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Are the thai banks generally crypto-friendly?


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Sending from and receiving to my bank account in Thailand, from and to, basically, any crypto-exchange, and non-Thailand based especially. Is this allowed? At least, is it not prohibited? Let's say, the amount would be under $10k per month in sum.

 

I need a precise information, because I don't want to get my account frozen.

Staff of a bank might not know about that, therefore I need to hear about the experience of those who have had it.

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Although have not done it myself, I know that Binance, for example, allow purchases (and vice versa) in Thai baht and there are several crypto exchanges in Thailand so am sure they are well aware.

Edited by daveAustin
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31 minutes ago, fdsa said:

Sending to Thai banks - no problems at all with <10k, sending abroad from Thailand - may be questions from the bank staff.

yes, less than than 10k usd in sum and per month;

let's say,  when sending from an exchange,  "binance inc" or whatever it'll be, will appear as the sender - no problem?  And nothing that'll oblige me to anything such as taxes or any sort of extra documentation?

 

And, is the threshold < $10k/month?

Edited by gafdtomaka366
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I don't know about crypto exchanges as I was trading cryptos with private persons only and received money from the private person bank accounts to my personal bank account. Never had any questions and did not pay any tax, because all these transfers were between private persons.

If Binance sends money from the private person account then you won't have any problems. But if they send from the corporate bank account - there may be questions.

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This seems strange, I thought Crypto was digital and once you buy it then you access it using your code and it doesnt live in the bank..  lives in somewhere space....

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17 hours ago, fdsa said:

I don't know about crypto exchanges as I was trading cryptos with private persons only and received money from the private person bank accounts to my personal bank account.

 

Man, why do you give advice without knowing a dime about the subject?

 

I don't need theory. And I asked about crypto exchanges and not private persons who trade crypto and fiat between themselves.

 

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7 hours ago, gafdtomaka366 said:

I don't need theory. And I asked about crypto exchanges and not private persons who trade crypto and fiat between themselves.

 

I share my experience for all forum members.

As for you - you've missed the second part of my message:

 

On 1/18/2021 at 12:53 PM, fdsa said:

If Binance sends money from the private person account then you won't have any problems. But if they send from the corporate bank account - there may be questions.

 

some exchanges send money from the private person accounts only — exactly for preventing blocks of their customers' bank accounts. Because company to person transfers are considered suspicious everywhere in the world and must have some documents, and person to person transfers usually do not require documents.

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1 minute ago, APJ291 said:

Go to www.coins.co.th and create an account and then download the app...

 

setup the usual security including 2FA

 

after you have created your account and passed the verification stages you can add your Thai bank account(s) and then start funding or buying/selling Bitcoin....

 

Coins.co.th only deal with Bitcoin... but you can always carry on using other exchanges that you are already comfortable with to trade your alt-coins, then on those exchanges that you use, just convert your alt-coins to Bitcoin and send them to your Coins.co.th Bitcoin wallet.  Once in your wallet you can convert to Baht and send to your Thai bank account(s)

 

I’ve had no issues using the above method with Bangkok Bank or Krungsri.

 

I use the Coins.co.ph app (iPhone) and access their website (MacBook) with no issues at all , so cannot comment on Android or windows based systems.  My only complaint is the exchange rate sometimes, but as long as your doing small amounts it’s no biggie.

 

 

 

I'm afraid you might be asked to pay taxes as you trade on one of the official Thai exchanges.

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9 minutes ago, APJ291 said:

Go to www.coins.co.th and create an account and then download the app...

 

setup the usual security including 2FA

 

after you have created your account and passed the verification stages you can add your Thai bank account(s) and then start funding or buying/selling Bitcoin....

 

Coins.co.th only deal with Bitcoin... but you can always carry on using other exchanges that you are already comfortable with to trade your alt-coins, then on those exchanges that you use, just convert your alt-coins to Bitcoin and send them to your Coins.co.th Bitcoin wallet. Once in your wallet you can convert to Baht and send to your Thai bank account(s)

 

I’ve had no issues using the above method with Bangkok Bank or Krungsri.

 

I use the Coins.co.ph app (iPhone) and access their website (MacBook) with no issues at all , so cannot comment on Android or windows based systems.  My only complaint is the exchange rate sometimes, but as long as your doing small amounts it’s no biggie.

 

 

Nice one...  yeah, once you buy BTC it oesnt matter from where right?   Buy them on the moon or Thailand and they are in your account/wallet/area whereever they live accessed by your code... theres is no actual "place"  your BTC resides....  so there for simply you can deposit/withdraw from anywhere that gives you access.....   again, so if you can here in Thailand buy/sell BTC and whereever and whatever other place you can buy/sell BTC then you are set...    even if one of those other places say cannot, you sill own your BTC and go somewheere else.....

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51 minutes ago, fdsa said:

 

I'm afraid you might be asked to pay taxes as you trade on one of the official Thai exchanges

luckily I have never been asked once to pay any taxes, as it has always been small amounts from 10k upto 20k baht maximum deposited each month every time over the last 2/3 years that I have been using them.  Currently I’m in the UK and I have been topping up monthly both bank accounts with no issues at all.
 

Should I have any issues with either bank requesting taxes or explanations, I’ll leave it to the Misses to deal with the correspondence if I cannot deal with it by email myself etc...

 

Another fallback option is to just avoid Thai Crypto exchanges altogether and make your money as you do on the exchanges that you comfortable with, then send your profits to your home country bank account(s) being liable for your taxes there... then just use a service like “TransferWise” to send any profits minus your taxes paid to your Thai Bank account...

 

so many ways to skin a cat as they say....

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Edited by APJ291
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11 hours ago, gafdtomaka366 said:

 

Man, why do you give advice without knowing a dime about the subject?

 

I don't need theory. And I asked about crypto exchanges and not private persons who trade crypto and fiat between themselves.

 

 

This is what ALWAYS happens here. They talk about what they know nothing ! so boring !

 

 

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