oldcpu

Glad to read its working now. Once setup, with such an account, one does NOT need to maintain money in a currency in order to get the account details in the future. For example, currently I have no money in Hungarian forint. So if I click on "HUF" I get a circle (with Hungarian flag) and "0 HUF" in large font. Under that is a small (the account #I assume) with a "greater than" symbol to the right ofthe small number. I CLICK on the small number. It gives me my HUF account details (for receiving money from a bank in Hungary). I don't use such, as I don't have an HUF account (I set this up some years back for travel to Hungary). I ended up cancelling that trip, so I withdrew money out of HUF (converted to a different currency). But I still have the HUF account. The point is, once setup, even with no money in a particular currency, one can still get the account details. The foreign currency 'account' has thou, to have been setup first. It reads now that you are setup again - and good to go. Great news !

Assuming I understand your question correctly ... - Log into Wise with a browser - In the "Home" menu click on the "AUD" account - Look under the circle (with Australian flag) where it says "AUD balance" and it will state in a large font how much you have in AUD. Under that in very small font will be a small 'account #' (with an orange circle and exclamation mark in front and a 'greater than' simple to the right of the small number account number). CLICK ON THAT number That should give you your account details. At least that works for me.

Yes. I saw something on my Wise a while back for my Australian Wise details. I had to recheck and change my records there, as Wise changed the details of my Wise Australia.

I typed I assumed it NOT possible: You stated I was wrong there , but then you in essence in part stated the same thing. What part of what I stated was wrong?

In the past I have done both transactions (ie sometimes foreign currency from outside of Thailand to a Thai baht account, .... and sometimes foreign currency from outside of Thailand to an FCD account). A lot depends on factors other than the current exchange rate at the time of the transfer when one decides to do the transfer. With regard to Wise, I find Wise is good for relative modest amounts of money. But for large amount transfers (say to buy a condo or such) then Wise is often not the cheapest approach, and a nominal Swift transfer could be superior (dependent on the Banks involved).

... with the added caveat that this only refers to income earned after 31-Dec-2023 and that foreign savings and income earned prior to 1-Jan-2024 is not taxable when brought into Thailand per RD order 161 and RD instruction 162.

Reference the DTV visa - it is still relatively new. I suspect with time it will be possible to open a Thai bank account with that visa, .... and for all I know it may be feasible now with some banks (and/or agents).

As of 31-Dec-2023 , until some of the tax aspects are clarified , that is in essence what I am doing, albeit I am on a different visa and we are likely talking about a different amount of money. As you note - one can go for many years with such an approach, and it is compliant with Thai RD instruction 161 and with Thai RD order 162. Hopefully within a few years things should be much more clear. In the mean time still, thou, be subject to Thai tax law if one decides to stay long enough to be a Thai tax resident - which means one should be familiar with any DTA with the country of one's income, ... and also maintain good records for the global funds one had prior to 1-Jan-2024 , and also good records of transactions after that date, in case one wishes to bring more funds into Thailand - and still be able to credible prove ( if audited ) when the income was earned.

Possibly we are not talking about the same things. The Thai RD can find out that one brings money into the country via wire transfer. Whether they decide to act upon that is up to them. Perhaps their 'curiousity' or 'investigation' triggered if a certain amount of money is reached ? I don't know their criteria. If they do decide to act, and if they decide to question an individual (who is a Thai tax resident) as to the source of one's income and why it is not in a tax return, then I assume that the individual will then have to prove the funds are not assessable. I assume the Thai government will only act if they are concerned there could be tax avoidance - but as I noted before, I am no tax expert.

I don't think the Thai RD cares. I have read (and I could be wrong) that one is supposed to self assess if their income is "assessable income" by the Thai definition of such, and after 31-Dec-2023 if that income (from year 2024 tax year and later) is brought into Thailand it is to be considered taxable, if it is also 'assessable' income. In defining assessable income, things like a DTA (between Thailand and another country) with a foreign company come in to play which could be tricky ?? for a digital nomad to show a DTA. If the foreigner does (or does not) submit a tax form, then only if there is an audit by the Thai RD could the foreigner land into trouble if they did not correctly report their assessable income brought into Thailand (after 31-Dec-2023). However I am VERY FAR from being knowledgeable on this topic - so let see what others chime in and say.

Interesting ... I assume the (UK ? ) pension transfer and the Credit Union savings account transfers are done via Swift. Do they deduct a small transfer fee when they do such? My hope is that with the believed upcoming changes to Thailand government in the future likely accepting selected online banking, that the services offered by Wise (for Thailand residents) will be allowed by Thailand government to improve. When I was on a Type-OA visa, for a short while I used a monthly transfer to Bangkok Bank via Wise as my financial proof for Visa extensions ... but in the end I found it simply easier to switch to keeping 800k THB in the Bangkok Bank (and later switched to the 800k THB in Krungsri bank). But that is off topic. Thanks for the post re: your Wise account with a Thailand address.

Interesting. How difficult is it for you to transfer money into your wise account (with a Thai address)? I assume it not possible to directly transfer Thai baht from a Thai bank into the Wise account into Thai baht currency holding. Please correct me if I am wrong. How about money from US or European based accounts? Do you have to do such via a Swift transfer, or can you do a simple bank transfer (which for example is possible if one has a Wise account with a European address). I assume it also possible to transfer money into a Wise account (when one uses a Thai address) using a debit or credit card, but I suspect that would have some fee associated.

With respect ,... I suspect ( albeit I am unsure) it is more complex than this. You stated "income" (and did not state "assessable income"). Apologies for my 'harping' on this, but lets consider what was noted in 161 and 162, where income prior to 1-Jan-2024 is not considered taxable in Thailand. You do NOT include such in your list of "ONLY" considerations - where I believe that timing is a consideration. I think (again I am uncertain) that income prior to 1-Jan-2024 may not be assessable income. Further, there is the question for those holding an LTR visa. Is their (LTR visa holders) foreign income from after 31-Dec-2023 considered assessable (but not taxable) income in Thailand. Ok - one could argue I am pointing out exceptions - but never the less, I think care is needed when stating "really only one consideration to make". Best wishes.

https://wise.com/help/articles/2968915/can-i-get-the-wise-card-in-my-country According to the Wise web page, one needs to be a resident (or have a residential address) in a restricted list of countries, where Thailand is not in that list. These countries are: That Wise page goes on to note: ... There are believed to be changes taking place in the online banking for Thailand, so perhaps in the relatively near future this could change, and it may be possible in the future to use a Thailand address with Wise - but until then, I also do not think such (opening a Wise account with a Thailand address) is possible.

I do not yet see the 2024 calendar year tax forms in English language: https://www.rd.go.th/english/27934.html The 2024 calendar year tax forms are thou, available in the Thai language: https://www.rd.go.th/65971.html I believe if we wish to see the 2024 calendar year tax forms in English language we need to wait a bit longer.

Note also Thailand Revenue Department (RD) order 162 clarified that income (and in effect savings) earned before 1-Jan-2024 was not taxable (nor I think assessable) if brought into Thailand after 31-Dec-2023. So regardless of whether you were a tax resident of Thailand for 2024 or not, if the FOREIGN sourced money was earned/saved from before 1-Jan-2024, I do not believe it is intended to be taxable nor treated as assessable income by Thailand. I do believe thou, it worth while to make a record of all your foreign accounts as of the end of the last business day in year 2023 - AND keep a record of any transactions that account since - so that (IF you are a tax resident) you can prove any money brought in was earned and saved before 1-Jan-2024. ... If I have the above wrong (I think I have this correct) my hope is that others will correct me.

This is good for those from the UK - but as you note further , many of us are not from UK. However I would like to make a minor point here. Many read 'Government pension' and confuse that with a pension to a government civil servant with a pension given to a qualified UK citizen or UK resident. The differences between "government" pension and "state" pension are lost on many. So just referring to a DTA can often simply not clarify due to there not being a full definition of the terminology used. Thanks for the offer. The German-Thai DTA is actually more of interest to me at present than the Canada-Thai DTA - although I am curious about both, but not in need of immediate help. When 161 and 162 came out, before the end of calendar year 2023, I made an effort to bring into Thailand enough funds to last me for more than a few years in Thailand - while the tax situation became more clear. So at present - I bring no money into Thailand. Also, as noted I may go to the Phuket tax office next year and sit on their door step until they give me a TIN. But a local Phuket RD official made it clear that for the tax year 2024 as long as I brought no foreign money into Thailand (and given my Thai sourced income too small), that I did not need to file a Thai tax return for the tax year 2024 nor did he want to give me a TIN. I obtain foreign income in Canada and in Germany (which I am not bringing into Thailand at present) so I need to be aware of both German and Canadian DTAs with Thailand - and further I obtain a pension from a European government organization (where at the moment I leave that money in Europe), which as a European Government organization is not a singular country when dealing with Thailand. Possibly the German DTA applies there (as I lived in Germany at the time when I qualified for that pension) and possibly not. Also my being on an LTR visa may (or may not) exempt me from filing a tax return IF I were to bring money into Thailand - and maybe it won't exempt me from filing a tax return IF I bring money into Thailand. Again, I have the luxury to sit this out and wait. Possibly the only thing to make me want a TIN sooner, is some income I will get on a life-insurance/investment/pension plan that comes to maturity in Germany next year (2025 tax year), and I need to decide how to handle that tax wise (as it may be to my taxation benefit to have a Thai tax # then for the year-2025 tax year).

Deleted - finger trouble premature post

Good suggestion. I restarted an old thread on Canada/Thai DTA with THAT EXACT SUGGESTION in mind - but the interest was pretty minimal - not surprising I think, as there are not that many Canadian expats in Thailand.

I think if one is in Thailand on a work visa, one can get a Pink-ID without need of a Yellow Book. But I suspect that if here in Thailand on a Type-O/OA for reason of retirement or marriage (to a Thai), the Yellow Book may be a prerequisite (however I do NOT know for certain). I posted already I applied on line for a TIN, which the Bankgok office referred to the Phuket Office, where the Phuket office (initially) refused. I suspect if I go knocking on their door and sit in their office all day, I might be able to get the Phuket RD office to change their mind, and grant me a tax-ID (ie activate my pink-ID number to be an active TIN). However I am in no hurry to do such as (1) as of 31-Dec-2023 I am bringing no money into Thailand, and (2) I am on an LTR visa.. I might thou sit at the local Phuket RD office for a full day sometime next year (to get a Thai tax-ID) , as I have a German life-insurance/investment/retirement fund coming due, to which I will likely take a cash payout (and be subject to profit) ... and I am pondering then if having a Thai tax ID might be beneficial (so to get a Thai tax certificate to show German authorities). < unsure > I need to research this some more.

With respect ... the DTAs are not written in a language that is easy for the every day person to understand ... and their use of contracting state, other contracting state, and the word "may" can be confusing at times. .

What I have done is kept a financial record of what was in my foreign accounts at the close of business on Friday 29-Dec-2023. I have also kept a record of any withdrawals from that account in year 2024, such that if ever audited, I can prove that I had sufficient funds in that account to prove it credible that all subsequent withdrawals was money saved from before 1-Jan-2024. My speculation is one will only need to prove such to Thailand RD if audited - and hence it will be good to keep organized records on this.

I suspect this the case. Last week I did a transfer of $5000 Canadian to my Wise multi currency account. It took about 24 hours. Pretty much the same time as it would take 4 years ago. No change noticeable in timing in that case for the transfer to take place. Further Australian $ have been transferred to my Wise multi currency account routinely every month or so for more than the past 6 months. Again, less than 24 hours for each of the transfers to take place. As noted in the quote - I suspect the time it takes to get a transfer completed on Wise depends not only on the amount , but also the country of origin (and country of destination in other cases).

If my memory serves me correctly, sometime back Wise changed the details of the Australian wise accounts. I can't recall the timing or details at present, but it was not in the past few weeks, but rather announced a good number of months ago. However there may have been a grace period associated with this. I recommend contacting Wise directly to attempt to obtain clarification and details on this.

That should read: apologies for the mix up in placement of the Nov-2023 date. I was using an editor on my mobile phone and mistakenly added date in wrong place in the sentence.