oldcpu

What Thai Bank? My understanding is recently Wise will no longer transfer to some Thai banks.

I have accounts with Bangkok Bank, Krungsri, and SCB. I started back in 2016 with Bangkok Bank as they were the only bank at that time i could find in Phuket that would let me open a bank account with a then 'visa exempt' status. No long after I successfully opened my account with them, they changed their policy and would not allow new accounts to be opened Visa exempt. However by then i had switched to a type-O/OA visa. I later opened an account with Krungsri bank. Why? On a type-O/OA visa, Bangkok Bank in Phuket was a bit of a pain to get my annual account statement of 800k THB in the bank for the past year (it would take a week as Phuket branch had to apply to Bangkok to get such). so I kept my Bangkok Bank account and opened an account with Krungsri (i was on a type-OA at that time). Krungrsi in Phuket will print the paperwork needed for immigration (proving 800k THB in one's account in their bank) on the same day. MASSIVELY better than Bangkok bank, with far less planning needed when applying for one's 1-year extension on one's Type-O/OA visa's permission to stay. About a month ago i opened an account with SCB (now on an LTR-WP visa) so to get an SCB Planet card. My views? Bangkok Bank: If transferring money from outside of Thailand into Thailand via Wise, Bangkok Bank is massively superior to Krungsri bank. However to get any VIP perks with Bangkok bank, one needs to keep a LOT of money with them. And Phuket's branches of Bangkok Bank are a pain to get the annual paperwork for a Type-O/OA visa , as it takes one week. The lines at the Bangkok Bank branch (without VIP status) where I like to visit are massive -sometimes it takes an hour to talk to anyone. Krungsri Bank: Krungsri bank, on the hand has a much lower threshold for "VIP" status (ie Krungsri Exclusive). So while the branch has lines, having a Krungsri Exclusive status means (in the branch I visit) I typically get access to a teller/person MUCH faster. I also, if waiting, get to sit in the Krungsri VIP lounge area (free coffee/cookies) and very pleasant chairs/desk, with wifi access. Also Krungsri, as noted, prints out the paperwork for Type-O/OA visas in about 10 to 15-minutes (instead of 1-week for Bangkok Bank). Krungsri Exclusive comes with more perks, such as Thai airways airport lounge access, 2 x dragon passes per year, 8-health club all-day passes per month for Phuket's largest health club (plus some other). However Krungsri is far less convenient to transfer money into from outside of Thailand. As for SCB bank? Too early to tell, so I can't comment. Typically I do all my day to day transactions with Krungsri bank (credit card or money transfers internal to Thailand). To top up my money in Thailand (going back before 1-jan-2024) I would transfer to Bangkok Bank, and then once in Bangkok Bank transfer money to Krungsri (and recently SCB). I spread my money out a bit in those banks, to reduce the amount i exceed the government guarantee. I have not transferred money into Thailand since 1-Jan-2024, but I likely will in the future, and transfer such to Bangkok Bank first.

I think (speculation) they may add about 0.5% to the exchange rate? (instead of the more typical ~2% by some non travel credit cards?) I base this on the purchase of about $5,000 Aus$ with the Planet Card, ... where I went back today, and checked the spot price (High / Low) on that day where as it happened there was almost no movement vs the Thai baht, ... and I then checked how much I paid in both Aus$ and in Thai baht. A back of the envelope calculation suggested 0.5% 'hidden' fee. But I am new to the Planet Card so I do not know if that is typical, or if other factors are involved - and I could have made a mistake in my calculations.

With respect, I believe some clarification on that is needed. There is no explicit OECD membership requirement mandating that a country must adopt a global taxation system (taxing worldwide income of residents, regardless of where it is earned or remitted) over a remitted taxation system (taxing only income brought into the country). The OECD does not prescribe a specific tax system as a condition for membership. Instead, OECD membership involves meeting a broad set of criteria related to economic, governance, and policy standards, including commitments to transparency, good governance, and cooperation in international tax matters. To re-iterate, the OECD sets guidelines for tax cooperation, compliance, and transfer pricing rules, but it does not mandate a particular taxation system (global vs. remittance). Instead, it focuses on preventing tax avoidance, encouraging transparency, and ensuring that multinational companies pay their fair share of taxes, especially under its Base Erosion and Profit Shifting (BEPS) initiative. While OECD countries tend to follow the global taxation system, this is not an explicit requirement for membership. A country can remain an OECD member while implementing a remittance-based or territorial tax system, as long as it adheres to broader OECD principles regarding transparency and anti-tax avoidance measures. In Thailand’s case, the current system taxes foreign-sourced income of residents only when remitted to Thailand, and yes, proposed changes to tax worldwide income (even if not remitted) are being discussed under the excuse to align with global tax practices and OECD standards. These proposals are partly motivated by Thailand’s ambition to join the OECD, suggesting that while not a formal requirement, adopting a global taxation system may be seen as aligning with OECD principles of tax fairness and transparency. However, Thailand’s existing remittance-based system is not inherently incompatible with OECD membership, as evidenced by other non-OECD countries with similar systems (e.g.,possibly Malaysia ??? .. < unsure > ... I think Malaysia has been a key partner state of OECD OECD since 2007 ?? (ie not a full OECD member) and I believe Malaysia still has a remitted system, although I believe it has introduced some global taxation aspects (but not all) ... and perhaps like Thailand they are talking about full global taxation?? ... I may not be up to date here ) ... When I surfed on this, I read that some countries with a 'purported' territorial (or global) taxation system, in fact have closer to a mix of the two ( ie mix of global and remitted). These OECD countries being Chile, Costa Rica, Ecuador, Panama, Singapore, Hong Kong, Malaysia (as already mentioned), Guatemala, Thailand (as already discussed in this thread), and to a much lessor extent Mexico. But the point is, my understanding is that there is an absence of a clear OECD mandate against territorial taxation , and further some who are OECD members do not have a 'full' global taxation system, but have a mix of global and remitted.

I think most AGREE it is a goal of the "Thai Finance people". I suspect it will remain a goal for sometime to come. However i think many on this forum believe there are very wealthy influential Thai citizens who are either in Thai politics, or in Thai government positions (outside the Finance department) , or who have significant influence with the politicians and other non-finance department officials. These wealthy Thai citizens may have different goals, and that may in turn complicate (and quite possibly in the past has already complicated) any such goals of the "Thai Finance people" Hence i suspect it is from that perspective that many of us note Thailand has many goals that do not come to pass. As for a shift to global taxation? Yes it might happen. And it might not. My view is everyone needs to consider such, and assess their own income sources, to see if any prudent non-disruptive financial planning, is appropriate.

They have been talking about this for a long time. It bears watching obviously, but many talked about things in Thailand never come to pass. And even if it comes to pass, many of us have already structured our foreign income such any effect will be none (other than potentially a need to file a tax return in Thailand where before, having no assessable Thai income, such a Thai tax return was not needed).

I happen to like Cambodia. I have visited there a number of times. However - for me the Cambodian hospitals are simply not up to par. i would MUCH rather put up with some extra bureaucracy to be closer to far far far superior hospitals (in Thailand), superior than what Cambodia has to offer. Each to their own.

I don't think anyone disagrees with that. I don't think anyone disagrees with that. Where the disagreement lay is where some ignore Royal Decrees associated with Thai taxation (which also form part of Thai tax law), and have a different interpretation as to how the Royal Decrees and DTAs can affect the definition of 'assessable income' (in some cases (and not all cases) where the DTAs clearly note a foreign income is NOT taxable by Thailand). The Royal Decree (legally, consistent with Thai tax law) notes such income is exempt taxation, and by inference, consistent with other mentions in Thai tax law for some exemptions, is exempt from the Thai tax calculation. Again, all complying with Thai law. And if not to be included in the Thai tax calculation, it means such exempt remitted foreign income is (1) not to be included in the assessment if a Thai tax return is needed, AND further (2) if a tax return is to be submitted (for other reasons) any exempt income per (a) the Royal Decree and Thai tax law and also (b) has no place in the tax return itself as a exemption/deduction) is not to be included as a remitted income in the tax return. Why? .. because per Royal Decree, which forms part of Thai tax law, such income is exempt from falling under the assessable income category by being exempt from the Thai tax calculation. Obviously this is only for some, but not all remitted foreign income, dependent on agreed DTA wording with Thailand. Again, ALL COMPLYING WITH THAI TAX LAW. So on that need to comply with Thai tax law we agree. Only I note some refuse to consider the implications of the Royal Decree where Royal Decrees can be part of Thai tax law.

You have perked my curiosity here. Please point out specific place in Thai 2024 tax return form where you: 1. claim a Tax Exemption by providing the evidence that it is a Government Pension, and is only taxable in the UK according to the UK - Thai DTA 2. provide evidence of tax already paid in the UK, that you intend to use to offset any Thai Tax liability. I asked because I looked , and I spotted NO SUCH PLACE. If there is such a place, it might be helpful to many on this forum. And if there is no such place, then while you have good intentions, you are simply incorrect. I can not help but think you are basing your thinking on tax experience from a country outside of Thailand, where it is a Global Taxation system, and not a remitted taxation system. In a remitted taxation system, the Revenue Department nominally only wants to know about foreign remitted income that it can tax. A global tax system wants to know about all of one's global income.

Of course not. But again - the crux of the matter ... Being tax exempt per Royal Decree 18 (which forms part of Thai law), the question is, .... is remitted foreign income in the DTA noted as tax exempt, also tax exempt from the Thai tax calculation. Yes - and Royal Decrees form part of Thai law when issued and can add to Thai tax law. Agreed? or do you disregard Royal Decrees? Only YOU are saying that. Once again , I am noting also complying with Royal-Decree-18 (re: relevant DTA tax exemption), and per other examples in the Thai law where some exempt income is not to be included in the Thai tax calculation, and per Thai tax return for year 2024, where there is NO LOCATION to list as exempt the 'DTA exempt taxation remitted income' ... ALL legally, per Thai tax law, point to that such DTA tax exempt income is not to be considered assessable income. Clear enough now? Agreed? All compliant with Thai tax law as further amplified by Royal Decree-18 and the relevant DTAs for selected (not all) remitted foreign income that is exempt Thai tax. What part of that do you have trouble with? You do not seem to accept it.

Not directly. Indirectly they quite likely do contribute to the definition of assessable income in some cases. You need to follow Thai Royal Decree-18, the appropriate DTAs, and also Thai tax law. OK? What DTAs do provide is an agreement on which foreign income is exempt. An agreement Thailand signed up to. And as I noted Royal Decree 18 confirms the use of the terminology exempt from taxation for some income sources noted in DTAs. Then if one looks at the Thai tax law, one can find different examples, where Thai tax law notes some incomes that are exempt from tax are not to be included in the tax calculation. So if a remitted foreign income is not to be included in a tax calculation, that implies it is NOT to be used in calculating if one meets the legal threshold for filing a Thailand tax return, and further it should not be included in one's Thailand tax return (where the calculations are done). so again - that begs the question, ... is foreign remitted income, referenced in a DTA signed and agreed by Thailand, where DTA notes that Thailand has no taxation rights on such income, is it still to be included in a Thai tax calculation? For me, that is the crux of the question. So trying to move forward ... - one could look at the Thai tax returns. Surely if a remitted foreign income, that is exempt from Thai taxation, it should be included in the Thai tax return, there MUST be a place to lists such as an income and a deduction. Right? There MUST be as it is exempt taxation. Makes sense! Right? Well - one can list it as an income. But THERE IS NO PLACE TO LIST AS A DEDUCTION. Why? Why? Does that not suggest the Thai RD consider any foreign remitted income that is exempt (per the Thai Royal Decree and appropriate DTAs) are not to be considered assessable income, and are not hence to be used in the Thai tax calculation. Surely if Thailand wanted this tax exempt foreign remitted income listed, and then deducted, they would have a place to deduct it in the Thai tax form. Thailand does NOT. There is no place for such a deduction. Let me repeat that as I believe that point was missed. There is no place to list such as a deduction. WHY? Likely, IMHO because such tax exempt foreign income, per the Thai Royal Decree-18 and the appropriate DTAs, is NOT to included in the Thai tax calculation - which means the income is not to be considered assessable income. Ergo - no law is being broken. Rather the Thai law is being followed as the tax exempt remitted foreign income, per Royal Decree, per DTAs, and per the Thai tax forms, is not assessable income. Sorry - but the Thai Royal Decree also forms part of Thai law. There is more here. ALL of Thai law needs to be considered. And in essence the DTAs (via the Royal Decree-18) do contribute to the definition of assessable income above and beyond just the specific assessable definitions in the Thai tax law. You seem to want to ignore Royal Decrees. Absolutely !! On that we are in full agreement.

He is IMHO spreading disinformation by denying that some remitted foreign income is not to be considered assessable income. If one's remitted foreign income is not tax assessable, it may mean for some there may be no need to file a Thai tax return and (if one still has to file due to some Thai income) there may be no need to list such non-assessable foreign income on a Thai tax return. If many listen to him, I fear we will read of more people, whose remitted foreign income is LEGALLY not to be considered assessable income in Thailand, still file a Thai tax returns when they should not. Why is that bad? Because they may be inappropriately taxed because the various Thai RD branches are not up to speed on Royal Decrees nor on DTAs. And those who inappropriately filed a tax return will have a difficult time in the appeal process. It is important for expats to look at their own financial situation, their income source, Thai law (including some specific Royal Decrees and some RD ministerial directives) and make their own best judgement call whether they need to file an tax return and whether any remitted foreign income they may have is to be considered assessable for Thai taxation purposes.

Yes, and the law refers to 'assessable' income that is earned in Thailand and 'assessable' income that is remitted to Thailand. Assessable. OK? As noted, foreign remitted income can be tax exempt per Thai Royal Decree 18 (which refers to DTAs which in many cases can note foreign income that is tax exempt in Thailand). Further being tax exempt can mean not to be included in the Thai tax calculation (consistent with Thai tax law), and hence in effect remitted foreign income that is not assessable. The Royal Decree I pointed out is very relevant here. But strangely enough, you forgot about that, since you failed to list such. I wonder why? If they come knocking at my door? Do NOT hold your breath waiting. Since they denied me a tax-ID when I applied, ... maybe they will change their mind and provide me one now? Don't hold your breath waiting for that either. We have been through this detail before ... I did not earn any income in Thailand and I did not remit any money to Thailand and I have an LTR-WP visa. Further the money I would remit to Thailand (but did not remit) is exempt Thai income tax according to both the Thai-Canada DTA, and the Thai-German DTA. I remitted a LOT of money to Thailand when I was a non-tax resident (in Thailand for less than 180-days). Ahh ... but you say "if they come knocking". ?? Guess what? Don't hold your breath on that. Having typed the above, likely within the next few years I will remit some of my foreign money which is Thai tax exempt to Thailand per DTAs (and per the LTR-WP). Having typed that, if the laws stay the same as they are today, I will not be filing a Thai tax return (unless I start earning too much Thailand bank interest or other Thai income). To file such a return would be a waste of both the Thai RD time and a waste of my time. Now i am not avoiding tax. I do pay tax to a country outside of Thailand, where the DTAs with Thailand are relevant. Unlike yourself ??? I suspect you will find some Thai tax authorities DO pay attention to the content of relevant Royal Decrees that provide exemption to taxation for some foreign remitted income. Which as I note possibly exempts such from the Thai tax calculation (consistent with other tax exemption cases noted in Thai tax law), which by deduction indicates such exempt foreign income that is NOT to be treated as assessable income, and hence not treated in assessing if a Thai tax return is required. ( .. unfortunately some is not all - more on that further down ... ) Which point of the above do you not agree with? My own view is possibly the area where one needs to focus (and maybe where your disagreement exists) in my logic above, is whether legally tax exempt remitted foreign income is also exempt from the tax calculation? That is an assumption where verification is IMHO ultimate useful to obtain. ALSO IMPORTANT : and I mentioned this MANY times in the past. There is NO PLACE in the Thai tax forms to list any such income as a deduction, even thou it is tax exempt. Before some where saying... just wait ... just wait ... it will be in the 2024 Thai tax return form. Guess what. The 2024 tax return is out. And guess what? It was not in such. Why ? Maybe 2025 tax form? Maybe 2026 tax form? Don't hold your breath waiting there either. I think it should be clear now, based on the deliberate RD omissions in the 2024 TAX RETURNS (and omissions in previous year) , and based on the Royal Decrees (in particular RD.18 which notes some DTAs provide exemption from tax), that there can be foreign remitted income earned in the current year that is not to be considered assessble income to Thailand and NOT to be included in the tax return. Frankly, if one ignores such, files a tax return, incorrectly lists their exempt income as assessable, one will find no proper place in the tax forms, and could end up inappropriately paying tax. Why? Because not all Thai RD know the details of RD.18 and RD.743, and details of many various DTAs. I suspect most branch RDs know none of such. So one is then inappropriately taxed , and then one is into appeal territory. Good luck and don't hold your breath hoping to succeed in an appeal. .

lol. At the risk of feeding, I note when the 2024 tax forms finally did come out, there was no obvious place (that I could find) for listing tax exempt income (as deductions) such as those exempt from DTAs or exempt from the LTR-WP visa. I have a fuzzy recollection some were very patiently waiting to see such to prove their point. But speaking of points - you do make a very good one re "no feeding". It is thou - a 2 way feeding (or no-feeding) street. .

Agree in part. DTAs do not state Assessable income. That terminology, as you note , are specific to the Thai domestic policy. However there are clear cases in Thai tax law where income noted as exempt income, is also noted as exempt from the income tax calculation. If that exempt income is not to be included in the Thai tax calculation, that also means it does not go on the income tax form (where the calculation is done) , and that hence by deduction means it is not considered assessable income for a Thai tax calculation. So as I stated, that goes back to the noted Royal Decree. The Royal Decree very clearly notes some DTAs make some foreign income exempt from Thailand tax, ... so - the question then is: Does that also mean exempt from the Thailand tax calculation like other exempt income listed under Thailand domestic tax law? I think that is THE key question , and as I stated, the view of some is per that Royal Decree which references DTAs (in general) and per some DTAs, mean that some specific income is not to be considered assessable income in Thailand. Examples I have in mind are for any DTA that will clearly state a certain type of income is only to be taxed in the country which is NOT Thailand. Such income is not taxable in Thailand, it is exempt per Thailand Royal Decree, and per related (but not identical) examples under Thai tax law, that suggests exempt income is not to be included in the Thai tax calculation. Clearly every foreigner needs to make their own judgement call here dependent on their own financial situation, and dependent on the precise source of their income. .