Dee Money

[KhaoYai]

I've paid money into my Kasikorn account for several years - normally smallish amounts in cash when I visit but its accumulated.  I've always found that I got better rates by taking cash and by leaving the money in Thailand, I wasn't tempted to spend it.  Sometime next year (if exchange rates stay up) I may wish to transfer some money back to the UK and because of the size and nature of the transaction it will be used for, it must be paid into a bank account. Simply taking cash out again is not an option.

 

I have heard that it can be difficult to transfer money out of Thailand if you cannot show that it came from abroad in the first place - is that correct?  If so, is using a transfer service such as Dee Money an option and do they have limits?

[HashBrownHarry]

So you've taken £ to thaialnd and changed into Baht when the rate has been poor and now you want to send baht to £ or am i missing something?

[blackcab]

1 hour ago, KhaoYai said:

...because of the size and nature of the transaction it will be used for, it must be paid into a bank account.

 

You do have the option of changing your baht to pounds and hand carrying the cash to the UK.

 

There is no problem paying in cash into a UK bank if you can show where the money came from, and in this instance you would have the proof of withdrawal from your bank account in Thailand.

 

People are sometimes of the impression that cash is a no-go for UK banks, whereas actually they are very relaxed about it.

 

Have a read of this topic for some more information:

 

 

[KhaoYai]

3 hours ago, HashBrownHarry said:

So you've taken £ to thaialnd and changed into Baht when the rate has been poor and now you want to send baht to £ or am i missing something?

I didn't say when I took money to Thailand nor what currency its in. I asked a question about taking money out of Thailand and specifically using Dee money.

 

What I didn't do is ask for anyone's judgement on my decision making, thanks! So if you can't answer my questions, it would be better if you left it to those who can.

Edited August 2, 2021 by KhaoYai

[KhaoYai]

2 hours ago, blackcab said:

There is no problem paying in cash into a UK bank if you can show where the money came from, and in this instance you would have the proof of withdrawal from your bank account in Thailand.

Yes, thanks. I'm aware of the rules regarding cash.  That's not what I'm asking.

[scubascuba3]

Reports that it's easy sending money out using thai banks these days, Dee Money also good. Personally I would use Dee Money, better rates most likely, but compare. Proof of origins not required

[bojo]

6 hours ago, KhaoYai said:

I have heard that it can be difficult to transfer money out of Thailand if you cannot show that it came from abroad in the first place - is that correct?

In my experience, banking in the Kingdom and it's rules and regulations seem to be interpreted differently by bank managers and their staff. One hears countless stories of 'cannot' and so forth................Personally, I have transferred sums that may well be similar to your proposed transaction (I'm reading between the lines here as you're understandably coy....... 'size and nature')................................I never had to prove it's origins either......................................If you're based in Thailand, consider going to your bank  and going through the motions, (don't ask) if they say 'no', you still have  Dee or a Thai proxy up your sleeve...........Doing multiple smaller amounts is also an option.......................

[mvdf]

I brought in 26k Euros last year. Declared it both outbound in Frankfurt and inbound at Suvarnabhumi. German customs wanted to see source of funds, didn't have the withdrawal slip but showed them my transaction records on my Deutsche Bank app. All good. In Thailand, I completed a form and a customs officer asked to sight the cash, paperwork was finished and stamped and I was on my way.

 

If taking cash with you convert here! Don't bring THB to the UK as exchange rates are horrendous. 

 

Always declare. Makes it easier to take part or all of it back home.

Edited August 3, 2021 by mvdf

[HashBrownHarry]

7 hours ago, KhaoYai said:

I didn't say when I took money to Thailand nor what currency its in. I asked a question about taking money out of Thailand and specifically using Dee money.

 

What I didn't do is ask for anyone's judgement on my decision making, thanks! So if you can't answer my questions, it would be better if you left it to those who can.

No need to get wet about it.... lol.

[YT3k72Em]

The answers to your questions can be found on Deemoney's website.

[Chivas]

17 hours ago, blackcab said:

 

You do have the option of changing your baht to pounds and hand carrying the cash to the UK.

 

There is no problem paying in cash into a UK bank if you can show where the money came from, and in this instance you would have the proof of withdrawal from your bank account in Thailand.

 

People are sometimes of the impression that cash is a no-go for UK banks, whereas actually they are very relaxed about it.

 

Have a read of this topic for some more information:

 

 

Indeed but there is caveat about cash no matter what the situation, in as you say you must have cast iron proof of where it came from originally

I'm probably in the Guiness Book of Records lol for having £1,012 confiscated cross border (£12 over the limit) and never having it returned....to be fair there were other circumstances at the time but nonetheless if it had been only £999 I would have gone home with it that day no matter what

Most people think its £10,000 whereas questions can be asked at £1,001 (£10k is actually full written declaration level it was 10k Euro but am guessing thats reverted to Sterling since we departed)

Edited August 3, 2021 by Chivas

[KhaoYai]

6 hours ago, Chivas said:

I'm probably in the Guiness Book of Records lol for having £1,012 confiscated cross border (£12 over the limit) and never having it returned....to be fair there were other circumstances at the time but nonetheless if it had been only £999 I would have gone home with it that day no matter what

That's a different matter - its part of the Proceeds of Crime Act. You don't have to complete a declaration under £10,000 but the authorities have a right to ask you where it came from.  If you can't show where, they can confiscate it until you do.  Last time I checked, the - amount was actually £900 (it could have increased now) and apparently, if you are stopped on the street by the police and have over £900 in cash on you, they can confiscate that in the same way.

 

You were extremely unlucky to be checked but you can ask for it back - it wouldn't be too difficult to show some kind of source for that amount.  I know a guy that has always dealt in cash, he doesn't trust banks, doesn't have a bank account etc. etc. He had a similar problem a few years ago and simply got letters from various customers (he's self employed) stating that they'd paid him in cash - his money was returned - his holiday was ruined though.  I'd always taken cash with me as you always get a better rate of exchange in Thailand but after hearing his story I started sending cash in advance of a trip through Transferwise.  There was a time where you could use Nationwide's Flex account without any charges for ATM withdrawals and get a reasonable exchange rate - now that's stopped and ATM charges are hideous its back to cash if you don't have a bankj account to transfer to.  I wonder how many tourists have been caught out by these rules - not many people seem to know about them?

 

I don't have that problem - my money was legitimate but as I didn't have to declare it, I simply took it with me in cash and left what I didn't spend in my Kasikorn account - I had no idea about the power of confiscation until a couple of years ago.  In any case, its sounds as if the problem you had was taking cash out of the UK? I'm bringing it in - my queries are about taking money out of Thailand - and I'd prefer to do it electronically. It seems that Dee Money or one of the other transfer companies is the best way.

 

I did have a slight hicup once when I was returning to the UK - I'd taken £7000 extra out with me to buy a secondhand car.  I didn't buy it and for some reason, can't remember what, I brought it back to the UK.  In over 100 trips that was the first time I'd returned with such an amount and it was also the first time I'd ever got a full search. Fortunately as I was leaving the UK (literally walking out of my door) 3 weeks earlier, I'd bumped into the postman. I'd locked up so I stuffed my mail into the side pocket of my suitcase.  My bank statement showing the cash being withdrawn was in my mail so I was fine.  The young customs officer looked genuinely disappointed that he couldn't confiscate the money.

Edited August 3, 2021 by KhaoYai

[Chivas]

^^^

As I said there was more to it than that reference the £1012 but yes walking around money becomes a target for Police Customs etc etc as soon as it goes over the £1000 under the 2002 proceeds of crime act.

The money itself (exactly £1.000) was in a sealed bag that to this day I still re carry on trips as "cash security" on top of normal credit and debit cards

 

Now as it was I had £12 more in the wallet lol therefore taking me over the £1000 mark.   I would have walked away if it had been £999 but events overtook things and it was just detained and no amount of attempts to get it back subsequently succeeded

 

Like most I now carry full ATM receipts as to the level of hard cash I'm carrying cross border and thats why when the subject comes up I add a few words on Thaivisa