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Reader question: How can a Thai transfer money to the Netherlands?

By Submitted Message
Posted in Reader question
Tags:
22 August 2016

Dear readers,

A friend of ours is Thai, but has been living in the Netherlands for years since her husband passed away. She has a house in Thailand (Phuket) which has been rented out for more than 10 years. Now she wants to transfer the rental income of recent years from her Thai bank account to her Dutch bank account, but according to the Thai bank she is not allowed to transfer money abroad. Who knows what to do with this?

I know that different rules apply to a foreigner, who can transfer money back to Europe under certain conditions, but what about this case?

M curious.

Regards,

Lunghan

Number of times read: 187

17 responses to “Reader question: How can a Thai transfer money to the Netherlands?”

  1. erik says up
    22 August 2016 to 08: 32

    According to her Thai bank? The manager, the board? Or Miss Noi behind the counter? I don't believe this is bank policy. So go up to the manager of that bank at head office. Thai entrepreneurs make massive payments to people abroad. Why not them?

    There are other methods: exchange with NL people who transfer money to TH, withdraw and exchange into euros and take them with you (think of the maximum of 9.999 euros per person at a time) or via Western Union Thailand. What can go 'go' can also go 'back', I guess.

  2. Rob V says up
    22 August 2016 to 09: 00

    I always understood that the restrictions applied to everyone. Most readers have a Thai partner and would otherwise simply be able to deposit large sums of money to the Netherlands. From the related links you can see that there is a limit because Thailand does not want to see any assets leave the country. An exception would be, among other things, if it can be demonstrated that the money originally also came from abroad. But you will have already read that yourself in the related articles.

    The easiest solution is to find reliable people who want to send money from NL to Thailand. Say 10.000 euros. Your friend then sends 10.000 euros in baht (at the mid-market rate, always better than the bank's rate + fees) from her Thai account to the Thai account of those people. These people then transfer 10.000 euros from their Dutch account to her Dutch account. win win. For example, I once transferred money to Thailand cheaply and made a Thai person very happy who wanted to transfer money to the Netherlands.

  3. david h. says up
    22 August 2016 to 09: 38

    Doesn't that Thai lady have a Thai debit card, that also works, of course not 10 years of rental income in 1 go, but it should be possible to debit regularly in the Netherlands with a Thai card ...... with my Kasikorn card I was able to pay at both Schiphol and Antwerp debit my Belgian bank…
    The problem is only if she wants to get her hands on the global sum all at once or very quickly..

    • david h. says up
      22 August 2016 to 11: 10

      I also suspect that this Thai lady sometimes comes to Thailand for family visits, she will also sometimes do business checks, among other things. home or bank visit?

      Then, just like everyone else, she can take up to 20000 dollars in value from Thailand without a declaration obligation, approximately 700000 baht, but when bringing it in there is a declaration obligation in the Netherlands, unless she limits herself to the 9999 euro amount, just under 400000 baht. This also creates opportunities for a safe personal transmission….

  4. RonnyLatPhrao says up
    22 August 2016 to 09: 40

    Can't she withdraw the money via her Thai bank card in the Netherlands?
    Don't know if this is worth considering the cost. I have no idea what the costs are for withdrawing money from an ATM in the Netherlands.

    • Peter says up
      22 August 2016 to 11: 24

      The costs are 100 baht per collection, which is less than in Thailand with a foreign pass, where they now charge 180 baht.
      The costs to withdraw money here with a Kasikorn bank card are not too bad, but the exchange rate is very disappointing. They don't use the same rate that they publish in their affiliates. The moment I took money out of the ATM, the rate was 39,06 (buy of course). The next day I saw on the app. that the fee was 100 baht and for 100 euros she charged 3,999.36 baht. Bad exchange rate.

  5. Bz says up
    22 August 2016 to 11: 39

    Hi Lunghan,

    Since a few weeks it is indeed not possible to transfer money abroad. Experienced this myself when I wanted to transfer money from a Thai account to a Broker in England. Apparently at the behest of the current government. No idea why and how long this will take. Looking forward to more information on this.

    Best regards. Bz

  6. Gijs says up
    22 August 2016 to 11: 40

    Take a Thai PayPal account and a Dutch Paypal account, first transfer the money to the Thai PayPal account and then transfer it to the Dutch PayPal account. Then you transfer it to your Dutch bank account, this way you also save the expensive transaction costs.

    • peter v. says up
      22 August 2016 to 16: 11

      I picked this out for a friend (owner of a resort in Phuket).
      The transaction costs were about 4%.
      Much higher than what they have to pay for visas etc.
      Now, in the case of the poster, it is (probably) much higher amounts, but it is certainly not free.

    • Bz says up
      23 August 2016 to 08: 26

      Hello Gijs,

      PayPal is certainly not free and relatively even very expensive and the exchange rate is also relatively unfavorable.

      Best regards. Bz

  7. Jan S. says up
    22 August 2016 to 11: 40

    Dear Lunghan,
    We are going to Thailand again for half a year and of course we need a considerable amount in Baht. If you are interested please email us: [email protected]
    Greetings from Saengduean and Jan.

  8. Cor Verkerk says up
    22 August 2016 to 11: 46

    At superrich you can exchange Thb to €.
    Course is also on their site.

    • Daniel VL says up
      22 August 2016 to 16: 43

      Course on the site? I just came from there was 39.05 all day in the office 38,85 difference is not much
      But I go there every 2 weeks. Only a few times have I gotten the rate from the internet.
      I came home to check it again. Was now changed to 39 possible because I told them the same thing I write here. If they can change a paper and their TV screen why not their Internet. their explanation was new update. Today is the first time their course has changed after eight o'clock. I've been writing it down every day for years. formerly 3 rates EURO , bath and Australian dollar.

      • Rob V says up
        22 August 2016 to 19: 28

        Know that there are 3 (maybe more) different companies with the SuperRich name. One with mainly an orange color, a green and a blue. So there is already a difference if you are at SuperRich orange but have looked at the site of the green one. Updates may be behind schedule and prices may be worse in certain locations than others. Thought I'd now also seen a SuperRich at a BTS station, but with worse rates than the three different SuperRich near CentralWorld/Siam Paragorn in the neighborhood beyond.

        But I don't think our reader is waiting for cash exchange.

  9. Harrybr says up
    22 August 2016 to 11: 52

    Exchanging THBs in NL / Europe means getting a very bad exchange rate, even when withdrawing via an ATM. Exchanging for Euros in TH is better, but it is most convenient to exchange with tourists at, for example, a mid-market exchange rate. ( or the exchange rate of Superrich exchange office; otherwise stand right in front of it ! )
    Best solution, as already mentioned by Rob V: European persons or companies, who have to transfer payments to TH. So take a look in the NL etc supermarkets on the labels of Thai products and approach those importers.
    By the way: they also work, just like I wrote on this site a few days earlier, with currency specialists such as Admiral, Ebury, Monex and Worldwide Currencies and no longer with ABN AMRO, ING, Rabo, etc. ( 19/08/16 11:39 EUR/THB : 39.174 )
    So whether there is still any interest in taking a risk with a private individual, who may not deliver well in the end…..NOT WITH ME.

  10. ruud says up
    22 August 2016 to 19: 19

    I'm not sure, but would it be possible to transfer the money in Malaysia?

    Malaysia is not that far from Thailand.

    And outgoing money blocked?
    Could an exchange rate adjustment be imminent?

  11. Rob says up
    22 August 2016 to 22: 26

    I am building in thailand so i would like to exchange euros for bath.
    Let me know ,[email protected].
    Kind regards, Rob


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