Krungthai 0% Savings account!

[stubuzz]

I just saw that my Krungthai banking app shows a 0% interest rate. I went to the bank and they confirmed that savings accounts for foreigners (non juristic persons) have a 0% rate. I will be returning later to close the account and move the money into my Kasikorn account which gives interest.

[MichaelHunt]

Farang already have money too much.

 

We should be happy that we don't have to PAY the banks interest for our savings.

[Henryford]

Most of the world is offering 5% + but Thai banks think under 1% is attractive !!

[BenStark]

49 minutes ago, stubuzz said:

I just saw that my Krungthai banking app shows a 0% interest rate.

Krungthai is government bank = hardcore racists

 

I have a Krungthai account, but only for the refund of withholding taxes on interests I receive on other banks.

 

I asked the revenue office if they couldn't deposit the refund directly into my account, but was told that was not possible for foreigners.

 

So as always I received a cheque, which only can be deposited into a Krungthai account in your own name

Edited June 26, 2023 by BenStark

[prakhonchai nick]

On the subject of tax deducted on interest payments (current now), how does one go about obtaining a refund? I noticed that for similar amounts deposited in Kasikorn and Bangkok banks during the past 6 months I received nearly twice as much interest from Bangkok Bank

[Digitalbanana]

5 minutes ago, prakhonchai nick said:

On the subject of tax deducted on interest payments (current now), how does one go about obtaining a refund? I noticed that for similar amounts deposited in Kasikorn and Bangkok banks during the past 6 months I received nearly twice as much interest from Bangkok Bank

I phoned head office KBank about refund of the WHT after giving the bank branch my Thai tax ID#, but they said there was no option for refund or any way they could help as it is now the law. Not sure if a second opinion needed, but with the amounts involved I am not bothered.

[stubuzz]

19 minutes ago, prakhonchai nick said:

On the subject of tax deducted on interest payments (current now), how does one go about obtaining a refund?

I have just asked about this at Kasikorn: they didn't really know any details and they did not want my tax ID number! They said to go to the Revenue Department and ask there.

Edited June 26, 2023 by stubuzz

[ezzra]

I get 1.65% pa. on my savings at KrungSri bank locked for 14 months and 1.3% pa. for 7 months, but open deposits in the account should bring at least 0.25% pa.

[marioc]

1 hour ago, Henryford said:

Most of the world is offering 5% + but Thai banks think under 1% is attractive !!

It cannot be the same all over the world..... too many factors are involved, inflation rate for example.
 

[marioc]

12 minutes ago, stubuzz said:

I have just asked about this at Kasikorn: they didn't really know any details and they did not want my tax ID number! They said to go to the Revenue Department and ask there.

I have got my refund lastFebruary,as I have received it without problems for the past 12 years.

[stubuzz]

25 minutes ago, marioc said:

I have got my refund lastFebruary,as I have received it without problems for the past 12 years.

Please explain the process.

[marioc]

23 minutes ago, stubuzz said:

Please explain the process.

You must apply between January 1 and March 31 of each year.
You must go to the bank or banks (if you have deposits in several banks you will request a certificate for each bank) where you have the deposits and ask for the document certifying the interest received. You will receive 2 copies of the document for each bank, one for the tax office and one for you. Don't get confused, you have to bring the one intended for them to the tax office (bring them both and let them choose)
Then you need to go to your local Revenue Department Office with those documents and photocopies of your passport (all relevant pages, visas etc), photocopies of deposit books, tax ID (if you have one). Just in case bring with you also the original bank books to show or for additional copies.
You can apply online, but there should be an employee at your local office to help those unfamiliar with PCs.
I have a Retirement visa, never had a working visa, but managed to get a tax id 10 years ago when the rules for opening bank accounts were much simpler. I have no idea if without the tax id you can get a refund, I suppose yes since I got it for the first 2 years.
You will receive a receipt confirming the successful application and a personal check will be mailed to you (in the Chiang Mai area approximately 4 weeks later) with the refund which you can deposit into your bank account.