Bringing money into Thailand

I lived in Patong for about two years, but last year I moved back to Italy. I still have a deposit account that I opened with the Thai Farmers Bank (now Kasikorn Bank), which has less than 500 baht in it.

As I’ll move back to Patong in October, I would like to transfer money into my account before I arrive. Are there any bank fees or regulations involved?

  • Asked on Thursday, September 16, 2004 | 09:57 AM
    Alan, Canada

 

First, please note that any savings or current account with a balance of 500 baht or less that is inactive for longer than six months is automatically closed by the bank.

Money transferred to a KasikornBank account is subject to a fee of 2.5%, if the amount is more than 10,000 baht, or a flat fee of 200 baht if it is below 10,000 baht. However, this transfer fee applies only to money transferred to accounts in Bangkok.

If the money is transferred to a deposit account at a branch in Phuket, there is an additional fee of 10 baht for every 10,000 baht transferred.

Any transfer of US$20,000 – or the equivalent – or more into or out of Thailand must first be declared to the Bank of Thailand. This may be done at your bank in your home country or in Thailand.

If you transfer 2 million baht or more, you must also inform the Anti-Money Laundering Office. This, too, may be done at the branch where the account is held.

You will need to produce copies of the relevant papers if you wish to take the money out of Thailand later.

To transfer money from Kasikorn Bank to an account in a bank overseas costs 550 baht per transaction.

  • Answered on Thursday, September 16, 2004 | 09:57 AM
    Adviser at Phuket City branch of KasikornBank (formerly Thai Farmers Bank).
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