503726 Posted July 5, 2019 Share Posted July 5, 2019 Hi What is the best way permitted to hold currency required for Visa applications? I currently hold the 800,000 B required for am O-A retirement Visa on an account at SCB that gives immediate access to all of it and therefore not earning interest. Is there a way to earn interest and meet the fund requirements for Visas like O-A or is it not possible? What does everyone else do? Thanks for your advice in advance Link to comment Share on other sites More sharing options...
fishtank Posted July 5, 2019 Share Posted July 5, 2019 (edited) I think you are talking about an extension of stay for retirement not a Visa. Put your money in a SCB fixed account. Still not great but up to 1.85% depending on length of deposit. Edited July 5, 2019 by fishtank Link to comment Share on other sites More sharing options...
Lefty Posted July 5, 2019 Share Posted July 5, 2019 6 hours ago, fishtank said: I think you are talking about an extension of stay for retirement not a Visa. Put your money in a SCB fixed account. Still not great but up to 1.85% depending on length of deposit. I believe bank will withhold 15% as tax. Lefty Link to comment Share on other sites More sharing options...
fishtank Posted July 5, 2019 Share Posted July 5, 2019 15 minutes ago, Lefty said: I believe bank will withhold 15% as tax. Lefty Yes but you can claim it back if you get a tax number. Whatever it is still better than 0% 1 Link to comment Share on other sites More sharing options...
Ravi98008 Posted July 5, 2019 Share Posted July 5, 2019 7 hours ago, fishtank said: I think you are talking about an extension of stay for retirement not a Visa. Put your money in a SCB fixed account. Still not great but up to 1.85% depending on length of deposit. Hi fishtank, I read in this forum that just before you apply for an extension you have to make a deposit and a withdrawal to prove that the 800K is liquid and accessable anytime during the one year Visa extension period. However if funds are withdrawn from a fixed term deposit account before the maturity date, you loose the entire interest earned, won't this withdraw/deposit of money defeat the whole purpose of holding the funds in an interest bearing account, only to loose the interest earned when a withdrawal is made for Visa renewal process? Thanks 2 Link to comment Share on other sites More sharing options...
503726 Posted July 5, 2019 Author Share Posted July 5, 2019 Thanks both of you, 1.85% less tax would be better than nothing, I know this is important for the Immigration Service. I gave them my whole bank book and a bank confirmation letter for extension of stay recently. The immigration officer looked all the way through my bank transactions carefully with me there and even checked it against dates of my absence from Thailand. It was an issue that a formal bank confirmation letter was 1 day out of date but I had that covered with a current one too showing the same balance less their fee. Sorry to be pedantic but … can the immigration service take issue with the money being not instantly available when it is deposited for a term period or that amount being confirmed by the bank in separate sentence in their formal letter or if its done by a second letter? Thanks again Link to comment Share on other sites More sharing options...
CMBob Posted July 6, 2019 Share Posted July 6, 2019 11 hours ago, 503726 said: ...Sorry to be pedantic but … can the immigration service take issue with the money being not instantly available when it is deposited for a term period or that amount being confirmed by the bank in separate sentence in their formal letter or if its done by a second letter? To qualify for an extension, the bank account money must be instantly available. SCB (and other banks) have those accounts and, while they are "fixed term" (for 6 months, 11 months, etc.), they are nothing like a "western cd" where you can't get your money until the term ends. These "fixed accounts" being talked about allow you to withdraw the funds whenever you want but, if you take the money out early, you lose all accrued interest. Just ask your bank if whatever account they're trying to sell you will qualify for the annual immigration letter. I've had this type of account at SCB for 8+ years without any issue or problem at all. Link to comment Share on other sites More sharing options...
NCC1701A Posted July 6, 2019 Share Posted July 6, 2019 fixed account at Bangkok Bank with 800,000+ baht for the past 6 years for my extension of stay. sure makes it easy when applying for your extension. Link to comment Share on other sites More sharing options...
503726 Posted July 6, 2019 Author Share Posted July 6, 2019 Great, I'll have a look at what the bank has on offer. It's only fair, thanks v much guys Link to comment Share on other sites More sharing options...
fishtank Posted July 6, 2019 Share Posted July 6, 2019 23 hours ago, Ravi98008 said: Hi fishtank, I read in this forum that just before you apply for an extension you have to make a deposit and a withdrawal to prove that the 800K is liquid and accessable anytime during the one year Visa extension period. However if funds are withdrawn from a fixed term deposit account before the maturity date, you loose the entire interest earned, won't this withdraw/deposit of money defeat the whole purpose of holding the funds in an interest bearing account, only to loose the interest earned when a withdrawal is made for Visa renewal process? Thanks Make a small deposit on the day you apply or the day before. Then get the book updated Link to comment Share on other sites More sharing options...
fishtank Posted July 6, 2019 Share Posted July 6, 2019 1.85 % was for a 3 year account at SCB. Link to comment Share on other sites More sharing options...
Ravi98008 Posted July 7, 2019 Share Posted July 7, 2019 On 7/6/2019 at 9:28 PM, fishtank said: Make a small deposit on the day you apply or the day before. Then get the book updated I appreciate your reply. So therefore your point and my assumption is that making deposits into a fixed deposit account before maturity date doesn't trigger a loss of interest earned. If that is true then I have to say that I never ever in my life seen some thing like that in USA Banks. But I may be wrong. Link to comment Share on other sites More sharing options...
jacko45k Posted July 8, 2019 Share Posted July 8, 2019 4 hours ago, Ravi98008 said: I appreciate your reply. So therefore your point and my assumption is that making deposits into a fixed deposit account before maturity date doesn't trigger a loss of interest earned. If that is true then I have to say that I never ever in my life seen some thing like that in USA Banks. But I may be wrong. I did this and although the total looked like a single amount, the account now had 2 blocks of money with 2 different maturity dates. The initial monies maturity was not reset in any way. Fortunately, if I put my FD book into an update machine at Bangkok Bank, it prints a line despite there being no transactions. Hence is useful to demonstrate compliance to immigration. Making a small deposit frequently would make it a cumbersome FD account. I would expect deposits to be restricted to a minimum amount. Link to comment Share on other sites More sharing options...
lopburi3 Posted July 8, 2019 Share Posted July 8, 2019 AFAIK Bangkok Bank accounts do not require any activity to obtain passbook update (even from machine) - no need to withdraw or add funds to get a new update stamp for current day. Other banks may claim they can not do but have had done even there (much confusion on part of person doing but was ordered by supervisor and done). Link to comment Share on other sites More sharing options...
OJAS Posted July 8, 2019 Share Posted July 8, 2019 27 minutes ago, lopburi3 said: AFAIK Bangkok Bank accounts do not require any activity to obtain passbook update Can confirm this on the basis of personal experience. Link to comment Share on other sites More sharing options...
rwill Posted July 8, 2019 Share Posted July 8, 2019 even just a normal SCB savings account pays interest. They only pay it out twice a year though. Which is normal for Thai banks. 1 Link to comment Share on other sites More sharing options...
marcusarelus Posted July 8, 2019 Share Posted July 8, 2019 (edited) 10 hours ago, OJAS said: Can confirm this on the basis of personal experience. Updated my Bank of Bangkok a week ago for extension when I got letter and it didn't update as I had no activity. Teller updated in her machine. Immigration only looked at the letter so made no difference. Edited July 8, 2019 by marcusarelus Link to comment Share on other sites More sharing options...
lopburi3 Posted July 8, 2019 Share Posted July 8, 2019 16 minutes ago, marcusarelus said: Bank of Bangkok That is Bangkok Bank? Link to comment Share on other sites More sharing options...
marcusarelus Posted July 8, 2019 Share Posted July 8, 2019 (edited) 4 minutes ago, lopburi3 said: That is Bangkok Bank? https://www.bangkokbank.com. Ya. Did you wonder? Or just having a pedantic moment? Edited July 8, 2019 by marcusarelus Link to comment Share on other sites More sharing options...
Moonlover Posted July 8, 2019 Share Posted July 8, 2019 45 minutes ago, rwill said: even just a normal SCB savings account pays interest. They only pay it out twice a year though. Which is normal for Thai banks. I'm sure that's true of savings accounts in all banks and the interest rate will be much the same whichever bank one chooses. With the low rates that pertain here, I see little point in chasing around for the extra satang here and the extra satang there. As suggested by @NCC1701A earlier and many others, put on deposit in an interest bearing account and forget it. Link to comment Share on other sites More sharing options...
lopburi3 Posted July 8, 2019 Share Posted July 8, 2019 25 minutes ago, marcusarelus said: https://www.bangkokbank.com. Ya. Did you wonder? Or just having a pedantic moment? I recall in the past that BBL update machines entered current day balance regardless of activity - but have not used without entries to record for a few years. Link to comment Share on other sites More sharing options...
marcusarelus Posted July 8, 2019 Share Posted July 8, 2019 4 minutes ago, lopburi3 said: I recall in the past that BBL update machines entered current day balance regardless of activity - but have not used without entries to record for a few years. I thought they did too so I didn't deposit anything but asked the lady who got me my letter to update the book. Not till I got home did I find nothing had been changed. Link to comment Share on other sites More sharing options...
Pib Posted July 8, 2019 Share Posted July 8, 2019 even just a normal SCB savings account pays interest. They only pay it out twice a year though. Which is normal for Thai banks.Only if the bank coded you as a resident. If coded as a non-resident then no interest is earned on a regular Thai bank acct which currently pays around 0.5% in Jun and Dec of each year.Some bank branches play this game of coding a farang as a non-resident to avoid paying any interest. Link to comment Share on other sites More sharing options...
jacko45k Posted July 8, 2019 Share Posted July 8, 2019 12 hours ago, rwill said: even just a normal SCB savings account pays interest. They only pay it out twice a year though. Which is normal for Thai banks. Minus 15%! Link to comment Share on other sites More sharing options...
fishtank Posted July 8, 2019 Share Posted July 8, 2019 Just now, jacko45k said: Minus 15%! Which you can claim back if you can be bothered. Link to comment Share on other sites More sharing options...
jacko45k Posted July 9, 2019 Share Posted July 9, 2019 Just now, fishtank said: Which you can claim back if you can be bothered. Yes, I have done that. An exercise in frustration that even required me to open yet another bank account that I did not need. 1 Link to comment Share on other sites More sharing options...
crazygreg44 Posted July 9, 2019 Share Posted July 9, 2019 (edited) 13 hours ago, rwill said: even just a normal SCB savings account pays interest. They only pay it out twice a year though. Which is normal for Thai banks. I opened a savings account with SCB in Hua Hin in 2004, and the 800,000 THB deposits in it earn around 2000 THB yearly interest since . . . . . BTW I am not a resident, I spend 6 months in Thailand and 6 months overseas Edited July 9, 2019 by crazygreg44 Link to comment Share on other sites More sharing options...
jacko45k Posted July 9, 2019 Share Posted July 9, 2019 29 minutes ago, crazygreg44 said: I opened a savings account with SCB in Hua Hin in 2004, and the 800,000 THB deposits in it earn around 2000 THB yearly interest since . . . . . Rather poor, 0.25%. Link to comment Share on other sites More sharing options...
fishtank Posted July 9, 2019 Share Posted July 9, 2019 (edited) 39 minutes ago, crazygreg44 said: I opened a savings account with SCB in Hua Hin in 2004, and the 800,000 THB deposits in it earn around 2000 THB yearly interest since . . . . . BTW I am not a resident, I spend 6 months in Thailand and 6 months overseas You would be much better with a fixed account. Around 12,000 a year. Edited July 9, 2019 by fishtank Link to comment Share on other sites More sharing options...
Pib Posted July 9, 2019 Share Posted July 9, 2019 (edited) 2 hours ago, crazygreg44 said: I opened a savings account with SCB in Hua Hin in 2004, and the 800,000 THB deposits in it earn around 2000 THB yearly interest since . . . . . BTW I am not a resident, I spend 6 months in Thailand and 6 months overseas But SCB has you coded in some category as a resident in their system otherwise you would not be receiving any interest on your regular savings account. You don't consider yourself a resident, but SCB does. Below from latest SCB savings interest rate sheet....notice only when coded as a "non-resident" you do not receive interest; any other category receives interest. Edited July 9, 2019 by Pib Link to comment Share on other sites More sharing options...
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