What Are These Usa Banking Thingies From Kasikorn Bank About Actually?

[Jingthing]

I noticed this page on the K-bank website.

Something about the USA patriot act and and also W8-BEN.

What does this really mean for US nationals with Thai bank accounts?

For example does it have any impact on SWIFT transfers coming in as far as USA tax withholding? If so, is that triggered at a specific dollar level? What about ACH transfers from Bangkok Bank to Bangkok Bank?

http://www.kasikornbank.com/EN/AboutUs/Pages/USPatriotW8BEN.aspx

[mamypoko]

Interesting...would like to know, as well.

[fletchsmile]

The wesbite is not very clear at all.

The W-8BEN form is usually for people who are not US citizens. It allows the non-US person to be able to take advantage of various tax agreements and treaties when dealing with US Financial Instiutions. eg I trade US securities (not with Kasikorn) and need to complete one of these to be able to do so with each broker I use, and this eases various tax treatments and form filling around areas such as dividends on those securities.

[Naam]

The wesbite is not very clear at all.

The W-8BEN form is usually for people who are not US citizens. It allows the non-US person to be able to take advantage of various tax agreements and treaties when dealing with US Financial Instiutions. eg I trade US securities (not with Kasikorn) and need to complete one of these to be able to do so with each broker I use, and this eases various tax treatments and form filling around areas such as dividends on those securities.

correct! not for U..S. citizens, not for U.S. persons and not for aliens who reside in the U.S. of A.

offshore banks and brokers dislike clients who are not able to submit W-8BEN because this means big hassle such as issuing galore numbers of Form 1099 for every flyshit amount of income and/or capital gains by dealing with the IRS, the Patriot Act and last not least with the friendly officials of Homeland Security.

p.s. it seems that Thailand has started to lose its virginity as a banking paradise where hardly any questions were asked. nowadays an American citizen who wants to bank in a proper jurisdiction outside the Greatest Nation on Earth™ gets a feeling how Jews felt during the Spanish inquisition.

Edited March 20, 2012 by Naam

[Naam]

What does this really mean for US nationals with Thai bank accounts?

For example does it have any impact on SWIFT transfers coming in as far as USA tax withholding? If so, is that triggered at a specific dollar level? What about ACH transfers from Bangkok Bank to Bangkok Bank?

relax JT, no such thing like taxing transfers of any kind. please read my other posting which is self-explanatory... i think.

[Naam]

The wesbite is not very clear at all.

obviously because a native english speaker (perhaps a teacher?) "designed" the text. Kasikorn should have used any of its employees, if possible from a small branch in a village, because they all possess a good command of English.

[kurtmartens]

But remember any wire transfer over $10,000 will trigger a report from the US bank to the IRS.