what to do with 800.000 THB in thai account?

[KannikaP]

5 hours ago, crazykopite said:

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 .

That's OK, but IF the THB is very high at the time you do your annual Transferwise, then you get a lousy rate for the whole 400k. IMO better to do 50-60k per month to live off,  and leave the 800k alone.

[isaantom]

51 minutes ago, ubonjoe said:

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.

Do you know which banks?

I have my Krungsri 800k account as cc collateral for the last 4 years.

Since my next extension is due on next feb. 11 this could be crucial...

[zzzzz]

1 hour ago, Peterphuket said:

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

Perhaps the monetary devaluation is the same?

https://www.prasac.com.kh/en/services/deposits/term-deposit-account

[Sheryl]

1 hour ago, ubonjoe said:

 

2. Yes

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

How? Every bank I have spoken to (and I asked repeatedly over the years) says it is not and lawyers said likewise.

 

I made a Thai will solely for this reason. Would much rather have a POD beneficiary. Is there some other term for this that a bank would bwtter understand? Or can you doecify a Bank that offers this?

[ubonjoe]

9 minutes ago, Sheryl said:

I made a Thai will solely for this reason. Would much rather have a POD beneficiary. Is there some other term for this that a bank would bwtter understand? Or can you doecify a Bank that offers this?

It is not exactly for a beneficiary. It is arranged at the bank by completing the paperwork to allow a 2nd signature on the account that does not appear on the bank book other than with a black light for the signature to be seen.

[DrJack54]

3 minutes ago, ubonjoe said:

It is not exactly for a beneficiary. It is arranged at the bank by completing the paperwork to allow a 2nd signature on the account that does not appear on the bank book other than with a black light for the signature to be seen.

Ubonjoe. Another expert on TV advised me of exactly what you outline. 

I didn't have any luck with it when opened new account with K bank. 

I wonder if it was because my partner and I are not married. It was her signature I wanted (silent) on the account. 

[ubonjoe]

9 minutes ago, DrJack54 said:

Ubonjoe. Another expert on TV advised me of exactly what you outline. 

I didn't have any luck with it when opened new account with K bank. 

I wonder if it was because my partner and I are not married. It was her signature I wanted (silent) on the account. 

I think it can depend upon the bank. But not being married could be a factor.

[Sheryl]

Is there a special term for this type of second signature? How do you ask for it?

[khunPer]

On 11/15/2020 at 3:22 AM, dogorob said:

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?

You cannot invest the money, as that includes a risk – before we were at some immigration offices allowed to deposit in mutual funds with bonds – the best is to deposit in a fixed term bank account. The only thing to be aware of is, that you can withdraw the money without any fees other than loss of interest, most banks offers that kind of account. If you can afford to have 800k baht in deposit all year, choose a 12-month fixed bank account; however, at the moment the interest rate is extremely low at about 0.5 percent per year minus 15 percent withholding tax, but that might change when the World reopens after the pandemic...????

[mojaco]

The invisible signing in the back gives the signer a "kammasit" (กรรมสิทธิ์) = right of ownership.  My Thai friend has this for me on my bank book at Bangkok Bank.  He can get the fund out when I die.

 

I asked Immigration if this was OK and they replied they don't care how many invisible signatures in the back as long as there is only one visible owner in the front of the book.

[khunPer]

40 minutes ago, Sheryl said:

How? Every bank I have spoken to (and I asked repeatedly over the years) says it is not and lawyers said likewise.

 

I made a Thai will solely for this reason. Would much rather have a POD beneficiary. Is there some other term for this that a bank would bwtter understand? Or can you doecify a Bank that offers this?

I've done the same; i.e. mentioned in my Thai will who shall be beneficiary of my 800k baht deposit.

[Migrosmarket]

KISS..... just treat the lack of interest as the cost of being allowed a visa.

 

800k in ordinary deposit. Not touched. Little bit of monthly interest is a bonus. Can get a statement easily using small deposit for the crucial date immigration require. Bank letter simple also.

 

[mojaco]

8 minutes ago, Sheryl said:

Is there a special term for this type of second signature? How do you ask for it?

kammasit กรรมสิทธิ์

[jollyhangmon]

4 hours ago, Sheryl said:

 

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?

 

Yes Sheryl, sure works with Bangkok Bank fixed accts (orange bankbook, 12 months @ 0.5% now), done myself repeatedly, it just prints the same line with different date again if there weren't any transactions ... 

 

[ThailandRyan]

On 11/15/2020 at 11:57 AM, 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 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)

Sheryl, KBank had me deposit 1,000 Baht on the day of my extension when I dropped into the bank at CW for my letter, passbook update and photocopy for immigration.  The new amount shown was 801,000 THB in the account as I still had 9 months to go before it rolls over. Nothing was ever said by the IO last month when I was given my new 1 year extension

[digger70]

On 11/15/2020 at 10:16 AM, 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.

Get letter from bank for your FD .

This year  IO asked for a Statement as well.

Bangkok Bank give me a quick statement took 5 min and IO was happy. No requirement for showing money in bank after 3 months .

The IO never said anything about the rollover or re doing the 12 month FD . 

When the 12 months are up we go and update the FB Bankbook for the next 12 months 0.5 % .this time .

The money never leaves the bank account.

[carbon007]

Is it then correct that the usual big banks at present give 0.25% at Saving Accounts and 0.375%-0.5% at Fixed Accounts 3 mths? Other higher figures are history. So hardly worth the effort to change a Saving Account to a Fixed Account.

[DrJack54]

9 minutes ago, carbon007 said:

Is it then correct that the usual big banks at present give 0.25% at Saving Accounts and 0.375%-0.5% at Fixed Accounts 3 mths? Other higher figures are history. So hardly worth the effort to change a Saving Account to a Fixed Account.

Exactly.

I think some folk like to just lock away the bankbook with 800k+ and only take it out when doing annual extension. 

Most with a FD account (myself included) did so when interest rates, while low, were better than nothing. ~1.7% a year back.

If I currently had a dedicated savings account for my "extension money in bank" I would not bother changing to FD. 

My current FD rate Kbank 0.45%

 

[EricTh]

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%

 

How did your agent deceive immigration when the money should be in Thailand and not Cambodia?

 

 

[bkk6060]

I repatriated all mine and invested it has almost doubled in value.

The monthly route is very easy but I guess if a person is on lets say a UK pension which is way below the monthly requirement, not many other choices but to dead money 800,000 b.

[mosan]

3 hours ago, KannikaP said:

That's OK, but IF the THB is very high at the time you do your annual Transferwise, then you get a lousy rate for the whole 400k. IMO better to do 50-60k per month to live off,  and leave the 800k alone.

I've been doing the monthly income method and quite frankly, to me at least, it's way better than locking up money here in a Thai bank.  I've had no trouble getting the annual statement and letter from the bank, and the interest I make on investments in the US far outweigh the $360 per year in costs to bring the money in every month.  I don't need all the money I bring in, I mostly give to my wife and she takes care of all our expenses here in Thailand. I just live and spend whenever I want something. 

[KannikaP]

12 minutes ago, mosan said:

I've been doing the monthly income method and quite frankly, to me at least, it's way better than locking up money here in a Thai bank.  I've had no trouble getting the annual statement and letter from the bank, and the interest I make on investments in the US far outweigh the $360 per year in costs to bring the money in every month.  I don't need all the money I bring in, I mostly give to my wife and she takes care of all our expenses here in Thailand. I just live and spend whenever I want something. 

Totally agree. I do not need 65k per month, so I do 50k and have 200k in the bank. IO is happy.

[nong38]

I am at Krungsri and I take out a fixed term deposit for 3-6-9-12 months with the help of the cashier who pulls all the possibilities up on his screen and make a decision, as the account number is in my name it just rolls from one term to another and Immigration are happy with this, I think the one I have right now is for .65% and due for renewal in April.

[DrJack54]

4 hours ago, ThailandRyan said:

Sheryl, KBank had me deposit 1,000 Baht on the day of my extension when I dropped into the bank at CW for my letter, passbook update and photocopy for immigration.  The new amount shown was 801,000 THB in the account as I still had 9 months to go before it rolls over. Nothing was ever said by the IO last month when I was given my new 1 year extension

Exactly my experience at CW Oct just gone and year previous. Downstairs to banks. Put my Kbank FD Bankbook out with 1000 for deposit (min) and 100 for bank letter. Also asked to photocopy the updated page of Bankbook. Easy peasy.

 

[Peterphuket]

5 hours ago, zzzzz said:

https://www.prasac.com.kh/en/services/deposits/term-deposit-account

OK, a term deposit, that's a big difference, but thanks for the answer.

[vandeventer]

The 800,000 baht did nothing for me today as I went to IO in CM and applied for the retirement visa. I jump through all the hopes but no luck. They said  because I had a non imm-o visa based on marriage I could only apply for a marriage visa. I told them that my son and wife just came from the hospital and they could not make the trip down to CM but they didn't care one bit. My son has epilepsy and with seizures often. He has a special id card. So I knew I was getting nowhere fast, so I asked them for a 30 or 60 day extension and they would not give me either. So now I have 9 days to leave the country. I have seen better days!

[DrJack54]

6 minutes ago, vandeventer said:

They said  because I had a non imm-o visa based on marriage I could only apply for a marriage visa.

Was this your first extension?

BTW you would not be applying for marriage visa. You would be applying for annual extension based on marriage.

Also regarding the 800k in bank. Again your not applying for "retirement visa". 

You would be applying for annual extension based on retirement.

How long was money in bank when you applied for extension.

[The Theory]

55 minutes ago, vandeventer said:

They said  because I had a non imm-o visa based on marriage I could only apply for a marriage visa.

That's right. For changing to a retirement extension you need to cancel the marriage extension. Not a good time for this. 

[EricTh]

1 hour ago, vandeventer said:

The 800,000 baht did nothing for me today as I went to IO in CM and applied for the retirement visa. I jump through all the hopes but no luck. They said  because I had a non imm-o visa based on marriage I could only apply for a marriage visa. I told them that my son and wife just came from the hospital and they could not make the trip down to CM but they didn't care one bit. My son has epilepsy and with seizures often. He has a special id card. So I knew I was getting nowhere fast, so I asked them for a 30 or 60 day extension and they would not give me either. So now I have 9 days to leave the country. I have seen better days!

 

That's so sad. Just a few weeks ago, I've seen the immigration people becoming more unfriendly and unsympathetic nowadays, they even said to me 'that's your problem'. The trainee was so rude.

 

Why does your son need to go there? I think it's only your wife that should go for a marriage visa.

[vandeventer]

7 hours ago, EricTh said:

 

That's so sad. Just a few weeks ago, I've seen the immigration people becoming more unfriendly and unsympathetic nowadays, they even said to me 'that's your problem'. The trainee was so rude.

 

Why does your son need to go there? I think it's only your wife that should go for a marriage visa.

They are like stuck together, where one goes the other one goes. I am thinking of going to Cambodia until the covid dies down and maybe thinks will get back to normal. I have too many things to sell house, cars motorcycles the normal stuff after 20 years of living here. I really need some currant info on Cambodia like is the border open can i get a visa at the border. I am running out of time with so many things to do. They won't give me any more time, their harts must be cold as ice.