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Home » Reader question » Reader question: Transferring money to family in Thailand
Reader question: Transferring money to family in Thailand
Dear readers,
I would like to transfer some money in these (for my family in Thailand) difficult times. It is not entirely clear to me whether this can be done tax-free or not. Does anybody have experience with this?
Thanks in advance!
Regards,
Khun Thai
Yes, why shouldn't this be tax-free? Thailand does not have a greedy gift tax like NL.
Simply transferring an amount to your family is no problem at all.
Thailand has almost exactly the same levies and exemption as the Netherlands.
Moderator: Off topic
Do it with tranferwise if you know their Thai number it's quick and cheap transfer stating it's for family
Thailand does have gift tax, but the exemption runs into the millions of THB and you will not easily get there with the support of family. In addition, the donor must then live in TH.
What applies is the gift tax in the country of residence of the donor and unfortunately Khun Thai does not indicate in which country, BE or NL, he / she lives. In NL, the general exemption this year is 2.208 euros for the entire calendar year.
Gift tax (GoodWill Income) is simply income here and is therefore taxed according to the income brackets.
The millions relate to Inheritance tax.
@Albert
I am one of the lucky ones who is allowed to pay annual income tax in Thailand, but I have never heard of a Goodwill income.
The tax authorities assume income from work or money earned from investments, etc., which is therefore offset by invested capital.
Remittances for family maintenance are not taxed and the more money flows to Thailand from abroad, the better for the country.
They're not going to slaughter that golden chicken for a long time.
Albert, just have a look here…
https://sherrings.com/gift-tax-law-in-thailand.html#
There are high exemptions in Thailand. And as far as I know, only donations that come from Thailand are taxed. National legislation applies to people in BE and NL.
Guide income 2019.
http://www.rd.go.th/publish/fileadmin/download/english_form/110463guide90.pdf
no. 2 Goodwill, royalties, annuities, and other incomes of similar nature.
Albert, there is an exemption of 20, 20 and 10 M baht in a calendar year as I wrote.
no. 9 Income from gifts
Taxpayer has an option to pay taxes at a rate of 5 percent on non-exempt income as follows:
1. Deemed Income from a transfer of ownership or possessory right in immovable
property without consideration to a legitimate child, not including an adopted
child, only the amount that exceeds 20 million baht in the tax year
2. Income from a moral sponsorship or from gift from an ascendant, a descendant
or a legitimate spouse, only the amount that exceeds 20 million baht in the tax
year
3. Income from a moral sponsorship or from a gift from a person that is not an
ascendant, a descendant or a legitimate spouse, only the amount that exceeds
10 million baht in the tax year.
Live in BRD and transfer money every month (via TFW) and can then settle it with your tax return. This calculation used to be done in NL as well. I don't know if that is still the case. Germany has (of course I would almost say) a form that must be signed by Amphur and the recipient. Naturally, money transfers must also be proven. It should also not be a donation but support from family.
Rudolf, this tax deduction has not been possible in the Netherlands for a long time. At that time, about 25 years ago, I helped a Turkish colleague with his tax returns and together with his brother in Germany he supported his mother in Turkey. The Dutch tax authorities then settled for the German form you mentioned. The questioner Khun Thai does not have to worry about gift tax. If this tax applies, depending on the amount and any family relationship, the principle is that the recipient pays the tax. You're talking about transferring 'some' money, so it won't be thousands of euros. Moreover, if the Thai recipient were to pay tax in Thailand at all, he could/must pay gift tax there and since the Netherlands has concluded a tax treaty with Thailand to prevent double taxation, the Netherlands is exempt. tax authorities have nothing to fear. Transferwise and other banks ask about the purpose of the transaction when making transfers to Thailand, among others, because they are obliged to do so in order to prevent the financing of terrorism. So it has nothing to do with the Dutch tax authorities.
Leo TH, the reduction of double gift tax that you are talking about works a bit differently than what you mention here, but you come close. I want to draw your attention to a link to this blog because this has been discussed here before. It concerns the contributions of Lammert de Haan.
https://www.thailandblog.nl/lezersvraag/belastingvrij-schenken-buitenlandse-ingezetene/
Dear Erik, I do not claim otherwise than Lammert de Haan, namely that in principle the recipient owes any gift tax. Indeed, I did not have to mention the prevention of double taxation, but I did with the preceding “Moreover”. This is also mentioned on the site of the doehetzelfnotaris.nl. The point is that the questioner, Khun Thai, does not have to worry about paying taxes on his financial aid to his Thai family.
All described above correctly. And if they do not have a bank number there, you do it with Western Union. They can get it right at Western Union in Thailand. It is also everywhere
A Western Union transfer is very fast but outrageously expensive and leaves a lot of money hanging over them. Use TransferWise, if necessary through their family who do have a Thai bank account. TW is also very fast, especially if you transfer money via IDeal. It is a bit of a puzzle because Thai banks do not know/have an IBAN and so you first have to enter the Thai bank, date of birth, and possibly email address and then the name of the Thai bank and the recipient's account number.Good luck.
Thai banks do have an IBAN number.
Just google.
First create an address within TW for the recipient, then send money.
Is not true. For example, Bangkok Bank does not have an IBAN, but a SWIFT code.
Dear,
Transferring support to family and/or wife is simple and without fuss - there are no taxes or duties involved at all - only the bank costs and exchange rates play a role in this.
We are not talking about excessive amounts here.
Bank transfer from bank to bank – use TransferWise or possibly Western Union.
The money transferred is also available quite quickly – count depending on which settings you use
between 3 and 5 working days.
I use transferWise every month and the amount is available within a day. You can track the transaction completely. After transfer you will receive the information when the transaction is complete.
My experience is that the money is available in Thailand the next day.
Unfortunately, the WU offices are closed due to Covid19 and are therefore not providing any services at the moment.
The fees charged by WU are not low!
I transfer money with moneygram, create an online account and pay with your credit card, 99 CT in costs.
I use ING bank monthly transfer to Thailand. Costs are Euro 6- at ING and Baht 200- at Bangkok bank. Sent before 1500 hours (NL time), the next day, early in the morning on my wife's account at the Bangkok bank. Sent as living expenses. No fuss at all.