Is a stablecoin a suitable way to get cash out of Thailand ?

[john donson]

I have been living in Thailand for 10+ years.

 

In that period I transferred money via swift to my Thai bank account.

 

I never knew (at that time) or worried this would be a problem if I would plan to move back to my home country.

 

I do not have any FET paper, just swift bank transfers, many over the years.

 

If I would plan a move back to my home country, I guess I might have problem sending it back to my home country?

 

So, would buying some kind of stablecoin that keeps it value on an exchange, be a solution and log into the same account in my home country and withdraw small amounts when needed ?

 

Bitcoin is just to volatile... last couple of weeks, up 200k for no reason other then greed then down 80k... 

[blackcab]

Moved to the Cryptocurrency Forum.

[JayClay]

1 hour ago, john donson said:

, would buying some kind of stablecoin that keeps it value on an exchange, be a solution and log into the same account in my home country and withdraw small amounts when needed ?

Withdraw it to where?

 

To do what you propose involves buying stablecoin on an exchange that operates here, then send it to another exchange in your home country, from which point you can withdraw to a local bank.

 

That's the process. I have no idea about the legality of doing so.

[ed strong]

Even stable coins are not that stable, so not 100% guaranteed of exact value of 1:1

 

Anyways the point is if you are looking to exchange those coins for cash into your farang bank account?

 

You need an exchange account that you can link your UK bank to facilitate the transaction.

 

For eg a friend of mine buys bitcoins for people through bitstamp.net and then cashes out through his UK bank account.

 

It depends on where you are geographically and what exchange you are registered to.

[JimmyJ]

One of the main stablecoins just lost its peg to the USD, didn't it?

[Salerno]

7 minutes ago, JimmyJ said:

One of the main stablecoins just lost its peg to the USD, didn't it?

https://www.cnbc.com/2023/03/11/stablecoin-usdc-breaks-dollar-peg-after-firm-reveals-it-has-3point3-billion-in-svb-exposure.html

[Lemsta69]

Take it home in cash or use Deemoney.

[Lemsta69]

2 minutes ago, Salerno said:

https://www.cnbc.com/2023/03/11/stablecoin-usdc-breaks-dollar-peg-after-firm-reveals-it-has-3point3-billion-in-svb-exposure.html

Old news. It's almost back to parity, current price is .998

[youngexpat]

you can buy stablecoins but transfer them to your own wallet on chain don't keep anything on an exchange.

[Yellowtail]

How much are we talking about? If it's not your "life savings" just get cash and carry it out. 

[Captain Monday]

Why don't you just walk in to your bank send a wire from your bank in Thailand to your bank in your country? I've never had a problem doing that.

[likerdup1]

The REAL question is which exchange would you use to buy a stable coin (or other cryptocurrency) using Thai Baht? With any exchange you have to get your cash, in whatever form, to the exchange.

 

How do you propose to get your cash to an exchange while in Thailand

and then buy a stablecoin,. Bitcoin, Ethereum, dogecoin or whatever?

 

The real question is how will you get your cash to an exchange to buy the crypto first? Thai exchange  or other?

 

Until you've got this question answered and a way to get your Thai Baht or other to an exchange the question is meaningless.

 

[NoDisplayName]

10 hours ago, john donson said:

I do not have any FET paper, just swift bank transfers, many over the years.

 

If I would plan a move back to my home country, I guess I might have problem sending it back to my home country?

If you sent swift into Thailand, your Thai bank has records of how much you transferred in.  Supposedly you should be able to send a similar amount out via swift from the same bank.

 

Have you stopped by your bank to ask?  Should be much easier and safer than experimenting with krypto using your life savings.

[Lemsta69]

1 hour ago, likerdup1 said:

The REAL question is which exchange would you use to buy a stable coin (or other cryptocurrency) using Thai Baht? With any exchange you have to get your cash, in whatever form, to the exchange.

 

How do you propose to get your cash to an exchange while in Thailand

and then buy a stablecoin,. Bitcoin, Ethereum, dogecoin or whatever?

 

The real question is how will you get your cash to an exchange to buy the crypto first? Thai exchange  or other?

 

Until you've got this question answered and a way to get your Thai Baht or other to an exchange the question is meaningless.

 

Zipmex. Maybe Binance, not sure if they onboard foreigners who live in Thailand.

[likerdup1]

5 hours ago, Lemsta69 said:

Zipmex. Maybe Binance, not sure if they onboard foreigners who live in Thailand.

So, you see you will have to do a transfer of some sort of monies to a cryptocurrency exchange. You might as well just transfer you money to your home country bank rather than the extra step of buying cryptocurrency.
 

Unless you have a good way to transfer money from a Thai bank to a Cryptocurrency exchange it doesn't make sense to use cryptocurrency just to move money from one institution to another.

[LosLobo]

7 hours ago, Captain Monday said:

Why don't you just walk in to your bank send a wire from your bank in Thailand to your bank in your country? I've never had a problem doing that.

Repatriation of money from Thailand can be problematic.

 

Normal bank accounts in Thailand are not like other countries and don't have this facility unless you apply for an International account. 

Then there can still be issues unless you have a good reason for the transfer,  where the money came from. and satisfactory documentary evidence. 

 

As another poster said Dee Money is the best solution.

 

There are many who did not anticipate this problem and left Thailand during  COVID 19 and still have money here.

[Lemsta69]

1 hour ago, likerdup1 said:

So, you see you will have to do a transfer of some sort of monies to a cryptocurrency exchange. You might as well just transfer you money to your home country bank rather than the extra step of buying cryptocurrency.
 

Unless you have a good way to transfer money from a Thai bank to a Cryptocurrency exchange it doesn't make sense to use cryptocurrency just to move money from one institution to another.

Give the OP options and let him decide for himself.

[how241]

On 3/16/2023 at 10:22 PM, JimmyJ said:

One of the main stablecoins just lost its peg to the USD, didn't it?

I saw it yesterday trading at 0.9993,  so it has mostly recovered.  The depegging was caused by lost confidence in the US bank that was holding USDC money.

[Jenkins9039]

On 3/17/2023 at 12:26 AM, likerdup1 said:

The REAL question is which exchange would you use to buy a stable coin (or other cryptocurrency) using Thai Baht? With any exchange you have to get your cash, in whatever form, to the exchange.

Always surprised people don't Work via a local OTC or person who has a Corp company external of Thai, or has personal crypto (p2p).

 

You give them Baht they give you USDC/USDT/etc

[ed strong]

On 3/19/2023 at 6:54 AM, Jenkins9039 said:

Always surprised people don't Work via a local OTC or person who has a Corp company external of Thai, or has personal crypto (p2p).

 

You give them Baht they give you USDC/USDT/etc

and what will they charge for the service? perhaps give us an example of your OTC deals?

[john donson]

limit of cash to europe is 10.000 euros max

 

so how can I fly with 10x more ?

 

easy to go to a bank ? I live where even the manager of the bank or the local MD speak any Angrit...

[fdsa]

Just send a wire transfer, cryptocurrency is usable only for amounts below 2k and above 200k, anything in between is a PITA.

[richard_smith237]

I too have thought about this... 

 

I have BitKub and Bianance accounts and figure I’d transfer from Thai Bank to Crypto with BitKub, then transfer that to Binance and pay out into my UK account. 

 

I’ve never tried that, but figured thats what I’d do. 

I’m not sure if I’d have to pay ‘tax’ on what I’d transferred from a Binance into a UK account though. 

 

 

[richard_smith237]

On 3/16/2023 at 7:56 PM, Captain Monday said:

Why don't you just walk in to your bank send a wire from your bank in Thailand to your bank in your country? I've never had a problem doing that.

You can send 3 or 4 million Baht (or more) to your UK Bank from a Thai Bank ???

 

On 3/16/2023 at 6:34 PM, Yellowtail said:

How much are we talking about? If it's not your "life savings" just get cash and carry it out. 

IF people are asking, then we can assume it's amounts greater than what can legally be carried out of Thailand. 

[richard_smith237]

On 3/17/2023 at 3:28 AM, LosLobo said:

As another poster said Dee Money is the best solution.

I've never transferred out of Thailand...  but may need to in the summer. 

 

How does dee money work for transferring something like 500,000 baht to a UK account ?

What are the costs / rates like ?....  

 

Thanks and advance and apologies for slightly going off the ‘stablecoin’ aspect of the topic. 

 

[LosLobo]

1 hour ago, richard_smith237 said:

I've never transferred out of Thailand...  but may need to in the summer. 

 

How does dee money work for transferring something like 500,000 baht to a UK account ?

What are the costs / rates like ?....  

 

Thanks and advance and apologies for slightly going off the ‘stablecoin’ aspect of the topic. 

 

I would check with your Thai bank and ask about opening an International A/C and ask about what documentation you need and your eligibility to do the transfer.

 

Then compare it to Dee Monday which I don't think has any barriers.

 

I would suggest the exchange rate could be about the same. 

Do a search on this forum for comments on them.

 

I suddenly left Thailand ill, once thinking my money could be just transferred like in the West but could not. I needed the money quickly and the only way I could transfer the money was through Paypal which was linked to my Thai A/C at an extreme premium.

 

Money transfer from Thailand to The World with DeeMoney

 

DeeMoney at forefront of transfer services despite barriers (bangkokpost.com)

[Yellowtail]

You are not limited by the amount of cash you carry in. Over 10,000 you have to declare it, so as long as you're not laundering money you'll be fine. 

 

[Heng]

On 3/16/2023 at 11:56 PM, Captain Monday said:

Why don't you just walk in to your bank send a wire from your bank in Thailand to your bank in your country? I've never had a problem doing that.

definitely the easiest and safest route....   the only slight negs are for largish amounts you tend to have to deal with a few questions and sometimes forms on the sending and receiving end.   

[Heng]

Redundant if you have some crypto experience.... but if you're using Tether, make sure you use the Tron and not Eth chain to save on fees.   

[fdsa]

4 hours ago, Heng said:

definitely the easiest and safest route....   the only slight negs are for largish amounts you tend to have to deal with a few questions and sometimes forms on the sending and receiving end.   

exactly, and if sending any large amount via crypto then you'll have many more questions and will have to fill much more paperwork.