Repatriation of funds.

[EverHopeful]

Tried to put this in the Finance section but simply wouldn't work.

Has anyone had any experience moving funds OUT of Thailand.  Eg selling a property and returning 2 mill to 5 mill bht home to their country? 

I have heard rumors this is difficult but wanted to know the real situation prior to bringing money into Thailand. 

Thanks.

[gazmo16]

At the very least you will find a cap on removing that much money out of Thailand and it will take several transactions and a significant loss in transfer fees. Look at the WISE transfer company for reasonable rates of transfer but if the money isn't already in Thailand I'm not sure I would bring it if you are already asking about how to take it back out again. If its for purchasing property remember you can own a condo but your house will always be on someone else's land at this current time. 

[AussieBob]

My understanding is that you cannot take more than 50,000 Thai Baht in cash out of the country - up to that amount is OK. For more than that you have to exchange for another currency first, but I believe that you can take out up to $20,000USD (about 600K Baht) in cash out. Anything more than that is not allowed - and you will need to have proof of how you got the money (work, brought it in, etc). 

For bank transfers of large amounts you need to talk to either a Thai Bank and/or a Money Exchange organisation. Someone mentioned Wise and they are good in my opinion - have a Wise account myself - they have been granted a limited banking licence in Aust (only money exchange organisation that I am aware of).  From what I am aware there is strict international monitoring of currency exchanges - you need to talk to specialists like Wise.

 

 

[321BOOM]

You can take as much money out in cash as you want. I just recently left LOScam and took 60K USD out of the country, 6 bundles in the pockets of my cargo trousers. Nobody checks anything. At the security check keep it in your pockets, if they ask say that's money, if they want to see show them but keep it in your hands. Same amount I actually brought into LOScam 7 years ago, same method.

At my destination country nobody checked on arrival as well. I actually did it more than 20 times in the last few years, not always 60K but always more than twenty. Worked always well. In and out not any problem.

If you feel unsafe with it you can arrange a barter deal with a friend who has an account in LOScam and in your destination country. 

All a matter of trust and courage. Do not get fooled by government rules and regulations, they do not have the personal to control everything or are simply to lazy to do so.

Edited June 29, 2021 by 321BOOM
wrong spelling

[EverHopeful]

On 6/26/2021 at 5:51 PM, Stonker said:

Certainly, since you ask.

NO, the Phuket residents are NOT all vaccinated. Around 50% are, and around 25% have had a single dose, mainly Sinovac.

... and NO, neither are all the tourists as nobody under 18 is likely to be vaccinated.

... and although 70% or more of hotel staff are vaccinated, very few of the bar / entertainment staff are or will be.

The problem isn't tourists, particularly international tourists  -  it's tourism, with all that tourism requires.

 

On 6/29/2021 at 10:45 PM, AussieBob said:

My understanding is that you cannot take more than 50,000 Thai Baht in cash out of the country - up to that amount is OK. For more than that you have to exchange for another currency first, but I believe that you can take out up to $20,000USD (about 600K Baht) in cash out. Anything more than that is not allowed - and you will need to have proof of how you got the money (work, brought it in, etc). 

For bank transfers of large amounts you need to talk to either a Thai Bank and/or a Money Exchange organisation. Someone mentioned Wise and they are good in my opinion - have a Wise account myself - they have been granted a limited banking licence in Aust (only money exchange organisation that I am aware of).  From what I am aware there is strict international monitoring of currency exchanges - you need to talk to specialists like Wise.

Thanks AB. 

Sounds like it can be done but at a cost. If cryptos hang around I guess that will be an option. 

[EverHopeful]

On 6/29/2021 at 10:06 PM, gazmo16 said:

At the very least you will find a cap on removing that much money out of Thailand and it will take several transactions and a significant loss in transfer fees. Look at the WISE transfer company for reasonable rates of transfer but if the money isn't already in Thailand I'm not sure I would bring it if you are already asking about how to take it back out again. If its for purchasing property remember you can own a condo but your house will always be on someone else's land at this current time. 

Thanks Gaz. I'm an old boy scout. Always prepared.  Money not an issue now but who knows what life will throw at us. Sick family needing funds more than I need a condo in Thailand.  Would be annoying not to be able to sell and repatriate funds.

Also understanding things can change.  Trust is a big issue with MANY things Thai!

[Zool]

There is an option to use a Thai crypto exchange to convert your cash to crypto, then send it to a crypto exchange in your country and sell it for cash. There are 2 crypto exchanges in Thailand. I believe you are limited to 2 million Baht per day transactions, so it might take a few days to move a lot of cash. 

[Meechai]

Yes I have done this...moved millions of Thai Baht out of Thailand back to USA

I am assuming you are talking about a transfer/wire etc

I used Bangkok Bank was quite easy & ran about $30 usd per trans

 

As for questions about where money came from or f you have the transfer into country paper to show etc...

Nothing will be asked if you keep transfers to below $50,000 USD (Roughly 1.6 million baht)

I would keep it to 1-1.2million Baht per time & never had any problems

When asked reason of transfer you say repatriation

 

Funny part is my wife who has dual citizenship Thai/US had a harder time & had to go home & get her US passport to prove she was also a US citizen hahah first time anything was easier for a Falang than a Thai in a Thai Bank ;)

 

 

[nobusinessofurs]

On 6/29/2021 at 6:12 PM, 321BOOM said:

You can take as much money out in cash as you want. I just recently left LOScam and took 60K USD out of the country, 6 bundles in the pockets of my cargo trousers. Nobody checks anything. At the security check keep it in your pockets, if they ask say that's money, if they want to see show them but keep it in your hands. Same amount I actually brought into LOScam 7 years ago, same method.

At my destination country nobody checked on arrival as well. I actually did it more than 20 times in the last few years, not always 60K but always more than twenty. Worked always well. In and out not any problem.

If you feel unsafe with it you can arrange a barter deal with a friend who has an account in LOScam and in your destination country. 

All a matter of trust and courage. Do not get fooled by government rules and regulations, they do not have the personal to control everything or are simply to lazy to do so.

Yeah and subject to have it seized for not declaring it. 10 grand usd is max without declaring it

[Marc26]

4 hours ago, nobusinessofurs said:

Yeah and subject to have it seized for not declaring it. 10 grand usd is max without declaring it

And they don't bat an eyelash when you do declare it at the border

So stupid to take the risk of it being confiscated 

 

I've done it a couple times coming back into the US, one 22k and one 17k

 

You just fill out a form

They didn't even ask me any questions 

[Shark]

On 6/29/2021 at 5:45 PM, AussieBob said:

My understanding is that you cannot take more than 50,000 Thai Baht in cash out of the country - up to that amount is OK. For more than that you have to exchange for another currency first, but I believe that you can take out up to $20,000USD (about 600K Baht) in cash out. Anything more than that is not allowed - and you will need to have proof of how you got the money (work, brought it in, etc). 

For bank transfers of large amounts you need to talk to either a Thai Bank and/or a Money Exchange organisation. Someone mentioned Wise and they are good in my opinion - have a Wise account myself - they have been granted a limited banking licence in Aust (only money exchange organisation that I am aware of).  From what I am aware there is strict international monitoring of currency exchanges - you need to talk to specialists like Wise.

I might even turn into a 3rd option, sell your house to a foreigner in Foreign valuta... zomg!

[Rain]

On 6/29/2021 at 4:12 AM, 321BOOM said:

You can take as much money out in cash as you want. I just recently left LOScam and took 60K USD out of the country, 6 bundles in the pockets of my cargo trousers. Nobody checks anything. At the security check keep it in your pockets, if they ask say that's money, if they want to see show them but keep it in your hands. Same amount I actually brought into LOScam 7 years ago, same method.

At my destination country nobody checked on arrival as well. I actually did it more than 20 times in the last few years, not always 60K but always more than twenty. Worked always well. In and out not any problem.

If you feel unsafe with it you can arrange a barter deal with a friend who has an account in LOScam and in your destination country. 

All a matter of trust and courage. Do not get fooled by government rules and regulations, they do not have the personal to control everything or are simply to lazy to do so.

This is my understanding and experience as well. 

The rules and regulations are never enforced. Rare and random, if they are.

[gazmo16]

Yes rare but it only takes one jobs worth to make you loose a decent wedge of your money. Like all things it's great until you get stopped .

Why risk at all when a wire transfer is an option or better still keep the money outside the country an rent for half of last years cost. As far as buying goes the current situation shows how thousands can be wiped off the value of houses and condos with a glut now for sale and no buyers.