Longwood50

5 hours ago, Chomper Higgot said:

Yep, that’s an example of how the rich avoid taxes.

And an example of a loophole that is easy to plug without any impact on the vast majority of working people.

The fact is that unless someone is lying on their tax return, they all are using not "tax loopholes" but rather the legitimate regulations to lower their taxes.  A tax loophole could be applied to a 401(k) because it reduces the tax owed by someone saving for retirement.  It could be a mortgage interest deduction that is not enjoyed by someone who rents versus owns their home.  It could be someone from a high tax state like California, or New York being able to deduct their state income taxes but the person with the identical income living in Florida or Texas pays no income tax so in effect they pay more to subsidize the deduction given to the person living in California and New York. 

Now with Balmer it is highly unusual to have two virtually identical securities.  He sold the security and took the loss.  That loss only can be used to offset a gain.  He really only delayed not avoided the tax.  The loss meant he paid more for the stock he sold than it was worth.  The stock he replaced it with was with a lower cost basis.  So assuming the stock rises in value, he will then owe the taxes on the gain.  He avoided nothing.  He only deferred when it would be paid.  This only works if Balmer had sold stock that had "gains" So what he did by selling the stock he was able to write off his losses but only to the extent that he had gains in other securities that he make a profit on.  So he paid his taxes on his gains minus the losses in the securities he sold.  Nothing unfair at all about that.  Would you have him pay taxes on his gains but not write off losses.  

This wash is nothing just for the "rich"  Each December millions of investors sell securities that they have a loss in to offset gains.  Again, all that does is change the timing of when future taxes would be paid.  It is called tax loss harvesting and the majority of it occurs in December each year as investors sell their losers to avoid paying the capital gains tax on their winners.  They still pay taxes on their net gain, and net losses are limited to a $3,000 limit against ordinary income.  



Even Biden funneled his book revenue into a Sub Chapter S corporation thereby saving $500,000 in taxes.   In a Sub Chapter S the payroll taxes are based on your "salary" not the income of the corporation.  The earnings of the Sub Chapter S would still flow to his personal tax return and he would pay income taxes on them, however his payroll taxes were reduced by upwards of $500,000 because he only paid those on what he stated was his salary not the earnings of the corp. 

Now is that a loophole?  No, it is a legal method that is part of current U.S. tax law.  Don't like the practice whether that is tax loss of securities or Sub Chapter S treatment.  CHANGE THE LAW  Don't crab about people who use the regulations to lower their taxes. 

https://www.washingtonexaminer.com/news/joe-biden-saved-as-much-as-500-000-using-tax-loophole-obama-tried-to-close

1 hour ago, berrec said:

Happy for all those that have had good experiences with BBK, but mine over the years no matter what the request is the standard response is always "No we Can't"

Your experience is identical to mine.   Of course being a former banker I know a bit where to push and show them that Bangkok Bank has done it for me previously or as in the most recent case, that immigration supplied a copy of a letter on Bangkok Bank letterhead detailing how to complete the required letter. 

However it is much too time consuming and annoying to have to do battle each time I go in.  What amazes me, is yes if what was being asked was out of the ordinary, I can understand why the bank personnel might not have encountered it previously. 

However with  non-o visas the bank must run into requests from foreigners each and every day.  Yet when you ask, you get this look on the bank personnel as if they have just had a lobotomy.  

8 hours ago, Lemsta69 said:

No, sorry  - mine are to Kasikorn.

Does your Kasikorn transfers from Wise show as FTT? 

Just now, scubascuba3 said:

The reason for transfer only effects Bangkok Bank transfers

Not sure,  I was told both Bangkok Bank and Kasikorn but I have not been able to verify that with anyone who uses Wise for Kasikorn.  I have had a person with SCB saying no the Wise transfers do not show as FTT. 

8 hours ago, bamnutsak said:

I'm not sure where the OP lives or which Imm office they use but...

I live in Pattay and use the Bangkok Bank Pattay Klang office.  This is a typical example of going to a differnet branch and getting different answers and more importantly going to Chonburi Immigration versus immigration in other provinces. 

The Chonburi Office was adamant that they require for those using monthly 65,000 baht method a 12 month bank statement, and a letter from the bank detailing by date the transfers for the same 12 month period.  

I showed the officer various confirmations such as from Wise, and even those supplied as a sample confirm from Kasikorn and he said no.  Only a single piece of paper, and it must contain all the transfers from the 12 month period.  No mulitple papers from the bank or Wise. 

 

2 hours ago, khunPer said:

You can select FTT to be shown on Thai bank-statement in Wise, before you transfer the money...

I am told that is true for transfers going to Kasikorn and Bangkok Bank but not true for SCB because they go through some bank intermediary who gets the transfer from Wise and then transfers it to SCB.  

I don't know for certain this is true, but the person who told me sure seem to be very knowledgeable on the subject. 

1 hour ago, 1FinickyOne said:

She was kind of cute - I wasn't sure - my bank book is one of my better features... 

Yes I went to the gym and was working out when I spotted a sexy young girl and asked my instructor what machine I should go on to impress her.  He said he suggested the ATM downstairs 

2 hours ago, treetops said:

As with banks, franchises may not be setup the same in Thailand as they are in your home country. ????

 

Whatever you want to call it, bank branches are set up/ran semi-independently from the bank itself.  You have discovered this in being dealt with differently at different branches.

 

Of course there are (lots of) areas where they must conform to the parents' rules but they have a lot of self autonomy too.

Again that is due in part to different levels of expertise and different managers not different ownership. You can go to multiple immigration offices and likewise the rules are different. That does not establish that each is an independent entity and not part of the Thai government.  I have Googled Thai Bank branches and franchises. Nothing suggests they are independent entities

4 minutes ago, treetops said:

annual Thai Franchise and Business Opportunities Exhibition at BITEC, Bangkok.

I think you are talking about overseas organizations starting a "branch" here in Thailand.  Not a branch bank. 

All of the branch banks in Thailand have reporting structures that lead to the parent bank.  That would not be true if it was a franchise.  Also, any of the income from the branch would go to the franchisee who would only pay a franchise fee.  Those results would not show up in the financial reporting of the parent corporation. 

Each of the franchisees would be required to establish a separate corporate identify with capital.  They are their own company and they operate independently.  If I have a McDonalds franchise, I pay McDonalds but I have my own company that owns the location.  That would mean each branch bank in Thailand if not owned by the parent would have to file a separate business with the DBD.  Each office would have to have its own corporate board, and file annual reports. 

Nope, I think you have an apples to oranges comparison.  You saw the name branch and assumed it was a branch bank.  I can have a company in the USA that sells farm implements and offer franchises to others to start a branch in Thailand that sells them.  Totally different animal. 

12 minutes ago, scubascuba3 said:

Difficult in that you don't know the future, or maybe you do, on day of transfer you know Wise exchange rate but won't know thai bank exchange rate until settlement date

That is always true.  However one thing is for sure,  if the conversion went through the Thai bank and Wise on the same day the rate on Wise will be better.  So the "unknown" of the future applies whether it is the Thai Bank or Wise. 

1 minute ago, norbra said:

So that leaves you with Kasikorn bank 

Perhaps, I have to do a bit more checking.  The one Kasikorn Bank said only a specific branch bank could do the letter.  

I doubt that.  I have found when someone doesn't know here in Thailand they just try to pass the Old Maid card by saying no they don't do it but yes another office can.  

If I find it is only a specific Kasikorn office that is no different than what I have now with Bangkok Bank.  If Kasikorn says they can do it same day that means only one trip instead of three.  

1 minute ago, scubascuba3 said:

It's difficult to compare exchange rate Wise vs thai bank as they are different days, 2-3 or more difference, exchange rates can move 1%+ in that time 

Not really difficult and the difference is typically more than 1%.  I set a rate on Wise to make an automatic conversion which is something you can not do if you transfer directly to the bank.  You get whatever rate is the banks "buy" rate on that day and that time.  

With Wise the rates move throughout the day.  You can either manually process the conversion when the rate goes up or as I do set it to do automatically.  

The foreign exchange conversion is a money maker for the banks.  They want obviously to pay as little as possible to buy your currency and charge you as much to sell it back to you.  Nothing wrong with that it is a business but Wise gives you more for your currency as a mid market rate on any given day than the rates quoted by the banks. 

2 hours ago, norbra said:

At this stage, using Wise,your options are stay with BBL and get 2 x 6 months statements

Open Kbank account and chase up consolidation letter for chonburi immigration

I don't believe the two 6 month statements would work.  As I understand it, they can only get the past 6 months worth of transactions.  If I went to the bank after 6 months and got a statement and then waited for another 6 months the first statement would be stale dated.  The statements are good for only 7 days.  

Also that still does not eliminate the letter that must look exactly like this.  

Even if done perfectly, I have to travel 30 minutes to my branch wait in line and order the statement.  I then have the same return trip.  The following week I get the pleasure of another 1 hour round trip to pick up the statement and then order the letter.  If they are willing to type it up for me same day, I have the delight of spending my afternoon in the Bangkok Bank branch.  If not, like this year, I get to pick it up the following day making it another 1 hour roundtrip not including the wait time in the branch. 

 

8 hours ago, treetops said:

They are franchises rather than independently owned, but their MO is similar.  You just have to lose the mindset of your home country banking structure and accept what it is here.

I seriously doubt that.  What is your source for that.  

1 hour ago, lopburi3 said:

That is not a normal requirement for transfers to Bangkok Bank that are marked as international (ftt).

Absolutely yes.  This is a typical one immigration office requires something that another does not.  One man said he takes his Wise Transfer receipts.  Chonburi won't even look at them. Another said he gets his transfer slips each month from Kasikorn from PDF files.  I showed them to the Chonburi officer.  Nope only a letter from the bank detailing each months transfers with all of the transfers on a single page. 

4 hours ago, murraynz said:

Me same same. No problem at Bkk bank

Are you a monthly transfer or 800,000 baht.  Mine is a monthly transfer and they don't seem to handle that well. 

4 minutes ago, pagallim said:

However, I've become less and less happy with Wise, you initiate a transfer where it tells you it will happen in seconds, and eventually lands in your account 2 days later.   I'm talking transfers on normal business days, no weekends or holidays

It is funny, if the amount is a small amount it does appear in seconds.  If it is a larger amount such as my pension payment it occurs always the next day.  

I don't know if the difference is the fact it is a larger amount, or the fact it has to go a different way to be coded as an FTT transfer. 

I get now charge from my bank in the USA to transfer to Wise or to recieve a transfer from Wise.  The exchange rate is better that I get if I use the local bank.  More importantly I can set a target rate to exchange at.  If I sent directly from my USA bank, I get whatever the buy rate is at the bank which is always worse than Wise and i get no choice as to whether that exchange happens on a good day with the exchange rates up or I catch a bad day when it is down. 

 

On 1/19/2023 at 1:54 PM, ehs818 said:

I'm looking for a good place in Central Pattaya to get my hair cut. I'm in my 60's so I'm not looking for a hot trendy stylist. Just needing a basic hair cut. If anyone can suggest a good reliable place, I'd appreciate that.

Thanks

I take a picture of myself on my phone with the hairstyle I want.  I show it to the barber.  Now sometimes that works well, other times I get the Thai Scalp cut.  Apparently the Thai's want to save money by going to the barber as few times as possible and hence there is a tendency to end up with the Yul Brenner look.  Try the picture, along with the words "not too short" translated into Thai.  If good go back, if not move on. 

Just now, scubascuba3 said:

Wise transfers don't show as International but SCB could potentially provide the letter if you showed they were from abroad 

Thank You.  

I guess that means I make a trip to SCB to see if the letter they provide lists them as international which would supplement the 12 month bank statment. 

1 minute ago, The Theory said:

Do the issue any statement for a closed account ? 

My account period is from February to January.  I have already made my Februay deposit and it showed on this years visa extension.  

So I am trying to get a new account and commence transfers starting in March to go from March 1, 2023 to Feb. 28, 2024 to coincide with my next visa extension renewal.  

I "may" keep Bangkok Bank as a backup but certainly no longer my main account for monthly transfers. 

Just now, Negita43 said:

Not being nosey but where (ie what country) would such an account be registered and would that be the country of the persons residence?

Wise main banking account is a New York bank.  They "may" also use banks in the U.K. for their customers but I don't know that.  My thai GF has a Wise account and likewise her transfers sent to Wise go to a U.S. bank.  

 

21 minutes ago, MJCM said:

I think his branch is the culprit here. Maybe a good idea for the OP to go to the main branch opposite Soi 6 on Central Road (if that branch is still there)

Only partially.  My experience at any of the Bangkok Banks is one where if you ask a question you get a look like a deer in the headlights and either a response that no we don't do that, or no you must go to the branch where the account was opened.  

I asked my office for a letter detailing each monthly transfer and she vehemently said 'we don't do that"  Then I pointed out to her that the sample that came from immigration was on Bangkok Bank stationery.  I did not mention I got one the prior year from a branch that was not the branch I opened my account with. 

So one way or another, I have dealt with the madness of having to wait a week for a statment and numerous errors too many times, and it is time to change to a bank that allows customers the full range of services at all of their branches. 

It is my understanding that several banks offer multi-currency accounts. They include Citibank and Bangkok bank being two I am aware of. 

With that said.  I have a multi-currency account with Wise.  I currently have USD, Canadian, Australian, New Zealand, Yen, and Indonesian.  

When I travel I have a Wise debit card.  If I am in Australia it deducts in AUD.  If I take a trip and convert some USD to lets say Yen and have Yen left in my account, I merely convert it back to USD, no wasted change. 


So you could open a Wise acount, have Sterling.  Maintain it in Sterling and convert a portion of it to Baht if and when you wanted to and then tranfer the baht to the bank here in Thailand.  You get a far better exchange rate and a lot more options doing so. 

23 minutes ago, MJCM said:

One remark though have you thought how immigration reacts to you mid year changing banks?

Yes you can have two banks.  However with the Bangok Bank system if I changed locations from lets say Chaing Mai to Phuket I would have to travel back to Chaing Mai to order the statement, then travel the following week to obtain the statment and the required letter.  

So enough of the nonsense for me.  Time to find a more responsive bank with a more sensible policy. 

21 minutes ago, keithsimmonds said:

I do Wise transfers but not for immigration purposes,so i do not state that as a reason for the transfer...which may or may not result in the proper coding.

Yes the coding is dependent on the purpose. If you don't check the box that it is for long term living expenses in Thailand it comes through as a domestic transfer.