Exchanging large amounts of USD

[jdlancaster]

Anyone have any experience with exchanging large amounts of USD, Cash to Cash, single transaction. Amounts $20k+.

[nigelforbes]

Anything over USD20k has to be declared to Customs when entering the country. If you didn't do that, there may be questions.

[Tropicalevo]

2 minutes ago, nigelforbes said:

Anything over USD20k has to be declared to Customs when entering the country. If you didn't do that, there may be questions.

And any registered money lender will have to report the transaction to the relevant authorities.

[nigelforbes]

The situation with cash here is similar to in the West where maximum limits exists, that also applies to cumulative smaller amounts which when combined, exceed the limit. 

[SuperSilverHaze]

8 minutes ago, nigelforbes said:

Anything over USD20k has to be declared to Customs when entering the country. If you didn't do that, there may be questions.

Lol

 

Only if you change all 20k at a bank ...maybe

 

Just change 10 2x

 

This wasn't the question

[SuperSilverHaze]

2 minutes ago, nigelforbes said:

The situation with cash here is similar to in the West where maximum limits exists, that also applies to cumulative smaller amounts which when combined, exceed the limit. 

So, you're saying if I change 10 at SCB and 10 at superrich that forex is interconnected throughout country?

[Celsius]

10 minutes ago, nigelforbes said:

Anything over USD20k has to be declared to Customs when entering the country. If you didn't do that, there may be questions.

And when exiting us it's 10k.

 

And knowing USA it will be confiscated if not declared.

 

 

[nigelforbes]

2 minutes ago, SuperSilverHaze said:

So, you're saying if I change 10 at SCB and 10 at superrich that forex is interconnected throughout country?

BOT sets the rules. Banks and money changers are agents of BOT, empowered to enforce policy. All foreign currency exchanges are reported to BOT, the ID card or the passport identifies the customer. I do not know what controls BOT or the banks have in place to enforce this policy. But I do know it is enforced because I have been called by BOT to ask what I was doing with multiple funds transfers from overseas and what was the purpose. I doubt there will be an issue at say the 25k level but above that level I don't know.

 

No, all forex transactions are not electronically interconnected throughout the country but for rate purposes, FOREX is.

[nigelforbes]

UK and US banks act in the same way in regards to cash, multiple small deposits of cash that exceed the threshold are flagged. How they do this I don't know.

 

Here's the UK Gov. info on this subject, the Thai system is very likely to be similar:

 

https://www.gov.uk/government/publications/money-laundering-understanding-risks-and-taking-action-for-money-service-businesses/understanding-risks-and-taking-action-for-money-service-businesses

[topt]

3 hours ago, nigelforbes said:

Anything over USD20k has to be declared to Customs when entering the country.

Apparently it is now only $US 15k.......

 

(Has been in several threads including one in the last week)

[flexomike]

3 hours ago, Celsius said:

And when exiting us it's 10k.

 

And knowing USA it will be confiscated if not declared.

 

 

when I came in back in 2016 I had over 20,000 dollars, me and the wife, didn't think it was an issue, didn't know about the reporting of money, got sniffed out by a dog at the airport in Minneapolis, got ran over the coals by the agent in charge, he let me know about the $10,000 dollar per person declaration, said he didn't care how much I took with me just had to report it. And yes he said he could have taken it if he wanted too.

[nigelforbes]

4 minutes ago, flexomike said:

when I came in back in 2016 I had over 20,000 dollars, me and the wife, didn't think it was an issue, didn't know about the reporting of money, got sniffed out by a dog at the airport in Minneapolis, got ran over the coals by the agent in charge, he let me know about the $10,000 dollar per person declaration, said he didn't care how much I took with me just had to report it. And yes he said he could have taken it if he wanted too.

The rules in Thailand have changed as a result of new Anti Money Laundering regulations that Thailand is obliged to enact unless it is viewed as a safe haven for illicit funds and all that entails. Subtle and some not so subtle changes have already taken place in the banking sector over the past 18/24 months which is why passports are now required to transact in branches and it's harder to open . Expect the trend to continue as the government over reacts.

[jdlancaster]

Some interesting posts… though must be a single transaction… no customs issues. Just trying to facilitate. Have found a work around but still curious if anyone else has done it.

[habuspasha]

Can you wire more than $20,000 for the purchase of a condo?

[Yellowtail]

2 minutes ago, habuspasha said:

Can you wire more than $20,000 for the purchase of a condo?

You can wire as much as you like. 

[Faltu]

Declaring the money while leaving the USA and entering Thailand will be fine and then cashing in any exchange, preferably at a place where they will pay you a competitive rate. If you're unable to declare cash, that means you are  laundering money. 

I am a credit card collector and I have more than 100+ credit cards. I was once questioned in the USA while leaving the country why I have so many credit cards. Because all credit cards were in my name matching my passport, I was OK because there is no law against accumulating credit cards and the number of credit cards one can accumulate. Guinness book of world record has a record of a guy having 1,000+ credit cards. I don't think I can be beat the guy. But I have met a few people in FB who have more than me. 

Edited March 8, 2023 by Faltu

[blackcab]

11 hours ago, jdlancaster said:

Anyone have any experience with exchanging large amounts of USD, Cash to Cash, single transaction. Amounts $20k+

 

No problem at all with major currency exchanges. Technically there is an 800,000 baht per person per day limit, but as I mentioned, that is technically.