best bank for a savings acc. of 1M THB

[simon43]

Not much help to the OP, but I receive 6% pa interest on my savings A/C with a Belgian-French backed bank in Laos, with government protection.

[Lacrimas]

12 minutes ago, simon43 said:

Not much help to the OP, but I receive 6% pa interest on my savings A/C with a Belgian-French backed bank in Laos, with government protection.

I noticed too that Laos has very high interest rates but I don't live there and the communist government scares me a bit

[Just Weird]

3 hours ago, saengd said:

3 hours ago, Lacrimas said:

Pfft, a quick research in Thai and you will find that it is a very bad idea to put your money in their banks. 

https://pantip.com/topic/30522397

You are free to throw your money out of the window though. 

You provide a link to a social network site dated 2013....really!

...in Thai!   And it's an anonymous forum, just like Thaivisa and, therefore, full of "information" that's just as reliable as Thaivisa posters' information!

[Lacrimas]

5 minutes ago, Just Weird said:

...in Thai!   And it's an anonymous forum, just like Thaivisa and, therefore, full of "information" that's just as reliable as Thaivisa posters' information!

Sorry if I CAN read Thai and sorry if those sources are far more reliable than a bunch of farangs speculating!

[Just Weird]

1 hour ago, saengd said:

Earnings from 0 to 150,000 baht per year are free from tax, 150,000 to 300,000 are taxed at 5%.

Those are the income tax rates, not withholding tax rates on savings.

[Just Weird]

12 minutes ago, Lacrimas said:

18 minutes ago, Just Weird said:

...in Thai!   And it's an anonymous forum, just like Thaivisa and, therefore, full of "information" that's just as reliable as Thaivisa posters' information!

Sorry if I CAN read Thai and sorry if those sources are far more reliable than a bunch of farangs speculating!

This is an English language forum, how many of us do you expect to be able to read Thai well enough to debate credit unions and interest rate analysis?   (Cue all the usual suspects chiming in with, "I can read Thai also"!)

 

What is so much more reliable about a bunch of anonymous Thais speculating as opposed to a bunch of foreigners doing exactly the same thing?

[saengd]

1 hour ago, Lacrimas said:

Yes but those are regular earnings from working not interest earnings. 

I edited the post but after you quoted me, the numbers are 0 to 150k = 0%, 150k to 300k = 5%.

 

Personal income tax includes earned income from employment AND interest on bank accounts.

 

https://www.rd.go.th/publish/6045.0.html

[saengd]

14 minutes ago, Just Weird said:

Those are the income tax rates, not withholding tax rates on savings.

The OP asked how much of his interest would he pay tax on.

[Just Weird]

3 minutes ago, saengd said:

The OP asked how much of his interest would he pay tax on.

I know he did.

[saengd]

1 minute ago, Just Weird said:

I know he did.

So the witholding rate is 15%, tax is zero as long as it's under 150k or 5% if 150K to 300K, assuming he files a tax return and has no other taxable income.

[Guest]

On 2/10/2020 at 7:50 PM, IvorBiggun2 said:

A Credit Union fixed term will give you 6% if in your Thai wife's name. For your extension put it in your name at 4% interest accessible anytime.

Even if this were true (which I doubt, and also .. there are taxes on these accounts) ... the funds for Visa must be in your name, and I don't believe a fixed account qualifies anyway.  In every year, there are ample opportunities to make a lousy 3% ... simply by buying gold bullion ... on which there is NO tax on the profit.

[IvorBiggun2]

26 minutes ago, bangkokequity said:

I don't believe a fixed account qualifies anyway. 

Fixed term accounts are acceptable. They usually want to also see an ordinary account book with movement in it. 

 

29 minutes ago, bangkokequity said:

Even if this were true (which I doubt, and also .. there are taxes on these accounts) ... the funds for Visa must be in your name, and I don't believe a fixed account qualifies anyway. 

Of course there's taxes. What do you want me to do, work them out for you? And my money for my extension is deposited in MY account 3 months prior to application. Please read previous posts. It helps.

[saengd]

42 minutes ago, bangkokequity said:

Even if this were true (which I doubt, and also .. there are taxes on these accounts) ... the funds for Visa must be in your name, and I don't believe a fixed account qualifies anyway.  In every year, there are ample opportunities to make a lousy 3% ... simply by buying gold bullion ... on which there is NO tax on the profit.

Use of fixed term deposits is acceptable by most Immi. office and widely used by many people, I've used them for visa renewal purposes since 2004.

[Guest]

16 hours ago, IvorBiggun2 said:

Fixed term accounts are acceptable. They usually want to also see an ordinary account book with movement in it. 

 

Of course there's taxes. What do you want me to do, work them out for you? And my money for my extension is deposited in MY account 3 months prior to application. Please read previous posts. It helps.

I love how you guys ask for advice, then get your feathers all ruffled because we can not read your mind.  your post said you wanted to use another person;s account .. and by the way ... in a fixed account .. the money needs to STAY put for the duration.  And ... another lesson ... it is not funds only BEFORE the visa renewal. there are also month AFTER required.  As for the taxes portion .. what I am saying is for all the headaches .. and what you will NET ... is it worth all this hassle?   But no worries, clearly you are not here for informed input, just someone to tell you you are right.  So here.  You are brilliant and your strategy is perfect in every way!  Best Of luck!

[Guest]

16 hours ago, saengd said:

Use of fixed term deposits is acceptable by most Immi. office and widely used by many people, I've used them for visa renewal purposes since 2004.

I love it "by most" immigration offices ... until the day they DON'T.  Enjoy that.

[saengd]

3 hours ago, bangkokequity said:

I love it "by most" immigration offices ... until the day they DON'T.  Enjoy that.

I personally don't know of any that don't, I'm sure there's probably one somewhere that's stuck in the stone age, mine always have for the past 18 years.

[IvorBiggun2]

2 hours ago, saengd said:

I personally don't know of any that don't, I'm sure there's probably one somewhere that's stuck in the stone age, mine always have for the past 18 years.

So's mine in 14+ years. I once had my Retirement Extension monies in 2 separate bank accounts but the sum together was what was required. A new staff member refused to accept it saying 'it had to all be in one account. The officer in the adjacent desk lent over and corrected him. I got my extension. Nothing to do with this thread really but I just thought I'd mention it.  ????