JohnnyBD

Just type in Bangkok Post worldwide income on Google search. It was published yesterday, 6 Sep 2024 Hopefully, it will never come to pass, but if it does, I will simply stay less than 180 days in Thailand, and more time visiting my children in my home country. PUBLISHED : 6 Sep 2024 WRITER: Wichit Chantanusornsiri

A non-US citizen Thai spouse can qualify for SS spousal and survivor benefits baseed on their US citizen spouse's record after living in the US for 5 years. The Thai spouse does not have to be a US citizen.

Maybe Jim was thinking it would be better to keep most of one's USD in the US earning a lot more interest than in a Thai bank which pays very little, and it only takes 1 day to wire it to one's Thai bank when ready to convert it to THB. That's what I thought he meant. My USD is earning 4.95% in my Fidelity acct, and I can wire it to my Thai bank USD acct in 1 day. I keep only the minimum required balance in my Thai bank USD acct and only wire when I need money or when the exchange rates are very good like they were a couple of months ago.

I am in the same situation as you. I am a US citizen, receiving SS, and have been married to a Thai citizen since 2017. My Thai spouse cannot collect SS spousal benefits or survivor benefits unless she lives in the US for 5 years or more. I confirmed this with the SSA when I applied for my SS beneift.

Even though she didn't pay into the system for 40 quarters, she can collect SS spousal benefits on her husband's record (once she reaches SS age), but only after he starts collecting his SS. Then, if he passes away first, the wife will get a SS survivor benefit (equal to his benefit amount) instead of her SS spousal benefit.

👍 I do the same, but with my SS being deposited in my US Chase Bank acct. I then use my Chase ATM card to withdraw from any ATM. Chase refunds the 220B ATM fee also. That's as simple & easy as it gets.

That's good to know. I've been here 8 years, and I wasn't aware that it is common practice to send USD via SWIFT directly to one's THB acct, and that the Thai bank will automatically convert it to THB upon receiving it at the TT rates. I have accts with UOB (was Citi), Kasikorn, SCB & Bangkok Bank, and none of them ever explained I could do that. I will go ask them to make sure, and set up some xfers to test it. If all is good, then I don't see the need to keep all my USD accts. The only bank that allows me to do online conversions is Bangkok Bank, so I will keep it. The rest I can close. I learn something new every day. Thanks...

I only send USD when I need it, and then immediately convert it to THB, thereby getting the better in-country conversion rate. I leave only the minimum required balance in my USD accts in Thailand. I always wondered if one could send USD directly to their THB accts. Maybe the banks would convert it automatically. I didn't want to try that. How do you send your USD to Thailand?

The main reason I have USD accts in Thailand is the exchange rates at my Thai banks are much better than sending THB from my Chase Bank acct in the US. I just checked what a $1,000 USD wire xfer would be if I asked Chase to convert to THB and their exchange rate was 33.1653 THB to 1 USD. The current spot rate is 34.20, UOB is 34.07, SCB is 34.07, and Bangkok Bank is 34.03. So, it's cheaper by about 900b to send $1,000 USD to my USD accts in Thailand, and then convert to THB once here. If I send $10,000 USD, I will save even more. I prefer wiring money from Chase instead of using other money transfer companies. Also, Chase doesn't change me any outgoing wire fees.

Just curious. Did your Thai wife live in the US for a total of 5 years or more? When I started my SS in 2023, I asked the SSA, and they told me my Thai wife would need to live in the US for a cumulative total of 5 years before she would qualify for SS spousal or survivor benefits. I'm just wondering if the rules changed or whether what they told me was incorrect?

I agree. The Royal Decree rules, and TRD is not obligated to issue any public statements on the issue or respond to any foreigners asking for one. If one doesn't keep up his/her LTR requirements, then he/she will probably get their visa cancelled when they go back for their extension in 5 years, just like those on retirement or marriage extensions who do not keep up their requirements.

You can still do in person at the US embassy in Bangkok. I did mine in person in Arpil. I made appt online, printed appt confirmation, downloaded DS-82 editable pdf form, filled it out, printed it, made passport pics, then went to appt. They have Thai post office at the embassy to buy return envelope so they can mail your passports back to you. They would not allow me to pick up. It took 4 weeks.

It appears that everyone's sensitive information in the US was hacked in April, and has been listed for sale on the Dark web. 2.9 billion records stolen in Social Security data hack, USDoD claims (usatoday.com)

I understand it may be easier for you to just stop by an ATM to get small money several times a day or week, but it's much easier for me and less hassle to just stop at my bank once a month to get 20k, and change it for 20s, 50s, 100s, & 500s, then I'm good for a month. That's much less hassle for me.

Citibank TH was my favorite. They didn't charge me any incoming wire fees, and I could convert USD in USD acct to THB acct online 24/7 without having to go into the bank. My Citi accts were transferred to UOB TH in April. UOB TH is ok, all accts show up in app & online banking, but I cannot convert USD acct to THB acct online anymore. I have to go into bank to convert USD to THB acct, and the incoming wire fees are higher than other Thai banks, Bt500. SCB is ok, but only 1 acct shows up in app. Joint acct & USD acct does not show up in app, and there's no online banking anymore. So, I have to keep track of Joint acct & USD acct balances with bank books. Also, have to go into bank to convert USD to THB acct, at least the incoming wire fees are less, min. Bt300 to Bt500 max. I just recently opened accts with Bangkok Bank, and it will be my favorite once I get the USD acct set up on the app & online banking. I should be able to convert USD to THB acct online during bank hours without having to go into the bank, and the incoming wire fees are a little less, min. Bt200 to Bt500 max.

Yes, that is exactly what I am doing. I am wiring USD from my US Chase bank to my Thai bank's FCD USD acct. I can then convert the USD immediately or whenever I choose.

I want and have a USD FCD foreign currency account so I can receive USD sent from my US Chase Bank acct. I can let the USD sit until I'm ready to convert it. I can choose the option to send THB if i want to send directly to my THB acct, but there's a sizable conversion cost, so it's better for me to send USD. Chase doesn't charge me any wire fees. That's the reason I have a USD FCD acct in Thailand.

Lucky you. BBL now requires a $1,000 deposit to open a new USD acct, and they required me to deposit USD notes only. They wouldn't let me convert THB and wouldn't accept THB over the counter in exchange for USD. SCB had no problem converting my THB to USD to open my new USD acct just a few weeks ago, and they only required $300 initial deposit. Just an extra hoop to jump through.

It seems every bank has slightly different rules. I recently opened some accts with SCB, and they converted THB directly from my THB acct to open my USD acct, but Bangkok Bank required me to deposit USD notes, so I had to go get USD from SuperRich to open my new USD acct. So, it took me 2 trips to BKB to open my accts.

Thanks. I just opened my USD acct with BKB this morning.

The DTV looks like a very good option for those on short-term visas having to do border runs. Also, some on retirement extensions may prefer the DTV, but I doubt very many on marriage extensions will change over. As for being a LTR WP visa holder, having to disclose my US Social Security & company pension information was not a concern at all. I am very happy with the LTR visa and with the tax benefits.

I guess the only way for your capital gains to be non-assessable income is to not be a tax resident in the year you remit the proceeds to Thailand.

I don't think anyone is suggesting that you open a second bank account to commit tax evasion. You apparently misunderstood. For example, this is what I did: I opened new accts to keep my 2023 monies separate from my 2024 monies, and to keep my Social Security payments separate from other income streams; company pension, dividends & interest. When I remit my SS to Thailand, it is clear that it was never mixed or comingled, and it is non-assessable income. I will do the same for my 2023 monies which are non-assessable. Good luck.

I think you're exactly correct. For example, I have a Roth which was worth X amount on Dec 31, 2023 (all in stocks). If I withdraw and remit all the dividends & interest in 2024, then it's assessable income in Thailand even though it's not taxable in the US. What's left in the Roth is still pre-2024 assets (stocks). If I sell any of the stocks and remit the monies, then I should calculate the amount of principal versus gains using the stock prices on Dec 31, 2023. The gains would then be assessable income, and the principal would not be. This seems right to me.

Yes, I've been fortunate over the past 8 years. Now that UOB has taken over Citibank Thailand, UOB charges 500b for incoming wires.