JOHN CHAN Posted August 16, 2016 Share Posted August 16, 2016 Hi I am a British expat going to return to England for good. How do I get all my Thai Baht savings home as there is a maximum I can bring with me at the airport? One way that I can think of is that I can use international ATM cards and withdraw money in London at an exchange rate but are there any ways to bring home the whole lump sum? Thank you very much. Link to comment Share on other sites More sharing options...
ubonjoe Posted August 16, 2016 Share Posted August 16, 2016 Moved to the business and banking forum. Link to comment Share on other sites More sharing options...
BritTim Posted August 16, 2016 Share Posted August 16, 2016 I assume you already know the information summarized in pages like http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/TransferingFunds/TransferringOutOfThailand/Pages/OutwardFAQs.aspx. Depending on the original source of the funds, the Bank of Thailand may allow you to transfer the money out without problems. If you cannot show where the money originally came from (such as when tax was not properly paid on income earned here) you have a problem. By the way, even if there was no limit on carrying cash out of the country, trying to deposit large sums of cash into a bank at your destination will be problematic due to Anti Money Laundering procedures. Link to comment Share on other sites More sharing options...
PomRakBKK Posted August 16, 2016 Share Posted August 16, 2016 It's funny how you can buy a car with 2 suite cases full of cash and deposit the same way in any thai bank but once you want to take it out... the problems start. Link to comment Share on other sites More sharing options...
petermik Posted August 16, 2016 Share Posted August 16, 2016 1 hour ago, PomRakBKK said: It's funny how you can buy a car with 2 suite cases full of cash and deposit the same way in any thai bank but once you want to take it out... the problems start. Try wearing some "granny basher" underwear......you can stash a fortune in them Link to comment Share on other sites More sharing options...
allane Posted August 16, 2016 Share Posted August 16, 2016 Traveller's cheques for at least some of it ? I don't know the limit on those. This may be a situation where you need to do a little bit of this, and a little bit of that, and don't leave it until the last minute. Link to comment Share on other sites More sharing options...
PomRakBKK Posted August 16, 2016 Share Posted August 16, 2016 You can also raise your withdrawal limit on your ATM card - 500k is the max I think. Link to comment Share on other sites More sharing options...
Pib Posted August 16, 2016 Share Posted August 16, 2016 Thailand: Land of Smiles for incoming money; but Land of Frowns for outgoing money. Link to comment Share on other sites More sharing options...
tifino Posted August 16, 2016 Share Posted August 16, 2016 get a cash Passport - Travelex etc 12 months ago, we at times had up to $AU 30.000 in it, and can spread it over 10 different currencies simultaneously In aussie dollars, it only costs AUD10 to transfer it out to a domestic account when you get home. A Travelex etc also lasts for 5 years, so you might choose even wait a bit and strike it lucky if the Exchange Rate change in your favour. It can also continue to be used as if a normal Debit type of credit card at home too. At the time of creating your CashPassport/Travelex account, - nominate your GBP as the Default currency, as THB is not represented in the List. The conversions are done on the spot with every transaction, so it can still be used in Thailand before you leave. The conversion surcharge for unsupported currencies i.e. THB is pretty minimal, and worth the convenience of it all... No - I don't represent the above Institutions, but definitely converted myself to their usage Link to comment Share on other sites More sharing options...
chiang mai Posted August 17, 2016 Share Posted August 17, 2016 14 hours ago, BritTim said: I assume you already know the information summarized in pages like http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/TransferingFunds/TransferringOutOfThailand/Pages/OutwardFAQs.aspx. Depending on the original source of the funds, the Bank of Thailand may allow you to transfer the money out without problems. If you cannot show where the money originally came from (such as when tax was not properly paid on income earned here) you have a problem. By the way, even if there was no limit on carrying cash out of the country, trying to deposit large sums of cash into a bank at your destination will be problematic due to Anti Money Laundering procedures. I agree, just provide proof that the funds originated overseas or that tax was paid on them when earned in Thailand. Some posters want to make out that this is a big deal and very difficult, it isn't if you have the correct paperwork. Link to comment Share on other sites More sharing options...
SOUTHERNSTAR Posted August 17, 2016 Share Posted August 17, 2016 12 hours ago, Pib said: Thailand: Land of Smiles for incoming money; but Land of Frowns for outgoing money. Just not true if you brought it in in the correct way its easy to take out. Link to comment Share on other sites More sharing options...
JSixpack Posted August 17, 2016 Share Posted August 17, 2016 12 hours ago, tifino said: get a cash Passport - Travelex etc No - I don't represent the above Institutions, but definitely converted myself to their usage http://www.productreview.com.au/p/travelex-cash-passport.html Link to comment Share on other sites More sharing options...
Henricus Posted August 17, 2016 Share Posted August 17, 2016 it`s very easy just use online banking and wire the money over to your British bank account and don`t do with more than 1 million a time. The exchange rates are okay and the fee i pays was 1100 THB per transaction Link to comment Share on other sites More sharing options...
F4UCorsair Posted August 17, 2016 Share Posted August 17, 2016 Surely an online transfer, or transfers will be OK? Take the maximum permitted in cash, some travellers' cheques, online transfer some, etc. Not sure about Thailand, but when I transferred bulk $$ out of Indonesia some years ago, there was a 1% tax/levy, on money I brought in!! Link to comment Share on other sites More sharing options...
bazza40 Posted August 17, 2016 Share Posted August 17, 2016 50 minutes ago, JSixpack said: http://www.productreview.com.au/p/travelex-cash-passport.html Travelex in my experience has very poor exchange rates, bordering on outright theft. Used their cash passport once on a trip to NZ, never again. Link to comment Share on other sites More sharing options...
blackcab Posted August 17, 2016 Share Posted August 17, 2016 Withdraw baht. Change at Super Rich or Vasu for Pounds. Carry the cash in person. With 50 pound notes this is quite doable. 1 million baht is just over 4 bundles of fifties. You can take unlimited pounds out of Thailand, but must declare the equivalent of over 20,000 USD to Thai customs. Arriving at the UK you need to declare more than the equivalent of 10,000 Euro. You do that by filling out this form: https://www.gov.uk/government/publications/import-and-export-cash-declaration-c9011 and posting it in the customs letterbox at the airport. Make a copy of this form to keep with the cash, so if you are randomly inspected by customs you can show the copy. Keep your copy of this form and the old bank book as proof of where the funds came from as you might be asked, especially in the UK if you deposit the cash on a UK bank. Very simple to do. Just choose sensible carry on luggage with a lock. A small hard shell case is perfect. Link to comment Share on other sites More sharing options...
johnarth Posted August 17, 2016 Share Posted August 17, 2016 I have found online banking no problem, do not know if I should name the mob I use, but I have also seen a Thai transfer on line company offer transfers for very low rates. Link to comment Share on other sites More sharing options...
12DrinkMore Posted August 17, 2016 Share Posted August 17, 2016 15 minutes ago, johnarth said: I have found online banking no problem, do not know if I should name the mob I use, but I have also seen a Thai transfer on line company offer transfers for very low rates. Bangkok bank require a work permit to make overseas transfers from their online banking. Is somebody knows a That bank tha allows it without online banking please post. Link to comment Share on other sites More sharing options...
bark Posted August 17, 2016 Share Posted August 17, 2016 14 hours ago, tifino said: get a cash Passport - Travelex etc 12 months ago, we at times had up to $AU 30.000 in it, and can spread it over 10 different currencies simultaneously In aussie dollars, it only costs AUD10 to transfer it out to a domestic account when you get home. A Travelex etc also lasts for 5 years, so you might choose even wait a bit and strike it lucky if the Exchange Rate change in your favour. It can also continue to be used as if a normal Debit type of credit card at home too. At the time of creating your CashPassport/Travelex account, - nominate your GBP as the Default currency, as THB is not represented in the List. The conversions are done on the spot with every transaction, so it can still be used in Thailand before you leave. The conversion surcharge for unsupported currencies i.e. THB is pretty minimal, and worth the convenience of it all... No - I don't represent the above Institutions, but definitely converted myself to their usage Aussie dollar ? I think he is talking about real money in his post. Link to comment Share on other sites More sharing options...
jacko45k Posted August 17, 2016 Share Posted August 17, 2016 Find a UK Expat friend, you can give him Baht cash (or transfer baht into his account) and he could transfer from his overseas account into your UK one. Sadly at the moment not many will like the rate. Link to comment Share on other sites More sharing options...
nickmondo Posted August 17, 2016 Share Posted August 17, 2016 because of the falling rate, now is a great time to transfer money back to the UK. Do it online with a banking transfer, its extremely easy Link to comment Share on other sites More sharing options...
elliottm Posted August 17, 2016 Share Posted August 17, 2016 47 minutes ago, nickmondo said: because of the falling rate, now is a great time to transfer money back to the UK. Do it online with a banking transfer, its extremely easy Unfortunately my Bangkok Bank require a work permit and I've been rejected by many different banks, the only other that accepted me was GSB at my wife's hometown but they will not provide online banking, any other recommendations for international users? Link to comment Share on other sites More sharing options...
manfredtillmann Posted August 17, 2016 Share Posted August 17, 2016 5 minutes ago, elliottm said: Unfortunately my Bangkok Bank require a work permit and I've been rejected by many different banks, the only other that accepted me was GSB at my wife's hometown but they will not provide online banking, any other recommendations for international users? http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/Accounts/SavingsAccounts/Pages/Default.aspx click on 'open an account', read the 'for foreigners' section. do you know your village head man, a police man, a local politician, a town clerk, someone semi official who you know has an account with them at the same branch, the bank people just want a few reassuring words and you'll get it done. Link to comment Share on other sites More sharing options...
TKDfella Posted August 17, 2016 Share Posted August 17, 2016 But what happens, as in my case, my English bank (NW) closed the account although I had money in it? They wrote to tell me that they no longer support accounts if the earnings were not being transferred to it. I have my pensions paid direct to Thai bank. No bank account abroad so I don't think I can transfer out to a relative's account ...I think. Means I have to set up an account somewhere else first...would that be correct? Link to comment Share on other sites More sharing options...
allane Posted August 17, 2016 Share Posted August 17, 2016 No personal experience with this, but I have heard that some of the banks will allow money to be sent abroad if it is to pay an invoice. Maybe you can get someone you know to invoice you for services rendered. Link to comment Share on other sites More sharing options...
12DrinkMore Posted August 17, 2016 Share Posted August 17, 2016 4 hours ago, manfredtillmann said: http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/Accounts/SavingsAccounts/Pages/Default.aspx click on 'open an account', read the 'for foreigners' section. do you know your village head man, a police man, a local politician, a town clerk, someone semi official who you know has an account with them at the same branch, the bank people just want a few reassuring words and you'll get it done. Try to stay with it. Opening a bank account is fine, iBanking too, but the BBL will only allow iBanking transfers inside of Thailand. To access in the intenational transfer facility they require a visit with a work permit. Link to comment Share on other sites More sharing options...
manfredtillmann Posted August 17, 2016 Share Posted August 17, 2016 48 minutes ago, 12DrinkMore said: Try to stay with it. Opening a bank account is fine, iBanking too, but the BBL will only allow iBanking transfers inside of Thailand. To access in the intenational transfer facility they require a visit with a work permit. try to stay with it? try to stay with it! you transfer your funds from your bangkok bank account via internet banking to a non - bank facility like 'Transferwise', who have thai accounts, and they transfer your dough to where ever for a small fee, probably less than what bb is charging. Link to comment Share on other sites More sharing options...
chiang mai Posted August 17, 2016 Share Posted August 17, 2016 "Currently TransferWise cannot send money from Thailand". https://transferwise.com/help/article/1570071/basic-information/supported-countries#/thb Link to comment Share on other sites More sharing options...
Pib Posted August 17, 2016 Share Posted August 17, 2016 21 hours ago, Pib said: Thailand: Land of Smiles for incoming money; but Land of Frowns for outgoing money. 9 hours ago, SOUTHERNSTAR said: Just not true if you brought it in in the correct way its easy to take out. You are correct it's easier if you got Foreign Exchange Letters/Certificates issued from your bank for the your incoming transfers...that makes moving that money out a lot easier. But when people are moving in small amounts or just build up their savings from in-Thailand funds where no such letters/certificates are issued, then it can become a hassle with the bank in providing the necessary documentation to satisfy the outflow of funds. Heck, even Thai citizens need to provide a bunch of documentation when out-flowing funds to relatives in foreign countries. I have two neighbors on my soi who have children attending college in the U.S. and U.K. They periodically send them approx Bt1M for living expenses and institution....they must provide a good amount of documentation proving their child are indeed attending foreign schools and other docs. It not as simple as providing a bank account to send it to. And when it comes to a foreigner outflowing funds from their "ibanking" that basically limited to repatriating salary after approval is provided by the bank. And of course when outflowing funds the baht is converted to the foreign currency at a healthy profit for the bank. All of this makes banks smile, but customers frown. Link to comment Share on other sites More sharing options...
manfredtillmann Posted August 17, 2016 Share Posted August 17, 2016 20 minutes ago, chiang mai said: "Currently TransferWise cannot send money from Thailand". https://transferwise.com/help/article/1570071/basic-information/supported-countries#/thb ofx, hifx,western union...? Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.