Excuse the silly question, but my friend is transferring 25,000 baht to me into a Thai bank account in Thailand from an overseas bank. Do I have to pay tax on this money?

That would depend on where you pay tax and if the money is current income or something else.  Kind of hard to answer without more information.

1 minute ago, lopburi3 said:

That would depend on where you pay tax and if the money is current income or something else.  Kind of hard to answer without more information.

 

I pay tax in australia. The money is a gift.

There would not be any tax here - can not answer if there is a gift tax in Oz that you might have to declare it for.  

 

You are aware it is much better to transfer foreign currency into Thailand and let the bank here do the conversion to Baht?  There would be a very poor rate of exchange outside Thailand.  Also there will be a change of 1/4% normally in range 200-500 baht when received at bank here.  

Edited October 28, 20169 yr by lopburi3

20 minutes ago, lopburi3 said:

There would not be any tax here - can not answer if there is a gift tax in Oz that you might have to declare it for.  

 

You are aware it is much better to transfer foreign currency into Thailand and let the bank here do the conversion to Baht?  There would be a very poor rate of exchange outside Thailand.  Also there will be a change of 1/4% normally in range 200-500 baht when received at bank here.  

 

Thank you))

 

1 hour ago, lopburi3 said:

There would not be any tax here - can not answer if there is a gift tax in Oz that you might have to declare it for.  

 

You are aware it is much better to transfer foreign currency into Thailand and let the bank here do the conversion to Baht?  There would be a very poor rate of exchange outside Thailand.  Also there will be a change of 1/4% normally in range 200-500 baht when received at bank here.  

 

I am an Aussie living in Thailand and have just started using BahtSmart, they do not charge you for the transfer, and neither does the receiving bank, because it is a transfer into your account.

 

As I said, I only just started using them, 1st go was $1,000 AUS to see how long it would take and if the rate remained the same when it arrived, 2nd was $20,000 AUS, both times transferred from my Australian account to their ANZ account in Australia, then they transfer it to your Thai account, there are NO charges at either end, so in my opinion they beat the banks hands down and the rate is good, depending on the day of course.

 

Simple procedure to log in, e.g. upload your Aussie drivers licence and they send you a confirmation that your account is ready, the rest is simple, once you have advised them that you are transferring the amount into their account, they will provide you with a reference number to put on your bank as advice so when they receive it they know its from you, the higher the amount, the more the exchange rate, shows $1,000 and a rate, changed it to a higher amount to be transferred, if required and the rate will go up to whatever it is on the day, and whatever the rate is on the day, that is the rate that will go into your account, the conversion is shown in Thai baht, it takes between 1-2 days and at each end and stage and you are advised by email and sms, you also have a history in your account, so easy 555

 

Check them out, I highly recommend them. www.bahtsmart.com

 

Good luck

Edited October 28, 20169 yr by 4MyEgo