Going From Heathrow To Bangkok With £30k

[chiang mai]

to open a bank account you have to inform imigrations

This is the first time I've ever heard of any such requirement.

And hopefully the last also, utter rubbish.

[sassienie]

I am not a mod but I expect that this thread, as with his last, will be closed fairly soon--the OP has been reminded that discussion of illegal activities, or potentially illegal as attempting to exit UK with more than 5K cash certainly is, are not tolerated on TV.

P>S. What are you 'selling on Ebay' that generates so much profit legally?

It is not illegal to exit the UK with any amount of sterling and there are no requirements for this to be declared. All perfectly legal.

About depositing this amount in a Thai bank:

You lose 1 baht per £ on the exchange rate if you deposit the sterling in cash into a Thai bank account. Also beware that some Thai banks insist on new clean notes. You will gain 1 baht per £ on the exchange rate if you bring over the money as a draft cheque, but this takes up to 6 weeks to clear. Travellers’ cheques are not a good choice because of the commissions charged for cashing them.

Anyone can open a bank account in Thailand. If you’re a non-resident, you will not receive interest on the funds. If you are resident in Thailand, some bank branches except a non-immigrant visa, others require more such as work permits etc. All depends if the manager likes your face or not.

[Kitsch22]

It is not illegal to exit the UK with any amount of sterling and there are no requirements for this to be declared. All perfectly legal.

The Control of Cash (Penalties) Regulations 2007 [statutory Instrument 2007 No. 1509] says different. Quite apart from any question of confiscation those regulations provide that a failure to declare (if you have €10,000 or more in any currency including Sterling) can be punished by way of a financial penalty of up to £5,000.

[smokie36]

The best way to do it is by bank account. Because you can only take money out of thailand you legally take in , and to open a bank account you have to inform imigrations so legally the better. You will lose to much money sending by western union or any money gram.

How many are going with you. Because the best way is £500 traveler checks and split them between your mates because you get better exchange rate .. What do you intend to buy with it ?

I regularly take more than £10k in travellers cheques to Thailand. Just deposit it in a bank on arrival. This is only cost effective if your UK bank gives the cheques for free.

Much less chance of them being spotted by customs.

[smokie36]

Travellers' cheques are not a good choice because of the commissions charged for cashing them.

Assuming the OP obtained £500 cheques he would need 60 of them at 33 baht each so a total of 1980 baht. Not bad really.

How much for a SWIFT transfer of that amount?

Of course the OP would gain around 0.5 baht/£ when changing cheques over cash.

Edited October 5, 2009 by smokie36

[technologybytes]

I have traveled from the Uk to Thailand with 25k, no hassles at all.

I did have a print-out bank statement to show that I have withdrawn the cash from my bank, but nobody was interested.

I would not worry about it, customs will record the amount on a form and ask you to sign it, no drama.

[clinique]

The best way to do it is by bank account. Because you can only take money out of thailand you legally take in , and to open a bank account you have to inform imigrations so legally the better. You will lose to much money sending by western union or any money gram.

How many are going with you. Because the best way is £500 traveler checks and split them between your mates because you get better exchange rate .. What do you intend to buy with it ?

Did you read the thread? he can take 10,000 euro out undeclared.

Edit: travelers checks are considered cash too.

sorry but you do NOT have to inform Immigration when you open a bank account - BS

if yuor quoting a regulation please post link. thx

[Lancashirelad]

For that kind of amount i wouldn't even think about any other way than using a Currency Broker.

100% safe, no fee & they will help you to lock in an excellent exchange rate that be used immediately or on a future date.

I'm suprised that many of you guys who have moved large amounts by more expensive/more risky methods have not mentioned this option.

It should be possible to set the deal up with them, then advise them of the Thai bank details once the account is opened there.

Edited October 5, 2009 by Lancashirelad

[clinique]

hello !!!!!!!

i repeat , having done it for years,,

Agreed, the safest and most cost effective way is swift - most banks you can do this online/internetbanking/phone banking.

The other is to leave it in your UK account, get an ATM /debit card on the account. Go to Thailand, open an account and withdraw by cash advance at the Thai bank in baht ( no fees) from your UK account. Deposit to Thai bank account. Same result.

And entirely Legal.

With anti money laundering laws these days carrying cash in such amounts is asking for trouble.

[EvilDrSomkid]

I must admit that I don't know what the amount is - can anybody share more info on this point, please?

Above 1 million baht they have to report according to Kbank, IIRC.

[robertsonmartin]

It's a non-brainer not to open a bank account in Thailand, if you are trying to handle 30k here.

But as far as I know to send a wire transfer from a UK account to A Thai bank you would have to be in the UK sign the documents with ID. So he would have to fly to Thailand then back to England and then back to Thailand, unless he gives somebody a power of attorney or if there is a way to do it this end electronically. I think a wire for 30k would have be signed in person.

Geekfreaklover, what a load of bull$hit coming from your lips. Transfers can be done by phone, by mail, by internet without a signature.

Also, bank accounts in Thailand are very easy to open without a visa of any description. If one bank refuses then try the bank next door. Kasikorn seems to be the easiest.

[Hannibal]

Agreed, the saest and most cost effective way. The othe ris to leave it in yout UK account, get an ATM /debit card on the account. Go to Thailand, open an accountand withdraw by cash advance at the Thai bank in baht ( no fees) from your UK account. Deposit to Thai bank account. Same result. Legal.

Except if you do it that way, you'll have to pay 1.5% minimum which on GBP 10-20K is a lot of money just going down the toilet!

[Hannibal]

to open a bank account you have to inform imigrations

This is the first time I've ever heard of any such requirement.

That's because it's not true.

I'd personally rather stick my wedding tackle in a deep fat fryer than tell Thai immigration that I was carrying a large amount of money! That's like telling Bernie Madoff that you've just inherited 50K and want someone to invest it no questions asked! You'll never make it out of the airport alive, well not Suvarnabhumi anyway! That place is an Alladin's Den of iniquity if the recent reports are to be believed.

Two weeks ago I came through there from the UK with GBP 16K and didn't declare any of it. I simply stuffed it inside my leather jacket pockets and who's any the wiser? I also made sure I brought the Barclays bank withdrawl receipt from two days earlier with me, but to be honest I knew that if I was stopped by those thugs at Suvarnabhumi I'd never see the money again regardless of documentation to offfer as proof.

H

[richm7]

I am aware you need to declare any amount of money over a certain amount (like 5k?)

Well if I go to heathrow, turn up to the desk to declare 30k, Ive been unemployed for 3-4 years, no assets, is there any reason why I should not be allowed through with it? granted, 30k is alot of money, but its not a huge amount, its just quite a big lump for a young guy who dosnt have a "sound reason" for having it.

What is likely to happen in this circumstance?

*my friend accumulated this money 100% legally.

Secondly, Can any foreigner (uk citizen in this case) open up a Thai bank account in thailand, same type as you would get in the uk. And deposit this amount of cash into the bank, online (ie open it up in thailand, then deposit the funds via my online banking from my uk account?)

thanks in advance

Two ways:

1. Open an account in Thailand (Bangkok Bank is generally OK (I assume you will NOT have a tourist visa, in which case, forget it - nothing special about Thailand there)) and transfer the money from your UK account. Easy. How the heck do you buy a car or a condo in Thailand otherwise?

2. Leave the money in the UK bank and withdraw it via a VISA (or like) card in big chunks ($7000 a day from the US, not sure about UK) at the bank exchange booth. Cheap and easy.

DON'T carry the money without declaring it. Nasty if you get caught. At either end.

[MeMock]

What a load of twaddle most people seem to crap on about.

To the OP - it is very simple.

Get to the airport and declare it - fill in a form and bobs your uncle.

Arrive in Bangkok and go to super rich and exchange it into baht. Congratulations you have just saved yourself appox 30,000 baht in exchange rip offs.

Go to nearest bank with your passport, plonk your 1.6m baht on the counter and tell them you want an account with an ATM card.

Sorted.

[PattayaParent]

Go to a few different banks and get a sterling bank draft in your name from each one by paying cash over the counter (say 5k a time).

Send them separately by registered post to yourself in Thailand, or to a friend, just before you leave England.

Remember to keep some in cash for your expenses while the cheques are clearing once you deposit them.

That way you're not taking out of UK or bringing into Thailand more cash than allowed on your person.

[poldebol]

Funny how some people think the worst right away on this forum... but I guess he did say "no sound reason" lol I was thinking the same as the above poster though - you get a better exchange rate if you bring the cash with you instead of transfering it, at least from what I understood.

There is a bank at the airport isn't there? I know there are a lot of currency exchanges, but I thought there was at least one bank there where you could I assume make a large deposit and maybe open an account?

Siam Commercial Bank has a full bank office on at least two floors at SUV airport. You can open accont there. If convenient, you can transfer the money to any other branch in Thailand. There will be a fee.

I have come to TH regularly the last 25 years. I have opened umpteen bank accounts and got ATM and debit cards. Never had work- or ED- visa, always tourist visa. Sometimes a bank manager said no, so I went to see the next one. Sometimes a Thai national had to sign "guarantee" for me. Never understood what "guarantee" means for a bank account that cannot go red.

[MeMock]

Go to a few different banks and get a sterling bank draft in your name from each one by paying cash over the counter (say 5k a time).

Send them separately by registered post to yourself in Thailand, or to a friend, just before you leave England.

Remember to keep some in cash for your expenses while the cheques are clearing once you deposit them.

That way you're not taking out of UK or bringing into Thailand more cash than allowed on your person.

That would take a few hours plus a few pounds for postage to organise as opposed to filling in one form, bringing the cash with you and saving up to 30,000 baht when exchanging it into baht.

[imaneggspurt]

to open a bank account you have to inform imigrations

This is the first time I've ever heard of any such requirement.

Confirmation that little knowledge is dangerous,

[misspooN]

this hole thread is of dubious quality of information. i would send it by courier pigeon, more than 1 if necessary!

[Gobbledoc]

Thai banks don't offer the same security as back home. I mean, if a staff member wires your money to their own account, well, U are farang, You will NEVER see it again. You can easily open bank accounts here on a tourist visa, not meant to, but this is Thailand, just backs up my comment above !!! Rules and security and saftey is meant to be broken in LOS. You will not recieve any interest, because you are Farang, you will cop a shitty exchange rate, try VASU for a much better rate on that kind of money if dealing in cash, CNR Soi 7/1 Sukhumvit.

At a Thai bank I used, you will be charged 1% to deposit GBP into your own bank account if kept in GBP and 1% to pull it out and they pay no interest.

1 HSBC in Silom, they will welcome you, need $10,000USD for initial deposit. More western security for your funds. Then just put small amoutns into a local bank as you need it.

No logical reason for them to take your money that I know of anyway, but I would be shitting my self on the Thai end, very temping for them to just take it with no recourse. TIT, to easy for they to say at the customs, U bad Farang, to mut money, me fix it.

I presume there is a reason why you want it kept in cash. non of my biz.

Concider bringing $10k for HSBC, put the rest in a HSBC account in UK, arrange to pre Wire it once

here or have it linked to a Visa Debit card and get it out over the counter here and wear the exchange rate.

Also concider Amex travelers Cheques, for more than a few grand, should get it for about 0.5% comm, then the exhange rate here.

Many links of good banks to try in TV threads, but they seem to change daily !!

Have fun

Edited October 6, 2009 by Gobbledoc

[clinique]

Agreed, the saest and most cost effective way. The othe ris to leave it in yout UK account, get an ATM /debit card on the account. Go to Thailand, open an accountand withdraw by cash advance at the Thai bank in baht ( no fees) from your UK account. Deposit to Thai bank account. Same result. Legal.

Except if you do it that way, you'll have to pay 1.5% minimum which on GBP 10-20K is a lot of money just going down the toilet!

1.5% of what.. - where is that charged. I have used this system under advice from my lawyers and my bankers for many years.

It is legal and is doesnt cost anything.

The baht exchange rate her ein Thailand is always much better than in UK (same for other currencies.)

So what are you talking about pls?

[PeaceBlondie]

Wow...would ten more armchair experts care to offer wrong advice?

[clinique]

Wow...would ten more armchair experts care to offer wrong advice?

hmmm... how constructive !

And your suggestion is ??

I travel international at least 2 times amonth and have found (for me) that the way i suggest is the most legal, cost effective and practical.

it certainly avoids any need for declaration to customs, carrying large cash sums or paying for transfers, travellers checks or Western Union etc..

back to you, ..and im not in the armchair right now.!

[PeaceBlondie]

I'm an ex-IRS agent, not an expert. Therefore my 'constructive' advice was to point out the danger in taking advice from folks who don't know. But for example, I've had numerous bank accounts here and never had a work permit.

[Garry9999]

I'm an ex-IRS agent, not an expert. Therefore my 'constructive' advice was to point out the danger in taking advice from folks who don't know. But for example, I've had numerous bank accounts here and never had a work permit.

Surely you are not suggesting that you need a work permit to open a bank account. That's pure myth.

[PattayaParent]

That would take a few hours plus a few pounds for postage to organise as opposed to filling in one form, bringing the cash with you and saving up to 30,000 baht when exchanging it into baht.

But if he can't explain to the UK Revenue where he got the 30k from that he's taking out of the country (and he can't as he's unemployed) then filling in one form is going to cost him more time and pounds than my suggestion.

[chiang mai]

It's amazing these days how much people don't know about things they really should - doubters could perhaps read all the posts in this thread, from the beginning, rather than just responding to the most recent one. Apologies, thinking aloud only and not personal or argumentative.

[clinique]

That would take a few hours plus a few pounds for postage to organise as opposed to filling in one form, bringing the cash with you and saving up to 30,000 baht when exchanging it into baht.

But if he can't explain to the UK Revenue where he got the 30k from that he's taking out of the country (and he can't as he's unemployed) then filling in one form is going to cost him more time and pounds than my suggestion.

Ditto for me!

If he is happy to take the risk,,

[RogerSterling1]

I have had a number of young Americans I know stopped for carrying too much money. They take it right from you and give you a receipt. You get a check a month later. The founding fathers must be rolling in their graves.

Edited October 6, 2009 by RogerSterling1