Hi didnt know if any one could pass on there experience with sending large sums back to the UK.
We are sending back home Thai baht we had on account in HH because of abortive property purchase. I think I have the option of either transferring the baht to sterling in HH and sending home or sending back Baht to my UK baht account.
Any one done this and was there a standard route to go?
I'm not 100% sure, but I reckon you'll need the relevent forms proving you brought the money into Thailand for legitimate purposes for you to be able to take it back out and therefore escape taxes.
PAINTER01 wrote:sending large sums back to the UK.
You can only do this if you can prove that you bought the money into Thailand in the first place, they don't like foreigners sending money out - its a one way street here!
Who is the happier man, he who has braved the storm of life and lived or he who has stayed securely on shore and merely existed? - Hunter S Thompson
My lawyer has aid the route in and out is fine it was the exchange rate I was concerned about, historically do you get a better rate here or in the UK?
Transfer from Uk you get a better rate in Thailand. Not sure if the reverse applies. Probably not as there is now 2 exchange rates. Perhaps you could check the rates on Thai Banks web sites and then check then rate with a UK bank.
I have just spoken to Moneycorp in the UK to get a spot rate to compare and they told me that they are not buying Thai Baht at the present time because of the "volatility of the market caused by the Thai Government"
Just another update if any one is interested, my lawyer phoned me this afternoon and was told by my HH bank that there will only send the money back to the UK in sterling because of concerns abroad about the Baht. What rate I do not know but I have asked to be advised of the rate before I authorise the transaction just in case the rate is excessively bad.
