8

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.

Improve this question

3 Answers 3

Reset to default
10

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 illegitimate 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.

Improve this answer
7

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.

Improve this answer
2

I can clear the Thailand side for you.

These are the sale tax in Thailand:

  • Transfer fees: 2% of the Registered Value of the Property
  • Stamp Duty: 0.5% of the Registered Value, Only payable if you are Exempt from Business Tax
  • Withholding Tax: 1% of the Land Department Appraisal Value of the Property
  • Business Tax: 3.3% of the Land Department Appraisal Value of the Property, payable if the property is sold within 5 years of Purchase (for Both Private & Corporate ownership), For Thai nationals if you own a property and Register the property as your residence (in the House Registration book) for a period of 1 year or more, then you will be exempt from this.

Don't forget to ask your bank in Thailand to issue an (FTFs). This document shows the money originated from abroad (before in came to your Thai account) from outside of Thailand.

The land office will ask for the (FTFs).

Improve this answer
4
  • 1
    How does this answer the question?
    – JTP - Apologise to Monica ♦
    Jun 23, 2016 at 12:59
  • Well, the above two comment already answer about if he can transfer that amount of money. Great.But no one answered about the taxes incurred buying a property in Thailand. So, I explained him all the taxes he will pay when purchasing the house in Thailand.
    – Rudy
    Jun 23, 2016 at 13:03
  • Putting your domain in your name to advertise your site on every answer isn't going to go over well here. Kind of against the spirit of the site. Just a heads up. Your answer also has to do with taxes on the purchase of the property and have nothing to do with the wire transfer, which is what he was asking about.
    – Doyle Lewis
    Jun 23, 2016 at 13:10
  • Welcome to Money.SE. Please take the tour to see how the site works and what makes a good answer. You've quickly posted 4 answers, 3 of which are currently showing a negative total vote. Especially when answering an old question, you should consider how much value your answer is adding. Money.SE is a Q&A board, we value staying on topic, and not going off too far on tangents to the question itself. When reading your answer, no one would guess the original question was about wire limits.
    – JTP - Apologise to Monica ♦
    Jun 23, 2016 at 13:42

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