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

[Captain Monday]

On 3/22/2023 at 12:49 AM, richard_smith237 said:

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

 

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

3-4 million? Why not . There are no capital controls. Now you might meet men who say otherwise that getting your money out of Thailand is a "nightmare" They are 80 and have probably not worked since the 1980s. 

 

Nonsense, from the barstool

[Seeall]

On 3/16/2023 at 4:22 PM, JayClay said:

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.

who cares to where.... crypto is global.. prob mars soon...

[Seeall]

42 minutes ago, Captain Monday said:

3-4 million? Why not . There are no capital controls. Now you might meet men who say otherwise that getting your money out of Thailand is a "nightmare" They are 80 and have probably not worked since the 1980s. 

 

Nonsense, from the barstool

why not?  are you stuck on the stool?  go to your thai bank and tell them you want transfer 10 M out lol....

[Seeall]

On 3/23/2023 at 9:06 AM, Heng said:

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.   

good one, most seem not care the fees...

[JayClay]

2 hours ago, Seeall said:

who cares to where..

People who want to transfer their money to fiat, such as the OP.

[blackcab]

On 3/22/2023 at 2:49 PM, richard_smith237 said:

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

 

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

 

Any amount of cash can be legally hand carried out of Thailand, as long as:

 

1. The cash is legal, and

2. The cash is declared

 

You may also have to declare the cash at transit countries and almost certainly at your destination country.

[john donson]

tried to register bitkub... app crashed on registering

 

then at the very last... to identify... no passport allowed?  wth

 

only used to identify one self in the rest of the world...

 

I don't have a driver's license, I take taxi when needed and a tax paper? I am on a pension visa, I pay tax on the first satang of savings...

 

national id card. lol, if only thailand would give one to us farangs without all the fuzz... at least a pink one or any other color...

 

 

[Seeall]

4 hours ago, JayClay said:

People who want to transfer their money to fiat, such as the OP.

to is a location, exchange is exchanging it to something else...

[Heng]

On 3/23/2023 at 1:26 PM, fdsa said:

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

p2p on both ends.   It's not structuring as long as *signal lost*....*static*....

[Seeall]

23 hours ago, john donson said:

tried to register bitkub... app crashed on registering

 

then at the very last... to identify... no passport allowed?  wth

 

only used to identify one self in the rest of the world...

 

I don't have a driver's license, I take taxi when needed and a tax paper? I am on a pension visa, I pay tax on the first satang of savings...

 

national id card. lol, if only thailand would give one to us farangs without all the fuzz... at least a pink one or any other color...

 

 

I did on win10 PC easy...  I dont like silly little phone apps...  and social media.. its a toy

[Jenkins9039]

As mentioned... should dm me.

[david555]

When leaving Thailand to live home country again last September 2022 i was able to transfer out of my KK bank in different stages even by my KK mobile banking .....in very short time it arrived on my E.U. bank ....however it was transfered in between to a Lithuanian bank before arriving my own bank .

 

I wonder why all those needed sideways mentioned by posters here .....????

Edited March 26, 2023 by david555

[richard_smith237]

1 hour ago, david555 said:

When leaving Thailand to live home country again last September 2022 i was able to transfer out of my KK bank in different stages even by my KK mobile banking .....in very short time it arrived on my E.U. bank ....however it was transfered in between to a Lithuanian bank before arriving my own bank .

 

I wonder why all those needed sideways mentioned by posters here .....????

20 MB of savings >> ???

[david555]

22 minutes ago, richard_smith237 said:

20 MB of savings >> ???

I can not beat that ...but anyway like i said i did it just from my KK mobile app.....but like i said ...in stages .....month's in between .....

Works fine that KK app 

Edited March 26, 2023 by david555

[how241]

If you are not in an immediate need for the money, it might be a good idea to transfer/move the money in smaller amounts over a period of time.  That should avoid raising any potential red flags or questions from anyone.  Crazy world today with everyone thinking all people moving money are somehow bad or doing something wrong.  It has been shown that most illegal transfers are done in cash and thru some of the largest banks.  Just my opinion.

[david555]

6 hours ago, how241 said:

If you are not in an immediate need for the money, it might be a good idea to transfer/move the money in smaller amounts over a period of time.  That should avoid raising any potential red flags or questions from anyone.  Crazy world today with everyone thinking all people moving money are somehow bad or doing something wrong.  It has been shown that most illegal transfers are done in cash and thru some of the largest banks.  Just my opinion.

Like i did so in stages ....and even to 3 different banks in my E.U. country 

[Jenkins9039]

do a OTC 

 

Company overseas but can be resolved locally.

Max 1-3

 

DM me

[mjnaus]

I tried this a year or two ago.... however, I ran into trouble purchasing stable coins on local exchanges due to rather low liquidity (apparently not too many Thais trading stables, at least not back then). I was looking to buy DAI or USDC and was only able to buy a few hundred to roughly 1000 per transaction. Turned out to be a major hassle so I gave up. 

 

In the end, went the swift transfer route. 

[john donson]

On 3/24/2023 at 2:53 PM, blackcab said:

 

Any amount of cash can be legally hand carried out of Thailand, as long as:

 

1. The cash is legal, and

2. The cash is declared

 

You may also have to declare the cash at transit countries and almost certainly at you destination country.

 

imagine you transferred 10 million baht equivalent into Thailand in steps, but did not know about FET and stuff

 

remember the time where banks gave 3.5% ?

 

that would be roughly an extra million baht every 3 years...

 

this was 15+ years ago, so now the 10 million became 15 million of legal transactions + accumulated interest...

 

but can you transfer 15 million back home ???

 

 

[blackcab]

1 hour ago, john donson said:

but can you transfer 15 million back home ???

 

You can change it into 50 pound notes and hand carry it back to the UK.

 

Just declare it.

[phetphet]

On 3/22/2023 at 10:38 AM, john donson said:

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...

As others have said. Have a look at Dee Money.

Maybe send some home, and carry some home.

You could carry more than 10,000 Euros. As long as you have proof of Swift transfers you could just declare it.

[Jenkins9039]

On 4/4/2023 at 3:39 PM, mjnaus said:

I tried this a year or two ago.... however, I ran into trouble purchasing stable coins on local exchanges due to rather low liquidity (apparently not too many Thais trading stables, at least not back then). I was looking to buy DAI or USDC and was only able to buy a few hundred to roughly 1000 per transaction. Turned out to be a major hassle so I gave up. 

 

In the end, went the swift transfer route. 

You have to OTC with a local that works for a overseas company but has staff on-shore (saves on transaction fees for salaries/deferred salaries etc).

Edited April 7, 2023 by Jenkins9039

[ThaiLawOnline]

I researched that topic, trade crypto with AI on bots and Thailand is not the place.

 

Isle of Man

Gibraltar

Dubai

 

If you are talking about large amounts and saving taxes,

USA is bad, Canada is getting there. HK is opening and Singapore is pretty good.

 

It needs regulations and USA will drop them like nuclear bombs. Europe is doing it now.

[piewarmer]

Singapore sounds good, I will look for more info on that, any leads?

[Neeranam]

On 3/17/2023 at 1:27 AM, Lemsta69 said:

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

Binance do. I love Binance P2P

[Yellowtail]

I heard FTX is solid. 

[norbra]

On 3/22/2023 at 2:51 PM, 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. 

Deemoney at current exchange rate

[Liverpool Lou]

On 3/22/2023 at 10:38 AM, john donson said:

limit of cash to europe is 10.000 euros max

Isn't that the limit without having to declare the cash?   If you can show where the cash came from, i.e. your Thai bank account legitimately with statements/passbook amounts in excess of 10k are permitted, surely?

[john donson]

On 11/9/2023 at 8:02 PM, norbra said:

Deemoney at current exchange rate

if you actually go check TT rate at banks, you get waaaaay less

 

and the real cost of sending is 2.5-3% of your money in the garbage...

 

here at best you get 2% at the banks for a whole year and these dudes, in 2023 with one electronic transfer where you do everything yourself, get that in a second...

[Jenkins9039]

On 11/9/2023 at 8:16 PM, Liverpool Lou said:

Isn't that the limit without having to declare the cash?   If you can show where the cash came from, i.e. your Thai bank account legitimately with statements/passbook amounts in excess of 10k are permitted, surely?

In my bank can do 1m THB transactions, 2m THB per day.

 

No issues.