advancebooking Posted January 5 Share Posted January 5 I saw a lady sitting at the teller at Bangkok bank today. She withdrew millions of baht and put the cash in her bag. Obviously I was trying not to look too much but was wondering why should would withdraw huge amounts of cash like this. Most likely to buy land or house at the land office. I assume it must depend on the agreement between the seller and the buyer but I wonder if the average Thai minds accepting cash as part or full payment for a property transaction If withdrawing large amounts of cash like this I wonder if the bank has to report this to the AML office in Bkk? 3 Link to comment Share on other sites More sharing options...
OneMoreFarang Posted January 5 Share Posted January 5 I don't know about buying land. But some time ago I knew a guy who trained salespeople from an expensive luxury car brand. He learned from the salespeople that more than half the buyers paid many millions in cash. 1 Link to comment Share on other sites More sharing options...
couchpotato Posted January 5 Share Posted January 5 20 minutes ago, advancebooking said: I saw a lady sitting at the teller at Bangkok bank today. She withdrew millions of baht and put the cash in her bag. Obviously I was trying not to look too much but was wondering why should would withdraw huge amounts of cash like this. Most likely to buy land or house at the land office. I assume it must depend on the agreement between the seller and the buyer but I wonder if the average Thai minds accepting cash as part or full payment for a property transaction If withdrawing large amounts of cash like this I wonder if the bank has to report this to the AML office in Bkk? Happens all the time. I use Cashiers Checks and/or Cash depending on the transaction. Normal in thailand. 2 Link to comment Share on other sites More sharing options...
ericthai Posted January 5 Share Posted January 5 you sure it was millions? Must have been a big bag. We pay our workers in cash, it's about 800,000 per pay period and it's a big bundle. Link to comment Share on other sites More sharing options...
swissie Posted January 5 Share Posted January 5 Plenty of major purchases in rural Thailand still by cash. Even real estate. But we live in "Modern times". Such cash transactions are filmed with smart phone. The buyer clearly states that he has paid xxx amount to the seller. In turn, the seller confirms that he has received xxx amount from the buyer. Of course, RE transactions will still have to be recorded at the land office. Link to comment Share on other sites More sharing options...
soi3eddie Posted January 5 Share Posted January 5 Cash is king, easily accessible and is not a crime (yet) in Thailand. Some sellers prefer it as a way of being sure of immediate receipt of funds, and some buyers prefer to use it in order to obtain immediate custody of title. Link to comment Share on other sites More sharing options...
blackcab Posted January 5 Share Posted January 5 1 hour ago, advancebooking said: Most likely to buy land or house at the land office. Maybe, but maybe not. There is always a lot of cash flying around at this time of year as debts are repaid, bonuses given, new investments made, loans given, etc. 1 hour ago, advancebooking said: I wonder if the average Thai minds accepting cash as part or full payment for a property transaction No. They would just be happy the deal has been successfully concluded. 1 hour ago, advancebooking said: If withdrawing large amounts of cash like this I wonder if the bank has to report this to the AML office in Bkk? The AML reporting limit for cash transactions is anything over 2 million baht in cash. Link to comment Share on other sites More sharing options...
London Lowf Posted January 5 Share Posted January 5 (edited) In UK regional banks it is a hassle to get hold of more than about £2,000 (+/-B85,000) - the teller has a little drawer with a few notes and anything more they have to go to the back room or you have to order it and come back the next day if you want clean £50s. The small-town bank that I use on Phuket has piles of the stuff, easily visible, and large withdrawals on a credit card (I pay my rent a year at a time) create no fuss at all. Edited January 5 by London Lowf Link to comment Share on other sites More sharing options...
scubascuba3 Posted January 5 Share Posted January 5 I bought a condo with an element of cash so the seller could pay his share of the taxes Link to comment Share on other sites More sharing options...
EVENKEEL Posted January 5 Share Posted January 5 As said before Cash is King. Bought land twice with cash, cars once cash and the last one with a check. Link to comment Share on other sites More sharing options...
DrJack54 Posted January 6 Share Posted January 6 Purchased a condo 3m in cash from a UK guy. No problem at land office. You have to love Thailand for real estate transactions. So straight forward in my experiences 1 Link to comment Share on other sites More sharing options...
Jenkins9039 Posted January 6 Share Posted January 6 Yes, but increasingly frowned upon these days. If buying via a corporation better to have a legal/lawyer front the transaction through their accounts. If buying via wife she can pay in cash (less looks/questions). Link to comment Share on other sites More sharing options...
Jenkins9039 Posted January 6 Share Posted January 6 14 hours ago, advancebooking said: She withdrew millions of baht and put the cash in her bag. Obviously I was trying not to look too much but was wondering why should would withdraw huge amounts of cash like this. Most likely to buy land or house at the land office. We've done 3m THB in cash, 1m THB in cash in previous years. Both times the seller insisted on cash (first time the woman didn't walk and didn't have accounts - had to be carried into the LO and the cash was counted in her car with the LO officer in presence). Second time Thai guy had debts, wanted cash, was counted in the LO in front of the LO officer. Link to comment Share on other sites More sharing options...
newbee2022 Posted January 6 Share Posted January 6 Yes Link to comment Share on other sites More sharing options...
PETERTHEEATER Posted January 6 Share Posted January 6 15 hours ago, OneMoreFarang said: I don't know about buying land. But some time ago I knew a guy who trained salespeople from an expensive luxury car brand. He learned from the salespeople that more than half the buyers paid many millions in cash. Car sales agents prefer cash in order to extract their 'commission' 1 Link to comment Share on other sites More sharing options...
advancebooking Posted January 6 Author Share Posted January 6 16 hours ago, ericthai said: you sure it was millions? Must have been a big bag. We pay our workers in cash, it's about 800,000 per pay period and it's a big bundle. It was a large bag. We were all looking at her in amazement. 1 Link to comment Share on other sites More sharing options...
swissbie Posted January 6 Share Posted January 6 3 hours ago, Jenkins9039 said: We've done 3m THB in cash, 1m THB in cash in previous years. Both times the seller insisted on cash (first time the woman didn't walk and didn't have accounts - had to be carried into the LO and the cash was counted in her car with the LO officer in presence). Second time Thai guy had debts, wanted cash, was counted in the LO in front of the LO officer. Not my experience. Over the years we had transactions in several provinces and nowhere had the officers of the "grom tee din" any interest in the amount of money beeing exchanged between seller and buyer. Their only interest had been on the amount of taxes they had calculated. Not speaking about hidden envelopes, that's another story.. Link to comment Share on other sites More sharing options...
impulse Posted January 6 Share Posted January 6 17 hours ago, OneMoreFarang said: I don't know about buying land. But some time ago I knew a guy who trained salespeople from an expensive luxury car brand. He learned from the salespeople that more than half the buyers paid many millions in cash. I'd bet most of that cash didn't come from a bank. Or anywhere else that keeps records. 2 Link to comment Share on other sites More sharing options...
Peterphuket Posted January 6 Share Posted January 6 18 hours ago, OneMoreFarang said: I don't know about buying land. But some time ago I knew a guy who trained salespeople from an expensive luxury car brand. He learned from the salespeople that more than half the buyers paid many millions in cash. Agree, I also always pay by cash, all the cars I bought, now about 6 cars, last time it was about 1.6 million bath, the cashier hand-rolled it where I was sitting, delicious. And even 2 of the 3 condos, i own before, pay cash....luckily this is not europe where your account is blocked when you want to withdraw 5000 euros Link to comment Share on other sites More sharing options...
khunPer Posted January 6 Share Posted January 6 19 hours ago, advancebooking said: I saw a lady sitting at the teller at Bangkok bank today. She withdrew millions of baht and put the cash in her bag. Obviously I was trying not to look too much but was wondering why should would withdraw huge amounts of cash like this. Most likely to buy land or house at the land office. I assume it must depend on the agreement between the seller and the buyer but I wonder if the average Thai minds accepting cash as part or full payment for a property transaction If withdrawing large amounts of cash like this I wonder if the bank has to report this to the AML office in Bkk? Often seller wish cash payment when a title deed change hands; so yes, that is a possibility. You can normally only withdraw up to 2 million baht without prior notice. When I've been withdrawing 2 million baht, I use place a one baht coin on the bank cashier's desk and withdraw the limit of 1,999,999 baht... Link to comment Share on other sites More sharing options...
Regyai Posted January 6 Share Posted January 6 (edited) 19 hours ago, ericthai said: you sure it was millions? Must have been a big bag. We pay our workers in cash, it's about 800,000 per pay period and it's a big bundle. But yours likely 'padded' with lesser bills 1M ฿ In banded new 1,000's doesn't amount to much (About the size of £20K GBP mixed notes bagged up) Whereas a few million GBP in mixed bills takes a few guys to lift it Edited January 6 by Regyai 1 Link to comment Share on other sites More sharing options...
Lacessit Posted January 6 Share Posted January 6 Yes. I paid in cash for my condo in Chiang Rai. Link to comment Share on other sites More sharing options...
Paris333 Posted January 6 Share Posted January 6 Can foreigners buy property in Thailand? A comprehensive guide https://thethaiger.com/thai-life/property/can-foreigners-buy-property-in-thailand-a-comprehensive-guide?utm_source=Thaiger+Daily+EN&utm_medium=email&utm_campaign=2024-01-06 Link to comment Share on other sites More sharing options...
SAFETY FIRST Posted January 6 Share Posted January 6 (edited) On 1/5/2024 at 11:00 PM, advancebooking said: assume it must depend on the agreement between the seller and the buyer but I wonder if the average Thai minds accepting cash as part or full payment for a property transaction Over the many years visiting the land office, I often see large amounts of cash being counted out upstairs at Suksubai. They have a few large tables upstairs for this purpose. Some people prefer cash, it happens everywhere not just Thailand. Edited January 6 by SAFETY FIRST Link to comment Share on other sites More sharing options...
RocketDog Posted January 9 Share Posted January 9 On 1/5/2024 at 11:22 PM, couchpotato said: Happens all the time. I use Cashiers Checks and/or Cash depending on the transaction. Normal in thailand. I did four years ago. A house. Seller demanded it. No problems at bank. BKK. Link to comment Share on other sites More sharing options...
lkn Posted January 18 Share Posted January 18 On 1/6/2024 at 1:08 AM, DrJack54 said: You have to love Thailand for real estate transactions. So straight forward in my experiences I sold my condo back home while in Thailand. The process was as follows: My bank created an escrow account in my name Buyer transferred amount to this escrow account I signed over the title deed to the buyer using our digital signature system Buyer got keys from real estate agent and after a few days gave the OK to my bank to release the money I think the delay in the last step was mainly for the new owner to get utilities and such transferred into their name, and making sure there weren’t unpaid bills. Though during this step, the money in escrow was visible to me (through internet banking), I just couldn’t withdraw from that account before buyer gave the green light. Link to comment Share on other sites More sharing options...
scubascuba3 Posted January 18 Share Posted January 18 5 minutes ago, lkn said: I sold my condo back home while in Thailand. The process was as follows: My bank created an escrow account in my name Buyer transferred amount to this escrow account I signed over the title deed to the buyer using our digital signature system Buyer got keys from real estate agent and after a few days gave the OK to my bank to release the money I think the delay in the last step was mainly for the new owner to get utilities and such transferred into their name, and making sure there weren’t unpaid bills. Though during this step, the money in escrow was visible to me (through internet banking), I just couldn’t withdraw from that account before buyer gave the green light. Who organised the opening of the escrow account? you, lawyer, agent? Link to comment Share on other sites More sharing options...
lkn Posted January 19 Share Posted January 19 (edited) 17 hours ago, scubascuba3 said: Who organised the opening of the escrow account? you, lawyer, agent? I did this myself by writing my bank. It’s a standard product that every bank offers here. It was then the buyer’s agent who informed my bank that they could release the funds. Edited January 19 by lkn 1 Link to comment Share on other sites More sharing options...
john donson Posted February 3 Share Posted February 3 On 1/6/2024 at 7:08 AM, DrJack54 said: Purchased a condo 3m in cash from a UK guy. No problem at land office. You have to love Thailand for real estate transactions. So straight forward in my experiences did you not have to prove origin of funds ? Link to comment Share on other sites More sharing options...
KhunLA Posted February 3 Share Posted February 3 On 1/5/2024 at 11:23 PM, ericthai said: you sure it was millions? Must have been a big bag. We pay our workers in cash, it's about 800,000 per pay period and it's a big bundle. one stack is 100k, so not that bulky Honey ... I need another pillow case, one sprung a leak Link to comment Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now