Withholding Tax

[Gatorade]

I know that this subject has been aired before but does anyone know the latest situation as regards

money transfer from a UK Bank to a Thai bank? I am receieving conflicting advice. Is there an amount, above which, the Thai Govt will snaffle a percentage for a period of time?

Grateful for your advice.

Gator

[sbk]

gatorade, this might be better answered in the banking forum, would you like it moved there?

[Gatorade]

gatorade, this might be better answered in the banking forum, would you like it moved there?

if it helps, yes please!

[sbk]

Moved to the banking forum...

[lopburi3]

Any money transfer into Thailand that equals or is more than USD 20,000 is subject to a 30% withholding transfer into a Bank of Thailand account for the period of one year. This transfer will only be hold if the money is used to buy certain securities but any transfer could be so transfered by the receiving bank if they have any doubt as to its use. So the best advise is to transfer less and if you have to transfer large amount (such as a condo purchase) clearly make the transaction for that and even then talk with receiving bank to get there assurance first. If you have to chase the money later there is likely to be some delay.

[BigC]

can only go with experience. the bank tried to charge me 30 percent becaus the amount was over20 000 us dollors

they let me off that time but i asked them if i can do many trannfers under 20 000 us dollor but say for example 20 times. they said yes.

so far no problems but maybe different if you tranfer to a company account.

you get a refund of the 30% in 1 year. which if you do get stung. it would hlp pay for you taxes.

that is just my experience. mess up and stupid but this is where i live so i shouln;t comlain too much. more head aches at hoe tha here

[bendix]

There's a lot of misinformation around this. If you make it clear to both the sending and the receiving bank what purpose the funds are for (eg car or condo purchase) you will have no problems.

The measure was introduced SOLELY to guard against currency and securities speculation, not to deter people buying condos etc.