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What is best and cheapest way to liquidate my Bangkok Bank funds?


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Suitcase and a bank withdrawal, with a declaration of funds upon entering Spain.  Well it is a thought.

You are allowed to hand carry any amount of money as long as you declare the money leaving Thailand and also declare the money when entering Spain.   Check this link for the procedure to dec

Could use cryptocurrency

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With BKKB doing international funds transfers is easier if you are on a work permit, but still possible, though not as easy, if you're not.

 

Do you have a work permit?

 

Do you have an existing U.S. bank account right now that you'd want to transfer to?

 

Can you wait to transfer the BKKB funds until you have the Spanish bank account up and running (given that you probably would need to be in TH to execute an international funds transfer from BKKB)?

 

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Posted (edited)
1 hour ago, TallGuyJohninBKK said:

With BKKB doing international funds transfers is easier if you are on a work permit, but still possible, though not as easy, if you're not.

 

Do you have a work permit?

 

Do you have an existing U.S. bank account right now that you'd want to transfer to?

 

Can you wait to transfer the BKKB funds until you have the Spanish bank account up and running (given that you probably would need to be in TH to execute an international funds transfer from BKKB)?

 

I'm here on a retirement visa, but I am setup for iBanking and mBanking at BKK Bank. I plan to explore the ins and outs of whether I can do from offshore, will follow-up with the bank on that this week. I have JPM Chase and BofA accounts in the US, also have Wise. I could maybe wait until they offer ability to xfer THB at some point, but not sure how long that will be. 

Edited by DBath
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worse case withdraw the cash and get on the plane. 

 

it is your money. just make sure you do the paperwork at the airport. 

 

 

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48 minutes ago, ThailandRyan said:

Suitcase and a bank withdrawal, with a declaration of funds upon entering Spain.  Well it is a thought.

It crossed my mind, but have never tried to move more than the allowed amount in cash. Into the US, I think it's $10 or $15K, but not sure about Spain. Regardless, I'm sure it will be less than what I need to xfer. Have you ever tried to transport more than the allowed amount via declaration? I'm not sure what that entails.

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3 minutes ago, EricTh said:

There's Deemoney but I am not sure about whether their exchange rate is good or not.

 

https://www.deemoney.com/

 

The best method would be petition for WISE to be able to transfer out of Thailand as well.

 

I believe Deemoney might be linked to somebody influential in Thailand so they have a monopoly in it. Can somebody confirm?

Thanks, have heard of Deemoney, I'll check into it...

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4 minutes ago, NCC1701A said:

worse case withdraw the cash and get on the plane. 

 

it is your money. just make sure you do the paperwork at the airport. 

 

 

I've heard horror stories of people who've been caught with too much cash on them - undeclared - and all or most of their money was confiscated. What do they do if the limit is say $10K USD and you declare $25-30k?

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2 minutes ago, DBath said:

I've heard horror stories of people who've been caught with too much cash on them - undeclared - and all or most of their money was confiscated. What do they do if the limit is say $10K USD and you declare $25-30k?

nothing. it your money. they just want to know how much you have.

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13 minutes ago, DBath said:

I'm here on a retirement visa, but I am setup for iBanking and mBanking at BKK Bank. I plan to explore the ins and outs of whether I can do from offshore, will follow-up with the bank on that this week. I have JPM Chase and BofA accounts in the US, also have Wise. I could maybe wait until they offer ability to xfer THB at some point, but not sure how long that will be. 

 

The reason I was asking was, just from a fees perspective, it's likely going to be more economical for you to do a one-time transfer from TH to Spain, once you have an account there, as opposed to, sending the money from TH to the US now, and then moving it again later from the US to Spain.  Although, getting the funds out of Thailand is likely to be the most complicated and expensive part of that whole process.

 

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24 minutes ago, EricTh said:

There's Deemoney but I am not sure about whether their exchange rate is good or not.

 

https://www.deemoney.com/

 

The best method would be petition for WISE to be able to transfer out of Thailand as well.

 

I believe Deemoney might be linked to somebody influential in Thailand so they have a monopoly in it. Can somebody confirm?

 

Looks like the maximum amount DeeMoney can send abroad per day is 800,000 baht. Dunno how that amount fits with what the OP needs to do.

 

https://www.deemoney.com/send-money-from-thailand-to-united-states/

 

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14 minutes ago, TallGuyJohninBKK said:

 

Looks like the maximum amount DeeMoney can send abroad per day is 800,000 baht. Dunno how that amount fits with what the OP needs to do.

 

https://www.deemoney.com/send-money-from-thailand-to-united-states/

 

It will be better if I can do after I have the Spain bank account setup, then I can avoid a double hit on the xfer (first to the US, then to Spain). As long as I can send online without being in Thailand, I should be good. It looks like Deemoney is a good option at this time.

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11 minutes ago, DBath said:

It will be better if I can do after I have the Spain bank account setup, then I can avoid a double hit on the xfer (first to the US, then to Spain). As long as I can send online without being in Thailand, I should be good. It looks like Deemoney is a good option at this time.

 

Once you're registered and established with DeeMoney, AFAIK, you don't need to be physically present in TH in order to execute a foreign transaction through them. You can do it online, AFAIK.

 

"How do I transfer?

Once your registration is complete. You can download the DeeMoney mobile application and start transferring! You can get it on iOS and Android.

 

The following are instructions on using the DeeMoney mobile application:

1. Enter the recipient’s data. Make sure to double check all information is correct.
2. Once you have entered the recipient’s data, go back to the homepage and select “Send Money”.
3. Enter your amount and proceed through.
4. Select “QR Payment” and you will be given a QR code. Tap on “Save” to save the QR code to your phone’s image gallery.
5. Open your bank account’s mobile banking application (Works with any bank in Thailand)."

 

https://www.deemoney.com/what-is-deemoney/

 

Edited by TallGuyJohninBKK
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57 minutes ago, DBath said:

It crossed my mind, but have never tried to move more than the allowed amount in cash. Into the US, I think it's $10 or $15K, but not sure about Spain. Regardless, I'm sure it will be less than what I need to xfer. Have you ever tried to transport more than the allowed amount via declaration? I'm not sure what that entails.

I did it once, bringing about 20K USD from Thailand to the US.  When I submitted the declaration form to US Customs, the agent looked at me like I was from another planet, and he didn't seem to know what to do. I got the impression that they're not used to people declaring cash. In any event, nothing happened and I'm guessing the declaration form probably just ended up in the trash.

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1 hour ago, ThailandRyan said:

Suitcase and a bank withdrawal, with a declaration of funds upon entering Spain.  Well it is a thought.

+1.

 

Withdraw the THB, then find the best exchange service and convert to EUR. Declare the amount when leaving Thailand AND when entering Spain. 

This would work for relatively small amounts like 20-30k EUR, not 200-300k, otherwise you need to go with your big bag to the toilet every time on the plane.

 

You need to make sure you have the right paperwork, someone posted very detailed report how he did it on this forum, just google it.

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3 minutes ago, TallGuyJohninBKK said:

 

Once you're registered and established with DeeMoney, AFAIK, you don't need to be physically present in TH in order to execute a foreign transaction through them. You can do it online, AFAIK.

 

From what I can see, that's right. In the meantime, I've set myself up for an alert on Wise and they're going to email me if/when the time comes they allow xfers from THB currency. Maybe they'll come thru with a better offer by the time I land over there. 

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1 minute ago, DrDave said:

I did it once, bringing about 20K USD from Thailand to the US.  When I submitted the declaration form to US Customs, the agent looked at me like I was from another planet, and he didn't seem to know what to do. I got the impression that they're not used to people declaring cash. In any event, nothing happened and I'm guessing the declaration form probably just ended up in the trash.

Absolutely not, the declaration is sent to the anti money laundering services, where they scan and digitise it.  However there is nothing to worry about if it is your own legal money on which tax was already paid.

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Posted (edited)
11 minutes ago, DrDave said:

I did it once, bringing about 20K USD from Thailand to the US.  When I submitted the declaration form to US Customs, the agent looked at me like I was from another planet, and he didn't seem to know what to do. I got the impression that they're not used to people declaring cash. In any event, nothing happened and I'm guessing the declaration form probably just ended up in the trash.

It must not happen very often, I think many people prefer to avoid the questions or are just ill-informed of what's involved with taking more than the undeclared limit and/or most have probably figured out how to access their money electronically while traveling abroad. For me there's also the issue I need to consider of whether or not I want to carry that much money around with me until I can get an account setup once I get to Spain.

Edited by DBath
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1 hour ago, EricTh said:

I believe Deemoney might be linked to somebody influential in Thailand so they have a monopoly in it. Can somebody confirm?

MoneyGram and Western Union can also do the outbound transfer so DeeMoney does not have monopoly. 

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7 minutes ago, DBath said:

It must not happen very often...

 

At Suvarnabhumi it happens several times a week on average (pre covid). Perhaps you saw an inexperienced member of staff.

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1 minute ago, blackcab said:

 

At Suvarnabhumi it happens several times a week on average (pre covid). Perhaps you saw an inexperienced member of staff.

I obviously have no idea, I was merely responding to his comment that the customs guy looked at him like he was from another planet.

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3 minutes ago, DBath said:

I obviously have no idea, I was merely responding to his comment that the customs guy looked at him like he was from another planet.

 

Apologies. I confused you with the poster you responded to.

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i showed them my flash drive and said, "I want to declare 100 billion dollars in Bitcoin."   

 

just use all your cash to buy gold......cash out in spain and make big money.  gold to 3000 easy

 

wire it all to me....I'll send you a cashiers check.

 

buy lottery tickets.....

 

once i had 10 million and got nervous.  put it in a bottle with a note and threw it in the ocean......still waiting....any day i think

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1 hour ago, NCC1701A said:

nothing. it your money. they just want to know how much you have.

 

Used to be that way in the USA.  Nowadays, you may have to prove you didn't get it nefariously, and hire a $$$ lawyer to help you get it back. 

 

Civil asset forfeiture has become a major source of gub'ment funds.  Federal, state and local.

 

Edited by impulse
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1 hour ago, blackcab said:

 

Apologies. I confused you with the poster you responded to.

No worries, BTW I really enjoyed reading your post re: procedure for carrying cash thru BKK airport. 

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