800,000 baht, Bangkok Bank. How to keep secure?

[Kerryd]

Open a Fixed Term Deposit account. Problem solved.

No ATM card and you have to go to the bank in person to do a transaction on the account. You can see the balance on your internet banking account, but can't transfer money from the Fixed Term account.

I've been using that for the last 9 years with ZERO problems at Immigration (in Jomtien).
I've been using Bangkok Bank now for about 16 years. Never have a problem dealing with them.

Foreign Currency Deposit (FCD) are also an option and yes they are a bit of a pain. I never had to get an Embassy letter though. I applied for an account at my local branch and had to make a large deposit (roughly the equivalent of $1,000 US). (My account is in Canadian $. The only difference is I had to deposit the equivalent of $1,000 US in Canadian currency, or the equivalent amount in Thai baht).

The paperwork was sent to Bangkok and a week later I went back to pick up my bank book. (It's a bit bigger than the normal bank books.)

Same as a Fixed Term account, no ATM card and you can see the account balance on your internet banking but can't make transactions on it unless you go to the bank in person (with your passport).
FCDs can be used to meet Immigration's financial requirements  - so long as you maintain a large enough balance that small changes in exchange rates don't drop you below the minimum. When using internet banking (with Bangkok Bank at least) you can see your FCD balance and what the balance would be in Thai baht at the current (bank) exchange rate.

If the branch of whatever bank you are dealing with is giving you a hassle, find another branch and tell them you'd like to transfer your account(s) to them and open a (whatever) account.
I've noticed that many smaller branches are eager to get "money on their ledger" and the larger "balance" they hold, the better it looks for the manager. Even though it's the same bank, each branch would rather have your money on their ledger than on the ledger of the branch 2 streets over.

These days, you don't need to have your accounts at the absolute closest bank branch possible. Find another one that's not too far away. 

Another option. Open a second Savings account. Put your "visa money" in there. Lock up the bank book and ATM card somewhere safe. Don't use the account for anything other than your annual Extension.
(But if you are going to do that, just get a Fixed Term account. Slightly better interest rate and better security.)

Note for FCDs. Check their terms. Some have minimum balance requirements. If you keep more than the minimum, no service fees, no hassles. If the balance drops below the minimum, they start charging fees until the balance hits zero, then they close the account.

Note: SOME banks won't give you Internet banking privileges unless you have a "yearly" visa. Also, every branch is different. (Where have we heard that before ?) Different branches of the same bank may operate slightly different than the "main" branch.

[fxe1200]

19 hours ago, Goldbear said:

Thanks for the replies so far. Again, I'm asking here because I don't trust the lady at the bank. How can I get another account there? When I asked about opening a foreign currency account I had to jump through a lot of hoops including going to the embassy, to get a letter confirming that my passport is valid. It seems as though if I already have an account there that I shouldn't have to do any of that.

 

I'm trying to get a 30 day entry (with covid extension) converted to an O-visa so I can get another retirement extension. I had one before but it expired when I left Thailand for a while.

 

Thanks.

 

 

Just get a fixed account with a bank book and preferably with a bank, which still pays a little interest, like the ICBC.

https://www.bot.or.th/english/statistics/_layouts/application/interest_rate/in_rate.aspx

[bignbad]

20 hours ago, Oldie said:

No need to move 1900 Baht. Simply add or remove a small amount so that there is a new entry. I always take 100 Baht. 

I use the 1900 to pay for the visa!

[bkk6060]

Lots of foreigners with money tied up in Thai banks.

I certainly hope everyone has made arrangements for the proper disposition of those funds after your passing.

[ChakaKhan]

6 minutes ago, bkk6060 said:

Lots of foreigners with money tied up in Thai banks.

I certainly hope everyone has made arrangements for the proper disposition of those funds after your passing.

Im available to be power of attorney ????  Discount for Grandpas! 

[Jaxxper]

21 hours ago, WorriedNoodle said:

 

I wonder how hard KBank will make this for me?

Shouldn’t be difficult. I have two accounts with them, one I use for immigration and the other for general expenses. Must make sure there is always >800 k in there as there are fees ( only a few hundred Baht) that they charge for keeping the account for you.

[YT3k72Em]

11 minutes ago, Jaxxper said:

Shouldn’t be difficult. I have two accounts with them, one I use for immigration and the other for general expenses. Must make sure there is always >800 k in there as there are fees ( only a few hundred Baht) that they charge for keeping the account for you.

Normally the fees are for the ATM card.  If you want to make the account even more secure, don't even get an ATM card, then all transactions have to be done with bankbook in branch, or mobile/internet.  

[Artben]

Just open a separate account and don’t get a debit card.Just open a separate account and don’t get a debit card.

[The Theory]

23 hours ago, Goldbear said:

I want to transfer over the equivalent of 800,000 baht for visa extension purposes. I want to have the 800,000 not accessible via the ATM card because I have heard of thefts.

Open an ATM account with a low fund just for everyday needs (never use use it for transfer funds or large funds. Open a savings account for transfer purposes. You can use the same savings account for immigration or open a fixed account just for 800,000 (it would be easier to get an annual account statement for a CD). I got my CD statement in same day (for immigration). 

Edited June 25, 2020 by The Theory

[sencelebi]

That's not true. You can keep it in foreign currency. I have US dollar account in the Krungsri bank and I don't even have a bank book,because bank doesn't issue a bank book for foreign currency account, just an ATM card they issue. I just get a bank statement and copy of my ATM card to present to immigration and that's it. Not a problem with immigration. Don't be afraid of having ATM card. Every ATM machine has a camera and they record anybody is doing transaction.

[Pedrogaz]

Bangkok Bank does savings accounts without debit cards. I have one and anyone who has their US SS paid in Thailand has one.

[Oldie]

10 minutes ago, sencelebi said:

That's not true. You can keep it in foreign currency. I have US dollar account in the Krungsri bank and I don't even have a bank book,because bank doesn't issue a bank book for foreign currency account, just an ATM card they issue. I just get a bank statement and copy of my ATM card to present to immigration and that's it. Not a problem with immigration. Don't be afraid of having ATM card. Every ATM machine has a camera and they record anybody is doing transaction.

This is no ATM card. Just a plastic card with the account data. If you open an account with foreign currency at the Bangkok Bank you get a book and also can have online access. Can transfer at any time foreign currency to your Baht account online then. In respect of the Immigration - it is correct that there is no problem with the plastic card only account. I have FCD accounts at both banks. 

[Surasak]

On 6/24/2020 at 11:51 AM, metisdead said:

You could put 500K in a Fixed Deposit account and use the debit card linked to your current account, just keep the account linked to the debit card at a balance of 300K minimum. 

 

I've been doing that for years and no problems from immigration. 

That is very interesting. Thank you.

[khunPer]

On 6/24/2020 at 6:43 AM, Goldbear said:

I want to have the 800,000 not accessible via the ATM card because I have heard of thefts. Does anyone know a way to do that?

I have mine 800k baht in a 12-moth fixed deposit in Bangkok Bank. No ATM and still covered by the government guaranitie in case of the banks bankruptcy. I cash the interest once a year, so the balance stays at flat 800k baht, making it easy for the immigration officer to check.

 

Another possibility is to use a 400k baht 12-month fixed deposit, and a 400k baht in an accessable 3-month fixed deposit, or just a separate savings account without ATM. The last account you can withdraw funds from, and still keep the required minimum of 400k baht, but you need to refill the accessable account at least two month before applying for another one year extension of stay, so your total balance is 800k baht...????

[bbi1]

On 6/24/2020 at 3:04 PM, Goldbear said:

 

Quote

I want to have the 800,000 not accessible via the ATM card because I have heard of thefts. Does anyone know a way to do that?

 

Um, don't get an ATM card if the bank offers it to you. Just say "No"

Edited June 25, 2020 by bbi1

[ChouDoufu]

go to the main office of bangkok bank.  open three accounts at the same time.

 

1.  basic savings account without ATM card.  use this account to tranfer in a million baht worth of foreign currency.  xfer dollars/pounds, let bangkok bank convert to baht.  this is where you keep the bulk of your money for thai expenses.

 

2.  open a fixed account for your immigration funds.  passbook without ATM card. 

 

3.  open a second savings account with ATM card.  keep one month's worth of expenses in the account.

 

set up all your accounts for online access.  you can then move cash from your bulk account to your daily account as needed.

 

when your million baht shows up, transfer 805k to your fixed account and get your passbooks updated.  transfer one month's estimated expenses, maybe 30k to your ATM account, leaving  ~170k in your non-ATM account.

 

your occasional swift transfers, and social security, always get deposited into the non-ATM savings account.  your ATM card only has access to one month's worth of funds.  you never touch the fixed account, unless you want to withdraw the annual interest.

[shortstop]

I started with 2 accounts with Krungsri, a relatively high interest Mee Tae Dai account and an every day account.  Having the same concern as the OP I only had the every day account set up for online banking linked to the debit card.

 

At one point when interest rates were higher my interest was more than 20K baht a year which made me subject to tax withholding.   The bank recommended that I open a second Mee Tae Dai account to avoid withholding.  I decided to have that second account set up for online banking.  Tbh, I'm not even sure how to withdraw from the Mee Tae Dai using the ATM as I just move the money online from the Mae Tae to the everyday account every month or so as needed.

 

I am curious if I could withdraw money from the Mee Tae Dai from my debit card as at the ATM I am prompted to choose the type of account and both accounts are Savings Account.  Does anyone have an ATM card in which two different savings accounts are linked?   This would make the Mee Tae Dai somewhat less secure.   However, there could be an emergency situation where I would want a hospital for example to have easy access to an account that had more funds than what I normally keep in my everyday account.

 

 

 

 

 

 

[Oldie]

25 minutes ago, khunPer said:

I have mine 800k baht in a 12-moth fixed deposit in Bangkok Bank. No ATM and still covered by the government guaranitie in case of the banks bankruptcy. 

This is important to know. Accounts in foreign currency are not covered by the government if the bank goes bankrupt. 

[Sundown]

Set minimum daily limit on debit card. Can be done via call center

[Goldbear]

Thanks to all of you who have replied. You have given me some great ideas. Much appreciated!

[YT3k72Em]

1 hour ago, Sundown said:

Set minimum daily limit on debit card. Can be done via call center

Better yet, set a maximum.

[Paul DS]

Sorryy, but all the fuss.

 

Just go to bank and ask for a Thai currency savings account with a passbook, just though mention you DO NOT want it linked to the card / ATM account and then just leave as is.  

Edited June 25, 2020 by Paul DS

[Max69xl]

On 6/24/2020 at 11:50 AM, Oldie said:

You don't need to have a debit card for an account. Avoid it especially for accounts with a lot of money. 

You seem a bit paranoid. Why would a debit card be bad If you have a "lot of" money in your account? Who told you this? 

[Max69xl]

6 hours ago, Sundown said:

Set minimum daily limit on debit card. Can be done via call center

There's always a "maximum" limit set by default. 

[Max69xl]

6 hours ago, Oldie said:

This is important to know. Accounts in foreign currency are not covered by the government if the bank goes bankrupt. 

I hardly doubt that Bangkok Bank goes bankrupt.

[Max69xl]

6 hours ago, ChouDoufu said:

go to the main office of bangkok bank.  open three accounts at the same time.

 

1.  basic savings account without ATM card.  use this account to tranfer in a million baht worth of foreign currency.  xfer dollars/pounds, let bangkok bank convert to baht.  this is where you keep the bulk of your money for thai expenses.

 

2.  open a fixed account for your immigration funds.  passbook without ATM card. 

 

3.  open a second savings account with ATM card.  keep one month's worth of expenses in the account.

 

set up all your accounts for online access.  you can then move cash from your bulk account to your daily account as needed.

 

when your million baht shows up, transfer 805k to your fixed account and get your passbooks updated.  transfer one month's estimated expenses, maybe 30k to your ATM account, leaving  ~170k in your non-ATM account.

 

your occasional swift transfers, and social security, always get deposited into the non-ATM savings account.  your ATM card only has access to one month's worth of funds.  you never touch the fixed account, unless you want to withdraw the annual interest.

"open a second savings account with ATM card.  keep one month's worth of expenses in the account."

You seem like a worrier. Who told you that money just disappears when you have several hundred grand in the account? 

[Max69xl]

On 6/24/2020 at 12:04 PM, Goldbear said:

Thanks for the replies so far. Again, I'm asking here because I don't trust the lady at the bank. How can I get another account there? When I asked about opening a foreign currency account I had to jump through a lot of hoops including going to the embassy, to get a letter confirming that my passport is valid. It seems as though if I already have an account there that I shouldn't have to do any of that.

 

I'm trying to get a 30 day entry (with covid extension) converted to an O-visa so I can get another retirement extension. I had one before but it expired when I left Thailand for a while.

 

Thanks.

 

 

Where are you staying and which branch of Bangkok Bank are we talking about? Every branch has a manager who normally knows more than the girls in customer service,and you should ask for her/him. You said she didn't give you a replacement card for your lost debit card. The cost for a  replacement card is just ฿100, and the bank just cancels the old one or you can do it on the phone. Then you get a new card. It's as simple as that. Normally at Bangkok Bank branches there's no need for new documents or certified passport copies when opening a new account. It's sometimes easier if you've had the account for a while and are a trusted customer, but that depends on the branch.

[Oldie]

37 minutes ago, Max69xl said:

You seem a bit paranoid. Why would a debit card be bad If you have a "lot of" money in your account? Who told you this? 

You sound very naive. Sorry that I can't put it in other words. 

[Sundown]

5 hours ago, YT3k72Em said:

Better yet, set a maximum.

Obviously I meant set the maximum daily limit to the minimum figure allowed.

 

46 minutes ago, Max69xl said:

There's always a "maximum" limit set by default. 

Yeah that value can be changed to higher or lower limits if OP is so scared about the debit card. You just call and set the limit dialing on the phone, I've done that as well with Bangkok bank (to increase limits though).

[YT3k72Em]

13 hours ago, Sundown said:

Obviously I meant set the maximum daily limit to the minimum figure allowed.

Sorry, didn't get that. You can set the maximum debit card spending limit to ZERO if you don't need to use it in shops and only want to use it as an ATM card.  This increases the security because a PIN is required for ATM use, but not for debit card use in shops.