US FATCA/FINRA rules for 800kB retirement visa bank account

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US FATCA/FINRA rules for 800kB retirement visa bank account


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Old 15th January 2018, 06:26 AM
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Default US FATCA/FINRA rules for 800kB retirement visa bank account

I'm retired in Mexico, but long term might relocate to Thailand.

I've avoided having any non-US bank accounts or non-US interest income due to US FATCA/FINRA rules and the complexities of filing taxes. But being on a retirement visa in Thailand for me would require an 800kB account, which would, I think, trigger all that.

For anyone from the US who's done it, how hard is it, really, to handle all the required paperwork? Do you get some kind of interest on your 800kB account (which you then have to pay US and/or Thai income tax on?) Or is the interest not worth the paperwork/tax hassle and you just leave the money in a no interest checking account?

Do the Thai banks know how to file the required US anti-money-laundering reports? In Mexico, some banks now flat out refuse US expat customers because it's not worth their hassle to file the reports.

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Old 17th January 2018, 03:28 AM
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I guess the rules are different than I thought. Now I think an 800kB retirement account will need an online FBAR filing, but isn't by itself enough to trigger the need for IRS form 8938. I think. YMMV.
What the banks are supposed to do, and what they actually will do, I dunno, and I guess that's not my problem. It sounds like the FBAR filing might not be that hard to handle.

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Old 21st January 2018, 09:31 AM
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Originally Posted by eastwind View Post
For anyone from the US who's done it, how hard is it, really, to handle all the required paperwork?
...
Do you get some kind of interest on your 800kB account (which you then have to pay US and/or Thai income tax on?) Or is the interest not worth the paperwork/tax hassle and you just leave the money in a no interest checking account?
FBAR is easy. File online. Name, SS#, Address, Bank name, address, account number and account balance is it.

Checking account? At Kasikorn Bank, the one most friendly for foreigners, checking accounts are for those who write paper checks. I have a savings account. Interest paid twice a year. It ain't much. I report it to the IRS on the same form as my other sources of interest.

I don't work here. In return, Thailand doesn't tax folks like me.
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Old 21st January 2018, 03:46 PM
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Originally Posted by dancebert View Post
FBAR is easy. File online. Name, SS#, Address, Bank name, address, account number and account balance is it.

Checking account? At Kasikorn Bank, the one most friendly for foreigners, checking accounts are for those who write paper checks. I have a savings account. Interest paid twice a year. It ain't much. I report it to the IRS on the same form as my other sources of interest.

I don't work here. In return, Thailand doesn't tax folks like me.
Thanks. Are paper checks not needed by retired expats in Thailand? Do most people pay rent and utility bills in cash or with a debit card or something?

In the US a "savings account" has a limit on the number of transactions per month. I take it no such rule in Thailand?

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Old 21st January 2018, 11:09 PM
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Quote:
Originally Posted by eastwind View Post
Thanks. Are paper checks not needed by retired expats in Thailand? Do most people pay rent and utility bills in cash or with a debit card or something?

In the US a "savings account" has a limit on the number of transactions per month. I take it no such rule in Thailand?
In almost 8 years living here, haven't needed a paper check to pay for anything here. On rare occasions, I mailed paper checks for my US checking account to an entity in the US that accepted no other form of payment.

We pay for everything in cash, or with a debit card, or with a transfer/payment done at an ATM. Recently, some banks have an app with a QR reader for making payments, saving a trip to an ATM.

No limit on the number or amount of transactions on a savings account at my Thai bank. Never heard of it at any others. Obviously, daily limits on debit cards exist.
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Old 11th December 2018, 01:32 AM
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Quote:
Originally Posted by dancebert View Post
In almost 8 years living here, haven't needed a paper check to pay for anything here. On rare occasions, I mailed paper checks for my US checking account to an entity in the US that accepted no other form of payment.

We pay for everything in cash, or with a debit card, or with a transfer/payment done at an ATM. Recently, some banks have an app with a QR reader for making payments, saving a trip to an ATM.

No limit on the number or amount of transactions on a savings account at my Thai bank. Never heard of it at any others. Obviously, daily limits on debit cards exist.
Not to mention that many online purchases and utility bills can be paid via COD or at the local 7-11 and Tesco Lotus stores.
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