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

[Chivas]

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.

I recall clearly £10,000 for the UK but lets say Euros anyway.......

Am already collecting Counter Withdrawal slips as I withdraw money from bank as intend to have around £12,500 in hard cash and TC's for next major trip......

[JimGant]

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.

Better rate than exchanging cash, but not as good as the TT (telex) exchange rate. See http://www.scb.co.th/scb_api/index.jsp. Travellers checks (at least at SCB) are 20 satang less than the TT rate -- plus, there's a 33 baht fee for each check (thus, mo' betta to have larger denomination checks -- if for some reason you go this route).

But, for Yanks, it's best to have a Schwab Debit/ATM card (as we know from a million other threads on this subject). With no fees, and the 150bt owner's ATM fee reimbursed, yesterday afternoon I would have gotten 31.45 bt for my dollar using Schwab in any bank's ATM machine, or over the counter. The afternoon TT rate at Bangkok Bank was 31.36 -- so had I ACH transfered $10,000 in during this time frame, the effective rate would have been 31.28 (after the $10 front end fee, 500bt back end fee). $20k effective rate, 31.32; $2,000 effective rate, 31.18. But still better than exchanging 100 dollar bills in the Bangkok Bank lobby (31.11 exchange rate).

SuperRich is, indeed, the best game in town -- if the inconvenience of a long journey (for me, anyway) and a large money belt is worth the extra satang. However, for the inconvenienced, Schwab, and/or a large ACH transfer, seem to be the two best alternatives, at least for Yanks.

Oh, for what NOT to do, click on the SCB link above, then the "credit card DCC" link. SCB will gratiously advance you cash at the rate of 30.27 -- and all this before your bank's cash advance fee and instant interest due kick in. Ouch.

Edited August 2, 2012 by JimGant

[BirdsandBooze]

I have an account with HIFX. You can transfer up to £70000 to them using your home country bank debit card and they then buy your chosen currency and transfer it to your nominated bank. No fees are charged on transactions over £3000. The more you transfer the better the rate. Last time I did it I received 0.5 baht per Pound Sterling less than the bank interchange rate. If you just transfer money directly from your home bank to your bank here your bank will charge you CHAPS fees etc,. HIFX makes it's money through trading large amounts of currency. I have never had any problems using them and it is a simple online process. I have also paid high value UK HMRC tax rebate cheques in Sterling into my Thai SIAM COMMERCIAL account for a fee of 200 baht and received an excellent rate.

Edited August 2, 2012 by BirdsandBooze

[Postmaster]

Is there an actual LIMIT you are allowed to bring into Thailand in CASH £ Sterling or $USD because may be doing something with a property over there?

Thanks anyone

[SantiSuk]

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.

Depends on how much. Small amounts - true. Larger amounts not true. See post #6 above

[SantiSuk]

Is there an actual LIMIT you are allowed to bring into Thailand in CASH £ Sterling or $USD because may be doing something with a property over there?

Thanks anyone

No limit. You must declare amounts over 10,000 euros* leaving any EU country (note applies to the UK also - it is not the 10,000 GBP quoted by a poster above). Exiting the US I believe the limit is $10,000 but have no experience

You must declare amounts over $20,000* entering Thailand.

For money declared make sure you can explain where the money came from and bring evidence to show where it came from. Actually, as other posters have pointed out, you can be quizzed on even smaller amounts - amounts exceeding 1,000 euros - if you are stopped and asked.

I brought GBP 10,000 out of the UK and into Thailand a couple of months ago (see post #27 above), so the above is based on experience.

*includes other currencies to an equivalent amount

Edited August 31, 2012 by SantiSuk

[pampal]

Best rates are at the Chinatown and Phahurat money changers.

[RedBullHorn]

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.

Could you provide me the website to this chart ? Thank you.

Edited February 14, 2013 by RedBullHorn