Transfering money

**Airportwo** · 08-01-2007, 06:34 PM

Probably not the place to post this but>

Anyone transfered money into Thailand lately?
Tried today and keep getting message that the amount is too much, not allowed by bank of Thailand, started with 250k, down to 100k, same message!!!
Cheers

**stroller** · 08-01-2007, 06:38 PM

Originally Posted by Airportwo

250k, down to 100k

Dollars, Pounds or Euros?

**Begbie** · 08-01-2007, 07:12 PM

I'll check out HSBC tomorrow.

**kingwilly** · 08-01-2007, 07:59 PM

Originally Posted by Airportwo

Probably not the place to post this but>

Anyone transfered money into Thailand lately?
Tried today and keep getting message that the amount is too much, not allowed by bank of Thailand, started with 250k, down to 100k, same message!!!
Cheers

yeah not too much trouble, but if you talking dollars, no not that much,

(and MtD would truly loose all faith in my intelligence!)

**William** · 08-01-2007, 08:58 PM

anything under $20k should come in under the radar of the new regs - or so I understand.

**dirtydog** · 08-01-2007, 09:10 PM

Easiest way is just to click on our donate button and send it thru that way, we only charge 8 percent on hard currencies and 10 percent on Baht

**kingwilly** · 08-01-2007, 09:14 PM

Originally Posted by dirtydog

Easiest way is just to click on our donate button and send it thru that way, we only charge 8 percent on hard currencies and 10 percent on Baht

just tried, didnt seem to work.....

anything under $20k should come in under the radar of the new regs - or so I understand.

oh that's why! mai pen rai, i'll buy u a beer instead next time i see you!

**RDN** · 08-01-2007, 09:37 PM

Blimey! Two simultaneous threads about transferring money. See this one:

https://teakdoor.com/financial-news-i...tml#post237777

I just transferred more than the "limit" using S.W.I.F.T. - no problems.

**kingwilly** · 08-01-2007, 09:44 PM

Originally Posted by RDN

Blimey! Two simultaneous threads about transferring money. See this one:

https://teakdoor.com/financial-news-i...tml#post237777

I just transferred more than the "limit" using S.W.I.F.T. - no problems.

more than 2....wheneva i wanna wind up MtD - i post again on the getting married thread! hehe

and i started a sending money to thai g/f's thread on the teachers channel - hit 100 replies in 3 days !

**Airportwo** · 09-01-2007, 06:16 AM

Originally Posted by stroller

Dollars, Pounds or Euros?

Thai Baht!

It seems HSBC no longer have Thai Baht on their list of currencys on the drop down menu, when trying to transfer it converts to GBP, good old hsbc, so customer ORIENTED!!!

**forreachingme** · 09-01-2007, 08:56 AM

Double posting, sorry yes, but this one was in Capt's lounge, bit strange for financial news, so reason of opening thread with infos from BOT and BKK. B over there...

Aniway, William said it bestest shortest correctest... under 20 K Usd, is ok... above, read the message...

When is that party RDN ?

**RDN** · 12-01-2007, 04:28 AM

Originally Posted by forreachingme

Double posting, sorry yes, but this one was in Capt's lounge, bit strange for financial news, so reason of opening thread with infos from BOT and BKK. B over there...

Aniway, William said it bestest shortest correctest... under 20 K Usd, is ok... above, read the message...

When is that party RDN ?

Anytime, (at your place)

**king of uranus** · 12-01-2007, 07:26 AM

Under $20K no bar, no witholding (I hear).
Washington Mutual in the states has no ATM fees to Thailand with their 'free checking' accounts.

**Anonymous Coward** · 12-01-2007, 07:33 AM

The problem is not when transferring the money to your bank account, but withdrawing it. The way Bangkok Bank explained it to Ms. AC, she can transfer over US$20K, but if she tries to withdraw it they will withhold the 30%, unless the withdrawal is for purposes exempt from the withholding. Buying property is one of the exemptions.

**William** · 12-01-2007, 11:26 AM

^yes, but it causes another problem - proof of funds to avoid the "nominee" charge. How can Ms. AC prove the funds offshore belonged to her - and as a Thai citizen did she have the required permission to have offshore funds (depending on the sum involved).

**Anonymous Coward** · 12-01-2007, 11:28 AM

^
No idea. Any suggestions?

**William** · 12-01-2007, 11:43 AM

^ no. but if it is a land purchase, you won't be able to transfer it to your account, as you would not be able to rely on the exemption. OTH, transfer the money to Ms. AC's account, and now you have a problem with registering the land as to where the money originated from.

**Anonymous Coward** · 12-01-2007, 02:19 PM

Originally Posted by William

OTH, transfer the money to Ms. AC's account, and now you have a problem with registering the land as to where the money originated from.

Last year she bought some land for about US$10K and there was never any question about the origin of the money when registering the purchase.

She recently asked them about purchasing a house and they told her that on a residence they never ask about the source of the funds. She's a pretty savvy woman and seems confident, based on her research locally, that there won't be any worry about there being a nominee when it comes to the purchase of any ordinary home.

We'll see.

**William** · 12-01-2007, 02:25 PM

^I truly hope you are right

**Whiteshiva** · 12-01-2007, 04:15 PM

Originally Posted by William

^I truly hope you are right

I think he is, we have in the past two years purchased both a house (with land) and a condo, and never was there a question as to where the money came from.

**William** · 12-01-2007, 04:29 PM

^ you purchased land since Oct 2006 (which is when I think the notification re use of "nominees" for land purchases was ciruclated to all land departments around Thailand)?

As I said, I truly hope he is right; but the Land Department are on notice vis-a-vis this issue (i.e. it's on the scope)

**Anonymous Coward** · 12-01-2007, 06:30 PM

^It was well after October 2006 when Ms. AC made her inquiry with the land registration office....

I will have her ask again.

**Airportwo** · 12-01-2007, 08:31 PM

I eventually transfered money, but it was in USD, not Thai Baht as it normally is? Guess it decreses the banks chance of ................???

**Anonymous Coward** · 15-01-2007, 07:10 PM

Originally Posted by William

As I said, I truly hope he is right; but the Land Department are on notice vis-a-vis this issue (i.e. it's on the scope)

I did a bunch of research on this trying to find what's what. What I did find was that the government is cracking down on corporate nominees. I found nothing on purchases of homes by foreigners using individual Thai nationals as nominees.

Can anyone supply a reference, in Thai or English, which shows that the land registration offices will actually question or investigate land registrants to determine whether or not they are acting as nominees for foreigners?

As I said, Ms. AC inquired of the local office here in Korat and they seemed completely unconcerned as to the source of funds for the purchase of a home.

See this law firm's page, for example, which clearly states that

There are various different ways in which you can structure your affairs so that you can possess land, and still comply with existing Thai laws as follows:

A foreigner can use a Thai Nominee to purchase the house/land....

SMC International Law Office

**William** · 15-01-2007, 08:42 PM

AC:

As I understand it, you may be OK. The term "nominee", however, is not restricted to shareholders of a company and under the directive sent to Land Offices "proof of funds" is suppose to occur in any circumstances where "doubts" may be raised.

I would be the first to agree, however, that the likelihood of this occuring to an individual, as opposed to a company, is far less. After all, it's just not in their best interests

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