Transferring money from Wise to pay Hospital bill

[mrbojangles]

Maybe someone has done this.

 

I have an operation coming up soon and for the new tax rules would prefer not to transfer the money using Wise from the UK into my SCB account and then paying from there to the Hospitals account.

 

It's circa 700,000baht so I dont want that money going into my personal bank and being subject to additional tax if there's another way.

 

Has anyone used Wise to transfer directly to the Hospital?

[novacova]

Wise can transfer to any account.

[mrbojangles]

14 minutes ago, novacova said:

Wise can transfer to any account.

 

Yes but when it arrives in the receiving bank, I dont think it shos up as it's me who sent it. I've just looked at some transfers in my bank and it shows as a transfer from K Bank, which must be the bank who Wise use. Thats the bit where I'm trying to clarify

[chickenslegs]

I haven't paid direct to a hospital, but I pay my car insurance, health insurance, wine orders and a couple of other things by direct transfer from Wise.

You can quote a reference number with the transfer, then send an email to the recipient with payment reference details from Wise. Click on "share with recipient" then copy it into the email.

It's really not much different than sending a direct payment from your Thai bank, just a couple of extra steps.

Maybe forewarn the hospital that you will pay this way.

[mrbojangles]

1 hour ago, chickenslegs said:

I haven't paid direct to a hospital, but I pay my car insurance, health insurance, wine orders and a couple of other things by direct transfer from Wise.

You can quote a reference number with the transfer, then send an email to the recipient with payment reference details from Wise. Click on "share with recipient" then copy it into the email.

It's really not much different than sending a direct payment from your Thai bank, just a couple of extra steps.

Maybe forewarn the hospital that you will pay this way.

 

Marvellous.  Sounds the way to go. Thanks for that. 👍

[Foxx]

Do make sure that the hospital banks with one of the banks which can receive more than 50,000 baht per transfer.  Most can't.

 

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

[treetops]

What makes you think transferring it directly to the hospital via Wise will negate any tax implications (assuming you are referring to Personal Income Tax)?

[scubascuba3]

8 minutes ago, treetops said:

What makes you think transferring it directly to the hospital via Wise will negate any tax implications (assuming you are referring to Personal Income Tax)?

Isn't that obvious?

[novacova]

On 11/9/2024 at 11:12 AM, mrbojangles said:

 

Yes but when it arrives in the receiving bank, I dont think it shos up as it's me who sent it. I've just looked at some transfers in my bank and it shows as a transfer from K Bank, which must be the bank who Wise use. Thats the bit where I'm trying to clarify

Then use a credit card.

[treetops]

4 minutes ago, scubascuba3 said:

Isn't that obvious?

 

No, or I wouldn't have asked the question.

 

My thinking is that it doesn't matter who receives it, if it's taxable money then tax is due and if it's an attempt to evade tax then it shouldn't be asked on here.

[mrbojangles]

2 hours ago, treetops said:

 

No, or I wouldn't have asked the question.

 

My thinking is that it doesn't matter who receives it, if it's taxable money then tax is due and if it's an attempt to evade tax then it shouldn't be asked on here.

 

I'm not trying to evade anything. I'm asking a genuine question and trying to not pay anything unnecessarily when I dont need to. The money transferred will go directly into the Hospitals account and they will pay tax.

[sammieuk1]

Geta wise card they will send it here free or faster with courier for £20 open a Thai baht account change the desired amount paying in baht it will auto deduct from baht account job done easy 123🤔

[Foxx]

11 hours ago, sammieuk1 said:

Geta wise card they will send it here

 

Are you sure about that? Wise told me it's not possible.

[oldcpu]

12 hours ago, sammieuk1 said:

Get a wise card they will send it here free or faster with courier for £20 open a Thai baht account change the desired amount paying in baht it will auto deduct from baht account job done easy 123🤔

 

https://wise.com/help/articles/2968915/can-i-get-the-wise-card-in-my-country

 

According to the Wise web page, one needs to be a resident (or have a residential address) in a restricted list of countries, where Thailand is not in that list.  These countries are:

 

Quote

* Australia
* Brazil
* Canada
* EEA + Switzerland
* Japan
* Malaysia
* New Zealand
* Philippines
* Singapore
* UK + European microstates and overseas territories*
* USA except for residents of Nevada (US cards temporarily unavailable)

That Wise page goes on to note:

Quote

 

What if my country isn’t listed?

We’re working hard to make cards available everywhere. In the meantime, if your country or region isn't on the list, you can go on our waitlist, and we’ll let you know when cards are coming your way.

 

...

There are believed to be changes taking place in the online banking for Thailand, so perhaps in the relatively near future this could change, and it may be possible in the future to use a Thailand address with Wise - but until then, I also do not think such (opening a Wise account with a Thailand address)  is possible.

 

 

[chickenslegs]

4 minutes ago, oldcpu said:

There are believed to be changes taking place in the online banking for Thailand, so perhaps in the relatively near future this could change, and it may be possible in the future to use a Thailand address with Wise - but until then, I also do not think such (opening a Wise account with a Thailand address)  is possible.

My wife and I have Wise accounts which we opened whilst living here with Thailand addresses. You are correct that the Wise card is not available to us.

[oldcpu]

10 minutes ago, chickenslegs said:

My wife and I have Wise accounts which we opened whilst living here with Thailand addresses. You are correct that the Wise card is not available to us.

 

Interesting.

 

How difficult is it for you to transfer money into your wise account (with a Thai address)? 

 

I assume it not possible to directly transfer Thai baht from a Thai bank into the Wise account into Thai baht currency holding.  Please correct me if I am wrong.

 

How about money from US or European based accounts?  Do you have to do such via a Swift transfer, or can you do a simple bank transfer (which for example is possible if one has a Wise account with a European address). 

 

I assume it also possible to transfer money into a Wise account (when one uses a Thai address) using a debit or credit card, but I suspect that would have some fee associated.

[chickenslegs]

15 minutes ago, oldcpu said:

 

Interesting.

 

How difficult is it for you to transfer money into your wise account (with a Thai address)? 

 

I assume it not possible to directly transfer Thai baht from a Thai bank into the Wise account into Thai baht currency holding.  Please correct me if I am wrong.

 

How about money from US or European based accounts?  Do you have to do such via a Swift transfer, or can you do a simple bank transfer (which for example is possible if one has a Wise account with a European address). 

 

I assume it also possible to transfer money into a Wise account (when one uses a Thai address) using a debit or credit card, but I suspect that would have some fee associated.

My UK bank (Barclays) closed my accounts because I am not a UK resident. I use Wise to receive my pensions.

I can also send money to Wise from my Credit Union savings account, but that takes a few days (due to the credit union banking arrangements).

 

I use the monthly income method for my annual extensions, and it takes 1-4 days for the money to get from Wise to my Bangkok Bank account - this is because I asked wise to tag my account to ensure the transfer is always shown as International.

 

However, if I want to send money quickly, I send it to my wife's Wise account and she does the transfer - which is always instant. When I use Wise to pay for goods/services that is always instant too.

 

AFAIK, it is not possible to send THB to Wise.

 

 

[oldcpu]

3 minutes ago, chickenslegs said:

My UK bank (Barclays) closed my accounts because I am not a UK resident. I use Wise to receive my pensions.

 

I can also send money to Wise from my Credit Union savings account, but that takes a few days (due to the credit union banking arrangements).

 

 

Interesting ...  I assume the (UK ? ) pension transfer and the Credit Union savings account transfers are done via Swift. Do they deduct a small transfer fee when they do such?

 

My hope is that with the believed upcoming changes to Thailand government in the future likely accepting selected online banking, that the services offered by Wise (for Thailand residents) will be allowed by Thailand government to improve.

 

When I was on a Type-OA visa, for a short while I used a monthly transfer to Bangkok Bank via Wise as my financial proof for Visa extensions  ... but in the end I found it simply easier to switch to keeping 800k THB in the Bangkok Bank (and later switched to the 800k THB in Krungsri bank).  But that is off topic.

 

Thanks for the post re: your Wise account with a Thailand address.

[chickenslegs]

1 minute ago, oldcpu said:

 

Interesting ...  I assume the (UK ? ) pension transfer and the Credit Union savings account transfers are done via Swift. Do they deduct a small transfer fee when they do such?

 

My hope is that with the believed upcoming changes to Thailand government in the future likely accepting selected online banking, that the services offered by Wise (for Thailand residents) will be allowed by Thailand government to improve.

 

When I was on a Type-OA visa, for a short while I used a monthly transfer to Bangkok Bank via Wise as my financial proof for Visa extensions  ... but in the end I found it simply easier to switch to keeping 800k THB in the Bangkok Bank (and later switched to the 800k THB in Krungsri bank).  But that is off topic.

 

Thanks for the post re: your Wise account with a Thailand address.

Although I opened my Wise account with a Thailand address, Wise is registered in the UK, so there is no Swift transfer involved. I believe the transfer from my pension providers to Wise is by Faster Payment Service (FPS).

 

My pensions are paid directly into my Wise account. There are no fees.

 

Credit union transfers require me to send a request for funds then wait for their next banking session. No fees. My credit union will also send money directly to my Bangkok Bank account, using Swift, but that is even slower and more expensive than Wise.

 

I am hoping Wise will provide a debit card for Thailand. At the moment, if I want to pay for air fares etc., I need to transfer money into Thailand then pay with my Thai bank cards. Losing money in fees and exchange rates.

[sammieuk1]

1 hour ago, oldcpu said:

 

https://wise.com/help/articles/2968915/can-i-get-the-wise-card-in-my-country

 

According to the Wise web page, one needs to be a resident (or have a residential address) in a restricted list of countries, where Thailand is not in that list.  These countries are:

 

That Wise page goes on to note:

...

There are believed to be changes taking place in the online banking for Thailand, so perhaps in the relatively near future this could change, and it may be possible in the future to use a Thailand address with Wise - but until then, I also do not think such (opening a Wise account with a Thailand address)  is possible.

 

You need a UK address to open the account then you can send the card here did it 6 months ago 🤔

 

[chiang mai]

16 hours ago, mrbojangles said:

 

I'm not trying to evade anything. I'm asking a genuine question and trying to not pay anything unnecessarily when I dont need to. The money transferred will go directly into the Hospitals account and they will pay tax.

I'm sorry to tell you but those funds are still tax assessable to you, not the hospital which has no tax liability.

 

The more pertinent question is whether the funds that you will transfer, are assessable at all or are they tax exempt savings?

[sammieuk1]

2 hours ago, Foxx said:

 

Are you sure about that? Wise told me it's not possible.

100% 🤔

[Foxx]

4 minutes ago, sammieuk1 said:

100% 🤔

Trying to understand.  Is your card's registered address in the UK or Thailand?

Thanks.

[sammieuk1]

9 minutes ago, sammieuk1 said:

100% 🤔

Your new Wise card is on its way You should receive it by Tuesday, 6 February.

to:   52 Moo 1 Tab Tai 77110 Hua Hin Prachuap Khiri Khan Thailand

[sammieuk1]

6 minutes ago, Foxx said:

Trying to understand.  Is your card's registered address in the UK or Thailand?

Thanks.

Billing address is UK you can send the card wherever you like as I said easy 123 🤔

[crazykopite]

You need to get the hospitals bank account details then set it upon your wise account and transfer the monies on payment wise records proof of payment I’ve made payments to a number of countries never had a problem 

[Jaggg88]

There isn't a new tax law but an amendment to the existing rules. It says if you are a tax resident and bring onshore untaxed foreign earnings, then it will be subject to tax regardless of the tax year it was earned. Before this amendment, if you earned the money in previous tax years it was deemed tax-free.

If the money you bring onshore has been assessed for tax elsewhere and that country has a double taxation agreement then you do not have a tax liability in Thailand.

Now if the Thai tax office decides to audit you because you asked a question about tax evasion on this site then they would not be able to audit your Wise account as it is a UK-based financial company (not a bank) and is outside of their jurisdiction. So that transaction or a swift transfer from your home country bank directly to the hospital will be invisible to a tax audit.

[oldcpu]

1 hour ago, Jaggg88 said:

There isn't a new tax law but an amendment to the existing rules. It says if you are a tax resident and bring onshore untaxed foreign earnings, then it will be subject to tax regardless of the tax year it was earned.

 

 

... with the added caveat that this only refers to income earned after 31-Dec-2023 and that foreign savings and income earned prior to 1-Jan-2024 is not taxable when brought into Thailand per RD order 161 and RD instruction 162.

[sometimewoodworker]

On 11/11/2024 at 9:10 PM, sammieuk1 said:

Geta wise card they will send it here free or faster with courier for £20 open a Thai baht account change the desired amount paying in baht it will auto deduct from baht account job done easy 123🤔

While they may send a card to Thailand, they will not allow a Thai wise account to have a card. You obviously do not have a Thai wise account.

[sometimewoodworker]

13 hours ago, oldcpu said:

 

I assume it not possible to directly transfer Thai baht from a Thai bank into the Wise account into Thai baht currency holding.  Please correct me if I am wrong.

You are wrong. Wise doesn’t accept Baht transfers. There are quite a few currencies that are accepted, many are out going only

 

13 hours ago, oldcpu said:

I assume it also possible to transfer money into a Wise account (when one uses a Thai address) using a debit or credit card, but I suspect that would have some fee associated.

Only if it’s in one of the accepted currencies like US$ and even then it may well not be possible as Wise must have setup to receive foreign currencies in Thailand. It is unlikely that there is enough demand to be worth the trouble.