General Reports

[SubCmdr]

When overseas, whatever you intent, if you have money to exchange and it doesn't meet the local bank or exchange guys standards you are up shit creek.

I disagree. You are only in that position if you have failed to plan. Who travels overseas without a back up plan? I know I don't. I have very little travel experience compared to yours, but I have never been in that position. First of all I have more physical currency that I need. I have never been an a position where ALL my currency has been rejected. Have you?

My point is that particular post was when you return to exchange said money (in the DisUnited States of America) it will not be a problem if you were not the person that created the conditions that caused the Federal reserve note to not meet the standards of the bank or money exchange location where you tried to exchange it. I do my best to ask for the newest most pristine notes directly from a bank before I leave on a trip. That is not always possible if I am in a hurry. But that is the ideal situation.

Intelligent people have back ups to to money exchange. I actually use cash as a back up and rely on ATMs to give me THB for small purchases. ATMs are plentiful and readily and will give you (at least my bank does) superior exchange rates (if you handle the ATM correctly). I use my credit card for larger purchases. It has no foreign transaction fees and also gives me a good rate.

Thai people use gold as a savings account. Gold shops are plentiful and allow you to buy and sell gold for fiat currency (THB) very easily. When in Thailand it often makes sense to do as the Thai people do.

[TConor]

The legal definition of intent is as follows: Intent generally refers to the mental objective behind an action. The concept of intent is often the focal point of Criminal Law and is generally shown by circumstantial evidence such as the acts or knowledge of the defendant..

If you are the holder of the defaced currency, in absence of an evidence that show you made the marks or even if you did (without intent: like dropped a bill into paint can counting out money for lunch or your kid spilled his watercolors over your Federal Reserve Note) you just take it to the bank (in the (Dis) United States of America. Don't believe me, take it to a US Secret Service office and ask them. They are not going tell you to get an attorney. They are going to tell to take it to your bank. If fact they will accept the Federal Reserve Note if it has lost no more than 49% of the note. If it has lost more than than you can submit it to the USGOV BEP for redemption as mutilated currency.

When overseas, whatever you intent, if you have money to exchange and it doesn't meet the local bank or exchange guys standards you are up shit creek.

[SubCmdr]

The legal definition of intent is as follows: Intent generally refers to the mental objective behind an action. The concept of intent is often the focal point of Criminal Law and is generally shown by circumstantial evidence such as the acts or knowledge of the defendant..

If you are the holder of the defaced currency, in absence of an evidence that show you made the marks or even if you did (without intent: like dropped a bill into paint can counting out money for lunch or your kid spilled his watercolors over your Federal Reserve Note) you just take it to the bank (in the (Dis) United States of America. Don't believe me, take it to a US Secret Service office and ask them. They are not going tell you to get an attorney. They are going to tell to take it to your bank. If fact they will accept the Federal Reserve Note if it has lost no more than 49% of the note. If it has lost more than than you can submit it to the USGOV BEP for redemption as mutilated currency.

Also be sure there are no marks or writing on them.

Yes, it is illegal to deface US currency to the point that it becomes unusable. As quoted from the Secret Service official website: "Defacement of currency is a violation of Title 18, Section 333 of the United States Code. Under this provision, currency defacement is generally defined as follows: Whoever mutilates, cuts, disfigures, perforates, unites or cements together, or does any other thing to any bank bill, draft, note, or other evidence of debt issued by any national banking association, Federal Reserve Bank, or Federal Reserve System, with intent to render such item (s) unfit to be reissued, shall be fined under this title or imprisoned not more than six months, or both. "1.

However, there is a loophole in this, because the clause is "with intent to render such item (s) unfit to be reissued," because it doesn't say anything about just writing on it. But technically writing is still defacing1. Some people may maintain that you have to go all out emblazoning markings all over a dollar bill such that it is unfit for use so that, for example, vending machines cannot recognize it for it to pass as defacing1.

It's worth noting that there are some who argue that it's legal to stamp or write on paper currency2. However, the legality might depend on the extent of the defacement and whether it renders the bill unfit for circulation. If you're considering marking on US currency, it would be wise to consult with a legal expert to understand the potential implications.

[TConor]

When I left Cambodia in September, I left with a wad of crappy hundreds that one of my buddies gave me to change into better ones for him in the States.

Also be sure there are no marks or writing on them.

Yes, it is illegal to deface US currency to the point that it becomes unusable. As quoted from the Secret Service official website: "Defacement of currency is a violation of Title 18, Section 333 of the United States Code. Under this provision, currency defacement is generally defined as follows: Whoever mutilates, cuts, disfigures, perforates, unites or cements together, or does any other thing to any bank bill, draft, note, or other evidence of debt issued by any national banking association, Federal Reserve Bank, or Federal Reserve System, with intent to render such item (s) unfit to be reissued, shall be fined under this title or imprisoned not more than six months, or both. "1.

However, there is a loophole in this, because the clause is "with intent to render such item (s) unfit to be reissued," because it doesn't say anything about just writing on it. But technically writing is still defacing1. Some people may maintain that you have to go all out emblazoning markings all over a dollar bill such that it is unfit for use so that, for example, vending machines cannot recognize it for it to pass as defacing1.

It's worth noting that there are some who argue that it's legal to stamp or write on paper currency2. However, the legality might depend on the extent of the defacement and whether it renders the bill unfit for circulation. If you're considering marking on US currency, it would be wise to consult with a legal expert to understand the potential implications.

[Raj Patela]

If the idea is to milk long stayers just raise the Fees.

1,900 baht for one year extension based on retirement is just Silly.

$2,500-$3,000 would be more appropriate.

[SubCmdr]

When I left Cambodia in September, I left with a wad of crappy hundreds that one of my buddies gave me to change into better ones for him in the States.

Right now in Pattaya among my girlfriend and her friends I am the money changer of last resort with USD. I got a pile of dog eared 20's and a few benjis to change out for better currency when I return to the Dis (United States of America).

[Nyezhov]

Never had an issue with this but I exchange money at money exchange places and not Thai banks.

I see you've never been to Cambodia. Even the smallest crease an eye can barely see in the corner of your bill makes it invalid at most places. Make sure no one gives you back a ragged bill it's yours until you leave Cambodia. Yet their own Riel are almost torn to shreds.

When I left Cambodia in September, I left with a wad of crappy hundreds that one of my buddies gave me to change into better ones for him in the States.

[SubCmdr]

There is a tax treaty between Thailand and the US, so it's not really worth it for IRS auditors to worry about Thai tax issues.

You got this information from where exactly?

The low hanging fruit are the US billionaires who don't pay taxes.

Every one is allowed to arrange their financial affairs to pay the minimum tax. That is a US Supreme Court opinion. Tax evasion is illegal. Tax avoidance is legal.

I don't think that applies to anyone here.

Does not apply to me. But I also don't take tax advice from a professional trick. I prefer to take my tax advice from a licensed professional in accounting or tax law.

[SubCmdr]

Hate to cloud all this speculation with some hard cold facts. Ever check out property ownership laws in the Kingdom. I have read translated versions of them from law firms based here in Thailand. If you are married to a Thai national you can jointly own land with your spouse. But let's say your spouse passes away and you inherit the land. Do you know what you position is then? You can apply for an exemption to the rule that not Thai nationals cannot own land. The provision exists in the law. But has never been granted in the history of the Kingdom. So, reality is, you have one year to dispose of that land. If you don't the Kingdom will take of it and sell it for you and charge you 5% for their services.

Tell me more about the type of exemptions that might be provided to someone married to a Thai national.

Your Hard Cold Facts are Wrong. Hahaha.

According to section 93 of the Land Code Act a foreigner who acquires land as statutory heir can have an ownership in such land upon a permission of the Minister of Interior. Note that section 93 Land Code Act only refers to foreign land ownership under a treaty and not for example to foreigners inheriting land from their Thai spouse. A foreign spouse of a Thai national can inherit land but cannot register ownership of land and has to sell the land within one year from the date of acquisition.

[Banana Boi]

Thai banks really like their bills crisp and in like new condition.

Never had an issue with this but I exchange money at money exchange places and not Thai banks.

I see you've never been to Cambodia. Even the smallest crease an eye can barely see in the corner of your bill makes it invalid at most places. Make sure no one gives you back a ragged bill it's yours until you leave Cambodia. Yet their own Riel are almost torn to shreds.

[SubCmdr]

I wonder if Thailand will tax you on what's in your pocket when you walk off the airplane? I brought $6000 to Thailand once, but made the mistake of folding it down the middle like a stripper dollar to fit in my money belt. Thai banks really like their bills crisp and in like new condition.

Right now all the rumors are saying the new taxes will be tied to some period of stay in the Kingdom. 180 days is the number being thrown around my some people.

Money changers are indeed very picky about the USD that they take. They prefer new / like new condition, crisp and in the denomination of 100. You get a lower exchange rate if you have the denomination of 20. Even lower if they are 5's or 1's. They reject any marks on the currency or tears in the currency. Even micro ones due to use on the edges. My base currency is USD, so I have not tried to exchange any other currency type. Although there are booths that have LCD screens with the longest list of different currencies I have ever seen in my life.

Live long and prosper gentlemen. And may the pussy be with you, always!

[Explorer8939]

I'm not sure why I always forget that the one constant in life is "change", otherwise I'd still be fat and happy living off those 18% interest earnings on money market from back in Jimmy Carter days. LOL.

I wonder if Thailand will tax you on what's in your pocket when you walk off the airplane? I brought $6000 to Thailand once, but made the mistake of folding it down the middle like a stripper dollar to fit in my money belt. Thai banks really like their bills crisp and in like new condition.

Your tax status is a function of your visa status and whether you reside in Thailand for 180+ days a year.

[Explorer8939]

If you are a US citizen you will still be required to file an income tax return in the US. You get to deduct any taxes you pay in Thailand so you are not double taxed. But remember all those new auditors the IRS wanted to hire last year. I would be more worried about the IRS reaching out to Thai tax authorities and wanting to "compare notes".

There is a tax treaty between Thailand and the US, so its not really worth it for IRS auditors to worry about Thai tax issues.

The low hanging fruit are the US billionaires who don't pay taxes. I don't think that applies to anyone here.

[TooDirty]

I'm not sure why I always forget that the one constant in life is "change", otherwise I'd still be fat and happy living off those 18% interest earnings on money market from back in Jimmy Carter days. LOL.

I wonder if Thailand will tax you on what's in your pocket when you walk off the airplane? I brought $6000 to Thailand once, but made the mistake of folding it down the middle like a stripper dollar to fit in my money belt. Thai banks really like their bills crisp and in like new condition.

[Raj Patela]

Hate to cloud all this speculation with some hard cold facts. Every check out property ownership laws in the Kingdom. I have read translated versions of them from law firms based here in Thailand. If you are married to a Thai national you can jointly own land with your spouse. But let's say your spouse passes away and you inherit the land. Do you know what you position is then? You can apply for an exemption to the rule that not Thai nationals cannot own land. The provision exists in the law. But has never been granted in the history of the Kingdom. So, reality is, you have one year to dispose of that land. If you don't the Kingdom will take of it and sell it for you and charge you 5% for their services.

Tell me more about the type of exemptions that might be provided to someone married to a Thai national.

Your Hard Cold Facts are Wrong. Hahaha.