Selling gold - taxes

[lukeskywalker]

I'm in the process of setting up my Wells Fargo Bank (USA) account within my SCB bank so that I can transfer money out of Thailand and into the Wells account (I am moving back to the States). I was told that the paperwork had to be reviewed by SCB's headquarters in Bangkok and they will determine my "transfer limit" (This is "total transfer" not per day transfer). It seems that there is some way they will set a limit on the amount of my own money I can transfer out of Thailand.

I have about 1M I will want to transfer asap. After that, I will want to transfer 30k/month (pay from a job here in Thailand I can do while in the USA).

Does anyone know how they come up with the limit I will be able to transfer out? Is there any way to get this limit higher? What do I do if they limit me to say 500,000 THB? How do I get my other 500,000 THB and then the 30k per month out of Thailand?

Separate question, I have an SCB credit card (50k THB limit that I had to secure with 100k THB). Is it wise to use this in the USA (or is the exchange rate, charges too high)? Also, this goes for my SCB ATM card. Can/Should I use my SCB ATM card to withdrawal dollars in the USA? Is that a bad idea? Would those withdrawals count to my above mentioned "transfer limit"?

Lastly, I plan on carrying 10k USD in my pocket when I fly home. Would love to bring all 1M THB, but if get busted, I lose the lot!

Help greatly appreciated!

[ThaiRich]

Take the 1M Thai Baht and exchange for dollars now(excellent exchange rate) and take the dollars home with you. Unless it is drug money or ill-gotten just declare it as you go through immigrations. 10,000 is not the maximum you can take into the US. 10,000 is the maximum you can take into the US with out declaring it. If you worked for the money, you surely have pay slips or something that can back up how you got the money. Have all your documents ready and declare the money.

I almost forgot. If you have been working legally in Thailand, with a work permit and have documents for your monthly salary. You are entitled to transfer 100% of your wages back to your home country. Also, if any of that money was originally transferred from your home country to here and you have the supporting documents you are entitled to transfer that same amount back.

Edited May 8, 2013 by ThaiRich

[Naam]

Take the 1M Thai Baht and exchange for dollars now(excellent exchange rate) and take the dollars home with you. Unless it is drug money or ill-gotten just declare it as you go through immigrations. 10,000 is not the maximum you can take into the US. 10,000 is the maximum you can take into the US with out declaring it. If you worked for the money, you surely have pay slips or something that can back up how you got the money. Have all your documents ready and declare the money.

don't forget that this demands also a declaration when leaving Thailand.

[lukeskywalker]

Take the 1M Thai Baht and exchange for dollars now(excellent exchange rate) and take the dollars home with you. Unless it is drug money or ill-gotten just declare it as you go through immigrations. 10,000 is not the maximum you can take into the US. 10,000 is the maximum you can take into the US with out declaring it. If you worked for the money, you surely have pay slips or something that can back up how you got the money. Have all your documents ready and declare the money.

don't forget that this demands also a declaration when leaving Thailand.

Taking it all back in cash is the best way (cheapest anyway). But a few questions about taking 1M THB on a plane out of the country:

1. When declaring at BKK airport, what kind of documentation will I need? The though of greedy customs officials laying eyes on that amount of money makes my pulse quicken to say the least! If there's a problem, I could miss flight and God knows what else. (But, maybe not, TIT, you never know).

2. I've been in Thailand for almost 8 years. When I first came here, I withdrew a lot of money from ATMs. Since then, I have worked doing many different jobs (some with a work permit, some not). My current work permit pays only 55k THB/month and have only been working 9 months. I guess, again, I'm asking the same question, how to prove all of the ATM withdrawals, old job payments, etc?

3. Where to exchange that amount of money (in Chaing Mai or Bangkok)? Will they have it on hand or I will need to call ahead?

Thanks again!

[Mario2008]

Only over 20,000 US$ worth in foreign curency must be declared at customs when entering or leaving Thailand.

http://www.customs.go.th/wps/wcm/connect/custen/travellers/arriving+in+thailand/arrivinginthailand

[commande]

1M Baht is not that much money in the grand scheme of things. I have taken over 50k USD in cash back to the USA when I worked consulting overseas. All I did was show them my Visa in my passport and declare I had the cash. They asked me what I was going to do with the money and I told them deposit it into my USA bank account, they took my Banking information, name of bank and location then let me pass. Never heard from them again. Of course I did deposit the money in my bank ... Never know, they might have checked but it was no issue, just declare the funds and take the cash home with you.

[lukeskywalker]

OK, I think will hand carry home then. I will have more than 20k USD so I need to declare leaving Thailand. What is that procedure? Chance of hassle or corruption there?

Will US Customs ask to see my Thai declaration paperwork?

Edited May 8, 2013 by lukeskywalker

[Mario2008]

According to the customs website is is filling out a form and answering questions.

But you cna always first transfer an amount through your bank account and take under 19,999 $ cash with you.

[commande]

According to the customs website is is filling out a form and answering questions.

But you cna always first transfer an amount through your bank account and take under 19,999 $ cash with you.

I agree with this idea just to avoid the any issue with the Thai's at the airport. USA customs, you don't have to worry about, just do the right thing and declare it. You get in trouble in the USA when you don't declare it, you get questioned intensely when bringing over 100k in. Bring a 1M USD in and you would have some issues or delays in getting your money as they would confiscate it unless you made pre-arrangements of declaration prior to arrival.

Your fine, don't worry... Have a safe trip home.

Edited May 8, 2013 by commande