Thailand Tax -> CC/DC Withdrawals (CDM/ATM)

[TheCryptoAnt]

3. You can use an overseas company you own - like I pointed out the CRS information would out that - unless it has a nominee.

They can watch me take loans from my company in perpetuity, it seems.

 

[wellington]

I guess the last but the bank can ask questions too.

I have received questions from a Thai bank for cashing out btc and physical gold. I had everything well documented. So be always prepared for questions.

They wanted to know when I buy it. Where. Ect .

This was 2023 .

All transactions above 50k usd are reported to Thai government . Probably the sent a report together with the docs that you give to them.

Find this interesting as in all the years I’ve never experienced this, I think it would be safe to say you are a marked person.

 

[Marketint]

Find this interesting as in all the years I’ve never experienced this, I think it would be safe to say you are a marked person.

Let me sent the reason of the payment in private. Don’t like to make it public but it think it explains a lot.

Edit: “Any person in Thailand who wishes to transfer money into a non-resident account has to provide the necessary documents (relevant contracts or invoices) and prove the legitimate obligation and source of funds; however, there are fewer restrictions and reporting requirements in remittance of funds from a non-resident account abroad”

Source: Banking in Thailand: Resident or Non-resident Account? - Tilleke & Gibbins

This is what SCB says about remittances

“

What you should know about inward remittance​

To receive international fund transfers to an SCB account, please inform the sender of the following information:

• The receiver’s name and their SCB account name, number, and address
• SCB SWIFT code: SICOTHBK
• The receiver’s identity document (Please make sure that it remains valid.)
• Supporting documents as per the remittance purpose in compliance with the Bank of Thailand’s requirements for amounts starting from USD 50,000 or equivalent, including a Foreign Currency Transaction Form.”

Anybody else had to submit supporting docs for outgoing payment above 50k? I really thought this was a complete normal procedure

 

[toums]

Let me sent the reason of the payment in private. Don’t like to make it public but it think it explains a lot.

Edit: “Any person in Thailand who wishes to transfer money into a non-resident account has to provide the necessary documents (relevant contracts or invoices) and prove the legitimate obligation and source of funds; however, there are fewer restrictions and reporting requirements in remittance of funds from a non-resident account abroad”

Source: Banking in Thailand: Resident or Non-resident Account? - Tilleke & Gibbins

So you mean the difficulty is to transfer money OUT of thailand from your thai bank account, but no problem to get the money IN, correct ?

What about if it's IN/OUT from bank accounts under your name (oversea->thai-oversea) over 50K ? Many papers to justify?

PS : are you under Elite visa?

 

[wellington]

Let me sent the reason of the payment in private. Don’t like to make it public but it think it explains a lot.

Edit: “Any person in Thailand who wishes to transfer money into a non-resident account has to provide the necessary documents (relevant contracts or invoices) and prove the legitimate obligation and source of funds; however, there are fewer restrictions and reporting requirements in remittance of funds from a non-resident account abroad”

Source: Banking in Thailand: Resident or Non-resident Account? - Tilleke & Gibbins

This is what SCB says about remittances

“

What you should know about inward remittance​

To receive international fund transfers to an SCB account, please inform the sender of the following information:

• The receiver’s name and their SCB account name, number, and address
• SCB SWIFT code: SICOTHBK
• The receiver’s identity document (Please make sure that it remains valid.)
• Supporting documents as per the remittance purpose in compliance with the Bank of Thailand’s requirements for amounts starting from USD 50,000 or equivalent, including a Foreign Currency Transaction Form.”

Anybody else had to submit supporting docs for outgoing payment above 50k? I

What I can say is the following

- friend sold his business to Russians 10mTHB Swiss national - funds left via daily allowance 2m THB a day no issues.

- friend returned to Europe (briefly) transferred is savings out from working in Thailand without issue

- Wife can send out 2m a day per account without issues

- I can send send out 2m a day per account without issue.

Funds coming in no issues either

 

[toums]

What I can say is the following

- friend sold his business to Russians 10mTHB Swiss national - funds left via daily allowance 2m THB a day no issues.

- friend returned to Europe (briefly) transferred is savings out from working in Thailand without issue

- Wife can send out 2m a day per account without issues

- I can send send out 2m a day per account without issue.

Funds coming in no issues either

Above 2M. THB a day is 'problematic' to send in/out ?

Can I ask which bank are you using ? I heard with Elite they help you to open in Bangkok bank or kasikorn..

 

[Marketint]

So you mean the difficulty is to transfer money OUT of thailand from your thai bank account, but no problem to get the money IN, correct ?

What about if it's IN/OUT from bank accounts under your name (oversea->thai-oversea) over 50K ? Many papers to justify?

PS : are you under Elite visa?

Non-Immigrant B Visa for long time. Now elite but I regret because the new tax laws. I don't have a problem with paying some tax for daily expenses but it shouldn't get too crazy either. I'm fine with contributing something here. I have also informed if I could work as volunteer for the soi dogs but but from what I understood, this is not practical if you are here with elite.

Outgoing gives the problems. Money in, they just call you if it is for real estate or not (because then they make TT3) . And only if you do larger transactions (I throught also 50k). If you dont answer the phone the money is 2 days later still in your account. I receive so much callcenter spam that I never answer my phone here. I dont want to do the investor visa thailand. Get 10m to thailand and then hope the rules don't change again? No thanks. But I still like Thailand really much. I need more time to think about what to do.

In the the past, you could only transfer whatever you had received from abroad. But since maybe 5-6 years people using crypto and services like DeeMoney to book the money out. Its not an advice.

@wellington missed your comment. This suprise me.

I have only 1 experience here with a transaction above 50k usd from thai bank > oversea.

Perhaps if it is an account under your own name it will cause maybe less problems but scb is clear on its website. Here you can check SWIFT Outward Remittance | SCB 50k usd above is docs. And to be honest, I would have been more worried if I didn't get questions. Everything was neatly arranged but understand that explanation was required if you book money right away overseas.

Edit: one other thing came to my mind. This office was in a small town near Cambodia. Never visited before. My English is not perfect and their English either. The day after when they call me for source of funds documents I had to drive to the same branche. Maybe it was just the branche manager. He told me only that he was from the bank. And if they write on their own site that this is the procedure….

Maybe they see less foreigners and Phuket is more easy.

 

[liroyb]

Here the video of the Thailand Privilege seminar. Minute 30:23 mention something, but later in private he said that it's for this reason.

https://fb.watch/rcAjxQt_v3

I know that sounds stupid, but it is what the tax advisor said.

I've been watching the whole vid and got the impression that both the reform and joining AEOI are because of regulatory pressure and not their free will.

My guess is that OECD did not want them to be tax-free-non-AEOI country and threatened in sanctions similar to Dubai if it won't change.

Countries that joined AEOI from their free will, did so in 2016, not 2024.

But that's just my opinion.

 

[wellington]

Above 2M. THB a day is 'problematic' to send in/out ?

Can I ask which bank are you using ? I heard with Elite they help you to open in Bangkok bank or kasikorn..

Over 2m have to do through the bank not the app - that’s all I know.

They open or opened Kasikorn accounts

 

[Marketint]

yes opening a bank account is very easy with elite card.

【Thailand ELITE VISA】Opening A New Bank Account In Thailand 2022(NEW) this guy opened 5.

I can confirm that it still works this way. The hussle is more the queu in the bank here in Pattaya as the opening process. The only thing what I didn’t know before is that they write on your residence certificate for which bank you can use it. You need for each bank a different residence certificate. It’s just 300 baht for one or something . Do at all at once . Ask for 5/6 of that residence certificates with the banks that you want by immigration office or pay a Thai office there to fill out the forms for you. You really don’t need elite assistent for this. Same driver license . Deposit everywhere some money to keep it active . A few k baht is enough already.

 

[wellington]

—-
https://www.tiktok.com/@june_lunney
Was talking with a friend reference this chick and her fella (based in Phuket) outrageous self publicizing.

What I will say is these are the juicy idiots that the Thai Gov will go after - not the guy just living a normal life or raising a family. The idiots publicizing the purchase of 100,000$ diamond necklaces, 400,000$ Mercedes, 100,000$ shopping at loui/gucci for lunch etc

As they create an exciting opportunity to generate a lot of free publicity.

yes opening a bank account is very easy with elite card.

【Thailand ELITE VISA】Opening A New Bank Account In Thailand 2022(NEW) this guy opened 5.

I can confirm that it still works this way. The hussle is more the queu in the bank here in Pattaya as the opening process. The only thing what I didn’t know before is that they write on your residence certificate for which bank you can use it. You need for each bank a different residence certificate. It’s just 300 baht for one or something . Do at all at once . Ask for 5/6 of that residence certificates with the banks that you want by immigration office or pay a Thai office there to fill out the forms for you. You really don’t need elite assistent for this. Same driver license . Deposit everywhere some money to keep it active . A few k baht is enough already.

I opened HKD, Euro, SGD and THB

But note I already had Euro, THB with various other banks - just never bothered with Kasikorn before.

Problem though with the non-THb accounts you had to visit the branch (50klm round trip) to do anything