Hello everyone,

I have a question regarding CRS (Common Reporting Standard) and AEOI (Automatic Exchange of Information) regulations. My home country participates in these programs, and I currently have a personal bank account in Thailand. However, I reside in Thailand for less than 180 days per calendar year.

If I receive an international transfer of $5,000 from Vietnam to my Thai bank account, will the Thai bank report this transaction to my home country? Does it make a difference if I have or do not have a Tax Identification Number (TIN) registered with the bank? Did anyone here been reported to there home government?

I appreciate any insights or experiences you can share. Thanks for your time!

I doubt anybody, anywhere,  actually knows the answer despite what some may claim.       I wouldn't worry too much 

1 hour ago, Bday Prang said:

I doubt anybody, anywhere,  actually knows the answer despite what some may claim.       I wouldn't worry too much 

You right there is so much confusion behind this. i don't dare to ask the thai bank about this. 

15 hours ago, driveout said:

Hello everyone,

I have a question regarding CRS (Common Reporting Standard) and AEOI (Automatic Exchange of Information) regulations. My home country participates in these programs, and I currently have a personal bank account in Thailand. However, I reside in Thailand for less than 180 days per calendar year.

If I receive an international transfer of $5,000 from Vietnam to my Thai bank account, will the Thai bank report this transaction to my home country? Does it make a difference if I have or do not have a Tax Identification Number (TIN) registered with the bank? Did anyone here been reported to there home government?

I appreciate any insights or experiences you can share. Thanks for your time!

Individual transfers  are not reported,  balances are reported. 

Whether or not you have a Thai TIN doesn't matter. 

Whether or not you stay more then 180 days should not matter, either

7 hours ago, Lorry said:

Individual transfers  are not reported,  balances are reported. 

Whether or not you have a Thai TIN doesn't matter. 

Whether or not you stay more then 180 days should not matter, either

So the balance of 5000 usd will be reported but not where they come from?

7 hours ago, Lorry said:

Individual transfers  are not reported,  balances are reported. 

Whether or not you have a Thai TIN doesn't matter. 

Whether or not you stay more then 180 days should not matter, either

But how likely is that Thailand will report this, I did not hear from anywhere that anyone got a call or a mail from there home government that they have to tax a transaction 

4 hours ago, driveout said:

But how likely is that Thailand will report this, I did not hear from anywhere that anyone got a call or a mail from there home government that they have to tax a transaction 

Unless you are hiding money from being taxed (evasion) what are you worried about.......

 

Your details will be mixed in presumably to all your other countrypeople's details and those details as defined (depending on latest requirements of CRS) sent to your country's tax office who then may or may not do something with it.......

 

Suggest you read up on CRS if you are that concerned - 

https://www.rd.go.th/fileadmin/user_upload/FATCA_File/crs/Thailand_CRS_Guidance_280823.pdf

 

https://web-archive.oecd.org/tax/automatic-exchange/common-reporting-standard/common-reporting-standard-and-related-commentaries/index.htm

2 hours ago, topt said:

Unless you are hiding money from being taxed (evasion) what are you worried about.......

 

Your details will be mixed in presumably to all your other countrypeople's details and those details as defined (depending on latest requirements of CRS) sent to your country's tax office who then may or may not do something with it.......

 

Suggest you read up on CRS if you are that concerned - 

https://www.rd.go.th/fileadmin/user_upload/FATCA_File/crs/Thailand_CRS_Guidance_280823.pdf

 

https://web-archive.oecd.org/tax/automatic-exchange/common-reporting-standard/common-reporting-standard-and-related-commentaries/index.htm

The reporting threshold for foreign financial accounts under Thailand's CRS (Common Reporting Standard) guidance is THB 7,500,000.

• For pre-existing entity accounts: If the account balance is THB 7,500,000 or below, it is not required to be reported. However, if the balance exceeds THB 7,500,000 at the end of any calendar year, it must be reviewed and reported
• For pre-existing individual accounts:
  • Lower value accounts: If the balance is THB 30,000,000 or below, they have a reduced due diligence requirement.
  • High-value accounts: If the balance exceeds THB 30,000,000, enhanced due diligence procedures apply.

These thresholds apply unless a financial institution chooses to report all accounts voluntarily.

1 hour ago, driveout said:

The reporting threshold for foreign financial accounts under Thailand's CRS (Common Reporting Standard) guidance is THB 7,500,000.

• For pre-existing entity accounts: If the account balance is THB 7,500,000 or below, it is not required to be reported. However, if the balance exceeds THB 7,500,000 at the end of any calendar year, it must be reviewed and reported
• For pre-existing individual accounts:
  • Lower value accounts: If the balance is THB 30,000,000 or below, they have a reduced due diligence requirement.
  • High-value accounts: If the balance exceeds THB 30,000,000, enhanced due diligence procedures apply.

These thresholds apply unless a financial institution chooses to report all accounts voluntarily.

I don't think it is saying what you think it is. Entity accounts are things like company/corporation accounts.

 

The stuff you quoted on individual accounts is to do with the due diligence or know your customer information.

 

The flow chart on I think page 44 of the Thai CRS link shows when stuff potentially is or is not reported and has nothing to do with the size of the balance. That is my understanding but happy to be proved wrong.

8 hours ago, driveout said:

But how likely is that Thailand will report this, I did not hear from anywhere that anyone got a call or a mail from there home government that they have to tax a transaction 

It's too early.

Home governments may need years until they react. 

They just got notified in the end of last year. 

33 minutes ago, topt said:

I don't think it is saying what you think it is. Entity accounts are things like company/corporation accounts.

 

The stuff you quoted on individual accounts is to do with the due diligence or know your customer information.

 

The flow chart on I think page 44 of the Thai CRS link shows when stuff potentially is or is not reported and has nothing to do with the size of the balance. That is my understanding but happy to be proved wrong.

i will read it one more time. just to add I did ask my thai bank about CRS and about the forms the bank send out to there customers, they told me if I dont sign or answer the questions my bank account will still work as normal and nothing will happen. 

49 minutes ago, topt said:

I don't think it is saying what you think it is. Entity accounts are things like company/corporation accounts.

 

The stuff you quoted on individual accounts is to do with the due diligence or know your customer information.

 

The flow chart on I think page 44 of the Thai CRS link shows when stuff potentially is or is not reported and has nothing to do with the size of the balance. That is my understanding but happy to be proved wrong.

For accounts opened before 16 August 2023, they are considered pre-existing accounts under the CRS (Common Reporting Standard). Here's how it works:

• Pre-existing Individual Accounts (opened before 16 August 2023) may not automatically be reported unless the account balance exceeds the $250,000 USD threshold. If it does, enhanced due diligence and reporting may be required.
• If the balance is below $250,000, it typically will not be automatically reported unless there is a change in circumstances that requires further review or reporting (such as if the account holder's tax residency status changes or the account undergoes significant transactions).

For pre-existing accounts:

• If the account holder's self-certification indicates they are a tax resident of a reportable jurisdiction (like UK), and their account balance exceeds the $250,000 USD threshold, it may be subject to CRS reporting.
• For accounts below the threshold, the bank may not have the obligation to report unless other specific circumstances apply.

10 minutes ago, driveout said:

For accounts opened before 16 August 2023, they are considered pre-existing accounts under the CRS (Common Reporting Standard). Here's how it works:

• Pre-existing Individual Accounts (opened before 16 August 2023) may not automatically be reported unless the account balance exceeds the $250,000 USD threshold. If it does, enhanced due diligence and reporting may be required.
• If the balance is below $250,000, it typically will not be automatically reported unless there is a change in circumstances that requires further review or reporting (such as if the account holder's tax residency status changes or the account undergoes significant transactions).

For pre-existing accounts:

• If the account holder's self-certification indicates they are a tax resident of a reportable jurisdiction (like UK), and their account balance exceeds the $250,000 USD threshold, it may be subject to CRS reporting.
• For accounts below the threshold, the bank may not have the obligation to report unless other specific circumstances apply.

So if you open your account before 16 August 2023 and have under 250000 usd there will unlikely be any report is my understanding 

22 minutes ago, driveout said:

So if you open your account before 16 August 2023 and have under 250000 usd there will unlikely be any report is my understanding 

Are you a US citizen?

If yes, I assume they will know, if not most countries will not know and neither care as well

14 minutes ago, CallumWK said:

Are you a US citizen?

If yes, I assume they will know, if not most countries will not know and neither care as well

No. Did you check the documents that been presented? 

1 minute ago, driveout said:

No. Did you check the documents that been presented? 

 

I don't know which documents you have in mind, but I have accounts here opened 30 years ago, and unless I had opened additional accounts at those banks in the last 2 years, I have been invited to sign additional documents about declaring I have nothing to do with the US.

If i opened accounts with those banks in the last 2 years, I also had to sign those documents.

12 hours ago, CallumWK said:

 

I don't know which documents you have in mind, but I have accounts here opened 30 years ago, and unless I had opened additional accounts at those banks in the last 2 years, I have been invited to sign additional documents about declaring I have nothing to do with the US.

If i opened accounts with those banks in the last 2 years, I also had to sign those documents.

https://www.rd.go.th/fileadmin/user_upload/FATCA_File/crs/Thailand_CRS_Guidance_280823.pdf

chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/https://www.rd.go.th/fileadmin/user_upload/FATCA_File/aeoi/Day1_Workshop_FATCA_CRS__10APR2024.pdf

 

 

13 hours ago, CallumWK said:

 

I don't know which documents you have in mind, but I have accounts here opened 30 years ago, and unless I had opened additional accounts at those banks in the last 2 years, I have been invited to sign additional documents about declaring I have nothing to do with the US.

If i opened accounts with those banks in the last 2 years, I also had to sign those documents.

https://www.rd.go.th/fileadmin/user_upload/FATCA_File/crs/Thailand_CRS_Guidance_280823.pdf

chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/https://www.rd.go.th/fileadmin/user_upload/FATCA_File/aeoi/Day1_Workshop_FATCA_CRS__10APR2024.pdf

15 hours ago, CallumWK said:

Are you a US citizen?

If yes, I assume they will know, if not most countries will not know and neither care as well

yes they will care if your country get the report, why would they not?

On 2/15/2025 at 12:04 PM, driveout said:

Hello everyone,

I have a question regarding CRS (Common Reporting Standard) and AEOI (Automatic Exchange of Information) regulations. My home country participates in these programs, and I currently have a personal bank account in Thailand. However, I reside in Thailand for less than 180 days per calendar year.

If I receive an international transfer of $5,000 from Vietnam to my Thai bank account, will the Thai bank report this transaction to my home country? Does it make a difference if I have or do not have a Tax Identification Number (TIN) registered with the bank? Did anyone here been reported to there home government?

I appreciate any insights or experiences you can share. Thanks for your time!

Where are you tax resident? CRS is partly to do with tax evasion. Your country of tax residency will be your main concern. If they think you are trying to evade tax and they are a CRS member, they could ask other CRS members for your financial information which may include the source of funds.

I'd have thought that, as long as your funds are obtained honestly, then who reports what to whom is secondary to where you are resident to pay tax on your income. I've been non-resident for tax in the UK for over 20 years and HMRC shows not the slightest interest in my money offshore. They do, however, want their slice of my UK pensions, and that's fair enough since they gave me a decent tax break when I invested in them (except the state pension, but that's just a Ponzi scheme). The banks in the UK and offshore know that i live in Thailand and have my TIN, so the information is available to the TRD if they ask for it and, as I'm currently tax-resident here they can assess it for their share. If, however, I was to stay here for less than 180 days in a year like the OP then I'd be non-resident for Thai tax and whatever data was reported to the TRD via CRS wouldn't matter, as I would not be liable for Thai tax.

On 2/15/2025 at 12:04 PM, driveout said:

Hello everyone,

I have a question regarding CRS (Common Reporting Standard) and AEOI (Automatic Exchange of Information) regulations. My home country participates in these programs, and I currently have a personal bank account in Thailand. However, I reside in Thailand for less than 180 days per calendar year.

If I receive an international transfer of $5,000 from Vietnam to my Thai bank account, will the Thai bank report this transaction to my home country? Does it make a difference if I have or do not have a Tax Identification Number (TIN) registered with the bank? Did anyone here been reported to there home government?

I appreciate any insights or experiences you can share. Thanks for your time!

 

Better to understand what the cars reporting is. Certainly not reporting individual transmittings. Only once a year reporting the value of your account at the end of each year.

 

On 2/16/2025 at 3:57 AM, Lorry said:

Individual transfers  are not reported,  balances are reported. 

Whether or not you have a Thai TIN doesn't matter. 

Whether or not you stay more then 180 days should not matter, either

 

A perfect reply. !! Message for everyone just Google " crs"  and you know everything about what and when is reported! No individual transactions only balance end of each year! 

On 2/15/2025 at 12:04 PM, driveout said:

Hello everyone,

I have a question regarding CRS (Common Reporting Standard) and AEOI (Automatic Exchange of Information) regulations. My home country participates in these programs, and I currently have a personal bank account in Thailand. However, I reside in Thailand for less than 180 days per calendar year.

If I receive an international transfer of $5,000 from Vietnam to my Thai bank account, will the Thai bank report this transaction to my home country? Does it make a difference if I have or do not have a Tax Identification Number (TIN) registered with the bank? Did anyone here been reported to there home government?

I appreciate any insights or experiences you can share. Thanks for your time!

 

No you will be fine under 180 days. I would seek professional advice from a Thai professional company

Sure