chiangmai
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Post by chiangmai on Feb 25, 2017 8:05:15 GMT 7
I'm seeing anecdotal evidence from several sources that banks are making it tougher for foreigners who don't hold work permits to transfer money out of Thailand. In one case a westerner on a retirement extension was refused, despite having his original FET showing the funds were originally remitted here from overseas.
I have online banking with UOB and this allows me to transfer up to 1.3 million per day, I've never used it to see if it works but I do note they have recently added some text saying that the transfer will be refused if the bank doesn't have all your paperwork on file!
Does anyone have any insight into what the current situation is on this, has something changed of late?
Many thanks.
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Post by rgs2001uk on Feb 25, 2017 15:48:24 GMT 7
No insight, can only imagine its local bank staff.
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Post by Soutpeel on Feb 25, 2017 18:29:58 GMT 7
No insight, can only imagine its local bank staff. Could very well be, irrespective if you had a work permit not, one still has to fill a BOT form in to transfer money out the country anyway, and given the exchange controls they have in place could they start blocking transfers out ? Yes Even in the more " enlightened" countries banks are shutting peoples accounts down cos the " paperwork aint right" Even though the money in the accounts is legitimate
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Post by rgs2001uk on Feb 25, 2017 20:47:49 GMT 7
^^^^ call me old fashioned, is it possible to buy tavellers cheques in this day and age?
Is the guy married, cant his wife tx money out the country for holiday/tavel expenses?
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chiangmai
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Post by chiangmai on Feb 26, 2017 7:57:19 GMT 7
It may be that this is just banks over enforcement of new money laundering regs., combined with the usual levels of ineptness. BOT has been loosening foreign currency exchange controls for some time by increasing transfer limits to USD50k and allowing citizens to hoard/invest foreign currency hence if there is a crackdown it will be at foreigners only (quite right too since they are the only ones who could possibly be responsible for money laundering). I'm getting ready to transfer 1 mill. back into Sterling so I'll post again after I get a response from my bank. I have a bunch of FET's so there shouldn't be a problem, but TiT of course!
Hand carry seems to be the recent trend but of course that means reporting to Customs at Swampy that you're leaving with a wad of cash in your bag, call me old fashioned but I'd rather not do that! You also need to have a decent audit trail in place for your arrival at Heathrow otherwise you risk being set upon by an attack spaniel. The last time I took 10k Pounds to the UK in my laptop bag the x-ray folk at Swampy gave me strange looks plus I never slept a wink on the flight and was ready to put the death grip on anyone who ventured near my overhead.
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Post by Soutpeel on Feb 26, 2017 13:28:36 GMT 7
If going to the UK buy gold coins produced by the Royal Mint and which qualify as legal tender and tell the customs and attack spaniel to go f themselves in the UK and you can carry more "cash" this way, you may loose or gain a little on the spot price
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Post by Soutpeel on Feb 26, 2017 13:29:17 GMT 7
^^^^ call me old fashioned, is it possible to buy tavellers cheques in this day and age? Is the guy married, cant his wife tx money out the country for holiday/tavel expenses? I think you still can
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chiangmai
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Post by chiangmai on Feb 26, 2017 13:29:40 GMT 7
Just back from my bank, UOB, all much ado about nothing, nothing has changed, was invited to transfer out whatever I need to, whenever I need to. Exactly what others are trying to do and how remains a mystery, one of the problems of living here is that any of these stories could have substance and/or, any of them could be total B/S and you never know until you go ask at the horses mouth.
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Post by Soutpeel on Feb 26, 2017 13:34:26 GMT 7
Just back from my bank, UOB, all much ado about nothing, nothing has changed, was invited to transfer out whatever I need to, whenever I need to. Exactly what others are trying to do and how remains a mystery, one of the problems of living here is that any of these stories could have substance and/or, any of them could be total B/S and you never know until you go ask at the horses mouth. I think you may find in the root of the story, the money was never brought in legally, never had a FET and when trying to transfer out the bank has asked for the FET or proof the dosh was brought in legally otherwise cant transfer out and in true TV farang fashion they blame the Thais for their own stupidity
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chiangmai
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Post by chiangmai on Feb 26, 2017 15:44:27 GMT 7
Indeed and I normally factor that in. It's just that one of the three people who raised this issue to me is typically quite credible and reliable, somebody I've known for many years, the plonker!
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Post by Fletchsmile on Feb 28, 2017 15:19:28 GMT 7
Nothing has changed - in terms of regulations at least. The most common cause of problems is someone losing/ not keeping their paper trail - ignorance incompetence and whims of bank staff notwithstanding Someone PM'd me on another forum about this. Below were some thoughts I shared in return ======================================================================== The key is having the right paper trail. Particularly as to the source of funds. If you have a work permit then it's usually straightforward, work permit and maybe something like salary slips or Twee 50 or tax return etc Without work permit, you need to go back to the purpose of the transfer and substantiate where the money comes from. Banks usually tell you what they need to see depending on circumstances and it will vary. Bangkok bank and Stan Chart give an idea: www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/TransferingFunds/TransferringOutOfThailand/Pages/TransferringoutofThailand.aspx www.sc.com/th/en/ways-to-bank/online-banking-overseas-funds-transfer.html I've never had a problem when transferring my own money out of the country, and have done for large amounts on a couple of occasions. People can run into problems though. Lack of documentation / paper trail is probably one of the biggest causes. Others include ignorance or incompetence or whims of staff , individual branches etc. A few things that help out: - Generally head offices are more familiar with things. So if you're having a problem with Bangkok Bank in Nakorn Nowhere then Silom head office will likely be better. Similarly for Stan Chart Sathorn head office - Certain banks are more used to it than others, eg BKK Bank, Stan Chart, so may be worth opening a new account somewhere else. - If you've lost the original paperwork, there's often a way to get an equivalent. I've worked in a few banks in Thaland, and although not my particular area, I have in the past helped out expats. eg one guy had lost his original TorTor3 (later replaced by TEF). He had a chicken and egg situation with the land office when buying. What we ended up doing is getting the bank to write a letter as a substitute confirming the funds had been received and the purpose. Took time, as a non standard process but got there in the end. - sale of a condo is one that requires particularly documentation to remit out. In addition to proving the incoming money you need the right docs from the land registry, proving tax paid and dealt with properly. - If you don't get any joy from a particular employee ask to see their manager. That may fix it there and then. Just keep asking to go up the chain. Next = branch manager. If branch manager than you can say it leaves you no choice but to go to CEO etc. Politely but firmly. - it can help to transfer out with the same bank you transferred in. That way any missing/ lost documentation you can ask them to recreate. On the other hand it might sometimes be useful to use another bank if they are better at it. - another thing that may help is your status and/or relationship with the bank. eg if staff know you well. Becoming a premier/ premium banking client may also be useful. eg at Stan Chart if you put THB 3mn of assets with them, you become a priority banking customer. This gets you your own relationship manager who will follow through things more thoroughly for you. In contrast to mass retail clients where you're often just a number. If you've say sold a condo, go in and say you're looking to open an account as Priority banking. - similarly knowing senior people in the bank who can get things done for you given how status driven Thailand can be Quite a bit though depends on your individual circumstances, bank, source of funds, so difficult to be specific, but some of these may help Cheers Fletch
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Post by Fletchsmile on Feb 28, 2017 15:27:13 GMT 7
Just back from my bank, UOB, all much ado about nothing, nothing has changed, was invited to transfer out whatever I need to, whenever I need to. Exactly what others are trying to do and how remains a mystery, one of the problems of living here is that any of these stories could have substance and/or, any of them could be total B/S and you never know until you go ask at the horses mouth. How do you find UOB here Chiangmai? I've been thinking of opening an account with them given StanChart's situation. Many years back I had a Bank of Asia account which got bought out a couple of times and ended up as UOB. I closed the account years back before they'd really got their act together and sort of wish I hadn't.
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siampolee
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Post by siampolee on Feb 28, 2017 16:46:08 GMT 7
Butting in here Fletch, our School was approached by The Bank of Asia to see if any teachers could or would teach their staff English in a branch some 150 metres away from the school, this was around the time B O A arrived here in Thailand 1996-7 ish I think.
They also offered as one of our teachers did teach the staff there to set up a deposit taking table at the school on payday as we were paid in cash then and minimum wage then was 55,000 baht a month, pre car days and going home in a taxi with 60k in the bum pocket always worried me.
School accepted as did the majority of staff and I/ we (joint account) have banked with them ever since, good service no problems with transfers credit cards insurance etc.
As you say ''they have got their act together.''
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chiangmai
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Post by chiangmai on Mar 1, 2017 11:34:16 GMT 7
UOB can do no wrong in my book, I've looked at them long and hard and tested their services up one side and down the other and still they pass muster with flying colours. As said, overseas transfers are not an issue, I can even do it via their online banking which uses OTP and appears secure. My relationship person brings papers to my house if I can't stop by and sign something plus they gave me a decent limit CC without me asking for it and without securing my funds as a deposit. Fixed deposit rates are competitive at 1,89% for 12 months currently and regular savings for Preferred customers is 1.40%. For me one of the major selling points of UOB is that they always follow their procedures without ever deviating, there are no short cuts to any of their processes and I like that - have to say also the staff at my branch are great value, an all round nice bunch.
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Post by Fletchsmile on Mar 6, 2017 21:46:50 GMT 7
Thanks for that Chiangmai. I'd expect them to be decent. I think they'll also be around for the long term give their strategy and positioning as a Singapore hub and regional bank
Do you also bank with them in Singapore? One of the other things I was considering is opening an account with them there too.
One of the nice things about StanChart is that their overseas transfers are fee between StanChart banks in different countries for Priority Banking clients. Not sure what will happen to that with Stan Chart when they pull out of Thailand.
UOB also offer stock market and other trading via a Group company. I'm not convinced Stan Chart's equity trading business for retail clients will last and Stan Chart Singapore is currently one place I do that thru, so am thinking of trying to piece them together.
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