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toront500 · 32 · 1222

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Offline Alfie

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OK in that case it would be paying 0.142% monthly ;D

It might be less than that soon. Some Thai banks have cut lending rates so interest rates to savers might follow downwards. [SCB, Kasikorn and Krung Thai]

http://www.bangkokpost.com/news/general/922265/three-banks-cut-key-lending-rates
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Offline Anton

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What I meant is that matured interests are paid monthly, as specified in reply no. 1.

OK in that case it would be paying 0.142% monthly ;D

Congratulations, almost perfectly correct   ;D  ;)
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Online Pompui

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S o where should an expat invest his money?
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Offline Anton

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S o where should an expat invest his money?

I think that would depend very much on the amount. For relatively small amounts like the 800,000 required by Immigration I'm afraid you can forget about investing. As things are now, lucky if you can place them safely anywhere. Hoping that someone more expert than me in financial matters proves me wrong. Would be an excellent subject for a dedicated discussion.
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Online Spursruss

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In terms of how safe investments are, it is worth looking at the deposit protection schemes in operation.  In Thailand, deposits are protected upto 1m baht per bank.  And even then it depends on the Thai Government's ability/desire to pay out.


Offline Anton

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In Thailand, deposits are protected upto 1m baht per bank

Regardless of the quantity and type of accounts you hold in the same bank? Example: if you hold personally 3 different accounts in that bank, say 1 savings account and 2 different fixed accounts...
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Online Spursruss

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Yes, account balances are added together. It's a total of 1m baht per depositor/customer per bank. 


Offline Anton

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Down to 1.60% since April 1


Down to 1.50% since May 10 and further down to 1.40% since May 23  :(
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Offline Anton

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One of my friends informed me that, starting last month, Thai banks are enforcing a new law adopted beginning of this year. When calculating whether your annual interest earning on fixed accounts reaches 20,000 THB, making it subject to a 15% taxation, banks must now sum up together all earnings on all of your fixed accounts in a same bank. In other words: if, until now, you could avoid paying that tax by distributing the money on more than one fixed account in the same bank, according to my friend that will not work anymore. Can anyone confirm or specify better please?
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Offline Anton

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Down to 1.50% since May 10 and further down to 1.40% since May 23

For the records, Krung Sri's Mee Tae Dai interest rate is currently at 1.30%.

whether your annual interest earning on fixed accounts reaches 20,000 THB, making it subject to a 15% taxation

Did anybody hear of a change on this rule? This month Krung Sri charged a 15% tax on my modest interest earning, for the first time after all these years, and although it is well below the above-mentioned limit of 20,000 per year.
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Offline Coolkorat

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Down to 1.50% since May 10 and further down to 1.40% since May 23

For the records, Krung Sri's Mee Tae Dai interest rate is currently at 1.30%.

whether your annual interest earning on fixed accounts reaches 20,000 THB, making it subject to a 15% taxation

Did anybody hear of a change on this rule? This month Krung Sri charged a 15% tax on my modest interest earning, for the first time after all these years, and although it is well below the above-mentioned limit of 20,000 per year.

There has been a change Anton. Here is a link to a page that gives more detail, and the reason you are now having 15% deducted:

https://sherrings.com/interest-income-personal-tax-thailand.html


Offline Anton

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Did anybody hear of a change on this rule?

There has been a change Anton. Here is a link to a page that gives more detail, and the reason you are now having 15% deducted:

https://sherrings.com/interest-income-personal-tax-thailand.html

Thank you for the link Coolkorat. After reading that, I will have to go to the bank for an explanation as in my understanding I'm still entitled to exemption from that tax. Unless the problem is that I don't have a tax ID number here yet (point 2 under Taxpayers wanting to exercise their right to the 20,000 Baht exemption from tax: "...ensure the account's holder name and tax ID number are the correct taxpayer's name and ID number").
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