FET form from foreign cash

[thethaifrog]

Hi,
I'd like to buy a condo with cash brought from outside Thailand.

I'd bring more than US$50k to get the FET form.

Few questions:

 

1/ As a reminder,  there is no limit to foreign cash brought in Thailand BUT sums over US$20k must declared to the customs.

Is there any tax or fees to expect when declaring it? Any risk to "meet" customs with such amount (like being stolen) ? will they issue a certificate or something?

http://www.iatatravelcentre.com/TH-Thailand-customs-currency-airport-tax-regulations-details.htm

 

2/ Let's say the customs issue a certificate, will the bank be able to issue the FET form from that? (for info I'm on tourist Visa but already have a bank account)

 

Thanks

Edited August 20, 2017 by thethaifrog

[Peterw42]

Not sure why you would carry cash and not just do a bank transfer, the TT rate is always a little higher than the bank note rate.

 

In theory a bank issues a FET for any foreign exchange transaction, (buying selling depositing etc). However, convincing a bank that has never received a large foreign cash deposit may be difficult. Banks are used to receiving money in bank transfers not a suitcase full of money, which may complicate getting an FET as they dont have an account of origin or sender. (Customs may issue a receipt/certificate that will be accepted, others may be able to advise). Anything that is outside of the normal procedure (details from TT, save, print) at the bank may result in problems.

 

There is also a limit of $10,000 a day for foreign currency notes deposits.

 

 

 

A similar thread last year

 

 

 

 

 

Edited August 21, 2017 by Peterw42

[KittenKong]

I dont see how a bank could even issue an FET for a cash deposit as there is no proof that the funds came from outside of Thailand, unless they were declared at the point of entry and recorded by Customs (which is what is supposed to happen for large sums) and even then I would find it all very doubtful.

 

What sort of person travels with 50,000USD in cash anyway? It can only be someone wanting to evade something or another.

 

The idea behind FETs and condo ownership by farangs is that the funds are wired in from abroad for the purpose of buying the condo, thus benefiting Thai foreign exchange reserves and the balance of payments.

 

There is also the issue of how you repatriate your money if one day you want to sell your condo and leave. If you originally wired it in it is easy.

[thethaifrog]

Hi, thanks for the replies

 

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Not sure why you would carry cash and not just do a bank transfer

I'm a permanent traveler/artist, making my living a bit everywhere. My clients pay me in cash without contracts. I'd like to semi settled in Thailand.

 

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There is also a limit of $10,000 a day for foreign currency notes deposits.

Good to know thanks

 

I've read the thread about the myanmar guy yes, but didn't get much info from it.

 

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I dont see how a bank could even issue an FET for a cash deposit as there is no proof that the funds came from outside of Thailand, unless they were declared at the point of entry and recorded by Customs

That's my very question. Are the customs at the point of entry able to issue a certificate which I can show to the bank? has anybody experienced that?

 

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What sort of person travels with 50,000USD in cash anyway? It can only be someone wanting to evade something or another.

Same as above.

 

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There is also the issue of how you repatriate your money if one day you want to sell your condo and leave. If you originally wired it in it is easy.

If the customs issue a certificate at the point of entry AND the bank issue a FET later, I assume it's good enough to wired out the money.

 

 

I don't think it's a easy/safe way to proceed anyway but still interesting to explore. I'm curious to know if anyone has ever done that.

[KittenKong]

30 minutes ago, thethaifrog said:

Are the customs at the point of entry able to issue a certificate which I can show to the bank?

 

Customs will note the import of large amounts of forex if you declare it. If you dont declare it and they find it they will probably confiscate it.

 

It will be interesting to find out if you can get an FET form for that, though I'll stick to keeping all my money in banks and using telegraphic transfers.

[KittenKong]

35 minutes ago, thethaifrog said:

I'm a permanent traveler/artist, making my living a bit everywhere. My clients pay me in cash without contracts. I'd like to semi settled in Thailand.

 

One other point: most of the world's countries have rules about exporting large amounts of cash, especially if you cant prove how you got it.

 

I think you are asking for trouble.

[thethaifrog]

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most of the world's countries have rules about exporting large amounts of cash

I'm well aware of it and always calculate that when moving with big cash (which isn't everyday though)

 

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I think you are asking for trouble.

That's my thought too but was curious if anyone had ever tried.

[KittenKong]

49 minutes ago, thethaifrog said:

That's my thought too but was curious if anyone had ever tried.

 

I bet loads of Russians did, back when the Ruble was worth something.