Transferring 45k UK to wife in Thailand

[hammered]

I couldn't find any up to date info on here about bank transfer of several tens of thousands of pounds to Thailand, so I wonder if anyone can hlep.

 

I am looking at transferring around 45K GBP to wife for some real estate at a good price that has come up. I have a few questions:

 

1. Is it best to transfer direct from my UK account to hers or direct to my Thai account and then to her?

2. Are there any current rules on amounts or paperwork?

3. Are there any taxes involves?

4. Do I just declare transfer is for wife to purchase real estate?

 

All replies will be appreciated. 

 

Thanks in advance.

[lopburi3]

You are aware any funds used to purchase land must be held by Thai only and so declared during purchase?   That (gray zone) may be why you can not find much information here.  That said do not believe normally checked beyond the declaration of ownership during purchase.

[hammered]

8 minutes ago, lopburi3 said:

You are aware any funds used to purchase land must be held by Thai only and so declared during purchase?   That (gray zone) may be why you can not find much information here.  That said do not believe normally checked beyond the declaration of ownership during purchase.

Yes I am aware of that and the money will be a gift to my wife. And thank you for the information.

Edited September 11, 2023 by hammered

[NanLaew]

1 hour ago, hammered said:

I couldn't find any up to date info on here about bank transfer of several tens of thousands of pounds to Thailand, so I wonder if anyone can hlep.

 

I am looking at transferring around 45K GBP to wife for some real estate at a good price that has come up. I have a few questions:

 

1. Is it best to transfer direct from my UK account to hers or direct to my Thai account and then to her?

2. Are there any current rules on amounts or paperwork?

3. Are there any taxes involves?

4. Do I just declare transfer is for wife to purchase real estate?

 

All replies will be appreciated. 

 

Thanks in advance.

1. To your account means you know it is in the country before you send to her on a domestic transfer. Avoids any unlikely 'I didn't receive it' scenario to a third party's account. If it doesn't show in your Thai account, it is easier to rectify. Note that if you are using your Thai banking app, you should have already registered your self with the bank so that transactions greater than 50k baht/day can be carried out. You would also need to make sure the daily max transfer limits on your account can handle the amounts planned. You can do that on the app.

 

2. No. Extra paperwork is something needed for a foreigner buying a condo who may want to repatriate the proceeds if he sells up.

 

3. There are taxes involved. Up to your wife and land seller to agree on who pays them.

 

4. You don't need to declare anything when making the international and/or domestic transfer. Depending on the local land office, you may be required to sign an affidavit to the effect that you acknowledge it was your money but it was a gift and you have no claim on the property.

 

[hammered]

14 minutes ago, NanLaew said:

1. To your account means you know it is in the country before you send to her on a domestic transfer. Avoids any unlikely 'I didn't receive it' scenario to a third party's account. If it doesn't show in your Thai account, it is easier to rectify. Note that if you are using your Thai banking app, you should have already registered your self with the bank so that transactions greater than 50k baht/day can be carried out. You would also need to make sure the daily max transfer limits on your account can handle the amounts planned. You can do that on the app.

 

2. No. Extra paperwork is something needed for a foreigner buying a condo who may want to repatriate the proceeds if he sells up.

 

3. There are taxes involved. Up to your wife and land seller to agree on who pays them.

 

4. You don't need to declare anything when making the international and/or domestic transfer. Depending on the local land office, you may be required to sign an affidavit to the effect that you acknowledge it was your money but it was a gift and you have no claim on the property.

 

Thanks. Useful information. Re taxes I meant to do with moving the money. 

[Eff1n2ret]

21 minutes ago, NanLaew said:

You don't need to declare anything when making the international and/or domestic transfer

For either his account security or money-laundering reasons his UK bank may well want to know what the transfer is for.

[Gottfrid]

13 minutes ago, hammered said:

Thanks. Useful information. Re taxes I meant to do with moving the money. 

I assumed so. No, there are no taxes involved with the transfer.

Edited September 11, 2023 by Gottfrid

[hammered]

4 minutes ago, Eff1n2ret said:

For either his account security or money-laundering reasons his UK bank may well want to know what the transfer is for.

I believe the UK bank will ask

[topt]

11 minutes ago, hammered said:

I believe the UK bank will ask

Almost certainly and so possibly will the Thai bank.

If you have any thoughts on repatriating money at any point (and are sending to your account) it is worth saying it is for property investment or similar.  Doesn't change anything or limit what you can do with the funds.

OP you may well be aware but make sure you transfer in GBP and allow your or her Thai bank to do the conversion to baht. You will lose out if you allow a UK bank to do the conversion at their end.

[hammered]

17 minutes ago, topt said:

Almost certainly and so possibly will the Thai bank.

If you have any thoughts on repatriating money at any point (and are sending to your account) it is worth saying it is for property investment or similar.  Doesn't change anything or limit what you can do with the funds.

OP you may well be aware but make sure you transfer in GBP and allow your or her Thai bank to do the conversion to baht. You will lose out if you allow a UK bank to do the conversion at their end.

Thanks for that. Yes sending pounds for sure. 

[NanLaew]

On 9/11/2023 at 6:26 PM, hammered said:

Thanks. Useful information. Re taxes I meant to do with moving the money. 

None.

 

On 9/11/2023 at 6:35 PM, Eff1n2ret said:

For either his account security or money-laundering reasons his UK bank may well want to know what the transfer is for.

True, and the OP has a valid reason. Not a showstopper.