How Do You Transfer Baht To Uk

[sirwilly]

I have recently sold a house in Thailand and want to transfer 4000000 baht to my off shore account in the uk. but am told by

the siam bank i will have to change it into foriegn currency to do the swift transfer. this will mean I will loose a great deal of

money in the transfer,at the present high baht and low pound. does anybody have any legal ideas on how to do it.??? Bill.

[ratchabuild]

I have recently sold a house in Thailand and want to transfer 4000000 baht to my off shore account in the uk. but am told by

the siam bank i will have to change it into foriegn currency to do the swift transfer. this will mean I will loose a great deal of

money in the transfer,at the present high baht and low pound. does anybody have any legal ideas on how to do it.??? Bill.

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I was driven crazy trying to do it. You can but you have to be incredibly lucky. You need a foreign bank that has a tie in with a thai bank and you need all the help and support of the bank to do it. They can make it as difficult or as hard as they wish. The documents needed by the Thai bank differ from the docs needed by the BoT. So that although it sounds simple when you read what the BoT requires. The intermediary Thai bank wants a whole different set of docs + each branch is different depending on how much the bank manager wants to cover his arse for any problems. In practice they made it impossible for me to complet the transfer......ie waiting until I was in Europe and then saying they needed my original passport in their branch before sending the docs to the BoT. refusing to fax any docs, insisting they were transferred by me by hand betwee Bkk, Hua Hin and upcountry. I got fed up jumping through hoops but did establish that its theoretically possible. If you manage it good luck. I tried every way and every avenue. Short of changing it for sterling and carrying it out of the country..........fraught with danger and you wont get the best exchange rate. you have to bite the bullet and change to sterling in thailand. I sold baht at 65 on money market couldnt complete in time..........three weeks and then had to sell in thailand at 69 transfer abroad and then buy at 63 to pay the bill. Dropped a few hundred on 3 million + baht but also lost the best exchange rate and dropped a couple of thousand £s In retrospect I should have taken baht at the declared sale price...........low for tax and taken the rest in the currency of the buyer by direct transfer into offshore account. Its common in the Eu to work around things that way to avoid tax............under the table.

Edited July 25, 2007 by ratchabuild

[Bagwan]

Find somebody who needs baht who has sterling resources in the UK. Swap baht for pounds at the telex transfer rate as published in the business section of the Post. Saves paying extortionate commission and telex charges at both ends. Illegal, but who is going to find out?

[true blue]

old days in south africa we used to buy gold and sell back in uk or buy car in uk pay in sa dont no wether legal or not but just idea

[bkkandrew]

Find somebody who needs baht who has sterling resources in the UK. Swap baht for pounds at the telex transfer rate as published in the business section of the Post. Saves paying extortionate commission and telex charges at both ends. Illegal, but who is going to find out?

Why would it be illegal?

[Maejo Man]

I really can't see a problem getting your money to the UK. I walked into the SCB a few months ago and asked if I could send money to Australia. Not problem was the reply, how much would you like to send sir? I produced 500,000 and said that I wanted that transfered today. It was, and the cost for the transfer TT was 270 Baht. I asked if I could send more and they said yes up to 10,000,000

Maybe you have the wrong bank?

[Sanpatong]

The rate for Euros is pretty stable against the baht. Why not switch to Euros. Frankly I'd jump at the opportunity to ditch baht in favor of anything else. You do know that Thailand is due for some serious, serious crap, right?

[englishoak]

Here's how I did it with just over 1,750,000 bht. The only catch is I left the country to visit the UK so rules out bank transfers.

Trotted off to chinatown, went into the no 1 gold shop and spent the lot on gold jewellery and bars, Given the quality and high % of the gold it was no problem liquidating it in the UK. In fact I made a tidy profit because of the quality.

If I were living in LOS now i'd still spend some of it on gold there and just hang on to it. but 4m bht is a lot. As it's in bht you could purchase some shares or dabble in the money markets. In the meantime pop into HSBC or another international bank and see what they can do for you.

[JimGant]

I walked into the SCB a few months ago and asked if I could send money to Australia. Not problem was the reply,

Yes, but did you send 'baht' or 'AUDs?' If the conversion to AUDs was done in Thailand -- which seems to be the requirement -- then you lost in the neighborhood of 10% with the prevailing offshore/onshore spread of around 3 AUDs.

Sending baht abroad is what the OP is trying to figure out, and for good reason. But, can't get there from here seems to be the answer.......

[captainstabbin]

Here's how I did it with just over 1,750,000 bht. The only catch is I left the country to visit the UK so rules out bank transfers.

Trotted off to chinatown, went into the no 1 gold shop and spent the lot on gold jewellery and bars, Given the quality and high % of the gold it was no problem liquidating it in the UK. In fact I made a tidy profit because of the quality.

If I were living in LOS now i'd still spend some of it on gold there and just hang on to it. but 4m bht is a lot. As it's in bht you could purchase some shares or dabble in the money markets. In the meantime pop into HSBC or another international bank and see what they can do for you.

How big a volume/weight did this take up?

[Bagwan]

Find somebody who needs baht who has sterling resources in the UK. Swap baht for pounds at the telex transfer rate as published in the business section of the Post. Saves paying extortionate commission and telex charges at both ends. Illegal, but who is going to find out?

Why would it be illegal?

Transfer of assets is subject to Exchange Control regulations. This method circumvents them.

[englishoak]

It worked out to about 160 bht in weight as I recall split into various rings, bracelets, necklaces and bars from 1bht to 10 bht. Volume worked out to about 50 items.Very easy to do and kept the designs very clean & simple for resale.

Edited July 28, 2007 by englishoak

[captainstabbin]

It worked out to about 160 bht in weight as I recall split into various rings, bracelets, necklaces and bars from 1bht to 10 bht. Volume worked out to about 50 items.Very easy to do and kept the designs very clean & simple for resale.

Sorry for being thick, but what was the weight in kg and volume with regards to, say putting in your hand luggage.

Also on the point from another poster, if you circumvent currency controls, surely you are not breaking any law?

[englishoak]

Believe the conversion of weight for 160 bht is about 2.4 kg.

As for breaking the law ???? well I never checked that bit, but now you mention it, probably

I just wanted to carry out the funds and it seemed the easiest way without jumping through hoops at the time. I would of course never encourage anyone to circumvent currency controls.

[samran]

rember forum rules please about discussion of illegal activities.

[Jefff]

Here's how I did it with just over 1,750,000 bht. The only catch is I left the country to visit the UK so rules out bank transfers.

Trotted off to chinatown, went into the no 1 gold shop and spent the lot on gold jewellery and bars, Given the quality and high % of the gold it was no problem liquidating it in the UK. In fact I made a tidy profit because of the quality.

If I were living in LOS now i'd still spend some of it on gold there and just hang on to it. but 4m bht is a lot. As it's in bht you could purchase some shares or dabble in the money markets. In the meantime pop into HSBC or another international bank and see what they can do for you.

Would gold jewellery not be subject to duty or tax upon entering the UK? (if declared) What about gold bars, any duty due?

[N47HAN]

call me dumb , but ,

If u were 2 take baht out and exchange to sterling in the uk would that be a feasible way of maximising, utilising the offshore rate of thb even wth the charges for currency onversion in the uk shops?

Surely not 10 % ?