Are higher denomination bills ever going to be issued?

[matta330]

Is there any chace we will see a B5,000 or B10,000 note?  Yes, electronic payment systems are helpful (and my personal preference), but Thailand is still a mostly cash based society.

[Ginkas]

Very unlikely.

Reasons would be similar to why the US stopped issuing $500 bills some years ago, the UK won't issue £100 notes and the €500 note is to be withdrawn in 2018.

Too easy to misuse and, for the bulk of the Thai population they would never be able to handle such large bills.

Try using a tuk tuk, or buying a meal at an average restaurant and offering a B10,000 baht note  as some tourists are likely to do!!

[Asiantravel]

incredibly unlikely. They want more control of the sheeple with a cashless society

 

Asia distancing itself from large banknotes

 

" Regulators across Asia are staying away from large-denomination bills and, whenever possible, moving toward cashless alternatives "

 

http://www.nationmultimedia.com/business/Asia-distancing-itself-from-large-banknotes-30284066.html

Edited September 25, 2016 by Asiantravel

[blackcab]

9 hours ago, Ginkas said:

Very unlikely.

Reasons would be similar to why the US stopped issuing $500 bills some years ago, the UK won't issue £100 notes...

 

To be precise, Scotland issues a £100 note and has done so for many years.

[lust]

Higher denomination notes would indicate a higher cost of living. No thanks.

[JB300]

 

To be precise, Scotland issues a £100 note and has done so for many years.

Singapore has a s$10,000 note (confess I've never actually seen one) & a s$1,000 note (always fun changing these in Thailand).

[Oxx]

22 hours ago, Ginkas said:

the UK won't issue £100 notes

 

The UK also has £1 million and £100 million notes.

 

http://www.bbc.com/news/magazine-21145103

[OJAS]

5 hours ago, Oxx said:

 

The UK also has £1 million and £100 million notes.

 

http://www.bbc.com/news/magazine-21145103

 

Will probably become much more widely available once the pound has achieved parity with the satang in a couple of years time!

[monkey4u]

7 / 11 have enough trouble trying to give change of 1000 baht

10,000     

[williamgeorgeallen]

higher denominations are tempting to counterfeit and make it easier to run a cash society especially with the drugs industry. i am staying in esan for a while and even 1000thb notes are a problem for most people. seems with very low interest rates and inflation rates the denomination of money in circulation will not need to be increased any time soon.

 

[Kerryd]

Higher denomination notes have stopped being used in many (western) countries to cut down on money laundering and the drug trade. 

 

This was explained (years ago) by Thailand as the main reason they were not looking at using anything larger than the 1,000 baht note. 

 

In Canada: "Printing of the $1,000 note ceased in 2000. The denomination was withdrawn on the advice of the Solicitor General and the Royal Canadian Mounted Police (RCMP), as it was often used for money laundering and organized crime."

In the US: "When combined with concerns about counterfeiting and the use of cash in unlawful activities such as the illegal drug trade and money laundering, it is unlikely that the U.S. government will re-issue large denomination currency in the near future, "

 

There are calls to remove the 500 Euro and US $100 bills from circulation as well as it seems their main function these days is to facilitate illegal transactions. 

 

I've often wished Thailand had 5,000 or 10,000 baht bills but as some articles have noted, they would be of little use to the majority of the Thai population. I bought a motorcycle one time for 750,000 baht in cash. 750 x 1,000 baht bills. Sheesh. At 50,000 baht per stack that was 15 bundles (in a brown paper bag to boot) ! 

(I didn't have a Thai bank account at the time and couldn't do a wire transfer from here.)

 

But now, anything larger than a 1,000 would be more of a pain in the butt than anything else. It would also require many small businesses to carry significantly larger sums on their premises in order to accommodate people using those larger bills for (legitimate) payments.

Edited September 26, 2016 by Kerryd

[elgordo38]

On 9/25/2016 at 10:24 AM, Asiantravel said:

incredibly unlikely. They want more control of the sheeple with a cashless society

 

Asia distancing itself from large banknotes

 

" Regulators across Asia are staying away from large-denomination bills and, whenever possible, moving toward cashless alternatives "

 

http://www.nationmultimedia.com/business/Asia-distancing-itself-from-large-banknotes-30284066.html

Yes in the future they can clean out your bank account at the push of a button and with electronic money go further faster into negative interest rates. They have so many other ploy answers as to why the want to go completely electronic but when you shovel all the BS aside the answer is as the above poster has posted. Complete control over you. 

[oldlakey]

On 9/25/2016 at 4:24 AM, Asiantravel said:

incredibly unlikely. They want more control of the sheeple with a cashless society

 

Asia distancing itself from large banknotes

 

" Regulators across Asia are staying away from large-denomination bills and, whenever possible, moving toward cashless alternatives "

 

http://www.nationmultimedia.com/business/Asia-distancing-itself-from-large-banknotes-30284066.html

Good news because I am quite often cashless

[phantomfiddler]

I seriously hope not, the price of p***y doubled when they went from the 500 Bht bill to the 1,000 Bht bill !

[bark]

20 hours ago, blackcab said:

 

To be precise, Scotland issues a £100 note and has done so for many years.

Funny you say this.  Ten years ago a customer came  to visit Thailand. She did not own a credit card, so they sent her here

with Scottish Pounds. It was very hard to exchange. None of the exchange booths and banks did not take them.

I had to ask a Thai friend to take them to the underground exchange.  Maybe better now. This was in Nonthburi.

 

[BlindMagician]

5K or 10K Baht notes?

 

That's about the national average salary per month.

 

So I very much doubt it.

[masuk]

On 25/09/2016 at 1:05 PM, Ginkas said:

Very unlikely.

Reasons would be similar to why the US stopped issuing $500 bills some years ago, the UK won't issue £100 notes and the €500 note is to be withdrawn in 2018.

Too easy to misuse and, for the bulk of the Thai population they would never be able to handle such large bills.

Try using a tuk tuk, or buying a meal at an average restaurant and offering a B10,000 baht note  as some tourists are likely to do!!

Matta300 wrote about bank notes.    Now you're rattling along about bills.    No wonder Thais get confused.  

[blackcab]

51 minutes ago, bark said:

Funny you say this.  Ten years ago a customer came  to visit Thailand. She did not own a credit card, so they sent her here

with Scottish Pounds. It was very hard to exchange. None of the exchange booths and banks did not take them.

I had to ask a Thai friend to take them to the underground exchange.  Maybe better now. This was in Nonthburi.

 

 

Super Rich does, but they properly sting you. At the minute the buy rate is:

 

GBP 50's = 45.15

SCO = 44.00

[Suradit69]

31 minutes ago, masuk said:

Matta300 wrote about bank notes.    Now you're rattling along about bills.    No wonder Thais get confused.  

 

" No wonder Thais get confused.   "

 

I'm not sure in what way you think this has caused confusion among Thais. In any event they can both refer to paper currency.

 

Quote

A banknote (often known as a bill, paper money, or simply a note) is a type of negotiable instrument known as a promissory note, made by a bank, payable to the bearer on demand. 

 

[cyberfarang]

Why would anyone in Thailand want higher than 1000 baht denomination bills? Which is abt $30.

 

 

 

 

[bangkapi]

A month or so ago, I was watching one of Prayut's speeches which are always a cross between Obama's speeches and something out of 1984.  He is in tune with the U.N. and globalist agenda of electronic money and more capital controls.

So in answer to the O.P. No.. No way. Not now. Not ever.

[Deepinthailand]

On 25/09/2016 at 7:49 PM, blackcab said:

 

To be precise, Scotland issues a £100 note and has done so for many years.

Yes I agree have one in fact had it for years. You try to change it in Scotland, I never found one retailer that would accept it. Even the royal Bank of Scotland  (the one I have is the bank of scotland) told me to take it to the issuing bank. Now try to change any scotish note over here. Tried most vendors in pattaya mixed them in (have 3 x 20 pound notes) with English they spat them out won't accept them. Mind you there are very few places in England that will accept them either.

[blackcab]

53 minutes ago, Deepinthailand said:

Yes I agree have one in fact had it for years. You try to change it in Scotland, I never found one retailer that would accept it. Even the royal Bank of Scotland  (the one I have is the bank of scotland) told me to take it to the issuing bank. Now try to change any scotish note over here. Tried most vendors in pattaya mixed them in (have 3 x 20 pound notes) with English they spat them out won't accept them. Mind you there are very few places in England that will accept them either.

 

Try Super Rich head office or Vasu next time you're in Bangkok. Don't forget your passport.

 

They both accept Scottish pounds, so that's a good start.

[Deepinthailand]

4 minutes ago, blackcab said:

 

Try Super Rich head office or Vasu next time you're in Bangkok. Don't forget your passport.

 

They both accept Scottish pounds, so that's a good start.

Never in Bangkok exept to get on or off a plane ( thank god) but thanks. Will be keeping it maybe worth a bit more one day.[ 

[dabhand]

Worked in Malaysia during the 90's and was responsible for the company finances including the payroll. We had upwards of 4,000 on the books and our monthly payroll was about RM6m with about 50% paid in cash. We received cash deliveries from the nearest MBB branch - about 50km away - and had heavy security (project / police / army) as our site office was very close to the Thai border.

 

The denominations were predetermined with the largest note used being the RM500 (about £125 at the time). It was quite a sight to see the RM3m (about £750k) stacked up on a table in our accounts room with many bundles of 100xRM500 notes. That would be £12,500 per bundle!!

 

We did have a few security scares from time to time (once having to do the count in the local police station - we were advised this was to be a one-off as the top cop was concerned about his guys having naughty thoughts!!) and the insurers had increasing concerns before our project was completed in 1996. The pay packets, bundled up by location, were stuffed in a safe overnight before being placed in boxes to be carted off to the various site locations. This commenced from about 4am. It all worked out fine although not exactly stress free. Luckily we had no robberies although some of our subcontractors were not so lucky.

 

Always surprised that we had no complaints from the workers about issuing high value notes. All those receiving over RM500 received at least one of the notes so the local businesses must have been OK with dealing with them.

 

Malaysia also issued RM1,000 notes at that time but both those and the RM500 notes were withdrawn in 1999 as many were taken out of Malaysia during the financial crisis of the late 90's. The largest note now is RM100, I believe.

[new2here]

Very unlikely.
Reasons would be similar to why the US stopped issuing $500 bills some years ago, the UK won't issue £100 notes and the €500 note is to be withdrawn in 2018.
Too easy to misuse and, for the bulk of the Thai population they would never be able to handle such large bills.
Try using a tuk tuk, or buying a meal at an average restaurant and offering a B10,000 baht note  as some tourists are likely to do!!

I wholly agree.. I can't see a large enough (legal) demand for such bills/notes, such as B2000/2500/5000/10,000 denominations in everyday commercial transactions to offset the costs for the BOT to implement and administer the expansion. Plus, there'd be the costs that the private banking sector would have to absorb to integrate a note expansion program.

If anything, I could see the BOT moving towards eliminating a coin like the 25 satang (but still retaining the 50) as I suspect the nett flexibility that having such small denomination coin gives to the overall cash-based, retail system is not in line with the governments cost to produce, distribute as administer the 25 satang coin program.


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