Is transferwise considered a domestic or an offshore account?

[tramirez]

As a Thailand resident if I open a transferwise account using my thai address, will this account be considered domestic or offshore?

As far as I know Wise (Transferwise) has no venue in Thailand and their main locations are in Belgium or United States.

This question is important to define tax liability.
As you know there is a big difference if you transfer earnings to a local account or an offshore account.

Thank you in advance for sharing your opinions.

Edited March 6, 2023 by tramirez

[Startmeup]

I didn't think you could open a Wise account as a Thai resident Or is it just a debit card they dont provide?

https://wise.com/help/articles/2968915/can-i-get-the-wise-card-in-my-country?clickref=1011lwCmuxnu&partnerID=1101l59062&utm_medium=affiliate&utm_campaign=0&adref=&utm_source=nomadgate&partnerizecampaignID=1101l644

 

 

Edited March 6, 2023 by Startmeup

[Mutt Daeng]

7 hours ago, Startmeup said:

I didn't think you could open a Wise account as a Thai resident Or is it just a debit card they dont provide?

https://wise.com/help/articles/2968915/can-i-get-the-wise-card-in-my-country?clickref=1011lwCmuxnu&partnerID=1101l59062&utm_medium=affiliate&utm_campaign=0&adref=&utm_source=nomadgate&partnerizecampaignID=1101l644

 

 

My WISE account was set up with my Thai address. It's the only address I have. I can't get the debit card though.

[DPKANKAN]

7 hours ago, Startmeup said:

I didn't think you could open a Wise account as a Thai resident Or is it just a debit card they dont provide?

https://wise.com/help/articles/2968915/can-i-get-the-wise-card-in-my-country?clickref=1011lwCmuxnu&partnerID=1101l59062&utm_medium=affiliate&utm_campaign=0&adref=&utm_source=nomadgate&partnerizecampaignID=1101l644

 

 

Debit card you cannot get. I have opened many Twise accounts for friends here for UK and Aussies and even one an actual Bank Account too with them for one friend at their London Headquarters.

[sandyf]

10 hours ago, tramirez said:

This question is important to define tax liability.
As you know there is a big difference if you transfer earnings to a local account or an offshore account.

It would be seen as an onshore account, you get a local account number to transfer funds to.

My account is in the UK and I have been asked recently to confirm I pay tax in the UK.

[CharlieH]

Banking Forum

 

MOVED

[Kalasin Jo]

12 hours ago, tramirez said:

main locations are in Belgium or United States.

Belgium, yes. US no. Main location is London. Wise does not, as yet I believe, offer a Thai bank account number with BIC / IBAN and a postal address for it in to which you and others can pay or from which you can send nationally or internationally, although you can hold Thai baht converted from another Wise " account" held by you which is useful for their debit card use in Thailand. Use the debit card only to pay in shops, restaurants, hotels etc though. Getting cash from an ATM in Thailand with it is subject to a hefty charge by the ATM owner as with all other non Thai bank cards.

[daejung]

I use Wise (formerly namedTransferwise) to make transfers from France to my Bangkok Bank Account in Bangkok.

 

My transfers are considered international If I select as Transfer Purpose: Funds for long term stay in Thailand or Purchase of Property

 

But  I am a french resident, I don't know if it can help you.

[norbra]

My Wise account has a Thai address.

 When I transfer money from my Australian bank to Wise's Australian bank account it is a domestic payment only being for my contract with Wise to buy xxxx Thai baht and then deposit this in my Thai bank account.

The deposit in my Thai account has attached a Foreign Remittance Number which identifies the Wise FX transaction .

Edited April 26, 2023 by norbra

[daejung]

https://wise.com/help/articles/2932335/guide-to-thb-transfers

[CharlieKo]

Wise is just a currency transfer service. Even if you have multi currency accounts with them, Any tax due would be down to where you reside. Or where funds originated from. As far as I know they have no, on or off shore designation as they are not a bank. Depending on transfer type, between currencies, you get a reminder that you must pay taxes if due. 

[norbra]

If you have paid tax on these earnings in your home country then there is no tax liability in Thailand