Bank Account for the 800000 baht

[Olmate]

13 minutes ago, BigT73 said:

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

Big benefit and how will it hurt them? Money for jam courtesy of us!Thats why many won’t use this method especially prior to election time.

[watcharacters]

18 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.

 

Exactly and even if the bank person fully knows why you are doing this, don't count on them not bungling it up. They will happily allow the withdrawal  first  and  then  write a letter showing your  deposit amount lower than 800 THB for the past 3 months.  Deposit whatever amount (as low as 100 THB) and withdraw if you choose.

 

Deposit first no withdrawal required..

 

[jossthaifarang]

Why would you not just keep everything in one account? Just make sure you dont go below 800k..

[PAWNEESE]

A few years ago .. I had a million baht on deposit with Kbank 9months in advance of my retirement extension date. Got the required bank letter .. went to Jomtien imigration to renew. I was just told briskly .. "no good".  They refused to explain. They pointed to a IO behind a counter and said speak to him. He took one look at the cover of my bank book and said "No good". Confusing as I could not tell the difference between that long term savings book and one I had for weekly withdrawals.

 

I asked 2 visa agents if they could explain .. they refused to give it any thought .. but could sort for big bucks.  Thai visa including Ubonjoe explained my mistake when I asked on here. Im not very bright me thinks.

 

I obviously know now it was because it was a no withdrwal account. Stupidly I thought the point was to just proove I not a pauper. And could afford a million lieing around and live without it. But they would not explain that just rudely waived me away. 

 

Luckily I had time to go the income embassy letter route.

 

Its back to bank deposit method now obviously. But I wont even think of trying to squeeze a few extra baht in interest.

 

What you get tieing it up, in interest wont even pay for a good night out .. so not gonna bother. 800,000 in a zero interest, no hassle boring account for me .. and maybe 1 extra night in a year ????????????????.

 

 

Edited November 16, 2018 by PAWNEESE

[skatewash]

2 minutes ago, jossthaifarang said:

Why would you not just keep everything in one account? Just make sure you dont go below 800k..

Because accounts that offer higher interest rates like fixed-term accounts and savings accounts like Krungsri's Mee Tae Dai (1.3%) have restrictions on activity in the account.  For example, you only get 2 free withdrawals per month from an MTD account, 50 baht each thereafter.
 

Also, there might be a security concern.  My ATM debit card for my MTD account stays in my safe, while I carry the ATM debit card for my other account in my wallet.  My MTD account has over 800,000 baht, my other account rarely has more than 30,000 baht.  An easy way of limiting risk.

[jossthaifarang]

5 minutes ago, skatewash said:

Because accounts that offer higher interest rates like fixed-term accounts and savings accounts like Krungsri's Mee Tae Dai (1.3%) have restrictions on activity in the account.  For example, you only get 2 free withdrawals per month from an MTD account, 50 baht each thereafter.
 

Also, there might be a security concern.  My ATM debit card for my MTD account stays in my safe, while I carry the ATM debit card for my other account in my wallet.  My MTD account has over 800,000 baht, my other account rarely has more than 30,000 baht.  An easy way of limiting risk.

Fare enough, the juice is worth the squeeze..

[khunPer]

19 hours ago, Jumbo1968 said:

...Bangkok Bank rep. the best rate I can receive is 1.5% over a year no withdrawals...

I've been using fixed bank deposits for about a decade, mainly Bangkok Bank, as the often offers the best interest rate – at the moment 1.5% p.a. for 12-month – never had any questions about it. The Bangkok Bank 12-month account let you withdraw at any time, but you loose the interest of the amount you're withdrawing; i.e. your quoted "no withdrawals". For the purpose of immigration, your deposit is a guarantee for income and expenses, and shall therefore be possible to withdraw.

 

I cash out my interest every year – i.e. 12,000 baht minus 15% withholding tax, net 10,200 baht to be withdrawn when the fixed rate is 1.5% p.a. – so I have a clean 800,000 baht deposit, and no other transactions; easy to check for the immigration officer. Therefore I also have a normal savings account, with my foreign transfers, and ATM and other withdrawals, which I include in the annual letter and statements, to show that I have additional funds for my living expenses, and foreign transfers states that I'm not working in Thailand for my living.

 

I'm not in Jomtien, so if the immigration office have special requirements, I cannot say.

 

Well, to be honest, I once did have a question from an immigration officer that said, that my deposit had not matured the required three month, until I made him aware of the year, the deposit had actually matured more than 12-month...????

[moontang]

1 hour ago, Antonymous said:

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.

 

 

 

I got 2.5% on a 24 month last week, but I have preferred status.  their equivalent of MTD pays 1.35%, and they have the best ATM card in Thailand.

 

I did not have a WP..of course not with retirement extension, but I have a yellow book from a place I sold earlier in the year.  They tend not to understand their own rules....sound familiar?  She mentioned the Thai person to come with you, and I told her that was BS.

[moontang]

I can post a copy of my old BBL fixed book showing how they renewed a five month promo at 2.5 to a 1 year at 1.125.....that is the scam, and then I went in and got the new promo, at 2.6250 as the sign on the desk said, then was handed a book with 2.5...took my bag of money and went to CIMB, but still use BBL for transfers.

 

Now getting 2.7 and 3.1 on 12 and 24 months in the US...the trends are up, clearly..in both places.

Edited November 16, 2018 by moontang

[PETERTHEEATER]

.......I don't think that I can make ATM withdrawals from it because I don't have a card for it.

 

Really?????

[wgdanson]

1 hour ago, moontang said:

and they have the best ATM card in Thailand

What does it do which the others do not please?

[moontang]

22 minutes ago, wgdanson said:

What does it do which the others do not please?

You can use any Thai bank, in any province, without any fee from either bank.  You can also use 6500 CIMB ATM in ASEAN without a fee....means nothing to some, but very useful for those frequenting neighboring countries.

 

First year and card are free, then 100 per year on subsequent years.

Edited November 16, 2018 by moontang

[wgdanson]

23 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.

Sorry, I was talking <deleted>. another word for rubbish, sorry.

Edited November 16, 2018 by wgdanson

[wgdanson]

4 hours ago, skatewash said:

For example, you only get 2 free withdrawals per month from an MTD account, 50 baht each thereafter.

How often do you do withdrawals? (from your bank, cheeky)

[Rawairat]

I receive a pension paid every quarter, the amount being over the B65,000 per month if it were averaged out. Has anyone submitted this as evidence or does it have to be a monthly deposit to satisfy IO?

If it was I was thinking of having 2 accounts and doing a monthly transfer which would hopefully fulfill the letter of the IO local law.

My retirement visa renewal is 5 months away so going to start next month.

[Jumbo1968]

2 minutes ago, wgdanson said:

How often do you do withdrawals? (from your bank, cheeky)

I enquired at Krungsri today, 1.3% per annum, 2 withdrawals permitted each month, any additional withdrawals in a month 50 baht.

To open an account you need a U.K. Address, address here, 100k baht.

[Pib]

9 minutes ago, Jumbo1968 said:

I enquired at Krungsri today, 1.3% per annum, 2 withdrawals permitted each month, any additional withdrawals in a month 50 baht.

To open an account you need a U.K. Address, address here, 100k baht.

 

You do not need 100K to open a Krungsri MTD account or regular savings account....you just need to deposit the typical Bt500 standard for most Thai bank savings accounts  The Krungsri rep probably said you start earning 1.3% at 100K....below 100K it's 0.6%....and didn't say you must deposit 100K to open.

 

Thai banks will always ask for a home country address since they know you are here on a short or long stay visa/extension of stay.

 

See below snapshot/partial quote from the Krungsri 1 Oct 18 Deposit Interest Rate sheet.  Krungsri rate sheets also describe their various products.

 

https://www.krungsri.com/bank/en/Other/Interestratesfees/Depositinterestrate.html

https://www.krungsri.com/bank/getmedia/73303085-51fa-4a5b-a0d3-5998813707db/Deposit-Rates-01102561-en.aspx

[Kerryd]

I have a Fixed Term account with Bangkok Bank which auto-renews yearly at 1.5%.

I have never had a problem renewing my Extensions (in Jomtien) and showing a bank book that only has the initial deposit into the account, and the balance update (the day before I go for the renewal).

I have never been told I needed to show "activity" on the account.
They know the difference between a "Fixed Term" and a "Savings" account (though it seems some foreigners can't figure that out - just like they can't figure out the difference between a "Savings" account and a "Chequing" account).
The interest I earn can go into my Savings account automatically if I choose or be rolled over in the Fixed Term account. 

On 800,000 baht, you'd earn 12,000 baht in interest minus 2,000 in tax.
That leaves you with 10.000 baht which is more than enough to pay for your yearly Extension as well as a Multi Re-entry permit (5,700 baht total) and leave you enough for a decent night out on the town (or pay your electricity bill for a couple months maybe).

And yes - if you get a Fixed Term deposit at a promotional rate for a set period of time, at the end of that time it will renew at the standard rate. It isn't a "rip-off" just because you didn't check on it or ask about it before hand. I used to do those "Promotional Rate" deposits for years and it has always been like that. Bangkok Bank used to (maybe still does) "promotional" rates on Fixed Term deposits that were usually either 7 month or 11 months in length (not 6 and 12 for some unknown reason). If I wasn't around when the term ended, the interest would be paid and then the balance would get the "standard" interest rate (on 3 month "terms") until I started a new "promotional rate" account. 

And that is NO different than "promotional rate" accounts offered in some Western Banks - where you have to maintain a certain amount on deposit, or make regular deposits of at least a certain amount, or you lose the "promotional" rate and get the much lower, "standard" rate. (Yes, I've looked - because I also have money sitting in accounts back home that are not earning a lot.)

<snipped> 

Like I told dear old dad when he came over here 10 years ago. Having the 800k in the bank gives you peace of mind knowing that it's always there for your Extensions, or if you have a medical emergency, or if for some reason you decide to pack up and move back home - you'd have a decent nest egg to tide you over until you are resettled.

(And when he passed on - his Thai "companion" wasn't able to get at that money at all.)

And no - banks are not rubbing their hands together just waiting for you to put the cash in the bank so they can steal it from you. It's not even an urban legend - it's just plain bull**** but some people will grasp onto any excuse for why they can't - er, I mean "won't" - put money in a Thai bank.

 

There's a far better chance that your "relatives" will steal your money because they know your PIN and you leave your ATM card laying around all the time (but even they couldn't touch a Fixed Term account - you'd have to be there in person to make any changes to it.)

They don't issue ATM cards for Fixed Term accounts (at least not at Bangkok Bank) and even if you have internet banking and have the account listed - you can't make transfers
to/from it (I know - I have that with my accounts. I can check the balance on my Fixed Term account(s), check the interest rate(s), see if an interest payment has been made and that's it.)

Personally - I have the 800k in the Fixed Term account, the bank book is locked in the safe (and only I know the combo) and I forget about until the next time I go do my Extension. The day before I do the Extension I get the bankbook (and my passport) from the safe - go to the bank to update the book and get my Bank Letter, photocopy the pages of the bank book (showing your name and account number and the page showing the latest balance update), put the bank book back in the safe and forget about it for another year. (Though I will glance at the balance when I'm doing some internet banking, to see if the latest interest payment has been made.)

It really doesn't get much easier than that.

[Jumbo1968]

7 minutes ago, Pib said:

 

You do not need 100K to open a Krungsri MTD account or regular savings account....you just need to deposit the typical Bt500 standard for most Thai bank savings accounts  The Krungsri rep probably said you start earning 1.3% at 100K....below 100K it's 0.6%....and didn't say you must deposit 100K to open.

 

Thai banks will always ask for a home country address since they know you are here on a short or long stay visa/extension of stay.

 

See below snapshot/partial quote from the Krungsri 1 Oct 18 Deposit Interest Rate sheet.  Krungsri rate sheets also describe their various products.

 

https://www.krungsri.com/bank/en/Other/Interestratesfees/Depositinterestrate.html

https://www.krungsri.com/bank/getmedia/73303085-51fa-4a5b-a0d3-5998813707db/Deposit-Rates-01102561-en.aspx

I am only repeating what the I was told by the Bank Rep, 100k baht to open the account, next time I will record the conversation as you don’t appear to believe me.

[Pib]

2 minutes ago, Jumbo1968 said:

I am only repeating what the I was told by the Bank Rep, 100k baht to open the account, next time I will record the conversation as you don’t appear to believe me.

Just be sure there is not a Thai-English miscommunication occurring which is very common in Thailand. 

 

As you see above only Bt500 is need to open a MTD account....that's what I opened mine with and then within days quickly added a lot more to it. 

 

If the particular Krungsri branch is indeed telling your they required Bt100K to open a MTD account versus Bt500 then it's probably not an expat-friendly branch....they really don't want your business.  Maybe go back with a printout of their own deposit sheet (above) and see if their story changes....or go to another branch (also with printout in hand just in case).    

[wgdanson]

7 minutes ago, Jumbo1968 said:

I am only repeating what the I was told by the Bank Rep, 100k baht to open the account, next time I will record the conversation as you don’t appear to believe me.

And, off topic but relevant, I was told I needed a Yellow Book to re-new D Licence, and that I had to bemarried to get Yellow Book. Do not believe everything you are told. Ask Ubon Joe first.   lol

 

[UKresonant]

Could I ask (slightly off topic sorry), for the future, could I give my wife the deposit (in my case 400000) and she could just deposit back to my account if I ever needed to, 3 months before any extension application?

There is no restriction on transfers if married, in Thailand is there? 

 

 

 

[Jumbo1968]

2 minutes ago, wgdanson said:

And, off topic but relevant, I was told I needed a Yellow Book to re-new D Licence, and that I had to bemarried to get Yellow Book. Do not believe everything you are told. Ask Ubon Joe first.   lol

 

Whilst Ubon Joe is very informative I don’t think he can comment on individual/local Banks policies.

The rep would I assume be on a commission for new customers and possibly the more the deposit the more commission.

i have no problem as I would be depositing a substantial amount, one thing she didn’t request was a Residence Letter from Immigration.

[wgdanson]

1 minute ago, Jumbo1968 said:

Whilst Ubon Joe is very informative I don’t think he can comment on individual/local Banks policies.

The rep would I assume be on a commission for new customers and possibly the more the deposit the more commission.

i have no problem as I would be depositing a substantial amount, one thing she didn’t request was a Residence Letter from Immigration.

I did put lol after my comment.

[Jumbo1968]

3 minutes ago, wgdanson said:

I did put lol after my comment.

No idea what lol means ?

[wgdanson]

2 minutes ago, Jumbo1968 said:

No idea what lol means ?

Many people, mistakenly, think it means Lots of Love. But it means Laugh out Loud....JOKE. I know i am stooping to new lows in English using these text speak abbreviations, but hey, Suzie Dent has got some strange words in her dictionary these days.

[simoh1490]

24 minutes ago, Jumbo1968 said:

I am only repeating what the I was told by the Bank Rep, 100k baht to open the account, next time I will record the conversation as you don’t appear to believe me.

The story changes based on who you speak to, when and where, it's part of the landscape and always has been.

[sirineou]

2 minutes ago, wgdanson said:

Many people, mistakenly, think it means Lots of Love. But it means Laugh out Loud....JOKE

LOL is not  lot's of love?  

I now have to reexamine my whole life. 

[MrMuddle]

I've kept my 800,000 in a fixed rate savings acccount with the Bangkok Bank for twelve years, and have only ever made one withdrawal. it's never been a problem at renewal time.

[KittenKong]

7 hours ago, Antonymous said:

CIMB are advertising 2.4% for 24 months right now.

Fair enough. That must be quite a new offer as it was not available the last time I was there a few months ago. Hopefully it will still be on when I next need to renew.