Are the thai banks generally crypto-friendly?

[gafdtomaka366]

Sending from and receiving to my bank account in Thailand, from and to, basically, any crypto-exchange, and non-Thailand based especially. Is this allowed? At least, is it not prohibited? Let's say, the amount would be under $10k per month in sum.

 

I need a precise information, because I don't want to get my account frozen.

Staff of a bank might not know about that, therefore I need to hear about the experience of those who have had it.

[gafdtomaka366]

**Sending from an exchange to a thai bank accout, and vise versa.

[daveAustin]

Although have not done it myself, I know that Binance, for example, allow purchases (and vice versa) in Thai baht and there are several crypto exchanges in Thailand so am sure they are well aware.

Edited January 17, 2021 by daveAustin

[fdsa]

Sending to Thai banks - no problems at all with <10k, sending abroad from Thailand - may be questions from the bank staff.

[gafdtomaka366]

31 minutes ago, fdsa said:

Sending to Thai banks - no problems at all with <10k, sending abroad from Thailand - may be questions from the bank staff.

yes, less than than 10k usd in sum and per month;

let's say,  when sending from an exchange,  "binance inc" or whatever it'll be, will appear as the sender - no problem?  And nothing that'll oblige me to anything such as taxes or any sort of extra documentation?

 

And, is the threshold < $10k/month?

Edited January 17, 2021 by gafdtomaka366

[fdsa]

I don't know about crypto exchanges as I was trading cryptos with private persons only and received money from the private person bank accounts to my personal bank account. Never had any questions and did not pay any tax, because all these transfers were between private persons.

If Binance sends money from the private person account then you won't have any problems. But if they send from the corporate bank account - there may be questions.

[Seeall]

This seems strange, I thought Crypto was digital and once you buy it then you access it using your code and it doesnt live in the bank..  lives in somewhere space....

[gafdtomaka366]

17 hours ago, fdsa said:

I don't know about crypto exchanges as I was trading cryptos with private persons only and received money from the private person bank accounts to my personal bank account.

 

Man, why do you give advice without knowing a dime about the subject?

 

I don't need theory. And I asked about crypto exchanges and not private persons who trade crypto and fiat between themselves.

 

[Neeranam]

6 hours ago, gafdtomaka366 said:

 

Man, why do you give advice without knowing a dime about the subject?

 

I don't need theory. And I asked about crypto exchanges and not private persons who trade crypto and fiat between themselves.

 

You won't get much help with that attitude. I have sent money from foreign exchanges to Thai banks. 

[APJ291]

Go to www.coins.co.th and create an account and then download the app...

 

setup the usual security including 2FA

 

after you have created your account and passed the verification stages you can add your Thai bank account(s) and then start funding or buying/selling Bitcoin....

 

Coins.co.th only deal with Bitcoin... but you can always carry on using other exchanges that you are already comfortable with to trade your alt-coins, then on those exchanges that you use, just convert your alt-coins to Bitcoin and send them to your Coins.co.th Bitcoin wallet. Once in your wallet you can convert to Baht and send to your Thai bank account(s)

 

I’ve had no issues using the above method with Bangkok Bank or Krungsri.

 

I use the Coins.co.ph app (iPhone) and access their website (MacBook) with no issues at all , so cannot comment on Android or windows based systems.  My only complaint is the exchange rate sometimes, but as long as your doing small amounts it’s no biggie.

 

 

Edited January 19, 2021 by APJ291

[fdsa]

7 hours ago, gafdtomaka366 said:

I don't need theory. And I asked about crypto exchanges and not private persons who trade crypto and fiat between themselves.

 

I share my experience for all forum members.

As for you - you've missed the second part of my message:

 

On 1/18/2021 at 12:53 PM, fdsa said:

If Binance sends money from the private person account then you won't have any problems. But if they send from the corporate bank account - there may be questions.

 

some exchanges send money from the private person accounts only — exactly for preventing blocks of their customers' bank accounts. Because company to person transfers are considered suspicious everywhere in the world and must have some documents, and person to person transfers usually do not require documents.

[fdsa]

1 minute ago, APJ291 said:

Go to www.coins.co.th and create an account and then download the app...

 

setup the usual security including 2FA

 

after you have created your account and passed the verification stages you can add your Thai bank account(s) and then start funding or buying/selling Bitcoin....

 

Coins.co.th only deal with Bitcoin... but you can always carry on using other exchanges that you are already comfortable with to trade your alt-coins, then on those exchanges that you use, just convert your alt-coins to Bitcoin and send them to your Coins.co.th Bitcoin wallet.  Once in your wallet you can convert to Baht and send to your Thai bank account(s)

 

I’ve had no issues using the above method with Bangkok Bank or Krungsri.

 

I use the Coins.co.ph app (iPhone) and access their website (MacBook) with no issues at all , so cannot comment on Android or windows based systems.  My only complaint is the exchange rate sometimes, but as long as your doing small amounts it’s no biggie.

 

 

 

I'm afraid you might be asked to pay taxes as you trade on one of the official Thai exchanges.

[Seeall]

9 minutes ago, APJ291 said:

Go to www.coins.co.th and create an account and then download the app...

 

setup the usual security including 2FA

 

after you have created your account and passed the verification stages you can add your Thai bank account(s) and then start funding or buying/selling Bitcoin....

 

Coins.co.th only deal with Bitcoin... but you can always carry on using other exchanges that you are already comfortable with to trade your alt-coins, then on those exchanges that you use, just convert your alt-coins to Bitcoin and send them to your Coins.co.th Bitcoin wallet. Once in your wallet you can convert to Baht and send to your Thai bank account(s)

 

I’ve had no issues using the above method with Bangkok Bank or Krungsri.

 

I use the Coins.co.ph app (iPhone) and access their website (MacBook) with no issues at all , so cannot comment on Android or windows based systems.  My only complaint is the exchange rate sometimes, but as long as your doing small amounts it’s no biggie.

 

 

Nice one...  yeah, once you buy BTC it oesnt matter from where right?   Buy them on the moon or Thailand and they are in your account/wallet/area whereever they live accessed by your code... theres is no actual "place"  your BTC resides....  so there for simply you can deposit/withdraw from anywhere that gives you access.....   again, so if you can here in Thailand buy/sell BTC and whereever and whatever other place you can buy/sell BTC then you are set...    even if one of those other places say cannot, you sill own your BTC and go somewheere else.....

[APJ291]

51 minutes ago, fdsa said:

 

I'm afraid you might be asked to pay taxes as you trade on one of the official Thai exchanges

luckily I have never been asked once to pay any taxes, as it has always been small amounts from 10k upto 20k baht maximum deposited each month every time over the last 2/3 years that I have been using them.  Currently I’m in the UK and I have been topping up monthly both bank accounts with no issues at all.
 

Should I have any issues with either bank requesting taxes or explanations, I’ll leave it to the Misses to deal with the correspondence if I cannot deal with it by email myself etc...

 

Another fallback option is to just avoid Thai Crypto exchanges altogether and make your money as you do on the exchanges that you comfortable with, then send your profits to your home country bank account(s) being liable for your taxes there... then just use a service like “TransferWise” to send any profits minus your taxes paid to your Thai Bank account...

 

so many ways to skin a cat as they say....

Quote

 

Edited January 19, 2021 by APJ291

[samtab]

11 hours ago, gafdtomaka366 said:

 

Man, why do you give advice without knowing a dime about the subject?

 

I don't need theory. And I asked about crypto exchanges and not private persons who trade crypto and fiat between themselves.

 

 

This is what ALWAYS happens here. They talk about what they know nothing ! so boring !

 

 

[Seeall]

3 hours ago, APJ291 said:

luckily I have never been asked once to pay any taxes, as it has always been small amounts from 10k upto 20k baht maximum deposited each month every time over the last 2/3 years that I have been using them.  Currently I’m in the UK and I have been topping up monthly both bank accounts with no issues at all.
 

Should I have any issues with either bank requesting taxes or explanations, I’ll leave it to the Misses to deal with the correspondence if I cannot deal with it by email myself etc...

 

Another fallback option is to just avoid Thai Crypto exchanges altogether and make your money as you do on the exchanges that you comfortable with, then send your profits to your home country bank account(s) being liable for your taxes there... then just use a service like “TransferWise” to send any profits minus your taxes paid to your Thai Bank account...

 

so many ways to skin a cat as they say....

Indeed, unless you need to then the rates are probably better out of thailand as they seem to be costly and difficult with most things, one day they might catch up and be more competative and

move forward...  like SG in Guess...

[salsajapan]

On 1/19/2021 at 2:11 PM, APJ291 said:

Go to www.coins.co.th and create an account and then download the app...

 

setup the usual security including 2FA

 

after you have created your account and passed the verification stages you can add your Thai bank account(s) and then start funding or buying/selling Bitcoin....

 

Coins.co.th only deal with Bitcoin... but you can always carry on using other exchanges that you are already comfortable with to trade your alt-coins, then on those exchanges that you use, just convert your alt-coins to Bitcoin and send them to your Coins.co.th Bitcoin wallet. Once in your wallet you can convert to Baht and send to your Thai bank account(s)

 

I’ve had no issues using the above method with Bangkok Bank or Krungsri.

 

I use the Coins.co.ph app (iPhone) and access their website (MacBook) with no issues at all , so cannot comment on Android or windows based systems.  My only complaint is the exchange rate sometimes, but as long as your doing small amounts it’s no biggie.

 

 

 

 

But can you tell us how to be sure that they are safe ?

I would prefer an US or EU company ? what do you think ?

 

[userabcd]

14 hours ago, salsajapan said:

 

 

But can you tell us how to be sure that they are safe ?

I would prefer an US or EU company ? what do you think ?

 

An interesting article on ars technica last week "Treasury nominee Yellen is looking to curtail use of cryptocurrency"

[Jenkins9039]

Crypto tax in Thailand is 15% but i don't think they are collecting currently (from non citizens anyway).

 

As for exchanges they have a generalised limit of 2m which brings them just under the Thai Gov AML radar, you can upgrade your account but that will cause headaches for you.

 

2m within 24hrs usually goes through fine, as for account freezes etc, touch wood this does not usually occur when 
dealing with regulated exchanges as for local bitcoins etc, foreigners have been arrested and charged with money laundering on those because there's so many scams, but if you use say Upbit, Bitkub etc these are regulated by the Government, and have a paper-trail.

- For reference: from experience.

 

Just remember from 2022 Jan Thailand begins compiling CRS (reporting) for filing in 2023, and this will occur annually so as to stop tax avoidance internationally, i.e your wealth in thailand in liquid form, either sitting or flowing, incoming etc, gets reported  to say the UK Government (as an example) and they can determine whether any tax is owed in the UK based on 'residency status', or 'non-dom' status, or 'generalised capital gains', likewise the UK Gov will report on the opposite side, and the Thai government can then reign in Thai tax avoiders (payers) moving money into UK Real estate etc.

 

Initially it won't include 'assets' but this is expected to change by 2025-2030.

 

You can of-course buy citizenship from say Antiguau where you have '0' or close to,tax world wide

 

Edited January 25, 2021 by Jenkins9039

[Neeranam]

9 hours ago, Jenkins9039 said:

Crypto tax in Thailand is 15% but i don't think they are collecting currently (from non citizens anyway)

Permission from the OP to not answer all his own questions?

 

Regulations are coming. I don't think it matter if you are a citizen or not. Ive actually just become a citizen from a foreigner. 

 

They are not collecting but it is up to the person to declare profits. Granted, they will probably not care about foreigners, especially if they are retired. 

 

How are they going to prove what your actual profits are? For example, I bought some Bitcoin 4 years ago and it has been in 5 different exchanges; I've traded it for XRP then back to BTC, and many other cryptos.

[scorecard]

On 1/18/2021 at 3:42 AM, gafdtomaka366 said:

Sending from and receiving to my bank account in Thailand, from and to, basically, any crypto-exchange, and non-Thailand based especially. Is this allowed? At least, is it not prohibited? Let's say, the amount would be under $10k per month in sum.

 

I need a precise information, because I don't want to get my account frozen.

Staff of a bank might not know about that, therefore I need to hear about the experience of those who have had it.

Call the customer call centre of your / a Thai bank and ask, they will know, True some local branches may not know about this.

[Jenkins9039]

5 hours ago, Neeranam said:

Permission from the OP to not answer all his own questions?

 

Regulations are coming. I don't think it matter if you are a citizen or not. Ive actually just become a citizen from a foreigner. 

 

They are not collecting but it is up to the person to declare profits. Granted, they will probably not care about foreigners, especially if they are retired. 

 

How are they going to prove what your actual profits are? For example, I bought some Bitcoin 4 years ago and it has been in 5 different exchanges; I've traded it for XRP then back to BTC, and many other cryptos.

Not sure i follow you "Permission from the OP to not answer all his own questions?" -> what does this mean?

"Regulations are coming. I don't think it matter if you are a citizen or not. Ive actually just become a citizen from a foreigner. " -> Thailand was one of the first countries to regulate and enforce crypto reg's (see bitkub recently under the directive of the SEC as a example).

"They are not collecting but it is up to the person to declare profits. Granted, they will probably not care about foreigners, especially if they are retired. " -> They are collecting (if you inadvertently declare -- I.e move funds in to support your company), otherwise no one is currently reporting.

"How are they going to prove what your actual profits are? For example, I bought some Bitcoin 4 years ago and it has been in 5 different exchanges; I've traded it for XRP then back to BTC, and many other cryptos." -> that my friend is called 'layering', like anything financial based, you will eventually have to show your source of wealth and they will want as far back as it goes, its your responsibility to keep those records, for me, i had recently provided the UK HMRC my bitcoin purchases for 39 cents from a now defunct European exchange, which has since dissolved, they have those records for 6-7 yrs, so if you don't have your books in order best you get them sorted, fine if you only a weekend speculator, a big problem when you are sitting on millions/billions.

[Neeranam]

5 hours ago, Jenkins9039 said:

Not sure i follow you "Permission from the OP to not answer all his own questions?" -> what does this mean?

"Regulations are coming. I don't think it matter if you are a citizen or not. Ive actually just become a citizen from a foreigner. " -> Thailand was one of the first countries to regulate and enforce crypto reg's (see bitkub recently under the directive of the SEC as a example).

"They are not collecting but it is up to the person to declare profits. Granted, they will probably not care about foreigners, especially if they are retired. " -> They are collecting (if you inadvertently declare -- I.e move funds in to support your company), otherwise no one is currently reporting.

"How are they going to prove what your actual profits are? For example, I bought some Bitcoin 4 years ago and it has been in 5 different exchanges; I've traded it for XRP then back to BTC, and many other cryptos." -> that my friend is called 'layering', like anything financial based, you will eventually have to show your source of wealth and they will want as far back as it goes, its your responsibility to keep those records, for me, i had recently provided the UK HMRC my bitcoin purchases for 39 cents from a now defunct European exchange, which has since dissolved, they have those records for 6-7 yrs, so if you don't have your books in order best you get them sorted, fine if you only a weekend speculator, a big problem when you are sitting on millions/billions.

Sorry, it was a remark about the OP, not you. 

 

Yes, it's my responsibility. 

 

If I'd bought btc for that cheap, I think I'd move to Lichtenstein to cash out????

 

[scorecard]

15 hours ago, scorecard said:

Call the customer call centre of your / a Thai bank and ask, they will know, True some local branches may not know about this.

Two years ago I needed signed letters from my bank for 2 savings accounts  just stating name, bank a/c no. and balance on that day, in English.

 

Local branch claimed they could not issue any documents in English, manager got into the conversation and added that it was illegal for banks to issue such documents in English.

 

I called the national call centre, focused lady said (on speakerphone) 'can do' and asked me to give the phone to the bank service desk officer who started to play with settings on her screen, 2 seconds later the templated letters are printed in English.

 

Local manger (normally unseen and staff have said before 'not coming today, playing golf') now refuses to sign the letters because 'it's illegal'. HO lady says 'it's not illegal and it's the stated policy of the bank that their documents can be in: Thai, English or Chinese', and she tells the local manager where to find this in the banks operating manual.

 

Deputy manager now in the conversation and asked me if I will accept his signature and I agree, then he spoke to the call centre lady who agreed that he go ahead and sign.  

[fdsa]

16 hours ago, Jenkins9039 said:

i had recently provided the UK HMRC my bitcoin purchases for 39 cents from a now defunct European exchange, which has since dissolved, they have those records for 6-7 yrs

Could you elaborate please? How did you get reports from the closed exchange? Who keeps the records for 6-7 years - HMRC or exchange?

[Jenkins9039]

On 1/27/2021 at 11:23 AM, fdsa said:

Could you elaborate please? How did you get reports from the closed exchange? Who keeps the records for 6-7 years - HMRC or exchange?

Every company In the West (UK, EU, USA, Aus etc) has to keep records for 7 yrs, so i reached out to the exchange that closed early part of 2020, obtained the records (also recovered another couple of hundred BTC i had forgot about by following one transaction).

 

 

[APJ291]

On 1/22/2021 at 12:14 PM, salsajapan said:

 

 

But can you tell us how to be sure that they are safe ?

I would prefer an US or EU company ? what do you think ?

 

I think EU or US company is best regarding regulations and safety to a certain degree as most of the popular exchanges now have some form of guarantees.  Again best practise is to always have your funds stored on a hardware wallet.

 

I would suggest that you read up on and research a good few exchanges if your serious about joining one or a few.  Just make sure you have all your documents in place for KYC (Know Your Customer), these will include Passport or Driving Licence IDs as well as Bank/CreditCard Statements (amounts blanked out).  Have a play around with all of them and read up about maker/taker fees.  I use a fair few myself including Coins.ph (Bitcoin & THB only) that is based here (they also are based in Philippines as Coins.ph).

Register most if not all of them using your own home countries ID.  This will give you better protection and some form of security.  Below is a list of a good few;

Binance

Bitfinex

Bitstamp

CEX.io

Coinbase & Coinbase Pro
Gemini

Crypto.com
Kraken

Kucoin
Poloniex

StormGain

Most of the exchanges above are decent, and if you make some gains/profits you can always pump them back into your registered bank account back home and avoid coins.th due to higher fees.  Then just simply use. company like "TransferWise" to move your funds into a Thai bank account.  Works for me best etc. 

I would also like to add that it is well worth using a VPN as well so you can trade in certain coins like XRP where trading is suspended to US customer at the moment due to SEC investigation into Ripple.

Its quite a long drawn process to create accounts to begin with, but its much better afterwards when you can then start trading and have a great choice of platforms to play around with until you are fully confident.  Some platforms like Binance and Kraken offer online videos, documentation and classes to teach you more about the crypto world and scheme of things.  Others like StormGain even offer a demo mode to play around with.  Most of the exchanges can also be accessed via Mobile Apps once you have registered and are up and running.

Others may agree or disagree with the above about what exchanges are best, but the above list should keep you busy whilst you investigate the Crypto world and its inner dealing and workings.