Dealing with mail

Can you not receive bills via email?

In UK we can pretty much get every bill digitally.

I still get a fair bit of mail but never bills through the post.

I use an electronic mail service. I think mine is called my smart mail. You can go on line and look up the different services. You might also consider a tax free state. A Chiang Mai friend uses one in Michigan, Because there is a state income tax they deduct the tax's from his deposits, if bank deposits are to be set up. 

Your mail is forwarded to an address. You then authorize scanning and then you can read it. You can not print from the service. All of this helps me to keep up with state side material.

If you're looking at forwarding your mail the USPO has either a 6 month or 12 month duration for a forwarding order. Check with your post office to see which fits you. You could double back the 6 month, but you would have to double check with the post master.

This may or may not work with your circumstances but at least it's a few details. For my needs it has served me well for three years.

Don't need to overthink how to handle your mail.

Give your sister money to cover postage before you leave.  Once you arrive in Chiang Mai go to a Thai Post Office and rent Post Office box.  They will give you a key or two for your box and it cost only 500 baht for one year.

I have been using a PO box for 14 years with no problems.  My current one I have used for the last 5 years and before that I had one in Bangkok for 8 years.  I've had no issues with any banks, brokerage accounts, credit cards or even the IRS with using a PO box.  Some require a physical address for their records but my mailing address is the PO box.

Just a bit of info....
I gave a Thai address to my brokerage firm and they notified me that they were required to withhold taxes on any retirement distributions from my IRA & 401k accounts. I changed the address back to my US address after being notified of this requirement. I didn't change my address at any of my banks, so I'm not sure if they have same withholding requirements for savings and checking accounts. I prefer to pay my taxes when I file my tax return.

I have a daughter in US who receives my mail, opens it and lets me know if something important comes in. She will scan it and email to me if I need. I set up electronic mailings for all accounts, so she gets very little mail for me now.

I am still concerned about changing the address on all my financial accounts to a Thai address because I don't know what the consequences might be (like Fidelity above). I also didn't get an IRS notice that was supposedly mailed to my Thai address, so that concerned me. So, I'm changing the address on my 2017 tax return back to my US address because of that issue.

Best of luck... and enjoy your new life abroad...
Kindly...

Within the past few years there have been some very significant changes when it comes to US citizens having accounts or money outside of the US. Even in Thailand there are some Thai banks that don't want to deal with Farang accounts because of the reporting requirements. MANY US brokerage houses, Fidelity included, do not want to deal with the paper work involved with foreign accounts or US citizens outside of the US. Having a US address, or using a service can alleviate many complications.

This example is not exactly applicable to this situation but stands as an example. Maybe 5 years ago I received a letter from the IRS saying that if I did not respond to this letter within 30 days they would impound all of my accounts, until a resolution was made. The amount was for around $4 k, a lot less then my assets. Come to find out they had been sending notices to me at the wrong address. When a complete review was made the IRS owned me money, which of course they didn't pay. The process took maybe 5 months. They attached my SS income for 2 months, and never returned that either.

You don't want to play with the Thai police, nor the IRS. You could be sitting in Thailand with no access to any of your money for months at a time, even if it isn't your fault. "Up to you".

bill kip wrote:

Within the past few years there have been some very significant changes when it comes to US citizens having accounts or money outside of the US.

Changes? In what??? USA tax laws? Doesn't look too different here:
https://www.irs.gov/individuals/interna … ens-abroad
If there's something specific, please share!!!

bill kip wrote:

Come to find out they had been sending notices to me at the wrong address.

The IRS was sending notices to one of your previous addresses? Apparently some post offices won't forward government mail if you sent the post office a forwarding notice. You can change you address with the IRS, using form 8822, but I imagine that would take some time.
Thank you for your advice to get a PO Box, but I'm not sure how efficient the Thai postal service is.

Hi Ruffian,
Getting excited about your move? I'm excited for you... Maybe, what Bill is referring to is the FBAR reporting. If you have any foreign bank accounts with balances of $10k or more any time during the year, you are required to report using FBAR. I suppose that is why foreign banks do not want us. Other issues are that the government requires US financial institutions to withhold taxes on certain distributions and Fidelity warned me that they would withhold taxes and restrict trading in my accounts after I listed my Thai address, so I changed it back to my US address at daughter's where I stay when I go back... I don't know of any other changes to US tax laws...

Ruffian Dick wrote:

bill kip wrote:

Within the past few years there have been some very significant changes when it comes to US citizens having accounts or money outside of the US.

Changes? In what??? USA tax laws? Doesn't look too different here:
https://www.irs.gov/individuals/interna … ens-abroad
If there's something specific, please share!!!

Oh, thank you, O Zeus!
I looked at FBAR on the IRS website. I think it's $100,000 isn't it? Anyway, I'm not stashing millions overseas, how I wish.

I am pretty sure the reporting threshold for FBAR is $10K but I haven't done it yet this year so I suppose there could have been a change.  You can do it online and it is a very simple form. 

For most financial institutions, maintaining an address in the US makes things easier and keeps them from putting restrictions on your account.

Ruffian Dick wrote:

Oh, thank you, O Zeus!
I looked at FBAR on the IRS website. I think it's $100,000 isn't it? Anyway, I'm not stashing millions overseas, how I wish.

Ruffian,
It's $10,000 US (in total) of all foreign accounts added together. I just filed mine online this week, it's easy... What I did was take my 3 accounts (highest balances on any given day during the year) then converted THB to USD using the Treasury Conversion Rate Table for Dec 31, 2017 (it was 32.60 THB this year). You have to list each account separately and give highest balance in each account.
If you're below the limit, then you don't have to file. See link below...
https://bsaefiling.fincen.treas.gov/main.html

FBAR is what I was referring to. I know a man who used to work for/with Lehman Brothers. He wrote some of the law. He spoke to me about the complications that the banks have to go through when dealing with a US citizen account. He didn't get into any details and was referring to the banks. Non US banks and US investment companies initially balked at the changes. Some closed accounts and others refused to accent new accounts. I know an expat in Chiang Mai, who was a Fidelity customer, who had his account canceled. Since then it would seem that calmer heads have prevailed and financial institutions are adjusting and trying to grow their business.

At one time, like a dummy, asked my Thai friend if she would like me to set up an American account, with Vanguard. I called Vanguard and was told that no Thai national was allowed to have a US brokerage account. I believe it was something about a lack of reciprocity in security laws. I do know that Thai's will pirate anything because "Thailand is a poor country".

But non of this interrupt's my living in Thailand.

bill kip wrote:

FBAR is what I was referring to. I know a man who used to work for/with Lehman Brothers. He wrote some of the law. He spoke to me about the complications that the banks have to go through when dealing with a US citizen account. He didn't get into any details and was referring to the banks. Non US banks and US investment companies initially balked at the changes. Some closed accounts and others refused to accent new accounts. I know an expat in Chiang Mai, who was a Fidelity customer, who had his account canceled. Since then it would seem that calmer heads have prevailed and financial institutions are adjusting and trying to grow their business.

At one time, like a dummy, asked my Thai friend if she would like me to set up an American account, with Vanguard. I called Vanguard and was told that no Thai national was allowed to have a US brokerage account. I believe it was something about a lack of reciprocity in security laws. I do know that Thai's will pirate anything because "Thailand is a poor country".

But non of this interrupt's my living in Thailand.

I don't know what planet called "Thailand" bill kip is living on, but FYI ~ there are proportionately more (US equivalent) Thai millionaires, per square mile, in Thailand, than there are millionaires in AU, NZ, the US and UK combined.

In fact,Thailand is one of the wealthiest countries on this planet. Kindly get your facts straight, before posting comments like "Thais will pirate anything because Thailand is a poor country", is utter nonsense.

Compared to Thailand, the United States is a much poorer country of people. Get a clue, sir!

Thank you gents, and let's not argue, my  friends.

Here is the IRS fact sheet re FBAR requirements:
https://www.irs.gov/pub/irs-utl/irsfbar … eguide.pdf
I stand corrected; the lower limit is $10,000 not $100,000.

When you say "millionaire" is this counted in baht or dollars?

You're mixing apples with oranges. I do have my facts straight. But what's the point of arguing!

bill kip wrote:

You're mixing apples with oranges. I do have my facts straight. But what's the point of arguing!

No argument, on my part, sir. The mixing apples w/ oranges accusation, is just a standard "cop-out" ploy, used to avoid admitting to making a mis-informative statement, regarding the realities. Your own words, "Thais pirate everything, because Thailand is a poor country", is arrogantly misleading, and grossly incorrect, sir!

You, have made similar remarks (re: Thailand) on other topic threads. Thus, my reply, "get a clue". So, why not admit (at least to yourself) to your mistaken assessment of the realities, and then move progressively along, on topic? Thank you, sir!

There has always been a preponderance of individuals eager to show their knowledge of Thailand by making grandiose proclamations about the dire state of Thailand and the despicable nature of its people.  After saying something particularly offensive they may attempt to protect themselves with a disingenuous aside that no offense was intended but their comments speak for themselves.

The snide remarks and pretentious putdowns of Thailand, even when based on personal experience, do not help to further ones case for  “white privilege”  and being superior to the locals.

Exactamundo,

Ruffian Dick wrote:

Thank you gents, and let's not argue, my  friends.

Here is the IRS fact sheet re FBAR requirements:
https://www.irs.gov/pub/irs-utl/irsfbar … eguide.pdf
I stand corrected; the lower limit is $10,000 not $100,000.

When you say "millionaire" is this counted in baht or dollars?

Post # 14, first paragraph, parenthesized phrase.

Ruffian Dick wrote:

bill kip wrote:

Come to find out they had been sending notices to me at the wrong address.

The IRS was sending notices to one of your previous addresses? Apparently some post offices won't forward government mail if you sent the post office a forwarding notice. You can change you address with the IRS, using form 8822, but I imagine that would take some time.
Thank you for your advice to get a PO Box, but I'm not sure how efficient the Thai postal service is.

Rest assured, the Thailand Postal service is most efficient, particularly with registered mail, and especially since the circa. 2012 Thai postal employee "penchant for thievery of international parcels" scandal accusation (by the PRC), that went viral on both FaceBook and YouTube. The Thai "powers that be" have definitely cleaned-up their act, Big_Time, since that event.

Back on topic. RD, am I to understand that already tax-paid net income "savings" (in U.S. bank accounts), converted, and then redeposited into a Thai savings account, by a U.S. citizen, is further required to be reported, again, to the IRS? Please, say that isn't so.

Boy, arb, you can't stay on track.

Whenever you ask a Thai person why they have a pirated copy of anything, They say Thai people or Thailand too poor to buy.

In the mean time - up to you.

ARB360 wrote:

Back on topic. RD, am I to understand that already tax-paid net income "savings" (in U.S. bank accounts), converted, and then redeposited into a Thai savings account, by a U.S. citizen, is further required to be reported, again, to the IRS? Please, say that isn't so.

Yes, it is so... See post # 12...
If you are a US citizen with foreign bank account/s with a sum total of $10,000 USD at any time in those accounts during the year then you are required to do FBAR reporting... sorry, but that is fact...

See Topic "US Expats - Don't forget about FBAR Reporting" in recent posts.

Kindly...