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[attrayant]

Nope.  She asked me why I transferred so much (I wasn't sure if this was official questioning or just her idle curiosity wanting to know).  I replied that I travel here frequently (which could be supported by numerous visa-on-arrival stamps in my passport, in case anyone doubted) and that my US bank hits me up for major fees when I do cash withdrawals here, so I figured why not just move a pile of cash here that I can tap when I visit?  Also the certificate of deposit rates are better here; more than double the anemic rates in the US.

She cocked her head in a sort of a "huh, that's interesting" way and that's when she put the form in front of me to sign and that was that.

[trimesh]

Cattracks, on 2011-11-03 16:40:01, said:

craigt3365, on 2009-09-04 08:34:57, said:

I just transferred $145,000 USD from USAA bank to Siam CB.  Wife went in on Tuesday and opened an account, she has changed her name to mine.  Wire took less than 48 hours.  Amazing.  I transferred USD and it was converted here in Thailand.

She got a call within 24 hours from SCB asking what the money was being used for, and if it was her own money being brought in.  She said it was her money that she earned in the USA and was using it to buy a house.  I guess there is a report that has to be filled out...maybe for the AMLO?

Next day we went to the branch and it was transferred into her account.  I did not go with her, thought it would be better that way.  They asked her the same questions at the branch.  And she had to sign a form that she was using the money for a house purchase.  Very painless...and very fast!  Cost me $35 from USAA...no costs were charged by SCB...at least that we know of!

I have found that anything over 50,000 USD requires a letter/note to be signed.  My wife took care of that and I will not exceed 49,000 just to dodge the BS.  The sad part is, I just transferred 32,000 in hopes of 1 million Thai Baht, it came out after whatever fees that were attached at 98?,000 baht.  Rather expensive in my mind!!!!

Be careful doing this - if the bank are following the FATF "best practices" and detect a pattern of activity that they suspect represents an attempt to structure your transactions to evade the reporting requirements then they are obliged to file a "suspicious activity report" on you. This can end up causing you far more hassle than just filing the reports in the first place.  Guess how I know about this...

[hermespan]

I am willing to post my experiences carrying signifciant cash from Canada to Singapore if anyone is interested and if admin doesn't jump down my throat for doing so. I think comparisons are useful. It may be that it is more prudent for expats to keep their money (cash, gold, currency, digital or actual) outside of Thailand. Or not. Only enlightened debate can answer that.

Edited by hermespan, 2012-04-03 07:22:34.

[hermespan]

Do Thai Customs provide one with a receipt that proves one legally brought cash in on one's person? I am forbdden by admin it seems to compare with other countries specifically, but I speak from experience that in leaving and entering two other nations I was given no receipt which puts me in a weak position. I do not understand why a receipt is not given. It makes one vulnerable to false accusations. Perhaps this is intentional?

Also, how does one solve the problem of travelling with cash, let's say for the sake of argument a million dollars in gold or some published (since they don't actually 'print' it always, sometimes that is subbed out to a private company eh?) currency by Central Bank X. It could become a hassle at each and every border one crosses. It become ridiculous if gold coins and taxed as well. Makes one not want to do business on the unregulated market - which perhaps is the whole point, state control of business.

[SVS]

Arriving LOS with about 200 American Silver Eagles and 200 American Silver Dollars and 200 American Silver Quarters plus about 20 more Silver and Gold Mexican and Canadian coins. Am I going to have problems? Is this the best thread for this Question?

[55Jay]

hermespan, on 2012-04-03 07:30:15, said:

Do Thai Customs provide one with a receipt that proves one legally brought cash in on one's person? <For what?  Certify that your explanation of source is legit... because you said so?> I am forbdden by admin it seems < After only 98 posts!> to compare with other countries specifically, but I speak from experience that in leaving and entering two other nations I was given no receipt which puts me in a weak position. <A position to be avoided after learning the first time?> I do not understand why a receipt is not given. <See above> It makes one vulnerable to false accusations <You should be used to that after 98 posts> Perhaps this is intentional? <Perhaps>

Also, how does one solve the problem of travelling with cash <One puts it in the bank>, let's say for the sake of argument a million dollars in gold <Rent a truck...but that still doesn't solve the problem of getting change from 7-11 when you buy a pack of smokes with 1oz gold bar>  or some published (since they don't actually 'print' it always, sometimes that is subbed out to a private company eh?) currency by Central Bank X <Uhhhh> . It could become a hassle at each and every border one crosses <You are getting warm>. It become ridiculous if gold coins and taxed as well <Unless you keep carrying them around to differnt nations and border crossings over and over again (weak position)>.  Makes one not want to do business on the unregulated market <Warmer> which perhaps is the whole point, state control of business. <Hot>

In my mind's eye, I see you still walking in the mountains of China with gold and cash on a pack mule, looking for a non-state, unregulated private institution that won't ask any questions about what you put in their box (and allow your mule inside the lobby).  With all that weight you are apparently carrying around nation to nation, if you ever find this nirvana, NEVER LEAVE!  I know your mule would appreciate it.

Edited by 55Jay, 2012-04-27 00:06:41.

[55Jay]

attrayant, on 2011-12-31 16:57:44, said:

Nope.  She asked me why I transferred so much (I wasn't sure if this was official questioning or just her idle curiosity wanting to know).  I replied that I travel here frequently (which could be supported by numerous visa-on-arrival stamps in my passport, in case anyone doubted) and that my US bank hits me up for major fees when I do cash withdrawals here, so I figured why not just move a pile of cash here that I can tap when I visit?  Also the certificate of deposit rates are better here; more than double the anemic rates in the US.

She cocked her head in a sort of a "huh, that's interesting" way and that's when she put the form in front of me to sign and that was that.

I really enjoyed the manner and tone in which you tell your short story.   Unflappable, go with the flow disposition.  Not sure if it is caused by lack of knowing there are other options, or that resources are plentiful enough that moving 120k into the fun money pile is not an issue.  

I still move in and out of LOS and desire to keep all my eggs in one or more US baskets, even with current in rates as they are (agreed).  
However an earlier threat of moving over full time prompted me to find (on this very TV forum) fairly simple work arounds to the ATM/credit card fees without moving money into an LOS account.

There are a number of US institutions still noted in other relevant threads, which offer no foreign transaction fees on their ATM/Debit cards, Visa/MasterCard products that do the same, in tandem with the celebrated AEON ATMs at locations in Thailand to get around Thai ATM fees.  Sounded like a pain to me at first but now that it is set up and linked, it's pretty effortless.  Wife doesn't mind when I announce it's time to hit AEON ATM down at Mall XYZ as getting me to the mall for any other (non) reason is a significant challenge.  555.   Anyhow, enjoy life and your travels.  Cheers, J.

Edited by 55Jay, 2012-04-28 16:20:57.