How much has Trump?

[lukeskywalker]

I'm moving back to the States very soon. To get my money from Thailand to USA can either be done by physically bringing it (only lose money on exchange rate commission), electronic transfer (lose money on exchange rate commission AND transfer fee), or a combination of both (e.g. withdrawing the amount I can take in my pockets and electronic transfer the balance). Or, I guess another option would be to use my Thai ATM card and withdrawal at US ATM.

I've never moved this much money so I'm not sure which option to choose. Obviously, which choice, or combination of choices, saves me the most money? Any advice please?

THX,

Luke

[cloudhopper]

AFAIK there is no limit but if over 10k you must declare it on the customs form. I would do a wire transfer.

[CharlieH]

Hard to give advice or recommendations when no amount is stated.

[1weatherman]

Yes, any amount $10000 or over must be declared on the customs form. Also if doing a wire transfer any amount of $10000 or more the financial institution will have to fill out a form and send to the IRS. From Wikimedia: FinCEN Form 104 Currency Transaction Report (CTR): A CTR must be filed for each deposit, withdrawal, exchange of currency, or other payment or transfer, by, through or to a financial institution, which involves a transaction in currency of more than $10,000. Multiple currency transactions must be treated as a single transaction if the financial institution has knowledge that: (a) they are conducted by or on behalf of the same person; and, ( they result in cash received or disbursed by the financial institution of more than $10,000. (31 CFR 103.22) But like was said, don't know how much money you are talking about. Can carry some in with you and transfer the rest if talking "large" amount.

[lukeskywalker]

Thanks for the tips.

The total amount is just about $20,000 USD. Is wire transfer a flat rate or depends on the amount? My bank is SBC. The reason I'm thinking of carrying the $10,000 is that I hear the banks do not give as good of an exchange rate as the local money-changers. A difference of 1% is $100 that I don't want to just give away. Plus, the transfer amount fee should be lower because I will have already taken out $10,000....so only transferring $8,000 instead of $18,000. Right?

[CMSteve]

Just wire the fund to your American account. For these amounts there won't be a difference on any of the charges or breaks in the currency exchange. Also, just not worth losing it if you take it physically.

Best of luck.

Thanks for the tips.

The total amount is just about $20,000 USD. Is wire transfer a flat rate or depends on the amount? My bank is SBC. The reason I'm thinking of carrying the $10,000 is that I hear the banks do not give as good of an exchange rate as the local money-changers. A difference of 1% is $100 that I don't want to just give away. Plus, the transfer amount fee should be lower because I will have already taken out $10,000....so only transferring $8,000 instead of $18,000. Right?

[BigRick]

They can question for under 10k SWIFT is the best method cost your 1k baht for the bank to bank transaction you will always take a hit with the currency its just how banks roll. You should be advised not to carry large suns of cash through international airports all you need is one problem and take the chance of someone sequestrating your funds legally or illegally. The US is going to be of the legal kind but don't forget they have the right to question you.

[ericthai]

i would just wire it, safest way. A few years back I hand carried about $7-8K cant recall the exact amount and I declared it just to be safe and I was still questioned why I was carrying so much and they went through all of my bags, scanned everything and questioned by two different agents. They looked at my passport with multiple trips between the US and Asia and I guess they suspected I was up to something. I told them the truth this was my cash from working in Asia and was bringing it home. In the end nothing as they cant really do anything, but it was a hassle.

Good luck with your move!!

[pisico]

Thanks for the tips.

The total amount is just about $20,000 USD. Is wire transfer a flat rate or depends on the amount? My bank is SBC. The reason I'm thinking of carrying the $10,000 is that I hear the banks do not give as good of an exchange rate as the local money-changers. A difference of 1% is $100 that I don't want to just give away. Plus, the transfer amount fee should be lower because I will have already taken out $10,000....so only transferring $8,000 instead of $18,000. Right?

Do not bother with transfers. I have returned to the USA with amounts exceeding 20 G and (as another poster indicated), all you do is to declare it. Upon arrival, you will be taken to a counter where you will be given a form to fill out. The form is used later, many years later to asses any taxes you may owe based on the income reported for that year. Then again, you will have plenty of time to make adjustments and claim your deductions. Once I was asked why was I carrying that much cash. I replied that I do not trust banks in Thailand to to the transfer promptly. I said that I sold my car in Thailand and I needed to buy another one in the USA. Smooth sailing.

Just do not tell anybody you will be taking that money with you. Especially if you have a Thai girlfriend. Not the first time that happens. You tell her, in the excitement of seeing that much money she tells her friends and you only need one of those friends to be up to no good to be mugged on your way to the airport.

[rakman]

i would just wire it, safest way. A few years back I hand carried about $7-8K cant recall the exact amount and I declared it just to be safe and I was still questioned why I was carrying so much and they went through all of my bags, scanned everything and questioned by two different agents. They looked at my passport with multiple trips between the US and Asia and I guess they suspected I was up to something. I told them the truth this was my cash from working in Asia and was bringing it home. In the end nothing as they cant really do anything, but it was a hassle.

Good luck with your move!!

If you had been going the other way, they probably would have confiscated your money as "drug related". You can then sue to get it back, after thousands of dollars in legal fees and a few years of trying.

Wire the money, it's safer. And OP, did you do the proper IRS declarations of money in foreign accounts?

UGH, it just keeps getting uglier..

[IMA_FARANG]

Another option to look into.

Look into the possibility of buying a Currency Card before you leave. May also be called a Cash Curreny Card.

Frankly, I don't know if such a thing is available here in Thailand or not...but check anyhow.

May be possible through a local bank here. The one I used about a year ago I purchased in the U.K. on arrival at Heathrow.

The one I had was affiliated with MasterCard, and I was able to use it at ATMs in the U.K., and airport ATMs in New York, Boston, and Chicago. Also was accepted by my hotel in London and Boston to pay my hotel bills.

If you find someone selling such a thing buy it here, in Baht, and can use it to withdraw funds in most major international currencies while traveling in those countries.

Of course, there are fees you pay to get it, and you don't get the best exchange rate when converting from one currency to another...but you're paying for the safety and convience of carrying a card not cash.

When I arrived in my hometown in The U.S. my local bank accepted that Cash Currency Card (subject to approval) for deposit of any unused funds to my bank account. Took about 3 days to get approved.

Basically it is a debit card you buy in local currency in one country before you leave and you can use as cash in other currencies when you travel.

Requires a PIN number of course like an ATM or debit card...but that's standard these days.

I bought it for the equivalent of 3000 pounds (purchased it with Euro) on arrival in Heathrow and used it there and in the U.S. (for dollars).

Like I said...there are fees on initial purchase and a lower exchange rate...but it's upside is conveinence of use.

Edited October 17, 2011 by IMA_FARANG

[lukeskywalker]

Thanks for the tips.

The total amount is just about $20,000 USD. Is wire transfer a flat rate or depends on the amount? My bank is SBC. The reason I'm thinking of carrying the $10,000 is that I hear the banks do not give as good of an exchange rate as the local money-changers. A difference of 1% is $100 that I don't want to just give away. Plus, the transfer amount fee should be lower because I will have already taken out $10,000....so only transferring $8,000 instead of $18,000. Right?

Do not bother with transfers. I have returned to the USA with amounts exceeding 20 G and (as another poster indicated), all you do is to declare it. Upon arrival, you will be taken to a counter where you will be given a form to fill out. The form is used later, many years later to asses any taxes you may owe based on the income reported for that year. Then again, you will have plenty of time to make adjustments and claim your deductions. Once I was asked why was I carrying that much cash. I replied that I do not trust banks in Thailand to to the transfer promptly. I said that I sold my car in Thailand and I needed to buy another one in the USA. Smooth sailing.

Just do not tell anybody you will be taking that money with you. Especially if you have a Thai girlfriend. Not the first time that happens. You tell her, in the excitement of seeing that much money she tells her friends and you only need one of those friends to be up to no good to be mugged on your way to the airport.

Good advice about not telling anyone. Better safe than sorry.

So, you're saying that they taxed you on the money you brought in (for "selling your car") or on the amount you wrote on the form that you made while in Thailand. Can I just write zero on the form for income and say that I lived off my savings that I had saved before coming to Thailand (6 years ago). Yes, I have worked a lot here as a writer, but of course I never reported that income each year to the IRS. Why would I? Yes, I know it's the law, but how the hell could they ever know? However, I withdrew thousands of dollars from my US bank account when I first got here before i started working.