Any problems depositing cash carried from Thailand into UK bank accounts?

[Mobi]

The maximum amount allowed without a declaration to customs is $20,000 not $10,000. I must admit I thought it was $10k until I did a bit of googling:

 

From Thai Consulate website:

 

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 Officer.

 

For Thai currency (Baht), any person can bring total amount not exceed THB500,000 to any Thailand’s bounded countries and not exceed THB50,000 to any destination countries.

 

More than that mentioned amount, you have to declare to a Customs Officer or exchange to others currency before depart from Thailand.

 

From Thai Lawyers website

 

Foreign Currency

 

If you carry any foreign currency of more than USD 20,000 into or out of Thailand, you need to file a report to the Customs Department. This report is required by the “Ministerial Regulation (No. 25) B.E. 2530 issued under the Authority of the Currency Exchange Control Act B.E. 2485 and relevant regulations.

 

You can also carry 50,000 Baht if it is not a neighboring country.

 

The Thai Baht has never been a fully negotiable currency and traded in the same way on the markets as most western currencies. There are some strange restrictions /controls on the use of it – a banker could explain. It has always been difficult to buy or exchange Baht overseas, except at Thai Banks and the rates for buying Baht at Thai banks overseas have always been extortionate. If you order Baht from your own bank, they get it from the Thai banks and the rates are very high and usually take several days. Much better to take FC to Thailand.

 

I would not use an ATM card overseas to get my money because, firstly, they rates would be extortionate, secondly, there will be a charge on each transaction, and thirdly, if the card was lost or damaged or for some reason becomes unusable or eaten by the machine I would be royally screwed. Not a great way to do it, IMHO.

 

Thank you for the suggestions on depositing it in the UK. Probably honesty is the best policy with whatever backup documentation I can provide.

[12DrinkMore]

18 hours ago, elgordo38 said:

Thanks for your courteous reply nice to know there are some gentlemen left on here. You do not hurl around insults like baboon etc. refreshing to say the least. Just finished with a rude one. With a 2 year time frame I think your safe. As rates climb the dollar will get stronger no doubt and it will hurt American businesses as they now seem to do most of their business now days overseas. When they holler Uncle you know its gone to far.  Lets rehash it in a couple years if we are still here. I will do a 20 baht bet on 5,000 greenbacks in 5 years. You and I were raised back when this kind of modus operendi would be considered stealing and a buck was a buck not a bank loan. Cheers. 

 

OK. I accept the bet. I do however have a hedge in gold, so I will be well pleased to actually lose 20 Baht.

 

The buck used to be worth gold. But the French irritated Mr Nixon by asking for metal and so he firmly closed the window, leaving the buck worth a buck and all the worlds' currencies in the lurch.

 

 

 

[elgordo38]

3 minutes ago, 12DrinkMore said:

 

OK. I accept the bet. I do however have a hedge in gold, so I will be well pleased to actually lose 20 Baht.

 

The buck used to be worth gold. But the French irritated Mr Nixon by asking for metal and so he firmly closed the window, leaving the buck worth a buck and all the worlds' currencies in the lurch.

 

 

 

Good to hear from you. I am having a day where my rudeness meter is in the RED zone. Seems like a new crop of what was that term that Hillary used starting with D? have arrived here. A friend of mine tells me that the buck has lost 60% of it purchasing power since the Nixon days. Here's hoping the pension system does not collapse before we do. Take care. 

Signed

Yours in civility. 

[toofarnorth]

On 3/11/2017 at 2:38 PM, elgordo38 said:

Four times I tried to access the following Lifestyle Thai contestant crowned Miss International Queen in transgender pageantand was referred to this page Any problems depositing cash carried from Thailand into UK bank accounts? . Are elves at work here.????????? Gee I am really disappointed. 

I don't want to deposit money anywhere I want to have a go at  the international queen !

[elgordo38]

2 hours ago, toofarnorth said:

I don't want to deposit money anywhere I want to have a go at  the international queen !

Do you mean cross swords????

[bendejo]

On 3/11/2017 at 1:18 AM, 12DrinkMore said:

However, it is inconceivable that the USD is going to do a "Zimbabwe" in the next two years as it would mean that the whole world had lost confidence in the largest economy on the planet. Which is still growing and slooowly tightening monetary policy.

 

However I could modify the gold statement and say that in USD's it is not going to 5,000 an ounce in two years. However, if you measure it terms of other currencies, then it is possible. Against the GBP it is now a robust 40% up in one year.

 

Not quite Zimbabwe, but I think an economic catastrophe for the US would be more like Argentina.  (Sadly, I've been thinking of that a lot lately.) I was last there in 2011 and the peso was moving around in the 4:1  peso:USD  range.  It's now about 16:1.  Before their 2001 catastrophe is was about 1:1.

That business about the soaring of the price of gold, well sure, it could happen some day, but it is beyond prediction, like the US evangelists who occasionally come up with dates for the end of days, like three weeks from Thursday, and on the following Friday we all just go about our business with no mention of it.  But we digress...

 

OP: strange thing is the amount isn't all that large by modern standards.  Can you even buy a new car in the UK for that amount?  You certainly cannot in the US. 

A few years ago a certain politician in the US politician was caught withdrawing money in incremental amounts ("structuring") in order to be under the reporting limit -- he was being blackmailed by a man (boy, at the time) that he raped back when he was a schoolteacher.  There were no charges regarding sexual assault or blackmail (last I heard) but they threw the book at him for the gaming the system with the under-the-radar withdrawals.  For more info on this case look up Dennis Hastert.

 

 

[12DrinkMore]

5 hours ago, bendejo said:

but I think an economic catastrophe for the US would be more like Argentina

 

The two countries are hardly comparable. Argentina has been subject to gross mismanagement for 100 years, and  borrowed in USD's which it has been unable and unwilling to pay back. Each borrowed USD has to be earned by exports.

 

The USA has the (unfair?) privilege of having the USD as its currency, which is the world's reserve currency and so is in demand across the globe. The USA is able to run (indeed has to run) a current account deficit to provide the financial world with Dollars and does not have to take out debt in any other currency. That is a helluvalotta clout.

 

I am unaware of any country that is trying to appreciate its currency against the USD. They are all trying to devalue to promote trade. And it is in nobody's interest to collapse the mighty USD. It would screw up too many economies.

 

That is not to say there are no problems. My take, FWIW, is that the USA will continue to grow but the benefits will accrue to an ever smaller part of the population and a lot will be left behind. Indeed that has been the case for two decades. As evidenced by the SNAP program with 44,000,000 Americans receiving it.