open international bankaccount when living in Thailand.

[nigelforbes]

2 minutes ago, Liverpool Lou said:

I have accounts with five different Thai banks and, in 28 years, not one of them have "sucked", shown any evidence of not being trustworthy or have proven to be petty thieves as you libellously label them all.

Ditto (or very similar).

[nigelforbes]

15 minutes ago, rwill said:

I believe the law here is that if you bring money into the coutry that you have had for at least a year it is not taxable.  I don't think they ever really check that is the case either.

Sort of! Money that is earned in the year that it is remitted here is taxable, earnings older than one year are not.

[Liverpool Lou]

On 12/8/2022 at 7:12 AM, Sid Bream said:

Just wondering if KTB fall into your above grouping

That's a state owned Thai bank, what makes you think that it's an "international bank"?!

[Liverpool Lou]

On 12/8/2022 at 5:14 PM, JackGats said:

And if my card remains stuck inside the ATM in Thailand they'll open the ATM for me and give me back my card.

You're the exception that proves the rule.

[Liverpool Lou]

On 12/8/2022 at 8:06 PM, AgMech Cowboy said:

I don't remember the requirements to open an account, but CITIBANK has a branch in Bangkok.

Not anymore for retail customers, and Citi, Bangkok, is a Thai bank, as are all banks operating in Thailand.

[nigelforbes]

On 12/8/2022 at 5:14 PM, JackGats said:

Banks in Europe have become a nightmare. No one to talk to anymore, helplines that keep you on hold for ages.

 

I love Thai banks, where among other thinks I can talk to a bank employee any time I want.

 

And if my card remains stuck inside the ATM in Thailand they'll open the ATM for me and give me back my card. Try that in Europe. 

Not to be pedantic but the bank will only return your ATM card to you if it is embossed with your name, many are not, otherwise it is returned to the bank head office which can be a laborious and time consuming process.

[Liverpool Lou]

On 12/8/2022 at 10:44 PM, fdsa said:

I've had a different experience - I forgot my card inside the ATM at the bank branch, almost immediately came back to the branch and told to the staff that ATM ate my card, was told that they could not open the ATM today and was ensured that they will call me "next week" and return the card. Next week I came to the bank myself and asked if they serviced the ATM already and was told that they've destroyed my card already ????‍♂️ At least they gave me a new card for free (instead of a whopping 100 THB fee lol)

Yes, that is actually what happens, not what JackGats suggested is normal, unless he lost his card in an ATM of his own bank and branch where they could check the reason for the card being retained before handing it back.  Retained cards are generally destroyed.  

Edited December 10, 2022 by Liverpool Lou

[Liverpool Lou]

6 minutes ago, nigelforbes said:

On 12/8/2022 at 5:14 PM, JackGats said:

Banks in Europe have become a nightmare. No one to talk to anymore, helplines that keep you on hold for ages.

 

I love Thai banks, where among other thinks I can talk to a bank employee any time I want.

 

And if my card remains stuck inside the ATM in Thailand they'll open the ATM for me and give me back my card. Try that in Europe. 

Expand  

Not to be pedantic but the bank will only return your ATM card to you if it is embossed with your name, many are not, otherwise it is returned to the bank head office which can be a laborious and time consuming process.

Absolutely.  How can any third party bank identify which card belongs to whom without contacting every bank that has a retained card in it's ATM and investigating?  That's something that the banks will not do on the spot. 

 

I can't understand why some members claim that banks will just open their ATMs and dish out cards, willy nilly.  Banks sometimes issue retain instructions because an account is being misused and they do not want that person to have the card, that's another reason that banks do not generally open ATMs to return retained cards.

[Bill Dauterive]

On 12/10/2022 at 5:49 PM, Liverpool Lou said:

I have accounts with five different Thai banks and, in 28 years, not one of them have "sucked", shown any evidence of not being trustworthy or have proven to be petty thieves as you libellously label them all.

Very helpfull. Thank you.

[lkn]

On 12/8/2022 at 5:14 PM, JackGats said:

I love Thai banks, where among other thinks I can talk to a bank employee any time I want.

The downside is that for many things, you must speak to a bank employee, sometimes only possible in the branch where you originally opened your account, where you will first have to wait 30 minutes in line, then spend another 30 minutes signing copies of your passport and filling out random forms.

 

I opened an account with Kasikorn two weeks ago, took about two hours (including waiting) and they could not give me internet access “because of long holiday”, I had to return to the bank at the earliest this Saturday (yesterday), which I did, and then had to spend half an hour getting it set up. Do I know have online access? No, I will get an email in five days, with login information.

 

Honestly, this is quite absurd…

 

And just for the records, I am talking about logging in via web browser, not the K-Plus app (which you can sign up for via an ATM).

Edited December 11, 2022 by lkn

[JackGats]

11 hours ago, lkn said:

 

 

I opened an account with Kasikorn two weeks ago, took about two hours (including waiting) and they could not give me internet access “because of long holiday”, I had to return to the bank at the earliest this Saturday (yesterday), which I did, and then had to spend half an hour getting it set up. Do I know have online access? No, I will get an email in five days, with login information.

 

Honestly, this is quite absurd…

 

This is funny because after I'd been using my Bangkok Bank account for two years without online banking, I went to my Bangkok Bank branch to apply for an online banking package. I was expecting a protracted verification, but they told me "you already have online banking". They made me go into Google Play Store to download the banking app, after which  she looked the other way while I entered my PIN.  I walked out of the branch all set up. I never thought it would be this easy.

 

However, if you haven't dealt with European banks for years (I can't speak about the US or Australia), you may not realise how kafkaesque they have become over the last 5 to 10 years. 

 

[lkn]

24 minutes ago, JackGats said:

However, if you haven't dealt with European banks for years (I can't speak about the US or Australia), you may not realise how kafkaesque they have become over the last 5 to 10 years. 

There are new AML/KYC requirements, but I can open and close accounts from my phone, sometimes in mere minutes.

 

There are a few exceptions, for example I know a Cypern bank that wanted me to fax them instructions and also (some years ago) could not understand, that I had no physical utility bill, but I’ve been banking with five different European banks over the last 3 years, and everything was “self service” (online) and boiled down to the minimum wrt. “things to fill out”.

[Jenkins9039]

On 12/12/2022 at 11:34 AM, lkn said:

There are new AML/KYC requirements, but I can open and close accounts from my phone, sometimes in mere minutes.

 

There are a few exceptions, for example I know a Cypern bank that wanted me to fax them instructions and also (some years ago) could not understand, that I had no physical utility bill, but I’ve been banking with five different European banks over the last 3 years, and everything was “self service” (online) and boiled down to the minimum wrt. “things to fill out”.

NEO banks?

 

Can't mean 'real' banks as they take a lot of D/D

[Dante99]

On 12/10/2022 at 5:54 PM, nigelforbes said:

Sort of! Money that is earned in the year that it is remitted here is taxable, earnings older than one year are not.

 

On 12/10/2022 at 5:54 PM, nigelforbes said:

Sort of! Money that is earned in the year that it is remitted here is taxable, earnings older than one year are not.

Sort of!!!  For no tax the earnings do not have to be older than one year, they just have to come from a previous year.  So 2022 earnings can be remitted tax free on January 2, 2023.

[lkn]

12 hours ago, Jenkins9039 said:

NEO banks?

 

Can't mean 'real' banks as they take a lot of D/D

Traditional banks as well, everything can be done online, including signing the new customer agreement. I think my last visit to a physical branch (to sign a document or similar) was around 15 years ago.

 

Except of course for Thailand. A few weeks ago, I had signed up for K Biz (in a branch, with paper forms), but they got the last 4 digits of my phone number wrong, so could not send password during sign-up. Called customer support, they could confirm that four last digits were wrong and that they had my correct number as part of my customer profile, but to fix the typo, I had to visit a branch and fill out a form…

 

To make matters worse, Kasikorn called me later in the day to tell me that the copy they had made of my passport was “bad”, so could I please return to the branch in order for them to make a new copy.

Edited December 28, 2022 by lkn

[fdsa]

3 hours ago, Dante99 said:

Sort of!!!  For no tax the earnings do not have to be older than one year, they just have to come from a previous year.  So 2022 earnings can be remitted tax free on January 2, 2023.

Could you share a link to the document describing this, please? I'm afraid it's not correct otherwise it would have been a great lifehack for zero tax dividend payout.

[Dante99]

7 minutes ago, fdsa said:

Could you share a link to the document describing this, please? I'm afraid it's not correct otherwise it would have been a great lifehack for zero tax dividend payout.

Sorry you are afraid of your own speculation.  You have a link supporting your view or is it just your imagination? Yeh just imagination.

 

No link, find one yourself, there are many.  Quite common knowledge among people who bother to dig into it though not always described 100% correctly.

[skatewash]

15 minutes ago, fdsa said:

Could you share a link to the document describing this, please? I'm afraid it's not correct otherwise it would have been a great lifehack for zero tax dividend payout.

https://home.kpmg/xx/en/home/insights/2021/09/thailand-taxation-of-international-executives.html

Google what income taxes do foreigners need to pay in Thailand for similar advice.

[topt]

2 hours ago, fdsa said:

'm afraid it's not correct otherwise it would have been a great lifehack for zero tax dividend payout.

It has been mentioned and discussed in pretty much any thread about Thai/home country taxation for at least the last 10 years that I have been aware of.

[fdsa]

What a great country!

thanks for advice.

Edited December 28, 2022 by fdsa

[Sid Bream]

On 12/10/2022 at 9:56 PM, Liverpool Lou said:

That's a state owned Thai bank, what makes you think that it's an "international bank"?!

What makes me know for a fact, not "think" that they are an "international bank" is that I sent money directly there via SWIFT, which is via an MT103 which is an authenticated payment message. So factually yes, they are an international bank with which I've factually received money from one country into another country being Thailand on many occasions. They can also send monies via outward remittance in over 150 currencies.  I hope that settles the matter for you.
I find it ironic that you used a laughing face when I posted about this.

[Liverpool Lou]

15 hours ago, Sid Bream said:

On 12/10/2022 at 5:56 PM, Liverpool Lou said:

That's a state owned Thai bank, what makes you think that it's an "international bank"?!

What makes me know for a fact, not "think" that they are an "international bank" is that I sent money directly there via SWIFT, which is via an MT103 which is an authenticated payment message. So factually yes, they are an international bank with which I've factually received money from one country into another country being Thailand on many occasions. They can also send monies via outward remittance in over 150 currencies.  I hope that settles the matter for you.

No, that does not alter the fact that the Thai bank that you referenced is not, factually, an "international bank".  That a bank is a member of the SWIFT organisation does not make it an international bank.

 

Krungthai Bank is, factually, a domestic state Thai bank through which it's customers are able, via SWIFT, to send and receive international transfers, it is not, factually, an "international bank".   I hope that settles the matter for you...factually.

Edited January 7, 2023 by Liverpool Lou

[VocalNeal]

On 12/8/2022 at 12:23 PM, Mad mick said:

Is this based in Africa? 

Or IOM???? Sort of UK bank but not... 

[Sid Bream]

1 minute ago, Liverpool Lou said:

No, that does not alter the fact that the Thai bank that you referenced is not, factually, an "international bank".  That a bank is a member of the SWIFT organisation does not make it an international bank.

 

The ........ bank is, factually, a domestic state Thai bank through which it's customers are able, via SWIFT, to send and receive international transfers, it is not, factually, an "international bank".   I hope that settles the matter for you, factually.

I didn't assert anywhere that because they're a member of SWIFT that it "makes it an international bank". However, since you want to debate whether they are or they are not an international bank and you've been rude about it, any person with an iota of common sense would ask themselves these basic questions.
Does this bank have capacity to receive inward remittances from overseas banks? Yes
Does this bank have capacity to send outward remittances in foreign currency? Yes. 
Do they allow foreigners to establish a bank account or facilities with them? Yes.
Do they trade in global markets? Yes
Do they offer an international guarantee? Yes
Do they trade in foreign currencies? Yes
Do they offer international L/C's? Yes

Yet here you are arguing whether they are an international bank or not. You are obviously clueless on what a bank is, what their operations are, what their compliance rules are etc. I doubt you have worked in the financial industry, hence your complete ignorance on the subject. I really love it when people like you try and assert their knowledge on something they know nothing about, then they use emojis as some sort of slur as you have done to show that you know nothing on the subject.

One would also wonder why Krung Thai Bank have offices in Singapore, Mumbai, China, Cambodia, Laos, Myanmar, Cayman Islands, since according to you they are "not factually an international bank". I suggest you  look into how banks can be sanctioned when they are operating in foreign countries when they don't comply with laws in regard to money laundering, KYC, etc Better not though, since you're clueless about SOP in banking.

Last but not least, according to you "they're not an international bank", one would wonder why they offer the following products, international trade financing services. What would be their purpose of offering international trade finance, since according to you "they're not an international bank".
 

[Liverpool Lou]

3 minutes ago, Sid Bream said:

and you've been rude about it,

Rude?  How, exactly?