Bringing money into Thailand

[ginseng 0]

What is the best way to bring money into Thailand? Traveler's check? My friend said a personal check but it can take a few weeks to clear. He said Traveler's checks charge 2%

[js007 795]

Have it wired in. That might take a few days.

 

You can deposit travelers checks, but they'll charge you the same fee as if you were cashing them.

 

J

[elef 0]

Remember that USA and EU have forced Thailand to have the same regulations - never can bring bring more than 10,000 USD in cash and TCs.

[joekicker 53]

elef that is about as misleading as you can possibly be in one line.

 

First, there is NO limit on how much you CARRY into Thailand if you declare it, cash and TC included. If you have more than $10,000 and you fail to declare it and you are caught, you will forfeit all of it, not just the amount above $10,000. If you declare the money, you may be asked about where you got it. I have personally carried more than $10,000.

 

Second, there is no limit on how much you can receive in Thailand, e.g. by wire transfer as suggested above you in the thread.

 

The only thing you need to worry about is showing the money is not laundered IF you are asked. Banks in Thailand are approximately the same as the US, and will report suspicious transfers. That is based on the person and circumstances, not the amount, the same (as you say) in the US and EU.

[AZZZEY68 0]

Is it a good rate if you deposit large amounts of cash into a bank ?

[joekicker 53]

Is it a good rate if you deposit large amounts of cash into a bank ?

 

A few satang - really, not much.

 

Now. If you deposit a million, then a few satang can buy quite a lot. But you won't get very much per unit. What you see on the bank pages is very, very close to what you'll get, even with a million.

 

You have to remember that this is a system with trillions going through it. What is a "large amount" for an individual isn't very much.

[jacko 8,813]

Is it a good rate if you deposit large amounts of cash into a bank ?

The commissions on travelers cheques can be cancelled out by a slightly better exchange rate. But it is not really a method I would use if residing here, they are for tourists. An ATM card with a bank that does not have charges (both upfront and hidden in the exchange rate) can be a good way to work. Nationwide is often recommended.

 

 

For me, open a Thai account and telex transfer money into it (an internet instruction to my UK bank). Quick and easy, if the amount is over £4000 the telex charges are covered by the slightly better rate for telex transfers.

Edited April 7, 2008 by jacko

[joekicker 53]

Jacko: telex?

 

Let me guess. You are over 25.

[jacko 8,813]

Jacko: telex?

 

Let me guess. You are over 25.

Good guess, well if you have seen other posts of mine, probably not. Tell me, here, http://www.scb.co.th/html/exchange/bk-txtexchange.htm, what does T/T represent? Now where did I put that biro and Xerox copy? Edited April 7, 2008 by jacko

[elef 0]

You're correct joekicker, but the thai police will report it to IRS if you're american else other tax authority. I've heard a case where they kept the guy in jail for more than one week before they got a confirmation from IRS that the money was legitimate. So use the bank system for sending money to Thailand.

[joekicker 53]

You heard of a case, did you? And the US IRS communicated with Thai immigration authorities and told them that the man's money was legitimate, because the US IRS always knows that a person's money is legitimate and welcomes foreign enquiries about it.

 

It's a good thing the IRS answered, eh? Otherwise the man would still be in there.

 

Sure, okay. If you say so.

 

In the meantime, back in the real world, ONE option among many to bringing money to Thailand is to carry it in cash and/or TC. I don't personally think it is the best option, but it is possible and lots of people do it, including me on occasion. Just remember to declare it if you have more than US$10,000 or equivalent. In fact, I'd declare $5,000, but maybe that's just me.

[AZZZEY68 0]

Do you mean you dont trust Thai people cant believe that .

[ajsp9 18]

Not sure if the OP is based in UK, but I transfer from my HSBC Bank into my Bangkok Bank and get charged a flt fee of £21 (1300 on any amount. I'm sure most banks are the same. It takes a couple of days to land in the a/c and is always there. You do get asked sometimes for the reason of the transfer but you can put down holiday money, vehicle purchase or condo purchase if its a large amount. Safest way for me, although I always carry some cash as well.

[elef 0]

It was IRS asking for that the man to be jailed as he carried that much money, the source is quite reliabe as he's a department manager of thai special branch (his wife work as immigration officer and always brings me to the diplomatic counter so no waiting for me).

[joekicker 53]

It still doesn't compute. How did the IRS know the man was carrying that much money to the airport at that time?

 

I believe that some people are held for suspected money laundering some of the time. I have no problem with that part at all, and I definitely believe the US government does that and asks other governments to do that. If you are a money launderer, times are getting very difficult.

 

If you're not, you might get held up for a few minutes while you declare your money - at the airport, at the bank, wherever - cash or wire transfer, whatever. It's part of of the process these days. The government wants to know.

[elef 0]

He carried more than 100,000 dollars in cash and declared it, thai police informed IRS.

[doolish 14]

Hi,

If people are coming to Thailand for a holiday I don't see the sense in bringing all that money with them in cash. If they are intending to live in Thailand the same applies. You don't get interest on your Thai bank account I came to live in Thailand 3 years ago, bought a house here, went to Thai bank to pay for the new house, they said the maximum I could withdraw with my UK debit card was 200,000 Bhat in any 24Hrs without any questions asked. I could withdraw the whole amount that the house cost if I phoned my bank and told them what I wanted the money for etc. and it would take about 3 days, I choose the first option and went down to the bank every 24Hrs until I had all the money to pay for the house and no questions asked. No hassle.

Cheers Doug.

[ron_jh 0]

ajsp9 you have a PM

Regards

Ronnie

[Gary 4,118]

I make a wire transfer from the US once or twice a year. Citibank charges a flat $30 fee regardless of the amount. Beats the hell out of paying 3 percent plus $1.50 to use their ATM card.

[joekicker 53]

He carried more than 100,000 dollars in cash and declared it, thai police informed IRS.

 

The Thai police locked this person up on pure speculation, and the Thai police communicated directly with the IRS.

 

I'm sorry, but there is definitely something missing in this story.

 

The Thai CUSTOMS (not police) see people with 100,000 dollars all the time. And they do not call police about it, usually. And police don't lock people up on speculation, especially people with substantial amounts of money. Those people are WAY more likely to be influential than crooks, and if you go around locking up influential people on speculation, you aren't with the police and/or customs for very long.

 

It's not that I don't believe the story, but there's something missing in there that would explain it and put it into the proper perspective. There's something behind this story that's unclear.

[LostInAmsterdam 0]

Remember that USA and EU have forced Thailand to have the same regulations - never can bring bring more than 10,000 USD in cash and TCs.

 

 

Really when did that happen????

 

I brought in 50,000 euro last year in cash and no one said anything to me at all.

[whittler 3]

I make a wire transfer from the US once or twice a year. Citibank charges a flat $30 fee regardless of the amount. Beats the hell out of paying 3 percent plus $1.50 to use their ATM card.

 

I have a WAMU account, in CA. they told me I would have to have my son on my account, and he would

have to go once a month, and fill out a form to wire money to my BKK bank account.

 

What bank do you use, and is there a branch in California ?

 

Someone else told me it would be better to wire the money to BKK bank New York branch .

I don't understand the purpose of this?????????????????

 

Thanks,

 

whittler/ aka Mike

 

If I don;t sell my house it wont matter.

[LostInAmsterdam 0]

I have a WAMU account, in CA. they told me I would have to have my son on my account, and he would

have to go once a month, and fill out a form to wire money to my BKK bank account.

 

What bank do you use, and is there a branch in California ?

 

Someone else told me it would be better to wire the money to BKK bank New York branch .

I don't understand the purpose of this?????????????????

 

Thanks,

 

whittler/ aka Mike

 

If I don;t sell my house it wont matter.

 

 

Am I totally missing the point or have you guys never heard of internet banking?

[Skylar 0]

Bank of America allows you to set up a permanent wire transfer by only signing paperwork one time.

You have to do it in person.

It can even be done automatically if you choose.

X amount sent on X day of every month.

 

You don't even have to think about it.

[Gary 4,118]

I have a WAMU account, in CA. they told me I would have to have my son on my account, and he would

have to go once a month, and fill out a form to wire money to my BKK bank account.

 

What bank do you use, and is there a branch in California ?

 

Someone else told me it would be better to wire the money to BKK bank New York branch .

I don't understand the purpose of this?????????????????

 

Thanks,

 

whittler/ aka Mike

 

If I don;t sell my house it wont matter.

 

 

As it happens my Citibank branch is in Montebello, CA. I request the wire transfer via the Internet. It goes directly to my Siam Commercial bank account and the money has always been in my Thai account the very next business day. I wire dollars because the exchange rate is better. The Siam Commercial fee is very little and the exchange rate very good.