Are you looking to buy physical gold in Bangkok? In this guide, I will give you my delightful experience of buying the precious yellow metal in Thailand.
Gold isn’t cheap, and I had my fears about being scammed as I’m in a foreign country.
My two biggest fears were:
1. Will I get real or fake gold?
2. Will I get a fair price?
To my surprise, buying gold in Bangkok is incredibly easy and safe.
Did you know that Thailand was the fifth biggest gold consumer in the world in 2015? That explains why it was so easy to buy it in Thailand.
Finding the right Bangkok gold shop
Bangkok gold shops are everywhere if you know how to spot them. A gold shop in Bangkok will list the buy and sell price of gold in big white felt tip pen on their windows:
During the 2020 lockdown, I thought it would be a good idea to increase my holdings, so I decided to buy physical gold in Bangkok.
I wasn’t confident in my ablity to spot real gold from fake gold in Bangkok, so I conducted some research.
I found Hua Seng Heng Goldsmith to be one of the most trusted goldsmiths in Thailand.
They have English-speaking staff which is a HUGE plus. You don’t want to make a gold transaction in Bangkok if you can’t converse with the other party.
What I liked most was that they stored your gold in their Bangkok vault – for FREE.
This is a big deal, as usually you’ll be charged around 0.5% per year to have your gold stored.
On top of that, they have an online app where you can monitor your holdings, and place buy orders and make payments in-branch or via bank transfer. In order to place buy orders on their app, you need to give them 5,000฿ deposit which will allow you to buy up to five baht worth of gold.
You will need to make payment in-branch or via bank transfer within 72 hours of making your gold order; otherwise, they will cancel it and take your 5,000฿ deposit.
Buying gold in Bangkok
To buy gold in Bangkok at Hua Seng Heng Goldsmith, you’ll need:
- Thai baht currency
Thailand uses its own weighting measurement to buy gold in Thailand, called baht.
Baht is the name of their currency.
Baht is a unit of measurement in Thailand.
Yes, it’s a little confusing at first.
The term ‘baht’ has multiple meanings. To translate baht measurement into western units is as follows:
- 1 baht = 15.244g
- 1 baht = 0.5377oz
At Hua Seng Heng Goldsmith you buy physical gold bars in the following sizes:
- 5 baht (76.2g)
- 10 baht (152.4g)
- 15 baht (228.6g)
- 20 baht (308.8g)
You can choose between buying 96.5% (23 karat gold) or 99.9% gold bars. The price for 99.9% of gold bars costs more of course.
Gold bars of 99.9% are softer, and 96.5% gold bars are very solid, easy to transport and ideal to turn into jewelry.
If you’re looking to buy bigger sizes, please contact them before visiting with your requests.
If you’re a total Bangkok newbie, download the Grab app (it’s like Uber) to make your way to any of their stores. Below is the location of their flagship gold store in Bangkok, Chinatown.
Upon walking into the shop, the staff will ask if you want to buy or sell gold and give you a queue number.
Wait for your queue number to be called and then tell the employee how much gold you would like to buy.
Next, hand them your money (they only accept Thai baht) and they will provide you with your physical gold, or you can let them store it at no extra cost.
If you choose to store your gold at their shop, they will provide you with a certificate that you can redeem for your gold at any time and will set up an online account for you to view your holdings.
If you choose to take your gold home, you may be asked to wait up to 30 minutes to take personal delivery.
Before leaving with your gold, it’s best practice to ask them to weigh your gold bar so you can verify the weight.
It’s not uncommon for your gold bar to weigh slightly over or a little under by 0.5g, so don’t be alarmed. You can just ask them to change it. All my bars were a little over in weight :).
If you want to sell your gold later, you can take it back to Hua Seng Heng Goldsmith and sell it back to them.
Each goldsmith in Thailand has its own markings on their gold bars. Hua Seng Heng Goldsmith is considered the most trustworthy. If you buy your gold from a smaller gold shop in Thailand and try to sell it at a later date, you MAY receive slightly under market price.
How do I know the price of gold in Bangkok before buying?
There are multiple sites you can use to find the current price of gold in Thailand.
Hua Seng Heng Goldsmith has a huge TV in-store with the live buy/sell price of physical gold and gold jewelry in Thailand.
Gold shops in Thailand don’t just make a price up in their head; prices are based on the GOLD/USD price and adjust in real time.
The spread between the buy and sell price of gold in Thailand can vary between 100-300฿ depending on supply and demand.
How do I know I’m not buying fake gold in Thailand?
When making any investment you’ll need to do your own due diligence. Buying gold in Bangkok is no different.
Thailand is one of the safest places in the world to buy gold. Use a reputable dealer that has a lot of good online reviews and has been in business for decades.
Don’t visit a rinky dinky gold shop that is selling gold under market price.
Other things to note about buying gold in Thailand
Gold in Thailand is big business. Almost everyone in Thailand has some holding of gold.
If you plan to leave Thailand with gold, you can take as much as $20,000 of gold out without needing to declare it.
Thailand is a very safe country and you will not be robbed as soon as you leave the store. If you’re carrying large amounts and are worried, use the Grab app and don’t leave the store until the taxi is outside.
If you have any questions about buying gold in Thailand, leave a comment below.