Sending a large amount of money from Thailand to UK

[Gotalaugh]

Hello, I think I need to cash in at the end of this year and leave Thailand to return to the UK with my long term Thai wife. We have a condo to sell and shares to sell and everything together would be around 30 million baht and we will have to start life again in the UK.

Can I ask how to get the money to the UK most efficiently? I know that I should change the money to pounds before sending to the UK as the UK banks have terrible exchange rates but that is all I know.

 

Thank you for any help you may able to provide.

Edited August 2, 2020 by Gotalaugh

[warcy]

In this time of Covid-19, do you think it would be easy to sell your condo?

 

[anchadian]

Ask your bank.

[Leaver]

If the shares are performing, why sell them?

 

As for the condo, it's an anchor.  You should budget for not being able to sell it.  

[Matzzon]

14 minutes ago, Leaver said:

If the shares are performing, why sell them?

 

As for the condo, it's an anchor.  You should budget for not being able to sell it.  

I guess you missed to read this:
 

2 hours ago, Gotalaugh said:

I think I need to cash in at the end of this year

Sounds to me that is money needed to get life running in the UK.

[Nsp64]

And another reason to never buy property in thailand.

 

[blackcab]

A troll post has been removed.

[Dale75]

You have property and equity worth about 30 million baht and you are posting on a general forum how to get the best rate?

 

Goodnight.

[Leaver]

2 hours ago, Matzzon said:

I guess you missed to read this:
 

Sounds to me that is money needed to get life running in the UK.

I read it, and thought the same, but with 30 million baht of assets, I assumed there must be some cash at bank.

 

Anyway, life in the UK should have always been kept running, even if it was the bare minimum of "life."  It's those that burn their bridges with their home country that seem to end up with issues.  

[Gotalaugh]

4 hours ago, Leaver said:

I read it, and thought the same, but with 30 million baht of assets, I assumed there must be some cash at bank.

 

Anyway, life in the UK should have always been kept running, even if it was the bare minimum of "life."  It's those that burn their bridges with their home country that seem to end up with issues.  

I mean everything cashed in to start life again in the UK. It is probably all worth a lot less just now but I really need to know what the restrictions are and what is the best way to send back without lots of charges or taxes and a good rate.

[rupert the bear]

condo sale,i suggest wait till yrs end when crisis lifts as a lot of pent up overseas demand and incoming funds/ buyers then,especially mainland.take sale docs to your bank and tax payment details its fairly simple.shares -open acc in singapore with a company that deals those shares there and sell them there.

[Matzzon]

8 hours ago, Leaver said:

I read it, and thought the same, but with 30 million baht of assets, I assumed there must be some cash at bank.

 

Anyway, life in the UK should have always been kept running, even if it was the bare minimum of "life."  It's those that burn their bridges with their home country that seem to end up with issues.  

The last paragraph is very true.

[Leaver]

On 8/3/2020 at 2:53 AM, Gotalaugh said:

I mean everything cashed in to start life again in the UK. It is probably all worth a lot less just now but I really need to know what the restrictions are and what is the best way to send back without lots of charges or taxes and a good rate.

The condo sale will not be easy, even at fire sale prices, and that's pre virus, even more difficult now.   What other assets are you looking to liquidate?   

[Leaver]

On 8/3/2020 at 6:14 AM, Matzzon said:

The last paragraph is very true.

It is true.  The most unfortunate cases are the one that estrange themselves from their family in their home country.  In many cases, the family back home wanted their kids to have a grandfather.  When it goes pear shaped here, they end up returning home broke and knocking on one of their kid's doors, begging for food and accommodation.  

[Martin71]

Hello All,

Very sorry for butting into this thread,but I need some advice. I too wish to send a decent amount of money back to the UK (unfortunately not as much as Gotalaugh ),

Any advice on the best way to do this, losing the least amount of money in the transfer would be greatly appreciated.

I have a Bangkok Bank account over here in Thailand and an offshore sterling account back in the UK.

 

Many thanks in advance.

[Chivas]

Frankly (and it will be imperative to keep all relevant documentation)  the realised Baht needs to be changed back within Thailand (as you're aware) and then over several trips I'd literally "walk it out of Thailand"

You'll probably get a tug at the scanners in Bangkok but with documentation you're doing nothing wrong

I do acknowledge the amount you would have

Alternatively you'll take a hit if you send that amount back via the bank and it "lands" in Baht in the UK to be converted.

I'd walk it out literally

[Gotalaugh]

On 8/6/2020 at 5:42 PM, Leaver said:

The condo sale will not be easy, even at fire sale prices, and that's pre virus, even more difficult now.   What other assets are you looking to liquidate?   

Yes, the condo will be a lot less now I realise so everything was inflated. Other than that some Thai shares.

[Gotalaugh]

20 hours ago, Chivas said:

Frankly (and it will be imperative to keep all relevant documentation)  the realised Baht needs to be changed back within Thailand (as you're aware) and then over several trips I'd literally "walk it out of Thailand"

You'll probably get a tug at the scanners in Bangkok but with documentation you're doing nothing wrong

I do acknowledge the amount you would have

Alternatively you'll take a hit if you send that amount back via the bank and it "lands" in Baht in the UK to be converted.

I'd walk it out literally

Thank you. So if I understand correctly, first change it into pounds in Thailand because the rates in the UK are bad (through a bank or can something like Dee money do it without sending it?). I guess then opening a foreign currency in the Bangkok bank and withdrawing cash each time we go back. If I took everything in one go and had documentation to show where it came from then got flagged at the airport, would it be an issue as it is Sterling?

[Chivas]

1 hour ago, Gotalaugh said:

Thank you. So if I understand correctly, first change it into pounds in Thailand because the rates in the UK are bad (through a bank or can something like Dee money do it without sending it?). I guess then opening a foreign currency in the Bangkok bank and withdrawing cash each time we go back. If I took everything in one go and had documentation to show where it came from then got flagged at the airport, would it be an issue as it is Sterling?

Yes I would explore more options of transferring into Sterling within Thailand and then sending Sterling to "land" in Sterling at the UK bank....that removes the wicked spread on Sterling/Baht within the UK

 

You will get flagged (well highly likely) leaving Thailand through the hand luggage scanners because there is a limit on Baht leaving the Country and the person manning the scanner if doing his/her job correctly will see "notes" but not what currency..... It is feasible that they dont care lol (they're doubless on small salary) and you'll just fly through anyway but documentation is imperative as to origin of cash......  If you go down this route you MUST declare at UK customs because if you go through the Green and get a tug you 100% will get the money detained pending further investigation. You'll get it back assuming proof or origin is all good but with that amount extensive enquiries may occur. Declare it and you should be fine

 

Am not 100% sure on the rules about carrying cash out of Thailand. As far as I'm aware the only restriction is carrying Baht out in extensive quantity but not Sterling or Dolllars.

[Leaver]

7 hours ago, Gotalaugh said:

Yes, the condo will be a lot less now I realise so everything was inflated. Other than that some Thai shares.

It's not so much that the condo is worth less, it's simply the fact that there are no buyers in the market, and that's pre virus.  That means the property is effectively not worth anything, until it can be liquidated, and that could take years. 

 

As you know, the shares can be easily liquidated.

[topt]

11 hours ago, Gotalaugh said:

Thank you. So if I understand correctly, first change it into pounds in Thailand because the rates in the UK are bad (through a bank or can something like Dee money do it without sending it?). I guess then opening a foreign currency in the Bangkok bank and withdrawing cash each time we go back. If I took everything in one go and had documentation to show where it came from then got flagged at the airport, would it be an issue as it is Sterling?

 

9 hours ago, Chivas said:

Am not 100% sure on the rules about carrying cash out of Thailand. As far as I'm aware the only restriction is carrying Baht out in extensive quantity but not Sterling or Dolllars.

You both should read this - 

Dee money I think can send a maximum of 800k per day or similar? You would need to check out the exchange rate and charges compared to the bank and the "walking cash" option. 

 

You seem not sure how much cash you will actually have but lets say only 10m baht. That's around £250k sterling. Do you have any idea how much space that will take up - not to mention the safety aspect? Up to you at the end of the day and possibly depends on just how many trips you are going to make. Personally I wouldn't want to go through customs at either end with a very large amount no matter how much proof I had.

 

If you open a Foreign Currency deposit account they will charge you to withdraw that foreign currency in cash - normally 1% or similar. You would also have exchanged it at their normal rate anyway. You would be better off just transferring it from your Thai bank account to your UK one. Normally there is a fixed amount of commission so over a large sum it becomes a smaller %age. 

 

If you transfer direct from your bank to the UK the bank will automatically change it into Sterling - they do not transfer baht. The Thai bank will normally ask you to provide proof of where the funds came from in Thailand - condo sale proof etc. It is worth going and talking to them to find out what they need even if you decide not to use them in the end. There have been a few threads about this on here over the last year. 

 

Finally I would suggest looking at some of the bigger established money transfer specialists. I am not sure if any are able to transfer out of Thailand which is why posters welcomed Dee Money. 

 

But yes as Chivas said never take Thai baht out of Thailand to exchange elsewhere - you will be ripped a new one ????

Edited August 8, 2020 by topt
typo

[topt]

On 8/6/2020 at 6:06 PM, Martin71 said:

I too wish to send a decent amount of money back to the UK

See my comments above. 

[blackcab]

1 hour ago, topt said:

Do you have any idea how much space that will take up

 

250,000 pounds in 50 pound notes weighs about 6kg. The volume is quite manageable in carry on luggage.

 

[topt]

9 minutes ago, blackcab said:

 

250,000 pounds in 50 pound notes weighs about 6kg. The volume is quite manageable in carry on luggage.

 

By the way I think your thread would be better suited pinned in the Banking section or even duplicated. I have lost track of the no. of times this question comes up in Banking etc

[Gotalaugh]

1 hour ago, topt said:

 

You both should read this - 

Dee money I think can send a maximum of 800k per day or similar? You would need to check out the exchange rate and charges compared to the bank and the "walking cash" option. 

 

You seem not sure how much cash you will actually have but lets say only 10m baht. That's around £250k sterling. Do you have any idea how much space that will take up - not to mention the safety aspect? Up to you at the end of the day and possibly depends on just how many trips you are going to make. Personally I wouldn't want to go through customs at either end with a very large amount no matter how much proof I had.

 

If you open a Foreign Currency deposit account they will charge you to withdraw that foreign currency in cash - normally 1% or similar. You would also have exchanged it at their normal rate anyway. You would be better off just transferring it from your Thai bank account to your UK one. Normally there is a fixed amount of commission so over a large sum it becomes a smaller %age. 

 

If you transfer direct from your bank to the UK the bank will automatically change it into Sterling - they do not transfer baht. The Thai bank will normally ask you to provide proof of where the funds came from in Thailand - condo sale proof etc. It is worth going and talking to them to find out what they need even if you decide not to use them in the end. There have been a few threads about this on here over the last year. 

 

Finally I would suggest looking at some of the bigger established money transfer specialists. I am not sure if any are able to transfer out of Thailand which is why posters welcomed Dee Money. 

 

But yes as Chivas said never take Thai baht out of Thailand to exchange elsewhere - you will be ripped a new one ????

Thank you Topt for the advice. I will follow up on the idea of transfers with Dee Money for the reasons of safety and cost with the alternatives as you mentioned.

[Gotalaugh]

11 hours ago, Chivas said:

Yes I would explore more options of transferring into Sterling within Thailand and then sending Sterling to "land" in Sterling at the UK bank....that removes the wicked spread on Sterling/Baht within the UK

 

You will get flagged (well highly likely) leaving Thailand through the hand luggage scanners because there is a limit on Baht leaving the Country and the person manning the scanner if doing his/her job correctly will see "notes" but not what currency..... It is feasible that they dont care lol (they're doubless on small salary) and you'll just fly through anyway but documentation is imperative as to origin of cash......  If you go down this route you MUST declare at UK customs because if you go through the Green and get a tug you 100% will get the money detained pending further investigation. You'll get it back assuming proof or origin is all good but with that amount extensive enquiries may occur. Declare it and you should be fine

 

Am not 100% sure on the rules about carrying cash out of Thailand. As far as I'm aware the only restriction is carrying Baht out in extensive quantity but not Sterling or Dolllars.

Hi Chivas, thanks. I will look into to transferring into GBP here and finding the most efficient way of transferring sterling from here to the UK. Walking it through does sound a bit worrying even if it is declared.