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BANGKOK 12 December 2018 06:49

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Since banks, worldwide, are becoming more and more inquisitive, I would appreciate it if some of you could share their experience when it comes to bring a significant amount of money, say more than 10 million baht, to Thailand.

 

Assuming that the money would be wired, could there be questions upon arrival of the funds, or paperwork to prove their origin, or anything else?

 

And what about a check...would the Thai banks cash a check in euros, with good conditions (exchange rate, bank charges)...and what kind of check would be more appropriate (regular, cashier's check or else)?

 

Thanks for your input.

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Wrong forum!

MOVED to Banking.

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There are standard money laundering checks when transferring money, a reason is usually required by the banks, usually a list of reasons from a pull down menu, personal, business, salary etc. (leave it blank and the bank will probably add a generic reason). In Thailand the "reason" is a requirement of the bank of Thailand. Again, the local Thai bank transfer desk would probably add a reason, if left blank, to satisfy the BOT. 

 

Banks use international networks such as "swift" to transfer funds. records, paperwork, origin etc. So all the relevant information is sent back and forth and available to banks, central banks, Governments etc.

 

In the case of the Thai government, it would appear that they account for every last baht of foriegn transfers as they are very good at knowing how much tourists spend etc.

What is SWIFT?

SWIFT stands for the Society for Worldwide Interbank Financial Telecommunications. It is a messaging network that financial institutions use to securely transmit information and instructions through a standardized system of codes.  



Read more: How the SWIFT System Works | Investopedia https://www.investopedia.com/articles/personal-finance/050515/how-swift-system-works.asp#ixzz5YmkAOVhj 
 

 

As for checks or cheques (country specific) it takes weeks or months to process an international check with associated fees.

Edited by Peterw42
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2 hours ago, Peterw42 said:

There are standard money laundering checks when transferring money, a reason is usually required by the banks, usually a list of reasons from a pull down menu, personal, business, salary etc. (leave it blank and the bank will probably add a generic reason). In Thailand the "reason" is a requirement of the bank of Thailand. Again, the local Thai bank transfer desk would probably add a reason, if left blank, to satisfy the BOT. 

 

Banks use international networks such as "swift" to transfer funds. records, paperwork, origin etc. So all the relevant information is sent back and forth and available to banks, central banks, Governments etc.

 

In the case of the Thai government, it would appear that they account for every last baht of foriegn transfers as they are very good at knowing how much tourists spend etc.

 

Thanks.

 

I have done a few transfers in the past, with the largest for about 4 million baht, and ever had any question to answer.

I was just wondering if the rules were the same, never mind the amount, or if they might change with larger amounts...

 

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2 hours ago, Brunolem said:

I was just wondering if the rules were the same, never mind the amount, or if they might change with larger amounts...

4m, 10m or 20m I don't believe you would have any issue with the Thai banks.

 

As I am sure you are aware it is worth telling them (when they ask) that it is for property or investment purposes and get the printed form showing the details in case you ever want to send it out - does not mean you have to use it for that.

 

Your only issue may be with your sending back depending on country/institution who may need written instructions for that amount but you should know that from your previous transfers.

 

 

 

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I used Transferwise after researching a number of avenues and other services because I was doing it in Thailand it was a bit harder since the amount was larger than normal. 

In the application transfer, they ask me where the money was coming from I just noted " house sale and from medical " with that large amount just do a bit at a time.  Good luck

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34 minutes ago, chicowoodduck said:

I always use a size LARGE suitcase.....makes the transfer so much easier.....😜

But extremely interesting if you "forget" to declare the money to outward and inbound customs, they often do not miss a bag like that.

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20 hours ago, Peterw42 said:

 


 

 

As for checks or cheques (country specific) it takes weeks or months to process an international check with associated fees.

 

Last May, I deposited a state tax refund check into my account at the main Bangkok Bank in Surin. The exchange rate was .17 baht more than the US$ exchange rate and the amount was immediately debited to my account for use. 

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1 hour ago, chicowoodduck said:

I always use a size LARGE suitcase.....makes the transfer so much easier.....😜

Those days of giving grandma the millions in her carry on luggage sitting in first class. Walking into a country are long gone. It’s not 1980s any longer 

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2 hours ago, thailand49 said:

I used Transferwise after researching a number of avenues and other services because I was doing it in Thailand it was a bit harder since the amount was larger than normal. 

In the application transfer, they ask me where the money was coming from I just noted " house sale and from medical " with that large amount just do a bit at a time.  Good luck

Yes, Transferwise is the best I have found in 12 years; the best rates and the best and fastest service with everything on their website shown clearly and upfront with no hidden fees. There is also no charge from my receiving Thai bank; Kasikorn, which Ive never enjoyed before having tried most other ways to transfer money over 12 years. And another important advantage with Transferwise is that if having booked a transfer, u opt for the 'send the money later' option the exchange rate is guaranteed for 24 hours, and even longer at the weekend. So if the exchange rate should dramatically increase during that time u can cancel the transfer and book another one to take advantage of the better rate. The last transfer I made I actually forgot to send the money to them within the 24 hours but sent it a few hours late. The rate had gone up a bit but not enough to warrant cancelling and booking another transfer, but they still gave me the increased rate! Good service eh? And If u use this link to sign up you will get the first £500 sent free.............

 

transferwise.com/u/terencep15

 

You may have to send your millions in smaller amounts but Im sure that if u contact them they will tell u the best way to do it. Good luck..........

 

 

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31 minutes ago, SunsetT said:

You may have to send your millions in smaller amounts but I'm sure that if u contact them they will tell u the best way to do it.

I set up an account with TransferWise about two months ago, the stock answer is a $5,000.00/day limit. Depending on the exchange rate, it would take approximately 65 days of daily transfers to complete this transaction.

Edited by quandow

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2 hours ago, quandow said:

I set up an account with TransferWise about two months ago, the stock answer is a $5,000.00/day limit. Depending on the exchange rate, it would take approximately 65 days of daily transfers to complete this transaction.

I am not sure what you mean...are you saying that Transferwise will not accept to transfer more than 5,000 dollars per transaction?

 

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