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DrJack54

12 month visa extensions based on monthly income method or bank deposit 3 month

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21 minutes ago, wgdanson said:

Is the money you pay into a Pension scheme (in UK) not tax free?

Since Gordon Brown's idea of taxing the profit made on pension schemes in 1997 the initial investment you pay into a pension scheme may be tax deductible but any profit made by investing that money is taxed. So a large portion of your final lump sum that you re-invest for a pension annuity has already been taxed. When your annuity pension is paid to you every month it is a taxable income. So yes, we are taxed twice. Only the initial investment might have been tax-free.

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1 hour ago, wgdanson said:

And if the money was éarned'in a previous tax year....no Thai taxes. So in whch year was your pension earned?

The previous year. I do not bring any income received in the current year into Thailand, income, pension or from other sources stays in my account outside Thailand until the year after it has been received.

 

This is known as planning. I have long known of the Thai tax law and planned my transfers to remain completely compliant rather than hoping that I can slide under the radar.

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25 minutes ago, sometimewoodworker said:

The previous year. I do not bring any income received in the current year into Thailand, income, pension or from other sources stays in my account outside Thailand until the year after it has been received.

 

This is known as planning. I have long known of the Thai tax law and planned my transfers to remain completely compliant rather than hoping that I can slide under the radar.

Correct sir. I would argue that my pension income was earned when I was a mere lad. 

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9 hours ago, luckyluke said:

The equivalent of 77000 ThB ( monthly transfers ) from Belgium to my Thailand bank account with TransferWise cost me +/- 620 ThB.

 7500 ThB yearly, 1700 ThB L.o.I., 1900 ThB year extension.

So less than 1000 ThB a month.

A fair price ( and legal ) to pay, in my opinion; as I don't have 800000 ThB.

Not taken into account here, is that TransferWise convert the net sum at the mid-market' rate, rather than the 'buy-rate' that you would get if you use a normal international bank transfer.

 

This makes T/W very competitive against alternative methods. There NO hidden costs when using this method. What you see, is exactly what you get.

Edited by Moonlover

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9 minutes ago, Moonlover said:

Not taken into account here, is that TransferWise convert the net sum at the mid-market' rate, 

No they don't. They also have a rate that is somewhat less than the mid market rate and is slightly less good than the superrich buying rate once you factor in the fee payable.

 

I did a comparison and for a transfer of £9,000 you would get about 1,200 Baht more using £50 notes at superrich.

 

of course that doesn't factor in the inconvenience of exchanging cash compared to the convenience of a transfer you can do from your chair at home.

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10 minutes ago, sometimewoodworker said:

No they don't. They also have a rate that is somewhat less than the mid market rate and is slightly less good than the superrich buying rate once you factor in the fee payable.

 

I did a comparison and for a transfer of £9,000 you would get about 1,200 Baht more using £50 notes at superrich.

 

of course that doesn't factor in the inconvenience of exchanging cash compared to the convenience of a transfer you can do from your chair at home.

And an entry in your bank book which says FTT.

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1 minute ago, sometimewoodworker said:

No they don't. They also have a rate that is somewhat less than the mid market rate and is slightly less good than the superrich buying rate once you factor in the fee payable.

 

I did a comparison and for a transfer of £9,000 you would get about 1,200 Baht more using £50 notes at superrich.

 

of course that doesn't factor in the inconvenience of exchanging cash compared to the convenience of a transfer you can do from your chair at home.

When I started this thread earlier today I did an example such as yours. This morning the "live share market rate was 23.63baht/ 1aud.

The company I sometimes use OFX was 23.30. Superrich 23.55.

I got the OFX rate (same as tranferwise) on a live deal quote of $10000aud. Would of been worse rate at say $2000. 

My point. If I'm in position to bring cash in I'm losing about 2000 baht + the companies deal cost. 

Point of thread was to point out how much is lost over a year. The above example was only for 10k aud. 

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5 minutes ago, sometimewoodworker said:

No they don't. They also have a rate that is somewhat less than the mid market rate and is slightly less good than the superrich buying rate once you factor in the fee payable.

 

I did a comparison and for a transfer of £9,000 you would get about 1,200 Baht more using £50 notes at superrich.

 

of course that doesn't factor in the inconvenience of exchanging cash compared to the convenience of a transfer you can do from your chair at home.

This has been discussed previously. Obviously, when you compare a fixed payment transfer method, such as SWIFT, against one that uses a percentage scale of charging, such as T/W there will come a point when a moving a larger sum, SWIFT will become more economical.

 

But please be realistic here. We're discussing monthly pension payments and the like, not 4 figure sums. I've just moved 600 GBP. It cost me 4.60 GBP and I got mid-market rate. To do that via SWIFT would have cost me 20 GBP and I would have got buy rate. A clear win for T/W.

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These were within 1 minute of each other so neither was mid market rate though they certainly had very little spread 

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IMG_5856.thumb.PNG.1e3dbd277d349084c790dad00221c9a0.PNG

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6 hours ago, JohnC said:

U.K. and Thailand do indeed have a double taxation agreement whereby if you pay tax on your income in UK then you don't pay tax on it in Thailand. Also any income earned in UK is taxed in UK.

 

it has also been reported on here that if your lump sum is in a Thai bank and you receive interest which is taxable you can reclaim the tax from the Thai Tax Office. 

JohnC I would be grateful if you could provide a link to the UK / Thailand double taxation agreement that says this. There is a DTA to be found via the tax pages on GOV.UK but I cannot find where this is covered. Thank you!

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6 minutes ago, Moonlover said:

This has been discussed previously. Obviously, when you compare a fixed payment transfer method, such as SWIFT, against one that uses a percentage scale of charging, such as T/W there will come a point when a moving a larger sum, SWIFT will become more economical.

 

But please be realistic here. We're discussing monthly pension payments and the like, not 4 figure sums. I've just moved 600 GBP. It cost me 4.60 GBP and I got mid-market rate. To do that via SWIFT would have cost me 20 GBP and I would have got buy rate. A clear win for T/W.

It's unlikely that SWIFT will ever be better until maybe you are transferring very large sums as you have to factor in the receiving and possible intermediate bank charges.

 

and I've just proved proof that TransferWise does not give a mid market rate, though it is a good one and better than most bank tt rates

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We can bounce this around. After this I'll stop. I just did quote live on my OFX ac. Same as trànsferwise.

Live market 23.6442 (unavailable to public)

Superrich 23.55

OFX deal on 3000aud deal 23.1335

Not a Google deal a fixed deal if I click it. Then the deal cost added to that quote. 

 

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2 hours ago, wgdanson said:

And an entry in your bank book which says FTT.

Not into my SCB account, it just shows as a normal domestic transfer. 

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4 minutes ago, sometimewoodworker said:

Not into my SCB account, it just shows as a normal domestic transfer. 

I think were missing the point. IO relies (previously) on embassy letter or 800k in bank for 3 months. I've done the bank method for several years. As mentioned previously, when in au, I bring 25k USD. I always bring my withdraw statements from my au accounts etc. I have never been asked in 7 years to show where my 800k baht came from. 

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25 minutes ago, DrJack54 said:

I think were missing the point. IO relies (previously) on embassy letter or 800k in bank for 3 months. I've done the bank method for several years. As mentioned previously, when in au, I bring 25k USD. I always bring my withdraw statements from my au accounts etc. I have never been asked in 7 years to show where my 800k baht came from. 

Not missing the point at all, some people believe that provable transfers from overseas will be an acceptable substitute for an embassy document.  

 

I Don't, money 400k/800k in the bank is the only certainty, though that may change, or not. 

 

There is one special case where that money has to be proven to be from outside Thailand. But apart from that it doesn't matter where it comes from.

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