Options to Moving USD cash out of Thailand

[vagabond48]

I need to move a large sum of US cash from Thailand back to the US.

The money came from a combination of ATM and bank counter withdrawals so I would need to convert baht to dollars. I have US bank statements showing these transactions, if needed.

My wife and I will be going to the US, so I know one option can be for each of us to bring cash with us.

I always thought that the maximum undeclared cash one can take was up to USD 10,000 but I read the following on a legal service web site,

"If you carry any foreign currency of more than USD 20,000 into or out of Thailand, you need to file a report to the Customs Department. This report is required by the “Ministerial Regulation (No. 25) B.E. 2530 issued under the Authority of the Currency Exchange Control Act B.E. 2485 and relevant regulations."

Is this in fact true? If yes, this mean that each person can take up to USD 20,000 out of Thailand without declaring it to Thai customs.

The second option would be to make international transfers through my Thai bank account but I have read that this is not that easy to setup.

If I go with the 1st option, I would have to go to a money changer. I know a reputable one that has the reputation of giving the best exchange rates.

If I go with the 2nd option, would there be a substantial percentage loss from the combination of bank fees (Thai and US) and a possibly lower exchange rate?

I do realize that option 2 is much safer but at what cost?

All helpful comments will be appreciated.

Edited March 22, 2014 by vagabond48

[Cosmo88]

Unfortunately can't respond on the USD cash limit, but in many western counties it's not that easy to deposit large sums of cash into a bank account (even your own) due to money laundering regulations. Maybe that's not an issue in the US, or maybe the money is intended for other use, but perhaps something to think about at least before deciding.

[isawasnake]

The first thing I would seriously consider is leaving as much baht as you can here, perhaps in a (tax free on capital gains) mutual fund(s). You could have access to these funds even if not in Thailand through internet banking services such an Bangkok Bank's.

I will be curious to see the responses of others. Is it better to convert baht to dollars here, and bring the cash into the states? Or, would it be better to do a swift and get that conversion rate? I don't mind carrying cash on a plane either, but where you convert a large sum may be a big factor. Make sure you are getting the best rate with that amount of cash.

[bluebluewater]

If you are going to convert Baht to Dollars then do it here. American banks do not want to deal with Thai currency and although they will do it you will get a really crap conversion rate. In the Dallas airport I once saw a rate of 24Bt when it was closer to 34 here.

Yes, you can take 20K out of Thailand without declaring it in Thailand. But that is different when you get to American customs as the undeclared limit is 10K. Two different countries, two different sets of rules. And that is per individual. If the amount you want to take to the States is 20K USD then between you and the wife you should have no problem.

If you are taking more that 20K USD (10k each) then you can either risk not declaring and hope to be wisked through customs or you must/should declare. It's certainly not illegal to bring back more than the 10K per individual and if you have the transfer receipts then that should see you home with hopefully just some questions asked by the friendly American customs officer. No charge for the sarcasm.

[Naam]

If the amount you want to take to the States is 20K USD then between you and the wife you should have no problem.

i beg to differ because an accepted standard in the EU and US is that customs do not look at husband and wife as separate persons who are each entitled to import $10k without declaration. it is therefore advisable to make an attempt to declare with the result that most customs officers "decline" and wave you through.

[vagabond48]

We plan to declare the money when we arrive in the US since it will be more than $10K each.

My one concern is the proof. I withdrew the money over year ago and no longer have any receipts.

Besides most receipt's ink over time fad so you would need to photo copy them.

The only proof I have are my US bank's monthly statement showing the ATM withdrawals which I will bring with me.

I assume that will be sufficient proof if I am asked for it. The proof is my biggest concern.

That sum of money can be quite thick. Does anyone know how someone would hide it?

I don't think we want to store it in our carry-one luggage. I guess I could have 2 custom money belts made to distribute the money around our waist.

[Naam]

We plan to declare the money when we arrive in the US since it will be more than $10K each.

My one concern is the proof. I withdrew the money over year ago and no longer have any receipts.

Besides most receipt's ink over time fad so you would need to photo copy them.

The only proof I have are my US bank's monthly statement showing the ATM withdrawals which I will bring with me.

I assume that will be sufficient proof if I am asked for it. The proof is my biggest concern.

That sum of money can be quite thick. Does anyone know how someone would hide it?

I don't think we want to store it in our carry-one luggage. I guess I could have 2 custom money belts made to distribute the money around our waist.

don't hide it, declare it! what about your Thai bank book (although i doubt US customs will ask you for any proof).

[vagabond48]

We plan to declare the money when we arrive in the US since it will be more than $10K each.

My one concern is the proof. I withdrew the money over year ago and no longer have any receipts.

Besides most receipt's ink over time fad so you would need to photo copy them.

The only proof I have are my US bank's monthly statement showing the ATM withdrawals which I will bring with me.

I assume that will be sufficient proof if I am asked for it. The proof is my biggest concern.

That sum of money can be quite thick. Does anyone know how someone would hide it?

I don't think we want to store it in our carry-one luggage. I guess I could have 2 custom money belts made to distribute the money around our waist.

don't hide it, declare it! what about your Thai bank book (although i doubt US customs will ask you for any proof).

Perhaps you misunderstood what I meant. I wrote "We plan to declare the money when we arrive in the US since it will be more than $10K each"

The part I wrote about hiding the money was not hiding it from customs since we plan to declare it but from the general public.

Besides the US bank statements, I plan to take our Thai bank books to show the deposits as well as the withdrawals.

Which brings me to another point, money changers.

How much cash in $20 bills does a reputable money changer usually have on hand on, before someone like me walks through the door?

Since this is Thailand, can you be sure that even if the money changer is supposedly reputable, that none of the bills will be counterfeit.

Do Thai banks exchange $20 bills for $50 or $100 bills, assuming they have enough on hand? It's worth a few dollars to me to reduce the size of the bundles.

[Disparate Dan]

Try

xe.com

- they do money transfers simple and quick - I get regular payments from Canada and Australia to Thailand at exchange rates generally better than the banks and I'm sure the other way would be the same. You know you are going to get crapppped on for exchange rates anyway!

Not sure how easy it is to buy USD here - especially in large amounts. Most high-street exchanges only sell baht.

Or just repeatedly use your Thai ATM card back in the US. You'll get that standard bank rate.

[isawasnake]

To carry large sums, a light jacket with inside pockets (the more the better) performs really well.

[IMA_FARANG]

I have never used it .....and I would only use for amounts lower that a few thousnad dollars.

Howver Westrern Union advertises you CAN pay them Baht here in Thailand and transfer the money to someone in the U.S. with a one or two day service.

Funds in U.S. will be transferred in U.S. dollars.

I DON'T know the laws, so I will NOT recommend it.

Supposedly Western union will give you a password that whoever you are sending the money to must suppply to recieve the money.

You are resposnsible for getting that password to your designated reciepient.

Of course, there is always a fee.

Of course, I'll assume that all the required taxes here in Thailand have been paid ,,,, and the transfer is legal.

[johnnyk]

Forget western Union. Terrible exchange rate, ridiculous charges.

Paypal doesn't work with Thai banks and is only good up to $8000 anyway. Useless if you want to transfer sums larger than spending money.

[isawasnake]

Vagabond should bring cash, as that is the best option. The world is set up to make rich people richer; don't let then do it, it aint that hard, carry your money.

[T_Dog]

Vagabond should bring cash, as that is the best option. The world is set up to make rich people richer; don't let then do it, it aint that hard, carry your money.

Thai baht or USD?

[johnnyk]

Try

xe.com

- they do money transfers simple and quick - I get regular payments from Canada and Australia to Thailand at exchange rates generally better than the banks and I'm sure the other way would be the same. You know you are going to get crapppped on for exchange rates anyway!

Not sure how easy it is to buy USD here - especially in large amounts. Most high-street exchanges only sell baht.

Or just repeatedly use your Thai ATM card back in the US. You'll get that standard bank rate.

He wants to move $US OUT of Thailand, not in.