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What is the correct reason to provide when transferring funds via Transferwise for Thai immigration purposes?

Visa Bank Statement Requirements Transferwise Funds Transfer Thai Immigration Long Term Visa Financial Documentation

March 1, 2021

4 years ago

Trevor ********

ORIGINAL POSTER

Question 

If you transfer funds using Transferwise which reason to you put that satisfies Thai Immigration in regard to you bank statement.? 

Thanks for any input

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TLDR : Answer Summary

When transferring funds using Transferwise specifically for Thai immigration purposes, users recommend selecting 'Funds for Long Term Stay in Thailand' as the reason for the transfer. This designation helps ensure that the money is categorized correctly in bank statements as an international transfer, which is crucial for meeting visa requirements. It is advised against using 'living expenses' as this may not clearly indicate the funds' foreign origin. Ensuring that the correct reason is chosen can prevent complications with visa documentation and immigration processes.

Thomas *********

I believe you only get taxed if you have not paid in your country.

I have my money sent via Caymans and Gibraltar where I pay 2.5%. Last year I transferred in over 5 million THB no issues.

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Thomas *********

so I will just carry on

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Bobby ********

@Thomas *****************

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Bobby ********

Thomas Barnard Linsell. Absolutely. As do the thousands of retirees bringing their pensions into the country!

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Bobby ********

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Bobby ********

Thomas Barnard Linsell. In THEORY still should be declared. In practice, doesn't happen.

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Thomas *********

I don't see why you should declare. Immigration state you should have 65k per month coming in or 800k in your bank. So people that bring in 65k per month I've never heard of the Thai authorities asking to tax it.

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Bobby ********

Thomas Barnard Linsell. Money earned overseas and brought into the country in the same year it is earned is technically tax assessable. But as I've said, it has never ever been enforced, that's why you've never heard of the Thai authorities wanting to tax it. But I had already said that.

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Bobby ********

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Kuan ******

Looking at all the mails, but will the authorities tax u because Thai tax laws say if u bring a certain amount monthly - Thai Tax office will tax u

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Bobby ********

Kuan Kuan. In theory you can be taxed on money brought into the country in the year that it's earned. In practice it never ever happens.

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Kuan ******

thanks .. I was worried about that

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Kuan ******

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Kool *******

no. Thai taxes only apply to money you made by working, or investing, in Thailand.

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Kool *******

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Joe ***********

What I wrote above allows Bangkok Bank to tag any and all foreign origin Funds Transfers as being a International Transfer / FTT... The Report produced by Bangkok Bank will show all 65 K baht monthly transfers X 12 months for retitrement

(or show 40K Baht / m x12 months for marriage).

This bank report will be used by Thai Immigration as your proof that your monthly funds came from abroad.

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Bobby ********

It's the last one

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Trevor ********

ORIGINAL POSTER

,Thank you, really appreciate

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Trevor ********

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Bobby ********

It actually states the reason as "long stay visa in Thailand" or words to that effect. Under no circumstances select "living expenses".

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Trevor ********

ORIGINAL POSTER

Understand Thank you

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Bobby ********

Trevor Briggs. Last one on the list. Works for me every time

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Bobby ********

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Joe ***********

Trevor - to get an AUTOMATIC foreign origin designation on your TransferWise Funds Transfer seen as "International Transfer" Deposit in your bank account register... And to get the FTT embedded code Foreign Telegraphic Transfer) into the next Bankbook update printout...

You must do the following when using TransferWise...

- it must be a Bangkok Bank Account

- and in TW you must use the Reason to send code from the TW pick list...

"Funds for Long Term Stay in Thailand"

(last item on the pick list.

I can explain more...

And the key word is Automatic

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Joe ***********

Yes - I did explain which TransferWise item to pick.

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Trevor ********

ORIGINAL POSTER

@Joe **********

,you did explain ,I missed typed ,apologies

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Joe ***********

@Trevor *******

I commit the same typos... way too often... Very understandable...

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Joe ***********

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Trevor ********

ORIGINAL POSTER

@Joe **********

,sorry typo ,you did explain the item to pick it should have read now not no ,apologies

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Tod *********

@Trevor *******

IF when you update your bank book the incoming transfers don't show as coded international transfers, you need to get a "credit advice" from them showing that indeed the money did come from abroad. I know a person who uses transferwise yet has to go EVERY month to his SCB and get a credit advice showing the funds came from abroad :/ Even though he selects "𝗙𝘂𝗻𝗱𝘀 𝗳𝗼𝗿 𝗟𝗼𝗻𝗴 𝗧𝗲𝗿𝗺 𝗦𝘁𝗮𝘆 𝗶𝗻 𝗧𝗵𝗮𝗶𝗹𝗮𝗻𝗱" it won't show as an international transfer on his bank book.

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Trevor ********

ORIGINAL POSTER

, thank you for taking the time to explain,appreciated

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Trevor ********

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Trevor ********

ORIGINAL POSTER

@Joe **********

,many thanks for such a clear explanation, l use SCB and, have for a, long time, no issue with Visa you have no explained which item to pick, Thank you

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Joe ***********

@Trevor *******

I am not sure how you can document International Transfers when using SCB

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Tod *********

@Trevor *******

This is the reason you pick (like

put in his post ;) )

"𝗙𝘂𝗻𝗱𝘀 𝗳𝗼𝗿 𝗟𝗼𝗻𝗴 𝗧𝗲𝗿𝗺 𝗦𝘁𝗮𝘆 𝗶𝗻 𝗧𝗵𝗮𝗶𝗹𝗮𝗻𝗱"

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Tod *********

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Wylie *******

I'm not sure about the others, but if you select for long term visa it will label it correctly to show it came from overseas. When I selected living expenses it did not.

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Paulie ********

For family I always put

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David *******

General living expenses. Not sure of the exact wording!

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David *******

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