Money transfer for RE purchase

[Lokum]

Given the new taxation rules, what is the best option to designate as a reason for a money transfer to fund RE purchase? 
 

money will be transferred via Wise or Revolut to a joint account of my Thai wife and her mother in law.

 

as we are away, the purchase will be on my mother in law name.

 

the amount will be between 2 and 3 million baht.

 

most of the funding is from an upcoming  sale of a property in EU that I inherited last year.

 

We just want to avoid taxation as this is not an income.

 

thanks for the input 

[paddypower]

1 hour ago, Lokum said:

Given the new taxation rules, what is the best option to designate as a reason for a money transfer to fund RE purchase? 
 

money will be transferred via Wise or Revolut to a joint account of my Thai wife and her mother in law.

 

as we are away, the purchase will be on my mother in law name.

 

the amount will be between 2 and 3 million baht.

 

most of the funding is from an upcoming  sale of a property in EU that I inherited last year.

 

We just want to avoid taxation as this is not an income.

 

thanks for the input 

Phew! that's pretty naive of you, no? Regardless of that, there is not risk of being assessed tax on the transfer into Thailand. the only risk that I have observed is that all banks have to make a record of large, incoming transactions. what they do with that info is anybody's guess.  

[paddypower]

I have a question, regarding Revolut. Can you send money abroad from your Thai bank account and if so, is it in Thai baht or do you have to buy the foreign currency, much as you have to do with Swift transfers?

[Peterw42]

4 hours ago, Lokum said:

Given the new taxation rules, what is the best option to designate as a reason for a money transfer to fund RE purchase? 
 

money will be transferred via Wise or Revolut to a joint account of my Thai wife and her mother in law.

 

as we are away, the purchase will be on my mother in law name.

 

the amount will be between 2 and 3 million baht.

 

most of the funding is from an upcoming  sale of a property in EU that I inherited last year.

 

We just want to avoid taxation as this is not an income.

 

thanks for the input 

 

Whats happening the new taxation rules are still up in air.

 

Any Tax liability would be for the wife and mother in law. I doubt what you write on the transfer would have much bearing on the taxation. Its not like they can call it savings from their home country, It is clearly income from abroad into their account, even if it is as a gift.

The whole idea behind the taxation changes is to tax Thais getting large amounts of money from overseas.

[KannikaP]

2 hours ago, paddypower said:

I have a question, regarding Revolut. Can you send money abroad from your Thai bank account and if so, is it in Thai baht or do you have to buy the foreign currency, much as you have to do with Swift transfers?

I take it you mean from your Revolut THB balance.

With Wise one can either send from either GBP account, or THB account. Either way, it costs about the same. You can keep your eye on the Exchange Rate GBP to THB, and convert to THB when it is good. Then send it to Thailand when you need to.

Never done it with Revolut, but if you need it to show in your Thai bank as a Foreign Transfer for Immigration purposes or to buy a property, Wise has a box to tick for that reason, but takes 24 hours longer to get here.

[Yellowtail]

2-3M I would think swift is cheaper. 

[Lokum]

4 hours ago, paddypower said:

Phew! that's pretty naive of you, no? Regardless of that, there is not risk of being assessed tax on the transfer into Thailand. the only risk that I have observed is that all banks have to make a record of large, incoming transactions. what they do with that info is anybody's guess.  

(Un)fortunately my beloved mother in law is way wealthier than we are (unfortunately for us she is not the most generous person I’ve met, but fortunately she won’t cheat with the little we have lol).

 

I hope you are right. Maybe we’ll have to consult someone.

[Lokum]

1 hour ago, Yellowtail said:

2-3M I would think swift is cheaper. 

The banks rates are worse than wise, Revolut, OFX etc in my experience. Unless it has recently changed 

[Lokum]

1 hour ago, Peterw42 said:

 

Whats happening the new taxation rules are still up in air.

 

Any Tax liability would be for the wife and mother in law. I doubt what you write on the transfer would have much bearing on the taxation. Its not like they can call it savings from their home country, It is clearly income from abroad into their account, even if it is as a gift.

The whole idea behind the taxation changes is to tax Thais getting large amounts of money from overseas.

Hmm, wonder if we transfer directly to the sellers… maybe should consult an accountant.

 

unfortunately as it appears this being as clear as mud, we might be unable to get an answer…

[Yellowtail]

13 minutes ago, Lokum said:

The banks rates are worse than wise, Revolut, OFX etc in my experience. Unless it has recently changed 

You pay a flat rate to swift transfer the home country currency and let receiving Thai bank to convert to Baht. 

 

It is absolutely cheaper than Wise once you get above about US$10K

[Sigma6]

46 minutes ago, Yellowtail said:

You pay a flat rate to swift transfer the home country currency and let receiving Thai bank to convert to Baht. 

 

It is absolutely cheaper than Wise once you get above about US$10K

 

Not really: Here's 50k euros sent via Wise:

 

 

Compared to Kbank's transfer receiving rate of 37.907thb, giving 1 895 363thb. (this doesnt account for the SWIFT fee or thai bank fee yet either).

 

[paddypower]

11 hours ago, Lokum said:

(Un)fortunately my beloved mother in law is way wealthier than we are (unfortunately for us she is not the most generous person I’ve met, but fortunately she won’t cheat with the little we have lol).

 

I hope you are right. Maybe we’ll have to consult someone.

wishing you the best of luck. There is a world wide phenomenon; who, the wealthier they are, the more stingy they are too. point in case, we lost a ton of wealth in the tsunami. one side of our 2 families' reaction was - 'we gave to the Red Cross. period. no worries - there's a great expression I've picked up,over the years - there's no pockets in a shroud. ;)

[paddypower]

13 hours ago, KannikaP said:

I take it you mean from your Revolut THB balance.

With Wise one can either send from either GBP account, or THB account. Either way, it costs about the same. You can keep your eye on the Exchange Rate GBP to THB, and convert to THB when it is good. Then send it to Thailand when you need to.

Never done it with Revolut, but if you need it to show in your Thai bank as a Foreign Transfer for Immigration purposes or to buy a property, Wise has a box to tick for that reason, but takes 24 hours longer to get here.

excuse me if I confused things for you. You have got it backwards. I asked (quote) 'I have a question, regarding Revolut. Can you send money abroad from your Thai bank account and if so, is it in Thai baht or do you have to buy the foreign currency, much as you have to do with Swift transfers?

[KannikaP]

1 minute ago, paddypower said:

excuse me if I confused things for you. You have got it backwards. I asked (quote) 'I have a question, regarding Revolut. Can you send money abroad from your Thai bank account and if so, is it in Thai baht or do you have to buy the foreign currency, much as you have to do with Swift transfers?

Yes, you can do a SWIFT transfer from your Thai bank account and specify where the exchange takes place, here or the receiving bank. I don't see where Revolut comes into it.

[paddypower]

7 minutes ago, KannikaP said:

Yes, you can do a SWIFT transfer from your Thai bank account and specify where the exchange takes place, here or the receiving bank. I don't see where Revolut comes into it.

thanks for not answering my question.

[KannikaP]

21 minutes ago, paddypower said:

thanks for not answering my question.

You're welcome. I tried my best.

[Yellowtail]

37 minutes ago, paddypower said:

thanks for not answering my question.

You did not answer his question either. If you're transfering from your Thai bank to another bank, what does Revolut have to do with it? 

[paddypower]

12 hours ago, Lokum said:

Hmm, wonder if we transfer directly to the sellers… maybe should consult an accountant.

 

unfortunately as it appears this being as clear as mud, we might be unable to get an answer…

I have used a tax accountant in Phuket town for years. Her company does audits as well (I have a land holding company). she did an excellent job on a situation different from yours. (sale of a former home/rental house & land). PM me if interested and I will contact her to see if she is taking on new clients. Even if this is a one-off, the amount is large enough to pay for the best advice.

[paddypower]

9 minutes ago, Yellowtail said:

You did not answer his question either. If you're transfering from your Thai bank to another bank, what does Revolut have to do with it? 

Presumably then, the correct answer would be ''you cannot transfer to a foreign bank (e.g. Europe) using Wise or Revolut''. I may not be the brightest - but Ive lived long enough to know about the option of using Swift.  Sometimes it helps if one thinks about why someone is asking a question, before answering.

[BenStark]

1 hour ago, KannikaP said:

Yes, you can do a SWIFT transfer from your Thai bank account and specify where the exchange takes place, here or the receiving bank. I don't see where Revolut comes into it.

 

If you don't know what you're talking about, you should refrain from pasting false info.

 

You can not send Thai baht from a Thai bank account and specify where the exchange takes place,

 

All moneys send to a foreign account are exchanged to that currency at the Thai bank

[BenStark]

12 hours ago, Yellowtail said:

You pay a flat rate to swift transfer the home country currency and let receiving Thai bank to convert to Baht. 

 

It is absolutely cheaper than Wise once you get above about US$10K

 

 

The fee is lower indeed, the exchange rate is the killer for the end result

[KhaoNiaw]

26 minutes ago, paddypower said:

Presumably then, the correct answer would be ''you cannot transfer to a foreign bank (e.g. Europe) using Wise or Revolut''. I may not be the brightest - but Ive lived long enough to know about the option of using Swift.  Sometimes it helps if one thinks about why someone is asking a question, before answering.

I have a UK Revolut account and can add funds to it from my KBank debit card. I haven't done that very often but it was useful one time when I got caught on the hop and needed a quick transfer to another UK account. 

[Yellowtail]

Just now, BenStark said:

The fee is lower indeed, the exchange rate is the killer for the end result

 

From the where to where? It has been my experience that transferring US$ from the US to Thailand is cheaper on larger transfers (>~$10K) using doing a swift transfer and having the receiving Thai bank do the exchange. 

 

I can't speak to Revolut or transferring from Europe, but I run the numbers every year to compare using swift from Chase bank in the US to Wise. 

[KannikaP]

22 minutes ago, BenStark said:

 

If you don't know what you're talking about, you should refrain from pasting false info.

 

You can not send Thai baht from a Thai bank account and specify where the exchange takes place,

 

All moneys send to a foreign account are exchanged to that currency at the Thai bank

OK, sorry. No need to get stroppy about it.

Khao Niaw just said that he can transfer from his Thai bank debit card to his UK Revolut account.

[KannikaP]

8 minutes ago, KhaoNiaw said:

I have a UK Revolut account and can add funds to it from my KBank debit card. I haven't done that very often but it was useful one time when I got caught on the hop and needed a quick transfer to another UK account. 

And then can you convert the THB into GBP within Revolut?

[BenStark]

22 minutes ago, KannikaP said:

OK, sorry. No need to get stroppy about it.

Khao Niaw just said that he can transfer from his Thai bank debit card to his UK Revolut account.

 

Of course he can, but the money is sent in GBP. No Thai baht can be sent outside Thailand

[KannikaP]

3 minutes ago, BenStark said:

 

Of course he can, but the money is sent in GBP. No Thai baht can be sent outside Thailand

OK thanks, good to know.

[KhaoNiaw]

51 minutes ago, KannikaP said:

And then can you convert the THB into GBP within Revolut?

 

As above answer. When you add funds, you specify a GBP amount and that is what you receive. 

[KannikaP]

11 minutes ago, KhaoNiaw said:

 

As above answer. When you add funds, you specify a GBP amount and that is what you receive. 

So the conversion is done by the Thai bank at their rate?

[SAFETY FIRST]

21 hours ago, Lokum said:

RE purchase

Does it really save that much time putting caps lock on typing 2 letters.

 

Not typing in the full word is a little strange.