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Selling My Car - How To Take The Cash Out Of The Country?

Ramon88

By Ramon88
in Phuket

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Ramon88 Explorer Member

Ramon88

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I'll be leaving Phuket for the last time in a few months. Will sell my car shortly and live off part of the proceeds but will need to convert probably B300k to US$. Is there a limit to what you can convert at a exchange booth? Do you just ask your bank for international bank check?

What have other people done who were leaving the country?

Any help on this would be greatly appreciated.

R8

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NamKangMan Diamond Member

NamKangMan

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If you are selling the car to a farang - you could get them to do the exchange as part of the deal.

I have also heard of cases where the farang will deposit the money, most likely via the internet, into your home country bank account, and the deal is done.

Not a great idea to have around $3500US on your person, or in your room.

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Jimi007 Platinum Member

Jimi007

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Thanks, Rickster. No limit? I might wait to sell the car then.

Whereabouts is Tilok-u-Thit 2 ? Sorry - I don't get to Phuket Town much.

The legal limit without having report your cash to Customs is $10,000 USD or equivalent.

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Dave8237 Senior Member

Dave8237

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Home » Consular & Visa Matters

BRINGING CURRENCY IN OR OUT OF THAILAND

Any person who brings or takes an aggregate amount of foreign currency exceeding USD20,000 or its equivalent out of or into Thailand shall declare such amount of foreign currency to a Customs Officer.

Failure to declare upon bringing currency that exceeds the amount restricted by law or its equivalent out of or into Thailand or making any false declaration to a Customs Officer is a criminal offence.

For Thai currency (Baht), any person can bring total amount not exceed THB500,000 to any Thailand’s bounded countries and not exceed THB50,000 to any destination countries.

More than that mentioned amount, you have to declare to a Customs Officer or exchange to others currency before depart from Thailand.

Further information, you can contact The Customs Department at

Tel: +66-2-249-0431 or hot line no. 1164.

Website: www.customs.go.th

Copied from a Royal Thai Consulate web site

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Jimi007 Platinum Member

Jimi007

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Home » Consular & Visa Matters BRINGING CURRENCY IN OR OUT OF THAILAND Any person who brings or takes an aggregate amount of foreign currency exceeding USD20,000 or its equivalent out of or into Thailand shall declare such amount of foreign currency to a Customs Officer. Failure to declare upon bringing currency that exceeds the amount restricted by law or its equivalent out of or into Thailand or making any false declaration to a Customs Officer is a criminal offence. For Thai currency (Baht), any person can bring total amount not exceed THB500,000 to any Thailand’s bounded countries and not exceed THB50,000 to any destination countries. More than that mentioned amount, you have to declare to a Customs Officer or exchange to others currency before depart from Thailand. Further information, you can contact The Customs Department at Tel: +66-2-249-0431 or hot line no. 1164. Website: www.customs.go.th Copied from a Royal Thai Consulate web site

The US government allows $10,000. I don't know what other countries requirements are. https://help.cbp.gov/app/answers/detail/a_id/195/~/currency-%2F-monetary-instruments---amount-that-can-be-brought-into-or-leave-the

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Dave8237 Senior Member

Dave8237

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UK it's 10,000 euros ( yes that's correct UK customs talk in euros, not GBP or Sterling) anything over that you must declare. It brought over more than that in GBP, declared at Birmingham Airport, my departure port, to UK customs. Gave them the correct form, C9011, and they were perplex as what to do.

So showed them the money, proved where it came from, eg investments, pension, sale of goods, or what got them to sign one copy, and said well I'be done my bit.

They thanked me, still looking at each other..........amazing UK.

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Sharp Gold Member

Sharp

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Thanks, Rickster. No limit? I might wait to sell the car then.

Whereabouts is Tilok-u-Thit 2 ? Sorry - I don't get to Phuket Town much.

The legal limit without having report your cash to Customs is $10,000 USD or equivalent.

$20,000

Sent from my iPad using ThaiVisa app

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keestha Platinum Member

keestha

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Thai banks are fussy about transferring money abroad. Not long ago I needed to transfer a small amount of money to Australia, because a customer who had prepaid something cancelled. Though I used a bank account which is on my name, I had to give them a copy of my company registration sheet, and i had to fill out a paper stating the reason for the transfer. Stuff like this is best done at a big branch of a leading bank, where they exactly know what is doable. In Phuket, I would go to the main Katsikorn branch in Phuket Town. When transferring money abroad, it is converted automatically.

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Ramon88 Explorer Member

Ramon88

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Member above wrote: The legal limit for a money transfer into your account is under 800k baht.

Thanks. That is what I need to know. I am only talking about B300k by the time all is done.

My bank is SCB - seems they should be able to handle that, no?

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Minnehaha Silver Member

Minnehaha

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Member above wrote: The legal limit for a money transfer into your account is under 800k baht.

Thanks. That is what I need to know. I am only talking about B300k by the time all is done.

My bank is SCB - seems they should be able to handle that, no?

I had more than that transferred in at one time.

6 months later I transferred same amount in 2 transactions a week apart. no reason to do it in 2 transactions... it was easier for me.

Nobody asked any questions. And I am not declaring it on my income tax filing in Thailand. I dont see how it would come up.

Re: the OP .....

Doing a bank transfer is easy (assuming you have accounts here and there). For foreign banks you need name, account, and SWIFT code. Send away.

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Dave8237 Senior Member

Dave8237

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Member above wrote: The legal limit for a money transfer into your account is under 800k baht.

Thanks. That is what I need to know. I am only talking about B300k by the time all is done.

My bank is SCB - seems they should be able to handle that, no?

I am with SCB, and I transferred in to my account B1 million, no problems, from a UK account, both are personal accounts in my name only. No one has ever told me there is a limit........or said anything when the above transfers

However at B300k, approx £6.6k, should be no problem in taking that amount out in cash or SWIFT/iIBAN payment

As for exchange I use Linda Exchange in BKK, as good as Superrich, IMHO, the most I have changed there in one go is £2.5k, they didn't seem to be alarmed, anyway they take a copy of your photo page of passport, if there was to any sort of money laundering problem, or concern.

Anyway all by the by at the moment, good luck in selling the motor, and hope you get the price your after.

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technologybytes Silver Member

technologybytes

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It's really not going to be an issue for you at all.

Any money changer will have no problem changing 300k, and it's no problem to just carry the cash in your hand luggage.

Really, it's as simple as that! It's not a lot of money by any standards, and it's perfectly normal to carry that amount in my experience.

Bank transfers out are a pain, it depends on the bank clerk on the day, some make no fuss and some try their hardest to make it impossible. You can open a bangkok bank account, get a debit card, immediately set the limit to 150,000 baht and withdraw the money in any country in 2 days. Personally I'd sooner carry the cash.

Whatever you do, do not attempt to take it out in Thai Baht and change it overseas, it'll end in tears.

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SteveB2 Advanced Member

SteveB2

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Home » Consular & Visa Matters BRINGING CURRENCY IN OR OUT OF THAILAND Any person who brings or takes an aggregate amount of foreign currency exceeding USD20,000 or its equivalent out of or into Thailand shall declare such amount of foreign currency to a Customs Officer. Failure to declare upon bringing currency that exceeds the amount restricted by law or its equivalent out of or into Thailand or making any false declaration to a Customs Officer is a criminal offence. For Thai currency (Baht), any person can bring total amount not exceed THB500,000 to any Thailand’s bounded countries and not exceed THB50,000 to any destination countries. More than that mentioned amount, you have to declare to a Customs Officer or exchange to others currency before depart from Thailand. Further information, you can contact The Customs Department at Tel: +66-2-249-0431 or hot line no. 1164. Website: www.customs.go.th Copied from a Royal Thai Consulate web site

The US government allows $10,000. I don't know what other countries requirements are. https://help.cbp.gov/app/answers/detail/a_id/195/~/currency-%2F-monetary-instruments---amount-that-can-be-brought-into-or-leave-the

The USD10,000 (or foriegn currency equivalent) is the amount at which FINCEN regulations require a mandatory report to be added into world wide anti-money laundering system. However, reporting is requested for suspicious transactions even below USD10,000 (For example:- regular thousand dollar amounts ending in lots of zeros deposited by unemployed, face tattooed, Neanderthal whistling.gif ) Although FINCEN is predominantly an American system, any bank/country that deals with America is required to co-operate with FINCEN and fill in the Suspicious Activity Reports (SARs), the Currency Transaction Reports (CTRs) and enter them into the system.

Customs authorities can sometime be quite draconian over how they handle what is considered to be suspicious amounts of your cash. To ensure a smooth-ish trip through the red channel when declaring funds, you really do need to carry some sort of 'PROOF OF SOURCE' letter or documentation showing proof of where the cash funds came from, else it may be swiped.

The general rule with all high value amounts of money, is that any cash discovered or declared is considered 'dirty' until proved clean. Confiscatory powers are high, and you may have to go to court to prove ownership before your funds are returned to you. This will cost a lot.

A few years ago, I was moving a few hundred thousand USD cash around as Swiss Ants (Swiss 1,000 Francs = approx USD1,000 note) after a successful few weeks selling alcohol in Saudi Arabia. It was not the first trip. On arriving at a private bank in the Isle of Man, the friendly consultant apologies and stated that "now he needs 'proof of source' for large amount of cash deposits such as this". 'Damn!'- I didn't have one and had to take the Ants back to Saudi. On arriving back in Saudi I was caught in Saudi customs (double damn!) and had to explain where it all came from and why I didn't send it by bank transfer; thankfully, an epiphany occurred... BCCI had just gone bust, and my "Sorry, I don't trust Arab banks" was met by a smile of understanding. My cash was returned, and off I went.

Next time over to the Isle of Man, I took a few years of salary slips. The banker was happy. The deposit even worked every time for the next few leave cycles with the same salary slips.

In truth - I think the FINCEN regulations have been a failure in stopping drug related monies moving around the world. All it’s done is stop Johnny tool-pusher and Wendy home-maker from spiriting away their savings/money/cash to another country without paying any required taxes - The tax man and customs can now nab them all. Meanwhile, the Columbians move their cash around by the ton in their own submarines, aircraft and within their own international banking systems.

200Million USD in a bedroom. Edited by SteveB2
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Ramon88 Explorer Member

Ramon88

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Posted (edited)

Surprisingly enough, I asked at a Kasikorn exchange booth at Central Festival today and the girl there told me "no limit". I was surprised as my bank (SCB) always does a third degree when paying for my health insurance or sending other money out of the country even in smallish amounts. I asked her B300k she said no problem. I asked how much more and she said, "No limit".

I'd rather do the cash in my pocket as I am not going to my home country. The $10,000 notification is not a limit, it is just that you have to declare it. Not a problem.

Edited by Ramon88
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Beachbunny Advanced Member

Beachbunny

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If you are selling the car to a farang - you could get them to do the exchange as part of the deal.

I have also heard of cases where the farang will deposit the money, most likely via the internet, into your home country bank account, and the deal is done.

Not a great idea to have around $3500US on your person, or in your room.

Thanks, Rickster. No limit? I might wait to sell the car then.

Whereabouts is Tilok-u-Thit 2 ? Sorry - I don't get to Phuket Town much.

The legal limit without having report your cash to Customs is $10,000 USD or equivalent.

$20,000

Sent from my iPad using ThaiVisa app

Actually legal limit for carrying with on a flight is up to 10,000 USD...that INCLUDES any loose change in your pockets....HOWEVER, with TSA the way they are and very sticky fingers....don't think it's a good idea...either wire transfer or international bank draft.

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Beachbunny Advanced Member

Beachbunny

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Surprisingly enough, I asked at a Kasikorn exchange booth at Central Festival today and the girl there told me "no limit". I was surprised as my bank (SCB) always does a third degree when paying for my health insurance or sending other money out of the country even in smallish amounts. I asked her B300k she said no problem. I asked how much more and she said, "No limit".

I'd rather do the cash in my pocket as I am not going to my home country. The $10,000 notification is not a limit, it is just that you have to declare it. Not a problem.

Right...there is NOT a limit, but if you want to be under the radar....then it's 10,000 USD. good luck!

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mortenaa Silver Member

mortenaa

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I did a wire transfer to my US bank into my thai bank., you mean I can't transfer it back? Is that the law here?

Of course you can. I transferred funds from and to Europe, from and to my bank account in Singapore. Just fill in the form, no questions asked.

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starkey_rich Gold Member

starkey_rich

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As I said transferring money into Thailand is easy.Now when you come to transfer it out they will try everything to stop you.When I sold my land I wanted to transfer half the money out.I had all the correct paperwork stating how much and when I transferred it in but they still made problems for me.

A friend of mine sold land last year and had misplaced the paperwork.The bank must have records of when he transfer the money in but flatly refused to look for them.

He ended up having to go down the route of changing his baht into sterling in Phuket town and getting it out in 3 trips.

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