Man arrested for stealing 80,000 baht in coins

[rooster59]

Man arrested for stealing 80,000 baht in coins

Kritsada Mueanhawong

 

 

PHUKET: A Thai man who robbed a Patong exchange booth of 80,000 baht in coins on Wednesday evening was apprehended in Thalang last night.

The suspect, named as Promma Seesuree, had broken into the unmanned booth on Rat-Uthit 200 Pi Road and stolen 80,000 baht worth of coins.

“We received a complaint about the incident and collected evidence from the day of the robbery,” said Maj Korapol Leangboonjinda of Patong Police. “After identifying the suspect via CCTV footage we asked the court to issue an arrest warrant.”

 

Full story: http://www.phuketgazette.net/phuket-news/Man-arrested-stealing-80000-baht-coins/65977?desktopversion#ad-image-0

 

 

 

-- © Copyright Phuket Gazette 2016-12-10

[Crossy]

Since 80,000 Baht in 10baht coins weighs 68kg (8,000 x 8.5g) he's either very fit, had an accomplice or two, or made his getaway fairly slowly.

 

OK maybe he had a vehicle.

[LivinginKata]

You have to wonder why such a small exchange booth would stock 80,000 baht in coins. These small place only hold 100,000 baht in notes for security reason, plus most work on very small money investment.

[DrDave]

I was wondering the same thing as LiK above. Why would a small booth have 8,000 or more coins on hand? (8,000 if they were all 10 baht, many more if a mix of 1, 5 and 10 baht coins).

For 5 and 10 baht coins, they would need only 1 coin per exchange transaction. They had enough coins on hand for thousands and thousands of transactions?

 

On a somewhat related theme, I've always wondered about the financials and logistics of these little booths. Considering they have to pay rent and pay someone to sit in the booth all day, how do they make any money? Are the rates really bad, and/or do they charge stiff transaction fees. Also, what do they do with the foreign currency that they take in - do they in turn take it to a bank for exchange (which would eat into their profit)?

[chrisinth]

2 hours ago, LivinginKata said:

You have to wonder why such a small exchange booth would stock 80,000 baht in coins. These small place only hold 100,000 baht in notes for security reason, plus most work on very small money investment.

 

Perhaps they are providing small change to nearby shops, bars & vendors?

 

We used to have one up here in Phits that used to do this many years ago for a small surcharge. I believe there used to one in the Nana complex in Bkk at one time as well?

[LivinginKata]

4 minutes ago, chrisinth said:

 

Perhaps they are providing small change to nearby shops, bars & vendors?

<snip>

 

Get real - these guys and gals only change foreign money. They would chase any local vendor asking for change.

[LivinginKata]

12 minutes ago, DrDave said:

<snip>

On a somewhat related theme, I've always wondered about the financials and logistics of these little booths. Considering they have to pay rent and pay someone to sit in the booth all day, how do they make any money? Are the rates really bad, and/or do they charge stiff transaction fees. Also, what do they do with the foreign currency that they take in - do they in turn take it to a bank for exchange (which would eat into their profit)?

 

Good point Dave, couple of years ago we 'helped' one of these exchange booth operators when his wife died from dengue.  They operate with a low seed amount and phone the 'main' players to collect the foreign money and give back baht multiple times each day.  The exchange rates offered are competitive, from what I hear these 'main' players pay over the top to accumulate foreign currency given Thailand's restrictive foreign exchange limits. These exchange booths make small profit, live on the edge, most do not survive for long,

[elgordo38]

Like the robber that dropped his mobile did the cops just follow the bread crumbs/bahts. 

Edited December 10, 2016 by elgordo38

[soalbundy]

Did they also steal the forklift truck ?

[Skeptic7]

20 hours ago, LivinginKata said:

 

Get real - these guys and gals only change foreign money. They would chase any local vendor asking for change.

UNLESS they could make a stipend off of them!

[Guest]

On 12/10/2016 at 0:51 PM, Crossy said:

Since 80,000 Baht in 10baht coins weighs 68kg (8,000 x 8.5g) he's either very fit, had an accomplice or two, or made his getaway fairly slowly.

 

OK maybe he had a vehicle.

Not sure if these exchange booths accept other currency coins as well? In Euros that would be 2120, which would be about 18kg. 

 

Btw. Which currency have the best value/weight ratio? 

[madmax2]

Generally exchange services will only except notes not coins in all countries

I remember trying to give $1 and $2 AUD coins to child beggars in Bali and was told they could not exchange them,so i gave them a $5 note to share instead