Tax Tips

Transferring Money Out of Thailand


Transfer Money Out of Thailand

Traditionally, it has always been easy to transfer money into Thailand, but getting the money out has always been more difficult. Normally, if you are transferring large sums of money offshore, you would need to supply the bank with a host of supporting documents proving that you have made the money here and paid tax on it.

The Bank of Thailand have now relaxed the regulations concerning capital outflows. The amount you can transfer offshore without having to fill in the foreign exchange transaction forms has increased from US$20,000 to US$50,000. They have also eased
the supporting documents you need to supply to the bank. This is to facilitate firms sending foreign exchange transactions overseas whilst reducing the administration costs for firms and banks. This makes money transfers more viable than the traditional Western Union route with its high fees.

The Notifications of the Ministry of Finance with immediate effect 12th October 2010:

(1) relaxing regulations on Thai direct investment and lending to affiliated companies overseas

(2) relaxing regulations on lending of Thai companies to non-affiliated companies abroad up to $50 million per year.

(3) increasing the amount limit for purchase of immovable properties abroad.

(4) raising the outstanding balance limit of foreign currency accounts.

(5) relaxing regulations on repatriation of export proceeds of values less than US$50,000.

The full article can be accessed here: http://www.bot.or.th/Thai/PressAndSpeeches/Press/News2553/n4553e.pdf

You can transfer this money directly to an offshore bank account or straight into an investment portfolio to maximise returns. For money transfers abroad, seek advice from your local financial advisor on what would be the best option. Contact details are provided above.

Click here for information on Banking in Thailand

For more information, send an email to qrops@credendaassociates.com

Transferring Money Out of Thailand by

2 Comments

  • Hi,

    I enjoyed reading your post. It’s also worth considering using a currency specialist when transfering money abroad since the time of your transaction is very important – the currency markets are constantly fluctuating, and it’s crucial to keep your eye on the markets if you want to get the best rates. Banks will often give you a ‘rate of the day’ rather than waiting for the best time while currency specialists will give you up to the minute rates and advise you on the best time to make the transfer.

    Best wishes, David Kerns, Moneycorp

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