Savings in Bitcoins - Cashing out to a Thai Bank Account?

[SS1]

I will be soon moving to Thailand to do an internship and plan on opening a bank account there.

I have some savings in Bitcoins that I would like to cash out straight to the Thai bank account and wondering if this could cause me any trouble. I am talking about sums of no more than 4-digit numbers in USD.

To exchange BTC to THB I would use a service like Localbitcoins, that would allow me to sell the BTC to a Thai person who would then transfer me THB by national bank transfer.

Some questions that came in my mind:

Would I need a work permit in order to do this? (I will be having an ED-visa for the internship) I am not actually making a profit but just money exchange.

Would the Thai tax man come after me for receiving sums to my account from a Thai whilst being there on an ED-visa?

I also have bank accounts in the UK, Finland and Belgium, which would give me alternative ways such as cashing out the BTC to one of those accounts instead and then transfering to my Thai account. This way it would be simply me transfering money between foreign accounts, but would still carry the risk of the local tax man coming after me be it UK, Finland or Belgium...

Another way perhaps, could be selling the coins in the UK but asking for direct payment from the UK buyer to the Thai account if that is even possible, this way it would look like relatives sending money to me from abroad or so.

Anyone with opinions or legal knowledge?

[thrilled]

If I was A Thai bank,I would say money from countries only.

[noahvail]

IIRC, Bitcoins have been declared illegal as tender in Thailand. You might want to research it, and if true, exchange them in the EU.

[zeromoocher]

bitcoins are not illegal in thailand but banks may have their own policies on if to accept incoming wires or not.

better just use localbitcoin to meet someone and swap your coins for baht and avoid the banking system entirely.

[jacko45k]

Unless you plan on spending it all at the Pattaya Beer Garden where they are accepted!

[Showbags]

So you need to find a trustworthy Thai...is this correct ?

[zeromoocher]

you dont have to give the cash until you see the bitcoin transaction on the network, and they dont need to be thai to be in thailand

[Suradit69]

Bank of Thailand says country’s top Bitcoin exchange can resume operations

Here’s a brief timeline of what happened from then until now.

On August 12, 2013, while waiting for its petition to be approved, Bitcoin.co.th pivoted into a Bitcoin mining site.

On January 31 this year, the Bitcoin exchange showed a letter (dated Decemeber 12, 2013) from the Bank of Thailand stating that “After further consideration, Bitcoin exchange operations do not fall under the scope of Ministry of Finance regulation, unless foreign currencies are also offered for exchange. Considering that Bitcoin Co. Ltd. only offers Bitcoin trades using Thai Baht and operates only within Thailand, we will restart our trading operations.

Two days ago, on February 15, Bitcoin.co.th started buying and selling Bitcoins again.

Read more: Bank of Thailand says country’s top Bitcoin exchange can resume operations http://www.techinasia.com/bank-thailand-countrys-top-bitcoin-exchange-resume-operations/

[noahvail]

bitcoins are not illegal in thailand but banks may have their own policies on if to accept incoming wires or not.

better just use localbitcoin to meet someone and swap your coins for baht and avoid the banking system entirely.

Thanks, I stand corrected. I remembered the MoF making them illegal, but didn't realize it had done a turnaround.

[ozyjon]

I have trouble changing my legal Australian bank notes, they photocopy every note with my passport included, take my photo and i sign every photocopy in blood, i think you will have no problems in this very advanced banking country.

[msealey]

It's only 1000 baht for a transfer from Bitstamp, no idea why you'd take the risks invovled with local bitcoins over here on a 4 figure withdrawal especially as you'd probably lose the 1000 baht on the exchange rate!

Don't listen to anyone saying bitcoins are illegal it was a mad story blown out of proportion by the media because a silly expat got turned for banking as he was trying to run a small bitcoin exchange (it was the name of his site that mislead the mis-informed media to think he was something he wasn't www.bitcoin.co.th!!).

I used to use gox before it was clear they were unrealiable, now I've been using Bitstamp about once a fortnight for the last year or so without any issues.... stupid falang think too much 555!!

[Showbags]

It's only 1000 baht for a transfer from Bitstamp, no idea why you'd take the risks invovled with local bitcoins over here on a 4 figure withdrawal especially as you'd probably lose the 1000 baht on the exchange rate!

Don't listen to anyone saying bitcoins are illegal it was a mad story blown out of proportion by the media because a silly expat got turned for banking as he was trying to run a small bitcoin exchange (it was the name of his site that mislead the mis-informed media to think he was something he wasn't www.bitcoin.co.th!!).

I used to use gox before it was clear they were unrealiable, now I've been using Bitstamp about once a fortnight for the last year or so without any issues.... stupid falang think too much 555!!

When did it become clear exactly that they were unreliable !!!!!!

[msealey]

It's only 1000 baht for a transfer from Bitstamp, no idea why you'd take the risks invovled with local bitcoins over here on a 4 figure withdrawal especially as you'd probably lose the 1000 baht on the exchange rate!

Don't listen to anyone saying bitcoins are illegal it was a mad story blown out of proportion by the media because a silly expat got turned for banking as he was trying to run a small bitcoin exchange (it was the name of his site that mislead the mis-informed media to think he was something he wasn't www.bitcoin.co.th!!).

I used to use gox before it was clear they were unrealiable, now I've been using Bitstamp about once a fortnight for the last year or so without any issues.... stupid falang think too much 555!!

When did it become clear exactly that they were unreliable !!!!!!

To me about a year ago, sadly to a lot of people it never twigged!

[Steen1507]

IIRC, Bitcoins have been declared illegal as tender in Thailand. You might want to research it, and if true, exchange them in the EU.

I have seen several places here in Pattaya that have signs saying they accept Bitcoins..

So it cant be illegal

[noahvail]

IIRC, Bitcoins have been declared illegal as tender in Thailand. You might want to research it, and if true, exchange them in the EU.

I have seen several places here in Pattaya that have signs saying they accept Bitcoins..

So it cant be illegal

Kindly read post #7 in this thread where I've already admitted my error.

[msealey]

you dont have to give the cash until you see the bitcoin transaction on the network, and they dont need to be thai to be in thailand

I think more to the point, the fact you'd be meeting a stranger in person to do a large (op stated 4 figure) cash for cash exchange. They don't have to put the gun down until you hand over the cash or bitcoin

[FritsSikkink]

bitcoins are not illegal in thailand but banks may have their own policies on if to accept incoming wires or not.

better just use localbitcoin to meet someone and swap your coins for baht and avoid the banking system entirely.

They are illegal:

http://www.telegraph.co.uk/finance/currency/10210022/Bitcoins-banned-in-Thailand.html

[msealey]

bitcoins are not illegal in thailand but banks may have their own policies on if to accept incoming wires or not.

better just use localbitcoin to meet someone and swap your coins for baht and avoid the banking system entirely.

They are illegal:

http://www.telegraph.co.uk/finance/currency/10210022/Bitcoins-banned-in-Thailand.html

It's illegal to purchase the daily telegraph with bitcoin in Thailand, that article was written out of malice in retaliation.

[hawker9000]

bitcoins are not illegal in thailand but banks may have their own policies on if to accept incoming wires or not.

better just use localbitcoin to meet someone and swap your coins for baht and avoid the banking system entirely.

They are illegal:

http://www.telegraph.co.uk/finance/currency/10210022/Bitcoins-banned-in-Thailand.html

You should pay more attention to details. That article is dated last July. The others here are correct, although I think there may be restrictions on using them for foreign exchange for other currencies.

[SS1]

Thanks for all the replies. I'm actually aware of the legistlation regarding bitcoins in Thailand, but was more worried about receiving local bank transfers whilst being in the country on an ED-visa without a work permit and not paying any taxes.

It's only 1000 baht for a transfer from Bitstamp, no idea why you'd take the risks invovled with local bitcoins over here on a 4 figure withdrawal especially as you'd probably lose the 1000 baht on the exchange rate!

Don't listen to anyone saying bitcoins are illegal it was a mad story blown out of proportion by the media because a silly expat got turned for banking as he was trying to run a small bitcoin exchange (it was the name of his site that mislead the mis-informed media to think he was something he wasn't www.bitcoin.co.th!!).

I used to use gox before it was clear they were unrealiable, now I've been using Bitstamp about once a fortnight for the last year or so without any issues.... stupid falang think too much 555!!

I have been using localbitcoins with bank transfer various times and I've never had any trouble. Also for the risks, the whole sum would not have to be withdrawn at once; it could be done in smaller sums.

Thanks for the tip with Bitstamp, I have never used the service. So they can send the money straight to your Thai bank account once you withdraw your bitcoins? That would be ideal, as in this case the Thai bank would be less likely to ask any questions as the money is coming from abroad.

You are right about the exchange rate: I just checked with Localbtc and it seems that with the current market rates, you get about £12 less per BTC if selling for THB instead of GBP so perhaps Bitstamp could be even cheaper.

[ggt]

So you need to find a trustworthy Thai...is this correct ?

Thanks for the laugh...trustworthy Thai...lol

[msealey]

Thanks for all the replies. I'm actually aware of the legistlation regarding bitcoins in Thailand, but was more worried about receiving local bank transfers whilst being in the country on an ED-visa without a work permit and not paying any taxes.

It's only 1000 baht for a transfer from Bitstamp, no idea why you'd take the risks invovled with local bitcoins over here on a 4 figure withdrawal especially as you'd probably lose the 1000 baht on the exchange rate!

Don't listen to anyone saying bitcoins are illegal it was a mad story blown out of proportion by the media because a silly expat got turned for banking as he was trying to run a small bitcoin exchange (it was the name of his site that mislead the mis-informed media to think he was something he wasn't www.bitcoin.co.th!!).

I used to use gox before it was clear they were unrealiable, now I've been using Bitstamp about once a fortnight for the last year or so without any issues.... stupid falang think too much 555!!

I have been using localbitcoins with bank transfer various times and I've never had any trouble. Also for the risks, the whole sum would not have to be withdrawn at once; it could be done in smaller sums.

Thanks for the tip with Bitstamp, I have never used the service. So they can send the money straight to your Thai bank account once you withdraw your bitcoins? That would be ideal, as in this case the Thai bank would be less likely to ask any questions as the money is coming from abroad.

You are right about the exchange rate: I just checked with Localbtc and it seems that with the current market rates, you get about £12 less per BTC if selling for THB instead of GBP so perhaps Bitstamp could be even cheaper.

Yes the conversion rates very good (close to what a google search of [x usd in thb] brings up) and the transfers normally completed in 3-5 days. I think you're worrying too much about the bank asking questions to be honest, I've had money come in for a couple of condos before and only been on a tourist or ed visas.