Take the 2-minute tour ×
Personal Finance & Money Stack Exchange is a question and answer site for people who want to be financially literate. It's 100% free, no registration required.

Say, I would like to buy a property in Thailand. The price is about $200,000. I might wire it to my Thailand's checking account. Just want to know is the limitation of wire transfer.

Also, is there any cost other than a wire transfer fee? I am not sure about taxes.

share|improve this question

2 Answers 2

The limit, if any, would be established by your financial institutions. You would need to contact both your sending and receiving bank to ascertain any limitation they impose on wire transfers.

Generally, taxes aren't imposed on transference of funds between accounts you own, but I'm not familiar with tax in Thailand and I could be wrong on that half of the question.

share|improve this answer

Chase has a limit of $500,000 per day. A banker should be able to help you determine any immediate tax liabilities that will arise as a direct result of the transaction. You may wish to consult with a tax professional about any indirect implications the transfer may have.

This transaction will be reported to the government but assuming that you are not involved in any illegitamate activities the likelihood of the US government taking any action on the notice is incredibly low. I have heard of 7 and 14 day holds being placed on out of character transfers but if you are buying property you should work with your bank to help facilitate. Bankers understand the business and can help you avoid any appearances of impropriety that the government flags.

Should your account be flagged, I would retain a lawyer immediately. If you feel you have a reason to be concerned, then I would contact a lawyer in the US and Thailand before initiating the transfer. As they say an ounce of prevention is worth a pound of cure.

share|improve this answer

Your Answer

 
discard

By posting your answer, you agree to the privacy policy and terms of service.

Not the answer you're looking for? Browse other questions tagged or ask your own question.