Bank Account for the 800000 baht

[Jumbo1968]

I will next year be extending my Non O Visa by one year((Retirement Visa), on speaking to the Bangkok Bank rep. the best rate I can receive is 1.5% over a year no withdrawals, would Immigration at Jomtien accept this as there would be no activity on the account. I have another account which is the one I use to live on where transfers, withdrawals indicate that is the account I use for day to day living.

[Swiss1960]

I will next year be extending my Non O Visa by one year((Retirement Visa), on speaking to the Bangkok Bank rep. the best rate I can receive is 1.5% over a year no withdrawals, would Immigration at Jomtien accept this as there would be no activity on the account. I have another account which is the one I use to live on where transfers, withdrawals indicate that is the account I use for day to day living.

On the day you go and get the letter from the bank, you have to do a withdrawal (I do 1000 Baht and put it back immediately), otherwise Jomtien does not like /accept the account.

The 2 transactions are the only ones I do on this account all year long, as it is my "immigration account".

Sent from my SM-A730F using Thailand Forum - Thaivisa mobile app

[ubonjoe]

If the account allows withdrawals without any delay and no penalty other than loss of interest it will be accepted by immigration.

[Jumbo1968]

1 minute ago, Swiss1960 said:

On the day you go and get the letter from the bank, you have to do a withdrawal (I do 1000 Baht and put it back immediately), otherwise Jomtien does not like /accept the account.

The 2 transactions are the only ones I do on this account all year long, as it is my "immigration account".

Sent from my SM-A730F using Thailand Forum - Thaivisa mobile app
 

Thanks for the info Swiss1960.

[Jumbo1968]

1 minute ago, ubonjoe said:

If the account allows withdrawals without any delay and no penalty other than loss of interest it will be accepted by immigration.

Thanks Joe

[wgdanson]

17 minutes ago, Swiss1960 said:

On the day you go and get the letter from the bank, you have to do a withdrawal (I do 1000 Baht and put it back immediately), otherwise Jomtien does not like /accept the account.

The 2 transactions are the only ones I do on this account all year long, as it is my "immigration account".

Sent from my SM-A730F using Thailand Forum - Thaivisa mobile app
 

Be careful if you have just Bht 800,000. If you withdraw first, it drops below. Do the deposit first. I do it via online banking, 1000 in then 1000 out.

Edited November 15, 2018 by wgdanson

[nasa123]

In Phuket there must be movement on the account that the 400/800k stays. IM does not accept an account that it does not have any movement on each month, was and fixed my extension yesterday in Phuket. So goodbye Thailand about 1 year I leave this madness, only more and more problems with IM for each month here in Phuket.

[Pib]

OP,

The way you described the Bangkok Bank account it sounds like a "fixed" savings account which means once it matures a 15% withholding tax of total interest earned will be applied.  Or if interest is possibly paid monthly the tax withholding will be applied monthly.  Also, any withdrawal before it matures may cause loss of all or most of the interest earned on the entire amount.  Example: say you earn Bt12,000 in total interest....on the day that interest is paid a 15% tax withholding on the Bt12,000 will be applied which equals Bt1,800 tax.  You can get that Bt1,800 refunded each year by filing a tax return/refund request with your local revenue office in the Jan-Mar timeframe.  Not a hard process....in about a month you will be refunded the full Bt1,800 assuming you don't have other earned income which might reduce the refund. 

 

If you have the attitude of "can't be bothered with filing for a refund" then you have effectively lowered the interest rate you were receiving....but you will make the Thai govt happy since they will get to keep the money you didn't ask to be refunded.  

 

You might want to consider opening a Krungsri Mee Tai Dai account instead which currently pays 1.3%, comes with a debit card, ibanking, no interest penalty on withdrawals, can withdraw two times per month fee free....3rd and subsequent withdrawal per month incurs a Bt50 fee.   Also, no tax withholding unless you exceed Bt20K total interest earned per year.  At 1.3% of Bt800K that equates to Bt10.4K interest per year....interest is paid monthly.   Maybe consider the MTD account lie a regular savings account but pays almost 3 times the interest of a regular savings account which only pays  around 0.5% or less.

 

If you want to squeeze every possible baht out of savings account then go with "fixed" savings account but just keep in mind the restrictions and tax withholding on a fixed account.   If you are fine earning a little less than a fixed account but have pretty much no restrictions and not tax withholding (unless interest exceeds Bt20K) then go with a Krungsri MTD account.

 

[topt]

14 hours ago, Swiss1960 said:

On the day you go and get the letter from the bank, you have to do a withdrawal (I do 1000 Baht and put it back immediately), otherwise Jomtien does not like /accept the account.

The 2 transactions are the only ones I do on this account all year long, as it is my "immigration account".

Sent from my SM-A730F using Thailand Forum - Thaivisa mobile app
 

Goes to show that even at the same office things can be different. Did an IO ask for this as I have not done this with a fixed account in L&H bank. No changes on the day or 3 months before and Jomtien Immigration have accepted this for the last 3 years...........YMMV 

[Chicken George]

I have a savings account for my 800k with the Bangkok bank at 1.5%. I can take money out if I want. Thats all I thought the stipulation was you don't have to?

Never a problem last three years.

[Jumbo1968]

There appears to be different interpretations of the type of Bank Account by I.O. Offices, some say you have to show some sort of activity in the account others not.

i would be using Jomtien, could I show the 800000 baht in a Fixed Account but with access but also my day to day account showing deposits and withdrawals.

[offset]

4 minutes ago, Chicken George said:

I have a savings account for my 800k with the Bangkok bank at 1.5%. I can take money out if I want. Thats all I thought the stipulation was you don't have to?

Never a problem last three years.

In some banks they only show the last time an account as had a transaction done on it, not the date you need to show the immigration so you have to do a withdrawal on the day that you go to the immigration for your extension to get that date on it

[Henryford]

I would second the Krungsri MTD account. You the benefit of a normal bank account but with 1.3% interest.

[Boon Mee]

16 hours ago, ubonjoe said:

If the account allows withdrawals without any delay and no penalty other than loss of interest it will be accepted by immigration.

I've been using my C/D with Bangkok Bank for many years to satisfy the 800k requirement and have never been asked to withdraw any funds. 

[tgeezer]

I have a fixed account, I just copy the book and get a letter from the bank. I don't think that I can make ATM withdrawals from it because I don't have a card for it. I am in Bangkok and use the Govt. Complex.


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[kickstart]

16 hours ago, Swiss1960 said:

On the day you go and get the letter from the bank, you have to do a withdrawal (I do 1000 Baht and put it back immediately), otherwise Jomtien does not like /accept the account.

The 2 transactions are the only ones I do on this account all year long, as it is my "immigration account".

Sent from my SM-A730F using Thailand Forum - Thaivisa mobile app
 

Friend of mine went to extend his visa, the IO said he had not made a deposit into his account for a while, the 800 000 baht was already there and for 3 months.

So he had to go to the bank, deposit 500 baht, then the amount did not tally with the bank letter, so he had to get a new letter, and go back the following day to extend his visa.

I do like you, I just deposit 500 baht when go for the letter. 

[Thingamabob]

16 hours ago, nasa123 said:

In Phuket there must be movement on the account that the 400/800k stays. IM does not accept an account that it does not have any movement on each month, was and fixed my extension yesterday in Phuket. So goodbye Thailand about 1 year I leave this madness, only more and more problems with IM for each month here in Phuket.

Not so in Bangkok.

[Jumbo1968]

1 minute ago, kickstart said:

Friend of mine went to extend his visa, the IO said he had not made a deposit into his account for a while, the 800 000 baht was already there and for 3 months.

So he had to go to the bank, deposit 500 baht, then the amount did not tally with the bank letter, so he had to get a new letter, and go back the following day to extend his visa.

I do like you, I just deposit 500 baht when go for the letter. 

Which IO was this, I will be using Jomtien so just trying to get some clarity or is it down to the individual IO ?

[BarnicaleBob]

I have decided to move out when my retirement visa runs out next year, rather than tie up so much money on a low interest account.  We will keep our house here but only visit once or twice a year for 30 days at a time.  It's not just the deposit requirement, but that is the final straw of many issues.

Edited November 16, 2018 by BarnicaleBob

[Bert Jones]

16 hours ago, Pib said:

OP,

The way you described the Bangkok Bank account it sounds like a "fixed" savings account which means once it matures a 15% withholding tax of total interest earned will be applied.  Or if interest is possibly paid monthly the tax withholding will be applied monthly.  Also, any withdrawal before it matures may cause loss of all or most of the interest earned on the entire amount.  Example: say you earn Bt12,000 in total interest....on the day that interest is paid a 15% tax withholding on the Bt12,000 will be applied which equals Bt1,800 tax.  You can get that Bt1,800 refunded each year by filing a tax return/refund request with your local revenue office in the Jan-Mar timeframe.  Not a hard process....in about a month you will be refunded the full Bt1,800 assuming you don't have other earned income which might reduce the refund. 

 

If you have the attitude of "can't be bothered with filing for a refund" then you have effectively lowered the interest rate you were receiving....but you will make the Thai govt happy since they will get to keep the money you didn't ask to be refunded.  

 

You might want to consider opening a Krungsri Mee Tai Dai account instead which currently pays 1.3%, comes with a debit card, ibanking, no interest penalty on withdrawals, can withdraw two times per month fee free....3rd and subsequent withdrawal per month incurs a Bt50 fee.   Also, no tax withholding unless you exceed Bt20K total interest earned per year.  At 1.3% of Bt800K that equates to Bt10.4K interest per year....interest is paid monthly.   Maybe consider the MTD account lie a regular savings account but pays almost 3 times the interest of a regular savings account which only pays  around 0.5% or less.

 

If you want to squeeze every possible baht out of savings account then go with "fixed" savings account but just keep in mind the restrictions and tax withholding on a fixed account.   If you are fine earning a little less than a fixed account but have pretty much no restrictions and not tax withholding (unless interest exceeds Bt20K) then go with a Krungsri MTD account.

 

 

9 minutes ago, BarnicaleBob said:

I have decided to move out when my retirement visa runs out next year, rather than tie up so much money on a low interest account.  We will keep our house here but only visit once or twice a year for 30 days at a time.  It's not just the deposit requirement, but that is the final straw of many issues.

Pib, CIMB pays 2.5% !!! not too shabby. Bob, that's a great pity.

[Surasak]

I have a deposit account with KrungThai bank which I use for my annual retirement extension. I have never put money into or taken money out of this account for the past five years. When I get the letter from the bank, they update the book showing the interest payment. This is always accepted by KK immigration office without exception.

I am intent on taking my savings A/C book which shows transactions in and out when I go next time, just in case I am asked to show my means of living expenses.    

[skatewash]

1 hour ago, Henryford said:

I would second the Krungsri MTD account. You the benefit of a normal bank account but with 1.3% interest.

Me too.  This will be the 5th year I've used it for retirement extension at Phuket.  Current interest 1.3%, no need to file Thai income tax return to get back withheld interest because none is withheld on this type of account.  Also, I don't have to keep track of when fixed term accounts mature.  The Mee Tae Dai account is classed as a regular savings account, not fixed term.  Top up each year 3 months before extension application.  Make 0-2 free monthly withdrawals from the MTD account to my day-to-day account (at another bank).  Never any problems.

[Expattaff1308]

this showing movement in/out of the account...I have a Krungsri account for my 800k but I use Kasikorn for my daily ins and outs surely that is acceptable

 

[KittenKong]

17 hours ago, Swiss1960 said:

On the day you go and get the letter from the bank, you have to do a withdrawal (I do 1000 Baht and put it back immediately), otherwise Jomtien does not like /accept the account.

I have never had to do this for Jomtien Immigration and they have never commented on the lack of movement in the passbook. In fact, as the account I use is a time-deposit account it would be impractical for me to make such a deposit or withdrawal.

[KittenKong]

33 minutes ago, Bert Jones said:

CIMB pays 2.5% !!! not too shabby.

The last time I checked they appeared to be paying 1.8%, and that is what I get from them.

 

Haven't seen 2.5% in a long time here: not for terms of 12 months or so anyway.

[skatewash]

22 minutes ago, Expattaff1308 said:

this showing movement in/out of the account...I have a Krungsri account for my 800k but I use Kasikorn for my daily ins and outs surely that is acceptable

 

Logically speaking I would think that would be perfectly acceptable.  I wish I could be more encouraging. ????  I have personally not heard of anyone who could show evidence (passbook) of daily ins and outs having a problem, even if it were a different account than the one they were using for their extension of stay.

[digger70]

17 hours ago, wgdanson said:

Be careful if you have just Bht 800,000. If you withdraw first, it drops below. Do the deposit first. I do it via online banking, 1000 in then 1000 out.

No need for withdrawal , I never do.

[Vacuum]

17 hours ago, nasa123 said:

In Phuket there must be movement on the account that the 400/800k stays. IM does not accept an account that it does not have any movement on each month

If you have an fixed account, "movements" apart from withdrawals are not possible. Hence the name "fixed" account.

[Antonymous]

37 minutes ago, KittenKong said:

The last time I checked they appeared to be paying 1.8%, and that is what I get from them.

 

Haven't seen 2.5% in a long time here: not for terms of 12 months or so anyway.

CIMB are advertising 2.4% for 24 months right now.

 

To open an account at CIMB I was informed (just recently) that you must provide address in your country of origin and/or 'a letter from your government'. No account without these, so not suitable if you've burned your bridges.

 

IB has Fixed account 1.7% interest for 11 months right now. Interest paid monthly into a separate savings account.

 

At Visa extension time I just add a little money to the Fixed account on the day of the letter. That shows in the same Passbook and you're good to go.

 

OP, interest rates may well have increased by next year so shop around again when you are ready.

 

 

 

[BigT73]

I wonder if the banks are going to benefit from all this money coming in or will paying all the interest hurt them?