money transfers

[pklongball]

Hey all,,,,,,,,,,,I was aware that if you transfer in more than 20,000 USD the bank will take 30 percent of the total and hold it in a frozen account for one year?

Is this true?

I was chatting with a friend the other day and he said that the Thai government has relaxed that reg and now you can transfer in any amount?

Please if someone knows for sure let me know? I am planning to buy and I only want to make one large transfer rather than several small ones

[Nawty]

I have T/T'd 20k + and nothing was held and this was just after the 'new idea' came in.

Make sure you put 'Condo Purchase' on the T/T form where it says reason for transfer etc, or if it is for land, then put 'Property purchase'. I always put this as it leaves it a bit open each way. But if you are specifically buying a condo, then put condo, just do not put condo if you are buying land.

If you are also getting the 'foreign transfer' form from your bank once it has been transfered, make sure they write whichever wording you choose, the same as the T/T, on this form. I have had them want to change it to 'Condo' several times now, but I insisted on the same wording.

[pklongball]

Nawty Posted: Sun Jun 24, 2007 3:15 pm

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I have T/T'd 20k + and nothing was held and this was just after the 'new idea' came in. Sorry, what is a T/T form?

Make sure you put 'Condo Purchase' on the T/T form where it says reason for transfer etc, or if it is for land, then put 'Property purchase'. No Condo involved here only a land plot and house. I always put this as it leaves it a bit open each way. But if you are specifically buying a condo, then put condo, just do not put condo if you are buying land.

If you are also getting the 'foreign transfer' form from your bank once it has been transfered, make sure they write whichever wording you choose, the same as the T/T, on this form. I have had them want to change it to 'Condo' several times now, but I insisted on the same wording.

I guess what your saying is I can make the wire transfer and then follow up with this "transfer form"? I have been doing my transfers via my online banking on both ends so up till now I have never gone to the local bank except to get a detail print of the wire transaction.

Thanks for the answer here

[Nawty]

T/T is 'telegraphic transfer' from the bank, not sure how it works if you do it via the internet with your accounts direct, but presume there is a form somewhere that someone has to fill out, T/T same as what you call a 'wire transfer'

The other form I talked about was a 'foreign exchange transaction' form. You get this from the bank at this end when the T/T has come through, you only need it to prove where and why the money has come into Los, you can then use this form to transfer the money back out of the country again with little problem. I get one every time that I send large amounts, up to you though.

[pklongball]

Thanks again for the info and the detailed explanation,,,,,,,,,,I will definitely talk with SCB here about this "foreign exchange transaction" form

[jazzman]

Jazzman has been receiving a SWIFT transfer from the US every quarter for the last eight years to his account at the Krung Thai bank. He has never seen the transfer forms and what is stated on them. He knows the money has arrived when he checks his balance in an ATM.

That's over 30 transfers and there have never, ever, been any problems.

[pklongball]

THX Jazzman

Are you always sending the same amounts?

Are these amounts more or less than the supposed 20k USD?

Never any questions or red flags on either end?

I spoke to SCB bank yesterday and they said a large amount will most likely prompt a phone call from the wire department asking where and what I will do with the cash? I a verbally tell them it's for personal use and to pay off property they will complete the transfer no problems,,,,,,,,,,according to the manager on 2nd road in Pattaya,,,,,,,,,,they will also ask if I want to hold the transfer up for up to 10 days to get a more favorable rate,,,,,,,,,

Bottom line is it sounds like no problem,,,,,,,,,,

My US bank says no issues sending up to my allowed max. for my type of account.

Thanks

[jazzman]

The SWIFT transfers from the US vary, sometimes more sometimes less. I don't know what my publisher declares it as. I never see the paperwork. I had several private transfers sent to me from the UK this year, each one in excess of £20,000 (about $40,000). I don't know what the senders put on the SWIFT paperwork either.

Never, never any problems.

[thomas.fontaine]

I am reactivating this post and wonder if anybody had recently any problem with "significant" amount of money transfer to thailand, since my last transfer has left 1 week ago but is still not credited in thailand. While waiting, euro is going down and down...loosing money everyday.

[dozer]

As far as I know there was never any amount withheld, the 30% rule was for offshore investment provisions in Thai baht and didn't affect straight transfers into the country.

In any event the 30% rule was ended a few months back so there shouldn't be any hitch in the transfer. You can always do a trace on wired money in any event.

[pklongball]

I wired less than 10 grand US about a week ago and it got to my SCB account in less than 15 hours. No problemo"

[Nawty]

Yeah, when I transfer it is usually in overnight.

So one week is strange.

I would be following it up pronto.

[Rick B]

I just made a wire transfer from my bank in the US to my SCB bank account in Sam Chuk, Suphanburi. I called my US bank last night at 9:00pm to request the transfer and just checked my SCB account via the internet and the transferred money was already in the account. Normally someone from SCB calls me to tell me what exchange rate they will give me and to request what the money is for, when the transfer amount is over US$30,000. This time, they didn't call me. The money just showed up in my account. I've never had a wire transfer that took more than 2 days at the most.

One thing my US bank does that I think helps prevent problems is they use a template. Once the template is set up, with the name of the receiver, the bank and account information, etc., I simply refer the bank to the template and tell them how much I want to transfer and the transfer request is completed. This way, I can be sure that the person handling the wire transfer on the US end doesn't make a mistake with the name and account number. I had a friend who had a problem with a wire transfer of $20,000 that got lost. What actually happened was that the US bank typed the name of the receiver of the transfer incorrectly and the Thai bank didn't know where to put the money. A call to the Thai bank asking if they had received a wire transfer of $20,000 from this US bank straightened out the problem. Even a large bank like SCB can check all of their wire transfers in the last several days and look for one that hasn't been fully processed. I would suggest you call the local bank promptly before they return the money to the US bank which sent it. Hope you find your money.

[thomas.fontaine]

We called the bank in thailand, they said everything was normal. It takes about 2 to 3 weeks to get it in the book!!! Has been confirmed by different people I know. I think it depends on whether money is flying direct from bank to bank or if it needs to pass through different intermediates before reaching final destination. Conclusion: you need to find the right bank in thailand to minimise this

[jazzman]

I have accounts at the Kasikorn, Krung Thai, KrungThep, and SiamCity banks. No transfers in 10 years to any of them have taken longer than three days. Three weeks is ridiculous.