Can I take more then 20,000$ cash inside Thailand?

[Gab87]

hello,

Can I take more then 20,000$ cash inside Thailand? I know that you have to declare more then 20.000$, but a friend tolds me he never did because they never check. What is best? Do I must pay some taxes? What kind of problems can I have? I travel with my thai wife, please tell me if you have any suggestions (I really want to avoid the bank transfer).

Thank you

Edited March 26, 2018 by Gab87

[HampiK]

You can bring more than 20'000$ into Thailand without any problems.

But I would suggest to declare it. there are only advantages with declaration. You have a proof, that this money came from outside Thailand so it will be easier to take it out again later.

 

If you not declare it and they check it.. you can loose everything or at least a big part of the money. 

There is no tax nothing if you declare, and it takes only a few minutes of your time. I have done it a few times already.

[starky]

As with pretty much everything here you are free to do what you want with very little chance of getting caught but if you do.....weeeell. Might be better off declaring it

Edited March 26, 2018 by starky

[catman20]

sounds like someone with some moody cash 

[gk10002000]

Give your Thai wife 10,000 and you carry the other 10,000

[Peter Denis]

Hi, you said that you really want to avoid the bank transfer, and that's why you bring it cash.

In the past I did same.  I also did bring large amounts of cash with me, as the exchange rate in Thailand (e.g. at SuperRich) is much better than the rate applied by my bank for transfering money to a thai bank-account (plus all the additional charges, and the time it takes).

However, I am now making use of TransferWise.  The rate they use is the middle rate (which is far better than any cash exchange rate), and the money is already next day on the Thai bank-account.  The process of transferring money is very simple and they charge a relatively small fee for that super service.  And it is - in my experience - by far, the most advantageous way of getting hold of THB.

If the costs / transfer-time were what was withholding you to transfer to a bank-account, then do check out their service.

 

[britishrepublican]

If you can prove the source is legal and you declare it, you can bring in as much as you want.

[Grumpy Duck]

Sure, bring all you want, but don’t expect to leave with the same amount.  5555

Edited March 27, 2018 by Grumpy Duck

[Gab87]

Ok, thank you guys.

[jackdd]

3 hours ago, Peter Denis said:

Hi, you said that you really want to avoid the bank transfer, and that's why you bring it cash.

In the past I did same.  I also did bring large amounts of cash with me, as the exchange rate in Thailand (e.g. at SuperRich) is much better than the rate applied by my bank for transfering money to a thai bank-account (plus all the additional charges, and the time it takes).

However, I am now making use of TransferWise.  The rate they use is the middle rate (which is far better than any cash exchange rate), and the money is already next day on the Thai bank-account.  The process of transferring money is very simple and they charge a relatively small fee for that super service.  And it is - in my experience - by far, the most advantageous way of getting hold of THB.

If the costs / transfer-time were what was withholding you to transfer to a bank-account, then do check out their service.

 

The last time i checked the exchange rate of Transferwise was something like 1-1.5% worse than Superrich, so when exchanging 20k USD we are talking about a difference of 7000-8000THB, that's a bit

But carrying cash does of course have it's risks

Edited March 27, 2018 by jackdd

[Peter Denis]

Hi JackDD,

I find it hard to believe that SuperRich will offer a better exchange rate than TransferWise.

Quite simple because TransferWise uses the mid-market exchange rate (the middle of the BUY and SELL rates).

They do not make money - in contrast with banks and currency exchange shops - via the exchange rate, but they simply charge a (small) fee for matching buyers and sellers requests, and when the match is made you pay or get the real exchange rate of that moment.

I attach a link to an on-line article explaining how it works, and that's how I got to know about their services.

https://www.thethailandlife.com/how-to-send-money-to-thailand-no-bank-fees

The only 'snag' with TransferWise, is that you do not know beforehand exactly what rate will be applied because you get the rate of the moment the deal is made.  And it seems I have been lucky because 4 of the 5 times I already made use of their services I got a higher amount in THB than the expected amount (which is based on the moment you give the order, but what you get is based on the moment of the actual transaction - 1 to 2 days later).

For sure SuperRich is the 2nd best alternative, but it involves carrying the cash and that does indeed involve some risks.

[jackdd]

44 minutes ago, Peter Denis said:

Hi JackDD,

I find it hard to believe that SuperRich will offer a better exchange rate than TransferWise.

Quite simple because TransferWise uses the mid-market exchange rate (the middle of the BUY and SELL rates).

They do not make money - in contrast with banks and currency exchange shops - via the exchange rate, but they simply charge a (small) fee for matching buyers and sellers requests, and when the match is made you pay or get the real exchange rate of that moment.

I attach a link to an on-line article explaining how it works, and that's how I got to know about their services.

https://www.thethailandlife.com/how-to-send-money-to-thailand-no-bank-fees

The only 'snag' with TransferWise, is that you do not know beforehand exactly what rate will be applied because you get the rate of the moment the deal is made.  And it seems I have been lucky because 4 of the 5 times I already made use of their services I got a higher amount in THB than the expected amount (which is based on the moment you give the order, but what you get is based on the moment of the actual transaction - 1 to 2 days later).

For sure SuperRich is the 2nd best alternative, but it involves carrying the cash and that does indeed involve some risks.

Transferwise and Superrich have historical data on their Hompage, so it's easy to do the math by yourself
The graph at the Superrich site is a bit strange, but for for example the 23.03.2018 you can clearly see the exchange rate.

 

Transferwise had an exchange rate of 31.16 (USD to THB at 23.03.2018) and charges a fee of 170.55USD
20000-170.55 = 19829.45USD
So you would have received 19829.45*31.16 = 617885 THB

If you took 20k USD cash to Superrich, which offered an exchange rate of 31.22 and no fee:
20000*31.22 = 624400THB

So by exchanging cash at Superrich you would have gotten about 6500THB more than from Transferwise

[RocketDog]

6 hours ago, Peter Denis said:

Hi, you said that you really want to avoid the bank transfer, and that's why you bring it cash.

In the past I did same.  I also did bring large amounts of cash with me, as the exchange rate in Thailand (e.g. at SuperRich) is much better than the rate applied by my bank for transfering money to a thai bank-account (plus all the additional charges, and the time it takes).

However, I am now making use of TransferWise.  The rate they use is the middle rate (which is far better than any cash exchange rate), and the money is already next day on the Thai bank-account.  The process of transferring money is very simple and they charge a relatively small fee for that super service.  And it is - in my experience - by far, the most advantageous way of getting hold of THB.

If the costs / transfer-time were what was withholding you to transfer to a bank-account, then do check out their service.

 

Peter, I use transfer wise and recommended them on another TV banking forum post. I was slashed to ribbons by several members saying they get much smaller fees for transferring large amounts, each naming their favorite method. Predictably, some were right and some were wrong in their assertions.

However, all admitted that TW was very good for small amounts around $5000 or less..

[Peter Denis]

Hi JackDD,

I checked it and you are right indeed.

I presumed it was impossible to get a better rate than the mid-rate, but one way or another SuperRich seems to be able to do exactly that.

Also, if you look at today's rate's for the US dollar (buying is 31.14 and selling 31.16).  How do they manage to survive on such small % per transaction (they buy 1000 USD for 31140 THB and sell 1000 USD for 31160 THB - that's a meager 20 THB profit on two 1000 USD transactions, not taking into account their infrastructure and personnel that needs to be paid).

So, I am amazed > thanks for pointing it out.

 

[Peter Denis]

29 minutes ago, RocketDog said:

Peter, I use transfer wise and recommended them on another TV banking forum post. I was slashed to ribbons by several members saying they get much smaller fees for transferring large amounts, each naming their favorite method. Predictably, some were right and some were wrong in their assertions.

However, all admitted that TW was very good for small amounts around $5000 or less..

Hi RocketDog,

I am still amazed that it is possible to get a better exchange rate than the mid-rate which TransferWise uses.

And even more amazed that SuperRich can survive with the rates they offer.

Well, the Wonderful World of Finance I guess... 

•  

[Rhys]

8 hours ago, Peter Denis said:

Hi, you said that you really want to avoid the bank transfer, and that's why you bring it cash.

In the past I did same.  I also did bring large amounts of cash with me, as the exchange rate in Thailand (e.g. at SuperRich) is much better than the rate applied by my bank for transfering money to a thai bank-account (plus all the additional charges, and the time it takes).

However, I am now making use of TransferWise.  The rate they use is the middle rate (which is far better than any cash exchange rate), and the money is already next day on the Thai bank-account.  The process of transferring money is very simple and they charge a relatively small fee for that super service.  And it is - in my experience - by far, the most advantageous way of getting hold of THB.

If the costs / transfer-time were what was withholding you to transfer to a bank-account, then do check out their service.

 

 

It that better that the swift code option at the bank.. Got killed on that one...

[avatam]

Hi folks,

Could you please disclose the other online transfer providers which are cheaper for larger sums?

When I transfer 100,000 € TW charges almost 700€ fees. Then the amount in THB is 1% less than Superrich would pay.

[RocketDog]

I wasn't really paying attention closely to the original post. He was speaking of bringing cash into LOS.

Then Peter suggested transferring it instead. Then another poster showed Super Rich was cheaper.

I checked that and realized that this is strictly a currency exchange based in Bangkok.

 

Given the hassle of physically transporting cash for exchange makes the few dollars worth just using Transfer Wise FOR AMOUNTS LESS THAN $5000.

 

from my bank in America to my local bank here is fast, easy, and safe.

Also, you can play the exchange rates easily and cheaply using TrasferWise to convert and send small amounts on a frequent basis. ,

If you convert a large amount at once, you've locked in that exchange rate permanently.

Lots of ways to play this game depending on your circumstances.

Thanks to all for a good discussion. I always learn something new from these forums.

 

 

[Peter Denis]

3 hours ago, RocketDog said:

I wasn't really paying attention closely to the original post. He was speaking of bringing cash into LOS.

Then Peter suggested transferring it instead. Then another poster showed Super Rich was cheaper.

I checked that and realized that this is strictly a currency exchange based in Bangkok.

 

Given the hassle of physically transporting cash for exchange makes the few dollars worth just using Transfer Wise FOR AMOUNTS LESS THAN $5000.

 

from my bank in America to my local bank here is fast, easy, and safe.

Also, you can play the exchange rates easily and cheaply using TrasferWise to convert and send small amounts on a frequent basis. ,

If you convert a large amount at once, you've locked in that exchange rate permanently.

Lots of ways to play this game depending on your circumstances.

Thanks to all for a good discussion. I always learn something new from these forums.

 

 

Thanks RocketDog, for a good summary of what was discussed in the preceding posts.

[avatam]

Thank you. But is there an alternative to Transfer Wise?

[jackdd]

29 minutes ago, avatam said:

Thank you. But is there an alternative to Transfer Wise?

A standard SWIFT transfer from your home bank.

Or if you transfer from an US bank account you can do an ACH transfer through Bangkok banks New York branch if you have a Bangkok Bank account in Thailand.

 

[Peter Denis]

Just for the record.

On the original topic I posted the following:

I got a reply from JackDD who rightfully remarked that making use of Superrich always gives you a better deal.

And indeed, when converting US dollar Superrich is by far the better option.  But when you need to convert Euro's, the difference is marginal.

Yesterday afternoon I transfered 2500 Euro, and this morning already I received a message from TransferWise that the money has been converted at today's rate and will be on the recipients bank account in course of today.  The mid-rate exchange of today 38.47536 was applied, which adds up to 95,443.52 THB  with the TransferWise fee of 19,36 Euro already deducted.

So I was curious to see what I would have got on Superrich.  And their buying rate today is 38.25, but since Superrich does not charge any additional fees, my 2500 Euro would be handed out as 95,625 THB in cash.

That's less than 180 THB difference on an amount of 2500 Euro.

And with TransferWise you don't need to go to a SuperRich booth but can do the transaction from your computer, and you don't have the risk of carrying large amounts of money in cash on you.

So I do think that making use of TransferWise is indeed a very good deal if you need to convert any other currency than US dollar.

 

 

[owl sees all]

On 3/27/2018 at 8:23 PM, avatam said:

Could you please disclose the other online transfer providers which are cheaper for larger sums?

I've used the following;

 

Transferwise

Azimo

Currencyfair

 

I have joined 'currency direct' but as yet have not used them.

 

Interesting to note that about a year after TW actually launched, the Thai agent stopped working. Started again about 6 months later.

[Tagaa]

I had a thought that no one has mentioned in this thread so far. So I went back to the OP. It appears the OP is not an American in the US, (dollar sign behind the dollar amount (we don't write it that way) & incorrect sentence construction) so my point may not matter.

 

You can bring $20,000 into Thailand, but you can not take $20,000 OUT of the US without declaring it. The maximum, per person, to take out of the US , without declaring it, is $10,000. This includes the small bills in your wallet & the change in your pocket. $9,999.99 is OK (without declaration) but $10,000.01 is not.

 

Again, he did not say what his country of origin is, but if it is the US & they catch you at security or the gate waiting on your plane with over $10,000, you just bought the USAF a few hammers & toilet seats. They WILL take all of it, if it's $10,000 and over & not declared.

 

Food for thought.