JohnnyBD

Another poster pointed out my mistake. I didn't change the Bank fee field which was 2.65% mark-up. My bank doesn't charge any extra, so I should have put zero in the Bank fee % mark-up field. The Visa rate would have been very close to the Chase Bank rate of 34.30 in my example. As you can see, I did it again by entering zero in the Bank fee field, and it gave me a .38% markup, not zero. I checked the Visa rate and it was 34.16 THB to USD. I compared it to the Bangkok Bank TT Buying rate which was 34.31, the SCB rate was 34.35 and the UOB rate was 34.36. I didn't check the Chase rate, but like you said it should be the same as the Visa & MC rates. 20000 THB = 585.479508 USD % Mark-up over European Central Bank Rate = 0.38 1 THB = 0.029274 USD 1 USD = 34.160034 THB

If you move here in Feb 2025 and stay for 180 days or more, then you will become a tax resident in 2025. If you remit assessable income above the filing threshold, you will need to file a tax return for tax year 2025 between Jan 01, 2026 and Mar 31, 2026. You have over a year to figure things out. Enjoy your move...

I agree, many things are cheaper here. My rent in a high-rise on 44th floor in a good area of Bangkok is 1/2 of what I would pay in a comparable city in my home country. I am walking distance to the BTS skytrain, with several high-end malls and plenty of restaurants, shops & grocery stores. I don't need a vehicle, so I save on those expenses. I find in-country flights to be cheaper too. There are some things I find that are just as expensive as in my home country; things like good quality steaks, wine, imported beers & cigars. I love Thai food, but I don't eat street food. I prefer eating out at nice restaurants, so I find those are just as expensive as back home. Overall, I find Thailand is less expensive for me to live the same lifestyle as I would in my home country.

I don't believe everyone is required to get a tax ID. IMO, many will get one and report their remitted assessable income if over the 60k filing threshold. But, I believe many will not get one just because they refuse to, or they don't know about it, or they have no assessable income to report, or they are tax exempt (LTR). I won't be getting one because I only remit non-assessable income and I also have a LTR visa. Just my opinion...

When I do my FBAR reporting, I report the highest balance in each account during the year. I use the US Treasury exchange rates which are published in January to convert to USD. When I report my Thai bank interest on my tax return, I use the spot exchange rates on the day the interest posts. Report of Foreign Bank and Financial Accounts (FBAR) | Internal Revenue Service For each account you must report on an FBAR, you must keep records with this information: Name on the account, Account number, Name and address of the foreign bank, Type of account, and Maximum value during the year.

I don't know where you got the first sentence from, not the UK. With 2 separate banks I was asked to confirm where I paid tax but no number required. I would agree with last statement, those that would need to pay tax should know and do what should always have been done. Those that wouldn't need to pay tax should wait for further clarification. I cannot see the RD putting work into chasing returns where there is nothing, or very little, to be gained. In due course we may see something like the HMRC guidance on if a return is required. Sorry Mr. Sandyf. I don't know how Mr. Hamus' post ended up attached to your name when I replied. My apologies.

I'm glad to hear everything worked out for you. Best wishes!

I don't have any offshore accts, so I'm not familiar with the residency rules. I only have home country trading accts (outside of Thailand). In my case, where I reside the most or whether I stay 180 days or more in Thailand is irrelevant. There's no physical presence test required to maintain a trading acct in my home country. The determining factor to maintain my trading accts, is to have a home country residence & address, which I am fortunate to have. Good luck...

So, in the UK, the NI number or UTR number serves as the Tax ID. In the US, our SSN (Social Security) number serves as our Tax ID. So, we all have a number for tax purposes in our respective countries.

Just curious, shouldn't all expats have a TIN from their home country of citizenship? You could use that to open a bank account outside of Thailand if you don't have a Thai TIN.

I used SCB ATM in the lobby last week with US Chase debit card and it processed as usual. Had to select different amount button to get 20k, and it showed with SCB conversion 5.50%, but I selected "No, continue without conversion" and it completed transaction with no problems.

I can't advise anyone else what to do, but I will share what I did. At the beginning of 2024, when I was on marriage extension, I kept my pre-2024 monies separate by opening new accounts for my 2024 monies, and for my Gov't Social Security. I will keep my 2025 monies in a separate account also. As for my stock investments & retirement accounts, I don't need to remit any of those monies. I will only remit pre-2024 and non-assessable monies going forward. I received my LTR-WP visa in June 2024 and was told that any monies remitted from now on, would be tax exempt. I didn't think to ask if I needed to file a Thai tax return, but I'm not going to get a TIN and will not be filing a Thai tax return. I already file & pay taxes in the US. Good luck...

This is a little off topic, but since everyone is talking about Kasikorn, I thought some of you may know the answer to my question. Can you send USD, EUR, GBP, etc. to your FCD foreign currency deposit account, then convert to your THB acct using your phone app, or by using the internet, or do you have to go into the bank in person to do conversion? I read where Kasikorn allows online conversions, but when I asked at my branch in Phrom Phong, Bangkok, they said no, that I would have to come into the bank to convert from USD acct to THB acct, so I didn't bother opening a USD acct. I had a THB acct with Kasikorn since 2018. I ended up opening accts with Bangkok Bank, because they allow online conversions. Just thought I would ask since this topic is about Kasikorn. Thanks.

Yes, CRS for the Denmark person, and FATCA for me, since I am a US citizen. The Foreign Account Tax Compliance Act (FATCA), which was passed as part of the HIRE Act, generally requires that foreign financial Institutions and certain other non-financial foreign entities report on the foreign assets held by their U.S. account holders or be subject to withholding on withholdable payments

My Citibank TH accts were transferred to UOB earlier this year, and when I went into the bank, they asked me to fill out new forms to update my information on file. They wanted my SSN (US tax ID) and my US address if I had one. They didn't ask if I had a Thai TIN, or if I was a tax-resident or whether I paid taxes here. They already had my Thai address, so I suspect the request was for FATCA/CRS only. I suspect KBank already had the Denmark person's Thai address, and they asked if he had a Denmark address, and since he did, he gave it to them. I don't have a problem giving my Thai banks my US address. In fact, I want them to know I have a US address.