Moving Baht £ back to UK

[iancnx]

Hoping to sell one of my condo studios in the next few months and move @ baht 1.5m back to the UK.  I have read of some using superrich in Bangkok to exchange baht to £ in cash and hand carrying the cash to UK, as it is deemed to be a much better deal commission/rate wise than arranging a bank transfer.  Has anyone got recent experience? If so I have the following questions. I am assuming Superrich need your passport:

 

a.  Is there any limit on the amount of baht you can exchange ?

b.  Do you need to order/pre- arrange circa GBP £30k by appointment?

c.  Is there any limit to how much GBP £ you can hand carry on a flight leaving Thai.  Do you need to declare it?

d.  Is there any limit on £ being carried into UK? Do you need to declare it? 

[iancnx]

My question is focussed specifically on anyone having experience of Superrich exchange in Bangkok.  Thanks for any replies regarding my OP 

[chiang mai]

 

This may help, note the UK customs cash declaration form:

 

[Rimmer]

Off topic and bickering posts removed and the topic moved to Banking Forum

[Sophon]

I'm not so sure if you will end out ahead carrying cash instead of making a transfer.

The current published rate at Superrich Thailand is 44.20 THB/GBP, so your 1.5 mio THB would buy you 33,936 GBP. Compare that with Bangkok Bank's current TT (sell) rate of 43.5075 THB/GBP which would buy you 34,476 GBP.  So unless the SWIFT transfer fees are in excess of 500 GBP, at this time you would be better off with the transfer.

 

Sophon

[iancnx]

Thanks for both replies - much appreciated.

 

Has anyone actually used superrich and hand-carried a substantial amount of cash recently and made the appropriate declarations on exit Thai and Entry to UK? 

[chiang mai]

2 hours ago, Sophon said:

I'm not so sure if you will end out ahead carrying cash instead of making a transfer.

The current published rate at Superrich Thailand is 44.20 THB/GBP, so your 1.5 mio THB would buy you 33,936 GBP. Compare that with Bangkok Bank's current TT (sell) rate of 43.5075 THB/GBP which would buy you 34,476 GBP.  So unless the SWIFT transfer fees are in excess of 500 GBP, at this time you would be better off with the transfer.

 

Sophon

 

I've hand carried 10k Pounds from Hong Kong via Bangkok to London, it was in my laptop case and it made for a nervous flight, precious little sleep, especially whenever anyone went near the overhead - no customs forms on that occasion.

[iancnx]

I share the trepidation. 30k is a lot of dosh.  I am just exploring all avenues, especially if a banking transfer becomes either problematic or uneconomic.  I suspect I will make the journey at Xmas if I am fortunate enough to sell the studio by then....... 

[jpinx]

It's a no-brainer -- Swift charges are a fixed fee of about £20 to send, so it only depends on what your bank will charge you to receive.

[scubascuba3]

That is one nervous journey including paranoia guaranteed. I heard you had to prove the money was brought in in order to transfer it out, maybe a myth.

Plus if banking the balance in UK, possible money laundering checks will flag. Not sure about that but i think so.

[chiang mai]

3 minutes ago, scubascuba3 said:

That is one nervous journey including paranoia guaranteed. I heard you had to prove the money was brought in in order to transfer it out, maybe a myth.

Plus if banking the balance in UK, possible money laundering checks will flag. Not sure about that but i think so.

 

Not a myth, either transferred in or legally earned here.

[jpinx]

more info here...

 

https://www.gov.uk/bringing-cash-into-uk

 

 

[Ronuk]

The above poster is correct. You will need to prove the funds were brought into Thailand in order to take them out again.

I would be very careful if you don't have the correct paperwork taking that amount of cash out of the country. If you cannot prove it's source of entering Thailand with the correct foreign exchange incoming forms and the correct out going forms, you could stand to lose all of it. Without the correct paperwork, the bank won't transfer the money out anyway so first, you need to get all the paperwork in order.

[chiang mai]

11 minutes ago, Ronuk said:

The above poster is correct. You will need to prove the funds were brought into Thailand in order to take them out again.

I would be very careful if you don't have the correct paperwork taking that amount of cash out of the country. If you cannot prove it's source of entering Thailand with the correct foreign exchange incoming forms and the correct out going forms, you could stand to lose all of it. Without the correct paperwork, the bank won't transfer the money out anyway so first, you need to get all the paperwork in order.

 

You over emphasise, the OP is selling a condo. in Thailand, the sale of which will see him issued with a blue receipt from the Land Office - banks will accept that as proof of funds eligible for export, as will Customs.

[Ronuk]

5 minutes ago, chiang mai said:

 

You over emphasise, the OP is selling a condo. in Thailand, the sale of which will see him issued with a blue receipt from the Land Office - banks will accept that as proof of funds eligible for export, as will Customs.

Good luck with that one if that is what you believe.

[chiang mai]

1 minute ago, Ronuk said:

Good luck with that one if that is what you believe.

 

I have done that at least three times over the past ten years at value of up to 6 million Baht each time. Why do you think it's not so?

 

[blackcab]

a.  Is there any limit on the amount of baht you can exchange ?

 

The limit is what cash they have in stock. I have personally been to Super Rich head office when they have had zero GBP in stock. In general, at this time of year their holdings are less than November - January.

 

b.  Do you need to order/pre- arrange circa GBP £30k by appointment?

 

No, but it's possible you could clean them out of GBP so you might have to go to Vasu as well.

 

c.  Is there any limit to how much GBP £ you can hand carry on a flight leaving Thai.  Do you need to declare it?

 

No limit. Declare over the equivalent of $20,000 USD.

 

d.  Is there any limit on £ being carried into UK? Do you need to declare it? 

 

No limit. Declare over the equivalent of 10,000 Euro.

[meatboy]

never mind what you sell as long as you can prove how you obtained the money in the first place,toooooooooo buy.

now is the time to fill your boots at the rate exchange bhts.to gbp.

most of OUR gbp.were exchanged at 67bhts.to the pound 2008.so buyings gbps.at around 43 oh sh-t i got a headache.

only problem i dont want to go back to the UK. but the wife wouldnt mind.

[chiang mai]

Actually getting your hands on large amounts of Pounds can be an issue although your bank will collect them from their branches if you order in advance.

[Naam]

On 10/14/2016 at 7:08 PM, chiang mai said:

 

I have done that at least three times over the past ten years at value of up to 6 million Baht each time. Why do you think it's not so?

 

 

did you observe the declaration limit (value USD 20,000) and declared the amount each time???

[chiang mai]

1 minute ago, Naam said:

 

did you observe the declaration limit (value USD 20,000) and declared the amount each time???

 

The bank that makes the transfer handles that aspect, banks are BOT's agents in that respect.

[Naam]

4 minutes ago, chiang mai said:

 

The bank that makes the transfer handles that aspect, banks are BOT's agents in that respect.

i thought we were discussing taking out physical cash on a flight.

[chiang mai]

4 minutes ago, Naam said:

i thought we were discussing taking out physical cash on a flight.

 

In post 7 I talk about hand carrying cash, in post 14 the subject is the blue tax paid receipt issued by the Land Office which allows you to export the funds, that was challenged by another poster and I replied to say that I had done so three times - apologies that I wasn't clear but those three times were via my bank, even I would not attempt to hand carry 6 million baht on a flight.

[sandgroper2]

OP, give up, Dozens of advice and more  to come no doubt. Do it illegally , as some advise, but dont cry it you lose the lot.

[Janner1]

Iancnx,

sandgroper2 is correct, 

so here is the truth of the matter and it is simple .....

 

if you can show receipts for the original import of the money or the amount less the profit from purchase to sale you can legally take the money out because you can prove no money laundering which you will also need to prove when you deposit the money in the U.K. 

 

Believe me they will want to know where the money has come from, if you can not do that you will not be able to deposit that money even in small amounts with out running the risk of something being flagged up.

 

so in essence you will run an extremely high risk of losing the lot and no prisoners.

 

However a friend of mine who had a property which the families of her and her dead partner did not know about and she did not want them to know about, sold the property and hit the Thai bank account everyday in the U.K.with a visa debit card for the max amount and withdrew £30,000 until the account was MT.

 

yep it could be risky but that is your choice, both ways appear legal one is definitely legal if you can front it up.

 

if you can't then everything appears to be money laundering and you will lose it ALL

 

good luck

[chiang mai]

9 minutes ago, Janner1 said:

Iancnx,

sandgroper2 is correct, 

so here is the truth of the matter and it is simple .....

 

if you can show receipts for the original import of the money or the amount less the profit from purchase to sale you can legally take the money out because you can prove no money laundering which you will also need to prove when you deposit the money in the U.K. 

 

Believe me they will want to know where the money has come from, if you can not do that you will not be able to deposit that money even in small amounts with out running the risk of something being flagged up.

 

so in essence you will run an extremely high risk of losing the lot and no prisoners.

 

However a friend of mine who had a property which the families of her and her dead partner did not know about and she did not want them to know about, sold the property and hit the Thai bank account everyday in the U.K.with a visa debit card for the max amount and withdrew £30,000 until the account was MT.

 

yep it could be risky but that is your choice, both ways appear legal one is definitely legal if you can front it up.

 

if you can't then everything appears to be money laundering and you will lose it ALL

 

good luck

 

What you and Sandgroper2 know about this subject is less than zilch, a minus zilch in effect, urgh, messy indeed.

 

Mods: why is this kind of post not considered to be trolling and subsequently removed?

[jpinx]

14 minutes ago, chiang mai said:

 

What you and Sandgroper2 know about this subject is less than zilch, a minus zilch in effect, urgh, messy indeed.

 

Mods: why is this kind of post not considered to be trolling and subsequently removed?

I know of several people who did the "ATM-transfer" trick without problems, but with lots of worries.  For sure UK banks want to know all about large deposits - even from inside the UK.

 

Edit to add -- Beware ATM fees, Xfer rates, etc, etc as well.....

[Wake Up]

If you use Super Rich make sure you use Super Rich Green and not Super Rich Orange. 

 

I thought I was using Super Rich and getting the best rate but I was not. I was mistakingly using Super Rich Orange which is good but pays less in exchange rates than Super Rich Green.

 

Example. Last week I exchanged dollars at Super Rich Green for 35.60 baht. Super Rich Orange was only paying 35.30 baht. Quite a difference in the money you are talking about. 

 

Good luck to you. 

[Janner1]

6 hours ago, chiang mai said:

 

What you and Sandgroper2 know about this subject is less than zilch, a minus zilch in effect, urgh, messy indeed.

 

Mods: why is this kind of post not considered to be trolling and subsequently removed?

Here we go again, yet another one with a more " legal " way to move money across borders than proving HOW you brought the money into this country in the first place, or is this just another example of a fully paid up member of the idiot brigade not reading the essence of the message properly and then spouting verbal abuse at an honest response?

 

oh and just so you know for the future chaing mai the moderator did nothing because the response to the original post was honest, truthful, correct, and the only fully LEGAL way to move money without laying oneself Open to money laundering inquiries, it is known as, having a paper trail.

 

it was actions by crooked bankers, mafia bosses and drug barons to name but a few that brought the money laundering laws about in the first place, but if you still don't believe me just try depositing 10,000 Gbp or Dollars in a US or British bank just by walking in the door with it in your hand

[chiang mai]

17 minutes ago, Janner1 said:

Here we go again, yet another one with a more " legal " way to move money across borders than proving HOW you brought the money into this country in the first place, or is this just another example of a fully paid up member of the idiot brigade not reading the essence of the message properly and then spouting verbal abuse at an honest response?

 

oh and just so you know for the future chaing mai the moderator did nothing because the response to the original post was honest, truthful, correct, and the only fully LEGAL way to move money without laying oneself Open to money laundering inquiries, it is known as, having a paper trail.

 

it was actions by crooked bankers, mafia bosses and drug barons to name but a few that brought the money laundering laws about in the first place, but if you still don't believe me just try depositing 10,000 Gbp or Dollars in a US or British bank just by walking in the door with it in your hand

 

I don't buy the ATM route as being valid in any shape or form, not only will banks not permit that extent of international withdrawals by a foreigner AND the ATM charges render the approach to be not worthwhile.

 

AND, you wrote, " the original import of the money or the amount less the profit from purchase to sale". Paying tax on the sale allows the seller to export the entire amount, including any profit.

 

AND, despite your horror story to the contrary, a cash carrying traveller will not loose their cash to UK law enforcement arbitrarily and yes that cash can easily be deposited in personal bank accounts, as long as there is a paper trail that shows its source.

 

Let me repeat, what you actually know about this subject is wrong or zilch.