Transferring $ From House Sale to TH

[emanphoto]

We sold our building in the US and now want to transfer the money here to Thailand. Wife is Thai w/dual US citizenship. 
We’re planning on doing the transfer to a new Kbank account via swift. Wife’s last name on deed is my (U.S. citizen) last name while all other accounts she has are under her maiden name. We’re not sure which passport the bank will ask for.
Any thoughts?
Any “gotchas” that we should look out for like taxes, whack fees, etc?

Thanks!

[MRToMRT]

No problem for the transfer, straight forward swift, I have never (ever) been asked here to qualify money origin.

[nigelforbes]

9 minutes ago, MRToMRT said:

No problem for the transfer, straight forward swift, I have never (ever) been asked here to qualify money origin.

Neither have I, in the past. But new Money Laundering laws have come into effect and AMLO is getting tighter on these things so it may well be that the OP is asked about the source of funds. As long as there is a paper trail showing where the funds did originate and it can be proven, if asked, all will be well. 

[emanphoto]

6 minutes ago, nigelforbes said:

Neither have I, in the past. But new Money Laundering laws have come into effect and AMLO is getting tighter on these things so it may well be that the OP is asked about the source of funds. As long as there is a paper trail showing where the funds did originate and it can be proven, if asked, all will be well. 

Yes my wife has the bill of sale and all other paperwork to show.

[emanphoto]

21 minutes ago, MRToMRT said:

No problem for the transfer, straight forward swift, I have never (ever) been asked here to qualify money origin.

That's great thanks.  She IS worried that some kind of US tax thing may kick in.  I am retired and wife works here in TH only. 

[nigelforbes]

Just now, emanphoto said:

Yes my wife has the bill of sale and all other paperwork to show.

Then you are good to go!

 

Just make sure you remit USD and let the receiving bank in Thailand make the currency exchange. 

 

Perhaps a good idea if your wife has a copy of the marriage certificate so the bank can make the connection between the old and new names.

 

AND, I guess you will get a marriage visa? If that's the case, YOU need 400K in a Thai bank account, in your own name, NOT in a joint account (unless you're going to use the income method).

[emanphoto]

4 minutes ago, nigelforbes said:

Then you are good to go!

 

Just make sure you remit USD and let the receiving bank in Thailand make the currency exchange. 

 

Perhaps a good idea if your wife has a copy of the marriage certificate so the bank can make the connection between the old and new names.

 

AND, I guess you will get a marriage visa? If that's the case, YOU need 400K in a Thai bank account, in your own name, NOT in a joint account (unless you're going to use the income method).

Yes I am here on marriage visa for the past 10+ years so all is good there.  ???? She is handling the entire transfer herself.

Edited January 24, 2023 by emanphoto

[Adumbration]

No issue whatsoever transferring the money into Thailand, entirely different story when you want to tranferr back out.

 

US bank rates are currently higher than in Thailand.  Why on earth don't you just leave the money in US CDs or T-bills?

[emanphoto]

10 minutes ago, Adumbration said:

No issue whatsoever transferring the money into Thailand, entirely different story when you want to tranferr back out.

 

US bank rates are currently higher than in Thailand.  Why on earth don't you just leave the money in US CDs or T-bills?

Would if we could.

[USEpat]

I don't know about your bank of choice, but Bangkok Bank has dollar denominated accounts so you can stash a chunk of the cash proceeds in dollars and play the exchange rate game as appropriate.  I've used it for almost four year with no problem,  Set up at the Central Branch here in Pattaya.

[CharlieKo]

Why not try wise.com to transfer funds to Thailand. They probably give one of the best exchange rates for transfers. Even better than sending sending USD to a bank in Thailand. And letting them convert to THB. 

[Etaoin Shrdlu]

When did you sell the building and did you have capital gains on the sale?

 

If you are Thai residents under the Revenue Department's definition, have capital gains, and bring the funds into Thailand in the same year, you may owe Thai income tax on the gains.

 

But I'm not a tax expert, so you might wish to get proper advice.

 

[emanphoto]

1 hour ago, CharlieKo said:

Why not try wise.com to transfer funds to Thailand. They probably give one of the best exchange rates for transfers. Even better than sending sending USD to a bank in Thailand. And letting them convert to THB. 

We'd have to do multiple transfers plus fees are a little wicked for this much $.  The screenshot is maximum amount.  Although, TBF, I have not seen the bank rates.

Edited January 24, 2023 by emanphoto

[CharlieKo]

2 hours ago, emanphoto said:

We'd have to do multiple transfers plus fees are a little wicked for this much $.  The screenshot is maximum amount.  Although, TBF, I have not seen the bank rates.

If you are transferring a really large amount of money. Why transfer in one go? better to play the exchange rates, and transfer in smaller amounts. But you really should check out bank fees first. I think you will find Bank Fees are a lot higher than using a money transfer site like wise.com for any amount. 

[Dante99]

7 hours ago, emanphoto said:

Any “gotchas” that we should look out for like taxes

Is or at least was US withholding tax on property sale by foreigner or by foreign resident.  On any gain from the sale.  Usually withheld in the escrow process.

Edited January 24, 2023 by Dante99