Bank transfer limit

[Patna 3,802]

I have a question to more seasoned expats living in Pattaya - what is the limit on overseas bank transfers that doesn't raise a red flag and what are the consequences of sending larger sums? I was in a hurry and 2 days ago transferred $20 000 to Kasikorn (from my bank account to my other bank account in Thailand) and already got an e-mail from the bank asking me to call them. Any suggestions?

[MM 6,562]

They need to ask you what the money is to be used for. I just say living expenses while in Thailand, or say planning on buying a condo.

There's no follow up or investigation, they just have to fill out some form.

 

They may hold up the transfer until you call them, so it's best to get it done.

 

No worries and no limit I know of. I've transferred much more than that and there's no problem.

[Patna 3,802]

Thanks, Martin. Yeah, it would be strange if they made it difficult to get the money flow into their country but figured it has something to do with tax and money laundering laws. I already sent them an e-mail that I'll call them as soon as I get out of bed...

[Trvlr 50]

You may need to be careful because of US laws. New laws are kicking in soon, and even foreign banks will need to report US citizens' assets, or they get placed on the US shit list.

One consequence is that you will need to report your assets if they are above a certain limit ($10000 usually).

[Patna 3,802]

You may need to be careful because of US laws. New laws are kicking in soon, and even foreign banks will need to report US citizens' assets, or they get placed on the US shit list.

One consequence is that you will need to report your assets if they are above a certain limit ($10000 usually).

Yes, that is what was faintly in the back of my mind, alas I'm no US citizen and my account is in Kuwait. Arabs don't give a shit what you do with your money. Mind you, I have a real modest amount in the bank, nothing to shout about...

[jacko 8,822]

Yes, that is what was faintly in the back of my mind, alas I'm no US citizen and my account is in Kuwait. Arabs don't give a shit what you do with your money. Mind you, I have a real modest amount in the bank, nothing to shout about...

Yes i found my UK (offshore) account had a $50,000 limit so I had to send 2 TTs for a house purchase...... I don't recall Bangkok Bank even asking me anything about it. I went to them to get a copy of the TT3s.

[Patna 3,802]

Yes i found my UK (offshore) account had a $50,000 limit so I had to send 2 TTs for a house purchase...... I don't recall Bangkok Bank even asking me anything about it. I went to them to get a copy of the TT3s.

The local banks here have a 2000 KD (roughly $7000) standard monthly transfer limit. When I went to the bank, they raised my transfer limit to 20 000 KD (70 000 USD) without blinking an eye. Now all I have to do is to work on having that much money in the bank, which I've never had

Edited September 13, 2013 by Patna

[LocalYokul 217]

The IRS will get notified of any transfers out of the country that are $5,000 or more.

 

That's not applicable in this case, but it might be a thing to know for some others doing transfers.

[jacko 8,822]

The IRS will get notified of any transfers out of the country that are $5,000 or more.

 

That's not applicable in this case, but it might be a thing to know for some others doing transfers.

Out of which country........?

[InCider 22]

I've got an HSBC account based offshore in the UK and there is a £10K limit for on-line transactions. For larger amounts I had to write to the branch manager (or speak to him directly) to get the transfer approved.

Edited September 14, 2013 by InCider

[Patna 3,802]

Out of which country........?

The US, I assume. I thought it was 10 000, though...

[MM 6,562]

The US, I assume. I thought it was 10 000, though...

That might be the U.S.reporting limit, but it is in no way the limit to the amount of money you can send or receive.

[Patna 3,802]

That might be the U.S.reporting limit, but it is in no way the limit to the amount of money you can send or receive.

Of course not. He only said amounts greater than this are reported to the IRS.

[LocalYokul 217]

The US, I assume. I thought it was 10 000, though...

 

My bank told me 5k in 2010.

 

Hmm, now I'm wondering. I did a search and all I could find was this:

 

http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/FAQs-Regarding-Reporting-Cash-Payments-of-Over-$10,000-%28Form-8300%29

Edited September 14, 2013 by LocalYokul

[Wings 55]

They need to ask you what the money is to be used for. I just say living expenses while in Thailand, or say planning on buying a condo.

There's no follow up or investigation, they just have to fill out some form.

 

They may hold up the transfer until you call them, so it's best to get it done.

 

No worries and no limit I know of. I've transferred much more than that and there's no problem.

 

Just remember that you can transfer into Thailand but to get it out, the limit is 50,000 Baht per day Only.

 

If you transfer money to Thailand and sign a form that its for a Condo (Transfer say 30,000 USD) then you can transfer the 30,000 USD out in one time, so i have been told.

 

Same when leaving Thailand, only 50,000 baht cash with you when leaving at airport, see the signs.

[jacko 8,822]

Just remember that you can transfer into Thailand but to get it out, the limit is 50,000 Baht per day Only.

 

If you transfer money to Thailand and sign a form that its for a Condo (Transfer say 30,000 USD) then you can transfer the 30,000 USD out in one time, so i have been told.

 

Same when leaving Thailand, only 50,000 baht cash with you when leaving at airport, see the signs.

And what would be the limit if I simply popped my Thai ATM card into an ATM machine here in the UK?

Multiple times.... over several days.

[Wings 55]

And what would be the limit if I simply popped my Thai ATM card into an ATM machine here in the UK?

Multiple times.... over several days.

 

 

I don't know about the UK, but in Australia, i think you can draw $500 AUD per day max on your ATM card, not too sure about the amount but $500 rings a bell for me.

 

So it would take some time to get back all your money (Say, 30k AUD) from the thai account and then the exchange rate would bite into to that as well.

[LocalYokul 217]

Just remember that you can transfer into Thailand but to get it out, the limit is 50,000 Baht per day Only.

 

Things definitely tightened up after the financial crash in 97.

 

I had a Thai co-worker who wanted to trade the NASDAQ, and I had to send the money out of the country for him, so an even stricter limit if you're a Thai.

Edited September 15, 2013 by LocalYokul

[nkped 1,208]

Same when leaving Thailand, only 50,000 baht cash with you when leaving at airport, see the signs.

That MAY be due to concerns about money laundering/hiding assets.

 

And what would be the limit if I simply popped my Thai ATM card into an ATM machine here in the UK?

Multiple times.... over several days.

On the other hand, that money is tracked going into and out of your bank account.

Edited September 16, 2013 by nkped

[jacko 8,822]

On the other hand, that money is tracked going into and out of your bank account.

By whom?

My Thailand bank lets me withdraw it..... and I take it in cash.

They certainly don't track every single $500 dollar withdrawal from every worldwide card wherever it is... and if I deposit $500 into my UK account, so what?

 

You guys take big-brother to excess.! The government couldn't track it's own ass.

[Gonzo 419]

Yes i found my UK (offshore) account had a $50,000 limit so I had to send 2 TTs for a house purchase...... I don't recall Bangkok Bank even asking me anything about it. I went to them to get a copy of the TT3s.

Over the last few years I transferred amounts of between A$ 20 000 and A$ 80 000 from my bank in Oz to my Kasikorn bank account. As far as I know there is no limit on how much you can transfer to Thailand from Oz, but any money transaction over A$ 10 000 will be reported to the Australian taxation office. That should not be any problem as long as the money has been obtained legally.

 

My last transfer was A$ 40 000, which equated to about THB 1.2 Mill. On my transfer form from Oz I told my bank to note living expenses as the reason for the transfer. When I went to my Kasikorn branch in Jomtien to have the money sent from the Kasikorn main office in Bangkok to the Jomtien branch account I asked for the usual TT3 (Tor Tor Sam) document, as I had done with previous money transfers. I was then told they could not issue a TT3 for amounts of less than THB 1.5 Mill any longer.

 

My understanding was, a TT3 document from the Thai bank would allow one to transfer the amount sent out of Thailand, if one wishes to do so. Has anyone had any experience with sending money out of Thailand with the relevant TT3?

[teelack 9,645]

I cannot answer your question however I would comment. I was a bit surprised a couple of weeks ago at the problems of opening up new accounts in my little country. I was opening a new bank account and an online brokerage account and the paperwork is endless. Eight pages for the bank account, notorised passport, account with home address and so on and endless rigmarole for the share trading. All this is the result of recent laws to curb money laundering. If its happening here I guess that this must be universal. The bank even supplied me with a one time code machine that is required every time I log on.

[Gonzo 419]

I cannot answer your question however I would comment. I was a bit surprised a couple of weeks ago at the problems of opening up new accounts in my little country. I was opening a new bank account and an online brokerage account and the paperwork is endless. Eight pages for the bank account, notorised passport, account with home address and so on and endless rigmarole for the share trading. All this is the result of recent laws to curb money laundering. If its happening here I guess that this must be universal. The bank even supplied me with a one time code machine that is required every time I log on.

Your " little country" must be doing something right other than flogging the Aussies at Rugby Union. The Kiwi $ has appreciated nicely against the Aussie Peso over the last couple of months. Talking about money laundering, when I did my tax return recently whilst having a holiday in Oz with my Teelak, I was required to declare all of my assets abroad, including the bank account in Thailand, the little condo in Jomtien and even the Vios. They are certainly tightening up.

[teelack 9,645]

You are right about the NZ appreciation against the AUS $ however it more because the Aussie was over valued. Whilst there has been an approx 8 cents gain against it there is no more than a cent gain against the US$ in the same time frame. Because of this frustration we have to take out aggresion out on the footy field.

 

Your " little country" must be doing something right other than flogging the Aussies at Rugby Union. The Kiwi $ has appreciated nicely against the Aussie Peso over the last couple of months. Talking about money laundering, when I did my tax return recently whilst having a holiday in Oz with my Teelak, I was required to declare all of my assets abroad, including the bank account in Thailand, the little condo in Jomtien and even the Vios. They are certainly tightening up.

[Idefix 2,275]

Just remember that you can transfer into Thailand but to get it out, the limit is 50,000 Baht per day Only.

//

Same when leaving Thailand, only 50,000 baht cash with you when leaving at airport, see the signs.

 

Hi. I think you mix up several rules here. There is no such limitations.

 

AFAIK the 50'000 baht is the limit amount you can bring out the country in THB currency.

As a farang, I don't know why we would bring Thai Baht with us in our country

 

The limit in cash you can bring usually is $10'000 or 10'000€, depending of your country, (can be less for some)

and yet it is a limit of cash without declaration. You can bring more but must declare it to customs.

 

I never read anywhere anything like your 50'000 baht/day limit ?

I already asked Kasikorn to transfer about USD 50'000 to my country; They asked me to prove/show the origin of this money; I bring back copy of bills & past bank operations; It took more than 1 hour, waiting for Bangkok authorisation, but at the end they made the wire.

 

They are many other ways to bring money out Thailand; cashier cheque; PayPal; ...