Anyone Have Experience With Bringing In Cash Money Into Thailand And Get A Better Exchange Rate?

[juliusk]

Hey there, though i am a newbie on this forum i do read this forum many times and living some time in Pattaya.

Here it goes, i have a discussion with my friend about bringing in cash money from Europe to Thailand.

When i check the bankrates online from SCS,BKKBank or Kasikorn bank, i see a difference in selling and buying rates.

IMO, i can get at least 1 baht difference if i bring in cash to Thailand and exchange it a bank for THB.

I do know, you can take only 10k USD but , if its 10k THB difference at least, perhaps worth it to take the risk with it...

Looking forward to your ''opinions''

[thaidiver]

I usually bring in $19k cash and just put it in two different carry-on bags, never had a problem. The money exchanges here give a better rate than the bank ATMs.

[guzzi850m2]

Why don't you open a Thai bank account and transfer either via phone or internet from your home country bank account? Better exchange rate and no need for carry that amount of cash on you.

[Darrel]

The best rate is the TT rate. The rate for cash is never as high. But read on ....

The only way you would be better off bringing cash is if you compare it with using a credit card that has some sort of exchange weighting, which many do. This can be as high as 3%. If you find a credit/debit card that has no exchange weighting or ATM fee then this will probably be the cheapest way of importing money. If you cant find such a beast (and they are very rare) then a straightforward TT will be the best way of doing it, assuming that it isnt for a tiny sum in which case the transfer fee imposed by the foreign bank will probably eat up the advantage.

So it all depends on the amount and the fees.

[uwe_rayong]

The TT rate is always the best only if you compare within the same Bank.

Usually it is possible to exchange cash always slightly better the Telex Transfer, but you must exchange in Bangkok.

For example today the best TT rate for Euro was Bangkok Bank with 38.65 THB, Cash Exchange for BBL was 38.4 THB.

Cash Exchange at Super Rich Ratchadamri was 38.8 THB, so better then Telex. In your case with 10,000 it is 386,500 THB Telex Transfer or 388,000 cash in Bangkok. 1500 THB not much difference and you have the risk.

If you carry cash change to 100 or 500 notes, exchange rates for bigger notes are slightly better.

By the way, you can take as much money as you like into Thailand, you only should declare it. Declaration is also very important at you departure airport in Europe.

[SantiSuk]

Difficult to generalise, but I would say that normally this is the order in which you will get a good deal for an amount of say GBP 2,000 / US$ 3,000 / Euro 2,500, starting with the best and finishing with the worst:

(1) Have a Thai bank account and instruct your domestic bank to transfer money in your own domestic currency (provided that you check your sending bank's charges for doing so - usually a fixed amount). If your bank's charges are more than GBP20 / US$ 30 / Euro 25, look for another bank in your home country or choose one of the next 2 or 3 options. Expect your Thai bank to charge say THB 300 to 600. This route gets even cheaper than other routes the more that you transfer/convert as the two sets of charges usually have a high fixed cost element. Instruct your bank by internet if at all possible - telephone instructions invariably have higher charges

(2) Bring your domestic cash to Thailand and look for the best rate at exchange booths on the streets of Bangkok or Pattaya (I don't know about other places). Not sure this is worth the security risk, but I frequently do it. For smaller amounts - say GBP 1,000 / US$ 3,000 / Euro 1,250, this will be the cheapest way. The rate is poorer than (1), maybe by 1%, but you escape the two sets of bank charges. If you intend to bring in large amounts, say more than GBP/US$/Euro 10,000 you will probably have to report that fact to customs as you leave your country. Sorry I can't remeber the specifics for each bloc, nor can I remeber how much you can bring into Thailand before you must declare it to Thai customs (it's around GBP or US$ 10,000 I think). All the info is somewhere on Thaivisa threads but its a bu$$er pulling it all together.

(3) Withdrawing from your domestic bank account at a Thai bank ATM - withdrawing the largest amount you can - usually about 25,000 baht at each insertion (serial insertions may be allowed). Typically a 150 baht flat fee is deducted from the cash spitted out, but the exchange rates are usually pretty ok. Bangkok Bank, Kasikorn, Krungsri, SCB (and most of the others) are generally ok. So withdrawing the GBP 2,000 I am using for illustration, you would have four withdrawals and four times 150 baht in charges and you might have to do it over two days, depending on your domestic bank's daily withdrawal limit. Check before you come.

(4) Option (1) above, but instruct your domestic bank to transfer a required THB amount. Don't do it without getting a fix on the exchange rate your bank will use. If its much worse (say 2% worse) than the TT rate of a typical Thai Bank.go to the next option. Use Bangkok Bank's published rates (TT buying rate column) as a guide: http://www.bangkokbank.com/BangkokBank/WebServices/Rates/Pages/FX_Rates.aspx

(5) Bringing in your domestic cash and exchanging it at the airport. The Swampy cartel rate is usually 1 to 2 % worse than on the streets of Bangkok

(6) Option 3 above, but drawing out small amounts of cash. Remember 150 baht taken off a 10,000 baht ATM withdrawal is a 1½% charge. Not much really (but you wanted to know what's the cheapest!)

(7) Drawing from a Thai bank counter against your domestic credit card

(8) Drawing from a Thai ATM on your domestic credit card

(9) Spending using a domestic credit card. That will not do nicely!

(10) Exchanging your domestic cash for baht in your home territory before you come out. This one's a no no if you are from the UK and I suspect that applies generally.

The difference between (1) and (10) is typically 5-6 percentage points. No big deal for one week low spending tourists, but it soon mounts up for longer term visitors.

[in the above when I say domestic I mean your home country]

[E&OE - others may order them slightly differently]

[jombom]

You need to be careful taking cash out of Europe. Many countries have a limit for cash.

[gk10002000]

Cash exchanges offer one of the best rates from my experience. But when I compare my ATM transactions, I have always seen a very good rate. Not much of a difference at all. The biggest overhead comes if one continually uses the ATM, and has to pay fees, from their bank or out of network, etc.

[boonchu]

Best rates are some money changers at Pratunam or Superrich on Silom Rd. Superrich is usually higher than the banks TT rates.

[Ohio]

It has always been better to exchange in Thailand than 'home'

[Tolley]

I always take cash where possible.

The bank gouges you when you withdraw from a foreign atm with currency conversion fees and atm fees.

I know they are not popular these days but high denomination travellers cheques are a good way to go as well. You also get a better rate than cash for them and you have the added security benefit.

[Darrel]

The TT rate is always the best only if you compare within the same Bank.

I transferred about 3MB last year. On the day it arrived the TT rate I got from Kbank easily exceeded the best cash rate available in Pattaya (which as far as I know is always the yellow Money Exchange situated near the small Mike store and other locations). Since then I periodically look at the advertised rates when walking down 2nd Rd and, whilst the cash rate from the yellow place is always better than any bank cash rate, I have never seen the best cash rate exceed the worst bank TT rate.

Obviously for practical reasons (safety, documentation) I would not consider carrying that amount of physical cash in anyway.

[dazk]

watch out bringing large amounts of cash through london airports last year they had sniffer dogs trained to sniff out money i think anything over 2k they where asking questions and for evidence of where the cash came from, even though the limit on cash out of the country is higher then 2k

i brough a large sum over and had a copy of bank statement with the withdrawal on it just to be safe

[willyumcr]

If you are from USA I have found Charles Schwab bank ATM is by far the best option. All your fees (150 baht transaction) are reimbursed at end of month. I always get best TT bank rate. I also use yellow (Krungsri) bank for withdrawals as you can get 30,000 per withdrawal. Also if you use Schwab card for purchases there are no foreign transaction fees and you still get best TT exchange rate. With this card you can withdraw up to $1,000 per day with no fees. I never carry large cash amounts. No need to.

[juliusk]

Thanks for your replies, i do have a Thai bank already and did this week a trial run with a international banktransfer. Experienced this morning quite a good rate though with only 300 baht fees in total so the risk aint worth it for me to take 10k USD and perhaps get some questions from customs in

Europe and Thailand.

[sandgroper2]

''CASH'' money!!!

[simple1]

watch out bringing large amounts of cash through london airports last year they had sniffer dogs trained to sniff out money i think anything over 2k they where asking questions and for evidence of where the cash came from, even though the limit on cash out of the country is higher then 2k

i brough a large sum over and had a copy of bank statement with the withdrawal on it just to be safe

saw a doco on this, HM Customs are/were looking for cash being taken out of UK not being declared for tax purposes - i.e. black money

[Rimmer]

Moved to Banking

[Chivas]

watch out bringing large amounts of cash through london airports last year they had sniffer dogs trained to sniff out money i think anything over 2k they where asking questions and for evidence of where the cash came from, even though the limit on cash out of the country is higher then 2k

i brough a large sum over and had a copy of bank statement with the withdrawal on it just to be safe

Between £1000 and £9999 Customs and Excise can ask for proof of origin if they feel that their questions asked are not being answered to their satisfaction.

Includes Travellers Cheques.

Over £10,000 you must declare receipts or otherwise, or you will have it confiscated pending investigation. Uk Border force programme only this last Tuesday detained £3,000 off a guy who had no receipt or answers at Gatwick UK.

[Mousehound]

I never take cash to Thailand always Travelers cheques (this is the only country I know of that gives better rates than cash) which my bank provides free of charge. Also a lot safer. Also some countries eg Australia have a limit of 10K .

[Chivas]

I never take cash to Thailand always Travelers cheques (this is the only country I know of that gives better rates than cash) which my bank provides free of charge. Also a lot safer. Also some countries eg Australia have a limit of 10K .

Still comes under that Quota amount I listed earlier......

Still need to prove IF asked where the origin of the cash came from to purchase them.....

I was the guy who had £1012 confiscated and never returned because couldn't prove origin (no misprint). These limits also apply to "walking around money" in the UK if stopped by Police for any reason, same limits and detentions apply....

Edited July 19, 2012 by Chivas

[simple1]

I never take cash to Thailand always Travelers cheques (this is the only country I know of that gives better rates than cash) which my bank provides free of charge. Also a lot safer. Also some countries eg Australia have a limit of 10K .

Off topic I know, but to clarify, for Australia you must declare any amount over A$10,000.00 , but are not restricted as to amount, URL

http://www.customs.g...e4350.asp#e1284

There is no limit to the amount of currency you can bring in or out of Australia. However, you must declare amounts of A$10,000 or more in Australian currency or foreign equivalent. You must also disclose any promissory notes, traveller’s cheques, personal cheques, money orders, postal orders or other bearer negotiable instruments, regardless of value, if requested by a Customs and Border Protection officer or police officer.

Edited July 19, 2012 by simple1

[MichaelJohn]

Super Rich - opposite Central World (BKK), ALWAYS have a better XR than the banks.

If you're happy to carry cash and have the required proof to exit your own country you'll always do better changing to THB at Super Rich

http://www.superrichthailand.com/editor/rate.html

http://www.kasikornbank.com/EN/RatesAndFees/ForeignExchange/Pages/ForeignExchange.aspx

PS Be aware of Super Rich "copies" at the BTS - always go to the one Opposite Central World.

[georgey]

Best rates are some money changers at Pratunam or Superrich on Silom Rd. Superrich is usually higher than the banks TT rates.

absolutely right

I've researched this for years, & I've always found the rate for TT (from a variety of banks from variety of countries) to be one of the very worst ways to transfer money (especially when u factor in their charges (which u obviously can't ignore )). Cash is absolutely the best, but never change it at a bank.....

[husky]

never take cash to Thailand always Travelers cheques (this is the only country I know of that gives better rates than cash)

Just a note on TT giving better rate than cash. It is true the rate shows as 'better', but once you factor in the fees involved you actually get more for cash.

[hawker9000]

So what happens exactly when you DO declare the >US$10K being taken out of the US or brought in Thailand, as required?

1. Is it just a piece of paper that gets recorded somewhere (in case you and your activities ever come under govt scrutiny for some other reason);

2. Will it result in your being pulled aside for questioning (and maybe missing your flight);

3. Will it be subject to some kind of tax or duty;

4. Are you breaking any law;

5. ???

[SantiSuk]

watch out bringing large amounts of cash through london airports last year they had sniffer dogs trained to sniff out money i think anything over 2k they where asking questions and for evidence of where the cash came from, even though the limit on cash out of the country is higher then 2k

i brough a large sum over and had a copy of bank statement with the withdrawal on it just to be safe

For the avoidance of doubt you must declare any amount greater than 10,000 euros coming out of the UK and any other EU country. You must declare any amount greater than US $20,000 coming into Thailand.

I made a declaration coming out of Manchester by using the customs phone post the security shakedown area. It took two customs officers 20 minutes to arrive with a declaration form and a keen interest to find out why I was carrying that amount. Friendly but inquisitive - where did I live, what was my job, where was I going, where did I get the money, what would I use it for ("normal living expenses in Thailand for a few months")? Foolishly I had forgotten to print off the bank statement from the internet but they seemed happy to see bank wrappers stamped a couple of days previously. I look and sound a good game of pure middle class and they were (overly) impressed by my former job-description. I could imagine if you had your best Pattaya bar-hopping personna on (tatoos, tank-top, f&blinding*) you might get a tougher grilling. Anyway they then spent 10 minutes on their cellphone checking me out before letting me go to the gate. Although this took time, they had been conscious of my departure time - it was their first question and they kept one eye on the departure screen. I'd put money on the first call having been to HMRC (UK tax authority) to check out whether my reported income 'justified' waving cash of that amount around. Second call National Criminal Records?

They agreed that all their enquiries were basically to ensure that the money was clean. Not proceeds of crime, drugs etc. You would have great difficulty I suspect if the money had not come directly out of a UK bank account, so pass it through one if you are bringing your market stall takings.

Is it worth doing? Not if you use the general street exchange booths and you are bringing in larger sums of money. If the above posters are correct about Superrich then it is worth doing if you want to take the security risk (I shall certainly be checking out Superrich). Here's a very recent live example:

GBP 5,000 transferred ex HSBC UK to Bangkok Bank on 18 July, received 19 July. HSBC charges were GBP 17. BKK bank charges were baht 475. TT transfer rate used (exactly as per website) 49.18. Received net 245,425.

The net effective translation rate (245,425 divided by 5,017) is therefore 48.92. The best rate I could get for a cash exchange in Pratunam and around lower Sukhumvit at the exchange booths on 19 July was 48.45 (a 1% reduction). The cartel cash exchange rate at Swampy's exchange booths that day was 47.4 (a 3.1% reduction).

However, using cash, even at Pratunam/Sukhumvit, makes more sense if you are only bringing in small amounts like tourists do. In my example above, the HSBC charge is a fixed GBP17 and an element of the BKK bank charge is also fixed - I think at about 200 baht. Recomputing the effective exchange rate for a transfer of GBP 1,000 gives an effective rate of 48.11, so you would be better getting the cash booth rate of 48.45. The amount at which it becomes more beneficial to use a bank transfer using my HSBC to BKK bank example is any amonut above GBP 1,500.

The differences are not huge (unless you are crazy enough to use Swampy). I have observed over a period of time that the "Pratunam/Suk" cash rate seems to hover around 1% worse than BKK Bank's TT rate. I might consider bringing cash again if the Superrich checks out as TT+, otherwise I can't see that the savings you can make on larger cash sums justifies the physical loss risk.

*Before I get accused of being a snobbish arrogant sob - I wear tank tops, swear a bit myself and appreciate good body art. [Yeah I am an arrogant snobbish sob, nonetheless]

PSS I can corroborate the posters comment about customs potentially being interested in smaller sums than 10,000 euros. The customs officers I dealt with mentioned rather casually that they were interested in anyone carrying over GBP 1,000. I bit my tongue from saying that they would have a busy time if they were really interested in such chicken-shit amounts. <deleted> every businessman carrys that kind of money!

Edited July 31, 2012 by SantiSuk

[yoshiwara]

Over £10,000 you must declare receipts or otherwise, or you will have it confiscated pending investigation. Uk Border force programme only this last Tuesday detained £3,000 off a guy who had no receipt or answers at Gatwick UK.

I believe the figure in the EU is 10,000 euros or equivalent so for £ that would be nearer £8000.

[Morakot]

The best rate is the TT rate.

Sorry, what is a TT rate?

[topt]

The best rate is the TT rate.

Sorry, what is a TT rate?

Telegraphic Transfer - IE electronic movement from one bank to another