condo sales & funds transfer home...

How easy is it to transfer funds, say from the sale of a condo in los, back to the UK?

Is there nothing to be concerned about, & that one just transfers it from their los account to there home account, & can this be done in one lump sum, or is there a limit as to how much you can transfer at a time?


:idea:

[Bob]

Sorry, don't know, but would think wiring the funds bank to bank would be the way to go.

For some strange reason, I suspect that 99% of the posters/viewers here believe that money only flows into Thailand! :faroah:

Assuming you have the original incoming transfer document, I don't believe there will be an issue with transferring the original amount out in a lump sum. The confusion I have is over the profit amount, if any. Not sure if you have to pay Thai tax on it, prove you paid the tax to wire it out, etc.

[bigben]

I am not a banker and not sure about taxes, but I would hate to have to pay taxes twice, once is enough.

My thought is just open a Thai bank account (visa type) with an ATM card connected to the account.

In your own home just withdrawal from your bank. Sure, there will be some ATM charges but set up the account here (in Thailand) to be able to withdrawal a large amount per 24 hour period.

That sure would beat having to pay taxes on your money a second time.

There is always Western Union, but their fees are most likely higher than the tax you would have paid.

tata

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[wowpow]

I sent about a million to the UK a few years back. It was not a problem at Krung Thai Bank (most things are) but you have to state the reason for the transfer - they suggest personal expences. They charge 1% but you get a reasonable exchange rate.

Do any Thai banks issue International ATM cards?

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If I recall correctly, the VP at Bangkok Bank in his talk to the Pattaya City Expat Club said that his bank would transfer funds out if designated for family support or something like that. However, he did indicate that larger amounts could be transferred, BUT the bank would require the reason and THEN had to submit it to Minister of Interior (or maybe it was finance, anyway some government ministry) for review and approval. He did not elaborate on whether it would be likely to get approval or what kinds of "reasons" the ministry might approve.

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Transferring money out of Thailand is as easy or difficult as the bank wants to make it. If you have the Tor Tor 3 you SHOULD be able to transfer the amount stated on it without difficulty as JB says, but if you get an awkward, lazy or uninformed cashier you can hit a brick wall. On the other hand, a helpful cashier can help you transfer money out without a tor tor 3 if you have alternative documentation. The anti-money laundering law excuse is just that. There are stricy anti-money laundering laws in the UK and the US, but how difficult is it to transfer money out of either of those countries to Thailand?

If you get an international ATM card (you have to ask for this or they will give you a domestic one) you will be charged 75 baht commission per transaction, but will get a good exchange rate. Not sure what the max daily transaction amount is - probably the local equivalent of 20,000 baht.

Havn't tried the 10,000 dollar family support route. Has anyone actually done this (themself)? With which bank? Is any documentation required?

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[Brad the Impala]

I recently transferred 400,000 baht from a simple savings account at the Thai Farmers Bank to a bank in the UK. No documentation required and Thai Farmers Bank simply wrote a cheque for the sterling equivalent to be drawn on a UK bank(Lloyds).

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