Transferring Cash Outside Bank System?

[Soi224]

I have a mate in India, Chennai, that wants to send some money into Thailand. He asked me if I knew about 'underground' exchangers. I hadn't even really heard of it, but said I would check. Apparently, people here have direct connections and accounts in the banks in India. His money goes into their account there and they pay it out here.

It all sounds highly dubious to me and frankly, potentially problematic, but I said I would check.

If anybody knows of a contact I can pass along to him, it would be appreciated.

Thanks,

Soi224

[PattayaParent]

Go into any Indian tailors shop and ask.

[joskydive]

Sounds like the perfect way to lose his money in an instant. Tell him to send it all to me and I'll take care of it for him!

[henryalleman]

I have a mate in India, Chennai, that wants to send some money into Thailand. He asked me if I knew about 'underground' exchangers. I hadn't even really heard of it, but said I would check. Apparently, people here have direct connections and accounts in the banks in India. His money goes into their account there and they pay it out here.

It all sounds highly dubious to me and frankly, potentially problematic, but I said I would check.

If anybody knows of a contact I can pass along to him, it would be appreciated.

Thanks,

Soi224

Yes, indeed, such system exist. Its completely anonymous, something like Western Union, but much cheaper, and depends completely on trust, because they don't give any legal document. Its mainly used by Muslims(THIS IS NOT A HOAX). A few years ago there was an documentary about it on Belgian national television about Muslims in the UK where this system seems to be widely used. Its an alternative money circuit organized by Malaysian Muslims, and normally used fore large sums. Its have something to do with religious reasons, about not allowed to make profit on capital. So i think your Indian friend should inform himself with some Muslim friends.

[jackk]

Thai workers also use the same blackmarket system to bring back money to Thailand from HK and SG.

Give them the money before noon, get the money (someone will make a deposit) in your Thai bank in the late afternoon.

Its works like a charm !

I don't know about the Indian system though but it should be the same.

[pkrv]

Yes I have heard of this sytem as well, it does seem to work. However you may wish to exercise a little caution because I don't actually know if there are legal limits to the cash you can transfer into and out of Thailand.

edit - And ohh if that is a large amount of money for a condominium purchase (49% Farang quota) it needs to be declaired as such to the Thai Goverment otherwise - deep problems.

Edited November 21, 2008 by pkrv

[dabhand]

This is called the Hawala money transfer system.

Do a google search to understand how it operates.

[Soi224]

Thanks for all the informative replies

Soi224