Hi,

Has anyone experience ref declaring interest paid on a Thai Baht Bank Account?

I am here with a NON O Visa ( 12 Months Retirement).

No wish to 'Stir up a Hornets Nest' by breezing into the local Tax Office.

But on other hand like to keep things straight - amounts involved very small in any event.

I seem to now have now been given a Registration NO and Tax ID as per shown on Thai receiving bank statements from when funds arrive.

The fund receipts are from my pension - so not involved - as not earnt in current year - but any interest in a Thai Bank Account will be.

Any comments welcome - especially from personal experience.

Bets Rgds.

FS

You are exempt from filing a Thai tax return if your total income is less than 150,000 baht. Only 20 million baht in a savings account paying the standard 0.75% interest rate would take you to that income level.

You might reach that level much quicker with the interest on fixed accounts. Just over 5 million baht baht at 2.88% would get you there.

Note that on fixed accounts the bank withholds 15% of the interest. If you want to recover that amount you would need to make an income tax filing.

Also note that an American would declare the interest as income on his/her 1040 and any tax withheld as Foreign Tax Paid.

I have a O visa with retirement extension. Kasikorn Bank have a "Specific Foreign Investment Fund" in Thai baht. One deposit that recently matured after 12 months (4% interest) & no tax deducted at maturity. Just made a similar deposit for 6 months @ 3%.

Bangkok Bank has a 24 to 60 month savings account called Sinmathaya Subthawee deposit account where interest is paid "without" tax withholding. But it may not meet the initial deposit needs of someone wanting to initially deposit a BIG chunk money (over 25,000 baht) since this saving account is limited to monthly deposits of 1,000 to 25,000 baht...and you must make monthly deposits within that baht range to keep the account open along with the tax and interest benefits. See this Bangkok Bank link for details....as of today the interest rate paid is 3.125% to 3.375% depending on the deposit period (i.e., 24-60 months).

Edited February 23, 201313 yr by Pib

Currently we should only transfer our currency to the amount needed to cover our living expenses here and not go for Thai bank deposits.

Because the Western currencies USD, GBP, EUR, have again lost their value on the FX exchange rate and it would therefore be better to wait a while before transferring into Thai banks deposit accounts.

Foreign currency can be transferred into Thai banks without exchange into THB but no interest is given thus it is better to hang on until the western currencies rise again on the FX exchange .

Foreign currency can be transferred into Thai banks without exchange into THB but no interest is given thus it is better to hang on until the western currencies rise again on the FX exchange .

That's an assumption western currencies will significantly rise again against the Thai baht; that could be a bad assumption based on the multiyear trend.

Currently we should only transfer our currency to the amount needed to cover our living expenses here and not go for Thai bank deposits.

Because the Western currencies USD, GBP, EUR, have again lost their value on the FX exchange rate and it would therefore be better to wait a while before transferring into Thai banks deposit accounts.

Foreign currency can be transferred into Thai banks without exchange into THB but no interest is given thus it is better to hang on until the western currencies rise again on the FX exchange .

It would only be better to wait a while if the currencies recover. If they keep sliding, then now would be the best time to transfer money.