Forethat Posted February 21, 2012 Share Posted February 21, 2012 A generic question, is it possible to walk in to a Super Rich money exchange store (for instance at Chidt Lom) and buy 40.000 GBP...?? Is there an upper limit as to how much I can buy? Link to comment Share on other sites More sharing options...
beano2274 Posted February 21, 2012 Share Posted February 21, 2012 (edited) They will not have that much. There are no limits it depends on how much they have in the safe. Also try siamexchange.co.th (between Siam Discovery and MBK) Why would you want to walk around with that amount of money in your pocket, why not get a bankers draft or cheque. Edited February 21, 2012 by beano2274 Link to comment Share on other sites More sharing options...
bendix Posted February 21, 2012 Share Posted February 21, 2012 No way would it be possible. Even if it was, I would imagine there would be all sorts of regulatory issues to deal with and the authorities would be alerted as to why someone would want to acquire 40k sterling in Thailand. Link to comment Share on other sites More sharing options...
true blue Posted February 21, 2012 Share Posted February 21, 2012 No way would it be possible. Even if it was, I would imagine there would be all sorts of regulatory issues to deal with and the authorities would be alerted as to why someone would want to acquire 40k sterling in Thailand. suppose if there was a proplem with amount,he could do it in smaller increments over a few days,???? Link to comment Share on other sites More sharing options...
Forethat Posted February 21, 2012 Author Share Posted February 21, 2012 No way would it be possible. Even if it was, I would imagine there would be all sorts of regulatory issues to deal with and the authorities would be alerted as to why someone would want to acquire 40k sterling in Thailand. So how much would they have available without me looking like somewhat suspicious..? Link to comment Share on other sites More sharing options...
Forethat Posted February 21, 2012 Author Share Posted February 21, 2012 Or.....can I increase the limit on one of my Thai ATM cards and simply draw the maximum amount each day in UK...? Link to comment Share on other sites More sharing options...
bendix Posted February 21, 2012 Share Posted February 21, 2012 I'm not sure what you're trying to do, but I'm guessing you're trying to repatriate money spent on a property here in Thailand, back to the UK. Is that correct? If so, your best option would be to withdraw it from the UK in dribs and drabs. Even so, withdrawing 40k sterling or THB2,000,000 is going to take quite a while, and you'll be stung on fees. As for your question re what would the 'alert point' be, I have no idea. I would have thought anything even approaching 5k would raise eyebrows. PLUS, buying sterling in Thailand would hardly be cost effective, as you'd be losing heavily on the spread. The only superrich I have ever used - at Phrom Pong BTS - sells Baht only, not the other way round. But if they are selling for, say 47.5, you can guarantee that it would cost 52 or more to buy a pound, assuming a 10 point spread. Link to comment Share on other sites More sharing options...
theoldgit Posted February 21, 2012 Share Posted February 21, 2012 .PLUS, buying sterling in Thailand would hardly be cost effective, as you'd be losing heavily on the spread. The only superrich I have ever used - at Phrom Pong BTS - sells Baht only, not the other way round. But if they are selling for, say 47.5, you can guarantee that it would cost 52 or more to buy a pound, assuming a 10 point spread. Whilst it's true that their kiosk at Phrom Pong BTS only sells Baht I have purchased GBP at Super Rich's main office at Ratchadamri, though not in the quantity you mention. Their spead is very narrow and I have always got a highly competitive rate when purchasing GBP's, for instance today's selling rate for £50 notes is 48.5, whilst the rate for buying Baht using the same notes is 48.7, they work on a low margin and very high turnover. I have noticed that a number of beureax are now displaying anti money laundering posters so I assume they are now being more strict, I would certainly contact them but I agree with others that there are almost certainly Bank of Thailand restrictions. Link to comment Share on other sites More sharing options...
bendix Posted February 21, 2012 Share Posted February 21, 2012 Their spead is very narrow and I have always got a highly competitive rate when purchasing GBP's, for instance today's selling rate for £50 notes is 48.5, whilst the rate for buying Baht using the same notes is 48.7, they work on a low margin and very high turnover. Interesting information, oldgit. I didn't know their spread was so small. However, have you got those the wrong way round? I would have thought buying baht would be a 48.5 and buying sterling would be 48.7 in your example, otherwise they are throwing money away. Link to comment Share on other sites More sharing options...
Forethat Posted February 21, 2012 Author Share Posted February 21, 2012 I'm not sure what you're trying to do, but I'm guessing you're trying to repatriate money spent on a property here in Thailand, back to the UK. Is that correct? Let's say that I have a minor logistical problem and I am looking at possible solutions. Link to comment Share on other sites More sharing options...
Forethat Posted February 21, 2012 Author Share Posted February 21, 2012 I found a money exchanger that was willing to exchange reasonable amounts of Baht to US Dollar. The limit was the amount of US$ currently in stock. No questions asked. Link to comment Share on other sites More sharing options...
bendix Posted February 21, 2012 Share Posted February 21, 2012 I found a money exchanger that was willing to exchange reasonable amounts of Baht to US Dollar. The limit was the amount of US$ currently in stock. No questions asked. At what rate? Link to comment Share on other sites More sharing options...
Forethat Posted February 21, 2012 Author Share Posted February 21, 2012 I found a money exchanger that was willing to exchange reasonable amounts of Baht to US Dollar. The limit was the amount of US$ currently in stock. No questions asked. At what rate? 30.77 Link to comment Share on other sites More sharing options...
Chonburiram Posted February 21, 2012 Share Posted February 21, 2012 Or.....can I increase the limit on one of my Thai ATM cards and simply draw the maximum amount each day in UK...? With my Kasikorn Global card I can draw the equivalent of 100 000 ฿ื per day. Showing up at any European airport with 40 000 £ cash on me would make me a little nervous... Link to comment Share on other sites More sharing options...
theoldgit Posted February 22, 2012 Share Posted February 22, 2012 [However, have you got those the wrong way round? I would have thought buying baht would be a 48.5 and buying sterling would be 48.7 in your example, otherwise they are throwing money away. mmmm - just testing, you are of course correct. Link to comment Share on other sites More sharing options...
tinfoilhat Posted February 22, 2012 Share Posted February 22, 2012 No way would it be possible. Even if it was, I would imagine there would be all sorts of regulatory issues to deal with and the authorities would be alerted as to why someone would want to acquire 40k sterling in Thailand. patently untrue. many money changers will even wire it out of the country for you if you wish. for a fee of course. i am making no specific remarks regarding the legality of the transaction, but have personally wired a substantial amount out of the country, and have witnessed significant exchange transactions, though not at super rich specifically. Link to comment Share on other sites More sharing options...
Briggsy Posted February 22, 2012 Share Posted February 22, 2012 You'll have to show your passport of course. If Super Rich won't do it, though I suspect they will even if you have to wait for the notes, try the other money changers. Super Rich is not the only game in town. Some of the other money changers are very much "no questions asked". Link to comment Share on other sites More sharing options...
Eff1n2ret Posted February 22, 2012 Share Posted February 22, 2012 I'm not sure what you're trying to do, but I'm guessing you're trying to repatriate money spent on a property here in Thailand, back to the UK. Is that correct? If it is, why doesn't he just ask his Thai bank to make a transfer to his UK bank a/c? An acquaintance who repatriated to the UK recently sold his Thai property and asked the branch of Bangkok Bank where he had his account if they could do this. Their initial response was 'can not', and somewhat grasping at straws he rang the British Embassy helpline to ask whether it was possible. They said they didn't know, but would find out. They rang him back in a couple of days and gave him sufficient info to go back to the bank and get them to set it up for him. For the benefit of the 'whingers' (see other current thread), he said the Embassy couldn't have been more helpful. Link to comment Share on other sites More sharing options...
true blue Posted February 22, 2012 Share Posted February 22, 2012 if you have proof that you brought your money in to los in the past to buy property,you can transfer same said funds out. Link to comment Share on other sites More sharing options...
lomatopo Posted February 22, 2012 Share Posted February 22, 2012 (edited) The Superrich rates at Ratchadamri: http://www.superrich1965.com/ The spread as of now is 30 satang (48.80/48/50). They have an Android App. which is handy. If you call they can probably accommodate any transaction. There are several major bank branches within a few hundred meters of the Superrich office. Cash moves back and forth at a pretty rapid pace. There are more aggressive (even narrower spreads) money changers on Soi Phradipat, with many major bank branches nearby. Edited February 22, 2012 by lomatopo Link to comment Share on other sites More sharing options...
MANICMINER Posted February 22, 2012 Share Posted February 22, 2012 transactions over certain amount have to be reported to some government department. i believe the limit use to be US$10,000 or equivalent, but may have changed. so they should take a copy of your passport, and pass it on. Link to comment Share on other sites More sharing options...
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