Where to park my 800000 Baht?

[carlyai]

I keep my retirement extension money in a term deposit in a Thai bank. 

 

I would like to maximise my return on this investment and would like to know what others have done, and where to get the best rate of return.

[Daffy D]

I leave mine in a deposit account, year round.

 

If you have your money somewhere else you'll have to put it back into a bank account in your name every year.

 

Don't seem like it's worth the trouble.

[Bruce Aussie Chiang Mai]

43 minutes ago, Daffy D said:

I leave mine in a deposit account, year round.

 

If you have your money somewhere else you'll have to put it back into a bank account in your name every year.

 

Don't seem like it's worth the trouble.

Agree Daffy, easy method. Quarterly interest  buys a few meals out with missus and some Changs.

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[allane]

I use 6 month term deposits, staggered to mature every three months. I get a slightly better rate of interest than if I use 3 month term deposits.

[glamont002]

Krungsri  Mee Tae Dai Savings account. Pays 1.3% monthly and can access funds at any time.

[TerryLH]

26 minutes ago, glamont002 said:

Krungsri  Mee Tae Dai Savings account. Pays 1.3% monthly and can access funds at any time.

15.6% a year?  I think you better check that again.

[Oxx]

9 minutes ago, TerryLH said:

15.6% a year?  I think you better check that again.

 

Could you really not understand? The annual interest rate is 1.3% percent, and interest is paid monthly.

[TerryLH]

40 minutes ago, glamont002 said:

Pays 1.3% monthly

That's what he said.

Maybe he misunderstood what he posted.

[wgdanson]

6 hours ago, Daffy D said:

I leave mine in a deposit account, year round.

 

If you have your money somewhere else you'll have to put it back into a bank account in your name every year.

 

Don't seem like it's worth the trouble.

Trouble? One transfer out and then one back in every year. 

[peterb17]

Gosh is 800000 an investment- it’s similar to those posters - a condominium for investment ( it’s actually somewhere to live? ) 

 

I think all these posts are from our American friends - who of course seem to think the world is one giant investment market.

 

You want to live in Thailand- put the money in the bank - not very easy to comprehend.

 

 

[thaiboss]

THE QUESTION!!!!!! is it possible to arrange a monthly income from deposit 800.000. i mean every month you send to account bank 70.000 thai baht its your income pension !! got it ???do we have to prouve from where the money come from ???? or just having 70.000 thia baht coming every month in bank account ??? got my point ????

[Lacessit]

1 minute ago, thaiboss said:

THE QUESTION!!!!!! is it possible to arrange a monthly income from deposit 800.000. i mean every month you send to account bank 70.000 thai baht its your income pension !! got it ???do we have to prouve from where the money come from ???? or just having 70.000 thia baht coming every month in bank account ??? got my point ????

AFAIK Immigration is making life very difficult for the users of the income method, as they prefer the 800K deposit method. Different offices are applying different standards of proof, just to complicate the issue.

[Thingamabob]

2 hours ago, glamont002 said:

Krungsri  Mee Tae Dai Savings account. Pays 1.3% monthly and can access funds at any time.

I know what you mean, but the way you have written this will confuse people. Pays 1.3% per annum is, I assume, the reality. 

[AlfonsV]

Kasikorn

[Daffy D]

1 hour ago, wgdanson said:

Trouble? One transfer out and then one back in every year.

Well depends what kind of life you have.

 

You will have to transfer every year 3 months ahead of your renewal date for seasoning, then some Immigration offices want to see the money still in your account up to 3 months after your renewal.

 

That means money in your "Extra High Returns" deposit is only actually there for only half the year, then consider any transfer fees 2 times a year and time spent at the bank and all that.

 

As I said depends what kind of life you have.

 

[flbkk]

2 hours ago, TerryLH said:

15.6% a year?  I think you better check that again.

It’s per year, adjusted quarterly I think. I have it.

[flexomike]

2 hours ago, TerryLH said:

15.6% a year?  I think you better check that again.

There yearly rate is 1.3%, paid monthly 

[StevieAus]

2 hours ago, Lacessit said:

AFAIK Immigration is making life very difficult for the users of the income method, as they prefer the 800K deposit method. Different offices are applying different standards of proof, just to complicate the issue.

Hasn’t been my experience with the Chiang Mai Office just required copies of the bank book pages showing the money coming in and a letter from the bank

[fittobethaied]

Check to see if your Immigration office will accept a Foreign Currency Fixed Deposit Account, then trade your Baht back into your home country currency. 1 USD was exchanging for 36.60 Baht near the end of 2017, so it has devalued 18% against the Baht. I'm banking that at this point it can only get better over the next few years in spite of what the naysayers are claiming, and if it ever gets back to 36.60 again then I have gained 18% which certainly beats the 9/10th of 1% interest per annum that my Fixed Deposit pays at Bangkok Bank. It's a risk that I'm willing to take, and it satisfies Immigration in Udon Thani. 

Edited December 16, 2019 by fittobethaied

[wgdanson]

2 hours ago, Daffy D said:

Well depends what kind of life you have.

 

You will have to transfer every year 3 months ahead of your renewal date for seasoning, then some Immigration offices want to see the money still in your account up to 3 months after your renewal.

 

That means money in your "Extra High Returns" deposit is only actually there for only half the year, then consider any transfer fees 2 times a year and time spent at the bank and all that.

 

As I said depends what kind of life you have.

 

If YOUR life depends on two trips to the bank, or a couple of logs in to online banking, I prefer mine. 

[wgdanson]

7 minutes ago, fittobethaied said:

Check to see if your Immigration office will accept a Foreign Currency Fixed Deposit Account, then trade your Baht back into your home country currency. 1 USD was exchanging for 36.60 Baht near the end of 2017, so it has devalued 18% against the Baht. I'm banking that at this point it can only get better over the next few years in spite of what the naysayers are claiming, and if it ever gets back to 36.60 again then I have gained 18% which certainly beats the 9/10th of 1% interest per annum that my Fixed Deposit pays at Bangkok Bank. It's a risk that I'm willing to take, and it satisfies Immigration in Udon Thani. 

If your money is in a Foreign Currency account, the exchange rate will not matter when you repatriate it. GBPs are GBPs, USDs = USDs. Maybe cost some charges to send it back.

Edited December 16, 2019 by wgdanson

[fittobethaied]

28 minutes ago, wgdanson said:

If your money is in a Foreign Currency account, the exchange rate will not matter when you repatriate it. GBPs are GBPs, USDs = USDs. Maybe cost some charges to send it back.

Don't plan to repatriate it. When it gets back to 36.60 or higher I will exchange it for Thai Baht and then figure out what to do with it next. 

[emptypockets]

4 hours ago, thaiboss said:

THE QUESTION!!!!!! is it possible to arrange a monthly income from deposit 800.000. i mean every month you send to account bank 70.000 thai baht its your income pension !! got it ???do we have to prouve from where the money come from ???? or just having 70.000 thia baht coming every month in bank account ??? got my point ????

No. No idea of what you are saying.

[emptypockets]

1 hour ago, wgdanson said:

If your money is in a Foreign Currency account, the exchange rate will not matter when you repatriate it. GBPs are GBPs, USDs = USDs. Maybe cost some charges to send it back.

The exchange rate might matter if the FCD account drops below the equivalent of 800 K baht due to exchange rate fluctuations. If you are living on the edge and relying on those funds for an extension of stay it might be a source of unnecessary stress.

Put simply if you deposit whatever amount of foreign cash to meet 800 K baht today and the exchange rate moves against you, you may no longer have 800 kbto show the IO come extension of stay time. If you chose to withdraw half for whatever reason the you may also drop below the 400 K baht requirement too.

Got the sake of a few pennies just put 800k in a savings account and rest easy. Keep a look out for monthly account keeping fees that are common in the west and will, no doubt, be introduced into Thailand sooner or later eating away at your deposit.

Edited December 16, 2019 by emptypockets

[khunPer]

14 hours ago, carlyai said:

I would like to maximise my return on this investment and would like to know what others have done, and where to get the best rate of return.

12 month fixed account, and leave the deposit permanent in the bank.

 

Before I was chasing the highest interest, but differences are small compared to moving funds, and now prove that at least 400k baht has been in deposit at all time. I'm Okay with 1.5 percent annual interest in Bangkok Bank, however I could get 1.65 percent right now in SCB, but after 15 percent withholding tax it ends up as 11,220 baht instead of 10,200 baht, so the difference is 1,000 baht.

 

The deposit shall be in a Thai bank, and it shall be possible to withdraw it at any time, which most fixed accounts allows with loss of last term's interest only.

 

Some years ago the immigration office where I live accepted Fund Books, which could gain more than a bank deposit, but stopped, at it's an investment with a risk factor, and the value of the deposit could change.

 

I only see a long term fixed bank deposit at an acceptable interest rate as "best rate of return".

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[carlyai]

16 hours ago, peterb17 said:

Gosh is 800000 an investment- it’s similar to those posters - a condominium for investment ( it’s actually somewhere to live? ) 

 

I think all these posts are from our American friends - who of course seem to think the world is one giant investment market.

 

You want to live in Thailand- put the money in the bank - not very easy to comprehend.

 

 

Yes, I have the money in Bangkok bank, but I was wondering what others do to make the money work a little better.

[carlyai]

7 minutes ago, carlyai said:

Yes, I have the money in Bangkok bank, but I was wondering what others do to make the money work a little better.

Seems it's better to just leave it where it is and not worry about it like before. 

[stropper]

On 12/16/2019 at 4:40 PM, Thingamabob said:

I know what you mean, but the way you have written this will confuse people. Pays 1.3% per annum is, I assume, the reality. 

plus you pay 10% tax on the interest, it is not worth it any more