800,000 in bank

[skatewash]

1 hour ago, Longcut said:

In Roi et, immigration still requires you to report on your return to update TM30 and then receive a new report date.

You receive a new 90-Day Report due date automatically whenever you re-enter Thailand.  That day is counted as Day 1.  You don't need to report to immigration to get that new report date.  The TM30 is a separate matter:  some people file it online, some in person, and some offices don't seem to require it (yet).

[Old Croc]

2 hours ago, wgdanson said:

My comment was meant to be marginally funny. Sorry I forgot LOL

As with most of your material, you succeeded.

[Longcut]

45 minutes ago, skatewash said:

You receive a new 90-Day Report due date automatically whenever you re-enter Thailand.  That day is counted as Day 1.  You don't need to report to immigration to get that new report date.  The TM30 is a separate matter:  some people file it online, some in person, and some offices don't seem to require it (yet).

You are right. The date is automatic. They just put a new slip in my passport with a new date just as a courtesy I believe. But, they do want a new TM30. At least they have from me.  I must say, they are very pleasant in that office.  

[tgeezer]

You receive a new 90-Day Report due date automatically whenever you re-enter Thailand.  That day is counted as Day 1.  You don't need to report to immigration to get that new report date.  The TM30 is a separate matter:  some people file it online, some in person, and some offices don't seem to require it (yet).

Some people don’t file and there is no ‘yet’ about it. If people consistently assert that Immigration is failing in its duty then there is a danger that Immigration may be convinced and expand the requirement to me! I have no complaints to make about Immigrations performance in respect to either TM 30 or TM 40.


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[Yellowtail]

5 hours ago, jacko45k said:

Only on a FD account, not a savings account. 

Also 1200 withholding tax would be removed.

A fixed account would likely pay something more. In any event, it would cover the 400 baht in fees discussed.

 

There is a minimum (maybe 10,000?) you have to earn in interest before they start withholding. Not sure what it is. 

[GroveHillWanderer]

6 hours ago, jacko45k said:

Only on a FD account, not a savings account. 

Also 1200 withholding tax would be removed.

No, not only on a fixed deposit account. THE TMB No Fixed account for example, currently pays up to 1.6% interest. The withholding tax can be reclaimed.

Edited February 10, 2019 by GroveHillWanderer

[jacko45k]

5 hours ago, skatewash said:

That's odd, I and I think everyone else who has one, earn 1.3% (currently) on a Mee Tae Dai savings account at Krungsri Bank.  Not a fixed term account so I never have to file a Thai Income Tax return to get the withheld interest back as there is no interest withheld.

That seems very good, I think my BB one only pays 0.5%. And not having interest taxed looks good too!

Although are the withdrawals not limited to 2/month to maintain that interest level? Or they make a charge or something? Also last time I read the T&C it said witholding tax is taken each month. If the interest rate of 1.3% represents an annual compounded figure, tough to calculate!

Edited February 10, 2019 by jacko45k

[jacko45k]

3 hours ago, Yellowtail said:

A fixed account would likely pay something more. In any event, it would cover the 400 baht in fees discussed.

 

There is a minimum (maybe 10,000?) you have to earn in interest before they start withholding. Not sure what it is. 

Probably 150,000 pa, but they take it off first and you have to claim it back! Well they do mine!

[jacko45k]

2 hours ago, GroveHillWanderer said:

No, not only on a fixed deposit account. THE TMB No Fixed account for example, currently pays up to 1.6% interest. The withholding tax can be reclaimed.

Good account, but are there any restrictions on withdrawals, or other terms?

Yes I understand tax can be reclaimed, although then you may open yourself up for taxation on pensions.

[Yellowtail]

5 minutes ago, jacko45k said:

Probably 150,000 pa, but they take it off first and you have to claim it back! Well they do mine!

 

With my Krunsri regular (lower value, lower interest) savings account they have never deducted for taxes.

 

With Krungsri Max Savings (higher value, higher interest, one withdrawal a month) savings account they didn't start deducting until (I think) April or May. I believe until you earn about 10K in interest in the calendar year, they do not start deducting.

 

It looks (right now) that most of the banks are paying ~0.5% on regular savings and 1.35-1.7% for 12-24 month fixed accounts. Some people claim to be getting as much as 2.5%.

 

 

 

[ChouDoufu]

37 minutes ago, jacko45k said:

Good account, but are there any restrictions on withdrawals, or other terms?

Yes I understand tax can be reclaimed, although then you may open yourself up for taxation on pensions.

that could wind up being a problem.  savings account interest is not taxed (under 20k?).  fixed account interest is taxed at 15%.  dividends are taxed at 10%.  (cap gains are not taxed.)

 

i got my TIN with problem.  then came trying to file for a refund.  lad phrao office was telling me i had to pay tax on all my income.....which for the first reviewer included the 800k transfer for the retirement extension deposit.  her interpretation:  if it comes into thailand, then it's in-come. 

 

that was cleared up at a higher level, but what happens to the monthly transfer folks without an embassy letter or at least a pension statement?  if the regulation says to show monthly income coming into thailand........

[skatewash]

32 minutes ago, jacko45k said:

That seems very good, I think my BB one only pays 0.5%. And not having interest taxed looks good too!

Although are the withdrawals not limited to 2/month to maintain that interest level? Or they make a charge or something? Also last time I read the T&C it said witholding tax is taken each month. If the interest rate of 1.3% represents an annual compounded figure, tough to calculate!

Withdrawals (and balance checks) are unlimited, however only the first two are free, each one after that costs 50 baht.  There's no automatic interest withholding like there is a fixed-term deposit.  I can't find the number now online but from memory when your interest exceeds 20,000 baht 15% withholding kicks in.  Keeping a balance above 800,000 is certainly possible without triggering the interest withholding.  Interest withheld can be claimed at the beginning of a new year.

 

The interest is compounded daily, paid into the account monthly.  Interest is earned on the amount withdrawn up to the time of withdrawal, which is not true of fixed-term deposits (in which interest is lost for any withdrawal).

 

I maintain two Thai bank accounts:  the Mee Tae Dai savings account at Krungsri Bank for my retirement extension, and regular savings account at Bangkok Bank that I use to receive international transfers and to pay daily living expenses.  I transfer money from Bangkok Bank to Krungsri Bank to top up my retirement extension account once a year and then would do one or two monthly withdrawals from the Krungsri Bank account over the course of the year.  I will need to watch not to drop below 800,000 baht during the new 5-month seasoning period and not to drop below 400,000 during the entire year.  Krungsri online banking lets me set up a weekly balance email to help keep me aware of not falling below any thresholds, but as explained above there's not much activity in that account.  (Low activity is a good thing I think because it makes immigration's job of determining whether the balances exceeded the required thresholds during the previous year easier.)

[jacko45k]

33 minutes ago, ChouDoufu said:

savings account interest is not taxed (under 20k?)

My BB savings account interest does not reach 20k, but is taxed at 15%, the interest is deposited in 2 lots. The first one (June) without tax removed , then another in December, and with-holding tax is then taken at 15% on the sum of both.

Perhaps my tax kicks in based on total of all accounts interest?

Edited February 10, 2019 by jacko45k

[ChouDoufu]

3 minutes ago, jacko45k said:

My BB savings account interest does not reach 20k, but is taxed at 15%, the interest is deposited in 2 lots. The first one (June) without tax removed , then another in December, and witholding tax is then taken at 15% on the sum of both.

you'd need millions in savings to reach 20k and 15% withholding!  do you have fixed account interest as well?  could perhaps be total of all accounts?

[jacko45k]

4 minutes ago, ChouDoufu said:

you'd need millions in savings to reach 20k and 15% withholding!  do you have fixed account interest as well?  could perhaps be total of all accounts?

Yes, I believe that is the case.