Thailand limits tourists cash to $20k

[buksida]

Visitors to Thailand will not be allowed to bring in any more than 20,000 dollars under new rules expected to take effect next month, officials said Thursday.

The restriction is part of a measure Deputy Finance Minister Sommai Pasri said was necessary to help prevent money laundering and terrorism.

'Previously we have not controlled the amount of money that can be brought in and out of the country,' Finance Ministry spokesman Somchai Sujjapongse said.

'There was a recommendation to limit the amount to 15,000 dollars, but we have decided to limit it to 20,000 dollars,' he told Agence France-Presse.

A finance ministry official earlier said 20,000 dollars 'is suitable for personal spending by tourists.'

The new regulation is expected to take effect in mid-January, he added.

Sommai told reporters Thursday that the measure was being made 'in order to fight terrorism and money laundering.'

Source: Forbes

[Sabai Jai]

Well I was thinking of spending quite that much when I come down in January. Who does bring in that sort of amount? (apart from money launderers).

I would have thought anyone buying property or a business would be using bank transfer.

I think most people are paying Swanky Hotel bills by credit card or more likely in advance to a Tour operator.

We don't see the Russians in Hua Hin yet (do we?) suppose we could blame them?

[lomuamart]

I noticed this. A couple of things spring to mind:
Earlier this year, there was a change to the Foreign Business Act and The Bank of Thailand were going to withhold 30% of any foreign money coming into Thailand over 20k USD???? for a year without any interest? (Unless you could prove you were using it to buy a house).
A few days ago, Hong Kong businessmen were caught bringing in millions of Baht in cash. Electioneering? Who knows. But the news was saying that you can bring in how much you want, as long as you declare it???? Bearing in mind the above OP, there seems to have been two prouncements within the same number of days??
I must admit I'm confused, to say the least
Third. Well, if I ever had had 20k USD for a holiday, I'd be dead a long time ago.

[nightstalker]

how about the 40 suitcases full of money taskin family took to buy man city etc, billions of baht sent to singapore etc, many to much for the MIB to count

[johnnyk]

Damn, I just loaded up a 40-ft container with $20 bills for my annual two-week holiday....

[chelsea]

Guys is the same in Australia you cannot bring more than 10,000 Aussie Dollars into the country without telling customs.
If you get caught bringing it in they have the power to charge you and confiscate it.
If you declare the money at point of entry with an explantion of what it is for, you are normally ok.
So it will be interesting to see if this is a total limit or just the most that you can bring in without declaring it.
Cannot see why these days there is the need to bring large amounts of cash when money can be accessed so easy from where you are anyway.

[turok]

Note to self:

Don't pack more than 600,000bhat for 2 weeks holiday!!!!

[klikster]

Well I was thinking of spending quite that much when I come down in January. Who does bring in that sort of amount? (apart from money launderers).

I would have thought anyone buying property or a business would be using bank transfer.

I think most people are paying Swanky Hotel bills by credit card or more likely in advance to a Tour operator.

We don't see the Russians in Hua Hin yet (do we?) suppose we could blame them?

I wouldn't be surprised to see high-rollers who don't het have a bank account fly in with a bundle of cash to buy a condo.