Posted: Fri Jun 03, 2005 8:59 am Post subject: Getting money back and forth
I am going back to Thailand soon and need to take back about $30,000 back as dowry. I am also anticipating that my mother-in-law will give everything back as gift, along with money gifts from other guests that will come to the wedding.
1. Do you know if taking large sum of money back and forth will cause a lot of problem?
2. I am planning to use my CC to pay for the wedding. Can I pay my US credit card (Citibank) in Thailand using Thai Baht? or US dollar?
3. Any suggestion to avoid carrying large sum of money?
I am trying to avoid exchanging money back and forth in fear of losing a lot money to the exchange. _________________ Promote Your Site
You may want to read up on the "Patriot Act." With it's enactment, banks are required to monitor and report money transfers to the US Government. The reasoning is to stop the funding of terrorist but there are other obvious income tax reporting or lack thereof benefits as well.
It stopped me from my original plans of money transfers.
The US Customs allows you to carry up to $10,000 into the country without reporting it. I do not know what Thailand allows. I would be surprised if there wasn't a limit. That doesn't mean you can't do it, you are just suppose to tell them about and explain why.
Some large banks will do traveler checks. This may be your cheapest bet. Money transfers between banks can take there toll. The receiving bank charges a fee and the sending bank a fee along with charging you a percentage of the amount transfered.
I do not know if Citibank will accept payment in baht. You may need to open up an HSBC account on each end. The "Patriot Act" will come in to play here as well but you can write yourself a check. This is a very viable option.
As for me, I send it home with my wife when she comes and visits. Believe me, it makes her feel allot better about leaving me behind. She comes to visit wearing a "B" cup and goes home an attractive "C."
Been here since 84--Of course I love it here--but after all these years I would like to get away for about 2 years, then come back and start all over. _________________ Asia Expats Forum Expat Friends Dating
If my wife wants to go live there permanently, I don't know what I would do. Having earn US salary, I think I am a bit spoiled. _________________ Promote Your Site
Posted: Mon Nov 28, 2005 7:33 pm Post subject: Getting money to Thailand
Hi Pinyo,
I am married to a Thai and have been in Lampang Thailand for about 3 winters. I am a retired State worker from Alaska. I still have a home in Alaska and return for several months in the summer to go fishing.
Moving and transfering money is always a problem. I have a monthly retirement check auto deposited in my bank in Alaska. I have several citicards and use them here, which isn't a problem on converting into Thai Baht. So no problem there.. But effective in March... all Visa cards which includes ATMs are now charging 3% on transactions overseas. I think they want a slice of the pie also.
Bank transfers are not a problem, at least with my bank in Thailand and my bank in Alaska, but you do need someone on the other end with a name on your account to make the transfer...
Travelers checks always works well. The $10,000 reporting has always been their, but it is now handled by new regime, under the Patriot Act.
But, you can bring money into Thailand as long as you report it. I am sure IRS will be forewarded a copy... but now real problem.
Posted: Mon Nov 28, 2005 9:51 pm Post subject: Re: Getting money to Thailand
tundradoug wrote:
Hi Pinyo,
I am married to a Thai and have been in Lampang Thailand for about 3 winters. I am a retired State worker from Alaska. I still have a home in Alaska and return for several months in the summer to go fishing.
Moving and transfering money is always a problem. I have a monthly retirement check auto deposited in my bank in Alaska. I have several citicards and use them here, which isn't a problem on converting into Thai Baht. So no problem there.. But effective in March... all Visa cards which includes ATMs are now charging 3% on transactions overseas. I think they want a slice of the pie also.
Bank transfers are not a problem, at least with my bank in Thailand and my bank in Alaska, but you do need someone on the other end with a name on your account to make the transfer...
Travelers checks always works well. The $10,000 reporting has always been their, but it is now handled by new regime, under the Patriot Act.
But, you can bring money into Thailand as long as you report it. I am sure IRS will be forewarded a copy... but now real problem.
Doug
3% charge for overseas charges??-that sucks --is that some new law or what??so any US issued visa card used outside of us wil be be charged 3% ?-probably to cover the additional costs of insuring against fraud _________________ Asia Expats Forum Expat Friends Dating
My banking institution allows me to fax them if I want money transfered to a bank in Thailand. I just have to fax a copy of my ID card with the request.
I don't know how much it costs and have never checked.
did you have to first ssign some papers at your US bank authorizing them to transfer money if requested? _________________ Asia Expats Forum Expat Friends Dating
Been coming here since 79' and lived here since 81'. I was under the impression that GOING INTO the US you're allowed only (as a US citizen) approx. 3,500.00 USD cash and ANY movement (in / out) of monies electronically are tagged when exceeding 8,999.99 USD. The last time I had any USD coming from the US into Thailand was about 10 years ago. It took ages, the bank (s) took about 1.5%. 1997 was interesting as it was the year of the "Thaitanic" - ol' Chavalit and his cronies tried to shore up the baht from being attacked by very rich and powerful folks who were tired of the baht being at an unrealistic rate. The baht fell, the big boys shut the doors of the incoming foreign currencies, but still alot of folks were able to handcarry in LARGE amounts of cash..... _________________ Hey! from the mountains
Been coming here since 79' and lived here since 81'. I was under the impression that GOING INTO the US you're allowed only (as a US citizen) approx. 3,500.00 USD cash and ANY movement (in / out) of monies electronically are tagged when exceeding 8,999.99 USD. The last time I had any USD coming from the US into Thailand was about 10 years ago. It took ages, the bank (s) took about 1.5%. 1997 was interesting as it was the year of the "Thaitanic" - ol' Chavalit and his cronies tried to shore up the baht from being attacked by very rich and powerful folks who were tired of the baht being at an unrealistic rate. The baht fell, the big boys shut the doors of the incoming foreign currencies, but still alot of folks were able to handcarry in LARGE amounts of cash.....
Been coming here since 79' and lived here since 81'. I was under the impression that GOING INTO the US you're allowed only (as a US citizen) approx. 3,500.00 USD cash and ANY movement (in / out) of monies electronically are tagged when exceeding 8,999.99 USD. The last time I had any USD coming from the US into Thailand was about 10 years ago. It took ages, the bank (s) took about 1.5%. 1997 was interesting as it was the year of the "Thaitanic" - ol' Chavalit and his cronies tried to shore up the baht from being attacked by very rich and powerful folks who were tired of the baht being at an unrealistic rate. The baht fell, the big boys shut the doors of the incoming foreign currencies, but still alot of folks were able to handcarry in LARGE amounts of cash.....
do people smuggle in cash to avoid reporting the movement of funds??
I think the mark is now US$10,000 that you can bring in or out without having to declare it....... You can and maybring in/out a greater amount and there is no penalty but you must declare it ..... I'm sure that going along with that you had better have a good reason or be able to state where you got the money.... so they don't get the idea that you are in the laundry business .... like Mr. DeLay the congressional copperhead
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Hi all,
