Answered7 years ago
What are the implications of new regulations on money transfers to and from Thailand?
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Answer summary
The discussion revolves around recent regulations affecting international money transfers into and out of Thailand, particularly in light of compliance with anti-money laundering laws. Several commenters express concern over the increased scrutiny and regulations, reflecting on how this impacts expatriates and their financial dealings. They note that every transfer is monitored, with requirement for sender and receiver ID, contrasting it with the ease of cash inflows. Questions arise regarding the effective date of these regulations and their applicability for pension transfers and personal accounts. Overall, the conversation captures the frustrations and potential implications of these financial regulations on the expat community.
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John-Paul ******
Oh and just wait.... The money you need to keep in the bank here for your visa... They will call it income and be taxing that soon enough. They need to keep the baht high.
Tom *******
Why do they need to keep the baht high? It’s hurting their exports big time.
John-Paul ******
Hello... Big sister. Orwell would be pleased... Because if you think this is the end of it... Think again. They are in trouble... and will not admit it. That ain't the Thai way.
Stephen ************
including monthly pension transfers ?
Paula **************
Seems like a lot of work to monitor transactions worth less than $2,000.
Na ****
Too bad the rest of the world is showing the way to fascism in this case.
Brett *********
@Paula *************
it is, but it is just part of the financial services compliance package. Cost of doing business.Na ****
I used to take out 50k from atms each time from banks abroad. And now this 🤣
Money laundering laws are just an excuse for more surveillance.
Money laundering laws are just an excuse for more surveillance.
Na ****
Brett Wilkins Most terrorists are paid for by governments. So that's bullshit.
Looks like you have some learning to do.
Money laundering laws were made to steal the money of normal people who haven"t done anything wrong.
One guy just got $5000 he found in his late fathers bedroom confiscated because he couldn't conclusively prove where it was from. There was no suspicion of any kind of wrong-doing, only lack of knowledge of origin.
All money trails end at some point, therefore money laundering is a carte blanche law for government to spy on everyone, and if necessary, steal their money. This is in a country that has had very few robberies and such.
Looks like you have some learning to do.
Money laundering laws were made to steal the money of normal people who haven"t done anything wrong.
One guy just got $5000 he found in his late fathers bedroom confiscated because he couldn't conclusively prove where it was from. There was no suspicion of any kind of wrong-doing, only lack of knowledge of origin.
All money trails end at some point, therefore money laundering is a carte blanche law for government to spy on everyone, and if necessary, steal their money. This is in a country that has had very few robberies and such.
Brett *********
Money laundering laws are global. They also have a role in stopping terrorism funding. Welcome to 2019
Steven ***************
Does it apply if you send it to yourself?? 😅
Eg. To your own bank account at home?
They're quite happy for cash to enter Thailand but sending it out is like pulling teeth..
Eg. To your own bank account at home?
They're quite happy for cash to enter Thailand but sending it out is like pulling teeth..
Brett *********
@Steven **************
good cash in, bad cash .... well there is no bad cash so let's keep it here 555
Peter *****
What’s the effective date for this?
Steven ***************
Just catching up with the rest of the world.
Brett *********
All international money transfers into and out of Australia are reported to AUSTRAC with verified ID sender details and also reciever details. No matter what the value is.
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