Can farangs get interest on savings accounts ?

Edited December 31, 20196 yr by metisdead
Topic title and content has been edited to remove ALL CAPS.

Yes.  But as for all there will be a small withholding tax deducted that can be claimed from tax office if you have a tax ID number and so desire.  As most interest is not that much might be more trouble that it is worth.

Its the end of the year today, so what is the procedure for getting a tax refund on savings account interest?

 

I have a TIN number already so I suppose I need letter detailing annual tax deducted,  issued by the bank?

 

Next step would be to go to the tax office and claim a refund.

 

Finally how is the refund paid.? I remember reading last year something about it being paid by a cheque that could only be paid into a specific named bank's account.

 

Is all that still the case. How easy will it be to get the money (and is it worth the trouble for a thousand baht or so?)

 

Probably will have to wait a few days before early claimants can report back.

Topic has been been edited to remove ALL CAPS. 

40 minutes ago, rak sa_ngop said:

 

Finally how is the refund paid.? I remember reading last year something about it being paid by a cheque that could only be paid into a specific named bank's account.

It's a couple of years ago and that time we got a cheque for Krungthai bank (KTB) by postal mail.

But you can hand it to your bank to credit.

Might take a day or so and cost a fee (can't remember).

And the topic has now been moved to the Banking forum. 

 My case was  fixed deposit account closing

you

obtain the relevant letter from tax withholding bank (they seemed to issue on the spot and knew what it was)

Submit all at local tax office 

eventually! you get check after end of tax year

pay cheque into your bank

relatively long drawn out procedure but was worth in my case as tax was about 20k 

 

small amounts not so sure 

10 minutes ago, poohy said:

eventually! you get check after end of tax year

pay cheque into your bank

Cheques were stopped some time last year - there were several threads on it. You received a letter with the choice of 3 options -

1 - prompt Pay (which did not seem possible for most foreigners

2- pay into Krung Thai bank account

3 - Go to Krung Thai bank and apply for E-card which then gets loaded with your repayment (by the bank using the bar code on your letter) and you can then withdraw from the ATM. This is what most TV posters seemed to do.

 

1 hour ago, rak sa_ngop said:

Finally how is the refund paid.? I remember reading last year something about it being paid by a cheque that could only be paid into a specific named bank's account.

 

Is all that still the case. How easy will it be to get the money (and is it worth the trouble for a thousand baht or so?)

The window to do this for this year (2019) is from January to March 2020 - although you can claim previous years as well.  

See thread from last year -