TT rate when transfering money, while others have other methods/memberships where they can get a little more. Cheers.

[Potter]

I transferred 10m baht into Thailand to do my investment visa. I did this in 5 wires over 2-3 weeks. At some point I was requested some documentation, where the money came from, and what was the supose for the money in Thailand. I gave them the answer (in an email), and asked if they could wait with the paperwork untill all the money had arrived. Next time I used my ATM card it was frozen. I went to the bank, and filled in the papers and since then I have had no problems what so ever. The law might say 20k USD, but in actually, it might be 50k USD, and they request the paperwork. And each bank might have their own procedures. I think this, because I had already done the paperwork, when the last wire arrived, and I asked them if they needed any paper work, they said no, because the amount was less than 50k USD.

[TCA]

Potter, on 2010-12-27 15:59:01, said:

I transferred 10m baht into Thailand to do my investment visa. I did this in 5 wires over 2-3 weeks. At some point I was requested some documentation, where the money came from, and what was the supose for the money in Thailand. I gave them the answer (in an email), and asked if they could wait with the paperwork untill all the money had arrived. Next time I used my ATM card it was frozen. I went to the bank, and filled in the papers and since then I have had no problems what so ever. The law might say 20k USD, but in actually, it might be 50k USD, and they request the paperwork. And each bank might have their own procedures. I think this, because I had already done the paperwork, when the last wire arrived, and I asked them if they needed any paper work, they said no, because the amount was less than 50k USD.

http://www.bot.or.th...ControlLaw.aspx (November 2010)

From the above it would seem that there's no limit on electronic transfers of foreign currency into Thailand. Does anyone know at what level of transfer additional paperwork (reason for transfer) is required for Bank Of Ayudhya (Krungsri)? I will be sending GBP to a foreign currency deposit account (GBP), so not converting to Baht, but would prefer not to have any delays getting access to my money. I'll be in the UK when I send and the bank currently have no means to contact me there, so if I have to forewarn them I'd like to know the level that triggers them into action. Anybody know?

[RubbaJohnny]

If shes not called Pojaman your welcome to deposit any surplus with my wife

[RubbaJohnny]

The poster who quootes bank didnt charge is highly optimistic
Maybe no itemised fee probably scalped wit apoor rate
Fot those who thinks rates low now see forex of course CHF RMB andAUD may climb a tad see
I just got quotes for 50k Swiss
http://bankexchangerates.daytodaydata.net/

My link

compare Superich Rachadamri with rates above

[elektrified]

flying, on 2008-08-05 06:46:51, said:

Chaimai, on 2008-08-04 08:34:28, said:

flying, on 2008-08-05 00:50:18, said:

http://www.bot.or.th/English/ForeignExchan...ControlLaw.aspx

Quote

c. Currency Regulations

1) Foreign Currency

Foreign currencies can be brought into Thailand without limit. Any person receiving foreign currencies from abroad is required to sell such foreign currencies to an authorized financial institution or to deposit them in a foreign currency account with an authorized financial institution within 360 days from receipt, except foreigners temporarily staying in Thailand for not more than three months, foreign embassies, and international organizations.

Excellent - in my view that information should be pinned - together with the later note about taking 500,000 Baht out to neighbouring countries or 50,000 Baht to other countries.

Agreed !
http://www.bot.or.th/English/ForeignExchan...ControlLaw.aspx

c. Currency Regulations 1) Foreign Currency

Foreign currencies can be brought into Thailand without limit. Any person receiving foreign currencies from abroad is required to sell such foreign currencies to an authorized financial institution or to deposit them in a foreign currency account with an authorized financial institution within 360 days from receipt, except foreigners temporarily staying in Thailand for not more than three months, foreign embassies, and international organizations.

Foreign exchange purchase or hedging with authorized financial institutions is generally available where a genuine underlying current or capital transaction exists.

2) Local Currency

There is no restriction on the amount of Baht that may be brought into the country. A person travelling to Thailand's bordering countries including Vietnam is allowed to take out Baht up to 500,000 Baht and to other country up to 50,000 Baht respectively without authorization.

Would share certificates denominated in Swiss Francs, Euros, and GB Pounds brought into Thailand fall into the same regulation? Does anyone know? Thanks.

[Cattracks]

craigt3365, on 2009-09-04 08:34:57, said:

I just transferred $145,000 USD from USAA bank to Siam CB. Wife went in on Tuesday and opened an account, she has changed her name to mine. Wire took less than 48 hours. Amazing. I transferred USD and it was converted here in Thailand.

She got a call within 24 hours from SCB asking what the money was being used for, and if it was her own money being brought in. She said it was her money that she earned in the USA and was using it to buy a house. I guess there is a report that has to be filled out...maybe for the AMLO?

Next day we went to the branch and it was transferred into her account. I did not go with her, thought it would be better that way. They asked her the same questions at the branch. And she had to sign a form that she was using the money for a house purchase. Very painless...and very fast! Cost me $35 from USAA...no costs were charged by SCB...at least that we know of!

I have found that anything over 50,000 USD requires a letter/note to be signed. My wife took care of that and I will not exceed 49,000 just to dodge the BS. The sad part is, I just transferred 32,000 in hopes of 1 million Thai Baht, it came out after whatever fees that were attached at 98?,000 baht. Rather expensive in my mind!!!!

[attrayant]

I just transferred about $120K USD into my new savings account with K bank. I saw the amount updated when I went online, but for some reason I couldn't withdraw or make POS transactions. I went in and they told me that amounts over $10K are placed on hold until the account holder comes in and signs a form of some sort. The nice lady filled out a form and put it in front of me, and I obediently signed it. Later that day my funds were available.

No idea what this form was, as it was in Thai. Hopefully I didn't sign my life away. Perhaps they just wanted to know why a tourist would need to have so much cash in a local bank.

I guess this is not really a restriction but more of a control.

[chiangmaibruce]

attrayant, on 2011-12-31 11:30:17, said:

No idea what this form was, as it was in Thai. Hopefully I didn't sign my life away. Perhaps they just wanted to know why a tourist would need to have so much cash in a local bank.

Were the funds to buy a condo?