nicelee808 Posted October 23, 2012 Share Posted October 23, 2012 Hello all, Would I be right in thinking that the best possible exchange rate I could get, would be if I had the cash GBP rather than using a currency transfer company or a bank. I am looking to take around £26,000 from the UK to Thailand, doing this through my bank as a international transfer I would only get 47.62 Bt to the pound even though the rate today is 48.82, HiFx were quite good as I would probably get around 48.5. I am tempted to actually take the whole lot in cash, £50 notes, hoping this would give me the chance to get a higher exchange rate. Any input would be appreciated Link to comment Share on other sites More sharing options...
nicelee808 Posted October 23, 2012 Author Share Posted October 23, 2012 Also, does anyone have any insight to whether the GBP while gain or lose against the Bt in the next few weeks. Regards Lee Link to comment Share on other sites More sharing options...
endure Posted October 23, 2012 Share Posted October 23, 2012 http://www.hmrc.gov.uk/customs/arriving/declaring-cash.htm Link to comment Share on other sites More sharing options...
CharlieH Posted October 24, 2012 Share Posted October 24, 2012 If you open an account with Bangkok bank , transfer it through the London branch in the UK you will get the TT rate on Bangkok Bank website, today its 48.74 as an example, you will get the rate on the day it arrives in Bangkok. That will cost you about 20 gbp to transfer, Make sure you transfer in POUNDS and exchange in Thailand, NOT send in Baht from London. Taking more than 10k in cash will cause you a big problem, if caught you could lose the lot, until investigations are completed and they are satisfied, could take 6 months or more if they are so inclined. 1 Link to comment Share on other sites More sharing options...
davejones Posted October 24, 2012 Share Posted October 24, 2012 Cash could get seized by customs, you could lose it, you could get robbed. Is it worth risk that just to get a few baht extra? Link to comment Share on other sites More sharing options...
yoshiwara Posted October 24, 2012 Share Posted October 24, 2012 If you open an account with Bangkok bank , transfer it through the London branch in the UK you will get the TT rate on Bangkok Bank website, today its 48.74 as an example, you will get the rate on the day it arrives in Bangkok. That will cost you about 20 gbp to transfer, Make sure you transfer in POUNDS and exchange in Thailand, NOT send in Baht from London. Taking more than 10k in cash will cause you a big problem, if caught you could lose the lot, until investigations are completed and they are satisfied, could take 6 months or more if they are so inclined. That would be < 10k in euro equivalent that can be taken out without declaration. Link to comment Share on other sites More sharing options...
nicelee808 Posted October 24, 2012 Author Share Posted October 24, 2012 If you open an account with Bangkok bank , transfer it through the London branch in the UK you will get the TT rate on Bangkok Bank website, today its 48.74 as an example, you will get the rate on the day it arrives in Bangkok. That will cost you about 20 gbp to transfer, Make sure you transfer in POUNDS and exchange in Thailand, NOT send in Baht from London. Taking more than 10k in cash will cause you a big problem, if caught you could lose the lot, until investigations are completed and they are satisfied, could take 6 months or more if they are so inclined. Hi Charlie, Thanks for the reply, dont suppose you would have a link to where I can open a account with Bangkok Bank. Regards Lee Link to comment Share on other sites More sharing options...
nicelee808 Posted October 24, 2012 Author Share Posted October 24, 2012 Thanks everyone for the input, What if I took £8000 and my wife takes £8000 which would be under the 10,000 euro, and we take the bank receipts and print off the online statements to back it up, would they still be able to seize monies from us. Regards Lee Link to comment Share on other sites More sharing options...
nicelee808 Posted October 24, 2012 Author Share Posted October 24, 2012 If you open an account with Bangkok bank , transfer it through the London branch in the UK you will get the TT rate on Bangkok Bank website, today its 48.74 as an example, you will get the rate on the day it arrives in Bangkok. That will cost you about 20 gbp to transfer, Make sure you transfer in POUNDS and exchange in Thailand, NOT send in Baht from London. Taking more than 10k in cash will cause you a big problem, if caught you could lose the lot, until investigations are completed and they are satisfied, could take 6 months or more if they are so inclined. Hi Charlie, Thanks for the reply, dont suppose you would have a link to where I can open a account with Bangkok Bank. Regards Lee Opening from the UK Link to comment Share on other sites More sharing options...
manarak Posted October 24, 2012 Share Posted October 24, 2012 If you open an account with Bangkok bank , transfer it through the London branch in the UK you will get the TT rate on Bangkok Bank website, today its 48.74 as an example, you will get the rate on the day it arrives in Bangkok. That will cost you about 20 gbp to transfer, Make sure you transfer in POUNDS and exchange in Thailand, NOT send in Baht from London. Taking more than 10k in cash will cause you a big problem, if caught you could lose the lot, until investigations are completed and they are satisfied, could take 6 months or more if they are so inclined. Hi Charlie, Thanks for the reply, dont suppose you would have a link to where I can open a account with Bangkok Bank. Regards Lee probably can't open an account online anyway. it is also easy to open an account with Kasikorn and they have good rates too. the important advice for anybody who wants to transfer money to Thailand is to transfer in your own currency, don't let your bank do a conversion into Thai Baht prior to the transfer. ALL foreign rates against Thai Baht are a total rip off. Link to comment Share on other sites More sharing options...
Naam Posted October 25, 2012 Share Posted October 25, 2012 probably can't open an account online anyway. it is also easy to open an account with Kasikorn and they have good rates too. the important advice for anybody who wants to transfer money to Thailand is to transfer in your own currency, don't let your bank do a conversion into Thai Baht prior to the transfer. ALL foreign rates against Thai Baht are a total rip off. that does not necessarily apply when your bank is in Singapore. i have made several times Baht transfers getting a better rate. Link to comment Share on other sites More sharing options...
manarak Posted October 25, 2012 Share Posted October 25, 2012 probably can't open an account online anyway. it is also easy to open an account with Kasikorn and they have good rates too. the important advice for anybody who wants to transfer money to Thailand is to transfer in your own currency, don't let your bank do a conversion into Thai Baht prior to the transfer. ALL foreign rates against Thai Baht are a total rip off. that does not necessarily apply when your bank is in Singapore. i have made several times Baht transfers getting a better rate. ok, you found one exception Link to comment Share on other sites More sharing options...
Naam Posted October 25, 2012 Share Posted October 25, 2012 probably can't open an account online anyway. it is also easy to open an account with Kasikorn and they have good rates too. the important advice for anybody who wants to transfer money to Thailand is to transfer in your own currency, don't let your bank do a conversion into Thai Baht prior to the transfer. ALL foreign rates against Thai Baht are a total rip off. that does not necessarily apply when your bank is in Singapore. i have made several times Baht transfers getting a better rate. ok, you found one exception the exception is Singapore and not limited to one bank. most banks in SG use Bangkok Bank, BKK as correspondence bank for THB transfers where they hold THB due to the restrictions the Bank of Thailand imposed on THB holdings outside Thailand. Dear Client,Thai Baht Currency Restrictions Further to the Bank of Thailand’s Measure No. 33/2003 (Additional Measure to Prevent Thai Baht Speculation), which came into effect in October 2003, XYZ Bank, Singapore Branch is subject to restrictions affecting its holdings of Thai Baht currency. These include the following: Maintaining THB accounts in Thailand for settlement purposes only, where settlement means the settlement of securities transactions and cash payment transactions. The exception is for deposits of a tenor of at least 6 months or more. Forfeiture of credit interest on its accounts (other than deposits of a tenor of at least 6 months or more) Ensuring that the aggregated end of day balances for cash accounts with all financial institutions in Thailand do not exceed THB 300 million (the “Daily THB Limit”) Imposition of deposit charge on THB account balances. In relation to the Daily THB Limit, XYZ Bank, Singapore Branch will be required to adjust its Thai Baht balances in all its client accounts to be compliant with the permitted level as determined by the Thai authorities on a daily basis. As such accounts may include balances in Thai Baht held on your behalf, it is critical that we are able to adjust client THB balances to ensure compliance. Accordingly, at any time that you are holding a long position in THB, we reserve the right in our absolute discretion and without prior notice to you to convert your holding of THB, in whole or part, into United States dollars at the prevailing spot rate. Yours truly, XYZ Bank, Singapore Branch Link to comment Share on other sites More sharing options...
SantiSuk Posted October 25, 2012 Share Posted October 25, 2012 See my cautionary posting here: http://www.thaivisa.com/forum/topic/593235-dont-you-take-a-huge-hit-bringing-in-large-sums-of-money/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+thaivisa24+%28Today%27s+best+Thaivisa+topics%29 Link to comment Share on other sites More sharing options...
manarak Posted October 25, 2012 Share Posted October 25, 2012 (edited) See my cautionary posting here: http://www.thaivisa....haivisa topics) well, theft is a completely different problem! Edited October 25, 2012 by manarak Link to comment Share on other sites More sharing options...
Mario2008 Posted October 25, 2012 Share Posted October 25, 2012 For Thailand one doesn't have to declare freign currency in or out of the county if the value is less than $20,000. http://www.customs.go.th/wps/wcm/connect/custen/traders+and+business/prohibited+and+restricted+items/currency/currency The UK will have its own regulations regarding taking money out of the country. Link to comment Share on other sites More sharing options...
Swiss1960 Posted October 26, 2012 Share Posted October 26, 2012 Cash could get seized by customs, you could lose it, you could get robbed. Is it worth risk that just to get a few baht extra? Nobody is going to seize your cash, if you have a withdrawal receipt from your UK bank, as customs will then rightly assume that your UK bank already checked the legitimacy of the incoming money and taxing is assured through your bank statements... But you are right with the risk of getting robbed... you can assume that in most countries, their are always some crooks watching people going throught the red channel to declare something of value (and you have to declare the mentioned amount of money when entering Thailand). So going through the red channel flags you as a potential victim for theft, robbery or worse... is taking that risk worth the few (hundred od thousand) more Baht that you get from direct exchange? My thought... no, it is not. 1 Link to comment Share on other sites More sharing options...
yoshiwara Posted October 27, 2012 Share Posted October 27, 2012 Thanks everyone for the input, What if I took £8000 and my wife takes £8000 which would be under the 10,000 euro, and we take the bank receipts and print off the online statements to back it up, would they still be able to seize monies from us. Regards Lee No. no problem at all and no requirement to declare either. Link to comment Share on other sites More sharing options...
Naam Posted October 27, 2012 Share Posted October 27, 2012 Thanks everyone for the input, What if I took £8000 and my wife takes £8000 which would be under the 10,000 euro, and we take the bank receipts and print off the online statements to back it up, would they still be able to seize monies from us. Regards Lee No. no problem at all and no requirement to declare either. not sure about UK regulations but in Germany and France a couple travelling together is restricted to the same amount <€10k which requires no declaration like a single traveller, i.e. husband and wife carrying each € 6,000 would have to declare the total amount. Link to comment Share on other sites More sharing options...
yoshiwara Posted October 27, 2012 Share Posted October 27, 2012 Thanks everyone for the input, What if I took £8000 and my wife takes £8000 which would be under the 10,000 euro, and we take the bank receipts and print off the online statements to back it up, would they still be able to seize monies from us. Regards Lee No. no problem at all and no requirement to declare either. not sure about UK regulations but in Germany and France a couple travelling together is restricted to the same amount <€10k which requires no declaration like a single traveller, i.e. husband and wife carrying each € 6,000 would have to declare the total amount. The regulations are EU regulations so should apply over the whole EU area. I cannot find a reference to husband/wife in the regs and I don't know how this would be determined anyway. http://ec.europa.eu/taxation_customs/resources/documents/customs/customs_controls/cash_controls/r1889_2005_en.pdf Link to comment Share on other sites More sharing options...
topt Posted October 28, 2012 Share Posted October 28, 2012 Thanks everyone for the input, What if I took £8000 and my wife takes £8000 which would be under the 10,000 euro, and we take the bank receipts and print off the online statements to back it up, would they still be able to seize monies from us. Regards Lee No. no problem at all and no requirement to declare either. not sure about UK regulations but in Germany and France a couple travelling together is restricted to the same amount <¤10k which requires no declaration like a single traveller, i.e. husband and wife carrying each ¤ 6,000 would have to declare the total amount. The regulations are EU regulations so should apply over the whole EU area. I cannot find a reference to husband/wife in the regs and I don't know how this would be determined anyway. http://ec.europa.eu/taxation_customs/resources/documents/customs/customs_controls/cash_controls/r1889_2005_en.pdf Here is a specific link to the UK HMRC page and the form you are supposed to complete. Reading the notes on the back of the form as Yoshiwara says there is no mention of husband and wife although it does mention if the money belongs to two people. http://www.hmrc.gov.uk/customs/arriving/declaring-cash.htm Cash+declaration.pdf You would have hoped that in this day and age they would respect the right of a souple to have their own separate funds and as long as you could show the money coming from separate accounts I would hope there would not be an issue. Link to comment Share on other sites More sharing options...
nicelee808 Posted October 28, 2012 Author Share Posted October 28, 2012 Thanks for the input. I think it would better to be cautious and transfer the money, hopefully I can do this on a day that the £ is strong, also it would probably look better on my visa extension showing that the money has come from abroad rather than a cash deposit which I think may actually be a requirement. Regards Lee Link to comment Share on other sites More sharing options...
yoshiwara Posted October 28, 2012 Share Posted October 28, 2012 Here is a specific link to the UK HMRC page and the form you are supposed to complete. Reading the notes on the back of the form as Yoshiwara says there is no mention of husband and wife although it does mention if the money belongs to two people. http://www.hmrc.gov....laring-cash.htm Cash+declaration.pdf You would have hoped that in this day and age they would respect the right of a souple to have their own separate funds and as long as you could show the money coming from separate accounts I would hope there would not be an issue. I would read that as in the case of a joint account ie one account with two names on it, so they probably do respect a couple with 2 separate accounts. Link to comment Share on other sites More sharing options...
AdmiralNelson Posted October 30, 2012 Share Posted October 30, 2012 (edited) Thanks everyone for the input, What if I took £8000 and my wife takes £8000 which would be under the 10,000 euro, and we take the bank receipts and print off the online statements to back it up, would they still be able to seize monies from us. Regards Lee No. no problem at all and no requirement to declare either. Wrong........Very wrong. CE can start their enquiries on you the minute you are stopped with a penny over 1k....... Yep Bank Withdrawal receipts will sort the issue right up to £10,000/Euro 10,000 but any hint that the monies are linked (husband and wife) and over that you're travelling without it, unless having been declared in advance. Edited October 30, 2012 by AdmiralNelson Link to comment Share on other sites More sharing options...
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