Answereda year ago
Do banks in Thailand report on currency exchange transactions?
Hi, do you know if we got reported when exchanging a certain amount of money in the bank exchange counter ?
Answer summary
This discussion addresses whether individuals are reported when exchanging money in Thailand, specifically concerning the amount exchanged. Comments reveal that passport copies are taken at exchange counters, indicating some level of tracking. It's noted that exchanges below 50,000 THB typically do not trigger reports, while amounts over 100,000 THB will require additional verification by the bank. Comparisons are made to other countries' regulations, implying that large transactions are monitored, but smaller ones may not attract attention.
52 repliesnewest first
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John *********
What you up to
Betty *********
They all have cameras and take your passport details
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Guy ********
They are watching you don’t worry
Lynnette *******
How many tourists are receiving tax demands from Thai govt? I'm curious. So many people saying tourists will be asked to pay a tax bill. I've never been asked in 15 years of going back and forth.
Trav **********
Don't listen to that scaremongering bullshit!!!!!!!!!
Mark *******
@Lynnette ******
new tax rules started from 1 jan 2024. Good idea to read up on them...it only applies if you spend more than 180 days in Thailand per calender year.Lynnette *******
@Mark ******
yes, I know. Others have said. I'll check should my stays accumulate to 180, and see how Thai tax office might contact me. My money's in UK and USA and I did check this last year.Mark *******
@Lynnette ******
it depends on what you transfer into Thailand and the source of the money.......its very easy takes about an hour....i paid nothing. Anyone being contacted isn't going to admit it....but it will take revenue dept time to start chasing... good luck. Personally I follow the rules...I don't want potential issues about staying later on.Lynnette *******
@Mark ******
I'm not going to bother right now. Several stays as a tourist could amount to more than 180, so how many tourists have been sent tax demands? Or contacted with a tax form. Anyone know?
Christer *****
@Lynnette ******
Rules change. New rules this year.David **********
@Christer ****
Really? Have a link?Lynnette *******
@Christer ****
I know about the changes, but it'll be interesting how many tourists are sent a tax return.Christer *****
@Lynnette ******
That it will.Betty *********
@Lynnette ******
under 6 months you do not have to do a tax return!! Keep stays a bit under .Lynnette *******
@Betty ********
yesterday there were several "facts" posted that it's accumulative so 2 or 3 tourist trips could amount to 180. I'm not worried but it could alarm other regular travellers.Lynnette *******
@David *********
I don't live in Thailand.
Mark ********
@David *********
Not necessarily. Every country has different requirements for tax residency, so it's possible to have dual tax residency (which I have). However I am not required to pay tax in Thailand, as I have zero assessable income, as under Article 4 of the DTA, I am deemed a resident solely of Australia, due to permanent home and economic ties. There would be many people in a similar situationDavid **********
@Lynnette ******
it's wonderful that you can live in Thailand without transmitting any money from your home country, no ATM withdrawals, credit card purchases, you know, assessable income if you stay 180+ days in one year.David **********
@Mark *******
unless you dwell in Thailand 180+ days in one calendar year.Lynnette *******
@Betty ********
me neither. I might stay on retirement visa but don't currently have money in Thailand or an income there.Betty *********
@Lynnette ******
will definitely take some time Lynnette. It's a bit of a storm in a tea cup at the moment. No one knows. Whatever, none of my friend have been contacted although they are on retirement visas. You do need to have a certain amount of money for them to claim I suppose. The info is out there but doesn't concern me.Lynnette *******
@Betty ********
no idea what my plans are as yet. I'm not worried about it anyway. Just curious how Thai tax office will contact tourists who might spend over 180 accumulated days in Thailand, and tax them on what?Betty *********
@Lynnette ******
you won't need to do a thing if you are spending -179 days in Thailand a year. Of course you pay taxes in your own country.Lynnette *******
@Mark *******
I'd retain my permanent home in UK, got some holiday property here too, which is why I use an accountant. Too much paintwork! Lol.Betty *********
@Lynnette ******
a " fact" is a true statement. It might be a mentioned for example from the different embassies, but is not true. Example , as I previously said, the french embassy in France says 6 months in a year is the maximum. But if you are in Thailand on a visa, or visa exempt 60 days, easy enough to get an extension, = 3 months, leave for a week or less to Laos , Malaysia , Bali etc, return with a 60 day visa rinse and repeat. = 6 months . Then often possible to do it again, through border entries, Chiang Mai airport, or a bit of " luck". Until you come across an unfriendly immigration officer.Mark ********
@Lynnette ******
It's not even that complicated. If you have a "permanent home" in your home country you're not required to pay taxes in Thailand on money brought in from overseasLynnette *******
@Mark *******
yes, the UK has reciprocal tax agreement with Thailand too. I'm sure it's not overly difficult using a tax accountant if need be.Mark ********
@Lynnette ******
You just retain tax residency in your home countryBetty *********
@Lynnette ******
at my age now, I usually stay 3 months ( 60 days plus one extension). Enough. I used to stay 5 months with double entry at the time. Immigration at airports etc can see when someone abuses the system. In out all year. Embassy in France states 6 months in one year is enough. But only if you're applying for a visa there. Easy enough to get a new visa in Laos, Penang, etc. But as I said , immigration will eventually give you a telling off or refuse. There are other visas that you can apply for for those that need long stay.
Jim *******
In Australia, any transaction over 5,000 AU$ gets reported. Well, makes an entry into the file. Unless the participants are under investigation, nobody cares.
Some people in Australian bush, when buying privately a second hand cars make the payments in 4,999 AU$ installments to avoid that reporting.
The records are kept for 7 years if something legal or criminal comes up and has to be back tracked.
I was in payment processing, I remember one transaction, Macquarie Bank, where one company sold a building to another for 200 million AU$. That certainly attracted some looks from the watchdogs but large trasactions like that happen every day, all day.
Do not worry about such paltry sums...unless...well, you know what I mean.
Some people in Australian bush, when buying privately a second hand cars make the payments in 4,999 AU$ installments to avoid that reporting.
The records are kept for 7 years if something legal or criminal comes up and has to be back tracked.
I was in payment processing, I remember one transaction, Macquarie Bank, where one company sold a building to another for 200 million AU$. That certainly attracted some looks from the watchdogs but large trasactions like that happen every day, all day.
Do not worry about such paltry sums...unless...well, you know what I mean.
Phil ******
@Jim ******
its still $10kMark *******
@Jim ******
in oz ..all transactions over 10k is reported...its also the limit you can take out of Oz without reporting it to border control in oz. You can take more but you have to declare it.Jim *******
@Mark ******
I was saying within Australia, internal payments. I remember > 5K AU$ was to be reported. If you know better, 10K AU$ now, then so be it.Every country on the planet has such regulations.
Sean *******
@Jim ******
Is it true in Australia that if you take a few thousand dollars out they Ask You What it is for ? And write down your answer ?
Wa**
@Sean ******
Yes, they interrogate you like a criminal before they allow or not allow you to withdraw your pay/wages or personal savings.Sean *******
@Wa**
Thats awful, but then again it is a Penal Colony 💰 🔫
Pete *******
@Jim ******
“In Australia“ is completely irrelevant to “In Thailand”Jim *******
@Pete ******
Just told what I know. Australia.
Graham ******
How much are you laundering?
Ning ******
100k and they will need another cashier to key in a password.
Tom ********
Till 50 k no report
Andy ********
@Tom *******
of course there is a report. You need to provide ID at the exchange booth. There is a report for every transaction.Tom ********
@Andy *******
ist a bit diffrent over 50 k , but yes of course you are right
Martyn ***********
Why does it matter?
Peter ********
@Martyn **********
Tax matters mateLynnette *******
@Peter *******
what's the actual number of tourists being asked to pay Thai tax? I've not seen any figures on this.David **********
@Lynnette ******
by definition a tourist is not a tax resident as they are not in Thailand the required 180 days.Martyn ***********
@Lynnette ******
none zero nil
Nick ************
@Lynnette ******
I don't think any are being asked but some are volunteering.Martyn ***********
@Peter *******
don't tell me your one of those that run in too register for a tax ID... 555Peter ********
@Martyn **********
oh noooooooooo
Steve ***********
They take a copy of your passport. That should tell you something.
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