Cash or Wire?

[jobin]

Who knows the rules about carrying USA dollars in T'land? Specifically, i want to know about carrying the US30K needed to open the Bt 800K bank account. Any problems at the border? Or does anyone know about wire transfers into the Bangkok Bank from USA?

[stoneyboy]

I'm not sure on the specifics of how much foreign currency one can carry,but I know I wouldn't want to be walking about with that sort of cash anywhere in the world for prolonged periods,just wire it over much easier and safer.

[historyprof]

Go to the bank and get American Express travelers checks. I get $1000 denomination. Plan on going to more than one bank as they don't usually keep too many $1000's around. Keep the receipts and the checks in different places. I always make a copy of the receipts and store on line in my email account. It's not much paper to carry only 30 bills for $30,000. It is easy to exchange AMEX at any bank in Thailand and if I remember you get a better rate for them than cash.

[JLCrab]

With a bank like BofA or WellsFargo, you can leave then money in their account and when you get to Thailand open a Bangkok Bank account -- they have a branch in New York City with an ACH (domestic) clearing number and you can set up a transfer from the US bank to that bank.

http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/TransferingFunds/TransferringIntoThailand/ReceivingFundsfromUSA/Pages/ReceivingFundsfromUSA.aspx

[Gsxrnz]

IMT (International Money Transfer), or "wire" as you call it is the easiest, safest, and cheapest option. If you buy traveller's cheques you will pay a commission on buying, usually 1% and the rate when you cash them in Thailand will be better than cash, but not as good as the IMT rate.

Plus you have a record of bringing the money into Thailand via the bank which is always a help if you buy a condo in the future or want to repatriate money back home.

DON'T bring in cash - murphy's law says it will get nicked, not worth the risk.

[jcgodber]

U.S. law says that you MUST declare any amount of dollars over $10,000 I would think that the best way for you to go would be to wire transfer your funds and remember to file a TD F 90-22.1 to be in compliance for REPORT OF FOREIGN BANK

AND FINANCIAL ACCOUNTS.

I would carry $10,000 in American Express travelers checks in $1,000 denominations if you can find them simply because you will be charged a small fee for each check regardless of the size of the check ( bigger is better) the exchange rate is better than , say a $100 bill.

Then wire the rest.

Edited August 7, 2013 by jcgodber

[jackr]

DON'T bring in cash - murphy's law says it will get nicked, not worth the risk.

Agreed; it ain't. I can never understand those folks who eagerly declare how much they can save, however little, by bringing in cash. Even if that were true, I would hate to be in a position where I'd worry about losing a few bucks over the ease, simplicity and safety of SWIFTing.

[KhunBENQ]

Not the best idea to bring the 800k money in cash.

Immigration can always come up with the question where the money is from.

(at least then keep copies of the money exchange slip(s)).

Always better to have a Thai bankbook with a wire transfer.

Official limit for declaring cash at the Thai border is 20k USD.

[ttthailand]

Wire to your Thai bank....why take the risk or have so many headaches to save a few dollars ...even a hundred dollars is not worth the pain...

never good idea as if customs sees that kind of money coming into the country it may set off bells .... drug money or other illegal business.