Bringing over $20,000 USD in cash? Anyone tried? What's the procedures?

[MBChai]

I've never had any problems bringing in hard cash mostly in high denominations noe questions asked ..best of luck ..ckok dee ..

[CanThaiMike]

THAILAND CUSTOMS DEPARTMENT:

ARRIVING IN THAILAND

When a Customs officer stops a passenger/traveler for a closer inspection, it does not necessarily mean that the passenger/traveler is suspected of any wrongdoing. In addition to enforcing Customs laws, Thai Customs enforces many laws for other agencies.

Duty Payment

If you are bringing in with you the items with total combined value more than 10,000 baht, these items are subject to import taxes and duties. A flat rate of duty will be applied on the dutiable items provided that:

• The dutiable items are intended for personal use;
• They are at a reasonable quantity and not intended for commercial use, business, or trade purposes;
• The total value is not exceeding 80,000 Baht; and
• Passengers are able to pay taxes and duties in cash on the date of arrival.

The dutiable items of which the quantity exceeds those allowed for personal use and/or the total value exceeds 10,000 baht or intended for commercial use (including those of which value is less than 80,000 baht) are subject to applicable taxes and duties. Please contact the Passenger Inspection Sub-Division for the payment of taxes and duties. In case where the value of the dutiable items exceeds 80,000 baht, such items will be sent to a warehouse for formal import Customs procedures. The goods are held under Customs control until a formal import Customs procedures processed at the Customs Formalities Subdivision has been completed.

A.T.A. Carnets

The A.T.A. Carnet allows the temporary import of exhibition and advertising materials, commercial samples, and scientific equipment from a signatory to the Conventions governing A.T.A. Carnets into Thailand. As long as the conditions for the use of a Carnet are observed, its use permits temporary importation without payment of duty and with the minimum of restrictions.

The A.T.A. Carnet holders arriving in Thailand should contact Customs officers at the Red Channel upon their arrival. Customs formalities and clearance of goods under A.T.A. Carnets are to be processed and completed at the airport.

At the point of departure, the A.T.A. Carnet holders are required to complete a re-exportation form, consisting of Re-Exportation Counterfoil and Re-Exportation Voucher, and submit them together with the re-exported goods to the Customs officials for verification. The Re-Exportation Counterfoil will have to be retained by the A.T.A. Carnet holder while the Re-Exportation Voucher will be retained by Customs at the point of departure.

Carnets may also be obtained for temporary duty/tax free export of goods from Thailand to a foreign country. Please contact the International Chamber of Commerce for application details.

Foreign Currency

Travelers bringing foreign currency more than USD 20,000 or its equivalent into or out of Thailand are required to make a report to Customs. 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.

The Regulation and Notification require that travelers bringing foreign currency, both a bank note and a coin, with the total aggregate value exceeding USD 20,000 or its equivalent, must report it to a Customs officer at a port/airport of entry or exit, using the given Foreign Currency Declaration Form. The travelers must complete, sign, and submit the Form to report their foreign currency where such currency are physically carried by a person arriving in or departing from Thailand, or where they form part of the person’s baggage and that person and his or her baggage are being carried on board the same conveyance across the border.

A person who reports currency has to answer truthfully any questions that a border services officer asks about the information required for the report.

CONTACT

For further inquiry and information, you may contact the Customs Call Center at Tel. 1164 or the Customs Clinic at Tel. 02-667-7880-4, Fax. 02-667-7885, e-mail: [email protected]. Additional information may also be obtained from Customs ports of entry/exit.

[Maestro]

The best to bring/transfer large (up to $50K) sums of money from Canada into Thailand is a a bank transfer.

Sent from my Nexus 7 using Thaivisa Connect Thailand mobile app

[mrfaroukh]

You better report it and tell them you want to buy property so they give you a special receipt. You never know may be you do that.

[HerbalEd]

The maximum amount you can carry to Thailand without reporting is $20,000 USD. I would stay under that for practical reasons. I do think the the US and Canada are the last holdouts on the $10,000 limit. Not for the trafficking reasons they claim but for control.

There is no procedure for that amount in Thailand. You only have to report if it is over the $20,000.

To put a finer point on it. There is no limit on how much you can take out of Canada or USA, but 10K or more must be declared.

[MonkeyLoo]

Ive carried over 20k on several occasions. Never been asked about it but always declared it. Its not wort the risk hiding it. If you do that and have no proof of its origin they will just take it off you under the money laundering laws.

I have previously split an amount over 10 k with my travel companion, but that has obvious risks too.

For peace of mind its best to do a transfer via the banking system.

Im talking mainly about AUD here and i use a company called OZforex. The rates are very good and no fees for over 1000AUD Tranfer. Maybe they have a service from your country?

Im always worried about losing the cash or getting it stolen when travelling. Its never happend but one day it could.

[kjhbigv]

I occasionally (a long time ago when I had money!) bought over GBP10k in cash. Buried at the bottom of my hand luggage, which I never let out of my site....no problem at all.

Edited April 18, 2014 by kjhbigv

[joshstiles]

...i bought in over 30k and i declared it. Customs did nothing to me and looked at my declaration page....stamped it ....and waved me through.

[joshstiles]

...i bought in over 30k and i declared it. Customs did nothing to me and looked at my declaration page....stamped it ....and waved me through.

[Oldbirkonian]

I think that the transfer is often a dilemma. Do I bring in cash and hope the rate is good at the time, or do I look at the bank rate and when it is good I buy then. The advantage with the second option is that you do have proof of bringing the money in and so should you decide to go the other way, there is less of a problem and you know the rate you are getting.

Please can you help me by explaining the dilemma. I work for a USA company and have a saving fund with them. I am a UK citizen and a South African permanent resident. When I retire in a few months time I will want that money transferring. What would the problem be if I had the funds +/-$70K, transferred to my Thailand bank. I would prefer to bring it into Thailand rather than to S.A as it is not so easy to get funds out of South Africa, F.I I do not have a UK bank account.

Thank you

[Shurup]

There's just too many fees involved with bank wire transfers and you get poor exchange rate on top of it, on a large sum of money it's quite a bit of losses on the exchange rate alone, but I do agree it's safer.

I don't agree. Ignoring the issue of the hassle/safety of physically transporting $20k of cash, just do a SWIFT transfer to your Thai bank....and make sure you send it in either Canadian or US money (do not send it in baht as you'll get a lousy rate). You're bank will likely charge you $40-50 to make the transfer, your Thai bank will charge you about 500 baht, and your Thai bank will give you the exchange rate applicable the moment the funds show up.

Simple as that (so your "poor exchange rate" comment is simply not true).

A SWIFT transfer makes no financial sense for small sums but I think the $20,000.00 figure qualifies as acceptable. You're $65.00 charge equates to .325%.

Sorry I can't agree with your calculations.

Right now Vasu exchange rate is 29.1 per CAD, the exchange booth at Swampy that I just passed shows 28.24 per CAD. 0.84 baht per CAD difference x 20.000 = 17.200 baht loss with the official exchange rate and that on top of all other bank transfer fees which you calculated to be $65 which is 1900 something baht. The total comes at whooping 19000 baht. It's not small money, maybe % wise from 20k is low but the actual value is quite high and it's only gets higher the more you exchange.

I figured pretty quick at the beginning of my trips to Thai that the official rate is a no no. When you send a wire transfer (swift), you get an official rate. I also read that Thai banks sometimes would hold depositing your money until the rate changes for the worse so they get to keep the difference. Also as I said I can hold on exchanging if the rate isn't good. So yes my "poor exchange rate" comment is a factual thing. I'm declaring my money in Canada so I'm good on that end, I'm not declaring in Thailand as I'm not bringing just enough to declare, and nobody knows that I'm carrying cash so I don't worry of being robbed or checked.

Would like to hear more feedback from those who brought more cash and declared and if there were any issues?

By the way, the same booth at Swampy shows the TC rate is 28.81 which is a lot better than cash but still not as good as Vasu rate. Need to find out of Vasu or Superrich accept TC.

Sent from a Nuclear Submarine.

[Donnie Brasco]

Just my two cents - I would try to avoid physically carrying that much money half way around the world if possible. I transfer necessary monies to a Bangkok Bank account just for ease and safety and on many occasions have transferred that amount or more in a single transaction.

However, if that is not possible, be careful.

There's just too many fees involved with bank wire transfers and you get poor exchange rate on top of it, on a large sum of money it's quite a bit of losses on the exchange rate alone, but I do agree it's safer.

If I couldn't figure out a safe way to bring over $20K, I'll just stick with my just under $20K routine, I think it's pretty safe considering not many people carry that much cash on them so no one would suspect I carry that much. And if I do get checked - I'm all legal.

Any comments regarding bank drafts and/or traveler's cheques? Anyone?

False

Transfer a million baht. (SWIFT)

You get the site bill rate. (See today's exchange chart for your Bank.)

Most banks may even call you and ask you when you want to execute the trade so you can get your best site bill rate.

Local banks in my country charge about 50 bucks.

And DO keep an eye on the ball.

Why take a chance on the play ;-?

"Sometimes, 'fuggedabowdit' just means fuggedabowdit. . . . "

Edited April 18, 2014 by Donnie Brasco

[LawrenceN]

When we sold our house in Wisconsin before moving here three years ago, we had no mortgage to pay off, so had almost US$200,000 in cash. We were planning to buy a house in Chiang Mai (and did so). I transferred the money from our savings&loan to my wife's K-Bank account, no questions asked, using what the banks call SWIFT. The fee was ~$30. No additional reporting was required, because the feds know about it anyway if it's an electronic transfer. Maybe K-Bank had no problem with it because my wife is a Thai citizen. The question for you is whether you want to pay a $30 fee. We knew it was a one-time thing and a small portion of the money.

Someone else commented that he once brought more than US$10k and filled out the form. Me, too. AFAIK, bring as much as you want, as long as you report it. So, the US govt knows. Who cares? Bringing the money is legal. Don't be a sheep by succumbing to rampant anti-govt paranoia.

[manfred ihms]

I transfer my money from my bank in australia to a company called Ozforez. They give the best rates, better than cash in Thailand. I think they have offices everywhere in the western world called Forex. Anything over $ 10000 no fees. Is also pretty fast. Check on internet

[Shurup]

I transfer my money from my bank in australia to a company called Ozforez. They give the best rates, better than cash in Thailand. I think they have offices everywhere in the western world called Forex. Anything over $ 10000 no fees. Is also pretty fast. Check on internet

I think I read something like this already and I think I checked into this as well but don't remember what the issue was as it didn't work for me. Need to do another research.

Sent from a Nuclear Submarine.

[Shurup]

When we sold our house in Wisconsin before moving here three years ago, we had no mortgage to pay off, so had almost US$200,000 in cash. We were planning to buy a house in Chiang Mai (and did so). I transferred the money from our savings&loan to my wife's K-Bank account, no questions asked, using what the banks call SWIFT. The fee was ~$30. No additional reporting was required, because the feds know about it anyway if it's an electronic transfer. Maybe K-Bank had no problem with it because my wife is a Thai citizen. The question for you is whether you want to pay a $30 fee. We knew it was a one-time thing and a small portion of the money.

Someone else commented that he once brought more than US$10k and filled out the form. Me, too. AFAIK, bring as much as you want, as long as you report it. So, the US govt knows. Who cares? Bringing the money is legal. Don't be a sheep by succumbing to rampant anti-govt paranoia.

You have missed the part of my OP talking about the exchange rate. Go online to your Thai bank's Web page and check what's the exchange rate at the moment, then check at vasuexchange.com and compare. On $200k USD you have lost around $5000 I'm sure.

Like I said I don't have issues reporting it in Canada. It's the Thailand reporting that I was afraid of. But looks like no issues with folks bringing in money and reporting. ..

Sent from a Nuclear Submarine.

[Shurup]

...i bought in over 30k and i declared it. Customs did nothing to me and looked at my declaration page....stamped it ....and waved me through.

Josh, where do you Hey a declaration form once you arrive to Thailand?

I think I was a little paranoid. I'll bring more next time and declare it.

Sent from a Nuclear Submarine.

[sirchai]

I brought 40,000 Euros to Thailand, when I settled down.

[Ulic]

I have often used travellers checks as you get a slightly better rate but if the the check charge has gone from 30 baht to

153 baht per check that will now stop. You can get a TD Premier account (free if you maintain a 5k deposit) No charge

on the Canadian end of an ATM withdrawal, no charge for your premier/affinity credit card, free travellers checks, and a

small safety deposit box. Maybe not as good a program as the Charles Schwab US account but pretty good.

[ozyjon]

I get my bank in Australia to transfer the money i need to my Bangkok Bank account,, that much money is not good,, many checkpoints (xray or patting down) would pick it up and you could be in trouble, you can bring into the country a bank draught or cheque IN THAI BAHT and deposit itno your account here,, doing that is no pompem, just watch out for the Thai girl friend and the family, you will have a small fortune in no time.

[louse1953]

Bring in cash in your pocket,say nothing and straight to Superrich.

[louse1953]

There's just too many fees involved with bank wire transfers and you get poor exchange rate on top of it, on a large sum of money it's quite a bit of losses on the exchange rate alone, but I do agree it's safer.

I don't agree. Ignoring the issue of the hassle/safety of physically transporting $20k of cash, just do a SWIFT transfer to your Thai bank....and make sure you send it in either Canadian or US money (do not send it in baht as you'll get a lousy rate). You're bank will likely charge you $40-50 to make the transfer, your Thai bank will charge you about 500 baht, and your Thai bank will give you the exchange rate applicable the moment the funds show up.

Simple as that (so your "poor exchange rate" comment is simply not true).

A SWIFT transfer makes no financial sense for small sums but I think the $20,000.00 figure qualifies as acceptable. You're $65.00 charge equates to .325%.

If you don't go to SR you will be another 10,000 baht down.

[Shurup]

If you don't go to SR you will be another 10,000 baht down.

Absolutely correct, SR or Vasu pretty much the same exchange rates.

And it's quite a bit more than 10,000 baht, in the post #41 I calculated the loss at over 17,000 baht based on today's rates.

Sent from a Nuclear Submarine.

[louse1953]

I also try to bring cash when I come back as I get the best exchange here in Bangkok at Superrich. I have left the US with more and arrived here in Thailand with more and never had anyone look. Maybe just luck but i was not worried about it as I could prove where the money came from. I did not do any paperwork on either end. It is my money. I worked for it at a legit job so i can do what I want with it where ever I want to. Right? Cheers! We were buying a house here. Cash. So I really wanted the best exchange I could get and that is me turning in 100's at Superrich.

Have to declare at your end mate or taking a chance on losing it,or missing your flight while you explain.

[louse1953]

Traveller's cheques are the best way. Safer and you do get a slightly better exchange rate. Makes a difference on 20K US. Also quite legal and you are covered if you loose them. There is no charge to buy them from my bank.

Australia as noted above also has a cash limit of $10k per person.

Last sentence not correct.You can take out as much as you want but must declare anything over 10k.

[louse1953]

I get my bank in Australia to transfer the money i need to my Bangkok Bank account,, that much money is not good,, many checkpoints (xray or patting down) would pick it up and you could be in trouble, you can bring into the country a bank draught or cheque IN THAI BAHT and deposit itno your account here,, doing that is no pompem, just watch out for the Thai girl friend and the family, you will have a small fortune in no time.

Jeez mate the banks must love you,you are losing 2 baht in ever $1. Dont worry about xray etc.,just declare it,no pompen.Why worry about family,moneys in the bank.

[Rupert2]

About 6 months ago I heard of a Thai bringing too much dollars to Thailand from US. She got caught and had to go to court - don't know the whole story.

I'd be careful now days.

[dabhand]

There's just too many fees involved with bank wire transfers and you get poor exchange rate on top of it, on a large sum of money it's quite a bit of losses on the exchange rate alone, but I do agree it's safer.

I don't agree. Ignoring the issue of the hassle/safety of physically transporting $20k of cash, just do a SWIFT transfer to your Thai bank....and make sure you send it in either Canadian or US money (do not send it in baht as you'll get a lousy rate). You're bank will likely charge you $40-50 to make the transfer, your Thai bank will charge you about 500 baht, and your Thai bank will give you the exchange rate applicable the moment the funds show up.

Simple as that (so your "poor exchange rate" comment is simply not true).

A SWIFT transfer makes no financial sense for small sums but I think the $20,000.00 figure qualifies as acceptable. You're $65.00 charge equates to .325%.

Sorry I can't agree with your calculations.

Right now Vasu exchange rate is 29.1 per CAD, the exchange booth at Swampy that I just passed shows 28.24 per CAD. 0.84 baht per CAD difference x 20.000 = 17.200 baht loss with the official exchange rate and that on top of all other bank transfer fees which you calculated to be $65 which is 1900 something baht. The total comes at whooping 19000 baht. It's not small money, maybe % wise from 20k is low but the actual value is quite high and it's only gets higher the more you exchange.

I figured pretty quick at the beginning of my trips to Thai that the official rate is a no no. When you send a wire transfer (swift), you get an official rate. I also read that Thai banks sometimes would hold depositing your money until the rate changes for the worse so they get to keep the difference. Also as I said I can hold on exchanging if the rate isn't good. So yes my "poor exchange rate" comment is a factual thing. I'm declaring my money in Canada so I'm good on that end, I'm not declaring in Thailand as I'm not bringing just enough to declare, and nobody knows that I'm carrying cash so I don't worry of being robbed or checked.

Would like to hear more feedback from those who brought more cash and declared and if there were any issues?

By the way, the same booth at Swampy shows the TC rate is 28.81 which is a lot better than cash but still not as good as Vasu rate. Need to find out of Vasu or Superrich accept TC.

Sent from a Nuclear Submarine.

Was the 28.24 CAD rate noted at the airport the TT rate? Would more likely be the cash rate and, being at the airport, likely to be artificially low.

The Bangkok Bank TT rate for today, per their website ( http://www.bangkokbank.com/BangkokBank/WebServices/Rates/Pages/FX_Rates.aspx) is showing 28.9725. This reduces the differential to the Vasu rate to approx. Bt2k. the sum being mentioned may give the opportunity to improve on the rate on the day of receipt by the Thai bank - I have been able to improve on quoted rates, not by much, but every little helps - when I have transferred high value Sterling Pound sums into my SCB account from the UK.

Maybe contacting your Thai bank and obtaining a current TT rate quote and comparing that with the same day Vasu rate would give a more accurate comparison.

The comparison is always likely to favour Vasu, but that would clearly identify the benefit being gained for taking the risk of carrying cash.

Then it's 'up to you'!

[Shurup]

Yes it's tricky finding prior relevant posts at time. This is probably the one you were thinking of:

http://www.thaivisa.com/forum/topic/570822-anyone-have-experience-with-bringing-in-cash-money-into-thailand-and-get-a-better-exchange-rate/page-2

Thanks mate, yes it's one of the topics I remember reading in the past and is what I read looking for.

Sent from a Nuclear Submarine.

[Shurup]

There's just too many fees involved with bank wire transfers and you get poor exchange rate on top of it, on a large sum of money it's quite a bit of losses on the exchange rate alone, but I do agree it's safer.

I don't agree. Ignoring the issue of the hassle/safety of physically transporting $20k of cash, just do a SWIFT transfer to your Thai bank....and make sure you send it in either Canadian or US money (do not send it in baht as you'll get a lousy rate). You're bank will likely charge you $40-50 to make the transfer, your Thai bank will charge you about 500 baht, and your Thai bank will give you the exchange rate applicable the moment the funds show up.

Simple as that (so your "poor exchange rate" comment is simply not true).

A SWIFT transfer makes no financial sense for small sums but I think the $20,000.00 figure qualifies as acceptable. You're $65.00 charge equates to .325%.

Sorry I can't agree with your calculations.

Right now Vasu exchange rate is 29.1 per CAD, the exchange booth at Swampy that I just passed shows 28.24 per CAD. 0.84 baht per CAD difference x 20.000 = 17.200 baht loss with the official exchange rate and that on top of all other bank transfer fees which you calculated to be $65 which is 1900 something baht. The total comes at whooping 19000 baht. It's not small money, maybe % wise from 20k is low but the actual value is quite high and it's only gets higher the more you exchange.

I figured pretty quick at the beginning of my trips to Thai that the official rate is a no no. When you send a wire transfer (swift), you get an official rate. I also read that Thai banks sometimes would hold depositing your money until the rate changes for the worse so they get to keep the difference. Also as I said I can hold on exchanging if the rate isn't good. So yes my "poor exchange rate" comment is a factual thing. I'm declaring my money in Canada so I'm good on that end, I'm not declaring in Thailand as I'm not bringing just enough to declare, and nobody knows that I'm carrying cash so I don't worry of being robbed or checked.

Would like to hear more feedback from those who brought more cash and declared and if there were any issues?

By the way, the same booth at Swampy shows the TC rate is 28.81 which is a lot better than cash but still not as good as Vasu rate. Need to find out of Vasu or Superrich accept TC.

Sent from a Nuclear Submarine.

Was the 28.24 CAD rate noted at the airport the TT rate? Would more likely be the cash rate and, being at the airport, likely to be artificially low.

The Bangkok Bank TT rate for today, per their website ( http://www.bangkokbank.com/BangkokBank/WebServices/Rates/Pages/FX_Rates.aspx) is showing 28.9725. This reduces the differential to the Vasu rate to approx. Bt2k. the sum being mentioned may give the opportunity to improve on the rate on the day of receipt by the Thai bank - I have been able to improve on quoted rates, not by much, but every little helps - when I have transferred high value Sterling Pound sums into my SCB account from the UK.

Maybe contacting your Thai bank and obtaining a current TT rate quote and comparing that with the same day Vasu rate would give a more accurate comparison.

The comparison is always likely to favour Vasu, but that would clearly identify the benefit being gained for taking the risk of carrying cash.

Then it's 'up to you'!

Yes it was at the airport and I know it's a bit lower. Here's a picture I took off the ER monitor.

Sent from a Nuclear Submarine.