Limitations on incoming money

[Doronazl]

I started moving my online business funds into thailand, i do so in order to purchase bitcoins which i need to keep my business running, am i going to run into issues with h bangkok bank? 

My tansfres are between 1000-3000usd per transfer, on a daily bases, should i talk to the bank before continuing to do so? Will they have a problem with it? 

Am i better off doing it through my thai wife bank account? 

[mstevens]

I imagine Bangkok Bank - like any bank - would be delighted to see all of this money coming in to your account.

 

It's not Bangkok Bank you need necessarily be concerned about, but the Revenue Department.  If at any time your account is flagged, or someone mentions your name to the Revenue Department and they look at your account, total transfers of between 30,000 and 100,000 USD coming in to your account every month would certainly require quite an explanation.

 

As for that amount going in to an account in your wife's name, the Revenue Department would be just as interested.

 

You're talking a very large amount of money.  If I had a business generating that sort of cashflow I'd make sure I had dotted my Is and crossed my Ts....

[lucjoker]

If the money comes from a bank to a bank .......no problem , but stay under 900 000 bht each deposit. If you sell your house here ,let's say 5 milj bht ,you can put it in your account in 1 day, the bank will split it up in 6 separate deposits,and ok .( any amount)

[tpkhk]

OP - Out of curiosity - wouldn't it be better for you to use the original currency and open an account with an overseas Bitcoin exchange (ie. where the source bank account is located) or even the US/Singapore/HKG and buy the bitcoins?  Once in bitcoin, you can transfer to your wallet.  

 

If you are transferring large volumes of of the major world currencies, you would save on the need to exchange to THB.  Don't know for sure but I'd assume you'd get a better price on the coins too.  If you are already doing this and wanted to supplement your buying, pls ignore.  Also wouldn't work for all countries - bitcoins in some countries are priced well over world market prices.

Edited October 23, 2017 by tpkhk

[kurtmartens]

2 hours ago, lucjoker said:

If the money comes from a bank to a bank .......no problem , but stay under 900 000 bht each deposit. 

Why?  This month I've done 3 transfers into Thailand (via SCB) into my USD account each around 45-50,000 USD.  No issues.  SCB was happy, I am assuming, to have the funds.  (The only hassle is with USD I cannot move it online from SCB and have to go into the branch every time I want to do something.)

[Aussieroaming]

7 hours ago, mstevens said:

I imagine Bangkok Bank - like any bank - would be delighted to see all of this money coming in to your account.

 

It's not Bangkok Bank you need necessarily be concerned about, but the Revenue Department.  If at any time your account is flagged, or someone mentions your name to the Revenue Department and they look at your account, total transfers of between 30,000 and 100,000 USD coming in to your account every month would certainly require quite an explanation.

 

As for that amount going in to an account in your wife's name, the Revenue Department would be just as interested.

 

You're talking a very large amount of money.  If I had a business generating that sort of cashflow I'd make sure I had dotted my Is and crossed my Ts....

I transfer more than $35 000 USD into my account every month, never had a request for any information from the Revenue Department

[Thaidude]

Its fine, just open a company account and pay taxes. Lots of Thai companies who get millions per day from foreign clients. 

 

PS: I was doing the same, PM me :)

[gandalf12]

I have sent into Thailand in a single transfer Bht 6,000,000 and never had a problem 

[lkn]

The two things the OP needs to be concerned about is being flagged either as a money laundering operation or as avoiding tax.

 

There are no rules about how to stay clear of this, but if you get flagged, and you are running a legit business, it shouldn’t be that difficult to sort out the issue. Flagging you as doing money laundering is normally done by the bank, so it would make sense to go and talk with the bank, though my experience is based on banks outside of Thailand, and it seems European banks are the most aggressive in flagging transfers as suspect, which may make them call you to ask what the transfer is about or even ask for documents showing the origin of the funds (and hold the transfer until such documents have been produced).

 

For tax evasion, that would be wherever you are a tax resident. Currently Thai banks probably do not report back to your jurisdiction, but they will do so in the future, though it is probably limited to reporting your passport number and year’s starting/ending balance for your accounts.