what type of bank account?

[Sheryl]

17 minutes ago, Felt 35 said:

Did you get in written what documentation the bank want to let you open an account?

Thanks

Felt.

Not from Krung Sri.

 

Kasikorn's web site says:

Individuals

• National ID card (Smart Card)
• Copy of House Registration (in case other ID cards are submitted)

Pretty much all banks want ID and proof of address. Passport  plus tabian ban or residence certificate OR pink Thai ID card.

 

Some are reported to want other things in the case of a foreigner and this varies not only by bank but by branch. Some people report being asked to get letters from Immigration or their Embassy, others report being told they can't open an account without a work permit. None of this specific to a FD account, just any bank account. In short seems to be all over the map, as bad as Imm offices!

 

 

[khunPer]

On 2/12/2019 at 7:07 AM, samsensam said:

is any bank account; current, savings, long term deposit... more convenient in terms of dealing with immigration?

Normally it's said that the money shall be withdraw-able at any time, so any bank deposit from where the money can be withdrawn should work.

 

I've had my 800k baht permanent in deposit for years – because it's much more easy then maturing every your and prove it with mixed deposits and withdrawals – and I've been using fixed accounts, normally for 12-month, but occasionally longer. Some of the years I've been shopping around for best interest – but I've never moved to another account less than 3 month before my annual application for extension of stay, i.e. the mature period – and I've never had a problem. You can normally withdraw funds with loss of interest (present period). At the moment I use Bangkok Bank that offers 1.5% p.a. (before 15% withholding tax).

 

It's been mentioned in another thread, that after the new rules, where you always need 400k baht in deposit, you are still allowed to move bank, as long as withdrawal from old account, and deposit in a new account, is made on the same date.

Edited February 13, 2019 by khunPer

[Pib]

1 hour ago, Aforek said:

I suppose that before you were not at Krungsri Bank ; how did you transfer the 800000 bahts to the new bank ? may be I could be interested, but I want to keep  my saving account with SCB; there is a Krungsri bank a few hundred meters from my bank  and what you describe is better than the SCB fixed account 

 

Correct....when the MTD account was my first (and still only) account with Krungsri.   My fixed savings account with Bangkok Bank was going to mature in a few weeks but I knew at that time I did "not" want to roll the money over into another fixed account due to fixed account interest rates having fallen a lot.  So, I opened the Krungsri MTD account first just to ensure I could....opened it with a Bt15K deposit although only Bt500 is required. 

 

The Krungsri Bank and Bangkok Bank branches are side by side in the Chaengwattana immigration building.  A few days after my Bangkok Bank fixed account matured I went the the Bangkok Bank branch, closed the fixed account by transferring the bulk of the funds to my regular Bangkok Bank savings account except for another Bt200K I got in cash.  I carried that Bt200K to the Krungsri branch just a few steps away and deposited it in my MTD account.    I didn't want to put all of the over Bt800K funds into the Krungsri account at that time because I had some other plans/still researching some other new accounts I might open.  But I could have transferred all the funds by hand-carrying it, inter-bank transfer, cashier check, etc....just didn't want to at the time. 

 

Over the next few weeks I was still in the mode of researching various hybrid accounts but then decided against that.  I then just transferred all the funds by a combination of ibanking transfers and hand-carrying one more time at the Lotus mall close to me where there were Bangkok Bank and Krungsri Bank branches inside the mall....once again, side by side branches with security guards. 

 

As mentioned, I kinda dragged out putting the entire Bt800K into my new  Krungsri MTD account because at the time I was thinking about opening another, similar account at another bank.  Anyway, that was around 4 years ago....my over Bt800K has pretty much just been setting in the Krungsri MTD growing and growing ever since....only occasionally will I withdraw or transfer-in funds.   

 

CW immigration officers have never questioned why there is little to no withdrawals each year when I apply for my extension of stay renewal...CW immigration only wants to see you had Bt800K in the bank for the required time.   CW never asked me either when I was using Bangkok Bank fixed accounts for my extensions.   If CW ever does ask what money I live on, I will say my other regular bank accounts (I carry along statements as proof if asked), my credit cards, etc. 

[Sheryl]

On 2/13/2019 at 11:25 AM, Aforek said:

These two last years ( last time of my extension with a fixed deposit of 800000 bahts : october 2018 ), Prachinburi IO accepted my FD , no problem

next month, I'll go and ask them if for the future and the new rules, they will still accept it 

I was there today and was told it is fine. Actually first 4 people asked did nto know, they had me speak to what I gather was the senior officer. She was clear that it is fine. So I will proceed.

[Pib]

14 minutes ago, Sheryl said:

I was there today and was told it is fine. Actually first 4 people asked did nto know, they had me speak to what I gather was the senior officer. She was clear that it is fine. So I will proceed.

First 4 didn't know....then the 5th knew.  Sometimes it luck of the draw in getting good info out of an immigration office.

[jacko45k]

11 hours ago, Pib said:

First 4 didn't know....then the 5th knew.  Sometimes it luck of the draw in getting good info out of an immigration office.

You had any better luck at Tesco because I haven't?

[Pib]

1 hour ago, jacko45k said:

You had any better luck at Tesco because I haven't?

Nope....and even worst luck at HomePro.

[allen303]

Just opened an account with Krung Sri in Nonthaburi. They asked for my wife’s Thai ID card and House Book, my PP. I also gave them a copy of my US DL (my choice). Filed out several forms to include a US Tax form.

 

Wife ( has US, Thai PP ) and I have had a joint checking account with BB for 11 years (never below 300000) . I just retired last year, spend 8 months here, 4 US . I am on ME O Visa till Dec.

BB branch says no can do, I need a letter from Embassy. They gave me a copy of the form, asks for PP information, home address, Thai address and signed by Embassy, unsure if US Embassy will notarize my home/ Thai address (nowhere for me to sign on form).

 

Went to BB branch where we do business and opened account 11 years ago. They said same for form. But get a work permit and OK. Told them if I had a work permit, I would not need the 8 in saving, could hear the wheels turning in their head, but they were very nice!

 

We were at the shopping center, sister-in-law walked into Krung Sri ( around the corner from the first BB branch we tried) and asked about me opening saving account, they said sure bring this and 10,000 to deposit. Went home, got papers, 30 minutes later had my account open with no problem. Fun part is we told the BB we just sold a house and had several million to deposit and wish to put 8 in my saving just in case I decided to do extension, no can do.

 

Wife went back and opened a joint checking at Krung Sri, going to move all money to new bank. This all happened yesterday the 19^th. She took the check from SCB for house and deposited in new checking account.

Edited February 19, 2019 by allen303

[Pib]

Now days Bangkok Bank seems to press for the certificate of residence from immigration or your home country embassy if you don't have a work permit, Yellow Book, acceptable (to them) Thai to vouch for you, etc.   But as always, it varies from branch to branch as to how expat friendly they are.  TIT

[Sheryl]

23 minutes ago, allen303 said:

Just opened an account with Krung Sri in Nonthaburi. They asked for my wife’s Thai ID card and House Book, my PP. I also gave them a copy of my US DL (my choice). Filed out several forms to include a US Tax form.

 

Wife ( has US, Thai PP ) and I have had a joint checking account with BB for 11 years (never below 300000) . I just retired last year, spend 8 months here, 4 US . I am on ME O Visa till Dec.

BB branch says no can do, I need a letter from Embassy. They gave me a copy of the form, asks for PP information, home address, Thai address and signed by Embassy, unsure if US Embassy will notarize my home/ Thai address (nowhere for me to sign on form).

 

Went to BB branch where we do business and opened account 11 years ago. They said same for form. But get a work permit and OK. Told them if I had a work permit, I would not need the 8 in saving, could hear the wheels turning in their head, but they were very nice!

 

We were at the shopping center, sister-in-law walked into Krung Sri ( around the corner from the first BB branch we tried) and asked about me opening saving account, they said sure bring this and 10,000 to deposit. Went home, got papers, 30 minutes later had my account open with no problem. Fun part is we told the BB we just sold a house and had several million to deposit and wish to put 8 in my saving just in case I decided to do extension, no can do.

 

Wife went back and opened a joint checking at Krung Sri, going to move all money to new bank. This all happened yesterday the 19^th. She took the check from SCB for house and deposited in new checking account.

Nice to hear as I am planning ti try to open my FD account at Krung Sri, they offer 2.15% on 4 year term deposits which is the highest I have found anywhere.

[Pib]

4 minutes ago, Sheryl said:

Nice to hear as I am planning ti try to open my FD account at Krung Sri, they offer 2.15% on 4 year term deposits which is the highest I have found anywhere.

Personally, I would not go with such a l....o.....n......g term (4 years) fixed account at this time since we appear to be in the early stage of interest rates starting to rise again....slowly but rising.  Bank of Thailand will probably raise rates at least once this year.  Wouldn't surprise me within a year fixed accounts paying 2.15% at much shorter terms than 4 years will be common.  Now if we were in the early stage of interest rates going down, then yea....2.15% for 4 years should be fine since interest rates cycles are usually long term cycles of at least several years.

[Pilotman]

But what is the position if, when you go for your extension of stay,  a particular IO says no, a FD account for your 800K is  not acceptable.  Then you are screwed,  with nowhere to go to get the extension. Wishing and hoping it is true that a FD account is acceptable is not the same as knowing definitively that it is.  That is my problem now.  I think I will leave the 800K in the savings account, at least for this year,  until there is some clarity on what is and is not acceptable going forward, if there is ever going to be any clarity.  

[jacko45k]

1 hour ago, Pib said:

Nope....and even worst luck at HomePro.

Yep, even worse there. Staff should be persuaded to at least take a wander around and get familiar with stock rather than hiding among the shelves playing with their phones.

[skatewash]

8 minutes ago, Pilotman said:

But what is the position if, when you go for your extension of stay,  a particular IO says no, a FD account for your 800K is  not acceptable.  Then you are screwed,  with nowhere to go to get the extension. Wishing and hoping it is true that a FD account is acceptable is not the same as knowing definitively that it is.  That is my problem now.  I think I will leave the 800K in the savings account, at least for this year,  until there is some clarity on what is and is not acceptable going forward, if there is ever going to be any clarity.  

I guess you would need to start over by going to a nearby country and applying for a non-imm O.  I have had fixed deposits accepted in the past at Phuket Immigration but past performance is no guarantee of future success. ????

 

You can proactively ask at your immigration office and hope that your query is understood.

[Sheryl]

On 2/19/2019 at 11:10 AM, Pib said:

Personally, I would not go with such a l....o.....n......g term (4 years) fixed account at this time since we appear to be in the early stage of interest rates starting to rise again....slowly but rising.  Bank of Thailand will probably raise rates at least once this year.  Wouldn't surprise me within a year fixed accounts paying 2.15% at much shorter terms than 4 years will be common.  Now if we were in the early stage of interest rates going down, then yea....2.15% for 4 years should be fine since interest rates cycles are usually long term cycles of at least several years.

@Pib

 

Just how high do you think they will go?

 

By my calculation to do better than I will with a 4 year at 2.15% now, given that the best I can get for a 12 month FD now is about 1.3%, I'd have to get an average return of at least 2.4% for the 3 years thereafter.

 

?Is that really likely?

[scottiejohn]

42 minutes ago, Sheryl said:

@Pib

 

Just how high do you think they will go?

 

By my calculation to do better than I will with a 4 year at 2.15% now, given that the best I can get for a 12 month FD now is about 1.3%, I'd have to get an average return of at least 2.4% for the 3 years thereafter.

 

?Is that really likely?

My understanding is that the FD account must be instant access, and that is only at certain offices like CM.  Are these accounts you are talking about acceptable to IO in ALL offices?

[Sheryl]

Virtually nothing s acceptable to Io in ALL offices.

 

Most IOs have no problem with a fixed deposit account. i have specifically asked mine.

 

But there are reports that some do object. Whether this is actual or someone asked somebody who did not really understand the question, who knows. When I asked at my IO I had to go through 5 people to get an answer. Luckily for me the first 4 were honest and said they didn't know, but it is not unusual for Thais to say "cannot" to something when they actually do not know, "cannot" seems to be the default answer here and sometimes people do nto want to admit they don't know something.

 

Lost of reports of people using Fixed Deposit accounts, only a few of having problems with it. Nothing in the regulations prevents it. But you should clear it ahead of time with your individual Imm office just to be sure.

[Pib]

58 minutes ago, Sheryl said:

@Pib

 

Just how high do you think they will go?

 

By my calculation to do better than I will with a 4 year at 2.15% now, given that the best I can get for a 12 month FD now is about 1.3%, I'd have to get an average return of at least 2.4% for the 3 years thereafter.

 

?Is that really likely?

A few years ago the Krungsri MTD hybrid account was paying 2.3%....and then the interest rate cycle started downward....all savings rates went down...fixed, regular, hybrid, etc.  Now the Krungsri MTD is at 1.3%.  Also a few years ago 12 month fixed accounts were paying over 3%....heck, I had a Bangkok Bank fixed 15 month account paying 3.5%.  But as mentioned the interest rate cycle headed down and all types of savings started paying a lot less.  

 

But the interest rate cycle has bottomed out....the only thing stopping Bank of Thailand from raising rates is the baht's strength right now, the upcoming election, and the US Federal Reserve going slow on interest rate increases.  BOT sure dont want to raise rates which would strengthen the baht even more before the Fed raises rates again.  The Fed rate is at 2.5% now; most expect that rate to be a 3.0% by the end of 2019.  

 

All I can say is personally I would not get a 4 year fixed at 2.15% at this point in time...4 years is just a long time at such a low rate.   If we were the end of an interest rate cycle were rates were surely headed downward, then yea, grab the highest paying rate you can find before they go down. But we are not in a cycle were interest rates going lower....they are surely headed up.  By how much and how fast my crystal ball is foggy on that answer....maybe yours is clearer. 

Edited February 22, 2019 by Pib

[Thailand J]

On 2/19/2019 at 10:57 AM, Sheryl said:

Nice to hear as I am planning ti try to open my FD account at Krung Sri, they offer 2.15% on 4 year term deposits which is the highest I have found anywhere.

CIMB THAI is running a promotion ending Feb 28. 2.5% on 2 yr fixed deposits.

 

I am staying with Bangkok Bank and SCB for the convenience.

Back in US my idle cash is getting 2.3% in Vanguard .

 

[Pib]

Sheryl,

  Bankgok Bank's fixed 48 month is 2.50%.  The 2.15% 4 year Krungsri fixed is offering really ain't that good.  Even Bangkok Bank's 2 year fixed is paying 2.25%.

 

[Sheryl]

1 hour ago, Pib said:

Sheryl,

  Bankgok Bank's fixed 48 month is 2.50%.  The 2.15% 4 year Krungsri fixed is offering really ain't that good.  Even Bangkok Bank's 2 year fixed is paying 2.25%.

 

Thanks for that! Assuming they don't prove a hassle to open an account and I don't learn of anything higher  I'll go that route for 3 years then.

[Sheryl]

1 hour ago, Thailand J said:

CIMB THAI is running a promotion ending Feb 28. 2.5% on 2 yr fixed deposits.

Yes I saw that. Problem is their branches are few and far between. None in my province.

[Sheryl]

On 2/22/2019 at 6:56 PM, Pib said:

Sheryl,

  Bankgok Bank's fixed 48 month is 2.50%.  The 2.15% 4 year Krungsri fixed is offering really ain't that good.  Even Bangkok Bank's 2 year fixed is paying 2.25%.

 

@Pib

 

Are you sure #9 are regular thai baht fixed deposit accounts? How different from what is shown in #6 for the same time periods? This is unfortuantely not available in English but from comparison to what other banks offer I suspect that #9 has some special conditions other than just a FD account and that #6 are the actual rates in which case similar to other banks.

 

What I have found so far, leaving aside Bangkok Bank due to translation uncertainties, is:

 

12 month FD 1.55% Kasikorn, 1.35% Krung Sri, 1.65% SCB

24 months: 1.7% Kasikorn, 1.5% Krung Sri, 1.7% TMB, 1.7% SCB

36 month: 1.85% Kasikorn, 1.7% Krung Sri, 1.85% SCB

 

[Pib]

24 minutes ago, Sheryl said:

@Pib

 

Are you sure #9 are regular thai baht fixed deposit accounts? How different from what is shown in #6 for the same time periods? This is unfortuantely not available in English but from comparison to what other banks offer I suspect that #9 has some special conditions other than just a FD account and that #6 are the actual rates in which case similar to other banks.

 

What I have found so far, leaving aside Bangkok Bank due to translation uncertainties, is:

 

12 month FD 1.55% Kasikorn, 1.35% Krung Sri, 1.65% SCB

24 months: 1.7% Kasikorn, 1.5% Krung Sri, 1.7% TMB, 1.7% SCB

36 month: 1.85% Kasikorn, 1.7% Krung Sri, 1.85% SCB

Sheryl,

  You are right....#9 is rates for Sinmathaya Subthawee Accounts.  Basically a monthly deposit account up to Bt600K max over various periods.....tax free though. 

  

 

[Sheryl]

Thanks Pib

 

So the final tally , for reference of anyone interested, is:

                               12          24         36     48 months

1. Bangkok Bank     1.50%       1.50%       1.625%     -
2. Kasikorn Bank     1.55%       1.7%         1.85%      -
3. Krung Sri            1.35%       1.55%       1.7%       2.15%
4. SCB                    1.65%       1.7%        1.85%        -

As my regular savings account is at Kasikorn I am leaning towards a 24 month FD there.

 

 

[Aforek]

On 2/25/2019 at 1:48 PM, Sheryl said:

Thanks Pib

 

So the final tally , for reference of anyone interested, is:

                               12          24         36     48 months

1. Bangkok Bank     1.50%       1.50%       1.625%     -
2. Kasikorn Bank     1.55%       1.7%         1.85%      -
3. Krung Sri            1.35%       1.55%       1.7%       2.15%
4. SCB                    1.65%       1.7%        1.85%        -

As my regular savings account is at Kasikorn I am leaning towards a 24 month FD there.

 

 

Hello Sheryl , for the SCB , ( number 4 ) do you have a link for the rates you write, I have not find it ? ; SCB is my bank and in a mail they tell me I can change my fixed account to an other one very easily 

thanks

[Sheryl]

5 hours ago, Aforek said:

Hello Sheryl , for the SCB , ( number 4 ) do you have a link for the rates you write, I have not find it ? ; SCB is my bank and in a mail they tell me I can change my fixed account to an other one very easily 

thanks

https://www.scb.co.th/en/personal-banking/rates-fees.html