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  1. #26
    Thailand Expat Storekeeper's Avatar
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    Transferred in a little over a million baht about 7 months ago via the messaging system in my online credit union account. Messaged the details and within the hour got a call from the states to verify and complete the transaction. Can’t remember the specifics but it was cheaper than Wise.

  2. #27
    Guest Member S Landreth's Avatar
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    For those of you who are not in the UK, transfer your money to your Thai bank account using your Bank of America account.

    Bank of America will not charge you a penny.

    Edit:

    Quote Originally Posted by Topper View Post
    There's money laundering laws that might be involved with that amount.
    Because I transfer money over to Thailand as often as I do the IRS called one of my money managers and asked him why I was sending money to Thailand.

    The money manager told the IRS agent that he had known me for years and that I live in Thailand part-time.

    Not a word since.
    Last edited by S Landreth; 23-05-2023 at 06:21 PM.
    Keep your friends close and your enemies closer.

  3. #28
    Making people dance. :-)
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    Quote Originally Posted by david44 View Post
    unlike the 72 when I brought savings in to house build
    Woulda been around the time I moved here. Mid 2000's.

    Lot's of Brits retiring in their 60's with pensions of 1000 quid a month, 70k+ and everything was dirt cheap.

    Fast forward a few years and they're on 40k if they're non-adjusted and everything is 5 times more expensive.

  4. #29
    Thailand Expat
    Bonecollector's Avatar
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    Quote Originally Posted by S Landreth View Post
    For those of you who are not in the UK, transfer your money to your Thai bank account using your Bank of America account.

    Bank of America will not charge you a penny.

    Edit:



    Because I transfer money over to Thailand as often as I do the IRS called one of my money managers and asked him why I was sending money to Thailand.

    The money manager told the IRS agent that he had known me for years and that I live in Thailand part-time.

    Not a word since.
    They are seriously on in nowadays

  5. #30
    Thailand Expat Storekeeper's Avatar
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    Quote Originally Posted by Edmond View Post
    Woulda been around the time I moved here. Mid 2000's.

    Lot's of Brits retiring in their 60's with pensions of 1000 quid a month, 70k+ and everything was dirt cheap.

    Fast forward a few years and they're on 40k if they're non-adjusted and everything is 5 times more expensive.
    I’m definitely enjoying the 33-38 range to the US $ this time around compared to the 28-31 range range I was getting back in 2007-2010.

  6. #31
    CCBW Stumpy's Avatar
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    Quote Originally Posted by Storekeeper View Post
    I’m definitely enjoying the 33-38 range to the US $ this time around compared to the 28-31 range range I was getting back in 2007-2010.
    Same here SK. I haven't transferred any funds from the US since we built our house and back them it was just over 35. Now my payroll is sent to the small firm here in Thaialnd from the US and I get a nice conversion. Has been 34+ for quite some time now.

    I remember the 28/29 conversion period. Painful for some.

  7. #32
    Thailand Expat Storekeeper's Avatar
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    Quote Originally Posted by Stumpy View Post
    I remember the 28/29 conversion period. Painful for some.
    Yeah, thankfully the TEFLer gig I had eased the pain.

  8. #33
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    Iceman123's Avatar
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    Couple living in Oz, Thai and Australian man.

    They are splitting up and ex will be getting a fairly substantial settlement and moving back to Thailand. What is the best way to send her funds to Thailand avoiding any unnecessary hassles or taxes?

    Thanks

  9. #34
    Thailand Expat
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    Quote Originally Posted by Iceman123 View Post
    Couple living in Oz, Thai and Australian man.

    They are splitting up and ex will be getting a fairly substantial settlement and moving back to Thailand. What is the best way to send her funds to Thailand avoiding any unnecessary hassles or taxes?

    Thanks
    I would recommend opening an account with HSBC Australia, who have a set A$20 fee for an international transfer. If their app is the same as HSBC UK (which I use) it is simple. Transfer A$ to the Thai bank (either into a Thai Bank A$ account or will be immediately converted to Baht on arrival). Do not get the Aus Bank to convert to Baht before transfer as the exchange rate will be chronic. Wise is an option, though their fees escalate on transfer value, so if your friend's wife is making substantial transfers, these may negate any advantage in exchange rate that Wise offer. There will be a limit from the Thai bank that they will seek reasons by she is transferring large sums (could vary, but let's say A$25,000). Typical reason could be property purchase.

    International Money Transfer | Foreign Exchange - HSBC AU

  10. #35
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    Iceman123's Avatar
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    ^
    Yes the HSBC info is good thanks.

    However I was wondering would it be as straightforward sending an amount in excess of A$ 1,000,000 and would their be any tax implications for her due to the amount she will receive.

    I tried googling but no luck, I am pretty sure local accountants in Oz would not have a clue. If anyone has the details of a decent Thai accountant I am sure that would help.
    Cheers

  11. #36
    Thailand Expat
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    Quote Originally Posted by Iceman123 View Post
    ^
    Yes the HSBC info is good thanks.

    However I was wondering would it be as straightforward sending an amount in excess of A$ 1,000,000 and would their be any tax implications for her due to the amount she will receive.

    I tried googling but no luck, I am pretty sure local accountants in Oz would not have a clue. If anyone has the details of a decent Thai accountant I am sure that would help.
    Cheers
    I would have thought no tax liability. She should move the money in increments however, and if questioned (which she invariably will be), just tell them it is for property purchase.

    Another thing, once she has opened an account in Aus, and has the app, she can make a single transfer to her Thai account whilst there, after which she can make the subsequent transfers via the app from anywhere (as I do from the UK to SCB Thailand).

  12. #37
    Thailand Expat
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    Quote Originally Posted by Iceman123 View Post

    I tried googling but no luck, I am pretty sure local accountants in Oz would not have a clue. If anyone has the details of a decent Thai accountant I am sure that would help.
    Cheers
    One source could be the BOI in Thailand. OK, she's a Thai bringing the money in, not a foreigner, however could still be worth touching base with them through their contact forum.

    ○ BOI : The Board of Investment of Thailand

  13. #38
    Hangin' Around cyrille's Avatar
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    HSBC to SCB

    Blimey, two oppressive regimes making gains there.

  14. #39
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    Cheers Pag, I will pass the info on.

  15. #40
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    Can she just buy a big fk off diamond or something then carry it over and sell it?

    Crypto?

  16. #41
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    ^
    Emmm, I might just put that suggestion in the “don’t even think about it” basket

  17. #42
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    Presuming she has Oz citizenship would it not be wise to leave some invested there, a rental property.

  18. #43
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    No, she wants the money in Thailand and will effectively sever her ties with Australia.

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