aublumberg

Thailand Foreign Source Income Personal Tax - SHERRINGS

23 hours ago, scubascuba3 said:

3 options, one was enter account details (for Thais although it's in English), one was User ID that needed a new setup, 3rd one can't remember,

Here are the 3 options (plus credit card option)

Same issue here, new iPhone. Kasikorn, SCB, UOB no worries and works fine to register on new phone.

Bangkok Bank app big drama. All latest app already. Branch visit this weekend ...

15 hours ago, K2938 said:

Could work or not depending on how far back they look 

What makes you think it would be retroactive? Any indication in any announcement or regulatory changes? Their announcement says effective 01 Jan 2024.

At long last we may see a rapid rise in LTR visa interest if the tax exempt benefit for LTR-T/P/W categories remains (and no indication for any changes).

FYI some tax perspective in relation to LTR-T visa.

Navigating the tax implications of working remotely in Thailand | International Tax Review

7 hours ago, Jingthing said:

I am strongly considering getting a secured credit card at Bangkok Bank but because I can't find anything written about this in print or online, I have some questions about the actual experience with it. Hopefully there are members who have such a card that can inform.

 

For anyone using this kind of BB card, do I have the details correct? What has been your experience? Anything else to add?

Works as you described, easy to open. Go to the Bangkok Bank headoffice (333 Silom Road) if you can.

1 hour ago, CobyW said:

1. Does anyone know an EOR that has been successfully used for the LTR (WFTP) visa?

2. Even though I will still be working for my current company, I won't officially be employed by them even though they are paying all the bills. Will this make me ineligible for the $150m requirement and therefore I can't get the LTR (WFTP) visa?

Coby, I don’t think this will work. The fundamental construct for WFTP is that you’re employed by a qualifying company outside of Thailand. Not aware of any EOR setup that will satisfy WFTP, but happy to stand corrected.
 

if you were to get a basic reference letter form your overseas employer then that may satisfy the WFTP visa requirement. Once approved you could then discuss with your employer the logistics to make it work, but it then creates many questions about legality, and the EOR may also need to fulfil certain requirements including a local work permit which conflicts with WFTP, plus potential income tax implications. I assume your employer is concerned about the risk of permanent establishment in a foreign jurisdiction hence their EOR request and then ‘offloading’ the overseas obligations to you and the EOR. Different visa type in my view (local work permit, unlikely LTR unless in a specified target industry).

Cathay Pacific, just as an example, allows you to hold a fare for 3 days. You could book that, print out the reservation, and just let the booking expire.

SCB brought on the former CEO of AIA a while ago. Pressure is on perhaps.

Both Singapore and Hong Kong are attractive (no capital gains tax etc.), some geo-political risk with Hong Kong, plus currency risk if the US dollar peg goes in future. Singapore has seen a lot of inflow (including from Hong Kong) in recent years, so their 'entry ticket' has gone up. I think the minimum nowadays may be SGD200 - 250k, and up. The three local banks in Singapore (DBS, OCBC, UOB) are good and you have international banks (Citibank, HSBC, Standard Chartered). The latter three common in Hong Kong as well. If you bank with any of these currently, they offer 'global' account views and options to move money around within their respective locations easier. There is plenty of material online if you google 'opening a bank account in Singapore', also on YouTube. I can't comment on your US SSN situation and the potential US tax implications.

Thank you for everyone's vote of confidence and support.

Bank of the Year 2023 (scb.co.th)

1 hour ago, Ripped90 said:

What does the FC stand for

FC is a Fixed Deposit Account. SC is a Savings Deposit Account. 

13 hours ago, OneMoreFarang said:

I just read it and I wouldn't sign it.

Farang is fully responsible for any fraud...

Already the case as per general T&C to use their app …

2 hours ago, OneMoreFarang said:

It would be interesting to see that document. Will it be in English?

See separate thread here 

1 hour ago, TallGuyJohninBKK said:

Not sure agreeing to not hold the bank responsible for anything that might go wrong is such a great thing to do.

Totally. Part of my considerations who will get my banking and investment business going forward.
 

I expect further developments from most banks on this topic over the coming 6 - 12 months. This is not the end of it yet. 

Went to Siam Paragon in Bangkok to cover all my banks in one go wrt the 50k limit. Here’s a brief rundown of my experiences: 

1. Kasikorn Bank: Transfer limit was not enforced before going there. “We have no policy for non-Thai, no need to do facial scan, no limitations, no plans, not aware of any plans, no forms to sign, nothing.” Am able to change daily limits and transfer. Let’s see if it stays this way or if there is more to this story in future.

2. UOB: There was never a limit enforced, tried again just before visiting them. All working normally. They still took a photo of me and did the registration and said it will take 2 - 3 days to process. Let’s see what happens next.
 

3. Bangkok Bank: Transfer limit was enforced prior to going there. Registered, took a photo, and it worked right away. Able to raise daily limit, able to make larger than 50k transfer. Efficient staff, friendly service, five mins all done. Impressed.
 

4. SCB: Transfer limit was enforced prior to going there. For foreigners they provide no means to scan. Instead they offer the option to raise a request to waive the requirement for facial recognition. The form is attached for info. They said it takes 2 - 3 days to take effect. 
 

For reference, none of my ‘home’ bank branches are located at Siam Paragon. So it works across branches and one should be able to go to any branch to get it done. Well, in theory at least. All staff across the four banks at Siam Paragon were very knowledgeable about the process, as would be expected for a place with extensive foreigner traffic. 

Received this today by email ...

HKD100,000 to Kasikorn and zero such encounters. Just FYI. So may be location / user specific?

1 hour ago, Mike Teavee said:

I’ve just tried this on the Bangkok Bank mobile (IPhone) App & no problem in increasing my transfer limit from 50K to 300K

 

App version 3.24.0. 
 

Am on the new 3.25.1 and can’t change beyond 50k. Haven’t registered yet at a branch. 

Bangkok Bank released a new app version which is more snappy and usability has improved. It also implements the “enhanced security by adding a facial recognition process for 1) transfer etc. of 50+k, 2) daily transaction totals 200+k and 3) raising transfer limits”. I don’t recall what my transaction limit was previously but it’s 50k now and when trying to raise it the app shows “if you want to proceed, please bring your passport and go to a branch”.

3 hours ago, scubascuba3 said:

I suspect foreign customers will have to go to branches to do over 50k transfers

Back to the stone age then ... seriously hope not.

The Kbank app in its latest update has under Settings -> Facial verification with bank (Collect facial image for important transactions and other services with bank) newly added.

When selecting it, a message is displayed “Sorry. Facial verification with bank is only for Thai customers.”

Curious to observe how this will further evolve in the coming weeks …