Guest buckeroo2 Posted June 21, 2010 Posted June 21, 2010 My question is very straightforward. How much money in U.S. dollars can I carry on my person when I take an exit flight out of Thailand? I am not interested in U.S. tax consequences and have every intention of declaring it on my U.S. Customs forms. I am also not interested in alternative methods of transferring the money or exchanging it into something other than cash. Someone told me that the Thai government limits how much money one can take out of Thailand regardless of the currency. So that's the only question I have - Does Thailand limit the amount of U.S. dollars I can carry out of Thailand when I depart Thailand and if so, what is the limit? Quote
ceejay Posted June 21, 2010 Posted June 21, 2010 You can carry as much as you like, but if the foreign currency you have with you totals $20,000 or more, you must fill in a declaration form on exit. You will probably also be questioned on where you got it from. Quote
mahjongguy Posted June 21, 2010 Posted June 21, 2010 Foreign tourists may freely bring to the Kingdom of Thailand foreign banknotes or other types of foreign exchange. Upon leaving Thailand, a foreign tourist may freely take with them the foreign means of payment they brought in, with the exception that foreign notes or coins do not exceed the equivalent of US$10,000 or the amount declared in writing to customs upon arrival. Taking foreign currency that exceeds US$10,000 into or out of Thailand must be declared at the Customs Office upon arrival or departure. Failure to do so may lead to arrest, confiscation of the excess amount involved and / or prosecution. Quote
Guest gay_grampa Posted June 21, 2010 Posted June 21, 2010 Get related to a member of the Shinawatra family and you could exit with 50 or 60 suitcases full of money. Quote
Gaybutton Posted June 21, 2010 Posted June 21, 2010 I think Buckeroo2 now has his answers and I know he's not looking for alternative ways of taking out money, but I'm reminded of something rather bizarre incident that happened to me, involving Thai banking and removal of money. About 7 or 8 years ago, before I retired and moved to Thailand, I already had an account at Bangkok Bank and had an ATM card. For reasons I still don't really understand, my accountant wanted me to bring back a cashier's check, drawn from my Thai bank account, for some purpose regarding my taxes. She explained the reason, but I don't remember now what the reason was. It was complex. Anyway, I obtained a cashier's check from Bangkok Bank for 20,000 baht. Back then, that was the equivalent of US $500. When I returned to the USA I gave the check to the accountant, she did whatever it was she needed to do, and then returned the check to me. I went to my local bank in the USA to deposit the check. The bank told me that for a foreign check I should allow about 12 weeks for it to clear. 14 weeks later it still hadn't cleared. I called the bank and was placed in touch with someone who deals with foreign transactions. After I explained, he told me he'll investigate it and call me back. About an hour later he did call me back and said, "I've never seen anything like this in my entire career. Bangkok Bank is refusing to honor the check." I said, "They're refusing to honor their own cashier's check? Why?" He explained that they were telling him they won't honor the check unless I can explain, to their satisfaction, why I need to be taking money out of Thailand. He said he's never heard of such a thing. I said, "That makes even less sense to me than it does to you. I have an ATM card from Bangkok Bank. I can withdraw money with it from any ATM in the world, including right here. I could empty out the entire bank account with the ATM card, but they won't honor their own cashier's check?" My next question was what happens to the check now. He said they will send it back to me. About a week later I received the check. Next trip to Thailand I went to Bangkok Bank and had no problem at all depositing the check back into my account. So, the moral of the story is . . . . well, come to think of it, I have no idea. Quote
Guest buckeroo2 Posted June 22, 2010 Posted June 22, 2010 I think Buckeroo2 now has his answers Actually I do not have my answer - one person told me it is U.S. $10K and the another person said it is $U.S. 20K. I have searched thaivisa.com and google but have yet to get a definitive answer. Is there a Thai customs office in Pattaya that I can visit to get an answer on which I can rely. Quote
Bob Posted June 22, 2010 Posted June 22, 2010 Actually I do not have my answer - one person told me it is U.S. $10K and the another person said it is $U.S. 20K. I have searched thaivisa.com and google but have yet to get a definitive answer. I'm not sure how you couldn't find it, only took me 30 seconds. Here's your answer (lifted from the Thai Customs Office website): Currency Limitation For Thai currency, the amount of Baht 50,000 or more must be reported on departure to Customs, except those traveling to Lao PDR., Myanmar, Cambodia, Malaysia, and Vietnam are allowed to take out Thai currency not exceeding 500,000 Baht. For Foreign currency, any person who brings or takes and aggregate amount of foreign currency exceeding USD 20,000 or its equivalent out of or into the Kingdom of Thailand shall declare such amount of foreign currency to Customs. Failure to declare or make false declaration is a criminal offence. I have no clue if there is an actual limit. If/when I ever need to take out a chunk, I'll have it wired. The reason that not too many falang know this is, of course, that we falang usually don't have the problem of taking too much money OUT of Thailand...hahahaha. Quote
Guest buckeroo2 Posted June 22, 2010 Posted June 22, 2010 Thanks for the above information, Bob I am not sure if wiring money out of Thailand is a possibility. I certainly would do that if I could rather than carry a large amount of cash. I bank with SCB (Siam Commerce Bank) and they told me I could only wire money out of Thailand if the source of the money came from a property I sold and I had a record of initially wiring money into Thailand to make that property purchase. That is not the case for me. So, SCB told me I could not do any wire transfer out of Thailand other than under the circumstances above. Maybe it is just a matter of going to another branch of SCB and see if I am told the same thing. I have talked to a few farang business people here in Pattaya and they told me the same thing so I never pursued it any further. Quote
Guest travelerjim Posted June 22, 2010 Posted June 22, 2010 Thanks for the above information, Bob I am not sure if wiring money out of Thailand is a possibility. I certainly would do that if I could rather than carry a large amount of cash. I bank with SCB (Siam Commerce Bank) and they told me I could only wire money out of Thailand if the source of the money came from a property I sold and I had a record of initially wiring money into Thailand to make that property purchase. That is not the case for me. So, SCB told me I could not do any wire transfer out of Thailand other than under the circumstances above. Maybe it is just a matter of going to another branch of SCB and see if I am told the same thing. I have talked to a few farang business people here in Pattaya and they told me the same thing so I never pursued it any further. Several thoughts and ideas... Were you working in Thailand ...legally, with work permit? If so...talk with your bank...or talk to Bangkok Bank.. you should be able to wire transfer money from your account here to USA... What is the ATM limit for withdrawals in USA from your SCB? Can the limit be increased?... say from $500 to $1,000 daily? Tell SCB them you are going home for an extended holiday...then withdraw using ATM each day the limit. Do you have a second ATM card for your account? If so... send it home and have trusted person withdraw max amount daily from it...while you are still here. Take your account to Bangkok Bank...or Citibank/Bangkok... or HSBC...all who have banks in USA too...explore taking withdrawals from those banks while you are in USA ??? Bangkok Bank says in many ads that you can wire transfer to your home account...explore that further...but NOT big lump sum... over time have wire transfers to your home bank. How about Travelers Checks? Just a thought... maybe Citibank in Bangkok issue them..or other international bank...??? You also could give $10,000 to each of your best Expat friends in Thailand to hold for you... ..take what you can legally out of the country... and your best friends will take care of the $$$ entrusted Good Luck! Good question you have brought up... Better to get the money out of Thailand.. it is hell to do so after you have passed away... US banks have "payable on death" beneficiary clauses available for their accounts...it simply bypasses probate... Thailand does not and it takes tens of thousands of baht in legal fees and many months of court time to get an Estate probated. Keep only here what you need...and can afford to leave or lose. Just my opinion... tj Quote
Gaybutton Posted June 22, 2010 Posted June 22, 2010 It seems simple enough to me. If you are planning to take out a lot of money, take 500,000 and go to Lao, Myanmar, Cambodia, Malaysia, or Vietnam. Then go wherever you want from there. If you're planning to take out more than that, well, I guess you have to make more than one trip. But if Ceejay is correct, they're not going to stop you from taking out however much you want. They just want you to report it first. But why rely on what you get from message board posts? Why not simply contact Thai customs or your embassy and ask? Quote
mahjongguy Posted June 22, 2010 Posted June 22, 2010 I am not sure if wiring money out of Thailand is a possibility. I certainly would do that if I could rather than carry a large amount of cash. I bank with SCB (Siam Commerce Bank) and they told me I could only wire money out of Thailand if the source of the money came from a property I sold and I had a record of initially wiring money into Thailand to make that property purchase. That is not the case for me. What, exactly, is not the case for you? That you didn't wire the money in, or that you didn't use it to buy then sell a condo? Regardless of the purpose for which you wired money in, you can wire it back out. You just need to get the wire transfer details report from the bank that received it. Similarly, if one has the declaration made when one carried in a big chunk of cash, one can use that documentation to carry the cash back out. If someone has cash that they cannot justify possessing, they would best take it out of the country in amounts less than US$10,000. Quote
Guest tdperhs Posted June 22, 2010 Posted June 22, 2010 Please note: None of the advice you have been given indicates a limit, probably because there is none. Foreign banks, corporations and brokers move money in and out of the country all the time, even small businessmen and individuals. The trick is to be able to justify every satang over the $20,000 limit. This occurs in most developed countries. The trick is to be able to show a record that you brought in an amount in excess of the amount you wish to remove from Thailand plus living and entertainment expenses. Ideally, keep your receipts for any conversion, ATM, or cash advance transaction. If you can show, for example, that over the term of your visit, you brought in $35,000 and spent two months here and you want to take $25,000 out, unless you threw a lot of public parties, a Thai immigration official official could reasonably conclude that you were not trying to leave with an excess of foreign currency. Otherwise, pull out the undeclarable $20,000, put the balance in the Bank of Bangkock, which has branches in a few western capitals and, when you get home, do a wire transfer from BoT to your own bank. It usually costs $20.00. Quote
Guest fountainhall Posted June 22, 2010 Posted June 22, 2010 Please note: None of the advice you have been given indicates a limit, probably because there is none. I suspect it depends on what type of company you deal with here and the regulations pertaining to that company. For a small company, it seems there definitely is a limit on the amount of foreign currency that can be remitted out of the country at any one time. I am associated with one such company which occasionally has to remit funds to the US. In a recent transaction, the contracted amount was US$85,000. This had to be split into two transfers - with full paperwork required for each. I am not sure of 2 related issues, though - 1. exactly what the maximum is, and 2. if the Bank of Thailand considers the maximum to be on the overseas currency amount, or on its equivalent in Baht. I suspect the latter. If anyone wants more information on this, I will check. For Thai currency, the amount of Baht 50,000 or more must be reported on departure to Customs, except those traveling to Lao PDR., Myanmar, Cambodia, Malaysia, and Vietnam are allowed to take out Thai currency not exceeding 500,000 Baht. I am curious as to how this is controlled - and who does the controlling? South Korea had (maybe still has) controls on foreign currency being taken out of the country. One time, I entered with 2 million Yen in cash in 10,000 Yen bills (approx. US$18,000 at that time), declared it on arrival and obtained the official documentation. On exit, I was pulled up for a search at customs - because the scanner had picked up the strips of metal on the bundle of 200 notes! After producing the documentation, I was in the clear. On a couple of occasions, I have taken the maximum 50,000 Baht (50 notes) out of Thailand to deposit into a Baht account in Hong Kong. This has never shown up on the security scanner. I did not attempt to take more, worried that this might set off scanner alarm bells, But since I learn from this thread that the maximum for Laos and some other countries is 10 times that amount, I am wondering if the scanners would pick up the metal strips on those 500 notes? If not, how would anyone know? As I say, I am merely curious. Quote
Bob Posted June 22, 2010 Posted June 22, 2010 Better to get the money out of Thailand..it is hell to do so after you have passed away... US banks have "payable on death" beneficiary clauses available for their accounts...it simply bypasses probate... Thailand does not and it takes tens of thousands of baht in legal fees and many months of court time to get an Estate probated. A related and true point. For all those expats who use the 800,000 baht for your visa requirements or those that keep any significant amount of money in a Thai bank account, it would be wise to make a Thai Will to dispose of those amounts upon your death. As TJ says, it's a nightmare for your foreign executor to get ahold of those funds (ultimately, he/she would have to hire a Thai lawyer and go through a lot of expense, delay, and rigamarole to get it done). For those with bank accounts with not substantial amounts, my best suggestion is to just decide who it is in Thailand you want to receive those funds and then make arrangements to make sure your donee gets your ATM card and number so they can withdraw the funds until the account is depleted. You could leave a note with somebody you trust as to your ATM password and how to contact whoever it is you want to deplete the account. If you don't do something like this, I presume the bank or the Thai government will ultimately get that money (and my guess is it adds up to a fair amount annually). Quote
Guest fountainhall Posted June 22, 2010 Posted June 22, 2010 For all those expats who use the 800,000 baht for your visa requirements or those that keep any significant amount of money in a Thai bank account, it would be wise to make a Thai Will to dispose of those amounts upon your death Almost all lawyers will draft a basic Thai will for a few thousand Baht. A friend and I did ours on-line. Quote
Guest fountainhall Posted June 22, 2010 Posted June 22, 2010 Thailand Inheritance: 'Last Will and Testament' legal will service online Law Office of Siam Expat Law 57/4 Moo. 4, Kamala, Kathu, Phuket, Thailand 83150 Quote
mahjongguy Posted June 22, 2010 Posted June 22, 2010 For those with bank accounts with not substantial amounts, my best suggestion is to just decide who it is in Thailand you want to receive those funds and then make arrangements to make sure your donee gets your ATM card and number so they can withdraw the funds until the account is depleted. You could leave a note with somebody you trust as to your ATM password and how to contact whoever it is you want to deplete the account. It's an easy and thus tempting solution, but the use of a deceased person's ATM card is a crime, with or without written permission. Chances are you've got a possession or two in addition to the baht in your bank. Get a Will. Quote
Guest buckeroo2 Posted June 22, 2010 Posted June 22, 2010 Several thoughts and ideas... Were you working in Thailand ...legally, with work permit? If so...talk with your bank...or talk to Bangkok Bank.. you should be able to wire transfer money from your account here to USA... I do not have a work permit snd I have never worked in Thailand. What is the ATM limit for withdrawals in USA from your SCB? Can the limit be increased?... say from $500 to $1,000 daily? Tell SCB them you are going home for an extended holiday...then withdraw using ATM each day the limit. That crossed my mind but even if I got SCB to raise my limit, but considering the amount of money involved this method would still incur several thousand dollars in fees figuring about $20-$30 in fees with the foreign currency conversion fee and service charge from Thai bank - a last resort maybe Take your account to Bangkok Bank...or Citibank/Bangkok... or HSBC...all who have banks in USA too...explore taking withdrawals from those banks while you are in USA ??? Something I will look into, thanx for this suggestion Bangkok Bank says in many ads that you can wire transfer to your home account...explore that further...but NOT big lump sum... over time have wire transfers to your home bank. Another idea I will research How about Travelers Checks? Just a thought... maybe Citibank in Bangkok issue them..or other international bank...??? Travelers checks are considered to be legal tender and need to be declared the same as cash, but it would be safer than cash for sure Thanks for the helpful suggestions, Jim Quote
Guest buckeroo2 Posted June 22, 2010 Posted June 22, 2010 It seems simple enough to me. If you are planning to take out a lot of money, take 500,000 and go to Lao, Myanmar, Cambodia, Malaysia, or Vietnam. Then go wherever you want from there. If you're planning to take out more than that, well, I guess you have to make more than one trip. But if Ceejay is correct, they're not going to stop you from taking out however much you want. They just want you to report it first. But why rely on what you get from message board posts? Why not simply contact Thai customs or your embassy and ask? Good point GB - If I only have to report the money and they leave it at that, I will be just fine. As I said, I will report it to the US Customs - I am not trying to hide the money - and if the only requirement is that I report the money and not have to provide any paper trail, I will be fine. Does anyone think it is such a good idea to call Thai customs and ask if I can take an excessive amount of U.S. dollars out of the country without questions being asked? The 500,000 baht scheme traveling through nearby asian countries will not work as I would have to make many trips using that method. GB, your idea to contact the US embassy sounds like a good idea. I will explain to them how I accumulated this money over the years and ask for guidance on how to go forward. Quote
Gaybutton Posted June 22, 2010 Posted June 22, 2010 Chances are you've got a possession or two in addition to the baht in your bank. Get a Will. Actually, a Thai will may not do you any good if you are a citizen of the USA. The same may apply to other countries too, and you would need to check. I have specifically discussed this with the US embassy. The told me quite clearly that when a US citizen dies in Thailand, the Thai government hands over jurisdiction to the US embassy as soon as possible. Now the embassy is in control of your remains and possessions. They told me they will not, repeat - will not, honor a Thai will. They won't even honor a will you drafted in the USA. They said upon your death, the first thing they look for is your passport. They then will contact your next of kin, even if they have to track down a distant cousin or something. It is your next of kin who makes all the decisions, regardless of whether you have a will or not. Everything is entirely up to your next of kin. The only way your Thai will may be honored is if your next of kin decides to do so. That is what the embassy told me. Those of you who are under the impression that your Thai will is going to be honored, check with the embassy yourself. I asked what happens if there is no next of kin or a next of kin simply cannot be located. To tell the truth, I can't remember the answer, but there was an answer. The point is, if you want your wishes to be honored, you need to make your wishes known to your next of kin and hope they will abide by your wishes. ____________________ Death of a U.S. Citizen Death is a difficult experience for one's family and friends no matter where it takes place. When death occurs overseas the experience can be even harder, especially if the procedures involved are not clearly understood. American American Citizen Services (ACS) is ready to assist family and friends in the event of the death of an American Citizen in Thailand. Our services include: * Finding and notifying the Next-of-Kin of the deceased * Acting as a liaison with Thai police, hospital and mortuary authorities * Arranging for the disposition and repatriation of remains * Coordinating administrative and financial requirements * Assisting in the collection and return of personal effects to Next-of-Kin * Issuing a "Report of Death of American Citizen Abroad". Notification of Next-of-Kin The Thai authorities inform the Embassy upon the death of an American Citizen anywhere in Thailand. We then find the Next-of-Kin of the deceased and contact that person as soon as possible. There are several important things that the Next-of-Kin must do in conjunction with the ACS office. These include: * Returning a signed and notarized "Affidavit of Next-of-Kin" * Choosing method of disposition of remains * Arranging payment of mortuary and related expenses in Thailand * Arranging return of any personal possessions of the deceased Affidavit of Next-of-Kin and Letter of Instruction To act on the family's behalf, the Embassy must have a signed, notarized copy of a document called an “Affidavit of Next-of-Kin.” This form is critical because it shows us who is entitled to make the decisions regarding the deceased. Families should first fax or scan and email us a completed copy, and then mail the original. Next-of-Kin are established in the following order: 1. Spouse 2. Children 3. Parents 4. Siblings 5. Grandparents Additionally, Next-of-Kin should fill out and sign a "Letter of Instruction" and fax or scan and email us a copy. This letter will tell us exactly how to handle the deceased's body. You can find blank copies of the affidavit here. Our fax number is 011-66-2-205-4103 (02-205-4103 from inside of Thailand). Our email is acsbkk@state.gov Disposition and Repatriation of Remains When an American Citizen dies in Thailand, the body is usually preserved until an autopsy can be performed and instructions are received from us or the Next-of-Kin regarding disposition of remains. There are normally two options regarding the disposition of remains: * Cremation in Thailand and shipment for internment in the U.S. or other location * Embalming in Thailand and shipment to U.S. or other location for internment or burial We work with a funeral home here in Bangkok to ensure that the wishes of the Next-of-Kin are carried out as quickly and professionally as possible. HOWEVER, IN MOST CASES EMBALMING AND MORTUARY SERVICES IN THAILAND FALL FAR SHORT OF THE STANDARD EXPECTED IN THE UNITED STATES. A FUNERAL DIRECTOR IN THE U.S. SHOULD BE CONSULTED TO DETERMINE THE ADVISABILITY OF VIEWING THE REMAINS AND OF CONDUCTING AN OPEN CASKET FUNERAL. Autopsies Autopsies are normally performed if the deceased has died outside of a hospital or if the cause of death cannot be determined. Autopsies are performed within twenty-fours after the Thai forensic authorities receive the remains. Full autopsy reports are not available for up to three months after the completion of the examination. Autopsies are normally performed if the deceased has died outside of a hospital or if the cause of death cannot be determined. If an autopsy is not required by Thai authorities, it can often be conducted at the request and expense of the next-of-kin. Autopsies are performed within twenty-fours after the Thai forensic authorities receive the remains. Please note that full autopsy results are not available for up to three months after the completion of the examination, and that the autopsy results will likely fall far short of the standard expected in the United States. Timing Because of many factors, it is best not to make unchangeable plans and dates for funeral ceremonies in the United States until we can provide a firm timetable for return of remains. It takes time to perform an autopsy, to embalm or cremate the body, to prepare remains for shipment, and to prepare all the necessary documents. Normally, it will be at least 7 to 10 days from the date of death to arrival of remains in the United States, longer if the remains are to be cremated and mailed to the U.S. Financial Arrangements The deceased's family or legal representative must pay all funeral home expenses and shipping costs of the remains and any personal effects. Families without a personal representative present in Thailand normally set up what is called an Overseas Citizens Services Trust with the Department of State. We use the money in this account to pay expenses on behalf of the deceased. We can coordinate all aspects of mortuary services under this arrangement. Costs listed below are estimates, based on deaths with no unusual circumstances and should be considered for guidance purposes only. * To have remains returned to the U.S. for burial, the cost for embalming and air shipment is approximately $4000. * The cost for cremation and air shipment of ashes is approximately $1000. By law, the Department of State cannot carry out instructions on the disposition of the remains until we have received the required funds. There are several methods for sending money to the Department of State to set up an Overseas Citizens Services Trust. For instructions on how to do this, please click here. There will normally be an interval of at least seven days between receipt of funds and shipment of the remains. After all the mortuary and shipping expenses have been received and paid, we will conduct an itemized accounting of final costs and refund any balance in the trust by a United States Treasury check. Return of Personal Effects The Embassy can, in most circumstances, take charge of personal effects and possessions of the deceased if instructed to do so by the Next-of-Kin. This may not be necessary if the deceased has a friend or family member present in Thailand at the time of death. We will conduct a thorough inventory of any personal effects and send a copy to the Next-of Kin. We can send the family any items they wish to have returned at their expense through the United States Postal Service at the Embassy. Most families decide to donate items of little sentimental or monetary value (clothing, suitcases, kitchenware, etc.) to a local charity in order to avoid the large expense involved in returning these items to the United States. The Embassy will gladly arrange for this charitable donation on the family's behalf. In cases where the estate of the deceased exceeds $1000, the Embassy will require more detailed legal documents, such as Letters Testamentary or Letters of Administration, prior to releasing money or effects to the Next-of-Kin. Consular Report of Death of an American Citizen Abroad The “Consular Report of Death of an American Citizen Abroad” is an official report, in English, that provides the essential facts concerning the death of a U.S. Citizen. It functions in much the same way as a death certificate issued in the United States and can be used to settle bank accounts, insurance policies and other estate matters. This report can be issued only after the Thai authorities complete their documentation of the death and takes several weeks to be completed. A minimum of 20 certified copies will be sent to the Next-of-Kin. Families may order additional certified copies from the Department of State for a fee. Families will thus receive up to three sets of documents from the Embassy: * 20 copies of "Consular Report of Death of an American Citizen Abroad" (free) * An original Thai Death Certificate with a translated English copy (at the family's expense) * An original Autopsy Report with a translated English copy (at the family's expense, takes 3-4 months to complete) For more information you may also refer to the following Department of State website: http://www.travel.state.gov/law/family_issues/death/death_600.html Contact Us American Citizen Services (ACS) U.S. Embassy Bangkok 95 Wireless Road, Bangkok 10330, Thailand Telephone from outside of Thailand: (66) 2-205-4049 Telephone from inside of Thailand: 02-205-4049 Fax: (66) 2-205-4103 E-mail: acsbkk@state.gov Home Page: http://bangkok.usembassy.gov/service.html U.S. Consulate Chiang Mai 387 Witchayanond Road, Chiang Mai 50300, Thailand Tel: (66) 53-107-700 ext. 7704 or 7738 Fax: (66) 53-252-633 E-mail: acschn@state.gov Home Page: http://chiangmai.usconsulate.gov/service.html http://bangkok.usembassy.gov/service/death-of-a-us-citizen.html Quote
Guest buckeroo2 Posted June 22, 2010 Posted June 22, 2010 What, exactly, is not the case for you? That you didn't wire the money in, or that you didn't use it to buy then sell a condo? Regardless of the purpose for which you wired money in, you can wire it back out. You just need to get the wire transfer details report from the bank that received it. Similarly, if one has the declaration made when one carried in a big chunk of cash, one can use that documentation to carry the cash back out. If someone has cash that they cannot justify possessing, they would best take it out of the country in amounts less than US$10,000. It is not the case for me in that I have no record of any wire transfer. I can justify possessing the money. Again I am not trying to hide it. But I never had it wired from anywhere. It is money I have accumulated here over the many years I have lived here. It is money I have brought in on the dozens of trips I have made here over the decades - travelers checks, ATM withdrawals, etc. In the more recent past I have continued to bring in the same amount of money and I seldom spend it as I have become a homebody. I own a condo here and thought someday I might want to upgrade so I just kept bringing the same amount as usual even though I spend less than a third of what I spent when I was more active in the community. The interest rates in safe insured deposits are miniscule in the U.S. so I was not losing much by leaving the money in a Thai bank account. I am not a money launderer or a drug dealer, just someone who did not plan very well should the occasion arise that I wanted to move my money out of Thailand. I thought I could just go to my Thai bank and wire it to my bank in the U.S. I had no idea Thai banks do not wire money internationally. I just found that information when I started to formulate a plan to tranfer the money. I guess now I either need to be content to take 5-6 years to gradually move the money on future trips or I need to get creative and work around the edges while remaining legal. I have decided that I no longer have any desire to invest any money in Thailand. I want my money out of Thailand. I really want it out now but I guess I may have to alter my plan if I have to show a paper trail on how I accumulated this much money. I do not have years of receipts for ATM withdrawals and travelers checks, etc. But thanks for all of the great ideas. If I am successful in coming up with a way to get my money out of Thailand, I will provide an update. Quote
Bob Posted June 22, 2010 Posted June 22, 2010 I used a competent Thai lawyer to draft the Will and I was assured that a Thai Will will in fact work to transfer in-Thailand assets to a Thai beneficiary. There are some minimal proceedings and costs but I was assured it will work just fine. It didn't sound too complicated and my Thai beneficiary has the contact info for my Thai lawyer (both of them have original Wills). You may be right that the US Embassy won't "honor" or recognize a Thai Will with respect to the Thai possessions of a deceased US citizen. That's fine (I really don't want them involved with my Thai property anyway). As to my body, the plan (presuming I buy the farm while in Thailand) is for me to be shoved into the nearest stupa and go up in smoke (being smoked as a final act somehow seems appropriate ); however, I'm not sure how that will go and, in a sense, I don't think I'll really care. Guess I'll ask my Thai lawyer once I'm back in September. Quote
Guest fountainhall Posted June 22, 2010 Posted June 22, 2010 I used a competent Thai lawyer to draft the Will and I was assured that a Thai Will will in fact work to transfer in-Thailand assets to a Thai beneficiary. The lawyer I used in the UK and the one here in Thailand confirmed that Thai assets can be transferred to UK executors provided they are specifically named in the Thai will. To be safe, I have named two (younger) family members as executors of both wills. I own a condo here and thought someday I might want to upgrade so I just kept bringing the same amount as usual even though I spend less than a third of what I spent when I was more active in the community. This raises a couple of issues to which I do not know the answer. Buying a condo, you need to remit the full amount in overseas currency and obtain documentation. This is then used as proof to enable you to take that cash out when you sell. Two questions: 1. Assuming you have made a profit on the sale, I know that the tax department will tax that profit. Can one then remit the balance out of the country? 2. Alternatively, assume you sell and upgrade to a more expensive property. Can you use that balance as part of the purchase price of the new property? And if so, how do you get that balance amount out of the country when you finally sell? I know this is really a question for a lawyer, but I am sure someone reading this thread must have experience of one or both. Quote
Gaybutton Posted June 22, 2010 Posted June 22, 2010 I used a competent Thai lawyer to draft the Will and I was assured that a Thai Will will in fact work to transfer in-Thailand assets to a Thai beneficiary. There are some minimal proceedings and costs but I was assured it will work just fine. If you feel that assurances from a lawyer is good enough, ok, but I know what the embassy told me and if the Thai authorities relinquish the jurisdiction to the embassy, then now it's the embassy calling the shots. It was thoroughly explained to me just what those shots will be. I suggest not relying solely on the assurances of a Thai attorney, but also checking with your embassy. If they tell you that the attorney is right, wonderful. But if the embassy tells you differently, then that will isn't going to be worth the paper it's written on. I suggest making certain. Quote
