JohnnyBD

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.

I just checked the Visa rate at 12:15 pm today, it was 34.16 THB to USD, Bangkok Bank TT Buying rate was 34.31, and SCB TT rate was 34.35 and UOB TT rate was 34.36. It seems rates can go either way depending on when you want to convert. 20000 THB = 585.479508 USD % Mark-up over European Central Bank Rate = 0.38 1 THB = 0.029274 USD 1 USD = 34.160034 THB

I have USD accts because I thought I needed them for USD transfers, but then later I was told that I can send USD directly to my THB acct, and the banks will convert the USD to THB when they receive it. I still use my USD acct at Bangkok Bank because I can do the conversion online myself, but my other Thai banks require me to go into the banks, so I don't use those USD accts anymore.

After reading many of the posts, it appears the emails are being sent mostly to non-US citizens. I didn't get the email either. I filled out the forms when I opened my accts over the past 8 years.

Yes, if you select the option for Citi to send USD, Bangkok Bank will convert the USD to THB when they recieve it at the TT Buying Rates which should be much better than letting Citi send THB. Give it a try next time. Check the link I sent for the current Bangkok Bank exchange rates. My wire transfers arrive the next day. The rates change several times per day. Good luck...

Where did you get the 33.6927 exchange rate. Were you letting Citibank send THB to Bangkok Bank? I use Chase, and always send USD to Bangkok Bank. It works out better. Right now, Bangkok Bank's exchange rate is 34.28. Yesterday, the highest rate for incoming USD wire xfers was 34.56. You can check the Bangkok Bank TT Buying Rates at the link I listed below. There is a .0025 incoming wire fee (min 200B to max 500B). Foreign Exchange Rates

I'm not sure why he was inquiring about the Citibank ATMs, but I suspect it was to avoid the 220B fee since his card was a US-based Citibank debit card.

I am not looking for a Chase ATM. You misread. The OP was looking for a Citibank ATM, and I replied to him that Citibank was taken over by UOB, so there are no more Citibank ATMs.

Yes, the 220B fee is an extra for many people. I'm fortunate in that Chase Bank reimburses the 220B fees for me due to my relationship level with them.

Ok. That's what I did wrong. My US Chase debit card has no foreign transaction fee also, so I should have put zero in the mark-up field. Thanks for showing me.

My US Chase bank debit card must not use those Visa & MC rates. I can get about 34.30 THB right now with my Chase debit card at the SCB ATM in my building. I tested it many times and it's usually .30 to .35 THB less than the spot rate. I just checked the Visa rate and it's showing 33.6667 THB. This must have some kind of addtional markup which I do not have to pay with my Chase debit card. 20000 THB = 594.058812 USD % Mark-up over European Central Bank Rate = 2.65 1 THB = 0.029703 USD 1 USD = 33.666700 THB

Citibank Thailand was taken over by UOB earlier this year, around April, so there are no more Citibank ATMs as far as I know. I was a Citibank TH customer, and all my accounts were transferred over to UOB. However, you can probably use your US-issued Citibank ATM debit card in any ATM machine in Thailand. There is normally a 220B transaction fee when using an ATM in Thailand. Also, just a word of advice, select the "NO, continue without conversion" button so the ATM does not charge you 5.50% to make the conversion to THB. This will allow your US bank to make the conversion to THB. Hope that helps.

Have any US citizens received the KBank email? It appears the emails are being sent mostly to non-US citizens.