Thais With Wads Of Cash

[gravion]

Yesterday I went to the bank and I see some Thais depositing 600,000K baths....... <deleted>

How do these folks get these amounts of cash? Why would they have raw cash and carry it around....

One mistake and it's all gone.............. And some folks love to count their money right infront of the public... lol weeeeeeeee

[BillR]

I know its hard to believe a person with money, let alone a thai and in a cash based society!

1. Sold a car

2. received rental payments for their properties

3. deposit from their business

A business can take that easy in one day, where do you propose they put it? In their mattress?

[Carib]

It is still more of a cash society then it is in the west. I see the same thing in south america, everybody unpacks plastic bags filled with money.

[Changian]

Maybe sold some land, got the cash from the buyers bank and then headed straight over to their own bank to deposit it.

Or perhaps they just wanted to flaunt their massive wealth in front of others, so they spent their day withdrawing and then depositing their life savings.

[flowerman134]

600k baht in cash is not a ton of money imho but it does seem that a certified check is more logical.

[BillR]

yes and if you owned a petrol station or 7-11 customers are going to pay you in certified checks.

[Carib]

yes and if you owned a petrol station or 7-11 customers are going to pay you in certified checks.

:lol:

[gravion]

why they do not do wire transaction i dunt know,

[Heng]

Because then the OP would feel smaller than the '.' at the end of this sentence if they had access to observing average daily wire transfer traffic (here or anywhere else). It's business, not personal.

[Soutpeel]

Think the OP is just jealous.....A Thai having more cash in hand than the average farang..

[ableguy]

I know its hard to believe a person with money, let alone a thai and in a cash based society!

1. Sold a car

2. received rental payments for their properties

3. deposit from their business

A business can take that easy in one day, where do you propose they put it? In their mattress?

What business is it of yours?

[BillR]

I know its hard to believe a person with money, let alone a thai and in a cash based society!

1. Sold a car

2. received rental payments for their properties

3. deposit from their business

A business can take that easy in one day, where do you propose they put it? In their mattress?

What business is it of yours?

Its none of my business, thats the point.

[dave111223]

Banks in Thailand charge (IMHO) outrageous fees to transfer money, even between accounts at the same bank!

In many cases you can save several 100 or 1000 Baht by just taking out the cash and taking it down the street to the depositing bank.

[Farma]

An example why people carry cash.

A few of months back I was with an old Thai couple and their 1 million+ baht cash as they went from one bank to deposit in others.

They'd sold their house, the manager of the GSB bank they wanted to deposit the money in wouldn't accept a bank draft. They had to go back to the original bank and and exchange the draft for cash.

And as others have said, depositing the takings from their businesses.

[IanForbes]

As somebody already said, Thailand is more of a cash society whereas North America is a credit card society. I seldom have very much cash in Canada and purchase everything by credit card. I pay everything with cash in Thailand. A lady friend of mine asked me to chaperone her as a sort of body guard when she was carrying one million baht in cash to pay for her new home.

[ballpoint]

why they do not do wire transaction i dunt know,

I never knew they'd perfected a wire capable of having 600,000 baht stuffed down it.

[SomTumTiger]

Wow - glad the OP slid of the bar stool long enough to post this gem.

[robblok]

As somebody already said, Thailand is more of a cash society whereas North America is a credit card society. I seldom have very much cash in Canada and purchase everything by credit card. I pay everything with cash in Thailand. A lady friend of mine asked me to chaperone her as a sort of body guard when she was carrying one million baht in cash to pay for her new home.

Ian next time tell me ill hit you over the head and we split the money later

[robblok]

why they do not do wire transaction i dunt know,

When i went to buy my car they said they preferred cash. Can you inmagine how much cash they make on a day. They also have to deposit it.

[flowerman134]

yes and if you owned a petrol station or 7-11 customers are going to pay you in certified checks.

true.

would be surprised if they actually kept that much cash in a 7-11 safe though.

[damian7000]

i see this ALL THE TIME when i go into thai banks....in major cities and little village towns too. people coming in and depositing hundreds of thousands and sometimes millions of baht. one day i was in a bank in a village an hour from chantaburi... about half an hour waiting to be waited on and AT LEAST half the people in there were making deposits of B100k or more. one guy came in...no joke with a tight stack of 1000 baht notes at least 2 feet wide on the counter.

i don't know about you, but where i'm from, 90% of the people in line are depositing their $248 weekly check, or taking out $60 to pay their phone bill....

[sbk]

My FIL pays for land purchases in cash, most rural people don't trust a check and want to see the money. Its very common.

[isanbirder]

Quite normal... what's all the fuss about?

[PhilHarries]

why they do not do wire transaction i dunt know,

I never knew they'd perfected a wire capable of having 600,000 baht stuffed down it.

Let alone 600,000 Baths!

I'd have though Thais would have dealt in showers.

[TheWalkingMan]

I wonder when Thailand will create a 5k baht note. I think there is need for it.

TheWalkingMan

[gotlost]

I have seen the equivalent of 5 million baht in a very large brown paper bag deposit at a Saudi Arabian British Bank.. That was 100 packs of 500 SR notes. That's the way most countries do business. It only in the west do we do it different.

[Richb2004v2]

They must be the same Thais with so much money they don't know what to do with it, so open coffee shops next door to empty coffee shops and build rows of shop houses that never get occupied.

[Birdman]

i see this ALL THE TIME when i go into thai banks....in major cities and little village towns too. people coming in and depositing hundreds of thousands and sometimes millions of baht. one day i was in a bank in a village an hour from chantaburi... about half an hour waiting to be waited on and AT LEAST half the people in there were making deposits of B100k or more. one guy came in...no joke with a tight stack of 1000 baht notes at least 2 feet wide on the counter.

i don't know about you, but where i'm from, 90% of the people in line are depositing their $248 weekly check, or taking out $60 to pay their phone bill....

alos at Tesco Lotus: everyone's carts are full with things, more than a few have even 2 carts > something fishy around here?

[Farma]

^ Not fishy, a lot of the smaller shop owners from towns away from Tesco and Makro stock up on items for sale. There's times when items in those big shops are cheaper than the local wholesalers.

[Valdezugar]

OP sounds jealous . . . .