Answered6 months ago
What are the implications of the recent Wise account changes for expats in Thailand?
Wise just sent the requirements for using the new wise account in thailand. DTV is accepted. New accounts will be able to use from next month while older accounts will be in August.
Should make things easier for those that want a local bank account
Should make things easier for those that want a local bank account
Answer summary
Wise is launching changes to its accounts in Thailand, allowing new features like direct Thai QR code payments for users with local accounts. However, discussions among users highlight concerns about taxation, as the Bank of Thailand's regulations may classify these accounts similarly to traditional Thai bank accounts. Users worry about potential tax liabilities if funds are remitted from foreign accounts via Wise in THB. The changes will impact existing users with Thai addresses, and there's uncertainty regarding how DTV visa holders will be affected, as it's classified as a tourist visa, complicating their eligibility for local banking services.
86 repliesnewest first
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Anonymous ******************
Bad news, I have a Wise account with thai address, they asked to verify and upload the visa document. After I uploaded the pdf, the one with qr code, they refused it...now I am fighting on chat with them
Andrew ********
Best advice if you are not in thailand yet make a wise account OUTSIDE the kingdom
Andrew ********
These changes are not really good for a thai account- it gives you QR Pay ability but bringing in money from outside thailand seems a bit confusing for converting funds
Chris *********
I got the email too and dug into it. My Wise account currently has an actual SG and US bank account as part of it and I am wondering if those go away as part of auto THB conversation or if they remain intact and segregated. Time will tell but this could prove to be a real pain
Ivan ************
Chris Roberts my understanding they will stay but any transfers between US and SG or vice versa would be converted into THB first (and presumably also considered remitted into Thailand for tax purposes).
Chris *********
@Ivan ***********
The multi-currency accounts will be gone as of August. The accounts will be there to receive money but I used to hold USD in the USD account to pay USD bills via ACH. That will no longer be possible as Wise will be subject to Thai banking regs. Its really quite annoying and Thailand is the first country to do this but I doubt it will be the last as services like Wise came up as the technology arose before regulation thought they could exist.
Štěpán *******
I just hope, non-Thai Wise accounts finally get Thai QR payments, at least to business accounts as Moreta Pay already have for long time, and newly even also Thai Personal accounts QR payments in beta opt-in program, unfortunately Moreta Pay fees are significant for QR payments to personal accounts as 2,5% + 4 THB per each payment.
David ********
If you originally signed up for Wise outside of Thailand none of this applies to you. I was worried for a second
Positive********
@David *******
That’s what I thought when holding a Revolut account registered in an allowed country. They later flagged my numerous Thai transactions and required me to prove my residence to avoid account closure. I provided the documents, but I’m now refraining from using it in Thailand or will get flagged again.Chris *********
@David *******
not necessarily true. Look at the residency country listed on the app and also it using geotagging as wellMax *************
You can't open a Thai bank account while on a DTV because it's a tourist visa. It has nothing to do with a Wise account.
Sefton ********
Max Fredriksson Wise have made it clear they WILL accept a DTV so, it kinda does.
Max *************
@Sefton *******
Wise is NOT a bank, it's a financial institution and has nothing to do with requirements at thai banks. You seem a bit clueless.Sefton ********
Max Fredriksson but it gives people a thb deposit solution, a local bank number for deposits, and access to promptpay.
It does everything a user who is struggling to open a traditional back account may need for banking services.
Also you can open an account if the bank wants to, walk in with a few million baht and watch the rules change in front of your eyes. There's no actual law against it only loose policy.
It does everything a user who is struggling to open a traditional back account may need for banking services.
Also you can open an account if the bank wants to, walk in with a few million baht and watch the rules change in front of your eyes. There's no actual law against it only loose policy.
Charles **********
Someone explain in simple english what this means......I recieve payments in dollars as passive income and transfer it to thai baht into my krunsgri accounts. I also have a UK account linked to my wise account but my address on my wise account says thailand. What will happen?
Chris *********
@Charles *********
once you verify the account as someone above listed the how then nothing will really change for you. What's being eliminated is the multi currency platform
Tom **************
It’s pretty clear. Tax residency is based on number of days in the Kingdom clear and simple.
Residency is not necessarily the same as tax residency.
Residency is not necessarily the same as tax residency.
Waqar ********
The communication is a bit unclear. It says if both bank accounts are non Thai, money will be converted twice (X currency to THB, then to Y currency). However, it also mentions if we recharge our account from a local Thai bank or foreign bank, we can hold multiple currencies.
Rich ******
@Waqar *******
sneaky that's probably because they dont you transfer to a non UK account ie UK to Singapore it must go through the Thai Baht bit aswell, that what I think anyway
Khun ******
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Christopher *********
What fesh hell is this
Sefton ********
Going to be a terrible options for tax reasons tho.. All non THB payments get a THB conversion, likely become remittances for tax declarations.
Smells like the BoT locked this down hard
Smells like the BoT locked this down hard
John **********
@Sefton *******
Yep. Sounds like they are treating Wise for those registered in Thailand as a traditional Thai bank account.Ivan ************
@Jo**
you aren't forced to convert to THB with a Thai bank account, you can get a FCD. It maybe notable though that FCDs held by foreigners are usually specifically designated as non-resident accounts. Thais can get them as residents but the rules may be different.Chris *********
@John *********
that's exactly correctSefton ********
Chris Roberts but even a domestic account doesn't treat a foreign currency deposit account as a remittance.
When you send eg USD to a USD account in a domestic bank you don't get a FETF until it converts to THB and you can send the USD back out again without the 800k limits that apply to a local currency outbound.
These rules appear worse than domestic FCD bank accounts.
When you send eg USD to a USD account in a domestic bank you don't get a FETF until it converts to THB and you can send the USD back out again without the 800k limits that apply to a local currency outbound.
These rules appear worse than domestic FCD bank accounts.
Sam *********
And this is how they're gonna tax you.
Justin **********
So what you guys gonne do?
I have DTV Visa. And get Money from German Customer on it. And Payouts from Digistore and Copecart.
But iam Not a Tax Residenz yet here in thailand.
I have DTV Visa. And get Money from German Customer on it. And Payouts from Digistore and Copecart.
But iam Not a Tax Residenz yet here in thailand.
Positive********
@Justin *********
Transfer to another foreign account or get ready to be liable for taxes here in Thailand if you decide to remit your money on a thai account.John **********
I'd be surprised if that gets beyond the verification process. The Bank of Thailand have dictated that tourist visa holders shouldn't be able to open bank accounts and the DTV is classed as a tourist visa not a Non-immigrant visa
Ivan ************
It's not a bank account. There are other Thai fintech that take DTV, like True Money.
Ton *******************
You'll be surprised. Wise management is quite hands on here because... they live here.
Ray *****
OP@John *********
It literally says it in their communication, I would think as Wise have been working with the Central Bank of Thailand this would have been discussedJohn **********
@Ray ****
it also refers to it as a Non-immigrant visa which it most certainly is not, it's a tourist visa. I'm guessing whichever communications person put the post together has zero understanding of Thai visas
Anonymous ******************
They are going to tax you like you never been taxed before. I would stay far away from this crap.
Anonymous ******************
Just dont have an account on wise and send money to whoever. I only keep my American account on wise I would never get a thai account
Chris *********
Anonymous participant 416 If you are residing in Thailand then you are going to end up being subject to this even if you are currently registered as a US subscriber. I have it on a US phone with US linked accounts and use that phone on VPN to the US but based upon knowing I have Thai bank accounts and Visa as well as the transfer pattern it is smart enough to know I am a resident. If you only visit here then no problem but you aren't going to be able to outrun Wise and other systems know you residency these days as the governments have begun speaking to each other when it comes to taxes
Waqar ********
Anonymous participant 416 the last line mentions: if you don't want these changes, please let us know so we close your account or stop using it 🤣🤣 means there's no way to avoid these changes.
Gordon *******
Anonymous participant 416 eejit 😂😂
Daniel *******
They said it’s only for this people
Isn’t it
Isn’t it
CharmingG**********
I use the QR code on wise to pay my landlady.
Ralph *******
CharmingGiraffe9403 Doesn’t seem to be a feature on my account. I wish it was!
Positive********
Direct conversion to Thai baht, no ATM withdrawals and a direct link to the tax system (you’ll need to prove residence, which could make you a tax resident and potentially liable for taxes on all the money deposited into that Thai CRS account, depending on your nationality/situation obviously). It could be a good option for those who need QR payments and don’t receive large amounts of money (or wish to pay taxes) but that’s about it. It's unlikely you'll be able to have multiple Wise accounts in different countries.
Zino **********
PositiveLynx7934 very easy just a contract from what you rent they asked me already just my contract from the house I rent was enough make sure your name is ther copy owner Id same name as on the contract
Max *************
PositiveLynx7934 I think you have misunderstood these new changes and it has nothing to do with taxes whatsoever. Do you even live in Thailand long term? Who the hell needs a Wise debit card as an expat?
Positive********
Max Fredriksson Your Thai Wise account will be in THB and subject to Bank of Thailand regulations, so yes, you will be officially remitting money into Thailand and may be subject to taxes depending on your situation. Your foreign Wise account, however, is not subject to this. That’s nothing new in terms of the law, but it may be new for those switching from a foreign account to a Thai one.
Tom **************
PositiveLynx7934 proving residence does not prove or demonstrate tax residence.
Tax residence in thailand is determined by length of stay. Over 180 days in the Kingdom per calendar year makes you tax resident.
Tax residence in thailand is determined by length of stay. Over 180 days in the Kingdom per calendar year makes you tax resident.
Positive********
@Tom *************
You are correct regarding tax residency and the 180-day threshold. However, it remains to be seen whether individuals staying less than this will qualify as residents, as this must comply with the Bank of Thailand’s regulations.Positive********
@Tom *************
Yes, since staying less than 180 days does not make you a tax resident, and tourists cannot open Thai bank accounts, there may be a regulatory issue. The concern is whether someone in that status can hold a Thai Wise account under Thai banking regulations. Is this even permitted or not? Let's see what type of documents Wise will require.Tom **************
PositiveLynx7934 Not sure how this ‘remains to be seen’. These are laws which have been in place for some time.
If you are betting on a new interpretation of existing laws to suit DTV holders, hold your breath.
If you are betting on a new interpretation of existing laws to suit DTV holders, hold your breath.
Rick *********
PositiveLynx7934 wise rules specifically prohibit multiple personal accounts. You can have one business account for each of your different businesses, however.
Positive********
@Rick ********
Exactly. Which makes sense. Some may lose their home accounts if they are not careful and rush on Thai QR code compatible accounts.
X *************
Exactly. ATM won’t work in Thailand but will work outside the country, everything is converted to THB. I just hope I can keep using under my current country. With this Thai account I don’t think you could even add money from your home countries bank account. I am not excited in fact it’s the opposite. A Thai wise account would be a downgrade
Max *************
@X ************
There won't be any changes whatsoever for expats with personal Wise accounts living in Thailand and are sending money from their own foreign bank accounts to their thai bank accounts.X *************
Good to know
Mark *********
Its all good until thailand law gets involved, that overrules anything wise is planning
Colin **********
@Mark ********
the changes have been made inline with The Bank of Thailand's regulations, how will Thai law impact on the changes?
Magenta********
@Colin *********
Thailand laws can change every week... Back and forthColin **********
MagentaYuzu5267 I dont think so, the willingness to implement it changes for sure.
Mark *********
@Colin *********
Ask yourself how you had a bank account with a dtv then all of a sudden you dont, same thingColin **********
@Mark ********
well the Banking regulations were introduced and each bank took a different approach, its probably a manual process, so it took a while to enforce. Some banks allow for accounts to remain open but will not replace your debit card when it runs out or freeze your app. Its entirely down to the Bank and in some cases the branch.
Joel *******
Is this the same as buying a $20 bank acc from the USA on Wise, but a Thailand version?
Dan *******
@Joel ******
wise is not a bank its a money mover and subject to the banking regs in the countries it has affliations with banks.
Michel *****
@Joel ******
buying an account from Wise?
Proficien**********
So if you actually have a thai address/certificate of residence with dtv it is looking likely you can have account this way?
Wannikea *********
ProficientMouse9259 nobody knows until the hammer comes down. What type of account are you talking about cuz it doesn't mean that you can get a Thai bank account What it does mean is you can pay by QR code using a wise card, but you can't withdraw money from any Thai ATMs
Waqar ********
@Wannikea ********
who needs cash when QR payment is allowed unlimited and free of cost. That's my go-to payment. 🫲🏻
Thai *****************
Alright 👍
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