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

[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.

Keep in mind that the US now requires US citizens to report if you at ANY time had an amount over $10,000 in a foreign bank. So while transferring the money in might be the easiest and most convenient, technically you would have to report it.

Good thing it's not a requirement in Canada (yet??).

[score keeper]

it has nothing to do with terrorism but everything to do with preserving the extortionate fees financial institution charge for international money transferring.

example, say you have oz dollars and a oz internet banking account you could quite easily pay money into the say bangkok banks oz dollar account in oz for free via internet banking, then have the bkk bank credit your local thai thai baht account at the current daily rate, cost could be absolutely minimal. will it happen? not on your nelly.

[Shurup]

You are mad to carry that much in cash on you. Either bring travellers cheques or do a few large cash advance withdrawals from a bank in Thailand using your debit card. I think the largest I ever took in one go is 400k baht from SCB. Helps if you have a SCB account to deposit it into otherwise you will then have to carry that amount of cash around on you.

You must have missed the discussion on the previous 4 pages, or didn't read them?

TC aren't an option any longer and cash withdrawals aren't any better than the wire transfer - you're still getting that crappy bank's exchange rate.

http://bankexchangerates.daytodaydata.net/

The difference in banks' rates and Superrich (or VASU) rates as of today is 0.55 baht per CAD.

I returned to Thailand about a week ago and brought CAD $45K with me. 0.55 x 45,000 is 25,000 Baht difference in savings, not to count the transfer fees from 2 banks that send and receive the money. Banks are fat already and they won't be getting any fatter feeding from my money.

As for the risks of carrying that much cash on you - don't flash it in front of everyone and you won't look any different than any other traveler coming into the kingdom. Criminals don't randomly target people in hopes they can find huge stashes of money on them.

And for those who wonders - the declaration procedure was straight forward and painless.

Once past the PP control and picking up your bags, go to the red channel 7 (I think) and into the office.

There will be a customs official who will provide you with a tiny declaration form, which only asks about the amounts and currencies and your PP info.

No other questions are asked.

[KunMatt]

You are mad to carry that much in cash on you. Either bring travellers cheques or do a few large cash advance withdrawals from a bank in Thailand using your debit card. I think the largest I ever took in one go is 400k baht from SCB. Helps if you have a SCB account to deposit it into otherwise you will then have to carry that amount of cash around on you.

You must have missed the discussion on the previous 4 pages, or didn't read them?

TC aren't an option any longer and cash withdrawals aren't any better than the wire transfer - you're still getting that crappy bank's exchange rate.

http://bankexchangerates.daytodaydata.net/

The difference in banks' rates and Superrich (or VASU) rates as of today is 0.55 baht per CAD.

I returned to Thailand about a week ago and brought CAD $45K with me. 0.55 x 45,000 is 25,000 Baht difference in savings, not to count the transfer fees from 2 banks that send and receive the money. Banks are fat already and they won't be getting any fatter feeding from my money.

As for the risks of carrying that much cash on you - don't flash it in front of everyone and you won't look any different than any other traveler coming into the kingdom. Criminals don't randomly target people in hopes they can find huge stashes of money on them.

And for those who wonders - the declaration procedure was straight forward and painless.

Once past the PP control and picking up your bags, go to the red channel 7 (I think) and into the office.

There will be a customs official who will provide you with a tiny declaration form, which only asks about the amounts and currencies and your PP info.

No other questions are asked.

I didn't read the 4 pages of replies, I just wanted to let you know about the option of doing a cash advance from a Thai bank and paying zero bank fees on either end, you will just lose about 1.5% for the exchange rate. I did it for 2 million baht to pay for the construction of our house, taken over about 6 months. The most I ever took in a single transaction was 400k baht but the Thai bank said the limit was set by my UK bank and not by them, so potentially it could've been more if I had tried.

[Shurup]

^^^ From the link I've posted in my previous reply, there are 1.8% difference between the highest Thai Bank rate and Superrich (Vasu) rate. Even if it's 1.5% it's still too much. That means 1.5K loss on a 100K transfer.

I also think you're wrong about the zero bank fees - no bank will do anything for free, that's why they exist in the first place.

[KunMatt]

^^^ From the link I've posted in my previous reply, there are 1.8% difference between the highest Thai Bank rate and Superrich (Vasu) rate. Even if it's 1.5% it's still too much. That means 1.5K loss on a 100K transfer.

I also think you're wrong about the zero bank fees - no bank will do anything for free, that's why they exist in the first place.

OK, well I just told you that I took 2 million baht over a 6 month period so don't you think I would know better than you what all of the fees are? I now take 150k every month for living expenses in this way and there are no fees from my bank in the UK and no fees from the bank in Thailand.

[chiang mai]

^^^ From the link I've posted in my previous reply, there are 1.8% difference between the highest Thai Bank rate and Superrich (Vasu) rate. Even if it's 1.5% it's still too much. That means 1.5K loss on a 100K transfer.

I also think you're wrong about the zero bank fees - no bank will do anything for free, that's why they exist in the first place.

You can't do a SWIFT transfer to Super Rich hence the comparison of rates needs to be between banks which is currently a spread of 0.2%.

[Shurup]

Maybe there are no fees between some of the banks but def not between all of the banks.

In my case there would have been fees, not very high fees, but still fees.

Still there is no getting away from banks' poor exchange rate unless you bring cash and that's what I chose to do.

Sent from my mobile, whatever mobile it is.

[kingalfred]

20k in US cash? Crazy idea

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[KunMatt]

Maybe there are no fees between some of the banks but def not between all of the banks.

In my case there would have been fees, not very high fees, but still fees.

Still there is no getting away from banks' poor exchange rate unless you bring cash and that's what I chose to do.

Sent from my mobile, whatever mobile it is.

You have made me feel that it was a mistake for trying to offer you some advice from personal experience. I won't make that mistake again in the future.

[Shurup]

^^^ From the link I've posted in my previous reply, there are 1.8% difference between the highest Thai Bank rate and Superrich (Vasu) rate. Even if it's 1.5% it's still too much. That means 1.5K loss on a 100K transfer.

I also think you're wrong about the zero bank fees - no bank will do anything for free, that's why they exist in the first place.

You can't do a SWIFT transfer to Super Rich hence the comparison of rates needs to be between banks which is currently a spread of 0.2%.

Guys, we have been through this discussion already, just read the previous pages.

Right, the Superrich doesn't take the SWIFT transfers so the difference wouldn't be that high, however as it was mentioned, it's been reported that THai banks like holding up deposition your money until the exchange rate drops, then giving you the money at the lower rates and keeping the difference. With CASH on hands I can choose when to do the conversion.

Nothing beats cash.

[chiang mai]

People are carrying the anti-banking crusade too far and it's clouding their judgement in some cases. A profit of 0.8% on a transfer of THB 100k is pretty good insurance in my book compared to the risk of loosing or having stolen the larger amount. And since we're doing costing on these things, doesn't the plane ride involve an expense! Whatever, each to their own.

EDIT - I can't get my math right this AM.

Or my typing! Sorry

Edited June 30, 2014 by chiang mai

[Shurup]

Maybe there are no fees between some of the banks but def not between all of the banks.

In my case there would have been fees, not very high fees, but still fees.

Still there is no getting away from banks' poor exchange rate unless you bring cash and that's what I chose to do.

Sent from my mobile, whatever mobile it is.

You have made me feel that it was a mistake for trying to offer you some advice from personal experience. I won't make that mistake again in the future.

Don't feel bad, your advice wasn't applicable to me but may help some other UK folks reading this. Any good info in appreciated.

[bob strutt]

have bought in $100k twice, no problems .told no one, just walked on by both ends, tell em nothing

[Sealbash]

have bought in $100k twice, no problems .told no one, just walked on by both ends, tell em nothing

Exactly what I do also. If you enter the country doing something illegal, it makes all the rest of the illegal things you do while in Thailand that at much easier. And before you leave, try to overstay as long as possible. Break all them silly laws.

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[thehelmsman]

Many US banks changed the policy regarding wire transfer. They will only send baht to an account in thailand, which means you first get screwed by the US bank because their exchange rate won't be in your best interest. I try to bring cash when I can and exchange in bangkok on the way home. The exchange house on Suk Soi 7/1 is fast and easy.

[Shurup]

Suk Soi 7/1 is VASU. This is where I always go and I always bring cash.

[Enjoyurlife]

Yes I try bringing in over 20,000USD into the country every time I arrive here. But than I check my bank account and realise it is not gonna happen, not this time

[sometimewoodworker]

If you want to get good information try

http://daytodaydata.net

Today's best TTS rate is Thanachart Bank USD-> THB 31.73

Today's best cash rate is Super Rich (Ratchadamri) USD100 THB 31.77 31.77

Vasu is sometimes as good as Super Rich but not always

Also Super Rich Thailand (green) is usually better than super rich 1965(orange)

http://www.superrich1965.com

http://www.superrichthailand.com/new/exchange.html

Edited July 26, 2014 by sometimewoodworker

[wpcoe]

Thanks for that link. Handy comparison of exchange rates.

[old wanderer]

A few years ago I departed LAX with almost $250,000. I had to fill in the Treasury Dept form for my bank, (after giving them 2 weeks notice I was going to want this much cash on this date). Befor going through security at LAX it took my over 15 minutes to locate the "office" (which was a small broom closet near the street entrance doors). Got my formed stamed in 30 seconds. Scanned through securtiy without saying a word, went through Japan X-ray with no comments. At that time there were no limit on cash into Thailand.

Went to Super Rich the next day and got these bundles of million baht notes with no problem.

A few later we were at a land office purchasing a farm.

I have come in/out of the USA numerous time with in excess of the $10,000 limit, and always have my form filled out. The chance of confiscation is just to draconian. Many time when operating in 3 and 4th world countries as a pilot we paid for our fuel in cash as well.

I miss the days when we used to have the $500 and $1000 bills here in the USA.

Right now with the reporting requirements in the USA requiring bank acct # and ammounts in each bank, if you have an agragate of more than $10,000 in foreign deposits. Better to just buy Thai gold, and you can convert it almost as fast as you can go to the bank and withdraw money. (keeps me legal, and the wife happy).

Yes, I believe what this poster said about the US Customs form is correct. At Los Angeles, LAX, there was a post about somebody asking for the form, who to give it to etc. I believe he was told to go to some office somewhere within LAX. There was nothing in the normal departure process lines

[meand]

The U.S. Say it's because of financing terrorists.I believe they just want to know your business.From the U.S. You can take over $10,000 out of the country but ya have to fill out A a customs form.

Just to put my 2 cents in,when ya go thru security,the X-ray machine can't determine if it's cash,only paper.I don't really believe

They are looking for money.They are looking for explosives etc.Something to take down an aircraft etc.

The modern x-ray machines are very sophisticated, I believe they could determine if you have cash if it's in 100 bill bundles, they may also be adding something into the bills during manufacturing process to make them visible. They do have cash sniffing dogs at the airport to there's something in them (bills).

So, would every person who is carrying cash trigger the dogs? I don't think you are correct. I don't mean to confuse things, as I am talking about the import restrictions on money coming into the US (because I know them better), but there is no limit on the amount of cash you can bring into the US for example (other countries I'm sure vary). They do make you report it via a form if it is over 10k. But, that is when you are going through customs at your DESTINATION. So, if you have not in fact done anything illegal yet (before you get a chance to declare the money) how could carrying it have been illegal?

[Shurup]

The U.S. Say it's because of financing terrorists.I believe they just want to know your business.From the U.S. You can take over $10,000 out of the country but ya have to fill out A a customs form.

Just to put my 2 cents in,when ya go thru security,the X-ray machine can't determine if it's cash,only paper.I don't really believe

They are looking for money.They are looking for explosives etc.Something to take down an aircraft etc.

The modern x-ray machines are very sophisticated, I believe they could determine if you have cash if it's in 100 bill bundles, they may also be adding something into the bills during manufacturing process to make them visible. They do have cash sniffing dogs at the airport to there's something in them (bills).

So, would every person who is carrying cash trigger the dogs? I don't think you are correct. I don't mean to confuse things, as I am talking about the import restrictions on money coming into the US (because I know them better), but there is no limit on the amount of cash you can bring into the US for example (other countries I'm sure vary). They do make you report it via a form if it is over 10k. But, that is when you are going through customs at your DESTINATION. So, if you have not in fact done anything illegal yet (before you get a chance to declare the money) how could carrying it have been illegal?

Sorry mate, I think you're a little confused. I didn't say anything that is incorrect but I didn't say anything about any illegal activities. Yes there are sniffing dogs sniffing dogs that can determine if you're carrying cash - how much you need to "trigger" a dog - I don't know. However once you went through immigration without declaring (if over the allowed limit) then you're in troubles if they check and find cash on you over the amount you can carry undeclared.

And it's not just a DESTINATION that you can get checked, it can also happen during the departure. If you're hanging around the international departure terminal and you have over 10K (US and Canada) that you have not declared - you're breaking the law and could loose your money (and more) if get checked.

[SilverBeast]

<script type='text/javascript'>window.mod_pagespeed_start = Number(new Date());</script>

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.

Just buy as many Maple Leaf ounces of Canada's 999 fine gold that you want money for in Thailand. Yes the ounce price bounces up and down but that happens so often that you might watch prevailing rates to catch a price drop which usually is followed by a price jump up. Of course declare them as it is a tiny neat way to carry large sums now that large denomination currency in Canada seems non existant. I recall $1000. pink ones in the 70's and took 250 of them in two pants pockets to France. No problem.

Does gold count against the $20,000 USD? I know for shipping gold from Canada to the USA for example its covered under NAFTA with no PST, GST or duty. Taking $19,000 USD and a bunch of Canadian Maples for example would be an alright Idea I would think...

I found those gold Necklace places were hit and miss for buying the gold ounces. Some would, some wouldn't. Most gave a terrible rate like 5-10% below spot. There was a little village trinket shop up by Doi Measalong we were at that would have bought the gold ounce from me and she basically pulled the spot price off the top of her head. Was rather impressive.

Criminal, drugs money, what???

At you police or something?
I've mentioned that I'm declaring them in Canada so can't be anything criminal can it?

Sent from a Nuclear Submarine.

Wait...People have money? Some people have even large sums of money? How could that be legal? </sarc>

[meand]

The U.S. Say it's because of financing terrorists.I believe they just want to know your business.From the U.S. You can take over $10,000 out of the country but ya have to fill out A a customs form.

Just to put my 2 cents in,when ya go thru security,the X-ray machine can't determine if it's cash,only paper.I don't really believe

They are looking for money.They are looking for explosives etc.Something to take down an aircraft etc.

The modern x-ray machines are very sophisticated, I believe they could determine if you have cash if it's in 100 bill bundles, they may also be adding something into the bills during manufacturing process to make them visible. They do have cash sniffing dogs at the airport to there's something in them (bills).

So, would every person who is carrying cash trigger the dogs? I don't think you are correct. I don't mean to confuse things, as I am talking about the import restrictions on money coming into the US (because I know them better), but there is no limit on the amount of cash you can bring into the US for example (other countries I'm sure vary). They do make you report it via a form if it is over 10k. But, that is when you are going through customs at your DESTINATION. So, if you have not in fact done anything illegal yet (before you get a chance to declare the money) how could carrying it have been illegal?

Sorry mate, I think you're a little confused. I didn't say anything that is incorrect but I didn't say anything about any illegal activities. Yes there are sniffing dogs sniffing dogs that can determine if you're carrying cash - how much you need to "trigger" a dog - I don't know. However once you went through immigration without declaring (if over the allowed limit) then you're in troubles if they check and find cash on you over the amount you can carry undeclared.

And it's not just a DESTINATION that you can get checked, it can also happen during the departure. If you're hanging around the international departure terminal and you have over 10K (US and Canada) that you have not declared - you're breaking the law and could loose your money (and more) if get checked.

Put simpler, bring as much cash as you want to Thailand, and yes, declare it upon departure. If returning to the US from Thailand (the scenario I was speaking on), bring up to 20k USD without declaring it upon departure, and then declare it to US customs upon arrival. Notice no declaration until arrival at destination. Do all that and there is no need to worry about any dogs or xrays.

[poweratradio]

False

Transfer a million baht. (SWIFT)

...

No, don't sent Baht. Sent foreign currency, eg CAD

Yes

You're right, thanks.

Guess I was thinking from the pick up end here.

This thread is just another example of TV hit bait is it not ?.

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Canadianforex is bragging about shopping for the best Baht Canadian exchange rate and then popping it into your swift account in Thailand within 48 hours in bahts

[thrilled]

I believe if you have $10,000 of the $20,000 with other paper than not A problem.If they do find it make sure you have paperwork where it came from.

[Gonsalviz]

Turn it into travelers cheaques for the trip

Sent from my iPhone

Pay to buy them at an iffy exchange rate, Pay tax duty to redeem them and wait for every officer in the bank to give his chop of approval. If you like doing business that way, carry on.

[meand]

I believe if you have $10,000 of the $20,000 with other paper than not A problem.If they do find it make sure you have paperwork where it came from.

This seems so ridiculous to me. I suppose it could stop people whose job it is to traffic drugs. I guess that is the point, so it's not bad. But if I understand this correctly, you could show your income in a bank book, I am not sure how long ago that income could have come in, but as long as you can show you have had income, then you are ok? Also, what percentage can you have of your earnings?! If you earn 1 million baht, can you then carry one million baht? It just seems so strange, how could they know where the cash originated from or what percentage of your income you spend? It's just another tool for them to use to arouse their suspicions I guess.

Edited September 1, 2014 by meand

[MonkeyLoo]

Came in on a European flight recently and they announced on the flight that $25,000 or equivelant needs to be declared?

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