JohnnyBD

On March 25, 2024: The exchange rate on X-rates.com was 36.362101. My Citibank Thailand exchange rate was 36.255001. Chase Bank wired USD to my Citi USD acct (no outgoing fee) Converted USD from Citi USD acct to Citi THB acct (no incoming fee & no conversion fee)

I've never used either one of those. I only use Swift wire xfers from US Chase Bank, (no outgoing wire fees). I can send USD to my UOB or SCB USD accts (with 300B to 500B incoming wire fees depending on amount), then I convert whenever I want to. The exchange rates seem pretty good to me. It's just an inconvenience to now have to go into the bank. Citibank Thailand allowed it's customers to convert online 24/7 without going into the bank, but now that UOB has taken over Citi, customers have to go into bank to convert. i plan to open Bangkok Bank accts and close UOB accts.

Pib, if you don't mind me asking, does Bangkok Bank allow online conversions from a FCD USD acct to THB acct? My banks, UOB, SCB & Kasikorn do not allow. I have to go into the bank when I want to convert USD in my USD acct to my THB acct. Citibank used to allow online conversions, but since UOB bought them, UOB does not. Thanks.

Just wanted to ask a question since you said you have Bangkok Bank acct. Do you have a FCD acct? If so, does BKB allow online conversions from USD acct to THB acct? Or, do you have to go into the bank to convert? Citibank allowed online conversions, but UOB, SCB and Kasikorn do not. I have to go into the bank when I want to convert USD in my FCD acct to my THB acct. Thanks.

I have UOB, SCB and Kasikorn accounts. The biggest complaint I have, is they don't allow internet banking conversions from USD acct to THB acct. I have to go into the bank when I want to convert. That is really inconvenient. I had Citibank accts, and they allowed online USD to THB conversions 24/7, but since UOB bought out Citi, UOB does not. That may be one good reason to check out Bangkok Bank. I'm planning to go there next and see if they allow USD to THB conversions online. It doesn't hurt to have multiple banks to spread the gov't insurance coverage.

I don't know if BOI could provide any assistance with opening bank accounts. You shouldn't need any assistance. I recently opened an account with SCB, and they only needed my passport and phone number to link my account to their App. There was a 250B fee for my debit card, and a minimum balance requirement. Good luck.

So, just to clarify? If you don't remit any pension income, then you don't get the age 65 = 190,000 income exemption and you don't get the 50% = up to 100,000 expenses deduction either? Just asking...

Sorry I misunderstood before. Thanks for clarifying. Congrats on your DTV visa.

I read one of your posts in another thread, that you ended up getting the 5-year DTV visa. Congrats and good luck.

Maybe someone could help if we knew more information. What are you trying to find out? Something about work permits? Do you have a LTR visa now? Under which of the 4 categories? What rule or law are you looking for? Who were you talking to? They said what was legal? Labour Dept said what wasn't legal? What happened to the Elite visas holders?

He was talking about work from home category, if he needed a work permit. That is why he went to the labour department. Not about LTR Wealthy Pensioners visa. See the previous post where he asked me about work permits. There is no issue with tax exemption status for LTR-WP visa holders. The law is clear on that point.

I'm not sure about the right to work online or work permit rules. You can contact the LTR visa unit directly at the following to ask them questions: LTR Visa Thailand - Long Term Resident Program (boi.go.th)

Is this what you are looking for? The Thai version is No. 9, English version No. 10. LTR Visa Thailand - Laws & Regulations (boi.go.th) Royal Decree issued under the Revenue Code No.743 (EN).pdf (boi.go.th)

I read through both threads already, but didn't see any other legal options than what I listed. There were some things mentioned like; gifting, or using CCs & debit cards at ATMs and not reporting those as remittances, but that seems to me to be questionable options rather than solid legal options. Thanks again.

I was thinking about several ways one can avoid paying PIT in Thailand, regardless of the type of visa you have. I will certainly use some of the options below. If anyone can think of any other options, please share them. Thanks... 1. Stay less than 180 days in-country (non-tax resident), remit as much money as you want tax free for future year's spending when you are a tax resident. 2. Stay 180 days (tax resident), remit less than the TEDA threshold, so as not to owe any taxes, can use previously remitted monies if needed. 3. Stay 180 days (tax resident), remit only pre-2024 monies 4. Stay 180 days (tax resident), remit only tax-exempt monies as per DTA such as; your US Social Security, gov't pensions, etc. 5. Stay 180 days (tax resident), get a LTR visa if one can qualify

I was thinking about several ways one can avoid paying PIT in Thailand, regardless of the type of visa you have. I will certainly use some of the options below. If anyone can think of any other options, please share them. Thanks... 1. Stay less than 180 days in-country (non-tax resident), remit as much money as you want tax free for future year's spending when you are a tax resident. 2. Stay 180 days (tax resident), remit less than the TEDA threshold, so as not to owe any taxes, can use previously remitted monies if needed. 3. Stay 180 days (tax resident), remit only pre-2024 monies 4. Stay 180 days (tax resident), remit only tax-exempt monies as per DTA such as; your US Social Security, gov't pensions, etc. 5. Stay 180 days (tax resident), get a LTR visa if one can qualify

It's certainly a possibility, in the future, that banks are made to require acct holders to get Thai TINs. I don't see a problem with it. If it's required, I will happily get one to comply. I have accts at 3 banks now, and I don't have one, and don't need one.

I recently opened 3 accounts at SCB (USD, THB & joint accts), and was NOT required to have a Thai TIN number. So, any statements that all bank account holders are required to have Thai TIN numbers are incorrect. I was required to give them my US TIN number. What happens in the future is just a guess.

I opened 3 SCB accounts recently, and was not required to have a TIN.

Yes, it was just wishful thinking based on my banking background, but it doesn't affect me, because all my remittances are tax exempt anyway.

I agree, a CC is totally different than drawing money directly out of your bank account with a debit card. Technically, it's drawing on an established line of credit, and can be paid back over time. In my opinion, it's a loan, not income. What if I borrowed $100k against my home or my stocks, and remitted, would it be income or a loan? Assessable or not? I would guess not, but what do I know. Lots of unknowns right now.

The first link is from the Revenue Department website, and the second link is on the ASEAN NOW forum, under the Jobs & Banking forum. FOREIGNERS_PAY_TAX2024.pdf (rd.go.th)

There are several threads on this topic already. Just ask Moderator to close your new thread. See below: Jobs, Economy, Banking, Business, Investments - Thailand News, Travel & Forum - ASEAN NOW

Congrats, and welcome to the club.

1. Notification - I printed both versions and gave them both to be safe, they were in the last section where I uploaded the docs 2. The TM.94 had a button to press to print on first screen after I scheduled appt. 3. same for STM.8, had button, also appointment confirmation had button to press to print, only after appt. was scheduled 4. Yes 4x6cm, I brought my 5x5cm US passport photo also, and they used it instead of 4x6 There is a print & photo shop around Sukhumvit 33 close to Phrom Phong on north side of street that I used.