Taking Money to Thailand

[oporhatch]

Dear members 

very shortly I am going to have to take a considerable amount of Money to Thailand -   the reason is to buy a new car in Thailand  , so I am potentially looking at 20K

I am wondering what the best/cheapest way to get there money  into Thailand   -  without all the banks etc taking their cut.

 

I did think about taking cash if that' the cheapest  option !!

 

Your experience , expertise and knowledge would be much appreciated in this matter

 

regards

Richard       

[Gulfsailor]

I doubt taking cash would be cheaper than a wire transfer, due to the exchange rate difference. I don't know the rates offices like Supercheap offer, but for instance SCB offers 42.45 for a GBP t/t, while only 41.95 for GBP cash. (Assuming you were talking about 20k GBP). So on 20k that'll set you back 10.000 THB when taking cash. Bank charges will be a fraction of this. 

Plus when carrying that amount of cash you risk questions from customs and possibly the money confiscated, or just getting it nicked or lost during travel. 

[gk10002000]

taking cash is free.  In the USA anything over 10 k has to be declared on a USA form as you leave America.  I haven't done it, but there is a thread or two here about where you are supposed to go at LAX for example to drop off the form.  Of course many officials will be a bit confused about it,so bring several copies.  As far as taking money into Thailand I believe  Any person who brings or takes an aggregate amount of foreign currency exceeding USD20,000 or its equivalent out of or into Thailand shall declare such amount of foreign currency to a Customs Office .  No idea how to do that, but keep it below 20 k USD and nothing will be required.  I would suggest getting that official statement and reference in case you get stopped by Thai Officials.  I have never heard of any casual tourist ever being asked about how much money they are bringing in.  Some words about it may be on the arrival declaration form, that I don't pay much attention to since I don't bring in much

[lannarebirth]

Do you have a bank account in Thailand? If you do, wire transfer is cheapest, safest and the least problematic.

[chiang mai]

A transfer of that amount from the UK to Thailand would cost 4 Pounds (6USD) in UK sending fees via HSBC UK and 400 baht (12 USD) receiving fees via Bangkok Bank, similar deals must exist from the US.

 

BTW send your funds as USD and DO NOT allow your US bank to convert into Thai Baht, only convert ever to THB in Thailand for the best exchange rates.

[akirasan]

transfer to paypal, open Thai bank account, transfer to Thai bank account?

[jcgodber]

if taking cash make sure each and every bill is new crisp and unmarked and has no tears

[hanssna]

Wire transfer worked the best for me, a large amount of this costed me about 30 Euro in total, and, like Chiang Mai said in the post before, transfer in your home currency.

[NoshowJones]

I took almost 40.000 GBP in my pocket from the UK to Thailand about ten years ago.

No problem.

[JacChang]

Facepalm on paypal. The worst type of transfer ever. Around 7% loss.

[IMA_FARANG]

It has been  a few years now, but when Iretired in Thailand I brought a Bankers Sight Draft from my U.S. bank and deposited in my Thai bank account for collection.

it took 2 months to get the funds deposited into my Thai Bank, but it worked.

 

[RachaRob]

Changing cash at superrich or Vasu exchange always get a better rate than any funds transfer.

[DiDiChok]

To see the current exchange rates available in Thailand and variations in exchange types, go to this web site:  https://daytodaydata.net/

[khunPer]

Over a certain amount of cash, you'll need to declare it (presume the 20K is not baht) – but think it's a quite (relative) high amount equivalent to USD (50K ?).

Exchange rate will often be best from a transfer, as no physical money is involved – normally transferring foreign currency into Thailand gives a slightly better exchange rate, there can also be little difference between the banks, some used to say that Kasikorn (K-bank) gave a better rate, but I've always used Bangkok Bank.

Do a normal (wire) transfer, which takes about 3 banks days, from your homeland bank account to your Thai bank account, that's cheapest. Some foreign banks offers their customers transfers on a flat fee, I pay around £5 (I'm not British) for any amount, so that's worth checking. Pay all sending bank expenses, but not receiving bank expenses, they will often be deducted weather paid up front or not; on my transfers it has always been minor amounts.

[chicowoodduck]

Never a problem for me....just fill up my suitcase and head for the departure lounge....the more the better....no one ever stops me or gives me a second glance....just lucky I guess? ???

[Briggsy]

The total loss on a bank transfer is around 2% on £ to Baht. This percentage decreases as the amount increases. This is because some components of the fees are fixed costs and some are variable costs. The 4 components are

i) the sending bank's fee,

ii) the intermediary bank (s)'s fee

iii) the receiving bank's fee (may be zero)

iv) the exchange rate loss.

 

The total loss on bringing cash is around 0.75% on £ to Baht provided you use the money changers such as Vasu or Super Rich, etc.

 

So cash is much cheaper. There is of course greater risk in bringing cash.

 

Cash brought into Thailand over the value of $20,000 U.S. must be declared on entry. Similarly cash over the value of 10,000 Euros must be declared when leaving the UK.

 

I have assumed oporhatch is British.

[jcgodber]

The very best way I have found to transfer funds is first open a Bank of Bangkok Bank then have my U.S. Bank , Wells Fargo send funds using a ACH to send money to The New York branch of Bangkok Bank which is then deposited into my Thailand account.
Also there is a record of the transaction VERY important if someday you want to repatriate your money.


Sent from my iPhone using Thaivisa Connect

[tonray]

7 minutes ago, jcgodber said:

The very best way I have found to transfer funds is first open a Bank of Bangkok Bank then have my U.S. Bank , Wells Fargo send funds using a ACH to send money to The New York branch of Bangkok Bank which is then deposited into my Thailand account.
Also there is a record of the transaction VERY important if someday you want to repatriate your money.


Sent from my iPhone using Thaivisa Connect

Question: do you open the Bangkok bank account here or in the USA ? or both ?

[jcgodber]

Open in Thailand


Sent from my iPhone using Thaivisa Connect

[OJAS]

23 minutes ago, tonray said:

Question: do you open the Bangkok bank account here or in the USA ? or both ?

 

13 minutes ago, jcgodber said:

Open in Thailand


Sent from my iPhone using Thaivisa Connect

 

Only commercial, not personal, accounts can be opened at Bangkok Bank's New York branch, I gather - as is definitely the case at their London branch.

[gk10002000]

46 minutes ago, jcgodber said:

The very best way I have found to transfer funds is first open a Bank of Bangkok Bank then have my U.S. Bank , Wells Fargo send funds using a ACH to send money to The New York branch of Bangkok Bank which is then deposited into my Thailand account.
Also there is a record of the transaction VERY important if someday you want to repatriate your money.


Sent from my iPhone using Thaivisa Connect

Yes.  As you said the incoming transfer record can be very important.

[elgenon]

Last time I used TCs the banks wanted 150B per. What nationality are you. It would help to tell us. If American have bank send to BKK Bank in NY and they will send an ACH to your BB acct in Thailand.

[Naam]

15 hours ago, RachaRob said:

Changing cash at superrich or Vasu exchange always get a better rate than any funds transfer.

carrying 20,000 Dollars cash from one country to another one then to a money changer and after that to a car dealer to save 50 bucks is a dangerous and moronic idea.

[RachaRob]

2 hours ago, Naam said:

carrying 20,000 Dollars cash from one country to another one then to a money changer and after that to a car dealer to save 50 bucks is a dangerous and moronic idea.

Only if you tell someone that you have $20,000

[Briggsy]

21 hours ago, Naam said:

carrying 20,000 Dollars cash from one country to another one then to a money changer and after that to a car dealer to save 50 bucks is a dangerous and moronic idea.

You have made a number of errors in this post.

 

1) You have assumed the poster is American. He is in fact British. So he is referring to £20,000.

2) The saving is approximately 1.25% of £20,000 = £250. At current exchange rates this is around $305 US not $50.

3) The car dealer would be very happy to receive his payment by bank transfer. Cash payment would not be required to purchase the car.

 

The trouble is when you post up such inaccurate rubbish in such a perjorative style, it misinforms the reader and makes you look like an angry old ranter.

 

Please try to contribute with at least some factual accuracy and fewer insults.

 

Regards

Briggsy

[Naam]

On 10/23/2016 at 6:51 AM, Briggsy said:

The total loss on a bank transfer is around 2% on £ to Baht. This percentage decreases as the amount increases. This is because some components of the fees are fixed costs and some are variable costs. The 4 components are

i) the sending bank's fee,

ii) the intermediary bank (s)'s fee

iii) the receiving bank's fee (may be zero)

iv) the exchange rate loss.

when transferring GBP 20,000

SWIFT $25 (£20),

correspondence bank $25 (£20) IF required,

receiving Thai bank THB 500.- (£12)

 

i repeat that it is a moronic idea bringing that money in cash, declaring it when leaving home country, declaring it when arriving in Thailand, carrying it to a money changer, carrying 840,000 Baht from moneychanger to car dealer or most probably first home and then later to a car dealer and all that risk for £52 plus a better rate that brings up the savings to the princely percentage of 1.25% which can always be compensated by negotiations with the car dealership.

 

but then... to each his own... pound-foolish, penny-wise

[Briggsy]

6 hours ago, Naam said:

when transferring GBP 20,000

SWIFT $25 (£20),

correspondence bank $25 (£20) IF required,

receiving Thai bank THB 500.- (£12)

 

i repeat that it is a moronic idea bringing that money in cash, declaring it when leaving home country, declaring it when arriving in Thailand, carrying it to a money changer, carrying 840,000 Baht from moneychanger to car dealer or most probably first home and then later to a car dealer and all that risk for £52 plus a better rate that brings up the savings to the princely percentage of 1.25% which can always be compensated by negotiations with the car dealership.

 

but then... to each his own... pound-foolish, penny-wise

You have failed to include the difference in exchange rates between the cash rate that can be found at money changers like Super Rich and the much worse rate TT rate used by banks. This is where the bulk of the benefit of transferring in cash occurs.

 

As a person with a training in science, you will be well aware what you have done here. You have fixed the numbers to give an outcome which tallies with your previous inaccurate statement to try and avoid admitting your previous statement was wrong. This is the kind of falsification of results one encounters commonly from academics from less-developed nations. However I understand you are German (forgive if I am wrong). My only conclusion is that you have been here so long as to pick up the locals' bad habits.

Edited October 24, 2016 by Briggsy

[Craig krup]

On 10/22/2016 at 10:57 AM, possum1931 said:

I took almost 40.000 GBP in my pocket from the UK to Thailand about ten years ago.

No problem.

 

1) You're putting a terrible temptation in the way of anyone who searches you - (say) 130 months wages, or a quarter of a million quid for a UK immigration officer. 2) You've heard the stories about "These are fake and seized", and lo by the time you get to court they really are fake? Maybe apocryphal, but why take the risk? Think how easy it would be to have a load of bad pounds, euros, dollars ready and waiting for the day when you could pull a quick seize and switch. 

[Naam]

7 hours ago, Briggsy said:

You have failed to include the difference in exchange rates between the cash rate that can be found at money changers like Super Rich and the much worse rate TT rate used by banks. This is where the bulk of the benefit of transferring in cash occurs.

i have used your 1.25% which is of course incorrect. the difference between cash at SuperRich and the "much worse" TT rate (e.g. Siam Commercial) is today 42.80 minus 42.45 = 0.35 - if this difference equals 1.25% ("the bulk of the benefit") i suggest a little brush-up of your maths.

[Naam]

7 hours ago, Briggsy said:

This is the kind of falsification of results one encounters commonly from academics from less-developed nations. However I understand you are German (forgive if I am wrong). My only conclusion is that you have been here so long as to pick up the locals' bad habits.

don't conclude mate. concentrate on tangible percentage arithmetic. if you can't do it by heart then use a calculator, type 0.35 divided by 42.8 and press the equal sign. as simple as that.