Thai gov. to tax (remitted) income from abroad for tax residents starting 2024 - Part II

[ludditeman]

My BKK account 3.5%pa for 5 months fixed term just finished.

Wasn't sure what to do, so went along to the bank to ask.

They paid the interest into my account, deducted 15% for the interest for tax.

Closed the account.

Then opened a new account where I will get 3.25%pa for 7 months fixed term.

If you had a similar account don't forget the interest rate after the 3.5% finishes is much lower, go and get a new account.

Anyone know if I can claim the tax back, I have a Thai wife and kid?

[sulasno]

open the account in the wife's name;

IIRC no tax will be deducted on the interest

[ignis]

3.25%pa for 7 months fixed term. cannot figure out why people want a fixed account for only 7 months ? if doing the same again at the end...

BKK Bank also have 3.5% for 24 months and 3.75% for 36 months fixed term, all accounts are less 15% tax on the interest, myself opted for interested to be paid 6 monthly into the savings account, at the end of the term they send a new paper to sign for another 36 months, had the same fixed rate account for 8 years.

[ignis]

open the account in the wife's name;

IIRC no tax will be deducted on the interest

For some that is not an option as the money is sat there for the yearly visit to Immigration for a new extension

[phutoie2]

3.25%pa for 7 months fixed term. cannot figure out why people want a fixed account for only 7 months ? if doing the same again at the end...

BKK Bank also have 3.5% for 24 months and 3.75% for 36 months fixed term, all accounts are less 15% tax on the interest, myself opted for interested to be paid 6 monthly into the savings account, at the end of the term they send a new paper to sign for another 36 months, had the same fixed rate account for 8 years.

Can you provide details on these longer term fixed term accounts, its not on the current Bangkok Bank website. Only 5 & 7 month fixed deposit accounts are available. Myself I am in a 15 month stepped deposit account and would be looking for better terms when it expires.

[meatboy]

my 5month fixed ac.just finished tax already deducted,at the end of the year i was told to pick up certificate for tax paid,then claim it back from tax office i am a uk tax payer.there is a post on this in this forum,and my wife also pays tax on her savings she will claim it back.

[ignis]

3.25%pa for 7 months fixed term. cannot figure out why people want a fixed account for only 7 months ? if doing the same again at the end...

BKK Bank also have 3.5% for 24 months and 3.75% for 36 months fixed term, all accounts are less 15% tax on the interest, myself opted for interested to be paid 6 monthly into the savings account, at the end of the term they send a new paper to sign for another 36 months, had the same fixed rate account for 8 years.

Can you provide details on these longer term fixed term accounts, its not on the current Bangkok Bank website. Only 5 & 7 month fixed deposit accounts are available. Myself I am in a 15 month stepped deposit account and would be looking for better terms when it expires.

I sat down and talked, at the time there were short term fixed rates giving better, but could not see the point of changing every few months, so I opted for the 36 months renewable, 8 years on still get 3.75%..... [still have the paperwork showing 3.5% for 24 months and 3.75% for 36 months fixed term] my normal account still show interest rate 1.0%

I have an account at SCB, last week interest was paid rate 2.732% looking back 6 months before shows interest rate was 1.982%

Edit: Friend had an account at HSBC @ 4 something % but at the end of the fixed term the offer was only .60% unless XX amount of millions deposited.

Edited December 14, 2011 by ignis

[chiangmaibruce]

Yes many people can claim back the withholding tax. There have been previous discussion threads on this topic. Try doing a forum search on "withholding tax", "claiming back tax" or similar.

If you can't find the info then let me know and I will dig something out

[meatboy]

open the account in the wife's name;

IIRC no tax will be deducted on the interest

what bank is that and what kind of acc.?