Thailand Bans High Roller Tourists

[edwinchester]

Tourists to Thailand limited to 20,000 dollars in cash - officials

BANGKOK (Thomson Financial) - Visitors to Thailand will not be allowed to

bring in any more than 20,000 dollars under new rules expected to take effect

next month, officials said Thursday.

The restriction is part of a measure Deputy Finance Minister Sommai Pasri

said was necessary to help prevent money laundering and terrorism.

"Previously we have not controlled the amount of money that can be brought

in and out of the country," Finance Ministry spokesman Somchai Sujjapongse said.

"There was a recommendation to limit the amount to 15,000 dollars, but we

have decided to limit it to 20,000 dollars," he told Agence France-Presse.

A finance ministry official earlier said 20,000 dollars "is suitable for

personal spending by tourists."

The new regulation is expected to take effect in mid-January, he added.

Sommai told reporters Thursday that the measure was being made "in order to

fight terrorism and money laundering."

Link to source

[onethailand]

Kind of funny that this same Deputy Finance Minister resigned today due to abuse of power...

[LaoPo]

This subject is being covered here:

http://www.thaivisa.com/forum/index.php?sh...p;#entry1703575

The 20K $'s is for people who don't declare. If you have more, just declare it; no problem.

Maybe the resigned Minister had a few suitcases he didn't declare ?

LaoPo

[TEFLMike]

Lottery money again ???

[Gimbo]

So hi rollers dont have credit cards and ATM cards these days. Hardly a problem, and what idiot travel with that ammount of cash nowadays anyway?

[londonthai]

the ammount was rised from $10k.

$10k is the international norm - on departing from the home country with more than $10k the money would likely be confiscated (if found) and the owner questioned by the authorities (customs, taxman, anti-terrorist branch). Carrying that money on you would be risky on passing through the airport security and placing them in a hold luggage would be unwise.

Edited December 13, 2007 by londonthai

[LivinLOS]

I remember cash carrying in excess of 200k GBP while still in my teens.. That used to make customs eyes pop !!

In mid 20's used to pick up 400 - 500k EUR cash every week.. Banks hated it !!

Aint like that anymore.. Doubt it would be possible.

[CHdiver]

the ammount was rised from $10k.

$10k is the international norm - on departing from the home country with more than $10k the money would likely be confiscated (if found) and the owner questioned by the authorities (customs, taxman, anti-terrorist branch). Carrying that money on you would be risky on passing through the airport security and placing them in a hold luggage would be unwise.

There is no "international norm". Many countrys don't restrict import or export of cash, one of them is Switzerland (ok, ok, I know ). Just to lazy to find other ones.

[dave111223]

Seriously what tourist carries around $20k cash anyways? Either someone up to no good or very very stupid.

I would think the amount of cash in someones pocket has little bearing on how much money they actually have.

[xyborg]

<br />Seriously what tourist carries around $20k cash anyways? Either someone up to no good or very very stupid.<br /><br />I would think the amount of cash in someones pocket has little bearing on how much money they actually have.<br />

<br /><br /><br />

You get a better rate at a money changers in Bangkok with cash so maybe thats why. Try changing your money in the UK you may get 60 baht per £ bring in cash you can get 67-68 upwards thats more than 10% higher.

[MeaMaximaCulpa]

If you use a credit or debit card, or even ATM card, are you not getting the Thai onshore forex rate? OK, with some fees thrown in, but nothing is for free in life now is it?

Please can someone with solid knowledge let us know about this?

I know when I transfer money into my account here from Europe, I ask my bank to send it in the foreign denomination, to be exchanged to Baht on arrival in Thailand. But I don't know how it works for tourists, so useful to know, since I am expecting visitors in the new year.

[offset]

I found the best rate was using a Nationwide debit card it was 0.8 Baht better than the street kiosk and no charges

[Fred Sanford]

Please change headline to "thailand bans morons, drug runners, organized crime figures and terrorists carrying in excess of 20K usd cash into the country

[kash]

chinese people is just one example of people who don't believe in plastic and carry most of their dough everywhere they go, especially the high rollers which are targeted here ...

[dave111223]

<br />Seriously what tourist carries around $20k cash anyways? Either someone up to no good or very very stupid.<br /><br />I would think the amount of cash in someones pocket has little bearing on how much money they actually have.<br />

<br /><br /><br />

You get a better rate at a money changers in Bangkok with cash so maybe thats why. Try changing your money in the UK you may get 60 baht per £ bring in cash you can get 67-68 upwards thats more than 10% higher.

I withdraw money from my US bank via a Thai ATM and get the favorable onshore rate.

So i guess walking around with over $20k in a suitcase makes more sense than just using an ATM, or a wire transfer with currency converted onshore?

[kiakaha]

Tourists to Thailand limited to 20,000 dollars in cash - officials

BANGKOK (Thomson Financial) - Visitors to Thailand will not be allowed to

bring in any more than 20,000 dollars under new rules expected to take effect

next month, officials said Thursday.

The restriction is part of a measure Deputy Finance Minister Sommai Pasri

said was necessary to help prevent money laundering and terrorism.

"Previously we have not controlled the amount of money that can be brought

in and out of the country," Finance Ministry spokesman Somchai Sujjapongse said.

"There was a recommendation to limit the amount to 15,000 dollars, but we

have decided to limit it to 20,000 dollars," he told Agence France-Presse.

A finance ministry official earlier said 20,000 dollars "is suitable for

personal spending by tourists."

The new regulation is expected to take effect in mid-January, he added.

Sommai told reporters Thursday that the measure was being made "in order to

fight terrorism and money laundering."

Yeh those guys who fly here courtesy of NetJets with their Amex centurion cards (it happens) , will be really bummed...haha.

[TonyLeung]

wow i would not want to get taken into one of those back rooms with 20,000 USD in cash.

[Pepe']

wow i would not want to get taken into one of those back rooms with 20,000 USD in cash.

--------------------------

The "back rooms' that I have been to in BKK were provided security by none other than Thai police.

Phone call first then escort to and from the car and and on one occasion back to the house.

I guess one of the benefits of your wife's uncle being chief of police in one of the "berbs."

[sriracha john]

Please change headline to "thailand bans morons, drug runners, organized crime figures and terrorists carrying in excess of 20K usd cash into the country

Absolutely! The article has no connection whatsoever to the OP's self-written and completely misleading thread title:

Thailand Bans High Roller Tourists, We Don't Want Your Money!

[Felt 35]

Sommai told reporters Thursday that the measure was being made "in order to

fight terrorism and money laundering."

With increasing the amount people can bring in undeclared

A finance ministry official earlier said 20,000 dollars "is suitable for

personal spending by tourists."

Why not call a spade for spade.

Bring in more dosh. Declared or not.

[Prakanong]

the ammount was rised from $10k.

$10k is the international norm - on departing from the home country with more than $10k the money would likely be confiscated (if found) and the owner questioned by the authorities (customs, taxman, anti-terrorist branch). Carrying that money on you would be risky on passing through the airport security and placing them in a hold luggage would be unwise.

Singapore have only just introduced a rule to have to declare anything above 30k SGD going in or out.

If it had been in place before a lot of the Thai cronies would have had problerm just before devaluation of the THB in 97 and all that corrupt Indo money could be traced too.

[chicowoodduck]

So hi rollers dont have credit cards and ATM cards these days. Hardly a problem, and what idiot travel with that ammount of cash nowadays anyway?

Who travels with twenty grand? I guess that would be the guy next to me on the last plane trip with the BIG bag!

[LivinLOS]

What you mean like 15 EUR 1000 Notes ??

Can fit in your wallet..

[dr_Pat_Pong]

wow i would not want to get taken into one of those back rooms with 20,000 USD in cash.

--------------------------

The "back rooms' that I have been to in BKK were provided security by none other than Thai police.

Phone call first then escort to and from the car and and on one occasion back to the house.

I guess one of the benefits of your wife's uncle being chief of police in one of the "berbs."

D&C fees Pepe ?

[LaoPo]

What you mean like 15 EUR 1000 Notes ??

Can fit in your wallet..

€ 1.000 notes don't exist. € 500 note is the max but NOBODY accepts them...not even the € 200 notes.

LaoPo

[Maestro]

Kind of funny that this same Deputy Finance Minister resigned today due to abuse of power...

BANGKOK (AFP)--Thailand's deputy finance minister Sommai Pasri was convicted Thursday of malfeasance, after a court found that he had wrongly suspended two maritime officials from their posts.

He was sentenced to two years in prison, but was released on THB100,000 ($3,000) bail pending an appeal, his lawyer said.

Sommai immediately resigned his post, as required under Thailand's new constitution, which bars anyone convicted of a crime from serving in cabinet.

"I quit the post of deputy finance minister as soon as the court delivered its verdict," he told reporters.

He was convicted of wrongly sacking the director general and deputy director general of Thai Maritime Navigation, a state enterprise.

Sommai was on the company's board when they were fired in 2004. The board's other four members were also convicted of the same charge, the court said.

(END) Dow Jones Newswires

12-13-07 0537ET

Copyright © 2007 Dow Jones & Company, Inc.

--

Maestro

[LaoPo]

What you mean like 15 EUR 1000 Notes ??

Can fit in your wallet..

€ 1.000 notes don't exist. € 500 note is the max but NOBODY accepts them...not even the € 200 notes.

LaoPo

[Scott]

There are numerous reasons why people might be carrying a significant amount of cash. The last time I was home, I was involved in the settling of an estate for a deceased relative, including the selling of many of the household furnishings etc. This money was in cash. I have no bank account there. Perhaps I should I have left it to charity? Thrown it away? No, instead, being the moron that I am I secured to my person and returned to Thailand.

It was a significant amount of money for me, but it certainly didn't break any laws anywhere.

A friend of mine works for a guy who does business in Southern China, Laos, Vietnam and Cambodia (legitimate business). He is paid in cash and one of my friends jobs is to bring the cash back to Thailand. Depending on sales and time, this can be a significant amount of money.

As a general rule, it's not the best but everyone that carries cash is not a moron, a drug dealer or a terrorist for that matter--many of the latter two are better at laundering money than most and well ahead of gov't agencies.

In this case, I think they are concerned about one thing--Thaksin and vote buying.

[Prakanong]

What you mean like 15 EUR 1000 Notes ??

Can fit in your wallet..

€ 1.000 notes don't exist. € 500 note is the max but NOBODY accepts them...not even the € 200 notes.

LaoPo

The only place I ever used a 200 note was at BKK Airport at the money changer

Never tried anywhere else except to put 500 notes into my UK bank after closing down a Belgian account and carrying cash back.

NEVER a shop though - even 100's were hard to use in many places.

Edited December 14, 2007 by Prakanong

[LivinLOS]

What you mean like 15 EUR 1000 Notes ??

Can fit in your wallet..

€ 1.000 notes don't exist. € 500 note is the max but NOBODY accepts them...not even the € 200 notes.

LaoPo

Sorry 500's.. (thought they introduced a 1000)...

So its 28 notes, to exceed the amount.. Still only a small wallet load.. Not exactly sackfuls to transport is it ??