Term Deposit Acct Accepted by Immigration?

[YorkshireTyke]

A friend working at Bank of Ayuddha/Krungsri Bank has asked me if I'm interested in opening a Term Deposit Account for 18 months paying 1.85%, obviously she is promoting it to me as she will no doubt get commission which is OK by me.

 

However, I did ask if Hua Hin immigration will accept this style of account for my annual retirement visa renewal. She said 100% Yes, they can do an immigration letter for this kind of account.

 

I am happy to move my 800k from my savings acct with them to this providing I can use it next January when my 8th year renewal is due, however, if they don't accept it I am stuffed.

 

Anyone use a fixed term deposit in Hua Hin for their retirement funds ?

[NCC1701A]

I use a fixed account at Bangkok Bank in Hua Hin and I have been getting a letter for my fixed account every year for five years. 

 

Don't let them sell you any life insurance. ????

[NCC1701A]

16 minutes ago, YorkshireTyke said:

A friend working at Bank of Ayuddha/Krungsri Bank

can I ask you which branch because I want to open a account at Krungsri Bank.

[YorkshireTyke]

Yes, she's been promoted from M Village to be manageress at their main branch, on Petchakasem Road opposite the Tessabahn, ask for Kiki.

[phantomfiddler]

Not in Pattaya ! A couple of friends have recently had their passports thrown back at them with extremely negative comments by the officials behind the counter ????

[cnx355]

10 minutes ago, phantomfiddler said:

Not in Pattaya ! A couple of friends have recently had their passports thrown back at them with extremely negative comments by the officials behind the counter ????

interesting because now you can never touch 400,000THB of your deposit, so why not accept 400,000 in fixed term deposit and 400,000 in saving account ?

[danbradster]

Isaan - they complained at me for doing a term deposit but did the annual extension anyway.  They said the following year I should keep it in cash.

So I've kissed my interest goodbye.

[recom273]

I spoke with my local immigration who said no problem - I checked out GSB, they offer 2.25% on fixed term over 1M THB. I was thinking of giving them a try, the girl on the phone said there was no rule regarding number of accounts and all I needed was a passport with visa - I was a little afraid of "government" savings bank .. Does anyone else have an account with them?

 

[RickFarang]

If by chance they do not accept your fixed deposit, you can probably just move the money to a different type of account. The money would have been in the three months, right? They should not have trouble with the account type changing.  There I go again, applying logic.  Better to check with your immigration office.

[KittenKong]

1 hour ago, phantomfiddler said:

Not in Pattaya ! A couple of friends have recently had their passports thrown back at them with extremely negative comments by the officials behind the counter

I've been using a TD for my retirement extension in Jomtien for years with no trouble at all.

[likerdup1]

10 minutes ago, RickFarang said:

If by chance they do not accept your fixed deposit, you can probably just move the money to a different type of account. The money would have been in the three months, right? They should not have trouble with the account type changing.  There I go again, applying logic.  Better to check with your immigration office.

I believe the reason the call it a "fixed" deposit account is because you recieve interest payments based on keeping the money there "fixed" for a certain period of time. This is similar to the USA "certificate of deposit" accounts. Pulling the money out early will usually negate interest or incur a penalty making it not worth having the account in the first place.

 

I had asked about this before. I would be interested if immigration would accept some kind of "fixed" account or special interest accrual accounts. It seems like such a waste having $26000 USD in a non-interest bearing account.

Edited April 30, 2019 by likerdup1

[safarimike11]

55 minutes ago, recom273 said:

I spoke with my local immigration who said no problem - I checked out GSB, they offer 2.25% on fixed term over 1M THB. I was thinking of giving them a try, the girl on the phone said there was no rule regarding number of accounts and all I needed was a passport with visa - I was a little afraid of "government" savings bank .. Does anyone else have an account with them?

 

I have always used Bangkok bank: 1M THB one-year fixed earns 1.5% minus tax (15%) = 12,750 baht interest. I believe you need a Work Permit as a Farang to open one of those more attractive fixed-term accounts; Residency Certificate won't cut it unfortunately (their loss).

[likerdup1]

23 hours ago, NCC1701A said:

I use a fixed account at Bangkok Bank in Hua Hin and I have been getting a letter for my fixed account every year for five years. 

 

Don't let them sell you any life insurance. ????

What interest rate are they giving you? I bank with Bangkok band and would be interested in the same.

[Benmart]

2 hours ago, phantomfiddler said:

Not in Pattaya ! A couple of friends have recently had their passports thrown back at them with extremely negative comments by the officials behind the counter ????

Thrown? I only believe what I see. I value first hand accounts and not what someone tells me of another person's experience, as all to often it is not accurate. 

[NCC1701A]

23 hours ago, YorkshireTyke said:

Yes, she's been promoted from M Village to be manageress at their main branch, on Petchakasem Road opposite the Tessabahn, ask for Kiki.

sorry I am not sure where this is. can you give a cross street or other landmark? thanks. 

[recom273]

48 minutes ago, safarimike11 said:

I have always used Bangkok bank: 1M THB one-year fixed earns 1.5% minus tax (15%) = 12,750 baht interest. I believe you need a Work Permit as a Farang to open one of those more attractive fixed-term accounts; Residency Certificate won't cut it unfortunately (their loss).

Let's see .. im going armed with the name of the person at the hotline, who assured me that the number of accounts that I can hold and what they are discretion of the manager, all I need is a passport and a visa - she even asked if I had a permission to stay or a WP (im sure she wrong and the visa will turn into WP when I visit the bank).

 

The whole banking situation in this country is depressing, I want to start construction of a house, but I hit a wall when I visit a bank - I am limited to one account or sent away with a no cannot.

 

[Jip99]

4 minutes ago, recom273 said:

 

 

The whole banking situation in this country is depressing, I want to start construction of a house, but I hit a wall when I visit a bank - I am limited to one account or sent away with a no cannot.

 

 

 

Never had a problem opening an account with Kasikorn, SCB (just on 30 day visa exempts at that time) or Bangkok Bank. I quite fancy Thanachart bank next.

[recom273]

21 minutes ago, Jip99 said:

 

 

Never had a problem opening an account with Kasikorn, SCB (just on 30 day visa exempts at that time) or Bangkok Bank. I quite fancy Thanachart bank next.

I think a lot of it is, if you are in an area where they are used to westerners - and im not, the answer is no work permit? No cannot, sorry - Im thinking about trying the Islamic bank next week.

 

Edited April 30, 2019 by recom273

[rickudon]

GSB will only open account if you have a work permit (maybe, if you are lucky) - but not on an extension (my experience).

[Number 6]

4 hours ago, cnx355 said:

interesting because now you can never touch 400,000THB of your deposit, so why not accept 400,000 in fixed term deposit and 400,000 in saving account ?

Exactly my thinking.

 

Can't find words to describe that except perhaps - stupid

[marcusarelus]

11 minutes ago, rickudon said:

GSB will only open account if you have a work permit (maybe, if you are lucky) - but not on an extension (my experience).

There is a banking forum with hundreds and hundreds of posts like yours and answers from people like me who have had no trouble opening accounts.  (my experience)

[marcusarelus]

4 hours ago, phantomfiddler said:

Not in Pattaya ! A couple of friends have recently had their passports thrown back at them with extremely negative comments by the officials behind the counter ????

Not believable in light of the great majority of posts on this forum and also my experience at Pattaya and CM and Rayong. 

[marcusarelus]

4 hours ago, cnx355 said:

interesting because now you can never touch 400,000THB of your deposit, so why not accept 400,000 in fixed term deposit and 400,000 in saving account ?

What offices won't accept a Fixed deposit account?

[likerdup1]

In Pattaya the bank branch where I originally opened my Baht account would not let me open a dollar account without either a "certificate of residency" from Immigration or buying their "health/life/accident insurance". I went to another branch of the same bank across town ... no problem! Opened the dollar account on the spot with my baht account passbook and passport in hand. Doesn't build my confidence in how my money is being handled but... TIT.

[YorkshireTyke]

3 hours ago, NCC1701A said:

sorry I am not sure where this is. can you give a cross street or other landmark? thanks. 

Heading North on Petchakasem Road from say M Village about 100 metres or less from the main traffic light on the right hand side. Has small parking lot. So just around the corner from the Post Office, Police station and opposite the Tessabahn.

[PerkinsCuthbert]

5 hours ago, cnx355 said:

interesting because now you can never touch 400,000THB of your deposit, so why not accept 400,000 in fixed term deposit and 400,000 in saving account ?

Thainess?

[TigerandDog]

16 hours ago, danbradster said:

Isaan - they complained at me for doing a term deposit but did the annual extension anyway.  They said the following year I should keep it in cash.

So I've kissed my interest goodbye. 

"So I've kissed my interest goodbye. "

 

Not necessarily so. I have a TMB Non Fixed account for my 800k, which is linked to my TMB everyday savings account, so transactions for the Non Fixed account either have to be done online between the 2 accounts or directly over the counter. No ATM card for the Non Fixed account. However, the Non Fixed does pay 1.3% interest and if you have 5 or more transactions per month on your everyday account the interest is increased to 1.6%.  Now the other benefit of this account is that NO tax is deducted from the interest, whereas a fixed term account automatically has 15% tax deducted from the interest, and then you need to submit a tax return to get that tax back.

[TigerandDog]

13 hours ago, Jip99 said:

 

 

Never had a problem opening an account with Kasikorn, SCB (just on 30 day visa exempts at that time) or Bangkok Bank. I quite fancy Thanachart bank next.

Just in case you're not aware Thanachart Bank has been taken over by TMB and all Thanachart Branches will either close where there are TMB branches or if there are no TMB branches change their branding. My GF's brother in law is a Thanachart employee and this is what they were told when the merger was completed a few months ago.