Buying Gold

[bubbles]

Hi all

Random question, me and the girlfriend want to buy some gold, 4 or 5 baht, what are our choices on payment? I can pay on c/card or cash but I'm a little concerned carrying over 80000 baht in cash of course.

Any one have experience in this field?

Thanks

Bubbles

[ratcatcher]

Do you mean " My girlfriend wants me to buy her some gold.? That would be so romantic.

Best to go to a gold shop near an ATM. However 4 baht gold will cost you about B80,000+-, so best to withdraw cash at a couple of ATM's discreetly. Even if you have to go out of the shop at least once to an ATM, at least you are assured your money is safe (reasonably anyway).

She must be excited after waiting a year or so for this treat?

Good luck.

Edited April 26, 2011 by ratcatcher

[Semper]

You want to buy 5 baht gold to your girlfriend?

[rgs2001uk]

Why not let the girlfriend pay with her credit card or cash, saves you the worry of carrying your cash.

[mario299]

Why not let the girlfriend pay with her credit card or cash, saves you the worry of carrying your cash.

Boy, are you letting yourself open on this one. Troll post, perhaps, you've been a member since 2005 with 46 posts and you have never wondered about buying gold before? This question depends on how much you actually want to end up paying for the gold. If you pay by c/c you will have potential interest and foreign transaction fees (or at least "transaction fees", maybe not a foreign c/c). If you pay cash it will result in the least expensive purchase. Is this really news to you ??

Hope this info helps, but if you are still stumped then just send me the money and I will take care of everything for you. Do you know how to do money transfers in Thailand?

Chok dee

mario299

Edited April 26, 2011 by mario299

[mstribling]

Ignore the haters. Yes, you can use a credit card but the shop will probably hit you for 3% to use the card.

Buy your girlfriend whatever you want.

[zzaa09]

4-5 baht gold, loh? What not wait and extend this major expenditure for the marriage ceremony. In the meanwhile, purchase her nice little 1 baht trinket.

[Mrjlh]

Must be some Lady! 1 baht weight is running at about 21,500B. So 4-5 is going to cost you a fair chunk. Depending on the dealer, as it was pointed out, using a CC you'll add 3% plus 7% Vat. So too answer your question, yes, you can use a credit card. I hope you've been with her a loooong time. Good Luck....:jap:

PS: I bought my GF a nice trinket but not before I bought myself a bigger one. She still loves me just as much.

Edited April 26, 2011 by Mrjlh

[p_brownstone]

First of all there is no VAT on Gold purchases in Thailand.

I rather doubt you will be able to use a Credit Card either; all transactions I have conducted, or seen conducted, in reputable Goldshops selling Baht weight Gold Bars have been settled in Cash or by Cashiers Cheque with the balance being paid in Cash (Gold prices in Thailand can vary 2 or 3 times a day depending on the world Market.)

You may be able to use a Credit Card in tourist trap type "Jewellery shops" but you will also pay a high premium and the quality of the Gold may well be suspect.

The most reputable Goldshops here are a Group called "Hua Seng Heng", they have several shops in Yaowarrat Road and one in Seacon Square in Srinakarin Road - there may be others I do not know about. If you doubt my opinion on how payment is made, drop into any of their Branches and watch as literally millions of Baht in Cash is handed over in one transaction, dozens of times a day!

Patrick

[thepanom]

Are you realy want to buy gold on today prices, then be ready for a loss in the next future

[mstribling]

Like I said. You can use a credit card; and gold shops are probably the most legit business in Thailand.

Happy shopping.

[cdnmatt]

Cashier's check would probably be a good bet.

[bubbles]

Honest answer to all, looking at getting married, was trying to a avoid the haters really by missing that fact out but oh well... she doesn't want a sinsod or dowry as such, just wants the gold. I've read the other thread on sinsod before anyone suggests it, her family have another daughter who married to a Thai man and he paid a both gold and sin sod (total 500k) but they are happy for my gf to make her own choices

I'm not bothered about the cost of fees etc, just wanted a general view on what is easier to do, I think I'm rightly concerned carrying that much baht, I wouldn't carry that much cash in the UK. I don't wanna turn this into a debate on sin sod, just after an honest view from a safety aspect...

[johna]

I never had a problem paying with large sums of cash, just be discreet.

Don't flash it around.

[flying]

Are you realy want to buy gold on today prices, then be ready for a loss in the next future

Same thing they said at $800/oz

Same thing they said at $1000/oz

Same thing they said at $1200/oz

Well.....you get the idea

Gold will stop rising when the currencies they are bought in stop falling

you see that in the *near* future?

Edited April 27, 2011 by flying

[Naam]

Like I said. You can use a credit card; and gold shops are probably the most legit business in Thailand.

Happy shopping.

goldshops do not accept credit cards for bullion. their margin is too small to have credit card fees deducted.

[supaprik]

Like I said. You can use a credit card; and gold shops are probably the most legit business in Thailand.

Happy shopping.

goldshops do not accept credit cards for bullion. their margin is too small to have credit card fees deducted.

ALL gold I have bought over the years in Thailand except plastic on bars,or on any purchase actually, they do charge between 2.5 and 4% card fee though

To the Op.. either way is easy, but cash is of course more cost effective for you, carrying 80 or 90k isn't much, just do as others here have advised, don't flash it around and be discrete....good luck for the wedding..

[rogerdee123]

do the gold shops here sell Canadian maple leaf or Kruger Rands etc .... I mean something that can easily be sold outside of Thailand? Or is Singapore or US or Europe the better place to buy such things?

[sbk]

Flame deleted, if you cannot post in a civil manner then I suggest you refrain from posting as further such posts in this manner will result in more than mere deletion

[nocturn]

Honest answer to all, looking at getting married, was trying to a avoid the haters really by missing that fact out but oh well... she doesn't want a sinsod or dowry as such, just wants the gold. I've read the other thread on sinsod before anyone suggests it, her family have another daughter who married to a Thai man and he paid a both gold and sin sod (total 500k) but they are happy for my gf to make her own choices

I'm not bothered about the cost of fees etc, just wanted a general view on what is easier to do, I think I'm rightly concerned carrying that much baht, I wouldn't carry that much cash in the UK. I don't wanna turn this into a debate on sin sod, just after an honest view from a safety aspect...

why would you be concerned about carrying a few thousand bucks? Spend some time outside superrich or vasu exchanges, you will see people coming and going with much more than that. 100,000 thb fits easily into a pocket or small bag. no one would ever know you have it.

I see, daily, Thais and others in Bangkok wearing watches worth many times the amount you are concerned over, not to mention people wearing a few baht weight of gold.

it just isnt a big deal.

[gregb]

It is very possible to use a cashiers check to buy gold. Not all the gold shops will do it though, so you have to ask first. Simply find a shop you like that has the trinkets you want, and then ask them if they will accept a cashiers check from XXX bank. In many cases, after consulting with the guy in charge, they will say yes, but they'll probably want a copy of the ID card of your Thai associate. You may have more difficulty as a foreigner with only a passport doing this. I've never tried. Ask them to write down the name of the company to whom it should be made payable, and go off to the bank.

You can buy a cashiers check for about 20 baht. You then take the check to the gold shop (usually the next day) and buy the gold. You generally undervalue the check slightly and make up the difference in cash.

While this is possible to do, it is usually only done for larger sums. 5 baht of gold, or around 100k at today's prices, doesn't really rise to the level of "large". Many Thais will carry around this kind of money without batting an eyelash, and you may find the gold shops looking at you with suspicion if you are trying to use a check for such a small purchase. They may take your caution for such a small amount to be something more sinister. Usually the amounts involved for a purchase like are in excess of 1 million.

Still, if you are truly concerned, you can try this approach. I'm sure if you visit enough shops, and particularly if you take along a respectable Thai friend, a few of them will agree.

Edited April 27, 2011 by gregb

[CanInBKK]

why would you be concerned about carrying a few thousand bucks? Spend some time outside superrich or vasu exchanges, you will see people coming and going with much more than that. 100,000 thb fits easily into a pocket or small bag. no one would ever know you have it.

I see, daily, Thais and others in Bangkok wearing watches worth many times the amount you are concerned over, not to mention people wearing a few baht weight of gold.

it just isnt a big deal.

Exactly what I was thinking. It's only one stack of 1000 Baht bills. You're really not giving Thais walking around much credit, it's not like they're going to bash you're head in for that amount unless you go flaunting/waving it around

[bubbles]

Fair enough, I'll carry the cash, I always thought carrying cash was a risk anywhere really so wasn't just Bangkok, the last thing I need is to be robbed obviously but from what you guys say, fears are unfounded

cheers to those who helped!