Its Happening - Law to Tax Overseas Income Now in Progress

[byebyethai]

OK in searching around for a couple of hours the two sure things I have come up with is that taking money out of Thailand can be a pain the arse and nobody can seem to agree on the most cost effective and consistent way to go about it.

So from what I understand you are limited to taking 50,000 THB out of Thailand with you.

In going back to Canada I am limited to bringing in 10,000 CAD (you can bring more but you have to claim it anything under is exempt from being claimed)

What is stopping me from just withdrawing whatever is needed in from my Kbank account and to convert it to 10k CAD at Superrich or whomever is offering the best rate, slap it in my money belt and take it with me to Canada?

I wouldn't be taking more than 50k thb and therefore not breaking any laws and I would be under the exempt limit into Canada...

Is there a flaw in this plan that I am not seeing??

[NHJ]

simply wire the money to canada, simple, fast, riskless.

[Gonsalviz]

I am not sure of the numbers you quote but nothing is stopping you exceptmaybe having to remove your belt at security.

[Mario2008]

He can take out up to 50,000 THab or up to $20,0000 in foregin currency without the need to report. He is doing nothing illegally.

Thai customs webiste:

http://www.customs.go.th/wps/wcm/connect/custen/travellers/departing+from+thailand/departingfromthailand

Foreign Currency

The travelers bringing foreign currency more than USD 20,000 or its equivalent into or out of Thailand are required to make a report to Customs. This report is required by the “Ministerial Regulation (No. 25) B.E. 2530 issued under the Authority of the Currency Exchange Control Act B.E. 2485 and relevant regulations.

The Regulation and Notification require that the travelers bringing foreign currency into or out of Thailand, both a bank note and a coin, with the total aggregate value exceeding USD 20,000 or its equivalent, must report it to a Customs officer at a port/airport of entry or exit, using the given Foreign Currency Declaration Form. The travelers must complete, sign, and submit the Form to report their foreign currency where such currency are physically carried by a person arriving in or departing from Thailand, or where they form part of the person’s baggage and that person and his or her baggage are being carried on board the same conveyance across the border.

A person who reports currency has to answer truthfully any questions that a border services officer asks about the information required for the report.

Thai Currency

The amount of 50,000 baht or more in Thai currency must be reported on departure, except those traveling to Lao PDR., Myanmar, Cambodia, Malaysia, and Vietnam are allowed to take out Thai currency not exceeding 500,000 baht.

[WilliaminBKK]

I wired 30K CA$ to RBC and when I checked online it said contact your branch which was a pain as I was still in Thailand, the branch asked me to come in and sign a form stating where the funds came from. I managed to get them to fax the form to my brother, he faxed it to me and I sent it back and the funds were credited the next day. I'd do the money belt, btw using a CIBC ABM in Canada the Kbank fee was only 250 THB, plus $2CA and I could zap the equiv of 20K THB daily, RBC for some strange reason was $2CA plus Kbank charged 450 THB per withdrawl.