Any problems depositing in Thai partner’s account…..?

[mikey88]

Hi….

just planning for the future. 
I’m considerably older than my Thai partner.

We are not married.

I already have a Thai will…..but was thinking of putting a large-ish amount into their account to tide  them over in the event of a problem.

My question is…. Would a large amount coming into their account cause problems for them. Are there any taxation rules or something like that for example…..?

Anyone who has gone through this themselves I’d be grateful of your experience…

Cheers.

 

 

[DrJack54]

10 minutes ago, mikey88 said:

Would a large amount coming into their account cause problems for them. Are there any taxation rules or something like that for example…..?

No problem. 

I live in Thailand with partner of many years.

I have used WISE to transfer largish amounts into her account from my Oz account.

 

[digbeth]

if it's a few deposit a year, they'll be under the radar, 

but frequent deposit above certain threshold or deposit large enough to look like taxable income gets reported to the taxman, this is more to target market stallholders or online traders, if it's only a few deposit from you and just sits there getting used over the months it'll be fine 

[0james0]

A large-ish deposit amount is pretty common, shouldn’t raise any red flags. Not saying this is what you’re faced with, but also what is common is uncontrolled/irresponsible spending of the recipients could and has the propensity to easily get out of hand and bring much disappointment and instability. ——Keep your head—-. 

Edited November 5, 2022 by 0james0

[Hamus Yaigh]

One only pays tax on the profit obtained from your bank deposits (WHT on any interest), not on the initial amount deposited.

 

[heybruce]

Is there a specific amount that would raise red flags?  For example, in the US banks are required by law to report deposits of $10,000 or more.  Does Thailand have any similar laws?

[Hummin]

The only problem can be for you if something happens to her before you leave this place, and you would need your money back. 
 

 

[FritsSikkink]

3 hours ago, digbeth said:

if it's a few deposit a year, they'll be under the radar, 

but frequent deposit above certain threshold or deposit large enough to look like taxable income gets reported to the taxman, this is more to target market stallholders or online traders, if it's only a few deposit from you and just sits there getting used over the months it'll be fine 

BS, transfer money every month to take care of the kids, it is more than people need for retirement.  

[Pmbkk]

 

No problem - I've transferred from UK/Swiss/IOM/Jersey accounts to my wife's account with no issues for large purchases etc

Edited November 5, 2022 by Pmbkk

[nigelforbes]

5 hours ago, digbeth said:

if it's a few deposit a year, they'll be under the radar, 

but frequent deposit above certain threshold or deposit large enough to look like taxable income gets reported to the taxman, this is more to target market stallholders or online traders, if it's only a few deposit from you and just sits there getting used over the months it'll be fine 

Those deposits would have to be very large to attract attention, very large indeed. I transfer to my wife monthly, it pays for all the household expenses and I've made that transfer each month for over 20 years.

 

OP: I've transferred a couple of million to my wifes account for the same reasons, it isn't a problem. A couple of times she's transferred it back and later it's been returned, nobody raises an eyelid.

[Tom H]

She should have up to 3 or 4 accounts by different banks:).

 

Also an shared account is an option.

 

Tax in terms of the last will starts by 50M Baht.

 

Point is your residence actually. Be carefully in case of tax requirements in your home country, no matter if the Thai will is based on the Thai law. 

 

Dont have Real Estate i.e. in home country.

[Dante99]

at some point largish amounts will become sufficiently large to draw some attention, how large that is is probably difficult to identify and variable.

[chuang]

How large is largish...just curious...

[lopburi3]

11 hours ago, heybruce said:

Is there a specific amount that would raise red flags?  For example, in the US banks are required by law to report deposits of $10,000 or more.  Does Thailand have any similar laws?

Actually suspect it can still be a lot less than 10K - believe it was 4K in Florida 35 years ago when I lived there (due drug money).  Not sure what Thailand has done but this is an active concern and reason PayPal is no longer an option for foreigners here.

[Doctor Tom]

13 hours ago, DrJack54 said:

No problem. 

I live in Thailand with partner of many years.

I have used WISE to transfer largish amounts into her account from my Oz account.

 

me too 

[1FinickyOne]

10 hours ago, Hummin said:

The only problem can be for you if something happens to her before you leave this place, and you would need your money back. 
 

 

you must remember this - a gift is still a gift... 

 

one way around is to keep the money at home on a safety box... no interest generated but...

 

As they say, a cat is not an ostrich egg. 

[mikey88]

On 11/5/2022 at 10:45 PM, digbeth said:

if it's a few deposit a year, they'll be under the radar, 

but frequent deposit above certain threshold or deposit large enough to look like taxable income gets reported to the taxman, this is more to target market stallholders or online traders, if it's only a few deposit from you and just sits there getting used over the months it'll be fine 

How about one lump sum….maybe Baht 1mil or 1.5.   I’m just thinking that they will need reasonable money if I happen to kick the bucket unexpectedly……horrible to think about but I’d be much more content if I knew they wouldn’t have to worry for a while …

[mikey88]

On 11/6/2022 at 1:18 AM, Hummin said:

The only problem can be for you if something happens to her before you leave this place, and you would need your money back. 
 

 

Yes True. I have gotten them to do a Will also with me as beneficiary..

[mikey88]

On 11/5/2022 at 10:45 PM, digbeth said:

if it's a few deposit a year, they'll be under the radar, 

but frequent deposit above certain threshold or deposit large enough to look like taxable income gets reported to the taxman, this is more to target market stallholders or online traders, if it's only a few deposit from you and just sits there getting used over the months it'll be fine 

I was thinking of one large deposit of maybe Baht 1.5 mil.   I want them to be safe for a while if I go unexpectedly….

[mikey88]

On 11/6/2022 at 2:41 AM, Pmbkk said:

 

No problem - I've transferred from UK/Swiss/IOM/Jersey accounts to my wife's account with no issues for large purchases etc

I was thinking around Baht 1.5 mil…. ??

[Pmbkk]

3 hours ago, mikey88 said:

I was thinking around Baht 1.5 mil…. ??

 

I did a lot more than that(that's not a great deal of money), you can use a currency exchange e.g. TorFX/Cambridge(I've used both) etc in the UK stating it's for living expenses etc. They're all coming from your personal bank accounts. I'd just open an account with anyone like the above, transfer your money to them and then to your/wive's Thai account. Just split it into 2 or 3 bundles, the rate won't differ much over a few days - it'll make you feel more comfortable checking when it arrives. Try a smaller amount first-time to ensure the process from the provider to the Thai bank is fine(account no's etc correct). The consultant will tell you the best method. 

 

Same process 1000's of people use to buy properties in Spain etc,

 

 

 

[rankric]

Better ofd buying gold not telling her. Send her off on a long trip dig up a couple of tiles and hide it and let her know somehow before you pass on. Never know the issues it could cause. All kinds of emergencies and "great opportunities" may start to appear and that could spell problems. Hindsight.

[OneZero]

I remember being told once by a Thai real estate agent that banks are supposed to advise RTG of transfers 2,000,000 Baht & larger.  But there was no insinuation that RTG would worry or investigate such advice, unless of course RTG was already suspicious or investigating the account for other reasons (drugs, money laundering, etc).

[mikey88]

On 11/6/2022 at 4:07 AM, nigelforbes said:

Those deposits would have to be very large to attract attention, very large indeed. I transfer to my wife monthly, it pays for all the household expenses and I've made that transfer each month for over 20 years.

 

OP: I've transferred a couple of million to my wifes account for the same reasons, it isn't a problem. A couple of times she's transferred it back and later it's been returned, nobody raises an eyelid.

Ok…couple of million. Good. I appreciate you taking the tone to reply. That’s helpful..

 

.

[mikey88]

On 11/6/2022 at 11:23 AM, chuang said:

How large is largish...just curious...

I was thinking 1.5 or 2 mil…Baht.

[Uncle Lefty]

I wired $2.2 million baht from my bank in the US to my wife’s daughter’s Thai bank several months ago to buy some land.  No problems.  We were warned to watch it on that end, once it got to her bank, however.  We spent it right away.  

[mikey88]

On 11/13/2022 at 11:19 AM, Uncle Lefty said:

I wired $2.2 million baht from my bank in the US to my wife’s daughter’s Thai bank several months ago to buy some land.  No problems.  We were warned to watch it on that end, once it got to her bank, however.  We spent it right away.  

Ok…appreciate the info….Good to get real life experience..thanks.

[Lacessit]

On 11/10/2022 at 10:58 PM, mikey88 said:

I was thinking around Baht 1.5 mil…. ??

I have a joint account with my Thai GF. It has 200K baht in it. That is sufficient for her to live on for two years.

Probate on Thai wills usually takes about 6 months.

I would dial the amount back to 1 million baht, as that amount of deposit is guaranteed.