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Retired but how are you getting your pension?
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  1. #1
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    Retired but how are you getting your pension?

    Hi All

    I have a questions for all you retired folks.
    Let say you are getting a pension(401k 457k IRA..etc), how are you folks getting access to this money?
    What is the best way to set up your retirement payout so you have access to it in Thailand?
    Are you guys having it direct deposit to a Thai bank or you guys have it going to a US bank an some how transfering it to a Thai Bank for local access in Thailand?

    I am asking so I can plan ahead when I make the leap.
    Thank You All.

    Also a second Question, are you guys paying taxes(federal & state) for the US and Thai income tax also? If so where can I find Tax info for Thailand?
    Like what taxes will apply(if applicable) to me upon retiring in Thailand(income tax rate...etc)

  2. #2
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    OK, here is what I am doing.

    You didn't say when you are going to make the move, laws might change but as it stands now, you will not have to worry about Thai Taxes, and your US taxes can be done by you or your CPA or what ever by mail.

    You can't make direct deposits to Thailand as they use no electronic banking codes and some pensions are not paid into a foreign bank so they will have to be paid by direct deposit into a US bank.

    Then with a ATM/check card or Debit card you can make deposits into your Thai bank at a very minimal cost. I pay nothing extra to make transfers to my acct at SCB over the regular currency exchange fee charged by CIRRUS that I would have to pay at an ATM if I made a withdraw, the bank charges me nothing for the service.

    Or you can use wire transfers from Western Union or SWIFT or your bank at about $40 a pop.

    Or you can open a Thai acct. as is required for your "O" visa and just top it up to the required 800K baht yearly when you renew your visa if thats the way you want to go and leave the rest in your US bank.

  3. #3
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    Surely you can use one of the global banks such as Citicorp, Bank of America, Barclays or HSBC which have a global presence?

    It then becomes simply a matter of electronic banking.

  4. #4
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    Quote Originally Posted by Siribx
    Also a second Question, are you guys paying taxes(federal & state) for the US and Thai income tax also? If so where can I find Tax info for Thailand?
    Like what taxes will apply(if applicable) to me upon retiring in Thailand(income tax rate...etc)
    Since you are not residing in a state then local taxes do not apply.

    You have to file a tax return for the Feds, this can be done online through any online service such as Turbotax, and, I believe the law is that if you are not subject to taxes in the country you are residing in then you are subject to Federal taxes. I have no idea though whether that applies pension or investment income earned within the US. Any tax experts out there?

    Of course that depends on what you want to declare especially if the income you receive is outside of the US.

  5. #5
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    Citibank told me that it would do no good for me to open an account with them in BKK because I would still have to transfer money from my US bank to my Thai bank as there is no electronic banking in Thailand,As I stated in my origional post,, that is why you have to have your SSA checks deposited there, they would send them anywhere in the world, but you have to have an electronic number and they do not have them here, thats why everyone has wire transfers of some kind, but the way I do it there is no wire fees.
    You can use BKK bank in some states, but you still have to wire the money to the Thai branch.
    You will still be under US fed. and what ever state your bank is in for the taxes they charge you,,you will have no tax in Thailand.

  6. #6
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    I can understand the bit about not being able to deposit a cheque directly to an account in Thailand but....

    It goes into the local bank, then gets tranfered directly to an offshore dollar/pound/euro account which is then accessible through the bank in Thailand. Don't forget electronic banking is Bank dependant not country dependent. I can access my accounts from anywhere in the world (as long as I am sure the connection is secure).

    But, as you mention, the only real question is how much the bank fees are going to be, and as we all know, they try to milk you dry.

    An your SS cheque is liable for US taxes no matter where it is deposited as the SSA reports it directly to the FED, same as any pension payments you might get in the US. Oh, I hate those 1099's.

  7. #7
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    I have no issue with what you say about taxes,SSA is USA paid so you will have USA taxes on it.

    But still to deposit a check in thailand it will take forever to clear and Thailand banking commission has no electronic banking numbers, the only way to get money into the country is with ATM card and mine has a VISA logo,. or thru wire transfer but if you think it is so easy then I guess you will find out as I have lived here full time for 6 years and all my money has to come in thru some way and I have found the easiest as there is no electronic banking numbers like are used for direct deposit.
    I really don't care as I was just stating what I have found and will not argue about it.

  8. #8
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    and I too have internet banking on my accounts and access them on my computer to keep track of what is going on.

  9. #9
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    Thank You for all your feedback.

    How is HSBC since they have a branch here in the US and Thailand.
    Would it be easier to bring a certify check (from HSBC) in US dollar amount and deposit HSBC in Thailand for Thai Baht?

    And in regard to ATMs, how are you guys avoiding ATM fees and banking fees?

    Oh one last thing, what is needed to open a banking account in Thailand, last time they gave me the run around since I didn't have a Thai ID.

    Thanx

  10. #10
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    I can answer only what has happen to me,

    I came here on a 90 day tourist visa, after a month I decided to stay as I had sold my real property in the USA and owned nothing except what a renter would have, so I went to SCB with my passport and opened a savings acct, that is the only acct. that a farang can have. No problem.

    Then I just kept a small amount of money in it and used my US bank ATM card and left the Thai account alone, My bank there charges me nothing for use of the card and Thai ATM never charged me anything, just the currency conversion rate which I think is about 3%.

    Then when I got an "O" visa and to change it to a "Retired" visa in 90 days they wanted me to have a Thai bank acct. plus the 65K baht per month verified income so told me to return in one week with 100K baht in the existing acct. plus my letter of verified income, I did that.

    Now I transfer money every month with my US ATM card to my Thai acct. which takes about 5 minutes at the bank, my passbook is stamped and upgraded and then when it is time to get my visa renewal I go to the bank and get a letter from them as to the amount of baht in the acct. and take that and my passbook showing money into Thailand and money out of the acct. for living expenses and there is never a question about it. altho I never maintain a large baht count in the acct., and if I need more money than I have transfered I draw it from my US acct. with the ATM card.

    I highly recommend Siam Commercial Bank as they are very friendly and as helpful as can be and never give you the shit you get in a US bank, but Thailand does have different banking laws about money in and out of Thailand and you must go by these laws.
    As to the large check on HSBC, I would think from what exp. I have with banks here is that it will be treated as any other check and will take some time [maybe a month] to show in your Thai acct.

    Any large cash transactions have to be approved by the banking commission as far as I know and I see no need to bring large amounts of money in as it is not necessary and just as easy to transfer what you need and leave the money safe in the USA. I have a lot of friends that were living high on their money in Mexican banks til one morning they woke up broke when the peso was devalued and their 100K peso accounts were dropped to $1..

    Now this is what I have done, What I do and will continue to do as it works for me and costs me very little to do and it makes immigration happy when I have to make my yearly visits.
    I use SCB because they are all over and HSBC is not and I live and visit small towns where you will not see a HSBC. but be sure that the bank you choose to use in USA does not charge you to use the card [ATM] at other banks. Because the machines here do not charge user fee on farang cards.[at least on my card]..
    There maybe stop some arguement as this is what I do..I don't know about anyone else..

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