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


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1. open up bitkub crypto account

2. wire your money from bkk bank to your bitkub account

3. Buy a trezor hardware wallet direct from the company not amazon

4.  Buy bitcoin or ethereum. 

5. Move the crypto to your trezor hardware wallet

6. Buy a plane ticket to anywhere. Carry your hardware wallet in your jeans pocket. 

7. Arrive in your destination and sell the bitcoin anywhere you want. 

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1 hour ago, Liverpool Lou said:

Yeah, right, easy peasy if he has an international transfer facility on his BBL account but, as he's retired and has no work permit, that won't be likely.

I have no problem sending wires. With BKK bank. Never had a work permit.

 

I only carried heavy lumber, once. To USA, not a big problemo not sure about EU. Little stressful worrying about theft but for US there is only one extra form required. Had a bag check but they never actually checked the money, in a large envelope,  or asked any detailed questions. You are just submitting a required form it is up to IRS or Treasury to investigate, actually none of their business.

Dogs are trained for cash sniffing too. 

 

Just important to declare if over limits. IF you don't they can confiscate on the spot how you get it back who knows. And for Buddha sake do let them find a US grown apple with a "Product of Washington" sticker. $500 fine and kicked out of global entry program permanently is possible on first offense. Goons, on a power trip.

 

 

Cash smuggling

https://www.ice.gov/partnerships-centers/bcsc/faq

 

 

 

 

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This thread is reminding me of about 20 years, my Thai university student son was tasked to pick up 4MBaht cash in Chonburi city for his very old frail uncle in Tak.  The money was the proceeds of his uncle selling a big house in Chonburi city. Both parties wanted the transaction to be cash. 

 

Son had to pick up the cash and bring it to our condo in Bangkok. Then I drove him to Tak with the cash.

 

Son was very frightened someone might follow him on the way to the bus station in Chonburi city or someone might steal it from him on the bus from Chonburi city to Bkk if he fell asleep, etc., etc.

 

On the bus he called me and whispered and was full of concerns that someone was following him, how he could get to the toilet and concerns that the taxi driver might steal his backpack on the trip from Ekamai to the city.

 

On the trip from Chonburi to Ekamai he was so worried he called one of his uni buddies to meet him at Ekamai bus station, all coordinated so that his buddy was waiting at the bus door, and they went to the toilet together both holding the backpack. And same in the taxi to our condo in the city.

 

When he arrived at our condo in Bkk he quickly came in the door and slammed it shut and locked the door and put the swing latch on to be safe. 

 

He was a nervous wreck. I calmed him down with a couple of whiskies and he fell asleep. Early the next morning he woke me up wanting me to help him count money again to ensure nothing had disappeared.  Then he called his uncle telling him 'I've just counted the money again, it's all safe!'

 

He laughs about it today. 

Edited by scorecard
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8 hours ago, Caldera said:

 

For a QR code payment to DeeMoney from Bangkok Bank, using their Bualuang app, there's no SMS being sent. So that would be an option, but in general it's a good idea to ensure that roaming works.

there is allways SMS involved. to register for the service you must get SMS

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4 hours ago, scorecard said:

He laughs about it today. 

is it not a laughing mattar as many people lost their lives while carrying cash.

i know a story of a young woman who got her german boyfriend to buy her a restaurant.

she went to koh samui and withdrew the money from the bank, 800K THB.

than she came back to the room and hid the money very well in her room.

she left the room for lunch and when she came back the money was gone.

someone followed her from the bank , waited for her to leave the room, than got in

and stole the money.

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26 minutes ago, SCOTT FITZGERSLD said:

i know a story of a young woman who got her german boyfriend to buy her a restaurant.

she went to koh samui and withdrew the money from the bank, 800K THB.

than she came back to the room and hid the money very well in her room.

she left the room for lunch and when she came back the money was gone.

someone followed her from the bank , waited for her to leave the room, than got in

and stole the money.

Well, that was the story she told anyway. Who knows if it really happened. My vote would be that she, or her partner in crime, stole it. 

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7 hours ago, jack71 said:

1. open up bitkub crypto account

2. wire your money from bkk bank to your bitkub account

3. Buy a trezor hardware wallet direct from the company not amazon

4.  Buy bitcoin or ethereum. 

5. Move the crypto to your trezor hardware wallet

6. Buy a plane ticket to anywhere. Carry your hardware wallet in your jeans pocket. 

7. Arrive in your destination and sell the bitcoin anywhere you want. 

That's a terrible idea as bitcoin is more expensive in Thailand than in Spain plus bitcoin might have crashed by 20% by the time he comes to sell it. Just today it lost 9%!

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3 hours ago, SCOTT FITZGERSLD said:

is it not a laughing mattar as many people lost their lives while carrying cash.

i know a story of a young woman who got her german boyfriend to buy her a restaurant.

she went to koh samui and withdrew the money from the bank, 800K THB.

than she came back to the room and hid the money very well in her room.

she left the room for lunch and when she came back the money was gone.

someone followed her from the bank , waited for her to leave the room, than got in

and stole the money.

 

Who would leave 800,000Baht cash unattended?

 

You say 'room' if you mean hotel room then that's even more insecure. hotels are absolutely not secure/not safe. Even if you mean room in a house or condo or apartment, how did the kamoy know she had withdrawn such a large amount? And again house or condo or apartment, not safe and if in business how come she doesn't have a safe (fixed to the floor/wall) to hold all valuables; land titles, cash and much more? 

Edited by scorecard
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3 hours ago, gargamon said:

Well, that was the story she told anyway. Who knows if it really happened. My vote would be that she, or her partner in crime, stole it. 

why would she lie to me? i was not part of the deal.

interesting to mention, that after she told me the story, i gave her 3000 baht.

also to make her happy, also becuse she was my friend (not for sex).

than what happaned? she disapeared. never answered my calls  again.

go figure.

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2 hours ago, edwardandtubs said:

That's a terrible idea as bitcoin is more expensive in Thailand than in Spain plus bitcoin might have crashed by 20% by the time he comes to sell it. Just today it lost 9%!

why would he mess with bitcoin and cash if he is not a criminal ?

important to understand, that these days you want to have your money in the bank.

governments hate cash.

they see cash and bitcoin as suspicious.

so if you have nothing to hide. better use banks. TT . ATM. this way there

is track .

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5 minutes ago, scorecard said:

Even if you mean room in a house or condo or apartment, how did the kamoy know she had withdrawn such a large amount?

as i mentioned, it was propably someone from the bank, customer or cashier, who

saw her withdrawing large amount than called the partners who followed her to

the hotel.

it is called follow up robbery. common in latine america where the robbers can

follow the victim until his house to robe him .

she did not mean to leave the cash there for long time, just for a night. it had

to be used to buy a restaurant/

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Just now, SCOTT FITZGERSLD said:

as i mentioned, it was propably someone from the bank, customer or cashier, who

saw her withdrawing large amount than called the partners who followed her to

the hotel.

it is called follow up robbery. common in latine america where the robbers can

follow the victim until his house to robe him .

she did not mean to leave the cash there for long time, just for a night. it had

to be used to buy a restaurant/

 

All the more reason, in modern times, to avoid cash and use electronic transfers for all business dealings.

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On 6/20/2021 at 9:25 PM, moldresistant said:

Could use cryptocurrency

 

Now would be a good time to use Crypto as the price is low.   But not everyone understands Crypto or believes in it.  

Also the OP would probably have problems opening an account in Thailand and an account in Spain, so perhaps not a viable solution for him under the circumstances.

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8 hours ago, SCOTT FITZGERSLD said:

there is allways SMS involved. to register for the service you must get SMS

 

The advice given to the OP was to register before leaving Thailand. The transfer can then be made from anywhere, without SMS.

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Haven't used DeeMoney myself, but the exchange rates quoted on the website looked quite reasonable, one GBP for 44.4 baht - that is about 1% or less than mid market rates. Do not know whether any per transaction fees are added.

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15 hours ago, Captain Monday said:
16 hours ago, Liverpool Lou said:

Yeah, right, easy peasy if he has an international transfer facility on his BBL account but, as he's retired and has no work permit, that won't be likely.

I have no problem sending wires. With BKK bank. Never had a work permit.

Good for you, you must have a special arrangement with BBL to send money out of the country online.

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On 6/20/2021 at 9:06 PM, 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.

Same amount in Spain ( Eu ) for Customs Declaration.;

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On 6/20/2021 at 9:25 PM, moldresistant said:

Could use cryptocurrency

I think this is the way to go.  Open a crypto account in Thailand and one in the US, convert funds to crypto, move them to the US crypto account, and then immediately covert them back to USD and transfer to your bank.
The tax implications although reportable should be minimal unless then is some major move in BTC or ETH or whatever your using in the 10 minutes or so needed to covert, move, and reconvert.

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10 hours ago, edwardandtubs said:

That's a terrible idea as bitcoin is more expensive in Thailand than in Spain plus bitcoin might have crashed by 20% by the time he comes to sell it. Just today it lost 9%!

duh. It could go back to 65,000USD$ by the time he reaches spain. 

 

Clearly you are aged in your 80s and still use MoneyWise or whatever to move your cash. Up to you old boy. Get with the times

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22 hours ago, Nemises said:

Not sure how much BKK bank want to charge you, but it only cost me 1,200b in bank fees to transfer 11 million baht from my Krungthai bank account direct to my US bank account. 
 


 

 

9DC4CE3B-15C6-4FDA-BC61-CBD5E7B8CA3A.jpeg

 

Krungsri/Ayutthaya Bank also is pretty easy to deal with for outbound intl wire transfers. It's included in your online banking with them, and you don't have to do anything special to qualify for or activate that functionality. And the typical wire transfer fees are as you mention.

 

Unfortunately, BKKB is just the opposite. International wire transfers outbound are not automatically enabled in their online banking, and AFAIK, you have to go into a branch and fill out paperwork requesting permission to activate that. Whether they'll grant that these days to folks without work permits, that I don't know.

 

If I ever had to move a large amount of money out of Thailand, I suspect I'd do it via a Krungsri account.  The usual reason folks typically list for such transfers to satisfy the Thai authorities is your intention to use the funds for "family support."

 

 

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13 hours ago, SCOTT FITZGERSLD said:

why would she lie to me? i was not part of the deal.

interesting to mention, that after she told me the story, i gave her 3000 baht.

also to make her happy, also becuse she was my friend (not for sex).

than what happaned? she disapeared. never answered my calls  again.

go figure.

Well, I still suspect she got the 800k, and then another 3k from you. Then obviously time to head back to the province rich. My scenario is much more likely than the one you are pushing.

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9 hours ago, jack71 said:

duh. It could go back to 65,000USD$ by the time he reaches spain. 

 

Clearly you are aged in your 80s and still use MoneyWise or whatever to move your cash. Up to you old boy. Get with the times

Not in my 80s and have never used MoneyWise. If you want to gamble on the price of bitcoin then do it but don't imagine that it's a good way of exchanging money. You'd have to be totally financially illiterate to think that.

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On 6/21/2021 at 7:31 PM, Nemises said:

Not sure how much BKK bank want to charge you, but it only cost me 1,200b in bank fees to transfer 11 million baht from my Krungthai bank account direct to my US bank account. 
 


 

 

9DC4CE3B-15C6-4FDA-BC61-CBD5E7B8CA3A.jpeg

 

Was that money in a foreign currency account with Krungthai, or was it baht which you exchanged to US$ before sending them back?

 

Reason I ask is that you can't send Thai baht outside Thailand, it always have to be converted to foreign currency first.

 

I had 291.000 Euro in a foreign currency account with Kasikorn, when I sent it back, it cost me 500 Baht fees, and another 49.379 Baht in commissions.

Edited by Susco
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12 hours ago, connda said:

I think this is the way to go.  Open a crypto account in Thailand and one in the US, convert funds to crypto, move them to the US crypto account, and then immediately covert them back to USD and transfer to your bank.
The tax implications although reportable should be minimal unless then is some major move in BTC or ETH or whatever your using in the 10 minutes or so needed to covert, move, and reconvert.

 

And of course it doesn't have to be all one method.  Wire some, carry some, park some on the blockchain...

 

????

 

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On 6/21/2021 at 10:31 PM, Nemises said:

Not sure how much BKK bank want to charge you, but it only cost me 1,200b in bank fees to transfer 11 million baht from my Krungthai bank account direct to my US bank account. 
 


 

 

9DC4CE3B-15C6-4FDA-BC61-CBD5E7B8CA3A.jpeg

 

Not only do you have to consider the Fees charged, but you have to consider the exchange rate you are given. From the transaction above you got a rate of 31.81, but what were the rates for alternative options. 

 

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