Bank Asking About Money...

[JohanBKK]

I asked today at the immigration office and they say don't need to pay anything, for them i'm not working in Thailand but in USA. My US company is paying taxs and is in good standing.

[katabeachbum]

I asked today at the immigration office and they say don't need to pay anything, for them i'm not working in Thailand but in USA. My US company is paying taxs and is in good standing.

Great Johan. Keep up the no work

[pampal]

I transferred 35000US Dollars from my Hong Kong account (Dec 2008)to my Kasikorn Bank account here. I got a call on my mobile from a lady asking me why I'm transferring the money into Thailand. I said it's for a property purchase. That was it. No subsequent phone calls or forms to fill in.

[kudroz]

You need to go ask the Revenue Department for your tax situation, not the peons at the Immigration who are not versed into international taxation laws. But I guess that putting his head in the sand is a lot easier around here.

Edited May 15, 2009 by kudroz

[MJo]

I transferred 35000US Dollars from my Hong Kong account (Dec 2008)to my Kasikorn Bank account here. I got a call on my mobile from a lady asking me why I'm transferring the money into Thailand. I said it's for a property purchase. That was it. No subsequent phone calls or forms to fill in.

Similar amount from singapore to K Bank in March. Got a call from K Bank about two hours after i did the transfer in Singapore.

First question: do you want to deposit in sin dollars or transfer to baht ? - answer: i only have baht account so better to transfer to baht

Second question: exchange rate is xx.xxx, is this ok for you sir ? - answer: i would like something better, can you do yy.yyy ?

At this point she understood what she had just said and started laughing and added "money will be in your account by end of the day sir, have a nice day and thank you"...

Edit: i always indicate in the transfer form that it is "personal transfer" from my own account to my own account.

Edited May 15, 2009 by MJo

[JohanBKK]

Yes i will transfer my money to my personnal account and then retransfer the money to my thai personnal account, two times commissions for the bank...

[barryofthailand]

The bank of Thailand due to money laundering has the banks asking what the money is for if it is $20,000 or more.

Barry

[InterestedObserver]

I don't have any work permit as i don't really work here but on internet for foreign companies.

I just transfer some money every month.

I need a work permit to live in thailand ? I'm not working in thailand but in france and USA.

Here we go again, work is work is work, you are using mental resources to generate an income while in Thailand.

[frenchFARANGbkk]

Just smile and reply something stupid, they might like it and laugh !

[Soutpeel]

I don't have any work permit as i don't really work here but on internet for foreign companies.

I just transfer some money every month.

I need a work permit to live in thailand ? I'm not working in thailand but in france and USA.

Here we go again, work is work is work, you are using mental resources to generate an income while in Thailand.

IO...yeap....not going to disagree with you, but not going to get drawn into this debate again...as IO has said work..is work... ....whichever way its is rationalised

[Emeritus]

JohanBKK, it's all about anti-money-laundering regulations. Every country has them. In fact, most Swiss banks refuse to execute a transfer order to a bank account abroad if no reason for the payment is given. I don't know how the word "commission" got onto the message your Thai bank received with the incoming remittance, but in future you should take care always to fill in the field for "reason for payment" or "message for beneficiary" or something like that on the payment order form of your foreign bank. Write for example "for personal expenses". This will solve your problem in future, and to answer your Thai bank's question about your last remittance, tell them the same. If in addition your bank wants to know where the money came from, tell them it is from your own account, from your savings.

There is nothing suspicious about the Thai bank's question, they are just following regulations that say they have to ask these questions if they see something they think is irregular, and to some bank employees just about everything they see in their job is irregular because they have little or no knowledge about banking.

[ilgitano]

Hello,

I received a call from the bank asking me where the money is coming from and why... they read "commission" on the wire and they were asking what is that...

Is that normal ?

I'm working on internet for foreign companies and i receive payments on my thai bank account.

What i should do ?

If you are working FROM THAILAND then you are doing work IN THAILAND. It doesn't matter if you are on the internet from Thailand then as far as the tax office is concerned you are working in Thailand and have to pay tax on it.

And you need a work permit.

If you are EMPLOYED DIRECTLY as an employee of an Amrican/British/European/ETC company, and they are willing to give you a letter saying they pay your salary as an EMPLOYEE of that company, you MIGHT be able to get off as having your income accepted as foriegn income. But I'm not sure the Thais will accept that or not.

Otherwise, I would open an account in your home country to have your money sent too. Then I would make an arrangement with that bank to trasfer the money to your account in Thailand...which would be considered as income earned outside of Thailand. And the bank wouldn't see it as "commission".

Good luck.

Actually, I'm no accountant or lawyer, but I've done a lot of research around the area of getting ALL my money into my hands before the tax people take their cut. It has always bugged me that the tax authorities in my home country get paid first, then I get what's left.

As I understand it the best structure to use is bank in a country where you neither reside nor work. Believe it or not the US is regarded as the largest 'tax haven' in the world - if you're not a US citizen and don't live or work there.

With regards to tax law, as far as I can tell it all hinges around the concept of 'ownership' vs 'control'. For example, I can be living in a lavish house, expensive car and all the rest. Provably owned by a very good friend of mine. He is resident offshore, so these are just assets he is not using. Can't pin down anybody to tax. In this case I control the assets completely, but own nothing. Sure in real life if the tax farmers see a situation like this they'll look very closely, and being something of a law unto themselves, they'll probably get you somehow. In other words it's best to stay under the radar.

Ultimately it's a very grey area, since there is no real, physically identifiable distinction between 'ownership' and 'control; it's all paper and words. The last people to get advice from are the tax people themselves. Get it from an accountant or lawyer, who is being paid to look out for YOUR interests.

Sorry, long post.