Any limits on sending money to Thailand

[magicroundabout]

Hi all, 

Hope you can help. Is there any limits on how much money you can send from the UK to Thailand via a swift payment? A friend is due to receive an inheritance in the next couple of weeks (approx 100k gbp). 

I'm just trying to find out if it would cause any problems. Her bank is the Bangkok bank. 

 

Many thanks 

 

 

 

 

[Liverpudlian]

Would hold on and wait for a stronger pound if it were me + interest rate UK would be much better too.

[magicroundabout]

Yes, if it was me I would as well Sorry, should have said my friend is a thai national with no links to the UK. 

[dotpoom]

Your question not answered yet.....but I don't think she will have a problem with a limit?

[OJAS]

No problems with a £100 transfer from the UK to Thailand. I personally transfer considerably more than that from my UK to Thai bank accounts each month in order to meet the minimum 65,000 THB rule for my next retirement extension!

[KKr]

I would check out if she is liable for income tax prior to making the transfer.
Cash can bring in only 20.000 $, if I remember correctly, without declaration.
you could check with bank what their experience is, or with a tax advisor.

[The Fat Controller]

With Nationwide, there is NO limit on the amount that can be transferred by SWIFT.

 

Other banks may have a limit, just ask.

Edited April 26, 2019 by The Fat Controller

[UnkleGoooose]

Your IQ should limit how much you send.

[phantomfiddler]

5555555 !

[Briggsy]

There is no limit. The UK doesn't have exchange controls.

 

You will need to state the source of funds. Some UK banks may require to speak to the sending account holder before transferring this amount as a standard fraud prevention practice.

 

Edited April 26, 2019 by Briggsy

[flyvnsky]

Sorry, I cannot give info about limit on transfer or tax implications in Thailand, but it may be to her benefit to open a Sterling account in her Thai Bank. 

[Suradit69]

3 hours ago, OJAS said:

No problems with a £100 transfer from the UK to Thailand

He mentioned 100,000 GBP, not 100.

 

11 hours ago, magicroundabout said:

A friend is due to receive an inheritance in the next couple of weeks (approx 100k gbp). 

 

[steve73]

If using Transferwise to send their limit is 2MM bt (just under 50kGBP, but easy to do it in 3 lots.  Plus you'll get a much better rate than sending via SWIFT.. Potentially around 100,000k THB will arrive due to a much better exchange rate...

[KhaoYai]

3 hours ago, KKr said:

I would check out if she is liable for income tax prior to making the transfer.
Cash can bring in only 20.000 $, if I remember correctly, without declaration.
you could check with bank what their experience is, or with a tax advisor.

Income tax where?  There would be no income tax in the UK as its an inheritance and in any case, the beneficiary is not resident in the UK.

 

I have no idea about Thai income tax but I would be very surprised if they taxed an inheritance.

[magicroundabout]

Thanks for the comments there doesn't look like any limits. The money is being from a uk solicitor so shouldn't cause any problems from the UK bank albeit I get her to check with them. 

Interesting point about the tax Im thinking as it's an inheritance it should be tax free. 

Am I right in thinking the transfer should be done in pounds not baht? 

[magicroundabout]

1 minute ago, KhaoYai said:

Income tax where?  There would be no income tax in the UK as its an inheritance and in any case, the beneficiary is not resident in the UK.

 

I have no idea about Thai income tax but I would be very surprised if they taxed an inheritance.

Yes your spot on inheritance tax doesnt kickin until 10m baht

[kokopelli]

5 hours ago, OJAS said:

No problems with a £100 transfer from the UK to Thailand. I personally transfer considerably more than that from my UK to Thai bank accounts each month in order to meet the minimum 65,000 THB rule for my next retirement extension!

The OP wishes to transfer 100,000 GBP not 100 GBP.

[RBOP]

Wow, I thought Canada's inheritance tax was bad but UK is ludicrous. https://www.gov.uk/inheritance-tax

[myshem]

same problem here, but where can we put the money safely in SEA ? Singapore ? no conditions ? no fees ?

 

 

[Briggsy]

7 hours ago, magicroundabout said:

Thanks for the comments there doesn't look like any limits. The money is being from a uk solicitor so shouldn't cause any problems from the UK bank albeit I get her to check with them. 

Interesting point about the tax Im thinking as it's an inheritance it should be tax free. 

Am I right in thinking the transfer should be done in pounds not baht? 

There are no upper limits on international transfers imposed by the UK government.

 

The UK solicitor will not disburse the proceeds from the estate until all UK inheritance tax issues have been dealt with. This is nothing for your friend to be concerned about. The executor (the solicitor) will deal with this.

 

The transfer should definitely be made in pounds and not baht. Buying baht in the UK will result in a sizeable exchange rate loss. On a transfer of this size I estimate it would be thousands of pounds.

 

I cannot see any Thai income tax liability arising.

[KKr]

On 4/26/2019 at 8:45 PM, Briggsy said:

 

I cannot see any Thai income tax liability arising.

From : 

https://www.rd.go.th/publish/6045.0.html

 

''

A resident of Thailand is liable to pay tax on income from sources in Thailand as well as on the portion of income from foreign sources that is brought into Thailand. 

''

However, possibly in analogy this article applies to the described situation  :

''

Income from sale of immovable property

            Taxpayer shall not include income from sales of immovable property acquired by bequest or by way of gift to the assessable income when calculating PIT. However, if the sale is made for a commercial purpose, it is essential that such income must be included as the assessable income and be subject to PIT. 

''

just be careful !

[magicroundabout]

4 hours ago, KKr said:

From : 

https://www.rd.go.th/publish/6045.0.html

 

''

A resident of Thailand is liable to pay tax on income from sources in Thailand as well as on the portion of income from foreign sources that is brought into Thailand. 

''

However, possibly in analogy this article applies to the described situation  :

''

Income from sale of immovable property

            Taxpayer shall not include income from sales of immovable property acquired by bequest or by way of gift to the assessable income when calculating PIT. However, if the sale is made for a commercial purpose, it is essential that such income must be included as the assessable income and be subject to PIT. 

''

just be careful !

Thanks for information... The money is from a life insurance policy only. I'm still hopeful no tax applies. Fingers crossed for her. 

[Chivas]

You'll certainly red flag a back HMRC 10 year investigation at that level no matter where the monies came from in the first place

Just keep it under £10,000 in any single transfer as raises no red flag with uk banks

[The Fat Controller]

6 hours ago, Chivas said:

You'll certainly red flag a back HMRC 10 year investigation at that level no matter where the monies came from in the first place

Just keep it under £10,000 in any single transfer as raises no red flag with uk banks

Never had any sort of HMRC involvement/investigation/contact in the last 15 years with many transfers well in excess of £10,000