what to do with 800.000 THB in thai account?

[dogorob]

to all those having their 800.000 THB in a thai account for their non-o-visa: what do you do with the money? is there any other reasonable form of investment which gives at least a little interest-rate and still complies with the rules of the non-o-visa?

[ubonjoe]

It has to be in a Thai bank account but you can have it in a fixed term account that allows immediate withdrawal with no penalties other than loss of interest.

[HampiK]

SCB for example give 1.5% on the special saving account. You have to check if this account is accepted for your Immigration.

There are other banks CIMB which give 1.5% as well. Then there are Deposit accounts, which are often accepted as well. 

I am not sure if 1.5% is enough for you, but I think this is not that bad...

 

K-Bank, KTB have similar accounts (1.5% interests), but unfortunately this account can only opened with a Thai ID (LaserID). so not usable for foreigners.

[DrJack54]

The money needs to remain in Thai bank account. 3 months after application then not below 400 then back up to 800 2 months prior to next application.

What do you want to do with this huge amount of money (~ $13000usd) 

 

[tonray]

2 minutes ago, DrJack54 said:

What do you want to do with this huge amount of money (~ $13000usd) 

Party like it's 1999 ?

[DrJack54]

I just looked at my FD 1mill deposit with K bank. Year ago 1.55% . Current rate 0.45%

About 18months ago while in AU parked 480k aud into Westpac FD 2.65%. upon maturity in April this year I was offered 0.5% .

Anyone using money in bank method simply put 800+k baht in FD or savings account and leave it. You will never slip below requirements. Added bonus is io love it. 

[Henryford]

I use Krungsri 1.1% not great but better than i get in the UK.

[DrJack54]

21 minutes ago, tonray said:

Party like it's 1999 ?

Didn't work out well for Prince

[DFPhuket]

Here is a site that lists the current fixed deposit interest rates for banks in Thailand. Currently it's 0.5% at the major Thai banks. Still, that's better than the basically zero interest in a passbook savings account. 

[anterian]

My problem is that IO do not understand a fixed deposit account, They do not understand that every 12 months it matures and then rolls over. This shows on my statements as a withdrawal and deposit, the IO does not understand that the money never leaves the bank and the bank seems unable to make this clear. I get there in the end but it always takes a lot of discussion.

[zzzzz]

HMMM,   I use an agent ( costs 14,000 baht/year)
my 800,000 stays in Cambodia earning 7.25%

 

Interest 54,520 baht ( after 6% withholding) - 14,000 baht= 40,520 baht..

Meanwhile my scb only pays .45%

[glegolo]

31 minutes ago, DrJack54 said:

Didn't work out well for Prince

Not for Joe DiMaggio either

 

glegolo

[Sheryl]

1 hour ago, anterian said:

My problem is that IO do not understand a fixed deposit account, They do not understand that every 12 months it matures and then rolls over. This shows on my statements as a withdrawal and deposit, the IO does not understand that the money never leaves the bank and the bank seems unable to make this clear. I get there in the end but it always takes a lot of discussion.

I have somewhat the same problem - my IO does understand what "fixed" means but wants to see bank book updated to the date of my extension. Last time, I got a 12 months statement from the bank which ought to suffice since the date of the statement was date of extension (along with the standard letter attesting to the bank balance on that day) , they accepted these  after much discussion but were still unhappy that the bank book did not show the current date.

 

I have heard that one can do something called a "balance forward" or "zero credit transaction" that would achieve this, bank did nto understand the concept but next year I may try via a call to the bank HQ.

 

I have 1.7% from Kbank (2 year fixed)

[Rawairat]

Haven’t had to use a retirement visa yet as I do the Guardian visa which only requires B400,000 in a bank a week before the visa application. My Aussie investments are still returning 6% and some as I had money to buy in after the stock crash this year. Never liked the idea of fixed income but it does allow for an emergency fund which is handy.

The agent idea sounds good but always find them a little bit dubious?

[crazykopite]

Once my 3 month period is up I live off my 800.000 but you have to be careful it doesn’t go below the 400,000 baht then two months prior to my new application of stay I transfer monies from the U.K. to top up the funds back to the 800,000 requirement that way I just need to do one transfer from my U.K. bank using TransferWise. I can live like this as I don’t have any rent to pay out each month as I have my own property .

[nobodysfriend]

19 hours ago, Sheryl said:

I have 1.7% from Kbank (2 year fixed)

 Good morning Sheryl ... could you give a link to this ?

[DrJack54]

25 minutes ago, nobodysfriend said:

 Good morning Sheryl ... could you give a link to this ?

I think you will find that rate was fixed over a year ago. I'm with Kbank. My previous FD rate was 1.65% . Current rate is 0.45% .

 

[marcho]

I got .95% from the Government Saving Bank (GSB BANK) in September this year, 12 month term which is ok now. I lot people dont know about it. Take the wife or girlfriend as a lot of the staff do not speak english.

[CMBob]

21 hours ago, Sheryl said:

I have somewhat the same problem - my IO does understand what "fixed" means but wants to see bank book updated to the date of my extension. Last time, I got a 12 months statement from the bank which ought to suffice since the date of the statement was date of extension (along with the standard letter attesting to the bank balance on that day) , they accepted these  after much discussion but were still unhappy that the bank book did not show the current date.

 I had the identical problem this past April but, after some discussion, they got off the issue and accepted it.  My "visa" account is with Siam Commercial Bank and, whether I or the bank teller sticks the passbook in the update machine, it won't update. The passbook shows the amount in the account as of the last time (usually 6 months before extension time) I rolled over the annual fixed account and also shows the interest rate and maturity date (usually 6 months after extension time).  The extension in April was the only time the officer griped about no new date or update in the passbook and I suspect that prior officers knew that one can't update the SCB fixed accounts.  (I do realize, based on multiple postings, that passbooks with even fixed accounts at Bangkok Bank can be updated but SCB.....and apparently KBank as Sheryl mentions.....cannot be updated (I try each year without success). 

[Sheryl]

1 hour ago, DrJack54 said:

I think you will find that rate was fixed over a year ago. I'm with Kbank. My previous FD rate was 1.65% . Current rate is 0.45% .

 

Yes, in fact almost 2 years ago. And, it is a special plan linked to also having a regular savings account at the same bank.

 

Ironically I could have gotten higher by locking in for 5 years but didn't because finance-wallahs on TVF assurred me interest rates would soon be higher.

[Sheryl]

4 minutes ago, CMBob said:

 I had the identical problem this past April but, after some discussion, they got off the issue and accepted it.  My "visa" account is with Siam Commercial Bank and, whether I or the bank teller sticks the passbook in the update machine, it won't update. The passbook shows the amount in the account as of the last time (usually 6 months before extension time) I rolled over the annual fixed account and also shows the interest rate and maturity date (usually 6 months after extension time).  The extension in April was the only time the officer griped about no new date or update in the passbook and I suspect that prior officers knew that one can't update the SCB fixed accounts.  (I do realize, based on multiple postings, that passbooks with even fixed accounts at Bangkok Bank can be updated but SCB.....and apparently KBank as Sheryl mentions.....cannot be updated (I try each year without success). 

 

I am thinking of switching to a different bank for my fixed deposit when the current one matures anyway because of the  planned decrease in the amount of deposit that id insured by govt. Cam anyone report on a bank that can do updates in the passbook of a fixed deposit?

[murraynz]

23 hours ago, zzzzz said:

HMMM,   I use an agent ( costs 14,000 baht/year)
my 800,000 stays in Cambodia earning 7.25%

 

Interest 54,520 baht ( after 6% withholding) - 14,000 baht= 40,520 baht..

Meanwhile my scb only pays .45%

I understand your point.

I now bet only.   .00375% in my Bkk bank for my investment. It was oriiginally 1.50%, has been slowly falling,so i spent almost half of the 800,000thb,which was originally untouched for several years.

Now,i do 400,000+ in bank and use my pension as income for the remaining 400,000 +.

Thats ok,but im finding this year,the extra costs to obtain the visa are substantial..its realy better just to keep it simple with 800,000 in bank.

Extra costs are approx 900baht to bank for statement and letters.

Extra cost to go to nz embassy at Bkk,to get income verified..1,400 ++

Its best to keep things simple...

 

[Lacessit]

I don't worry about it, I get about 4000 baht interest a year which works out as 0.5%. I regard the 800K as a surety for being in Thailand, if I ever got kicked out for some arcane reason the money would follow me out the door.

I did have the 800K on fixed deposit one year. After the grief I got from CM Immigration that year doing my extension, I decided it wasn't worth the hassle.

[DrJack54]

7 minutes ago, Lacessit said:

I did have the 800K on fixed deposit one year. After the grief I got from CM Immigration that year doing my extension, I decided it wasn't worth the hassle.

What sort of issues did CM imm have?

[rwill]

On 11/14/2020 at 6:25 PM, HampiK said:

SCB for example give 1.5% on the special saving account. You have to check if this account is accepted for your Immigration.

There are other banks CIMB which give 1.5% as well. Then there are Deposit accounts, which are often accepted as well. 

I am not sure if 1.5% is enough for you, but I think this is not that bad...

 

K-Bank, KTB have similar accounts (1.5% interests), but unfortunately this account can only opened with a Thai ID (LaserID). so not usable for foreigners.

SCB is now down to .5% on a fixed account.

[HampiK]

5 minutes ago, rwill said:

SCB is now down to .5% on a fixed account.

The 1.5% is on a special saving account similar to an e-saving account. 2 Weeks ago this was still available, when I walk past.

[Udon Tom]

Several questions: 1.  Can this (savings account) be used as collateral for a secured credit card?  2. Is there any kind of pay-on-death/beneficiary arrangement/endorsement available (BKK Bank) that wouldn't jeopardize my retirement financial qualification?  Both questions!  Thanks

[Peterphuket]

On 11/15/2020 at 10:18 AM, zzzzz said:

HMMM,   I use an agent ( costs 14,000 baht/year)
my 800,000 stays in Cambodia earning 7.25%

 

Interest 54,520 baht ( after 6% withholding) - 14,000 baht= 40,520 baht..

Meanwhile my scb only pays .45%

Well I am very curious which bank in Cambodja you 7.25% gives.

Perhaps the monetary devaluation is the same?

[MadMuhammad]

It seems an awful lot of effort for 8-10000baht per year ????????‍♂️

[ubonjoe]

1 hour ago, Udon Tom said:

Several questions: 1.  Can this (savings account) be used as collateral for a secured credit card?  2. Is there any kind of pay-on-death/beneficiary arrangement/endorsement available (BKK Bank) that wouldn't jeopardize my retirement financial qualification?  Both questions!  Thanks

1. No

   The amount for the card guarantee is locked in your card. Some banks are now deducting it from the balance when they write the letter immigration requires.

2. Yes

    It is possible set it up so you can have a beneficiary.