Thai Exchange for non-residents

[Capt23]

Is there an exchange that non-residents can register with?

 

I want to use it to send money before I am a resident so I don't have to worry about tax implications.

[JBChiangRai]

What exactly do you want to do?

 

There is full income tax payable on the sale of crypto or on the profits on crypto depending where you bought if sold on a Thai exchange.

[Capt23]

You only have to pay tax if you are a tax resident I.e. spend 183 days or more in Thailand during a calendar year.

 

I want to transfer money there this year and move next year. From what I understand this is completely legal.

 

I have a Thai bank account from living there 2 years ago but obviously don't have a valid long term visa so I can't set up accounts with binance.th (from what I understand).

 

I wanted to find out if anyone knows an exchange which doesn't require residency documents to set up an account so I can trf money into my Thai account.

[chiang mai]

10 minutes ago, Capt23 said:

You only have to pay tax if you are a tax resident I.e. spend 183 days or more in Thailand during a calendar year.

 

I want to transfer money there this year and move next year. From what I understand this is completely legal.

 

I have a Thai bank account from living there 2 years ago but obviously don't have a valid long term visa so I can't set up accounts with binance.th (from what I understand).

 

I wanted to find out if anyone knows an exchange which doesn't require residency documents to set up an account so I can trf money into my Thai account.

I can't imagine a scenario where you will be allowed to open any form of  account here, without a long term visa or similar. Thailand is not an offshore banking center and has even tightened rules on non-resident foreigners currency accounts, even they need documentation in order to open an account.

[JBChiangRai]

It also depends on your nationality, if you’re American it will be very difficult.

 

BitKub wants identity and proof of address (blue book), Check out the website and see if you can do anything with a lower transaction limit.

[paddypower]

Can OP clarify?  are the funds currrently in fiat or crypto? I do not know the rules on the max of fiat currency which you can transfer in to your Thai bank account. But persumably you can stagger it (multiple transfers). if it is crypto currency, there is a borderless market to sell crypto in exchange for Thai fiat. I buy and sell crypto for Thai baht on Local Coin Swap. i must be missing the point of the OP's question

Edited October 31 by paddypower
spell

[JBChiangRai]

27 minutes ago, paddypower said:

Can OP clarify?  are the funds currrently in fiat or crypto? I do not know the rules on the max of fiat currency which you can transfer in to your Thai bank account. But persumably you can stagger it (multiple transfers). if it is crypto currency, there is a borderless market to sell crypto in exchange for Thai fiat. I buy and sell crypto for Thai baht on Local Coin Swap. i must be missing the point of the OP's question

 

You have the same taxation issues as selling on a Thai exchange.

[paddypower]

6 minutes ago, JBChiangRai said:

 

You have the same taxation issues as selling on a Thai exchange.

who, me worry about the Thai tax system? 555. i do/will pay tax on my pension and Thai sourced income. but crypto - they don't have a clue, they are too busy stealing at the public trough, or operating ganja farms.

Edited October 31 by paddypower
spell

[JBChiangRai]

6 minutes ago, paddypower said:

who, me worry about the Thai tax system? 555. i do/will pay tax on my pension and Thai sourced income. but crypto - they don't have a clue, they are too busy stealing at the public trough, or operating ganja farms.

 

You couldn't be more wrong.  I think you can bring money into the country without any issue, but they are like mustard on the crypto exchanges and all the brokers on localcoinswap will 100% be giving your details to them.

 

The safest way is to sell here when non-tax resident or sell overseas and bring the money here.

[paddypower]

12 minutes ago, JBChiangRai said:

 

You couldn't be more wrong.  I think you can bring money into the country without any issue, but they are like mustard on the crypto exchanges and all the brokers on localcoinswap will 100% be giving your details to them.

 

The safest way is to sell here when non-tax resident or sell overseas and bring the money here.

really? thanks for that tip. is there a solid source ? I must check the scene with my friends here, in LOS, who are major players.  

[JBChiangRai]

1 minute ago, paddypower said:

really? thanks for that tip. is there a solid source ? I must check the scene with my friends here, in LOS, who are major players.  

 

You will find the crypto tax listed in one of the tax guides posted on AN, I will save you looking it up, if you bought your crypto on a regulated Thai exchange you pay PIT (up to 35%) on the profit, if you didn't buy it this way then you pay PIT on the entire transaction amount.  All the approved exchanges practice KYC and output data to the TRD every year.  

 

If you sell overseas and bring the money here, it's up to you "if and how" you declare it. 

[Yumthai]

6 hours ago, JBChiangRai said:

You couldn't be more wrong.  I think you can bring money into the country without any issue, but they are like mustard on the crypto exchanges and all the brokers on localcoinswap will 100% be giving your details to them.

There's actually a Cardless Cash (via ATM) payment option offered by some merchants. No KYC/bank account is necessary.

 

6 hours ago, JBChiangRai said:

The safest way is to sell here when non-tax resident or sell overseas and bring the money here.

100% agree.

[JBChiangRai]

3 minutes ago, Yumthai said:

There's actually a Cardless Cash (via ATM) payment option offered by some merchants. No KYC/bank account is necessary.

 

 

 

Cardless Cash won't work for me, I typically sell more than 1 BTC at a time.

[Capt23]

17 hours ago, paddypower said:

Can OP clarify?  are the funds currrently in fiat or crypto? I do not know the rules on the max of fiat currency which you can transfer in to your Thai bank account. But persumably you can stagger it (multiple transfers). if it is crypto currency, there is a borderless market to sell crypto in exchange for Thai fiat. I buy and sell crypto for Thai baht on Local Coin Swap. i must be missing the point of the OP's question

Local Coin Swap might be what I am looking for.

 

I don't have to worry about amounts because I'm not a tax resident. I can transfer any amount into my Thai bank account. 

 

Can I open a Local Coin Swap account without being a Thai resident and use that to trf fiat to my Thai bank account?

 

That was my original problem.

[Yumthai]

6 hours ago, Capt23 said:

Can I open a Local Coin Swap account without being a Thai resident and use that to trf fiat to my Thai bank account?

Sure you can.

[Presnock]

On 10/25/2024 at 4:28 PM, Capt23 said:

You only have to pay tax if you are a tax resident I.e. spend 183 days or more in Thailand during a calendar year.

 

I want to transfer money there this year and move next year. From what I understand this is completely legal.

 

I have a Thai bank account from living there 2 years ago but obviously don't have a valid long term visa so I can't set up accounts with binance.th (from what I understand).

 

I wanted to find out if anyone knows an exchange which doesn't require residency documents to set up an account so I can trf money into my Thai account.

That is 180 or more days in a calendar near, not 183!

[Capt23]

4 hours ago, Yumthai said:

Sure you can. 

But am I able to then trf fiat into a Thai bank account? All without proving an address in LOS?

 

I read with Bybit and Binance that they deal in so many currencies so I set up accounts but then found I can't transfer to a Thai bank after all!

 

I really just want to set up an account, deposit USDT. Sell USDT/Buy THB then deposit the THB into my Thai bank account. Is that possible?

 

I don't want to set up ANOTHER account and hand over personal identity documents then find out I can't do it.

[bradiston]

On 10/25/2024 at 5:28 PM, Capt23 said:

You only have to pay tax if you are a tax resident I.e. spend 183 days or more in Thailand during a calendar year.

 

I want to transfer money there this year and move next year. From what I understand this is completely legal.

 

I have a Thai bank account from living there 2 years ago but obviously don't have a valid long term visa so I can't set up accounts with binance.th (from what I understand).

 

I wanted to find out if anyone knows an exchange which doesn't require residency documents to set up an account so I can trf money into my Thai account.

Bitkub? You can deal in THB. The KYC was a pain though. Can't remember what was required.

[helloagain]

On 10/25/2024 at 4:28 PM, Capt23 said:

You only have to pay tax if you are a tax resident I.e. spend 183 days or more in Thailand during a calendar year.

 

I want to transfer money there this year and move next year. From what I understand this is completely legal.

 

I have a Thai bank account from living there 2 years ago but obviously don't have a valid long term visa so I can't set up accounts with binance.th (from what I understand).

 

I wanted to find out if anyone knows an exchange which doesn't require residency documents to set up an account so I can trf money into my Thai account.

180 days actually not what you say and to make sure i would only stay fir 179 days.

[JBChiangRai]

11 hours ago, bradiston said:

Bitkub? You can deal in THB. The KYC was a pain though. Can't remember what was required.

 

At some point in the future, there are a few transactions I want to do and will ensure I am not tax resident that year.  One of those transactions will be selling a few BTC on BitKub. 

 

49 minutes ago, helloagain said:

180 days actually not what you say and to make sure i would only stay fir 179 days.

 

And remember to count arrival and departure days as being here.

[bradiston]

3 minutes ago, JBChiangRai said:

 

At some point in the future, there are a few transactions I want to do and will ensure I am not tax resident that year.  One of those transactions will be selling a few BTC on BitKub. 

 

 

And remember to count arrival and departure days as being here.

I'm in Philippines right now. My cunning plan as a UK pensioner was approx 186 days in Philippines so I get the annual pension increase, and 179 in Thailand so as to avoid getting taxed. HMRC and DWP are ok with it, it seems. Also, having an acceptable Philippines proof of address, as Wise requires, means I can send PHP to my Wise accounts from my Philippines bank.

 

I've found Bitkub easy to use. I'm rubbish at crypto though, so have never made any serious money. More like laughable!

[JBChiangRai]

5 minutes ago, bradiston said:

I'm in Philippines right now. My cunning plan as a UK pensioner was approx 186 days in Philippines so I get the annual pension increase, and 179 in Thailand so as to avoid getting taxed. HMRC and DWP are ok with it, it seems. Also, having an acceptable Philippines proof of address, as Wise requires, means I can send PHP to my Wise accounts from my Philippines bank.

 

I've found Bitkub easy to use. I'm rubbish at crypto though, so have never made any serious money. More like laughable!

 

I've been thinking about that too.  How did you find somewhere in Phils, do you rent 6 months a year and come back to same building or rent the whole year?

[bradiston]

1 minute ago, JBChiangRai said:

 

I've been thinking about that too.  How did you find somewhere in Phils, do you rent 6 months a year and come back to same building or rent the whole year?

Ah, yes, that's the catch. I've been here just 2 months. My understanding, and I haven't verified it, is the half yearly splits don't need to be done in one block. 6 months in Philippines I'm not really geared up for. I own a property here but believe me, I'd rather have a wooden leg. So I rent as I'm trying to sell my house. It's not cheap. I'd say easily double Thai condo rental prices. I've rented twice in different locations. 30k PHP pm for a decent studio, swimming pool etc. To convert PHP to THB, divide by 5 and multiply by 3. So 18k THB. It's quite insane. So for me it's work in progress on that front. And I'm not talking Manila prices.

 

I looked at renting longer but I'm not sure it makes much difference. I've quite a few ex pat neighbours who come and go. My nearest Aussie nice guy neighbour is off to Pattaya for 2 months tomorrow! I'm coming back in a week or so. Needs a bit of fine tuning.