Working in Malaysia and paid into Thai Bank

[rober507]

I've just started working in Malaysia and will be paid by an American company into a bank account of my choice.

Can anyone tell me if I get paid into my Thai bank account, will I be liable for Thai taxes?

By the way, I'm a British passport holder.

Thanks,

[Soutpeel]

simple answer is no you will not,

technically speaking in your in Thailand more than 180 days p.a. you are resident for tax, and if you remit the money in the same year you earned it, you may be liable for tax, but bit hard proving it.

your not working Thailand and besides one suspects you will be paying tax in Malaysia, and if there is a reciprocal tax agreement in place between Thailand and malaysia, which I think there is, you cant be taxed twice on the same money

I wouldn't worry too much about your plan

if its a large chunk of money every month, you might want to consider a bank offshore from Thailand e.g. Singapore and just have a "living allowance" put into Thailand and the balance into Singapore

[rwdrwdrwd]

I echo the comment in regard to Singapore - Citibank IPB have been very good for me, far, far more flexible and secure than running a Thai bank account as a primary one. Have heard numerous horror stories in regard to Thai banks - people clearing accounts with stolen passbooks or cloned cards, and with no recourse to the account holder for getting the money back. Why risk everything instead of just a fraction?

Also zero question in regard to taxation regardless of how much time you stay in Thailand, only a factor if and when you transfer money to Thailand in the same year it is earned.

Edited November 11, 2014 by rwdrwdrwd

[NE1]

Worked is Aus and South Africa for a few years , wages paid in to a thai bank acc every week , no problems at all.

[Soutpeel]

I echo the comment in regard to Singapore - Citibank IPB have been very good for me, far, far more flexible and secure than running a Thai bank account as a primary one. Have heard numerous horror stories in regard to Thai banks - people clearing accounts with stolen passbooks or cloned cards, and with no recourse to the account holder for getting the money back. Why risk everything instead of just a fraction?

Also zero question in regard to taxation regardless of how much time you stay in Thailand, only a factor if and when you transfer money to Thailand in the same year it is earned.

Thai banks are ok for day to day stuff, drawing money out the ATM etc, but beyond that, things can go pear shaped, I am with Citi IPB as well and are very good, had an occasion to do a direct customer services comparison when I transferred money between Citi IPB and a Thai bank, did the online transfer had the transmittal number and went off to work, came back 29 days later and the money hadn't appeared in the Thai account.

First port of call was Citi bank querying the transaction, and they very quickly established, the money had been transferred to Thailand the same day I had done the transaction and the issue must be at the Thai end, called the Thai end and first thing they did without even checking anything was blamed Citibank, not their problem, after much backwards and forwards with the Thai bank, the money was eventually found in a holding account in BKK, so it begs the question what would have happened if I hadn't queried this transaction

[Aussieroaming]

The rules regarding personal taxation are to be found in the Revenue Code, and in notifications, decrees, and regulations issued under the Code.

Identification numbers All persons who work in Thailand or have taxable income must apply for a taxpayer's identification number which is issued upon presentation of a Thai identification card or foreign passport and evidence of the need for the number. Thai citizens who have a Thai ID Card can use their ID Card No. as their Tax ID No. in the personal income tax return.

Concept of residence Taxpayers are classified into resident and non-resident. Resident means a person who resides in Thailand for a period or periods aggregating 180 days or more in any tax (i.e., the calendar) year.

Any taxpayer, whether or not Thai tax-resident, is liable to pay tax on income from sources in Thailand on a cash basis, regardless of where the money is actually paid.

A Thai tax-resident may also be subject to tax on income from sources overseas, if that income is brought into Thailand. In contrast, a tax non-resident will not be subject to tax on income sourced from overseas.

[rober507]

Thanks for the info.

RWDRWDRWD - can you get a credit card with Citibank IPB?

[rwdrwdrwd]

Thanks for the info.

RWDRWDRWD - can you get a credit card with Citibank IPB?

I don't have one but I did ask them about that, I was informed it was possible but I had to maintain a balance - sounded like a secured cc to me - I wasn't that bothered about it so didn't take it further.

Give them a call and ask, they are very helpful - +65 6224 5757

[Soutpeel]

Thanks for the info.

RWDRWDRWD - can you get a credit card with Citibank IPB?

I don't have one but I did ask them about that, I was informed it was possible but I had to maintain a balance - sounded like a secured cc to me - I wasn't that bothered about it so didn't take it further.

Give them a call and ask, they are very helpful - +65 6224 5757

they are secured cards, the reason being the person is not Singapore citizen/resident or working in Singapore, irrespective of how much you hold with them

if you did move to Singapore to work for example they would make the card unsecured or if you where a resident or citizen of course it would be unsecured.

If I remember correctly, the secured amount is equal to the limit of the card

[rober507]

Thanks again. I have accounts with GSB and Kasikorn in Thailand but was told I can't get a credit card. Do you know if the issue secured credit cards?