Mike Lister

Safety is a relative term, just because A is safer than B doesn't mean that A is actually safe. That's where I think we are in respect of markets and it's also where I think we always were. The perception that problems are increasing, is in itself dangerous. The more information you look for about the state of play and the future, the more negative views you'll find. That doesn't mean things are getting worse, it only means that more people are making their views known and have the means to make their voices heard. I like to try to restrict my inbound information flows to a small number of reliable and trusted sources. I find myself in recent times, paying much more attention to downside risk and what if scenarios'. That doesn't mean downside risk has necessarily increased, it means that previously I had become very complacent about that risk. My new super duper, better and safer than ever, asset allocation schedule, acknowledges for the first time in a long time that I now have to pay full attention to metrics and key ratio's such as Price Book/Sales, Sharpe and Beta's and to dial back my definition of what is a good return.

I couldn't agree more, it's way too early to panic and indeed the need to do so is unlikely to arise for most people. For many people this is "a nothing burger", financially that's what it will be for me at least and I can't be the only one. In particular, the US exemption of SSc payments is a godsend. Retirement might be expected to span 30 years, it's foolish to think there wouldn't be events in that period that weren't anticipated....this is just one of them but frankly it was anticipated, and for many years. With only 6.5% of the population paying tax, something had to give at some point! I think the absence of a route to permanent residency is a red herring, that's xenophobia and a totally separate issue to who pays to keep the lights on in the bad times. The biggest risk for most will be a knee jerk reaction that is unwarranted, that could really upset retirement.

Amen, finally.

You wrote: "Look, I know the "you can't send baht out of Thailand" story was widely told and most folk just took it as gospel. Then Dee Money turned up and all of a sudden everything changed to "you can't send baht out of Thailand unless you use Dee Money". Well the banks always could even if they made it difficult at times and this is what happens here apparently. I haven't done it but a couple of guys allegedly have as recently as February this year. I don't stand to gain anything by reporting it so anyone should feel free to try it out and if it works it's cost you a few baht in fees but you can confirm it works, or come back here and call me a dolt if it doesn't but please let me know where the process breaks down as it rings true to me". You are wrong, plain and simple, BOT rules are very clear on this point. And, "You can’t currently send money from THB". https://wise.com/help/articles/2932335/guide-to-thb-transfers

Stop it! 1) THB is a restricted currency, it is not freely convertible. BOT rules prohibit the export of Baht overseas, except within a few very clearly defined scenario's. "Thai Currency Tourists may bring with them no more than 50,000 baht per person, but exporters to countries bordering Thailand, namely Cambodia, Laos, Myanmar, Malaysia, Vietnam, and Yunnan province of China are allowed to hold up to 2,000,000 baht per time. But if the amount exceeds 450,000 baht, the currency must be declared to the customs officer while passing through Customs. If a person wants to take Thai currency out of the Kingdom of more value than the legal requirement, there must be a permission from the Bank of Thailand, and the evidence of permission from the Bank of Thailand must be presented to the customs officer at the international airport when leaving the country. In the case of bringing money into the country, individuals and tourists may bring in Thai currency with no limit". https://thailand.go.th/issue-focus-detail/009-010

Two headlines from Bloomberg today, says it all: Global Traders Flood American Markets in Search for Safety Foreign Investors Have Been Propping Up US Bond Market This Year

I have a suggestion that may help. How's about, when people renew their license and everyone has to sit through the two hour safety video, that somebody make every one stop playing games on their mobile phones and sleeping?

Perhaps you've not noticed but this exchange has dominated the thread to the point where everyone else has pretty much abandoned it and any useful discussion about Thai tax has ceased. Perhaps you can bring this personal exchange to an end and move on? Many of us worked in important and/or senior positions in our careers and many of us worked in banking, finance and consulting. Those things are only useful in so much as they provide knowledge or inputs to a debate. They become less than useful when the career itself becomes the most significant component of a contribution. For the benefit of everyone, may we please move on.

The population of Thailand is circa 70 million, the Western expat population is about 300k and many of them are on pension income. Why would the Thai media report this, in the bigger picture of things there is hardly any story.

Paying for this sort of things just legitimises that it's OK for bank staff to act in this way and endorses that we all think it's OK for them to monetise us. I don't. The other point I find mildly irritating about this is that the OP has gone straight to an agent, without even trying the branches that have been recommended or the solutions suggested. In his mind, an agent is the defacto solution, which it isn't and can't possibly be.

Who exactly do you think receives that money that is paid to open the account? It certainly isn't Bangkok Bank because they don't levy a fee under any circumstances. That fee is split between the branch person who opens the account and the agent. If the branch staff is willing to act as a facilitator for a small fee, what other nefarious acts is she also likely to be willing to engage in, with your account!

Paying agents for things like this just promotes and endorses corruption, it's stupid.

The op may wish to discuss this matter with @ianguygil who works in a senior capacity at Bangkok Bank. Ian has been instrumental in helping forum members with account issues at the bank, for many years. You might want to ask Ian how much the bank charges for assisted account opening!

Wise does not transfer money out of Thailand, end of.

I think you are confused. Wise can transfer funds to Thailand but it does not have a banking license that permits it to transfer funds out to other countries, perhaps you are thinking of DeeMoney.

Ah, well, that's very different then. Yes, you are correct.

You've said you don't trust my answers so rather than respond, I'll just leave you a copy of the tax guide, the answer is in there.

You may or may not be joking but the Taksin referred to was King Taksin who ruled from 1767

Yes

She's taking the pi$$, banks don't levy those charges. You 've been given cost free options, you must do what your are most comfortable with.

Delete

Yes you can but you may have to give advance notice in order for them to collect the amount from their branches and this could take time, depending on the amounts involved..

Upon filing.

"The default of remitannce can't be, practically, that it is assessable income and thus we end up with, practically, a honor system of self declaration. IMHO". It is an honor system that is based on self declaration, if that's what you meant, your English is not entirely simple and straight forward.

I didn't realise, the bankruptcy was huge, the second largest tour operator in Europe: https://www.fti-group.com/en/press/fti-group-press-releases-and-information/detail/news/companies-of-the-fti-group-file-for-insolvency