Taking THB out of Thailand

[simoh1490]

5 minutes ago, Xaos said:

mate i got licence from BOT, and called them, and confirmed, monday will call again.

Yesterday you asked:

 

Hi, is" there any legal way to take 1 milion THB cash out of thailand by air? Including money exchange recip some kind of export licence, any idea"

 

Today you say you have a BOT license!

 

Amazing stuff, eh! Good bye.

[Xaos]

50 minutes ago, simoh1490 said:

Yesterday you asked:

 

Hi, is" there any legal way to take 1 milion THB cash out of thailand by air? Including money exchange recip some kind of export licence, any idea"

 

Today you say you have a BOT license!

 

Amazing stuff, eh! Good bye.

u need more vitamins ur brain works slow 

[lkv]

Ok, so the export of THB currency above the limits stated in my previous post requires BOT approval. So yes, any amount of  baht can be taken out if BOT approves it. This is confirmed by some websites I checked. They do not mention any further details of how one gets that BOT approval.

 

I am not sure what information you are looking for here, you should be speaking to BOT, they are the best people to provide you with accurate and up to date information.

 

When you get an outcome, let us know.

Edited June 16, 2018 by lkv

[simoh1490]

8 hours ago, Xaos said:

u need more vitamins ur brain works slow 

Let's imagine for one minute that you are allowed to take that one million to India, for what purpose, to get a better exchange rate? Great, is The Rupee your destination currency, is that what you spend and need or will you have to exchange Rupee for some other currency? If the former, that's a lot of effort to go through for a few satang per baht on 1 million, the cost opf the airfare alone will wipe out any profit, if the latter, your attempt at arbitrage will probably backfire.....you haven't thought this through, we can tell.

[bermannor]

 

Please, I need your vitamines. You have 1 mil THB in cash in Thailand, either gained by lottery, a business deal or you brought hard currency to Thailand and exchanged it. Now, you want to take out this money in THB banknotes for a legal business in another country. In this country you or somebody else buys something, obviously in Thailand. In case, he goes to Thailand, he has to declare his THB which might be a problem. If he buys something in Thailand and the seller only accepts THB, he can send back the cash THB either buy envelope or buy courier. Both might be illegal. To transfer the money back to Thailand by bank transfer, I think it's highly doubtfull that they will do it. And a THB bank account in another country, I can't imagine.

With China, it might be slightly different as Thailand imports a lot from China and Thais pay in THB because of lack of dollars and there is a land crossing, e.g.  via Laos. Chinese then change into yuan officialy as long as they can show it's received from exports.

But you! Quite a lot of question marks except it's some kond of dodgy business. But Indians like this kind of business ?!

[bermannor]

9 hours ago, Xaos said:

u need more vitamins ur brain works slow 

1. I need these vitamins. Because doing business from other countries like Laos or China via Laos or Vietnam (exports) with Thailand (bordering countries) I can't imagine it will work on a cash base.
2. But  Indians like dodgy businesses ?!

[bermannor]

Nowhere in the world, except countries bordering Thailand, have a favourable exchange rate for THB. So, the only reason to take THB cash out of the country is, to reimport it to Thailand in exchange for goods.

Especially for foreigners who have easy access to hard currencies, it's hardly understandable.

But may be the OP wants to keep THB cash under the matraze and waiting for a THB appreciation?

Edited June 16, 2018 by bermannor
Addition

[Kerryd]

Bonded courier companies can probably move the cash, as long as you have the proper export documents. The cash needs to be reported due to international drug trafficking regulations as well as national laws (some countries need to keep a tight control on their currency for various reasons).
You will probably be required to explain where the cash originated from and where it is going to (and possibly why it has to be cash instead of a wire transfer or Bank Cheque). 

It would not be a cheap way to do it though.

 

Banks can transfer virtually unlimited quantities of cash between countries (as well as within countries). I believe they use certain bonded courier companies that specialize in such matters to move the actual cash from point to point.

That is why you can be in the middle of **** nowhere and walk into a bank branch and, if they don't have the currency you want on hand, they can order it and have it for you usually within a business week (as they get it delivered from a larger branch). Of course that is also how all the various exchange booths have large amounts of various foreign currencies on hand.

Banks probably won't transfer any sum of cash for a customer though. Too many legal implications. They would probably suggest that you deposit the money, wire it to the foreign bank, then have that bank order in Thai baht for you to withdraw (by which time you will have lost a hefty percentage on transfer fees and exchange rates no doubt).

Not sure what the rules are in Laos (or Cambodia/Myanmar/Malaysia) about how much cash you can carry out with you, especially if it's in a foreign currency. Maybe if you had 2 people each carry 350,000 baht and a third carry the remaining 300k, fly to Vientiane (or KL/Rangoon/etc) and then fly to your destination ?

Of course the other problem is, many countries also have limits on how much foreign currency can be brought in to those countries (without it having to be declared at least). Even if it arrived via a bonded courier company.  

[simoh1490]

1 minute ago, Kerryd said:

Bonded courier companies can probably move the cash, as long as you have the proper export documents. The cash needs to be reported due to international drug trafficking regulations as well as national laws (some countries need to keep a tight control on their currency for various reasons).
You will probably be required to explain where the cash originated from and where it is going to (and possibly why it has to be cash instead of a wire transfer or Bank Cheque). 

It would not be a cheap way to do it though.

 

Banks can transfer virtually unlimited quantities of cash between countries (as well as within countries). I believe they use certain bonded courier companies that specialize in such matters to move the actual cash from point to point.

That is why you can be in the middle of **** nowhere and walk into a bank branch and, if they don't have the currency you want on hand, they can order it and have it for you usually within a business week (as they get it delivered from a larger branch). Of course that is also how all the various exchange booths have large amounts of various foreign currencies on hand.

Banks probably won't transfer any sum of cash for a customer though. Too many legal implications. They would probably suggest that you deposit the money, wire it to the foreign bank, then have that bank order in Thai baht for you to withdraw (by which time you will have lost a hefty percentage on transfer fees and exchange rates no doubt).

Not sure what the rules are in Laos (or Cambodia/Myanmar/Malaysia) about how much cash you can carry out with you, especially if it's in a foreign currency. Maybe if you had 2 people each carry 350,000 baht and a third carry the remaining 300k, fly to Vientiane (or KL/Rangoon/etc) and then fly to your destination ?

Of course the other problem is, many countries also have limits on how much foreign currency can be brought in to those countries (without it having to be declared at least). Even if it arrived via a bonded courier company.  

You missed the point, THB is a restricted currency that cannot be freely exported without central bank approval, other than within the guidelines previously stated - limits on amounts to neighbouring countries and only very small amounts elsewhere..

[Get Real]

On 6/15/2018 at 12:16 PM, Xaos said:

There is other way of doing it, with Thai National Bank paper or something, local exchange company licence, I know for a fact cuz theres a lot of indians doing business bringing THB to India my friend told me, and they doing it legaly, they will not tell u how tho ?  We called Thai National Bank and hey confirmed it, tho no details as woman was off that day. Thanks for help.

<deleted>! Indians doing business with currency lagally in Thailand? What´s next? Red Little Riding Hood? 

 

On 6/15/2018 at 5:48 AM, Xaos said:

I saw that. Its silly. 50k THB

U can blow that in 1 night in LA.

Cant declare more?

Nah, why do you have to travel that far to spread the cash. I know for a fact that you easily blew that amount in Pattaya already 15 years ago.

[Kerryd]

3 minutes ago, simoh1490 said:

You missed the point, THB is a restricted currency that cannot be freely exported without central bank approval, other than within the guidelines previously stated - limits on amounts to neighbouring countries and only very small amounts elsewhere..

Which is why the very first line of my comment notes "with the proper export documents", which you would not get unless you had such approval. Customs would certainly flag any attempt to export any currency unless it had proper approvals and a bonded courier company would also know that such approval would be needed and wouldn't (likely) be willing to risk their bond by transferring such a small amount without having the proper documents.

However, I suspect it is rarely done for individuals though.

[simoh1490]

Just now, Kerryd said:

Which is why the very first line of my comment notes "with the proper export documents", which you would not get unless you had such approval. Customs would certainly flag any attempt to export any currency unless it had proper approvals and a bonded courier company would also know that such approval would be needed and wouldn't (likely) be willing to risk their bond by transferring such a small amount without having the proper documents.

However, I suspect it is rarely done for individuals though.

Ok fair enough, it was difficult to distinguish between what is permissible by law and permissible amounts that are considered normal.

[Kerryd]

1 minute ago, simoh1490 said:

Ok fair enough, it was difficult to distinguish between what is permissible by law and permissible amounts that are considered normal.

Yeah, you pretty much need to do it a few times yourself to figure out that actual rules as they can be vastly different from country to country.

I've never done anything like that personally, but companies I've worked for in Afghanistan had to jump through a lot of hoops in order to bring cash into the country. Same deal, they couldn't just fill up a briefcase full of US 20s/50s/100s and hop on a plane and the military was under no obligation to courier the cash for them. And that was in Afghanistan where they didn't have a lot of regulations to begin with. (They had to bring in large quantities of cash and deposit it in the Afghan National Bank so they could pay local contractors and such and because it was simply too much to be kept on the camps. Every couple of weeks the military would give us an escort to go to the bank and withdraw a large hunk of cash so that the finance guys could pay the local workers and our "TCNs" as well as pay out any expat travel/expense claims.)

 

[Naam]

15 hours ago, Xaos said:

Mate its Thai national bank, and again...

Mate a Thai National Bank does not exist!

[lkv]

@Kerryd pointed out a potential legal loophole that may work for amounts under 2 million baht.

 

You export under 2 million baht to neighboring country, declare it out of Thailand, into that country, out of that country, and finally at the destination country.

 

This way it may work to avoid having to have a BOT approval and still export under 2 million baht to a non neighboring country, by transiting one.

[FritsSikkink]

On ‎6‎/‎15‎/‎2018 at 5:16 PM, Xaos said:

There is other way of doing it, with Thai National Bank paper or something, local exchange company licence, I know for a fact cuz theres a lot of indians doing business bringing THB to India my friend told me, and they doing it legaly, they will not tell u how tho ?  We called Thai National Bank and hey confirmed it, tho no details as woman was off that day. Thanks for help.

Why would you like to do it in cash? I thought you were into crypto. 

There is another way of legally getting many, many millions out of the country without any problem. This knowledge isn't for free though.

Edited June 17, 2018 by FritsSikkink

[5633572526]

Maybe I am reading the replies wrong but it looks like you can fly to Vietnam with the cash and then go from there to wherever you want to go

[Xaos]

Let's imagine for one minute that you are allowed to take that one million to India, for what purpose, to get a better exchange rate? Great, is The Rupee your destination currency, is that what you spend and need or will you have to exchange Rupee for some other currency? If the former, that's a lot of effort to go through for a few satang per baht on 1 million, the cost opf the airfare alone will wipe out any profit, if the latter, your attempt at arbitrage will probably backfire.....you haven't thought this through, we can tell.

Its not for me but for indian guy.

And again a lot of indians doing it. And its worth it trust me, i know some details but not all.

[Xaos]

U guys didnt think of one idea. What if indian guy got company say in Deli with banking licence and money transfer licence. All legal. They got fees next to 0, he transfers rupees to thai legal entity pays little and get forex rate, then picks say 1mil or 5. Then with thai bank licence or permission takes it back to india and sells.

This is my guess what they do. And I think im not far from it.

[bermannor]

18 hours ago, Naam said:

Mate a Thai National Bank does not exist!

Isn't that bean counting? Any difference to BOT?

[simoh1490]

5 hours ago, Xaos said:

U guys didnt think of one idea. What if indian guy got company say in Deli with banking licence and money transfer licence. All legal. They got fees next to 0, he transfers rupees to thai legal entity pays little and get forex rate, then picks say 1mil or 5. Then with thai bank licence or permission takes it back to india and sells.

This is my guess what they do. And I think im not far from it.

Overseas banks are restricted from holding THB in any quantity, if they break that rule they will be blacklisted and no Thai bank will be able to transact with them.

 

What I think you're failing to realise here is that the value of any currency pair is finite. THB/INR has an onshore value (and has a tight spread anyway) which the offshore rate would have to beat, in order to make a profit using your scheme. Given the limited amounts of THB an offshore bank can hold there's no chance of making the profit on bulk or wholesale transactions which leaves only a limited amount to sell and an even more limited profit.

Edited June 17, 2018 by simoh1490

[bermannor]

5 hours ago, Xaos said:

U guys didnt think of one idea. What if indian guy got company say in Deli with banking licence and money transfer licence. All legal. They got fees next to 0, he transfers rupees to thai legal entity pays little and get forex rate, then picks say 1mil or 5. Then with thai bank licence or permission takes it back to india and sells.

This is my guess what they do. And I think im not far from it.

And you have it, as you want to take out the money? And who wants THB in India from you??

[bermannor]

8 hours ago, 5633572526 said:

Maybe I am reading the replies wrong but it looks like you can fly to Vietnam with the cash and then go from there to wherever you want to go

Have you ever heard about money laundering?

[simoh1490]

8 hours ago, 5633572526 said:

Maybe I am reading the replies wrong but it looks like you can fly to Vietnam with the cash and then go from there to wherever you want to go

Possibly, but since you can only spend THB in Thailand and the banks in "wherever you want to go" don't want THB and consequently give a lousy exchange rate, that's all rather pointless.

[bermannor]

5 hours ago, Xaos said:

Its not for me but for indian guy.

And again a lot of indians doing it. And its worth it trust me, i know some details but not all.

So, a lot of Indian guys have a banking and money transfer licence in Indis? Easy to get? And that for

50 000 €! 

[bermannor]

6 hours ago, Xaos said:

Its not for me but for indian guy.

And again a lot of indians doing it. And its worth it trust me, i know some details but not all.

It's for an Indian guy and lot Indians do it and he is not able to find out? He needs you and you need TVF members to figure it out?

I think, you need the Vitamin pills.

[bermannor]

18 hours ago, FritsSikkink said:

Why would you like to do it in cash? I thought you were into crypto. 

There is another way of legally getting many, many millions out of the country without any problem. This knowledge isn't for free though.

Have you already forgotten? He wants to take THB out in cash. For other ways, one would not need you and your consulting fees.

[bermannor]

18 hours ago, FritsSikkink said:

Why would you like to do it in cash? I thought you were into crypto. 

There is another way of legally getting many, many millions out of the country without any problem. This knowledge isn't for free though.

Are you an adviser to Taksin?

[Xaos]

It's for an Indian guy and lot Indians do it and he is not able to find out? He needs you and you need TVF members to figure it out?

I think, you need the Vitamin pills.

Indians are not going to tell you. They dont want competition genius. Forgot ur vitamins again?

 

[Xaos]

So, a lot of Indian guys have a banking and money transfer licence in Indis? Easy to get? And that for
50 000 €! 

Money changers yes. Guess a lot in 1.25bil country.