gamb00ler

He was not using an ATM.... he was doing a cash advance at the teller. Bangkok bank used to offer that service for free but apparently has stopped it completely earlier this year. I just opened a Krungthai bank account because they offer that service but they do charge 200 ฿. That's not too bad because with a Schwab card I can get up to 15K US$ per advance.

wow... those are some greedy banks. I usually use NerdWallet to find banks with better offers on fees and interest rates.

I have two US debit cards that don't add foreign transaction fees to ATM withdrawal, retail purchases or cash advances at a bank teller. Schwab and Capital One 360 Savings don't add the any fees. Of those two, only Schwab also refunds the 220 ฿ ATM fee. In the Fidelity Terms and Conditions they say that certain account types are eligible to have all ATM fees refunded. Also, Fidelity does not add foreign transaction fees. I found the Fidelity details by googling for fidelity "debit card" terms conditions.

I try to remember to warn potential debit card users of the foreign transaction fees that are added by most financial institutions. I think your estimate of 3-4% is a little on the high side. I think the most common fees are 1.5% and 2%. Bangkok bank also adds that fee if you use their debit card outside Thailand. The best place to find the details of the foreign transaction fee is in the Terms and Conditions attached to your debit card. I agree that the banks don't make it easy or convenient to find those details. The Visa and Mastercard web sites I posted earlier do allow the user to enter the foreign transaction fee percentage each time you request an exchange rate quote.

yes... Schwab is not a bank so they don't directly connect to SWIFT. They need to use an intermediary bank.

Since TRD has exempted all funds received/earned prior to Jan. 1, 2024 we don't need records from before that date. We would need to show documentation of the value of all accounts at the end of 2023.

I have read 3 DTA's and beyond that many of the DTA's use the OECD model. And that model is as I described.... the tax treaty has NO dependancy on the tax code of the signatories. It seems you have looked at even fewer DTA's than I. Please show all of us what part of the US-Thai DTA needs amending. https://www.irs.gov/pub/irs-trty/thaitech.pdf

I'll be there, but I'll bring my own tea. I don't like Thai tea.

You may want to consider remitting enough current year income to use up all your tax exemptions for this year to reduce the potential of exceeding your exemptions in later tax years.

hopefully his subscribers are mostly fake accounts that were bought and paid for through a botnet. I hate to think there are so many real idiots out there.

The entire balanceI of your nest egg as of Jan. 1 of 2024 will never be subjected to tax in Thailand. Under the most recent regulations the investment income earned on your nest egg starting from Jan. 1 of 2024 will be considered assessable income if it is sent to Thailand. However as a Thai resident significant amounts of your assessable income will not be taxed due to several exemptions made available by the Thai Revenue Dept (TRD). However, if your nest egg is in the form of 401k and/or IRA accounts withdrawals after Jan. 1 2024 may be assessable income in Thailand. Thailand is not allowed to tax US Social Security benefits. Bottom line is that you likely will not have to pay any tax in Thailand.

Prepare a list of questions you have regarding tax credits and post them. Several regular posters in these tax threads understand them very well.

A little more detail of your current situation will help us give you advice. Why not call your bank's customer service line and ask them? The larger Thai banks have staff available to speak English with you on that help line. Is your current bank account a fixed deposit account? Can you use your smartphone banking app to transfer money? If not, why not? Does your bank offer internet banking from your desktop? Most regular savings accounts in Thailand pay minimal interest (.25% - .5%) and those accounts don't require you to go to the bank to move money. You can find 1.5% - 1.75% savings accounts at SCB and LH banks. With their accounts you can use your smartphone banking app to move funds around.

I think I'll send a suggestion to YTube to create a special area where videos that get sufficient maroon votes are listed.

There is almost no dependency between a DTA and the participating country's tax codes. DTA's usually just settle which income streams are taxable by each signatory and the priority of each country's tax claims. If the DTA does define restrictions on methods and level of taxation it is only on income streams originating in that country. For example the Thai-Canada agreement restricts the percentage of taxation each country can apply on specific income streams originating in that country. Bottom line is there will be no need to rewrite the DTA's.

Keep shooting.... eventually one of your shots will at least leave a hole somewhere in the paper.

This community (Baan Wang Tan) has very few loose dogs. The few that I've seen loose mostly have wandered in from outside as the residents generally have good sized yards and dog-proof perimeter fences. A recent post on the community chat group: Houses for rent in Wangtan 1. 3 beds 2 baths 2. 3 beds 3 baths 3. 5 beds 7 baths pool villa lake view https://maps.app.goo.gl/6WHU6d1DWqStKLCcA

We're counting on your passion about these circumstances to diligently follow up on it.

The US/Thai DTA actually gives Thailand primary taxing rights on the IRA's and 401k's. That's why I hold the opinion I do. Thankfully, so far TRD has not taken advantage of that clause. I think the Thai gov't/TRD are unlikely to formulate regulations that confer tax deferment status to foreign accounts. First they would have to understand all the details and probably not just for a single country.

TRD also doesn't recognize the special status the US tax code gives to IRA's, 401k's, HSA's and other special tax deferred accounts. My opinion is: If Thailand does move to worldwide income taxation all those "special" US accounts will be treated as ordinary savings/investment accounts where TRD will consider income earned will be assessable in the tax year that it is earned. So, yes withdrawals will include only money that TRD has already taxed.

This isn't how double taxation is avoided by all DTA's that I've read (only a couple). Normally country B will allow taxes paid to country A to be deducted from the tax owed to them on the income in question. So, a zero tax rate generates a credit of zero.

If Thailand does move to worldwide income taxation, this is how I see the impact on US Roth accounts. Since Thailand doesn't see a Roth account as differing from a regular investment/savings account, it will be taxed in the same manner. Roth contributions and investment income prior to Jan 1, 2024 would always be treated as non-assessable in by TRD. The only difference from the current situation is that Roth income post Jan. 1 would become annual assessable income to TRD. There should be no taxable event when a qualified Roth withdrawal is made. The income inside a Roth would incur Thai tax annually, so no separate tax upon withdrawal.

If a US citizen is self-employed overseas they are also supposed to pay SE tax.

I'm beginning to think that you shouldn't live alone.....and that you find all decisions to be somewhat traumatic. Maybe you can find a Magic 8 Ball here in Thailand to answer all these questions? Surely, it will be as dependable as the AN crew but faster. PS. you don't have room for a fold up ironing board? under the bed? PPS... I'm a fast and fussy ironer myself... thanks to my mother and a stint in the reserve army.

You don't consider that perhaps her strategists allocate her time to the activities that will earn her the most votes? Unfortunately elections in the USA are all too often primarily decided upon the charisma of the candidates, not their platforms.