KhunHeineken

The figures are there for you to see. I posted a link to a bank paying 5.15%. Also, put the money in a managed fund and you can earn more. I have a diversified portfolio, but 800k baht at 1.8% is just a "donation" to Thai bank shareholders. The interest I earn on the 800k in my home country pays for the agent, and then some, and I have the convenience of not having to deal with immigration. It's not a money saving or making exercise. I could move the 800k baht here today, but why would I? For me, I am more focused on the risk of moving 800k baht to a 3rd World Country where I have no rights, and to some degree, losing the use of it for 5 months of the year. Then, there is the convenience of using an agent. Like I said, I'm relaxing while others are in a queue at an immigration office being told they are one photocopy short, or drawing maps. Once again, each to their own, but for those using the 800k baht method, don't say your extension only costs you 1900 baht because it's costing you way more than that, and also don't think that people using an agent can't afford to move 800k baht to Thailand because that simply isn't true. I have quiet a few friends that are financially comfortable but see the 800k baht in a Thai bank as a waste of money, as do I. The math shows the true cost of an extension using the 800k baht method.

Yes. This is the free call number for Centerlink from Thailand. 001 800 611 4136 This is their number to call from overseas. +613 6222 3455 There's are their hours over the festive season. Our service centres and most call centres close for national public holidays. This means you’ll need to do your business with us online or by phone self-service. We’ll be closed: Wednesday 25 December 2024 Thursday 26 December 2024 Friday 27 December 2024 Wednesday 1 January 2025. Smaller sites for rural and regional communities may have extended closures.

I agree. Perhaps the member can start his own thread specific to Thai bank interest rates.

I don't know how many banks have gone broke in the USA or Europe, nor do I care. Yes, in Australia, interest rates are over 5%. Paying tax on your interest depends on one's tax residency and amount of money they earn, in total. Yes, your figures are correct. 28,000 baht more than covers the cost of the agent, and then some. In Australia they are guaranteed as well. I do not trust the Thai government, but do trust the Thai banks, they just pay lousy interest rates, and MUST follow Thai government policy. Do you remember what happened in Cyprus some years ago, and "The Haircut." I am well aware that as a foreigner in Thailand I have no rights. The annual extension is no more than a 1 year tourist visa. I love living in Thailand. The climate. The food. The nightlife. The activities on offer. The beach. The list goes on, but that doesn't mean Thailand is a good investment for my "hard earned money." Yes, I use an agent, as do thousands of others do. There's a misconception that those who use an agent do so because they have not got 800k to move to Thailand. Many use an agent because their 800k makes more than what the agent charges back in their home country. It's always through bank interest, but also though managed funds and other investments. There are also other reasons why some use an agent. For example, I know an old guy here in his 80's and with mobility issues. He has the 800k in a Thai bank, but due to ill health he uses an agent. Of course, he pays less agent fees because he has the money, but uses an agent for a different reasons. What's wrong with that? I'll probably be on the golf course while you are waiting in a queue in an immigration office. That's fine. Each to their own. Just don't say your extension only cost you 1,900 baht when mine costs say 13,000 baht, because when you look at the big picture, your extension has cost you a lot more than 1900 baht, and more than the 13,000 baht I pay, and it's very "strange" of people to not see the bigger picture.

Tax declaration. Online deadline is 8th April, and in person deadline is 31st March. Or, use a tax agent to do it for you.

Meaning, some TRD staff may say one thing in one province, while other TRD staff in another province say another thing. We have already had a members post they have been given different information from different TRD offices in regards to obtaining a TIN.

Where does it say "Thai bank" in the thread title? I've just had a quick look at the first page of the thread. Cambodia banks and American banks were mentions. The thread hasn't been specifically about Thai banks from the start. If you would like to specifically discuss Thai banks only, why not start a thread about Thai bank interest rates?

Every year many people hit retirement age and have always wanted to retire to Thailand. These people would be looking for the best interest rate a Thai bank offers for their 800k. Even those already in Thailand would still be looking for the best interest rate, both in Thailand, and in their home country. I merely pointed out they do not necessarily have to move their 800k to Thailand to earn a pittance in interest, not to mention, they may now be taxed on that 800k remittance in the following year, further compounding their losses on the money. The thread title is "Bank Savings Interest Rates 2023." Where does it say "Thai banks?" It's very non specific. My advice is, don't move a lump sum to Thailand, not even the 800k for the visa / extension. The figures prove this.

You are correct. I kept it simple for, as another member said, "the really strange people out there." We could also factor in exchange rates, fees for the international transfer, and now, Thailand's tax on remitted funds. It all equals a retirement visa / extension that costs way more than the 1900 baht that many argue is the only price they pay.

I believe the "seed" money must be in a Thai bank 2 months before the annual extension application, and remain there for 3 months after the extension is granted. As I have said, I use an agent, so have never had to worry about any of this, so correct me if I am wrong. I crunched the numbers some years ago, and decided it was more cost beneficial, and less risky, to just use an agent. If what I am saying is correct, that's the loss of use of the 800k for 5 months of the year, so, for 5 months of the year, you can get around 1.8%, as another member posted he was getting. As I posted, a bank in Australia is offering 5.15% interest. (link provided previously) 800,000 x 5.15% = 41,200. 41,200 / 12 months = 3,433 baht interest per month. 3,433 x 5 months = 17,165. That's a lost of 17,165 in interest, which is actually more than the average cost of an agent, and that's just for 5 months.

The currency exchange is irrelevant, if you have no intention on exchanging it. Meanwhile, you are only getting 1.8% interest on your 800k baht. All so you can only pay 1900 baht for your extension, and don't have to pay an agent. 41,200 - 15,000 (average price for agent) = 26,200. (note - this is an average price for an agent) 26,200 - 1900 (the cost you pay) = 24,300. Basically, I am 24,300 baht better off, and don't have to deal with immigration and queues. Some might suggest your extension actually costs you 26,200 + 1900 = 28,100, not because it actually does, but because the losses your 800k baht incurs in Thailand in order to be able to pay 1900 for your extension. As another member stated, "there are some really strange people out there."

As I have said in the past, interesting times ahead. It may be more "interesting" in some Thai Provinces than others, if you know what I mean.

I believe we will have to wait until early April 2025. Isn't the 31st March the deadline to file?

I am not on aged pension. I am a self funded retiree.

If you get a Vet's pension, you can't get an aged pension. There was a member who posted he was on a Vet's pension, and then at another time he posted he was on an aged pension. You can't be on both pensions, and I called him out on it and it started some debate. The Vet's pension is covered under Article 18 and Article 19 of the DTA between Australian and Thailand. The aged pension isn't, despite many Australian pensioners on this forum wanting it to be. The aged pension is not an occupational pension, as mentioned in Article 19. It's as simple as that.

https://www.ey.com/en_gl/technical/tax-guides/worldwide-personal-tax-and-immigration-guide "Governments worldwide continue to reform their tax codes at a historically rapid rate. Taxpayers need a current guide, such as the Worldwide Personal Tax and Immigration Guide, in such a shifting tax landscape, especially if they are contemplating new markets." Click on the country of your choice. Why would a government, provided it's not a tax haven nation, chose to miss out on taxing worldwide income, especially when many other countries are taxing it?

You wouldn't, but this is the question the OP asked: "Does anyone have the contact details of a 'professional' expert in Australia for Centrelink procedures," That means paying an agent in Australia.

Sure, and this was the topic of some debate in the Australia Pension thread. Some members just saw pensions were exempt in Article 18 of the Australia / Thailand DTA, but Article 18 relied on the provisions in Article 19, and Article 19 set out that it was occupational government pensions that were covered, not the aged pension which is welfare. I agree. Interesting times ahead.

I agree, but like I said, interesting times ahead. I wouldn't rule it out.

As another member said, currently, if you don't move the money to Thailand, it can not be taxed in Thailand. Similarly, if you are in Thailand under 180 days, you are not a tax resident of Thailand, thus, no tax to pay in Thailand.

I've been living in Pattaya for several years now. Of course, I move funds on a monthly basis to cover living expenses. With WISE, money is in my Thai bank account within seconds. Should I need more funds to cover something unforeseen, or larger purchases, I just move the money as needed. I also keep a "float" in the Thai bank account. I'm single, so no need to leave a lump sum to a Thai women should I pass. I have never said I am rich. I have said I am comfortable. I rent a nice condo with water views. I rent the condo for the same reason I do not move the 800k baht here, and that is, I will not put any money into a 3rd World Country where I have no rights. A retirement visa is basically just a 12 month tourist visa. It gives you no more rights than someone on a 30 visa exemption stamp. Also, the cost of my condo, invested in my home country, more than covers the monthly rent, and then some, and it's safe, and government guaranteed, and I have the freedom to move if and when I like. Also, I am not stuck with a depreciating asset where supply massively outstrips demand, thus, driving property prices down. Not to mention fees, taxes, and maintenance. I did earn good money when working full time, so did my ex-wife, and our divorce was amicable, and we still maintain contact to this day. We made some good money during a property boom also, where we flipped some properties at the height of the boom. Yes, it's the illegal path, but I would rather give the money to the agent, and the immigration officer, than a Thai bank's share holders, and my money is safe, and earning more in my home country. It's more about risk v reward, than affordability. There certainly is. So, here's a link to a bank in Australia. https://www.judo.bank/personal-term-deposit You will see they are paying 5.15% interest on a 6 month term deposit. 800,000 baht x 5.15% = 41,200 baht per annum. So, as you can see, it more than covers the agent's fees, and some. Not to mention, the convenience of the agent. No immigration queues and bureaucracy to deal with. What I think is "strange" is people giving a Thai bank a "donation" and then complaining about immigration queues, but them bragging how their extension only cost them 1900 baht. These people actually think they have saved money. :)

That's fine, until extension time and they say, "Gotcha."

I agree. High net worth individuals will stay less than 180 days in Thailand. Crazy if they didn't. So, you subscribe to the old theory, "the Thai's would never do that because they would lose money." It hasn't exactly gone that way in the past though, has it? The numbers have already been crunched. Most pensioners will have to pay something, albeit, not too much, but they will have a tax liability here. Remember, a little out of a little can be a lot for some.

I don't even put the 800k baht in an account here when that 800k earns more money back in my home country than what an agent charges here for the extension. Yet, many retirees here proudly say to me their extension only costs them 1900 baht. They don't factor in the loss on the 800k baht earning less, not to mention, the risk of the money being in Thailand, where foreigners have no rights.

Are you suggesting it will all just go away?