Retirement visa using pound sterling interest account

[Tanoshi]

6 minutes ago, wgdanson said:

Better losing your interest than losing your extension to stay.

 

Can you get a fixed term FCD account? Must ask at Bkk Bank. I do have a FCD Savings account and get a bit of interest now & then, but also get charged if it drops below GBP 1000.

Yes, fixed term FCD accounts are available. (Same as baht Fixed term deposit accounts), but lower interest rates.

0.9% for a 12 month fixed term.

Foreign Currency Deposit Account

With a foreign currency deposit account, you can hold your funds in any of the following 14 currencies: USD, GBP, JPY, SGD, HKD, AUD, EUR, CNY, CAD, CHF, NZD, DKK, NOK and SEK. This kind of account enables you to manage your foreign currency payments and income effectively by minimizing risks from foreign currency fluctuations. A foreign currency deposit account can be a savings, fixed deposit or current account, and can be accessed online via Bualuang iBanking service to view account balance and transfer funds into your local baht account. The initial deposit for opening any of these accounts is USD1,000 or an equivalent amount in another foreign currency.

https://www.bangkokbank.com/en/Personal/Other-Services/Foreign-Customers/Bangkok-Bank-Accounts

 

For current account type you'd need a WP or have permanent residency status.

[TBWG]

This leaflet should be available from your local Bangkok Bank branch.


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[Peter Denis]

 

Quote > I have just opened a pound sterling account with Bangkok Bank with enough money to cover next  years 800,000 baht even allowing for a small shift in currency rate.

 

With Brexit instability on-going with its impact on GBP and the expected continual rise of the THB, I would rather allow for a LARGE shift in currency rate than a small shift.

Nobody has a crystal ball but I would expect that the 1% interest on the GBP account will be lower than the equivalent kept in a THB account.

 

[lelapin]

Am I able to make my Bangkok Bank Fixed Term FCD a/c an on-line account and if so do I have to visit my branch to do it.

[Tomahawk21]

7 hours ago, Khaeng Mak said:

If there is no book just ensure you have an updated statement prior to going to immigration. 

i have a book

[Tanoshi]

1 hour ago, lelapin said:

Am I able to make my Bangkok Bank Fixed Term FCD a/c an on-line account and if so do I have to visit my branch to do it.

Quote

A foreign currency deposit account can be a savings, fixed deposit or current account, and can be accessed online via Bualuang iBanking service to view account balance and transfer funds into your local baht account.

Yes, you'll have to go in branch to set up online access.

Unlike a standard Savings account where you have a debit card and can set up online banking via an ATM, with an account without a card you have to go in branch to set it up.

[Hindy]

The sterling account does have a book

and it can be used for the visa

just update the book in the bank.

[Jen65]

Interesting topic .  I have a sterling deposit account with Bangkok Bank to keep a little more than the equivalent of 800,000 baht in just for my retirement visa - with a bank book but it pays no interest .   I am resigned to forgetting about this and just leave there for the annual visa renewal .   Are we talking about the same FCD account or can I put my sterling in another recognised account and get interest ? 

[Tanoshi]

1 hour ago, Jen65 said:

Interesting topic .  I have a sterling deposit account with Bangkok Bank to keep a little more than the equivalent of 800,000 baht in just for my retirement visa - with a bank book but it pays no interest .   I am resigned to forgetting about this and just leave there for the annual visa renewal .   Are we talking about the same FCD account or can I put my sterling in another recognised account and get interest ? 

What you have is a Foreign Currency Deposit 'Savings' account. 0.1% interest.

You can move that to a FCD 'Fixed term' (12 month) account. 0.9% interest.

 

They work on the same principle to a Thai baht Savings account, 0.5% interest, or a Thai baht Fixed term (12 months) account, 1.5% interest, other than the fact the account is foreign currency.

[lelapin]

1 hour ago, Jen65 said:

Interesting topic .  I have a sterling deposit account with Bangkok Bank to keep a little more than the equivalent of 800,000 baht in just for my retirement visa - with a bank book but it pays no interest .   I am resigned to forgetting about this and just leave there for the annual visa renewal .   Are we talking about the same FCD account or can I put my sterling in another recognised account and get interest ? 

You need to set up a new fixed term sterling account

[Khaeng Mak]

9 hours ago, Tanoshi said:

Any letter I have had from the bank only confirmed the account.

The Passbook was proof of funds in foreign currency. The IO did the conversion to baht equivalent.

 

Unless you are with BKK any conversion by the bank using their TT rate (which could be lower than BKK) in the form of a letter could be detrimental.

I just provide a up to date statement of the fixed term account and a bai rap rong letter from the bank stating the details of the account and its balance in both foreign amount and the equivalent in Thai baht. That's it.  No bank book required or requested.

[OJAS]

21 hours ago, buick said:

it is my understanding that immigration uses 'TT buying rates'.  which is a little higher than the 'bank note buying rate'.  

 

https://www.bangkokbank.com/en/Personal/Other-Services/View-Rates/Foreign-Exchange-Rates

 

what i often wonder, is do they check the lowest TT buying rate for previous three months to calculate your balance in THB, or do they just look at the first and last day of extension seasoning period.  i don't know.  haven't read a report of someone getting denied due to their FCD account dipping below the required amount during the seasoning period but going above it again before application time. 

When I presented my Embassy letter for a new retirement extension a few years ago, I distinctly observed the officer totting up the GBP figures and then multiplying them by what was the prevailing Bangkok Bank Notes Buying Rate (having checked this myself before setting off to the office). I suspect that the rationale for using this particular rate is that the TT rate doesn't cover all conversion costs (e.g. the 0.25% deduction usually made at the Bangkok end to an FTT before this is credited to the beneficiary account).

Edited March 29, 2019 by OJAS

[maingmoom]

On 3/28/2019 at 9:30 AM, Tanoshi said:

Read my post @ 4. 

I have a book which was automatically given at the time of opening my pound sterling account

[Tanoshi]

2 minutes ago, maingmoom said:

I have a book which was automatically given at the time of opening my pound sterling account

Which type of FCD account?

For 'fixed term' types they now issue a certificate as opposed to a book.

[OJAS]

22 hours ago, Tanoshi said:

That would apply to any account your using as the funds method.

 

The FCD account mentioned here is a 'fixed term' account, presumably 12 months, the same a baht held fixed term account.

Sorry, but I'm in some difficulty in understanding your rationale here. Surely an 800,000 THB minimum balance can be much more clearly maintained and monitored in ANY THB account than ANY FCD one? (Whether or not a particular account is fixed term strikes me as a red herring in this context).

 

If my recollection of a number of postings on here is corrected, banks do indicate the THB equivalent of a current FCD balance in their standard confirmatory letter. But this is, of course, only a snapshot taken when the letter was issued. And, if Immigration are content to rely solely on this then, in theory at least, it makes a complete mockery of the seasoning requirements, does it not?

 

IMHO the posting below has summed up the perils of using FCD's (which, I feel, go wider than the particular issues facing us Brits at the present time because of the constant yo-yoing of sterling's value) perfectly:-

 

17 hours ago, Peter Denis said:

With Brexit instability on-going with its impact on GBP and the expected continual rise of the THB, I would rather allow for a LARGE shift in currency rate than a small shift.

Nobody has a crystal ball but I would expect that the 1% interest on the GBP account will be lower than the equivalent kept in a THB account.

 

Edited March 29, 2019 by OJAS

[Tanoshi]

21 minutes ago, OJAS said:

Sorry, but I'm in some difficulty in understanding your rationale here. Surely an 800,000 THB minimum balance can be much more clearly maintained and monitored in ANY THB account than ANY FCD one? (Whether or not a particular account is fixed term strikes me as a red herring in this context).

That would be for the individual to decide.

The topic is about having an FCD account, not a comparison between an FCD and THB account.

 

If you were entering Thailand at this time with the intention of retirement, would it be rational to exchange £20,000 into BHT at the current exchange rate of between 41-42, or put the £20K in a 'Fixed term' FCD account and wait for better exchange rates.

From the examples posted in this topic it appears the members hold sufficient funds to maintain the balance throughout the year, so they don't have the added concern about maintaining the equivalent of 800K for 6 months and 400K for 6 months.

 

There could also be other reasons for keeping one's funds in foreign currency.

[buick]

6 hours ago, OJAS said:

When I presented my Embassy letter for a new retirement extension a few years ago, I distinctly observed the officer totting up the GBP figures and then multiplying them by what was the prevailing Bangkok Bank Notes Buying Rate (having checked this myself before setting off to the office). I suspect that the rationale for using this particular rate is that the TT rate doesn't cover all conversion costs (e.g. the 0.25% deduction usually made at the Bangkok end to an FTT before this is credited to the beneficiary account).

my extension is coming up in May (i go to CW), i'll pay more attention during the process to see what it is they do there.  i thought my bank letter for the FCD account did show a conversion, but i've read here that such letter does not (that may be true, i didn't keep a copy).  i do remember the IO working a calculator, that is for sure.  i'm out of thailand now and not in possession of my bank books but i thought my USD converting to THB got the TT rate, USD coming in via ACH to thai baht account and/or USD coming from my FCD account to my thai baht account.  it is possible i missed a fee of some sort.  i'll be sure to make a report here once my trip to CW in may is complete.

[Jack100]

Understand that SCB will pay 1.8% on a fixed one year deposit of one million baht or more .

Can anyone beat that ?

[yodsak]

 

4 hours ago, buick said:

my extension is coming up in May (i go to CW), i'll pay more attention during the process to see what it is they do there.  i thought my bank letter for the FCD account did show a conversion, but i've read here that such letter does not (that may be true, i didn't keep a copy).  i do remember the IO working a calculator, that is for sure.  i'm out of thailand now and not in possession of my bank books but i thought my USD converting to THB got the TT rate, USD coming in via ACH to thai baht account and/or USD coming from my FCD account to my thai baht account.  it is possible i missed a fee of some sort.  i'll be sure to make a report here once my trip to CW in may is complete.

  SCB letter shows a conversion, feb 27th

 

[yodsak]

3 hours ago, Jack100 said:

Understand that SCB will pay 1.8% on a fixed one year deposit of one million baht or more .

Can anyone beat that ?

CIMB

[Rambo]

On 3/28/2019 at 11:53 AM, buick said:

i have a FCD account at Bangkok Bank and my FCD bank book is too large to fit into the normal bank book balance update machine.  maybe i'm missing something ?  but i haven't been able to get it to fit.

 

i am able to get it updated in any branch, usually bangkok bank office at CW. 

I am advised by Bangkok Bank that FCD book cannot be updated in update machine and must be done at counter service. They have confirmed this in writing to me. 

[Jack100]

On 3/29/2019 at 8:19 PM, yodsak said:

CIMB

Thanks yodsak , I'll look into that , hope the fact its a Malaysian bank doesn't matter .

[Bert Jones]

Hope I'm not being cheeky Jack, could you post back what you find out please.