bbz404

My RD said no.

And based on your post, I'm not sure you know what a deduction is and how it affects your tax liability.

I have financed 2 new cars in Thailand.

I would advise to check the conditions you can get financing a car. My first car (HRV) I put 50% down and then got the normal rate of 2.39% flat per year for a 24 months contract. I paid off early and you get only a small rebate in that case.

But for my second car, the bank (Krungsri Auto) knew me well so I got a Mazda 2 for 0% interest on a 48 months contract with only 25% down. Cash out for that was only 160K so that's a lot less than a second hand car of decent quality. And with 0%, no risk whatsoever. 

Btw, I refused to put my wife as guarantor as I insisted that it's not necessary as 99% of household income is from myself. They said cannot, but in the end when I said that I will not do it then, they "can". Remember this is Thailand.

In any case, a car is a big cash-out position and I prefer to comfortably manage my cash flow which is why I think financing could be interesting if the conditions are right. Don't go for anything more than 2-3% flat p.a. And nearly 100% of Thais finance their cars so dealerships know how to maneuver the finance companies for you to get the best deal. 

I ride a scooter every day to work (weather permitting) and also wear the occasional suit and tie on it. I have no problem with the heat as I am able to control the sweating effectively. The practicality far outweighs the heat. I can go to any point in the city center at any time of day from Chatuchak area within 30-40 minutes. Impossible with a car. 

Yes, it is definitely considered a poor man's ride. I get a few stares when I park in the underground level of our Big 4 audit company alongside all the messenger boys, but hey, I don't have a self-esteem problem. I will also be at home earlier after the meeting than any of my Thai colleagues.

I also own and drive a car but mostly for weekends outside of Bangkok and shopping.

Another point why Thai middle class will not drive motorcycles is because they believe them to be too dangerous and thus prefer to be stuck in traffic in an air-conditioned space sipping on their bubble teas. Not for me though, I value my time more than anything.

On 4/19/2019 at 7:40 AM, naboo said:

So much confusion on this thread!

 

There are four ethanol/gasoline blends available in Thailand:

 

E85 = 85% Ethanol, 15% Gasoline

E20 = 20% Ethanol, 80% Gasoline

E10 = 10% Ethanol, 90% Gasoline

Gasoline = 0% Ethanol, 100% Gasoline

 

E85 is cheapest and contains least energy. Gasoline is most expensive and not commonly available. 

 

The ethanol content also effects the RON rating (octane content). For simplification we'll say E20 and E85 are only available in RON95. Most of what is sold is E10 and advertised as 91 or 95. These numbers refer to the octane content (note - not percentages, in other countries 101 and 103 (and others) are available). I'm not sure why they don't phase out 91 completely as the price is virtually the same as 95 and anything that can run on 91 can run on 95 (with vice-versa not true, my '04 Ford Laser only runs on 95).

 

Diesel will be in the news shortly with them increasing the biofuel content from B7 to B10 - 7% to 10%.

Thank you for clarifying that. Didn’t know that it was so confusing to people to distinguish between octane rating and ethanol percentages. 

I would like to add though that the ethanol percentages are “maximum” figures meaning that any percentage up to that figure may be ethanol in what you buy. I’ve had cases where I filled up the car with E85 and had similar consumption as with E20. Then agin, other times consumption increased significantly when ethanol content was higher. 

Also, people should keep in mind that current flex fuel cars can mix and match (as I explain to my Thai friends frequently). You don’t need to empty a tank of E85 completely before replacing it with 95 gasohol for example. Flex fuel means just that: the engine is fine with all concentrations of ethanol up to 85%. 

Make sure you’re registered with phone and email. 

Retrieval of backups only works when switching phones on the same platform. If you go from Android to iOS or vice versa it won’t work. 

Backups are are saved to google drive for Android and iCloud for iOS. 

Also like Beer Lao the best from the bottled beers commonly available in Thailand. Our 7-11 even stocked it special for us because the wife always bought their entire stock, nobody else would pay the prices they ask. Now, they've stopped unfortunately, but Villa and Central Food Hall always have it.

We regularly go to Tawan Daeng German Brewery and their tap beers are excellent (Weizen, Lager or Dark all good). And compared to their food prices, the beers are quite reasonably priced.

19 hours ago, Jadam said:

The revenue department has begun sending people letters stating that they will no longer issue checks to refund overpaid income tax.  The options that they are giving to receive a refund are:

1.  Use "Prompt Pay" (last time I checked you need a Thai ID card to apply)
2.  Open a bank account at Krungthai bank to have it deposited

3.  Use Krungthai bank e-Money or e-Wallet (which I would assume also require having a Krungthai account).

 

So basically if I want my refund I'm obligated to open yet another bank account with that specific bank and pay the associated fees.

Already been through this as well. I took the chance to open a savings account with KrungThai. Helps in tax refunds and you can pay your speeding tickets through the mobile app without any additional fees.

Also, savings accounts are free. There are no "associated fees".

2 hours ago, cucme said:

I own a Nmax and did some driving on a PCX. Nmax is by far my favourite. Comes with ABS. You might want a custom seat.

The only downside up to now (after 1 year) there is no way to attach a hook, so shopping is less convenient.

 

 

 

Yes NMax. I have had one for nearly 3 years and use it daily in BKK traffic. Also I have a hook attached, no problem at all. 

The ABS works wonders and the boot is ok sized. 

Power is great. 

Use Michelin City Grip tyres after the stock tyres are worn out. 

Best value for money in my opinion. Btw, I’m 174cm. 

35 minutes ago, baansgr said:

And the house is worthless without the land it's built  on

Agreed

OP can own the house legally. No issue whatsoever. Just go to the land office and get it registered under your name.

Land will remain in your wife's name as well as ownership of the land.

Land and house are two separate things.

200,000 Baht dowry equals to GBP 1,000. Good research!

Personally, I would suggest for small businesses to increase all the prices to cover for the credit card fees and give a cash rebate for customers paying in cash. This seems to be in compliance with the CC agreements and would allow you to recover the costs.

That being said, I hate it when surcharges are added. In Thailand, I typically see 3% CC fees, which is outrageous. For smaller amounts, it may still be acceptable, but not for larger ones. I wanted to pay the down payment on my HRV with my credit card at a big Honda Dealership. They said, 3% surcharge. For an amount in excess of 350,000 Baht!!! Since all paperwork was done already, I just made a bank transfer instead but was furious and hesitated taking my business elsewhere. Of course, this dealer won't charge this 3% fee on maintenance work done there, only on car purchases, go figure.

This guy might as well be wearing a paper hat.

Both my cars are fitted with 3M Crystalline. Now, this film is expensive (around 20,000 Baht per car) but worth every Baht.

I use CR70 on the windscreen and front side windows and CR40 on the back windows and moon-roof. The designation is reversed for this film, meaning CR70 is 70% transparent and CR40 is 40% transparent. 

This film has near full reflection of radiant heat, which has had an amazing effect on the use of aircon during daytime. We used to have the aircon set to 27 or 28 and it would blow strongly non stop at high outside temperatures before having the film fitted. After installation, the aircon remains at 25 constantly and after 15 minutes in very hot weather, the fan is blowing comfortably low. 

If you're going for that film, be alert as with both my cars, with 2 different suppliers, they tried to cheat me by installing cheaper film instead. You need to make sure of the authenticity of the packaging they bring for the film rolls and check the hologram in the film every half meter or so. The rolls aren't cheap for the supplier (I guess around 50-75k) so by fitting two different films they have to open two rolls.

Driving comfortably at night at high speed and seeing all the things the other cars/trucks/buses stuck in the right lane cannot. Have to get used to passing them on the left lane though.

16 minutes ago, Peterw42 said:

 

Where are you getting a figure of 10m baht, a thai elite visa is as low as 500,000 baht, the most expensive one being 2m baht.

As you can see, I said that for 10m you can get the elite visa and have lots of cash to spare, i.e. left after paying for the visa. Further, in my post I go on to say that the elite visa for 5 years for 2 persons (married couple) is 800k.

7 hours ago, eisfeld said:

 

That would be over the maximum amount of 15% per year allowed by Thai law.

15% is the limit for banks. However, it does not apply to Hire Purchase contracts by leasing companies who don't fall under the regulation of the BOT. Also, the maximum rate to use your credit card allowance is 18% which is higher than 15%. 

Interest rates in Thailand on hire purchase contracts are always given as "flat rates" rather than effective rates. It's not wrong, you just gotta know the difference and convert it if you're used to effective rates. What is true is that interest will be due fully even if you intend to pay off early. Financial institutions may grant you a discount but it's up to them. 

Yes, interest rates are high in thailand on two wheelers as the risk is high for the companies. 

If you want to finance 50% of anything that would cost less than 100k new I would ask myself if I can really afford that asset and if it wouldn't be better to consider buying something second hand for 50k which would be yours immediately and no interest required. 

There are tons of good deals to be had at the repossession auctions in Thailand. 

If you're e really set on financing the rate you get will depend on your credit history (NCB), your down payment and the type of bike. Also you need to be completely legal, meaning visa and work permit with salary certificate from an employer. If so you could finance up to 100%, sometimes even more. Thailand loves consumer credit; one time I tried purchasing a Honda Dream in cash and got rejected by 2 of the 3 local Honda dealers as they weren't interested in selling cash. Finance companies give them way better incentives then any cash sale. 

2 minutes ago, Oxx said:

 

But with the elite visa you are simply throwing money away.  With an investment visa you keep the cash (and get interest on it).

For 800k for 5 years for 2 people including 6 annual long haul airport transfers I think it is a hassle free alternative for the price of a medium sized car. I personally don't think this is throwing money away but to each their own. 

18 minutes ago, JackThompson said:

I would re-translate that to, "Some schools here lost over half their 'students' due to an increase in the under-the-table cost for hassle-free extensions and higher-tuition to cover the increase in minimum-hours."

Note that some areas have since reduced the hours-requirement.  I would assume this is because the under-the-table income for some immigration officials had decreased, rather than increased, due to the cost-increase being too steep for market-demand for this permitted-stay method. 

For 10 million you can get the elite visa for both your wife and you with lots of cash to spare. As you need to bridge just a couple of years, elite visa will be the most convenient option. And legal without any need for border runs. 

1 hour ago, scorecard said:

And I hope they have changed their racist policies attitudes to giving no charge FF tickets to family members with mixed names.

I am not sure what you mean. I myself have claimed reward tickets for myself and my nominees. Never any issues as it's fully automated online. Or by phone and that didn't cause any problems either. Can you elaborate on your experience.

By the way, I fly THAI a lot professionally and privately I prefer them for the annual trip back to the old country as they offer direct flights and their Y class is really quite comfortable compared to US/EU carriers. Yes, they are more expensive most of the time, but with a bit of planning it's still manageable. And rewards are quite nice as well with the wife and I going to Europe return for free during July (high season). 

Their fleet management is awful and VIP seating for officials is also unacceptable. THAI International only flies 2-aisle aircraft now which they frequently use on short haul routes (Chiang Mai, Phuket, Hat Yai, Phnom Penh, Yangon, Vientiane) which is simply economically stupid. Let's see if they can overhaul their managment to become more competitive.

12 minutes ago, Dibbler said:

Nope its correct, I qualified with 40K Asiana and Star Alliance airlines in 14 months, and got 2 years and 10 months of Star Alliance Gold status

What's incorrect is that you would get only one year on THAI. It's 2 years when accumulating 50k miles in 1 year or 80k miles within 2 years. And 2 years validity after each renewal as well. 

26 minutes ago, Dibbler said:

They could also improve the FF program, reduce miles needed for upgrade and flight awards, and make it easier to get to Star Alliance Gold.  Currently with Royal Orchid Plus it takes 50K miles in one year to get Gold for only one year then you have to requalify.  With Asiana you only need 40K miles accumulated in 2 years and you get an additional 2 years at Gold status.  

That's incorrect. You will get 2 years gold when you first fulfill the requirements and 2 years more when renewing.