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Is it safe to withdraw 1,000$ via debit card everyday.

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zoom20092

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May 21, 2019
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#1
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Hello,

I'm Thai citizen and Thailand resident

- I have income from affiliate marketing about 20k per month.
- I'm planing fly to Georgia for open personal bank account next week (TBC Bank with gold MasterCard).


What do you think , Is it safe if make withdraw via ATM in Thailand about 1,000$ everyday ?

Thank you
Best regards.
 
#2
No, I do not think that is a wise thing to do. It could alert the Bank in case you are withdrawing so much cash. I am not sure about BoG, but many banks in Europe do not like big cash withdrawals and tend to close accounts of clients who withdraw cash every day or a few times a week. It is considered as high-risk behavior. Try to withdraw less and use a debit card for payments whenever possible in order not to alert bank's compliance department.
 
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#3
100% not safe. Such activity will land you and the bank in hot water eventually. EPB lost their card provider a while ago because of this behavior by clients. It does not matter if all your funds and activity is legit. If you i.e walk into a a bank today and ask to withdraw $100,000's in cash (from legit funds) they will often deny, stall you or ask multiple questions on the use of the funds. To make matters worse they will secretly report you as you could be funding terrorism with the cash eek¤%&. Georgia is part of different bodies to prevent international money laundering.
 
#4
Martin Everson said:
100% not safe. Such activity will land you and the bank in hot water eventually. EPB lost their card provider a while ago because of this behavior by clients. It does not matter if all your funds and activity is legit. If you i.e walk into a a bank today and ask to withdraw $100,000's in cash (from legit funds) they will often deny, stall you or ask multiple questions on the use of the funds. To make matters worse they will secretly report you as you could be funding terrorism with the cash eek¤%&. Georgia is part of different bodies to prevent international money laundering.
Click to expand...

What should l do , transfer method is the better way ?

I don't know what l should to do.


I'm Thai citizen and Thailand resident , but l have income from affiliate marketing.

* To avoid high tax rate in Thailand
- I need offshore bank that can store my income about 200k per year
- Then l just wait until current tax year have passed. then l can make transfer to my local bank in Thailand without tax and legal.

* But I fear to store large amount of money in offshore bank
- That reason why l want to make withdraw via ATM debit card.
- But now l already understood that method not good way.

Do you think is it safe ?
- if l store money about 200K in offshore bank for 1 year.
- Wait for transfer to my local bank in Thailand next year.
 
#5
Martin Everson said:
ask to withdraw $100,000's in cash
Click to expand...
Funny story. I won't mention the place or even country, as to not encourage questionable characters visiting, but...

I had an account with a financial organization (non-bank) in country X (needless to mention - 3rd world country). I was visiting a branch and intended to transfer funds to another financial organization that offered me a better deal in the same country. When I made the request I was told that they don't have any facility to make an electronic domestic transfer in USD. I asked for a check and was told only the head office can issue checks. I asked "So what do you suggest?", and the reply was "We can give it to you in cash, and you can walk it down the road to the branch of the other organization and deposit". The amount was 6 figures! I called my target branch and they happily confirmed that they have no problems with this and will provide transportation and security.

This was too insane and I opted to go to the main branch for a check. This was in 2019.
 
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#6
I'm sorry to go against everybody but i do that since years ( 2017 ) and the banks never said a word. But i understand it s not logical.
With Leupay until november 2018 i was take out cash from ATM around 4000 euros a day.
With Terabank I still take out everyday around 2500-3000 usd.
Just some tips on the way :
- Never the same ATM
- a nice cap, my preferred one it s N.Y. but not mandatory :p
- If you can find some friends who will alternate with you, i do it.

I don't mean it s a general rule but it s my experience.
N.B. : i dont say to use leopay at all, it was before.
 
#7
Yes I know, heavy card withdrawal is a reality as it is only way EPB customers can get their money out for example smi(&%. However unless you used darks or something you have left a digital trail. The average tax evader takes years to be caught. Evaders don't cheat and then get caught 1 or even 3 years later. The taxman can watch you for years i.e UK HMRC or German tax office. If you look at cases, people get done often 5-10 years later. Statute of limitations does not often apply to cases of 'tax fraud' in some countries.
 
#8
After l have read many comment and do hard work for research.

I think the best decision for me maybe " l must not stay in Thailand more than 180 days on every year."

So l should move around country Singapore , Malaysia , Cambodia for live outside my country 180 days

* Because even use offshore bank it still have risk , debit card method also risk , store large amount of money on offshore bank wait for withdraw next tax year also risk.
 
#10
at least get 10 or even more accounts in different banks if you are going to withdraw your money each day like this.
 
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#11
zoom20092 said:
What should l do , transfer method is the better way ?

I don't know what l should to do.


I'm Thai citizen and Thailand resident , but l have income from affiliate marketing.

* To avoid high tax rate in Thailand
- I need offshore bank that can store my income about 200k per year
- Then l just wait until current tax year have passed. then l can make transfer to my local bank in Thailand without tax and legal.

* But I fear to store large amount of money in offshore bank
- That reason why l want to make withdraw via ATM debit card.
- But now l already understood that method not good way.

Do you think is it safe ?
- if l store money about 200K in offshore bank for 1 year.
- Wait for transfer to my local bank in Thailand next year.
Click to expand...

Set up a company in someplace like HK with a Singapore bank account.
 
#12
No bank regardless if HK, Singapore or the fucking states will accept new accounts where you withdraw 1000$ in cash each day or as soon as they hti the account.
 
#16
Somewhat unrelated, but this discussion reminds me of an offer I recently received through a friend. Basically they offer to pay cash in hand for traveling to another EU country (I'm also a EU national) and opening business accounts with different banks. I actually done this 5 years ago in HK, was an interesting experience.
The job is to just give them all the corporate paperwork and the bank account stuff for a 4k pay per account. The story is that they would use these accounts for tax reasons, which makes sense considering how difficult it is to extract money sometimes even when the funds are completely legit.
I'm just still on the fence if I should do this because basically my credentials could get ruined, or maybe even worse consequences could be waiting for me..
 
#18
Sulu said:
Somewhat unrelated, but this discussion reminds me of an offer I recently received through a friend. Basically they offer to pay cash in hand for traveling to another EU country (I'm also a EU national) and opening business accounts with different banks. I actually done this 5 years ago in HK, was an interesting experience.
The job is to just give them all the corporate paperwork and the bank account stuff for a 4k pay per account. The story is that they would use these accounts for tax reasons, which makes sense considering how difficult it is to extract money sometimes even when the funds are completely legit.
I'm just still on the fence if I should do this because basically my credentials could get ruined, or maybe even worse consequences could be waiting for me..
Click to expand...
There is guys that will offer you from 20k to 40k. Even that will not be enough to pay your lawyer
 
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#19
Sulu said:
The job is to just give them all the corporate paperwork and the bank account stuff for a 4k pay per account
Click to expand...
There are even better deals out there! Some guys will pay you a small fortune to swallow some bags, fly somewhere, poop them out, and deliver them to someone. You don't even need to know what's inside. Perfect job, right?
 
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#20
Sulu said:
Basically they offer to pay cash in hand for traveling to another EU country (I'm also a EU national) and opening business accounts with different banks.
Click to expand...

Reminds me of stories I read about a naive students offered a free flight to Thailand if they can deliver a gift to a friend while they are there.

P.S They ended up on death row or something for being a drug mule :confused:.
 
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