Wise THB Balance and THB Jar question

[MJCM]

Does anyone know if Wise reports to the Thai Taxman the Balance you have in THB in Wise?

 

At the moment I am converting EURO to THB but only in my Wise Balance and not sending it to my Thai Bank Accounts.

 

 

 

[SuperSaiyan]

Generally yes, if your Wise account has a Thai address.

[mfd101]

Just as a side thought that you may (or may not) find useful: To use Wise for regular transfers to Thailand you don't HAVE to have a balance sitting in Wise.

 

 

[MJCM]

18 minutes ago, mfd101 said:

Just as a side thought that you may (or may not) find useful: To use Wise for regular transfers to Thailand you don't HAVE to have a balance sitting in Wise.

 

 

I know, but I prefer to use my Wise THB Balance and THB Jar (like to keep the Balance in my Thai Bank accounts under 1 Million THB (800.000 THB already taken by FD for immigration))

 

[Liverpool Lou]

2 hours ago, MJCM said:

Does anyone know if Wise reports to the Thai Taxman the Balance you have in THB in Wise?

 

As Wise is a Non-Reporting Entity, I believe that it does not.

[circa02]

Isn't there some catch with this too, that you pay twice essentially, once converting EUR to THB (loading your virtual thb account), and another when you move it to Thailand? I remember looking into this when the pound was peaking but I couldn't get a clear picture of the fees when using wise.com for storing.

 

 

 

[MJCM]

6 minutes ago, circa02 said:

Isn't there some catch with this too, that you pay twice essentially, once converting EUR to THB (loading your virtual thb account), and another when you move it to Thailand? I remember looking into this when the pound was peaking but I couldn't get a clear picture of the fees when using wise.com for storing.

 

 

 

You are correct in your thinking, but even transfers (EURO which converted are well over 50k THB) are almost instantly added to your Balance and don't take a day or so to get transferred to your Thai Bank account and that is why I use it.

 

And transferring the money out there is AFAIK only a fee of 31(ish) (YMMV) THB for any transfer

 

Have a look at this screenshot (taken just now) taken when sending 90.000 THB to my Thai Bank account and the fee is only 31,70 THB

(This transfer would arrive on Monday (tmrw) in my Thai Bank account)

 

I personally like it, but it's up to personal preferences of course)

 

 

 

 

 

[SuperSaiyan]

5 hours ago, Liverpool Lou said:

As Wise is a Non-Reporting Entity, I believe that it does not.

You're wrong.

 

"The answer to this changes based on which country you’re in. Certain Wise entities must comply with the global anti-tax evasion regimes, FATCA and CRS, due to the type of products they offer. "

 

https://wise.com/help/articles/2932394/how-does-tax-work-with-my-wise-account

[Liverpool Lou]

12 hours ago, SuperSaiyan said:

18 hours ago, Liverpool Lou said:

As Wise is a Non-Reporting Entity, I believe that it does not.

You're wrong.

You may think so, I did not say say it was fact.  I said that I believe that, because of its status, Wise does not make any declaration to the Revenue Dept.  I believe that I am correct.

[SuperSaiyan]

16 minutes ago, Liverpool Lou said:

You may think so, I did not say say it was fact.  I said that I believe that, because of its status, Wise does not make any declaration to the Revenue Dept.  I believe that I am correct.

 

Okay, but you're incorrect even if you believe you are correct. So, it's okay to believe whatever you want, I am not stopping you, I am just telling you that you're incorrect.