Answereda year ago
Why did my Thai bank deduct tax from my savings account?
Dear wise people- My Bank deducted a Tax from my brand new saving account. Does that mean I can ask them for my tax number or is it just bank business? Thank you!
Answer summary
The user inquires about a tax deduction from their new savings account, wondering if it relates to obtaining a tax number. Community responses clarify that Thai banks generally deduct tax only from interest earned, and this is standard procedure, not necessarily linked to obtaining a tax identification number (TIN). They suggest verifying the nature of the deduction with the bank.
17 repliesnewest first
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Bob **********
Don’t ask us ask the bank doesn’t sound right it’s probably a yearly fee for ATM card
Pui *****
@Bob *********
all Thai banks deduct a withholding tax automatically from the interest you earn on your account as a foreigner. Given how tiny the interest amount is, the withholding amount is so small, you likely never noticed it.Bob **********
@Pui ****
she said it was a new accountPui *****
@Bob *********
I misinterpreted your comment last comment about Jomtein as your previous comment was saying that you thought the bank's withholding is an ATM fee so I thought it was a follow up to that comment.
Karin ********
OP@Pui ****
well it’s not a manor of money- I was hoping for a Tin. Thank youBob **********
@Pui ****
no it doesn’t most people avoid getting a TON number which is only given at the local revenue dept she’s aware of that ,what are you readingPui *****
@Bob *********
I'm not sure how your answers have any relevance to the OP's question whether a TIN is issued by the bank when they deduct the automatic withholding tax from all foreigners' Thai bank savings accounts when they deposit the interest. Doing it in jomtein doesn't make it any different than anywhere else as far as the required withholding.Bob **********
@Karin *******
just go sing up in JomtienKarin ********
OP@Bob *********
no no I am sure it’s right, was hoping to get a tax number with that deductible. Thank you.Bob **********
@Karin *******
just go to the revenue dept and get oneKarin ********
OP@Bob *********
ok, thank you. Revenue is the next first thing for me. Your advise sounds legal. Thank youPete *******
Banks automatically apply withholding tax to interest payments. Nothing to do with you obtaining a TIN.
Karin ********
OP@Pete ******
thank you. Makes sense.
John *********
I just looked at my account at Krungthai bank. In June, they gave me B200.47 for interest and tax. I’m shocked it earned anything at all.
Karin ********
OP@John ********
yeh let’s party! Same same
Nongnuch ********
you must definitely be wrong. A Thai bank only deducts tax from an account that earned interest. Other than that, a Thai bank will usually take 500 Baht for the yearly fee of their Debit card
Karin ********
OP@Nongnuch *******
I earned interest and they were so kind to deduct the tax- I was hoping for a TIn- but know from this post has nothing to do with it. Thanks anywayActivity
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