Another nice little earner for Thailand in relation to the "money in the bank" extension requirements...

[moontang]

This has been beaten to death, except for BBL taking it out of pass book accounts.. easy to get a refund.. I went to the main revenue office by KSR this year, and live in Nonthaburi.. the KTB thing is plain stupid, but it is a good reminder to never open an account there as it is now a quasi homeless shelter, where the poor line up for pittances.  If you are 55, you can get the cimb fixed deposit that does not take out, up to 1.5 million deposited.. I got 1.75% on a 12 month.. About 650 THB per month, depending on the number of days in the month, on 450,000, which I did to avoid a situation where the entire 800k matures at once. Getting 2.5 on 100k, and 2.0 on 300k...not doing much better in the US, but I did get a 13 year at 4% with HSBC last year. 

[StayinThailand2much]

4 hours ago, Brer said:

I updated my bank book last week, I have an entry in my book for interest paid however there is no adjustment for 15% withholding tax. Just wondered if it’s already deducted, anybody have any comments on how you notice.

Banking with Kbank.

Your Kbank passbook should show interest received around the end of June, with the next entry being the tax deducted on the same day. At least it showed like that in my passbook. 

[dcnx]

5 hours ago, rawhod said:

It appears that the 20,000 Baht tax free interest limit applies to Thai customer accounts but not to Foreign customer accounts.

???? it never ends 

[BertM]

2 hours ago, mahjongguy said:

I just found this on page 6 of IRS Publication 514.

https://www.irs.gov/pub/irs-pdf/p514.pdf

 

Foreign tax refund.You cannot take a foreign tax credit for income taxes paid to a foreign country if it is reasonably certain the amount would be refunded, credited, rebated, abated, or forgiven if you made a claim.

Thanks for researching... I read that earlier when I researched and noticed it said "income taxes paid to a foreign country", but nothing about passive income such as interest earned in bank accounts and the 15% withholding taxes. I assume that's why PwC allowed the credit. They must know what they are doing. It's not enough for me to worry about. I'm changing to marriage this year and shouldn't have much more than 500 THB in withholding taxes.

Thanks again for your time... Kindly...

Edited July 25, 2019 by BertM

[Orton Rd]

4 hours ago, Sparkles said:

KrungThai apparently didn't tell their staff as the teller was initially non plussed and called out to the Manager.

 

She immediately made a call to Bangkok and it was clear she hadn't been briefed either.

Sums up Thailand's banking system but all done with smiles and apologies

 

Had the same clueless performance at Kkungsri, passing the book round from one to another and ends up with the manager who told me it was stopped for foreigners only. Got an email from HQ later with the proper explanation, staff training and issuing information on tax changes seems to be a strange foreign idea here!

Edited July 25, 2019 by Orton Rd

[simon43]

Slightly off-topic, but this is the savings interest rate that's available in Laos, where I'm relocating to in the next 3 weeks.

 

The interest rate is only for Lao Kip currency. 

 

Before anyone suggests that one must be mad to put funds into a Lao bank account, can I point out that like banks in Cambodia who offer similar savings rates, none of these banks has ever crashed.  Granted, I wouldn't put 1 million dollars into these savings accounts, but the equivalent of say $20,000 will earn a nice interest sum each year.

 

Foreigners can open these savings accounts, but must have a Lao work permit, (ie be living in Laos).

 

 

[BritManToo]

12 minutes ago, simon43 said:

Before anyone suggests that one must be mad to put funds into a Lao bank account, can I point out that like banks in Cambodia who offer similar savings rates, none of these banks has ever crashed.  Granted, I wouldn't put 1 million dollars into these savings accounts, but the equivalent of say $20,000 will earn a nice interest sum each year.

I'd be more worried about the Kip becoming worthless than the bank crashing.

You can get 6% on a USD account in Cambodia.

Edited July 25, 2019 by BritManToo

[moontang]

Bond funds in the US can pay over 7...blackrock multi sector BIT and HYT.. I did hear about one of the Vietnam banks failing with no deposit insurance. 

[onera1961]

Does anybody have a Thai Dream Account (TMC bank)? As I understand it is a linked account with TMC bank's main savings account. One can only transfer 100K a month max to this account. But one can also open as many Thai Dream accounts as possible and link them to the main account. It has 2.5% interest for the first 6 months and then it drops to 2%. I plan to bring 7/8 mil in the next one year as I'm preparing to sell my Benidorm apartment and Hawaii condo. Want to get some decent interest. Any other suggestions? Initially thought about buying some lands in my daughter's (Thai) name but I think it's more hassle and not liquid enough. 

Edited July 25, 2019 by onera1961

[onera1961]

1 hour ago, simon43 said:

The interest rate is only for Lao Kip currency. 

How volatile is this currency?

[elliss]

8 hours ago, wgdanson said:

Bht 100 a month! 

 

 Thats a small beer mate , every little bit helps.

 

 

[david555]

8 hours ago, Thailand said:

Hence 800K for 6 months & 400K forever.

yep they block 33 333 baht a month  counted over a 12 month period