Taking Currency Out Of Thailand

[twix38]

With regard to the question that if you have a Tor Tor 3 and want to send funds back to home country but you do NOT wish them to be exchanged in Thailand. i.e. you want to send Thai Baht to home country and keep in Thai Baht to benefit from the better offshore exchange rates at home.

Am I right in thinking that this is not possible and the conversion is alwyas performed in Thailand at the poorer onshore rate, unless you pay more to send as Thai Baht which negates the benefit?

I want to send by TT via my entitlement under a Tor Tor 3 Thai Baht to the UK and get my UK Bank to convert to GBP only once monies (in Thai Baht) are in England. Can I do this realistically and cost effectively?

Edited March 18, 2007 by twix38

[sonicdragon]

I think it is not possible.

[twix38]

Assuming it is not possible. Great shame if true

If I have 1,000,000 Baht to send back then there is a difference in exchange rate of around (67.5 to 63.5) which equates to a loss of GBP 1,000.

Am I correct that all other options like sending the rest by cashiers cheque from Bangkok Bank, drawn on BB in London and sent to my bank in the UK or via TT, all using the USD 20,000 limit still fall foul of the fact that this is just a way to get money out if you do not have a Tor Tor 3 rather than a way to send it out in Thai Baht to benefit from the offshore exchange rate? Is that correct and is there no way other than to take 1,000,000 Baht out in notes illegally?

I think it is not possible.

[sonicdragon]

One way to look at this is to realise that if it were possible, then it would have been done by all and sundry - once the money was converted to foreign currency offshore it could then be remitted back to thailand at the onshore rate. That simply isn't possible.

As for the specifics of why it won't work, I'm not 100% sure about it all, but these are some things to consider:

1. It may not be possible to get a baht denominated bankers draft / cashiers cheque drawn on a foreign branch of a thai bank. I don't know how a baht draft could clear overseas. Demand drafts are normally for foreign currency and they clear through the "home" country that the draft is denominated in (eg a US$ draft will clear through NY, a sterling draft through london etc, Euro drafts are an exception in that they can clear through any country where the issuing bank has a branch, but this is only because there is a ECB has a pan-european clearing mechanism)

2. I haven't yet found a local bank that will do a TT to an overseas account for more than 50k baht and most won't do it at all. Part of the reason that the offshore rate exists is that local banks are banned from selling baht to overseas banks in the forward market.

3. If you somehow take notes out of the country, circumventing the 50k customs limit, you may have a very difficult time converting 1mm baht to sterling at money changers in the UK . Even if you have a baht denominated account overseas it doesn't necessarily mean that you can pay actual baht notes into it. Usually you can only transfer into it.

[sabajja]

I'm gonna need to return to Sweden shortly, and need to bring 2 million

baht back.

I'm in a hurry, and don't have time for complicated bank transfer approvals, and hassles.

Nor does Sweden have any Thaibank affiliates, for cashiers checks to be drawn to.

So I have a few questions of my alternatives to get the money out.

As Lazeeboy suggested:

how about buying travellers cheques in us currency around 13000b per million at least you will get your money home .

Would this be possible for me to buy, and have converted back in Sweden to Swedish currency ?

And, are there any limits to how much I can buy, and WHERE should I do it if possible ?

Or should I simply exchange the baht at "Super rich" to my local currency and carry with me in my carry on bagage ?

I'm wondering about Swedish customs, if I bring that kinda money with me ?

I have been living here for 14 years, and are liquidating my assets to bring home.

If the Swedish custom checks my passport, I can at least prove that i've been living here

for that long time.

(Not a drug runner)

Just wonder about problems there if NOT DECLARING it ?

Please people, this is kinda urgent, gimme some advice.

[sabajja]

Ok, just been in contact with Swedish customs.

There are no limits for how much currency that private persons may bring to or take out from Sweden.

Not even required to report it.

(Go figure, i'm so used to all the big brother hassles here)

I'm still wondering what to opt for though, Traveller checks or Cash ?

Any suggestions welcome.