Bringing USD into country.

[timbus8]

Hello,

I was wondering how much USD I would be allowed to bring into Thailand. Also, if it is a substantial amount is there a way to avoid having to carry a large amount of money by having my bank in the U.S. send the money to a bank in Chiang Mai & set up an account before I arrive or is this not possible? Thank you in advance for your responses.

[gandalf12]

Begs the question "Why would you want to bring a large amount of money into Thailand"? If it is to buy something, condo etc then a bank cheque would be better made out to the company you are buying from.

[timbus8]

I want to open both a savings & checking account with two different banks. I also want to deposit enough money in one account to live for one year while my retirement checks are direct deposited without me using them.

[thehelmsman]

I've never had any problems bringing cash to Thailand.

[chiang mai]

There is a limit to the amount of UNDECLARED money that can be brought in but I'm unsure of the amount, I believe it is is about USD 20,000.

If the purpose of bringing in such a large amount is to buy property, the OP must figure out how he will get his much needed FET (Foriegn Exchange Transaction) form or equivalent, without it he wont be able to buy property in his own name.

[wym]

And you should bring documentation with you as to the source of the funds in case the bank asks, especially if you are American.

[timbus8]

Thank you. That would be more then enough. I would never buy property in a foreign country. I would want the freedom of being able to leave without having to wait to sell a house. I do not want to make the same mistake I did when I moved to Mexico 3 years ago. I want to have enough money saved up to bring to Thailand to live for one year without having to worry about funds. That is my only reason for wanting to know how much USD I can bring into the country. Because of the drug cartel in Mexico large sums brought into Mexico raise a red flag. I think $10,000 USD is the limit.

[timbus8]

Is documentation really necessary?

[JLCrab]

About the easiest thing to do is to set up an account with Bangkok Bank and then you can make a domestic ACH transfer into their NYC office. Then transfer from BKK to your second bank account in Thailand.

http://www.bangkokbank.com/bangkokbank/personalbanking/dailybanking/transferingfunds/transferringintothailand/receivingfundsfromusa/pages/receivingfundsfromusa.aspx

[chiang mai]

Is documentation really necessary?

Think about what would happen in the West if you walked into a bank with 20k and said you wanted to deposit it, the banks answer here will be no different.

[wayned]

I would only bring enough money with you to live for a short period, say $10000. When you get here set up an account with Bangkok Bank, they have a branch in New York.

You can then easily transfer money into your account . It is deposited via the New York branch and is the cheapest method that I know of.

[ukrules]

The best way is to setup internet banking on your US account and open a savings account when you get here.

Then you can wire the money directly to your new account using a SWIFT payment.

Double check that your bank back home allows you to setup a new recipient account in your own name in a foreign country and do an international wire on the internet before you come. If they don't then open a new bank account at a bank that does.

I believe $10,000 is the 'limit' for undeclared money. If you travel with 'large' amounts of cash in the US it will be subject to random seizure unless you have proof that it's yours so keep the bank statements and withdrawal receipts from your bank with you at all times when you're carrying it or they will take it.

They started seizing money in the UK as well, they have dogs trained to sniff out the ink on cash on trains and at airports, this is the same as they do in US.

This guy mentions a seizure of only $7500 in the interview so be careful ! It's better not to carry cash.

http://www.sun-sentinel.com/videogallery/67817050/News/BSO-Cash-Sniffing-Dogs-at-Fort-lauderdale-International-Airport

[JLCrab]

Bangkok Bank ACH transfer is much less expensive than SWIFT.

http://www.bangkokbank.com/bangkokbank/personalbanking/dailybanking/transferingfunds/transferringintothailand/receivingfundsfromusa/pages/receivingfundsfromusa.aspx

[timbus8]

Excellent point about the documentation & thank all of you for the info about money transfer. Bangkok bank was one of the banks I was going to use. The other is SCB.

[thehelmsman]

Cash Rules - Always has and always will. It's sad when having cash makes you a criminal.

[timbus8]

It is mostly cash is king in Mexico. I have never used anything else to pay for bills or items. My only access to money is the ATM machines. Sometimes I have to hunt for one that is working. It has worked out so far but the fees are cheaper here then in Thailand. I think when I move my ATM day's will be over.

[Langsuan Man]

Just remember that the exchange rate for CASH is usually lower than for electronic transfers. For a few US dollars not much to worry about but those pesky little Satangs can add up when multiplied by thousands

[wym]

depends where you exchange

[khwaibah]

Opening of Bangkok Bank. 32,48 cash 32.73 TT look at the spread. TT is always better.

[harryfrompattaya]

Cash Rules - Always has and always will. It's sad when having cash makes you a criminal.

You can bring in as much as you want Just declared the money at the airport when before you clear customs No problem at LAX and JFK just check with airport

Better to wire money get better rate

[NancyL]

One thing to keep in mind is that someday you may wish to take money out of Thailand and it could be to your advantage to be able to show that you originally brought money in from overseas, i.e. that you didn't earn money in Thailand and thus don't owe taxes on that money. That could be difficult if you made a cash deposit into your Thailand account rather depositing via a ACH or wire transfer from overseas.

Always keep your old bank passbooks for the same reason, to show your account history.

[arthurwait]

The baht will fall and when the Shins go it will plummet, Don't bring/change all your money yet.

[timbus8]

I appreciate the advice. This forum is very educational & helpful!

[RikDao]

Cash Rules - Always has and always will. It's sad when having cash makes you a criminal.

Yeah cash is good. Unfortunately, cash is easier to steal. Also, bad guys deal in cash a lot, so it has become suspicious to deal with a lot of cash. TPTB want us to use digital money, so they can control things better.

Of course, you and most others know all this, helms, I'm just commenting on your comment.

[Thongkorn]

When i have brought cash into Thailand, I have changed it at Chinese money changers in Bangkok, they give a better rate, Especial if they are big note bill, Just make certain they are clean, free from writing on them.

[timbus8]

Thank you. Everyone likes crisp $100 USD.

[wym]

90% of which worldwide carry traces of cocaine