Jump to content
BANGKOK
piewarmer

crypto taxes in Thailand 2020

Recommended Posts

I'm not 100% on Thai tax on crypto for foreigners

this what I think is correct:

They hit you for 15% on any money moved from say Bitcub back to Kasikorn bank at the time of transfer, whether or not you made a profit or actually bought anything with your original deposit.

I don't have a work permit as I'm retired but unsure if that matters

any thoughts or experience on this.

Share this post


Link to post
Share on other sites

Just use an E-wallet as Wirex or Sticpay to trade with crypto currency. Then transfer the money to you bank account from the E-wallet. Both of those have a mobile application too, and you can also get a bank card for them som you can access the money without any transfer to bank accounts.

  • Like 1

Share this post


Link to post
Share on other sites
11 hours ago, Matzzon said:

Just use an E-wallet as Wirex or Sticpay to trade with crypto currency. Then transfer the money to you bank account from the E-wallet. Both of those have a mobile application too, and you can also get a bank card for them som you can access the money without any transfer to bank accounts.

thanks, I will have a look

Share this post


Link to post
Share on other sites
15 hours ago, piewarmer said:

this what I think is correct:

They hit you for 15% on any money moved from say Bitcub back to Kasikorn bank at the time of transfer,

How can this be correct? Do you have a reference? So you transfer xTHB from Kbank to Bitkub, then transfer if back and get 15% tax? Doesn't make sense. Should be just transfer fees only??

 

I just looked at Bitkub and even tho I haven't done a transfer back to KBank - it tells me there will be a 20THB fee. No mention of any 15% tax.

Edited by MJKT2014
  • Like 1

Share this post


Link to post
Share on other sites
22 minutes ago, MJKT2014 said:

How can this be correct? Do you have a reference? So you transfer xTHB from Kbank to Bitkub, then transfer if back and get 15% tax? Doesn't make sense. Should be just transfer fees only??

 

I just looked at Bitkub and even tho I haven't done a transfer back to KBank - it tells me there will be a 20THB fee. No mention of any 15% tax.

Thats why I'm asking, I want someone who has actually done it in the last 6 months, otherwise I'll move a thousand bhat and see what happens.

Share this post


Link to post
Share on other sites
17 hours ago, piewarmer said:

https://news.bitcoin.com/thailand-pass-two-cryptocurrency-laws/

this article was last week

I heard this was already done about October last year but apparently not...

chok dee

 

Look again. That article is 2 years old. It was written in 2018.  Yes, these rules are on the books, and no, they aren't being enforced currently because they are unworkable. There is no practical way to determine the basis of the cryptocurrency being sold, so things are just continuing along in a gray area. 

 

Share this post


Link to post
Share on other sites

so transfer 1000 baht and report back how much u made or lost on the bitcoin speculation and how much in fees, bank transfer charges and tax deducted from the 1,000 baht transaction and total length of time for the actual deduction from bitcub to deposit into whatever bank u use..

this way anyone interested will be informed as latest fees etc,

thank you

 

Share this post


Link to post
Share on other sites
5 hours ago, oby said:

report back how much u made or lost on the bitcoin speculation and how much in fees, bank transfer charges and tax deducted

It's quite clearly shown on Bitkub that transfers are 20THB flat fee for THB to Kbank. No taxes. 

  • Thanks 1

Share this post


Link to post
Share on other sites
20 hours ago, Monomial said:

 

Look again. That article is 2 years old. It was written in 2018. 

 

you are right, I went off the date at the top, not on the left, cheers mate

Share this post


Link to post
Share on other sites

Whenever I need some cash for living expenses or whatever in thailand I just send a bit of BTC from my external (hardware, not exchange, no in thailand) wallet to Bitkub and then sell it and transfer the THB to my thai bank. Fast easy and simple. And only 20 THB. No taxes.

Share this post


Link to post
Share on other sites
23 minutes ago, jasonsamui55 said:

Whenever I need some cash for living expenses or whatever in thailand I just send a bit of BTC from my external (hardware, not exchange, no in thailand) wallet to Bitkub and then sell it and transfer the THB to my thai bank. Fast easy and simple. And only 20 THB. No taxes.

Excellent way to do this  BUT  Bitkub and most Thai exchanges don't accept USA customers,  due to the restrictive USA reporting laws.  Any suggestions for USA  people in Thailand who want to cash back to their Thai bank.  Thanks

  • Like 1

Share this post


Link to post
Share on other sites
On 2/26/2020 at 4:09 PM, how241 said:

Excellent way to do this  BUT  Bitkub and most Thai exchanges don't accept USA customers,  due to the restrictive USA reporting laws.  Any suggestions for USA  people in Thailand who want to cash back to their Thai bank.  Thanks

Americans can't get on Bitkub? I guess that sucks. There is another service which I once tried but don't remember if the rates were any good. Its called Everex.cash.

 

Also, if you are american, you can so the same with coinbase and move nearly instantly or next biz day to your local bank in the US and then move the cash via Transferwise or Revolut (both are now available to Americans) and then hit the local ATM machine with your TW or Revolut debit card. That works too.  I know because even though I'm not American I have a US coinbase account and US bank account and have done exactly that with almost the same effect.

Share this post


Link to post
Share on other sites
3 hours ago, jasonsamui55 said:

Americans can't get on Bitkub? I guess that sucks. There is another service which I once tried but don't remember if the rates were any good. Its called Everex.cash.

 

Also, if you are american, you can so the same with coinbase and move nearly instantly or next biz day to your local bank in the US and then move the cash via Transferwise or Revolut (both are now available to Americans) and then hit the local ATM machine with your TW or Revolut debit card. That works too.  I know because even though I'm not American I have a US coinbase account and US bank account and have done exactly that with almost the same effect.

Thanks !!!   I will look into your suggestions.  Thank you.  

Edited by how241
  • Like 1

Share this post


Link to post
Share on other sites
2 hours ago, how241 said:

Thanks !!!   I will look into your suggestions.  Thank you.  

use your girlfriends account linked in bitkub

  • Haha 1

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

  • Recently Browsing   0 members

    No registered users viewing this page.

×
×
  • Create New...