oldcpu

5 hours ago, Presnock said:

well, according to all the forum comments I see, hardly anyone believes that this is a goal of the Thai Finance people.  I also realize, that some powerful people must also not be in favor of this so the debate continues.  If/when a new royal decree is published, I doubt it will be any clearer until it actually happens.

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.

11 hours ago, Presnock said:

Anyone that is not aware of it, Thailand is working to meet all the requirements for becoming a full member of OECD and as such, last year there were several articles of interviews with the officials of the TRD and Finance Office.  By googling those offices' interviews about this very fact, one can see that their goal is to include ALL tax residents' worldwide income for taxes whether or not it is remitted.

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).

1 hour ago, Burma Bill said:

For all of you who may be fed up with Thailand and its bureaucracy regarding visas, income tax and mandatory money requirements. 

For reference 23rd May 2025:

 

Cambodia's 10-year Golden Visa, also known as the CM2H (Cambodia My 2nd Home) program, 

 

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.

On 5/22/2025 at 10:44 AM, The Cyclist said:

Would be even better if it actually related to anything I have said.

 

Which is

 

1. Thai Tax Residents need to comply with Thai Tax Law, which is the Revenue Code.

 

2. DTA's / Certain Visa's / Certain others, may exempt you from paying tax in Thailand, depending on the source of Income.

I don't think anyone disagrees with that.

On 5/22/2025 at 10:44 AM, The Cyclist said:

None of them give you a blanket amnesty from complying with Thai Tax Law.

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.

1 hour ago, The Cyclist said:

So I file Tax Return as required by Law and then 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.
 

If I have a non Government pension, I also file a tax return, provide evidence of tax already paid in the UK, and will be issued with a ax credit that will be offset against any Thai Tax liability.

 

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. 

13 minutes ago, The Cyclist said:

 

Thank you. And this is the important part.

 

Exempt from tax

 

Not exempt from complying with Thai Tax Law if you are a foreigner who is a Thai Tax Resident.

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.

13 minutes ago, The Cyclist said:

 

The Revenue Code is Thai Tax Law - Agreed ?

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?

13 minutes ago, The Cyclist said:

Royal Degrees / DTA's / Some Visa's - Will provide exemptions to the Thai Tax Law, applicable to some people.

 

They do not exempt anyone from complying with Thai Tax Law.

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.

3 hours ago, The Cyclist said:

 

And that is where the misconceptions come from.

 

DTA's do not define what is assessable or not assessable income under Thai Domestic Tax Law.

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.

3 hours ago, The Cyclist said:

 

The Thai Revenue Code is Thai Domestic Tax Law. It defines what assessable income is, and neither does It doesn't need to know what 61 DTA's are.

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.

3 hours ago, The Cyclist said:

The people who are Thai Tax Residents, who fall under the Revenue Code needs to know what their particular DTA is.

Absolutely !!  On that we are in full agreement.

4 hours ago, The Cyclist said:

 

And Thai Domestic Policy / Law applies to all foreigners that stay more than 180 days in a tax year.

 

That you have " Exempt income / only taxable in XX Country " by dint of a DTA / Specific Visa / other is separate from Domestic Tax Policy Law.

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?

4 hours ago, The Cyclist said:

 

The RD will work on the legalities of what is written in the tax code, what is written in DtA's / Visas / others is secondary. If, I repeat if, they come knocking at your door.

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.

. 

1 minute ago, NoDisplayName said:

 

No feeding!

 

The scent of fresh assessables will bring out He-who-must-not-have-filed!

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.

.

19 minutes ago, The Cyclist said:

DTA's do not mention " Assessable Income " The reason for that is simple.

 

" Assessable Income " is a term specific to Thai Domestic Tax Policy / Law. A DTA is an International Agreement, totally separate from Thai Domestic Tax Law / Policy.

 

I also understand what has been happening for the past 15 years  and how many would come to that view. What happened in the past ( Where nobody cared less ) is not an indication of how things will continue in the future.

 

The 2 must be seen as seperate entities.

 

* An International agreement

 

* Thai Domestic Tax Policy / Law, which now applies to anyone who spends 180 days or more in Thailand in a tax year.

 

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.

.

5 hours ago, The Cyclist said:

What DTA's do not do. Is exempt you from complying with Thai Domestic Tax Policy / Law if you are a Thai Tax Resident.

 

And we all know what the thresholds are for filing a tax return.

 

I can fully accept that the term " Assessable income " is currently as clear as mud.

 

A DTA does not state that XX income is considered " Non Assessable Income " under Thai Tax Law. They normally state only taxable in XX Country.

 

Despite what happened for years and decades. The term " Only Taxable in XX Country " has never meant " Non Assessable " in Thailand.

Yes ... but as likely you note Royal Decree No. 18 B.E. 2505 (1962) which notes per specifics in some Double Tax Agreements (DTA), some types of foreign income for some countries can be tax exempt in Thailand. 

The view of many is that means exempt from the Thailand tax calculation, and hence is not to be considered assessable income.  Obviously this depends on the wording of he DTA.

2 hours ago, JackGats said:

Wealthy Pensioner's. TRD showed no willingness to consider the LTR exemption (Royal Decree). In my eFiling I had uploaded the Royal Decree in Thai, the TRD-instruction in Thai regarding said Royal Decree, and a screenshot of "no tax on foreign assets" from the LTR website. TRD staff printed out these 3 uploaded documents because I saw the print-outs with my own eyes in the paper file when I visited the TRD office.

Interesting.  I wonder what BoI would think about that?  

Still, as pointed out, its likely not worth the effort to chase down this further.  Even though its been around new for a few years, not all Thai government organisations know how the LTR visa should be handled. 

While not taxation related, when I first went to apply at the local transportation department within the past year (for the province where I live in Thailand), for an International driver's license,  I was initially refused.  My Thai wife and I chatted with the head of this government branch office and they noted if I was on a Type-O/OA visa they would allow me to get such, but not on an LTR visa.  Why?  Because the current procedures did not list the  LTR visa for such.  After a very polite chat I noted I would chat with BoI to see if they could better promulgate their policy with regard to the lTR visa and International Driver's licenses.   The head of the local Transportation office noted on their "end" they would check up their (transportation department) chain.  A few hours later when back at home, my wife received a phone call from the Transport Office saying, come in to the office and they would allow me to obtain the International Driver's licence.  The branch head checked, found LTR Visas could get such a license, but the procedures had not yet been updated across Thailand.

While this (taxation) is very different, I wonder if there is something similar taking place, where procedures relation to taxation of LTR visas has not yet been updated to all provincial tax offices.

2 hours ago, JackGats said:

I filed PND 91 for dividends. When I visited TRD in order to get the excess dividend tax refunded, I was asked about my remittances. I hadn't mentioned my remittances in my filing as I had assumed they were tax-exempt as per LTR visa. TRD ignored LTR and went on to tax my remittance. I paid nothing as the tax on my remittance and the refund I was entitled to canceled out. I didn't claim any DTA benefits (I wouldn't even know which DTA, if any, applies in my case).

Reads to me that TRD may have made a mistake, depending on which LTR you have.

2 hours ago, JackGats said:

 

By the way, does somebody know whether you can claim a refund of overpaid dividends if you are not a tax resident of Thailand, ie if you staid less than 180 days?

I suspect you can if you can prove over paid. But I don't know for certain. 

While I have a Krungsri Exclusive card, I was curious if I could also obtain a Krungsri Visa Infinite card, if, and only if, I could get the bank manager to waive the 3,500 THB annual fee for the Krungsri Visa Infinite card.  The 'argument' I tried was that in addition to having the amount in Krungsri to qualify for the Krungsri Exclusive card (via cash deposit and Krungsri operated mutual funds), I also had pension income (albeit foreign) ~$60k US equivalent/year, and it will exceed ~$80k US starting next year.    So I asked given that, would they waive the 3,500 THB/year if I applied for the Krungsri Visa Infinite Card (this card comes with an extra airport lounge access, and possibly (I need to confirm) rental car insurance coverage).

The bank manager was happy for me to apply for the card, BUT advised no waiving of the 3,500 THB annual fee.  If my income had been income from Thailand, the bank manager may have waived the annual fee, but not with my income being foreign income.

Oh well - it was worth a shot.

I used my SCB planet card for the first time, albeit it took me 3x before I succeeded with a foreign payment (not in Thai baht).

The first time the SCB planet card transaction was blocked because by default it is set to block all foreign transactions.  So I changed that.  The second time the SCB planet card  transaction failed, as I had not pre-deposited enough funds in the Planet card account to pay for the transaction (I had MORE than enough in my SCB savings account).  So I transferred funds from the SCB savings, to the SCB planet card account, and tried again a 3rd time to do a foreign transaction, and this time I succeeded.

53 minutes ago, chickenslegs said:

I do not have a credit card. I visit the UK about once a year and always rent a car. All the rental companies accept a debit card, but it must have your name on it (i.e.- not just an ATM card). I think most Thai banks can issue a named debit card - Bangkok Bank certainly do.

 In Derry in Northern Ireland, they refused to accept a visa debit card with my name on it. 

I ended up using a Bangkok Bank platinium credit card instead to book the car. 

It may depend on the car rental company re: debit card acceptance.

4 minutes ago, Yumthai said:

If your net worth is at least $1 million, you are wealthy by western standards.

I guess its all relative.  I would consider one needs to be more than a basic (dollar) multi-millionaire to be wealthy.

For example, the average home price in Greater Vancouver, Canada, is $1.2 million dollars.  Does that mean the average person owning a home in Greater Vancouver is wealthy? 

Not in my view.

But I guess it is all relative.

4 minutes ago, save the frogs said:

 

With credit cards, there is fraud protection. With debit cards, is there any? 

 

 

I suspect it depends on the card.

On 5/6/2025 at 5:49 AM, advancebooking said:

I now have the SCB planet travel card and about to get the Kasikorn journey travel card (debit cards). Ktb travel cards are not continuing for farang after June.

 

I also recently acquired the SCB planet card.  Until now I have been using my Wise card for foreign currency transactions, but I may now use SCB planet card for some so to quickly reach a 20,000 baht transaction point.

My understanding is that the perks of the Thailand SCB bank Planet card include:

• It has some, global currency flexibility, providing multi-Currency Support. One can store up to 13 currencies on a single card, including USD, EUR, JPY, SGD, CNY, HKD, GBP, KRW, AUD, TWD, NZD, CHF, and CAD.
•  It claims to offer competitive Exchange Rates: Exchange currencies at rates comparable to leading money changers
• it claims no Foreign Transaction Fees: Make payments in any currency worldwide without incurring the typical 2.5% foreign currency conversion fee.
• it claims ATM Withdrawals: Withdraw cash from ATMs worldwide displaying the VISA logo, with a daily limit of up to 300,000 THB.
• It has a daily spending limit: Spend up to 500,000 THB per day on purchases.
• it is Lifetime Free Annual Fee
• it provides free complimentary travel insurance coverage for up to 10 days, provided by CHUBB (some conditions apply).
• currently if one spends a foreign currency amount of at least 20,000 baht, it will provide one with (quantity one Dragon pass) airport lounge access.  This is during a campaign period and I suspect that it could be temporary.

I may have some of that wrong above - but that is my current understanding.  I travel internationally a bit, so i suspect I will be using the one Dragon Pass one can get from it (I also obtain two Dragon Pass yearly from Krungsri Exclusive and two Dragon Pass yearly from a foreign bank credit card).

9 hours ago, advancebooking said:

You are misinformed about GSB pink bank. Actually my wifes friend works in the local branch and we think she has high integrity. She told us that many VERY wealthy people in Thailand trust GSB and put massive deposits with them. This is not some story Im making up.

Misinformed about GSB in what regard?  In the regard that it cannot collapse?  All banks can collapse, Government or not Government.  It is just some are more likely than others to have issues in bad financial times.

With regard to your wife's friend, ... her friend having a good job in a good bank is in my view an excellent and solid career.  Well done !!  I know a couple senior bankers (outside of Thailand), they are good people and they did very well financially.  Obviously thou, they would never say anything negative about their bank's finances that could be then quoted in public. Nothing.  So if judging a bank, other criteria is needed, in my view to judge a bank, than just the view of the employees.

With regards to very wealthy people putting their money in GSB.  Sure.  Of course. But all their money in GSB.  No. In my view not a chance.

I know some wealthy people and they have MULTIPLE accounts in each of the major Thai banks.  They diversify. 

However for them trying to stay under 1-million baht in any one bank is simply not practical for them, if they want more liquidity.  So they spread their money across multiple banks (which means significantly over 1-million THB in multiple banks).  I don't consider myself wealthy, but that is what I do (more outside of Thailand than inside).  I have accounts in a few Thai banks (and more foreign bank accounts), and I note (with exception of SCB where I just opened an account) Krungsri is my smallest account, and yes, I do qualify for Krungsri Exclusive status.

Looking back to Thailand's history, its true in the 1997 the Government Savings Bank (GSB) was only moderately affected, compared to some others.  At the same time, I note that Krung Thai bank (one of Thailand's largest state-owned commercial banks) had major issues.

I also understand that Kasikorn Bank (known as Thai Farmer's Bank at that time) in 1997 faced serious issues, with the bank dissolved in year 2000 due to the financial fallout from the 1997 Thai financial crisis, and it was later rebranded as Kasikorn Bank.  Today it is one of Thailand's largest commercial banks, and my understanding is that operates to a much higher standard than 30 years ago.  

With regard to the major (ie largest) Thai banks in 1997, my understanding is that none of the depositors of the major Thai banks were directly impacted in terms of losing savings in 1997.  Only the very small Thai banks had depositors hit the hardest, where for some they faced restricted access to funds for months. I believe that Thailand also did not have a formal deposit insurance scheme at the time.  

So perhaps GSB gave some piece of mind in 1997, but regardless, those with savings holdings in the large Thai banks were also pretty much ok then.

Now, one might say that Thailand was 'lucky' (?) in 1997.  Some other countries have had government banks and government controlled banks fail. ... Yes government banks.  ...   Some examples that come to my mind, and perhaps you know of more:

1.  Banco Nacion (Argentina) 2000 to 2001 - savings withrawals were restriced and frozen in cases.
2.  Gosban (Soviet Union) 1991 collapse - depositors in rubles lost much of their money through hyperinflation and currency collapse
3.  IDBI Bank (India) pre-2004 and after.
4.  Laiki Bank (Cyrus) 2013 - Depositors lost funds above the 100,000 euro insurance threshold
5.  Multiple State Owned banks (Zimbabwe) - 2000s - depositors lost much of their money through hyperinflation and currency collapse, bank withdrawal limits, official "dollarisation" (2009) where those who didn't have foreign savings lost much of their savings

BACK ON TOPIC - In regards to what Thai Bank credit cards AseanNow forum members have, I want to point out to achieve Krungsri Exclusive, it does not have to mean 5-million sitting in Thai baht cash in Krungsri (rather the financial asset can be in different forms). I think that point was lost.  My OWN experience is that mutual funds, managed by Krungsri also contribute to the qualification for Krungsri Exclusive and those mutual funds come with their own separate risk (like any mutual fund has risk).  So one's 5-million in Krungsri need not be all in Thai baht cash.  For example (I speculate) possibly one could have 1-million THB in cash, and much more in a Krungsri managed mutual fund to exceed the 5-million combined.  For this qualification, one would need to chat with the Krungsri branch manager at one's local bank.

Now, if you have heard up to date financial bad news specifics against Krungsri (or against any other Thai bank's) regarding their solvency, I think all in this forum would be most interested.

But again, in regards to the topic you started (on Credit Cards), I think we are all curious about what Thai bank credit cards people have, and curious about the benefits ... (and less curious about the bank financial details, unless one has solid news to point to that a bank is in trouble).  

Obviously, that is just my opinion.  Best wishes to all, and I am curious as to what Thai credit cards other have.

3 hours ago, advancebooking said:

But you put 5mill with a crappy second tier yellow bank. Please have some sense and move it to GSB govt bank. 

You seriously believe that 'guarantee' will be honored by GSB when economy goes south that Thai banks are threatened?  Again - I remind you of Iceland and what transpired.  GSB offers nothing extra really, in terms of protection.  I may have swamp land in Florida to sell you ... < just kidding >

Other than a misplaced sense of security, what benefits does GSB give you for basically the same risk (compared to Krungsri exclusive benefits)?  

I do note your max 1-million per bank is a sensible strategy if that is a sensible limit for one's funds  ... but without going into detail on my Finances, even if I massively raise the limit you adopt to 5-million THB per bank, Thailand does not have enough banks for me to adopt such a strategy,   As I stated, aside from SCB where I just opened an account, Krungsri is my smallest account (where a good portion of that amount is in Krungsri bank managed mutual funds)..

Given the number of banks, and insurance on deposit aspects, I also use overseas banks (which is not as easy as it sounds given my being a resident here in Thailand).  ...

Further, after a while, when one gets too many bank accounts,, management of funds becomes a PIA, so there are limits as well to diversification.

Finally,  I caution everyone reading, do not naively believe GSB will protect one more than other banks when/if economy goes seriously south. There is no guaranteed protection, despite what one might read.

So back to getting on topic ...

Krungsri Exclusive credit card offers some good benefits.  I have yet to find a Thai credit card that can match Krungsri, with similar (or less) deposits AND without requiring massive spending on the credit card.

Perhaps others can share why they prefer their credit card in terms of benefits.

57 minutes ago, advancebooking said:

No disrespect intended but do you realise that they are just fooling their customers with the gimmick offers. They hold your huge 5milliion deposit with great benefit knowing that anyone who actually does this has huge risk to themselves in the event of the bank going bankrupt.

No offence taken.

No disrespect, but you did read that for my LTR visa I am required to have a minimum of $100k US$ equivalent in only one bank anywhere in the world for self health insurance.   Stock trading accounts don't count.

Also, the amount ABOVE the LTR visa requirement, needed to top up to meet the Krungsri Exclusive 5-million, can be an investment managed by Krungsri (mutual fund or other).    Ok ?

57 minutes ago, advancebooking said:

Smart and wealthy thai people hold such money with the gsb bank (pink bank) bc they know the govt owns it and unlimited guarantee of deposits.

Sure - tell that to holders of Iceland government bonds who years back lost their shirt.

With respect, smart and wealthy people do not do what you thought/think.

Smart and wealthy people diversify their money across many financial institutes. 

I don't claim to be smart nor wealthy , but I do know a few who are, and like them I have diversified massively via many banks (mostly outside of Thailand).  Krungsri bank money is my 2nd smallest bank holding (my new SCB is my smallest).

This is all relative. 

I would never in 1,000 years put all my money with ANY institution, much less than ANY gsb bank (pink bank), just because some government claims unlimited guarantee. 

When push comes to shove, there IS NO SUCH GUARANTEE.  Again - go back in history - look at Iceland.

Frankly, and again, no disrespect, but if keeping 5-miilion THB in Krungrsi is a concern, and if it could cause you or anyone else concern, then do NOT adopt the approach I made.

I had thought i was clear when I stated that "this card is likely only for those with a bit more wealth".  I do not believe that statement of mine was understood.  Perhaps now I have clarified this better.

Is this thread intended to be limited to only those who need to worry per your observation?

I have  Krungsri Exclusive creditcard.  To qualify for their absolute lowest category,  one needs 5 million Thai baht deposited and/or invested with Krungsri, for a combined 5 million THB total in one's Krungsri accounts.  This card is likely only for those with a bit more wealth.  It comes with some perks.  Even this lower 5 million baht category provides,  but is not limited to multiple monthly free passes to a large local gym/health club (they have a list of qualifying clubs), 2 free dragon pass airport Lounge access per year, plus if flying Thai airlines 2 Royal Silk airport lounge access per year. One also gets to use the vip lounge at a Krungsri branch when doing banking.

Since I need to maintain $100k US equivalent in cash in an account anywhere in the world as part of my LTR Visa ( for my self health insurance) then given I have that with Krungsri, I only had to add a bit more to meet the 5 million THB requirement.

I also recently opened an account with SCB and I have applied for a Planet travel card. I believe one of its perks is one lounge access ( priority pass? or dragon pass? ) after the first 20.000 THB equivalent of foreign currency purchase.

On 4/28/2025 at 11:26 AM, JackGats said:

...

After that another officer came to me and said this is not enough, we need copies of all your foreign revenues. I politely produced a thai version of the Royal Decree exempting me from any Thai tax on my foreign income, including remitted one. She didn't outright dismiss the Royal Decree, only saying ใช่, but it was obvious she didn't want to go into it. I then asked what I thought was a clear question in Thai: แล้วก็เงินที่อยู่ในประเทศเยอรมันโดนภาษีที่ไทยด้วยไหม (and does the money that is in Germany also get taxed in Thailand?)

 

Her answer was a positive-sounding ใช่. So there it was, I'd come for over 1K euros in dividend refund and I found myself hit with tax on my worldwide income.

 

Sometimes the real story can be difficult to find out.

I suspect your being on the LTR took them by surprise and that there was major 'face saving' on their part going on (refusing to admit a mistake). They did not not want to admit that your original assertation (that your remitted foreign revenues remitted to Thailand don't matter if on LTR_WP) was correct. Possibly they even made more mistakes to cover up their original mistake.

For the western mindset (like mine) this means one has to be very careful - even if one is correct.  Especially when dealing with Government officials, one needs to try to thread the needle (or 'stickhandle' as we say in Canada), to have the correct legal approach adopted, and to try and ensure the Government official does not lose face.  I concede that can be difficult at times, especially if the government official gets too stubborn in regards to a mistake they may have made.  

Sometimes smiles all around (despite wrong info from the Government) with a polite request to double check with other officials (or sources) can be the way to proceed, but that too is fraught with risk, possibly causing an even more loss of face.

As the saying goes "This Is Thailand".