Transferring money from Wise to pay Hospital bill

[sometimewoodworker]

2 hours 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. 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.

There are several incorrect assumptions there
1) double taxation agreements to not stop a Thai tax liability (you can research the details)

2) you underestimate the audit department officials and the way an audit works.

 

in an audit YOU must provide proof of your claim.

 

situation; 700,000 hospital bill 

audit department question,  where did the payment come from?

Your answer?

audit department question, please provide proof?

 

Speculation, audits have been historically rare unless one has been a taxpayer and the amounts change radically. However large domestic transactions could trigger a few questions if not a full audit.

[oldcpu]

7 hours ago, sometimewoodworker said:

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

 

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.

 

I typed  I assumed it NOT possible: 

Quote

I assume it not possible to directly transfer Thai baht from a Thai bank into the Wise account into Thai baht currency holding. 

 

You stated I was wrong there , but then you in essence in part stated the same thing.  What part of what I stated was wrong?

[sometimewoodworker]

4 hours ago, oldcpu said:

11 hours ago, sometimewoodworker said:

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

 

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.

Expand  

 

I typed  I assumed it NOT possible: 

My bad, I didn’t take enough time to read your point completely.

[sometimewoodworker]

On 11/12/2024 at 10:21 AM, 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.

Further,

The location/address when setting up the account does not effect the ability to send funds to that account, the location of the bank you are transferring funds is more important. There are receiving bank accounts in various countries. For U.K. transfers in sterling there are at least 4 different commonly used ways to fund your Wise account Bacs, FPS, debit card and credit card. The first is usually free for personal banking customers, the second always free for personal banking customers, the third and forth are not free.

As I do not have a US bank account or US$ account I don’t know the details of US$ transactions.

 

all of this information is on the Wise site, probably more but I haven’t needed it., I do have the account information to send Euros but haven’t needed yet.

[OJAS]

On 11/12/2024 at 10:21 AM, oldcpu said:

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). 

 

Periodically I do simple bank transfers from my UK to Wise GBP accounts, the latter having a Thai address.