Sophon Posted December 2, 2019 Share Posted December 2, 2019 9 hours ago, prchunter said: Thai Banks give horrible exchange rates so you lose about 2-5% on a wire transfer compared to the cash exchange rate at Super Rich. That is absolutely not true. Yes, the cash rate at Superrich is better than the SWIFT transfer rates at Thai banks, but not by a large margin. Current rates from Bangkok Bank: And from Superrich: So the rates are 30.16 vs. 30.05 or a difference of 0.11 THB/USD. That is around 0.37 percent. On an amount of USD 27,000 the difference would be less than USD 100 plus whatever transfer fees are charged by sending and receiving bank. 1 2 Link to comment Share on other sites More sharing options...
buick Posted December 2, 2019 Share Posted December 2, 2019 today's super rich exchange rate is 30.15. the TT (telex transfer) rate for bangkok bank is 30.05 and kasikorn is 30.06. swift transfer fees can vary btwn $30 and $50. you send $26,662 at the bangkok bank rate to get your 800,000thb. you exchange $26,553 at super rich to get your 800,000thb. the difference btwn cash carry and wire transfer is the swift fee plus $66. does that sound correct ? that is how i understand it. 1 Link to comment Share on other sites More sharing options...
UKresonant Posted December 2, 2019 Share Posted December 2, 2019 Dad got his bag drawn to one side and questioned on a bundle of cash in his hand baggage on Saturday, when departing Edinburgh UK (All Legit and under limit. It my have been the small bundle of Thai Baht that they were concerned about???) Anyway I would never put everything in the one hand luggage basket, I would be bringing cash up to the limit and be SWIFT transferring the rest to a foreign currency. deposit account. The post makes me think I should save up all the receipts for the little bits of currency exchanges over the years, probably would have to scan them before the disappearing ink goes! If I had them since 1993 I'm sure well over 800kTHB ???? ( I see they now have a bank of K bank automated exchange machines near the basement rail link entrance, at Suvarnabhumi airport, right in front of the Krung Thai booth) Link to comment Share on other sites More sharing options...
kiteman9 Posted December 2, 2019 Share Posted December 2, 2019 Great exchange rates. Quick and professional service highly recommended. ://www.siamexchange.co.th/home/#/ Link to comment Share on other sites More sharing options...
Max69xl Posted December 2, 2019 Share Posted December 2, 2019 17 hours ago, Genericnic said: Mainly because I hate the US$400-500 loss due to wire fees and terrible conversion rates at the Thai bank I use. I can do a couple of weeks of travel in Thailand/Laos/Cambodia on my motorcycle for that amount. David If you carry a bag of money to your bank and deposit them into your account, it's technically not a foreign deposit/transfer. 16 hours ago, ThomasThBKK said: Not an issue, did it multiple times. Just declare it on both sides. I also do it domestic, never an issue, thai/us customs and airport security couldn't care less, the only risk is they might want to steal it, so be careful. What if the money has to origin from a foreign country in the eyes of immigration? 1 1 Link to comment Share on other sites More sharing options...
AgMech Cowboy Posted December 2, 2019 Share Posted December 2, 2019 18 hours ago, Roy Baht said: If you do not do so, and they find the cash on you as you leave the country, they will confiscate your money. If you do declare the cash to US Customs and Border Protection, they will most likely view you as a money launderer. I'd say more than likely they will think you're a drug dealer and money launderer. Link to comment Share on other sites More sharing options...
aussienam Posted December 2, 2019 Share Posted December 2, 2019 Use a foreign exchange to wire the money: 1) Withdraw money from your bank to FX account that you set up. There are heaps of FX companies. Their rates are very competitive and low/nil fees (already factored in rate they offer you) 2) Negotiate with FX broker rate and you provide them with usual SWIFT and account details. 3) Money transferred into your foreign account. Otherwise, take the risk. I have taken half what you are, below the amount needed to declare to Thai customs. I watched my money like a hawk. Well and truly secured in carry on. Problem with bringing in large amounts is the risk of criminality within customs, and you being followed once you leave airport. Taxi could be stopped and you end up robbed and maybe even shot dead. Link to comment Share on other sites More sharing options...
AgMech Cowboy Posted December 2, 2019 Share Posted December 2, 2019 7 hours ago, Sophon said: So the rates are 30.16 vs. 30.05 or a difference of 0.11 THB/USD. That is around 0.37 percent. On an amount of USD 27,000 the difference would be less than USD 100 plus whatever transfer fees are charged by sending and receiving bank. Pretty cheap insurance if you ask me. 1 Link to comment Share on other sites More sharing options...
david555 Posted December 2, 2019 Share Posted December 2, 2019 (edited) 1 hour ago, Max69xl said: If you carry a bag of money to your bank and deposit them into your account, it's technically not a foreign deposit/transfer. What if the money has to origin from a foreign country in the eyes of immigration? if you declare it at arrival at customs red lane you get a receipt of declaration and the reason for the money, this is what banks have to accept to book it as foreign cash transfer ,an official customs attestification and still nothing withhold you to make a copy from the customs receipt in case the bank keep it ….for showing immigration . Seem a lot people trust Dee money and TransferWise with such sums …. me not as they are minimal regulated ..... remember that bitcoin firm who now disappeared in Thailand from the money market …...Ooh well for " peanut money" it is ok I guess Edited December 2, 2019 by david555 1 Link to comment Share on other sites More sharing options...
Popular Post Mbaki Posted December 2, 2019 Popular Post Share Posted December 2, 2019 19 hours ago, Genericnic said: Mainly because I hate the US$400-500 loss due to wire fees and terrible conversion rates at the Thai bank I use. I can do a couple of weeks of travel in Thailand/Laos/Cambodia on my motorcycle for that amount. David Pay no attention to these scare mongerers about bringing large amounts of cash into the country, I brought in $A100k cash and all I did was declare at customs before leaving Australia and declare again at customs when I entered the country, I then went straight to SuperRich for the exchange to Baht and then to my bank to deposit. I kept the exchange receipt to show immigration and copies of my Australian bank book just incase they were needed, but they weren’t asked for anyway. 2 1 Link to comment Share on other sites More sharing options...
tiptoejoe Posted December 2, 2019 Share Posted December 2, 2019 I did what you are planning to do except I stopped off in Singapore with a "shopping bag" full of loot and opened a bank account there, at citibank. I walzed thru Sing customs after declaring all the cash, strolled into city bank, had the account opened in about one hour, got all the bank cards I needed (no credit card unless you have a residents card) and proceed to transfer my funds at will to and from singapore, bkk, US, etc totally unencumbered by the tight restrictions of thai banks. I earn some interest in singapore, have telephone, internet banking, etc., exactly how banking should be....seamless! No issues, no drama, just efficiency. Give it a try. 2 Link to comment Share on other sites More sharing options...
DogNo1 Posted December 2, 2019 Share Posted December 2, 2019 I suggest that you do the following: 1. Open a savings account at Bangkok Bank. 2. Open an account with Fidelity. Be sure to also open a cash management account. Put your money in the Fidelity account 3. Complete and sign a standing wire transfer order to your Bangkok Bank account. You MUST sign it in America. It is impossible to do outside of the country. 4. Come to Thailand and telephone Fidelity to wire your money to Bangkok Bank for free at the day's posted exchange rate. Bangkok will automatically convert your dollars to baht for a modest charge -a couple of hundred baht. 5. Make all future transfers to Bangkok Bank for free. The wired funds will always be posted as FTT in your bank book so you won't need to prove that they come from abroad. It's a little trouble to set up but after that your wire transfers will be free. 1 Link to comment Share on other sites More sharing options...
stropper Posted December 2, 2019 Share Posted December 2, 2019 just declare it in your country, i have bought nearly a mill in cash, safe as a bank at the airport ,security every where, plus you can sit and wait for the best rates, no body knows what you have got on you, cash is king! 1 Link to comment Share on other sites More sharing options...
Pedrogaz Posted December 2, 2019 Share Posted December 2, 2019 Wire the money to your bank account here. Do not carry that much cash.....it is a silly thing to do. Link to comment Share on other sites More sharing options...
Max69xl Posted December 2, 2019 Share Posted December 2, 2019 45 minutes ago, AgMech Cowboy said: Pretty cheap insurance if you ask me. Even cheaper if using other ways of transferring the money than bank to bank. Link to comment Share on other sites More sharing options...
KCPhuket Posted December 2, 2019 Share Posted December 2, 2019 I have my US financial institution transfer to Bangkok Bank NYC. It's here the next morning...get sms on phone. Fair ex rate Fee is $20 1 Link to comment Share on other sites More sharing options...
Max69xl Posted December 2, 2019 Share Posted December 2, 2019 8 hours ago, Sophon said: That is absolutely not true. Yes, the cash rate at Superrich is better than the SWIFT transfer rates at Thai banks, but not by a large margin. Current rates from Bangkok Bank: And from Superrich: So the rates are 30.16 vs. 30.05 or a difference of 0.11 THB/USD. That is around 0.37 percent. On an amount of USD 27,000 the difference would be less than USD 100 plus whatever transfer fees are charged by sending and receiving bank. 500 baht is the maximum receiving fee. 1 Link to comment Share on other sites More sharing options...
DrJack54 Posted December 2, 2019 Share Posted December 2, 2019 Just now, KCPhuket said: I have my US financial institution transfer to Bangkok Bank NYC. It's here the next morning...get sms on phone. Fair ex rate Fee is $20 Can you quote a recent exchange rate. Two very large transfer companies are transferwise and OFX. Interesting read on net just type "clash of the Titans". This debate often comes up. I use international transfers when desperate. I bring in folding from oz couple times a year. Straight to superich green. When your exchanging 20-30usd a pop it's nothing like $100 difference. Link to comment Share on other sites More sharing options...
Max69xl Posted December 2, 2019 Share Posted December 2, 2019 3 minutes ago, KCPhuket said: I have my US financial institution transfer to Bangkok Bank NYC. It's here the next morning...get sms on phone. Fair ex rate Fee is $20. Isn't Bangkok Bank NYC about to stop transferring money to Thailand. Link to comment Share on other sites More sharing options...
Thaidream Posted December 2, 2019 Share Posted December 2, 2019 9 hours ago, ubonjoe said: The requirements to apply for a non immigrant visa based upon qualifying for an extension of stay based upon retirements states this. "5.3 Evidence of foreign currency fund transferred to Thailand" Source: https://division1.immigration.go.th/download/1551323081128.pdf It is the same on the main immgiration website as well. I have seen several reports of immigration strictly enforcing that requirement and not accepting a foreign currency declaration done on entry to the country. If one arrives with a Non O- there is no need to transfer the money from abroad or prove foreign source? Is that correct? Link to comment Share on other sites More sharing options...
ubonjoe Posted December 2, 2019 Share Posted December 2, 2019 7 minutes ago, Max69xl said: Isn't Bangkok Bank NYC about to stop transferring money to Thailand. As far as I know they have already stopped unless they are in the IAT format for international ACH transfers. Not many banks in the are able to it. The SSA is doing them in the IAT format so people can still get their payments that way. Link to comment Share on other sites More sharing options...
ubonjoe Posted December 2, 2019 Share Posted December 2, 2019 1 minute ago, Thaidream said: If one arrives with a Non O- there is no need to transfer the money from abroad or prove foreign source? Is that correct? That is correct. 2 Link to comment Share on other sites More sharing options...
thailand49 Posted December 2, 2019 Share Posted December 2, 2019 20 hours ago, Genericnic said: Mainly because I hate the US$400-500 loss due to wire fees and terrible conversion rates at the Thai bank I use. I can do a couple of weeks of travel in Thailand/Laos/Cambodia on my motorcycle for that amount. David Maybe I'm missing something not sure where the $400-500 you refer to is coming from? I've done money transfers using Transferwise and recently did one using Charles Schwab all large transfers of 30,000 or more most recent to Bangkok Bank which they converted a reasonable rate and charge me only 500 baht! As for Transferwise, example hard to do if already in Thailand. Last year did a 40,000 transfers while I was home in the U.S. went online and requested the transfer through Transferwise, next went down my bank and requested they wire the money to Transferwise office in New York branch Wells Fargo less than 24 hours later my baht was in the bank. Nothing is free, but from my experience I don't trust Thai government personnel in bringing it that amount of money. I would trust someone I just met on the flight sitting next to me for 12 hours before I trust the Thai government.???? Link to comment Share on other sites More sharing options...
Maestro Posted December 2, 2019 Share Posted December 2, 2019 1 hour ago, david555 said: if you declare it at arrival at customs red lane you get a receipt of declaration and the reason for the money, this is what banks have to accept to book it as foreign cash transfer ,an official customs attestification and still nothing withhold you to make a copy from the customs receipt in case the bank keep it ….for showing immigration... Cash is not transferred or remitted. It is withdrawn at one bank, transported, and deposited at another bank. Transfer, remittance or transport, perhaps just semantics, but immigration is known to have refused non-O visas based on foreign cash deposits: https://forum.thaivisa.com/topic/1136653-foreign-cash-carried-into-tl-for-funding-800k-baht-account/?do=findComment&comment=14818612 The procedure contemplated by the OP is probably not commonly used by our forum members, as so far nobody has posted a recent experience with it at the Chiang Mai immigration office. 1 Link to comment Share on other sites More sharing options...
BertM Posted December 2, 2019 Share Posted December 2, 2019 (edited) 3 hours ago, Mbaki said: Pay no attention to these scare mongerers about bringing large amounts of cash into the country, I brought in $A100k cash and all I did was declare at customs before leaving Australia and declare again at customs when I entered the country, I then went straight to SuperRich for the exchange to Baht and then to my bank to deposit. I kept the exchange receipt to show immigration and copies of my Australian bank book just incase they were needed, but they weren’t asked for anyway. The OP is from the US. It's not a problem for him to bring large amounts of cash into Thailand. The problem is him getting it out of the US legally. That's a completely different situation than you coming from Australia. He has to report to US customs any cash over $10,000 and believe me, customs will want verifiable documentation from where the money came from. Worse case scenario, it would be confiscated. You would never be allowed to leave the US with $100k in cash unless you hid it and they didn't find it. And, that would be breaking the law. Edited December 2, 2019 by BertM Link to comment Share on other sites More sharing options...
ubonjoe Posted December 2, 2019 Share Posted December 2, 2019 3 hours ago, Mbaki said: I kept the exchange receipt to show immigration and copies of my Australian bank book just incase they were needed, but they weren’t asked for anyway. What were you applying for at immigration. Were you applying for a non immigrant visa based upon qualifying for an extension of stay or only an extension of stay. Alos when did you do the visa application if that was what you were applying for? Link to comment Share on other sites More sharing options...
Max69xl Posted December 2, 2019 Share Posted December 2, 2019 4 hours ago, david555 said: if you declare it at arrival at customs red lane you get a receipt of declaration and the reason for the money, this is what banks have to accept to book it as foreign cash transfer ,an official customs attestification and still nothing withhold you to make a copy from the customs receipt in case the bank keep it ….for showing immigration . Seem a lot people trust Dee money and TransferWise with such sums …. me not as they are minimal regulated ..... remember that bitcoin firm who now disappeared in Thailand from the money market …...Ooh well for " peanut money" it is ok I guess Immigration won't accept it. They require it to be a foreign transfer if used for the 800k in the bank method. They are quite tough regarding that requirement. Link to comment Share on other sites More sharing options...
Maestro Posted December 2, 2019 Share Posted December 2, 2019 41 minutes ago, BertM said: The OP is from the US. It's not a problem for him to bring large amounts of cash into Thailand... The OP has stated clearly that he has no problem with taking the cash out of the USA and bringing it into Thailand. Therefore, let us stop talking about this aspect. Link to comment Share on other sites More sharing options...
Maestro Posted December 2, 2019 Share Posted December 2, 2019 Removed an off-topic post. Link to comment Share on other sites More sharing options...
Max69xl Posted December 2, 2019 Share Posted December 2, 2019 52 minutes ago, BertM said: The OP is from the US. It's not a problem for him to bring large amounts of cash into Thailand. The problem is him getting it out of the US legally. That's a completely different situation than you coming from Australia. He has to report to US customs any cash over $10,000 and believe me, customs will want verifiable documentation from where the money came from. Worse case scenario, it would be confiscated. You would never be allowed to leave the US with $100k in cash unless you hid it and they didn't find it. And, that would be breaking the law. I don't think that's his problem. The problem will be immigration not accepting the money for showing funds (800k) for the visa. They want an official foreign transfer. Link to comment Share on other sites More sharing options...
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