Interest for 6 months on my 800,000 baht after tax!

[bikerlou47]

734 baht..Thank you Thailand.

Now I must pay 35,000 baht for my fully vaccinated daughter to return to Thailand (QUARANTINE). Thanks again.

 

[Johnny Mac]

Well at least it's still there and you haven't been ripped off like many have for various reasons.

 

Tell your daughter to fly to Phuket.

[Upnotover]

Reclaim the tax, then you'll feel better.

[MajorTom]

If i was over 50 i would rather invest the 800K in the stock market. Even at fairly low risk profile you can get 5-10% annual profit over time. Then pay an agent 14K for the retirement visa ????

[userabcd]

In many countries the interest paid on savings is very low, not only Thailand.

 

Governments want the money spent, invested in stocks, in fixed assets and taxes paid with it.

[holy cow cm]

I just received sms message for 938 bht yesterday. But they will soon send another that will take most of that back. That is just for one of my accounts, but they sure know how to suck it back. I am not one who wants to go file for a tax id in order to get it back as not worth my time at this point. But I am getting to that point if they are low enough to keep skimming it. Any other country it doesn't even come into tax contention. 

[canopus1969]

Just be thankful the bank does not charge you a fee for looking after your money

[kynikoi]

22 minutes ago, MajorTom said:

If i was over 50 i would rather invest the 800K in the stock market. Even at fairly low risk profile you can get 5-10% annual profit over time. Then pay an agent 14K for the retirement visa ????

 

Except that's not an option for retirement visa so...you wouldn't.

[MajorTom]

31 minutes ago, kynikoi said:

 

Except that's not an option for retirement visa so...you wouldn't.

I can assure it is. You might have misread my post. I'm not suggesting to use the investment as proof of 800K.

I'm saying use an agent to get your retirement visa/extensions. No need to park 800K in a Thai bank account at almost 0 gain. (I'm aware some people don't like this option and say its semi illegal. But its certainly possible)

 

Then you are free to put your 800K into something useful and make money. It doesn't even have to stay in Thailand.

[natway09]

If you put 800,000 Bht in a bank account in Thailand at .5% you would get 4,000 Bht per year interest minus tax

In Australia in a normal bank savings you would get .05% or 10 times less interest.

Interest rates are at their lowest for 30 years all all around the world

Why are you bagging Thailand ? Go take your meds

 

 

[rwill]

On 7/1/2021 at 3:35 PM, holy cow cm said:

I just received sms message for 938 bht yesterday. But they will soon send another that will take most of that back. That is just for one of my accounts, but they sure know how to suck it back. I am not one who wants to go file for a tax id in order to get it back as not worth my time at this point. But I am getting to that point if they are low enough to keep skimming it. Any other country it doesn't even come into tax contention. 

They take 15% for the tax.  So you should end up with 797.30.

[1FinickyOne]

And your momma had to pay the hospital to have you born... and it all ends w/paying for the disposal of your remains... 

 

but you got 734 baht for near nothing... life is good... have a nice dinner out tonight. 

[tomazbodner]

In some countries in the West you now need to pay bank to keep money in the account. Stop complaining.

[rumak]

On 7/1/2021 at 3:46 PM, canopus1969 said:

Just be thankful the bank does not charge you a fee for looking after your money

 

not yet...............

[steve187]

On 7/1/2021 at 2:49 PM, bikerlou47 said:

734 baht..Thank you Thailand.

Now I must pay 35,000 baht for my fully vaccinated daughter to return to Thailand (QUARANTINE). Thanks again.

something wrong there, i got 612thb after tax last month

On 7/1/2021 at 4:32 PM, MajorTom said:

I'm saying use an agent to get your retirement visa/extensions. No need to park 800K in a Thai bank account at almost 0 gain. (I'm aware some people don't like this option and say its semi illegal. But its certainly possible)

not semi illegal, someone taking a back hander to turn a blind eye to the requirements.

[Rinrada]

Got about the same on 800K then 200 Bt off for the yearly card fee. New non Immi "o" marriage extension due in August/Sept so more than enough to play with.. 

[khunPer]

On 7/1/2021 at 9:49 AM, bikerlou47 said:

734 baht..Thank you Thailand.

Always look at the bright side of life: In some European countries you would have paid the bank to take care of your money, it's called "negative interest", in my Scandinavian home country I pay -0.6 percent pro anno plus a fee for having a bank account - I'm so happy to get positive bank interest here and only pay 15 percent tax on the interest, if I had stayed my home country I would in average be taxed 38 percent on interest; thank you Thailand...????

[Deerculler]

If you don't use an account in a bank after a certain length of time.

They charges service fee.

 Even though they are using your money.

 Banks are very, very greedy.

[nickmondo]

I have got 1.7 million in Krungsri Account, Saving, but no risk, can make 2 withdrawals a month, and Im getting around 1,300 baht a month interest.

Do some research mate!

Its not hard

[Mickeymaus]

1 hour ago, Deerculler said:

If you don't use an account in a bank after a certain length of time.

They charges service fee.

 Even though they are using your money.

 Banks are very, very greedy.

The will charge you a dormant fee until the deposit gets 0 and then they will close the account. But it depends on the bank and on the country. The banks that I have here in Thailand will not do this if you don't get under a minimum balance. So clarify this. And ask more often. I remember when I had an account at the at this time Thai Farmers Bank (now Kasikorn) in Phuket and was above the minimum balance. After years I wanted to withdraw something and almost everything was gone. They increased the minimum balance and I did not know it. And they charged me very high dormant fees. 

[oznomad]

On 7/1/2021 at 3:46 PM, canopus1969 said:

Just be thankful the bank does not charge you a fee for looking after your money

Hold the bank's beer.

[Freeduhdum]

Where do you think interest rates will be when all money goes digital?

[gk10012001]

7 hours ago, tomazbodner said:

In some countries in the West you now need to pay bank to keep money in the account. Stop complaining.

years ago I opened a savings account at Colonial in Florida.  It was not my primary bank but just one I wanted to open as an additional resource in case I needed it.  I deposited 600 USD.  Thought nothing of it.  six months later I got some notice about fees being charged for an inactive account and they had automatically taken something like $35 out!  I called them and was bemused and stunned by their attitude.  If I am not using the account, how can it be costing them money?  The account earned at the time a few percent interest so that was going to be fine with me.   Second, this is tantamount to what many Swiss banks did during after ww2.  Inactive accounts were drained as customers were unable to make contact with the banks for various reasons.

   I told the bank I would complain to every possible authority if my money was not returned and my account canceled.  It was.  So much for what in the past was putting money away and just leaving it.

 

 

[bojo]

20 minutes ago, Freeduhdum said:

Where do you think interest rates will be when all money goes digital?

I'm clueless...................I'd love to know and be able to plan ahead, are you able to shed any light?

[jomtienisgood]

On 7/1/2021 at 3:25 PM, MajorTom said:

If i was over 50 i would rather invest the 800K in the stock market. Even at fairly low risk profile you can get 5-10% annual profit over time. Then pay an agent 14K for the retirement visa ????

5-10% maybe???? Most people don't need or want an agent!!!!!!!

[brianthainess]

11 hours ago, nickmondo said:

I have got 1.7 million in Krungsri Account, Saving, but no risk, can make 2 withdrawals a month, and Im getting around 1,300 baht a month interest.

Do some research mate!

Its not hard

yep and no tax to pay. interest is now 1% up to 5. million B deposit, you can make more than 2 withdraws a month but it costs 50b 

[jomtienisgood]

6 minutes ago, brianthainess said:

yep and no tax to pay. interest is now 1% up to 5. million B deposit, you can make more than 2 withdraws a month but it costs 50b 

Has it dropped from 2.7% to 1% / year??

[Rawairat]

On 7/1/2021 at 3:25 PM, MajorTom said:

If i was over 50 i would rather invest the 800K in the stock market. Even at fairly low risk profile you can get 5-10% annual profit over time. Then pay an agent 14K for the retirement visa ????

I agree and do this myself, but I use monthly transfers to get my retirement visa. With the transfer and visa costs it works out a little bit more but still way better than leaving B400,000 all year and B800,000 for 5 months. Averaging over 12% recently after following the advice of buying in a disaster, Covid was another one of those rare opportunities.

[nrasmussen]

I certainly prefer to keep my money in a Thai bank where I get positive interest, compared to my home-country bank where I pay negative interest.

[55Jay]

@bikerlou47  Back when Thai Gov cracked down on banks withholding tax (2019), a member here (Pib) posted excellent information about getting a Thai bank account re-coded so that tax is not automatically withheld below the 20,000 Baht/year threshold.  Not sure if anything's changed regarding this procedure, but here's the link if you/others are interested:

https://aseannow.com/topic/1087601-krungsi-mee-tae-dai-savings/?tab=comments#comment-14212205

 

Following Pib's info at the time, was able to get my Krungsi MTD account re-coded so that tax isn't taken on the monthly interest.  Still good in 2021, no issues.  Only keep the 800k there for Immigration show money, and with the low interest rate environment, don't get anywhere near the 20,000 Baht/year trigger for tax withholding. 

 

Didn't do this for the Bangkok Bank accounts so to this day, they continue to take tax on the semi-annual interest as soon as it pops into the account - typically only 60~70 Baht.