Transfering money overseas

[PAINTER01]

Just got the call from my UK bank and my Thai baht was transfered into the UK this morning (it took 4.5 days).
The money was in Thai baht and had to be recalled by the sending bank.

Any more details please PM.

[lomuamart]

Sorry, what does "recalled" mean? Verification?
I'm not too good at international transfers of money. Are your funds in the UK now or still in Thailand?
I know there are paper chases/ forms to fill in/ evidence that the money was earned from overseas and brought in for legitimate purposes and that's all pretty reasonable.
However, my understanding was that you couldn't get money out of Thailand very quickly even assuming you'd complied with all of the above.
Please correct me if I'm wrong.
You've mentioned 4.5 days, which isn't too bad, but it's definitely not at the touch of a computer key.
Can you clarify a bit, please?

[PAINTER01]

Given all the upheaval in LOS I decided not to proceed with the purchase of my land/house, but I already had the Thai band in LOS for the imminent purchase.
Given the uncertainty with how long the land issue will take to resolve its self I felt safer with my money in the UK.
When I was then speaking to my HH bank (SCB) from the UK about this they said no problem just sign a withdrawal slip (although its a long way to come to sign a bit of paper I needed a break!).
When I then came out there was a bit more too it than that and with no mater what scenario we proposed (my lawyer and HSBC BKK ) to SCB it was not sufficient.
HSBC in BKK then suggested that when I got home ask my own home town bank (HSBC) to request the money on my behalf. I then done this but it was then rejected as my own town was not good enough and it had to be HSBC London. I then got them to do this and after the 4.5 days the money was in my UK account.
Apparently my own local UK branch and myself asking for my own money back was not sufficient, London HSBC had to ask for my money back on my behalf with a "swift" notification (recalled)
Although I am very relived to get my money out I am still a bit bemused on how, and if would be the same procedure next time.
Also HSBC London were surprised as they are of the same opinion that you can't get money out. I transferred Thai baht out and got Thai baht back, when I was getting a rate to exchange it back to pounds two of my brokers wouldn't even offer a price so I sold it to HSBC at 68 to a pound

[JimmyGreaves]

HSBC at 68 to a pound

68 sounds like a reasonable rate.

[PAINTER01]

I brought my baht last March at 69.7 so I made a bit to go against the cost of getting it back .

[PeteC]

This is like something out of a nightmare. Perhaps to Thai banks once you deposit your money, it then belongs to them?

I've never had a bank account in Thailand and these sort of reports just reinforce my thinking. Pete

[PAINTER01]

What really surprised me was the difference in professionalism between SCB and HSBC. I was told by HSBC that they would of been able to transfer the money no problem ( how often have we heard that). And they could not understand the reasons why SCB would not allow it.

If investing in LOS can you only rely on Western banks to get professional service who will act ON YOUR BEHALF, kinda depressing in a way.

I was lucky/clever/fortunate (take your pick) in getting my money out I would suggest that in the future only use an international bank for large sums.

Any way out for a meal tonight to celebrate, only downside it won't be deep friend rock lobster with garlic

[lomuamart]

Thanks for the clarification PAINTER01,
Although we're probably not talking about the same amount of money, I'm going through this with HH Immigration at the moment. They want to see the 40,000 Baht transferred into a Thai bank account.
Admittedly, the situation is ambiguous and I've got to argue my corner. I just don't see why the money has to be in Thailand - as per The Police Order that I've quoted on this forum many times before. As long as I can prove the income, certified by my Embassy, what's the problem? With supporting documents.
All this country will do is tie my money up at the end of the year.
Again, I know I'm not talking about a lot of money, but it could make a difference to me if I need it to take care of my property.
Will they let me transfer back home? Maybe, but it'll take time, which I may not have.

[Rider]

Lou, this is a thing I've heard other expats complain about too, having 40k baht transferred into Thailand each month is infuriating them. Many argue that the 40k baht is 'dead-money' that could be put to better use. Some argue that its better to ditch the marriage visa and go for the non-imm 'o' 12 month 'friends and family' visa.
A very byzantine and complex immigration system they have here!

[ozuncle]

Buksida,
One of my friends does this.

Have you a friend in the country you wish to transfer the money, who visits HH regularly?

Ask him to lend you the money in his currency and then when he/she arrives in HH you give back in Thai Baht.

This would work for small amounts and you would have to agree on a conversion rate. No fees payable.

[buksida]

Buksida,
One of my friends does this.

Have you a friend in the country you wish to transfer the money, who visits HH regularly?

Ask him to lend you the money in his currency and then when he/she arrives in HH you give back in Thai Baht.

This would work for small amounts and you would have to agree on a conversion rate. No fees payable.

Yes I have done this a couple of times, its a little too infrequent though and as you say only good for small amounts.

[lomuamart]

Lou, this is a thing I've heard other expats complain about too, having 40k baht transferred into Thailand each month is infuriating them. Many argue that the 40k baht is 'dead-money' that could be put to better use. Some argue that its better to ditch the marriage visa and go for the non-imm 'o' 12 month 'friends and family' visa.
A very byzantine and complex immigration system they have here!

A bit off topic this, but to clarify your points, Rider.
The "friends and family" option is for the visa itself - a Non O, single or multiple entry and therefore good for either 3 months or a year. The multiple-entry variety is pretty much only obtainable back in your home country these days and there's generally no need to prove funds/income.
It's the extension to that visa, on the basis of marriage, which is applied for here in Thailand and that I was talking about. Income then does have to de demonstrated. If granted, the extension negates the requirement to do any visa runs - just 90 day reporting at an Immigration Office.
It would get a bit expensive to return to the UK every year/15 months just to get another multiple-entry Non O.
The other alternative I have is to wait until I turn 50 (not that far away, unfortunately) and then go for the retirement extension option. The 65k a month income requirement does NOT have to be transferred to Thailand - as far as I'm aware.
Reading between the lines, I think this country is heading towards just welcoming, on a long-term basis, those farags who legitimately work here or who are of retirement age and bring in a decent amount of hard currency to a Thai bank.
Which brings me back to square one - namely, that if you want to move on, how do you get that money out of Thailand? Certainly, there are ways and means, but they seem to be convoluted and time-consuming. After all, if my wife wanted a Tourist or Settlement Visa to the UK and she was applying on the basis of her own money, I'm pretty sure that The Embassy in BKK and Imm back home would not require her to transfer the money to the UK. She'd only have to demonstrate that she had the funds to adequately support herself during her stay. Those funds could, quite rightly, be back in Thailand and she'd only need to draw on them when necessary.
That, to me, seems like a reasonable position for the authorities to take. After all, money's got to be spent to live wherever you are. Thailand seems to want their cake and to eat it too.

[Norseman]

The Nation have an article today about

THAKSIN BUYING MANCHESTER CITY?
Where will the money come from? http://www.nationmultimedia.com/2007/05 ... 034270.php

The newspaper say:

Central bank regulation requires you to seek its approval first before you may transfer more than US$10 million out of the country to buy properties.
If the amount is below US$10 million, any commercial bank can simply process the transfer according to your wish.

But if you want to invest in a business worth more than US$50 million, you also need central bank's approval.
If the amount is less, a commercial bank can go ahead to process the deal on your behalf.

If this is correct then there should be no problems at all to transfer money OUT of Thailand.

[SHADOW]

Has anybody tried a cashiers cheque. Simple to get and should be no problems to cash in any country. I think the banks are pulling a fast one if the money came from overseas you are fine, if you made it here you have to pay tax on it first. Or get your lawyer to send it they are Thai after all and will have no restrictions.

No multinational would be in Thailand if they couldn't get their money out.

[buksida]

If this is correct then there should be no problems at all to transfer money OUT of Thailand.

I think you'll find a different set of regulations for Thai nationals and foreigners regarding moving money out.