Taking THB out of Thailand

[Xaos]

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.

There is no oversea bank holding thb in this.
Indian with licence sends rupees with forex rates and little fee to thai guess company bank acc. They pick THB and with thai bank licence take it back to india then sell front shop to indians for a higher rates.

A lot of indians buys THB there is demand.
They do businesses like buy gear for thier local shops. So they buy currency there. 19mil ppl in Deli, 1,324bil in India.

And again i know for a fact they do this kind of thing all the time legally. Mind no one would take few mil to airplane and hide it, no one would risk loosing it.

I can tell u aswell thats what Super rich was doing and thats how they made thier wealth.

[simoh1490]

2 minutes ago, Xaos said:

There is no oversea bank holding thb in this.
Indian with licence sends rupees with forex rates and little fee to thai guess company bank acc. They pick THB and with thai bank licence take it back to india then sell front shop to indians for a higher rates.

A lot of indians buys THB there is demand.
They do businesses like buy gear for thier local shops. So they buy currency there. 19mil ppl in Deli, 1,324bil in India.

And again i know for a fact they do this kind of thing all the time legally. Mind no one would take few mil to airplane and hide it, no one would risk loosing it.

I can tell u aswell thats what Super rich was doing and thats how they made thier wealth.

This is typical Asian/Chinese business I suppose, making lots of pennies versus making lots of Pounds plus cutting every overhead to the bone. There's a Chinese store owner near me who sells Chiang beer at 52 baht and undercuts everyone for miles around, her profit per bottle must be super low but she sells shed loads of bottles - contrast that with the Thai sore owner at the end of my soi who sells the same product at 60 baht and sells hardly none at all. 

[Naam]

4 hours ago, bermannor said:

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

in this case it is not! it's like anybody trying to comment on the performance of a certain car model but doesn't have a driving license.

[Xaos]

This is typical Asian/Chinese business I suppose, making lots of pennies versus making lots of Pounds plus cutting every overhead to the bone. There's a Chinese store owner near me who sells Chiang beer at 52 baht and undercuts everyone for miles around, her profit per bottle must be super low but she sells shed loads of bottles - contrast that with the Thai sore owner at the end of my soi who sells the same product at 60 baht and sells hardly none at all. 

Wrong

My sources tells me indians make 40k thb per 1mil thb.

[Xaos]

Just called BOT, I confirm its possible for a companies with BOT approval to take THB cash. I keep details for myself [emoji12]

[Wake Up]

Private jet. 

[simoh1490]

4 hours ago, Xaos said:

Wrong

My sources tells me indians make 40k thb per 1mil thb.
 

Great if that's 4% net but I suspect it's gross and doesn't consider travel costs etc.

[bermannor]

15 hours ago, Xaos said:

Wrong

My sources tells me indians make 40k thb per 1mil thb.
 

4%, not bad! Hopefully BOT does not read this thread.

Edited June 18, 2018 by bermannor
Spelling

[bermannor]

18 hours ago, Xaos said:

There is no oversea bank holding thb in this.
Indian with licence sends rupees with forex rates and little fee to thai guess company bank acc. They pick THB and with thai bank licence take it back to india then sell front shop to indians for a higher rates.

A lot of indians buys THB there is demand.
They do businesses like buy gear for thier local shops. So they buy currency there. 19mil ppl in Deli, 1,324bil in India.

And again i know for a fact they do this kind of thing all the time legally. Mind no one would take few mil to airplane and hide it, no one would risk loosing it.

I can tell u aswell thats what Super rich was doing and thats how they made thier wealth.

Seems to be a nice merry-go-round. And who is the looser?

[bermannor]

14 hours ago, Xaos said:

Just called BOT, I confirm its possible for a companies with BOT approval to take THB cash. I keep details for myself

What's the secret? Everybody can call BOT and ask!?

[bermannor]

16 hours ago, Xaos said:

Just called BOT, I confirm its possible for a companies with BOT approval to take THB cash. I keep details for myself

Why BOT?

If the carrier wants to take more than 50,000 baht to another country other than a neighboring country, they will be required to obtain a permit from an authorized bank.

[simoh1490]

40 minutes ago, bermannor said:

Why BOT?

If the carrier wants to take more than 50,000 baht to another country other than a neighboring country, they will be required to obtain a permit from an authorized bank.

The banks act as BOT's agents in administering the central banks foreign exchange policy but they are unlikely to be aware of all the foreign currency permutations, most don't even know who is allowed to open a bank account for gods sake.

[bermannor]

17 minutes ago, simoh1490 said:

The banks act as BOT's agents in administering the central banks foreign exchange policy but they are unlikely to be aware of all the foreign currency permutations, most don't even know who is allowed to open a bank account for gods sake.

I fully agree with you if you enter a bank, a muscle shirt and flip-flop wearing farang, who asks for a permit to export 2 mil THB cash. We talk here about a "permit", which is certainly not filled in and signed at the service counter of a Thai bank branch.

And as it seems, you need to have a Thai company to get such a permit.

For Indians, that is certainly not a problem to have a Thai-Indian counterpart with a company.

Edited June 18, 2018 by bermannor
Additional comment

[bermannor]

32 minutes ago, simoh1490 said:

The banks act as BOT's agents in administering the central banks foreign exchange policy but they are unlikely to be aware of all the foreign currency permutations, most don't even know who is allowed to open a bank account for gods sake.

So, you should not apply for a permit in Mukdahan ?!

[greenchair]

On 6/16/2018 at 10:09 AM, Briggsy said:

The OP is talking about specifically taking Thai Baht out of the kingdom. The stipulations are very different and far stricter than for non-Thai currencies.

 

You have therefore regrettably misunderstood the point of the thread and your comment is irrelevant. Please read threads carefully in future. We would like to take this opportunity to thank you for your interest.

I found his post useful and interesting. It's not all about you. 

You know. 

[bermannor]

On ‎6‎/‎15‎/‎2018 at 12:34 PM, Naam said:

only an ignorant would take out Thai Baht instead of Dollars, Euros or Pounds.

Why? We are talking specifically about India and a lot of Indians holidaying in Thailand or doing business. Quite a few might be reluctant to change Rupees into THB officially. So there might be a demand and illegal actions start.

And I very mich doubt that the original poster, as no Indian can enter this business, neither in Thailand nor in India.

[davidst01]

On 6/15/2018 at 5:34 PM, Naam said:

only an ignorant would take out Thai Baht instead of Dollars, Euros or Pounds.

or someone who has dirty money and cant exchange it to $ or bitcoin

[Naam]

15 hours ago, bermannor said:

Why? We are talking specifically about India and a lot of Indians holidaying in Thailand or doing business. Quite a few might be reluctant to change Rupees into THB officially. So there might be a demand and illegal actions start.

And I very mich doubt that the original poster, as no Indian can enter this business, neither in Thailand nor in India.

the Indians holidaying in Thailand are getting US-Dollars allocated from the RBI (Reserve Bank of India) which they convert into Baht when in Thailand.

 

reason: look a the Rupee/Baht exchange rate of the money changers in Thailand. no Thai bank accepts Rupees for Thai Baht!

[Naam]

2 hours ago, davidst01 said:

or someone who has dirty money and cant exchange it to $ or bitcoin

dirty money does not exist in Thailand!

[denby45]

On 6/20/2018 at 11:49 AM, Naam said:

the Indians holidaying in Thailand are getting US-Dollars allocated from the RBI (Reserve Bank of India) which they convert into Baht when in Thailand.

 

reason: look a the Rupee/Baht exchange rate of the money changers in Thailand. no Thai bank accepts Rupees for Thai Baht!

Seems TT accept but their rate is about 8.75% worse than mid point. Now I understand.

 

Den

[bermannor]

On ‎6‎/‎20‎/‎2018 at 6:49 AM, Naam said:

the Indians holidaying in Thailand are getting US-Dollars allocated from the RBI (Reserve Bank of India) which they convert into Baht when in Thailand.

 

reason: look a the Rupee/Baht exchange rate of the money changers in Thailand. no Thai bank accepts Rupees for Thai Baht!

Quoting the PAN is mandatory for Indians when purchase of foreign currency as far as I know.

So, may be some Indians are not too keen to change with PAN.

[Naam]

10 hours ago, bermannor said:

Quoting the PAN is mandatory for Indians when purchase of foreign currency as far as I know.

So, may be some Indians are not too keen to change with PAN.

black market in India for USD/INR is less than 4%, no PAN-Card required.

[bermannor]

5 hours ago, Naam said:

black market in India for USD/INR is less than 4%, no PAN-Card required.

Please read doorstepforex!

The maximum limit for foreign currency for a leisure trip is USD 25, 00, 00 per traveler in a single financial year, as per regulations. However, only $3000 of that amount can be carried as currency notes – the balance has to be in the form of prepaid forex cards, Remittances or traveller’s cheques

[Naam]

1 hour ago, bermannor said:

Please read doorstepforex!

The maximum limit for foreign currency for a leisure trip is USD 25, 00, 00 per traveler in a single financial year, as per regulations. However, only $3000 of that amount can be carried as currency notes – the balance has to be in the form of prepaid forex cards, Remittances or traveller’s cheques

do you really think the average Indian spends more than $3,000 (~THB 100k) during a single leisure trip? 

[bermannor]

1 hour ago, Naam said:

do you really think the average Indian spends more than $3,000 (~THB 100k) during a single leisure trip? 

Easily, when you see how many Indians visit Switzerland. 3000 $ don't last long for a full family in Europe. Even for Thailand, it's  reasonable when not as part of a tour. India has 1.3 billion inhabitants, so we don't talk about average Indians, we talk of at least higher middle class (Bangalore, Hyderabad etc.)

[Naam]

4 hours ago, bermannor said:

Easily, when you see how many Indians visit Switzerland. 3000 $ don't last long for a full family in Europe. Even for Thailand, it's  reasonable when not as part of a tour. India has 1.3 billion inhabitants, so we don't talk about average Indians, we talk of at least higher middle class (Bangalore, Hyderabad etc.)

either you don't live in Thailand or you live in the boonies and have never seen an Indian tourist.

[bermannor]

Either you live in Pattaya and never leave it or never have been in Europe in tourist regions. Recommend to visit Interlaken. and Jungfrau. 

[bermannor]

19 minutes ago, Naam said:

either you don't live in Thailand or you live in the boonies and have never seen an Indian tourist.

No, I don't live in Thailand but obviously you and never been outside Pattaya.

Go to Europe, e.g. Interlaken and Jungfrau or Munich and you see Indians with money.

And 0.5% Indians are only 6.5 millions!

 

[bermannor]

54 minutes ago, Naam said:

either you don't live in Thailand or you live in the boonies and have never seen an Indian tourist.

I assume where you live because everywhere in Thailand is boonies for tourists except Bangkok, Patty and Phuket. And these are the quality tourists.

[Xaos]

To sum this up.

Its possible to get permit from BOT to export THB cash, even 50mil.

Obtaining that permit is a different story.