How To Start A Saving Account In Thailand

[fanta rood]

If you open up a bank account in Thailand and put in alot of money, you can live the rest of your life just from the rent. If you did that in your own country you have to pay 50% income tax. The thai rates are lower but you escape paying taxes. No problem at all also your government doesn't see you have an income or some fortune so you don't lose your welfare either. Easiest money you'll ever get

[Crossy]

If you open up a bank account in Thailand and put in alot of money, you can live the rest of your life just from the rent. If you did that in your own country you have to pay 50% income tax. The thai rates are lower but you escape paying taxes. No problem at all also your government doesn't see you have an income or some fortune so you don't lose your welfare either. Easiest money you'll ever get

Fanta.

I can put a lot less into my Luxembourg savings account, not pay tax, not affect my welfare etc. etc and live off the interest.

Most Thai banks have a deposit rate of ZERO for Farang account holders, so no matter how much I choose to tie up, I get NOTHING.

[The Dude]

Hi Folks, dude here; The Dude doesn't deal in ifs, maybes and supposes. The dude is an expert on banking in Thailand w/o a work permit. The dude has read a whole lot of BS in this thread. He would like to tell it straight as it is. 1st off the BS in this thread to discard:

1. It don't matter how you dress to open a savings acct

2. It don't matter how much cash you open it with

3. It don't matter if you smile and be polite (but you should in your everyday life anyway)

4. It don't matter if you go during busy times or not

Now the hard facts:

1. There are strict rules that banks follow on accts and exceptions to them are made for no one

2. Bangkok Bank will open an acct with a passport. this is a savings plus ATM card with no checking or net banking allowed

3. Siam Commercial Bank will not open an acct w/o working papers, period

[The Dude]

If you open up a bank account in Thailand and put in alot of money, you can live the rest of your life just from the rent. If you did that in your own country you have to pay 50% income tax. The thai rates are lower but you escape paying taxes. No problem at all also your government doesn't see you have an income or some fortune so you don't lose your welfare either. Easiest money you'll ever get

<{POST_SNAPBACK}>

Say that again dude. You must be talking about Europe not the U S of A

[naka]

This is exactly what I've been confused about forever...

If I were to open a Thai savings account and gradually, over a 2-3 year period, accumulate enough funds to purchase a condo - this would not work.  Am I correct?

Are you saying that in order for me to do this, I would have to transferr at least $20,000/U.S. all at one time in order to qualify for a condo purchase?

I was always under the impression that all you had to do was be able to prove that the funds originated outside of Thailand.

The reason I want to save these funds in a Thai bank versus my bank in the U.S. will sound evan more rediculous to you...but frankly, I just can't save money that way.  It's got to be out-of-sight and out-of-mind, or I will just end up tapping into it all the time for other expenses.

Now, here's the real dumb question:

If I were to open a Thai account with about $3,000 U.S. and not add any more to it.  Save the rest of the money in my U.S. bank and make a transfer of $15,000 in one years time, would I be able to use the total amount in my Thai account ($18,000) towards the purchase of a condo????

<{POST_SNAPBACK}>

The answer is a simple NO. $ 20,000 minimum in a single transaction in order to get a TT3. one buck less and no TT3 for that transfer.

[Phil B]

Hi Folks, dude here; The Dude doesn't deal in ifs, maybes and supposes. The dude is an expert on banking in Thailand w/o a work permit. The dude has read a whole lot of BS in this thread. He would like to tell it straight as it is. 1st off the BS in this thread to discard:

1. It don't matter how you dress to open a savings acct

2. It don't matter how much cash you open it with

3. It don't matter if you smile and be polite (but you should in your everyday life anyway)

4. It don't matter if you go during busy times or not

Now the hard facts:

1. There are strict rules that banks follow on accts and exceptions to them are made for no one

2. Bangkok Bank will open an acct with a passport. this is a savings plus ATM card with no checking or net banking allowed

3. Siam Commercial Bank will not open an acct w/o working papers, period

<{POST_SNAPBACK}>

[AmeriThai]

This is exactly what I've been confused about forever...

If I were to open a Thai savings account and gradually, over a 2-3 year period, accumulate enough funds to purchase a condo - this would not work.  Am I correct?

Are you saying that in order for me to do this, I would have to transferr at least $20,000/U.S. all at one time in order to qualify for a condo purchase?

I was always under the impression that all you had to do was be able to prove that the funds originated outside of Thailand.

The reason I want to save these funds in a Thai bank versus my bank in the U.S. will sound evan more rediculous to you...but frankly, I just can't save money that way.  It's got to be out-of-sight and out-of-mind, or I will just end up tapping into it all the time for other expenses.

Now, here's the real dumb question:

If I were to open a Thai account with about $3,000 U.S. and not add any more to it.  Save the rest of the money in my U.S. bank and make a transfer of $15,000 in one years time, would I be able to use the total amount in my Thai account ($18,000) towards the purchase of a condo????

<{POST_SNAPBACK}>

The answer is a simple NO. $ 20,000 minimum in a single transaction in order to get a TT3. one buck less and no TT3 for that transfer.

<{POST_SNAPBACK}>

Sorry if this sounds a bit dense, but I assume that's for accounts that are solely in the name of a farang. I doubt it would have any bearing on Thai citizens living and working abroad. I wonder if that also applies to joint accounts.

Edited August 27, 2005 by AmeriThai

[The Dude]

Yes that's farang accts. ###### if you have a thai wife on a joint acct, have her buy the condo. Am I really advising this? Wake up sir dude. Well he's the dude who has the joint acct anyway