Which Bank is Best for 800,000 Baht Retirement Deposit for Retirement Extension Jomtien?

[opporna]

I've noticed on the visa section that the kind of account that is accepted for retirement is different at different offices around Thailand. However, at Jomtien they accept fixed term deposits and I have had a fixed-term deposit with Bangkok Bank that has successfully satisfied them for years. I have noticed that LH Bank has a much more attractive interest rate (1% vs 0.5%) and a branch at Central Festival, so I'm considering marching my money across the mall to get that better rate, but I worry that immigration won't be happy with me.

I'd be very interested to hear if anyone else has used LH Bank or any other banks and or types of accounts for their 800,000 baht deposits, and also the experience of anyone who has changed banks.

 

I'm hoping this is the right section of the forum to post this as it's Pattaya/Jomtien immigration related.

[Henryford]

I use Krungsri. The Mee Tae Dai savings accounts offers 1% interest but operates like a normal account with a debit card, internet banking etc. Only issue is a 50 baht charge on more than 2 withdrawals a month.

[Litlos]

5 minutes ago, Henryford said:

I use Krungsri. The Mee Tae Dai savings accounts offers 1% interest but operates like a normal account with a debit card, internet banking etc. Only issue is a 50 baht charge on more than 2 withdrawals a month.

Same for me. Have been using for 9 years Bangkok and Jomtiem, never a problem.

 

Cheers

[DrJoy]

Does not matter, you can use any bank.

[fangless]

5 minutes ago, Henryford said:

I use Krungsri. The Mee Tae Dai savings accounts offers 1% interest but operates like a normal account with a debit card, internet banking etc. Only issue is a 50 baht charge on more than 2 withdrawals a month.

I am always concerned about having ATM access to my retirement account in case I use it in error or get a sudden unexpected transaction.  I limit the account to in branch service only.

[Jingthing]

Don't move it during the two months before and three months after period.

[opporna]

22 minutes ago, Jingthing said:

Don't move it during the two months before and three months after period.

Thanks for the warning. May I ask how you learned this fact?

[sanuk711]

2 hours ago, opporna said:

I have noticed that LH Bank has a much more attractive interest rate (1% vs 0.5%)

That extra 76 baht a week is certainly an attractive interest rate......& your pay tax on that also.

Just dont stop for a beer on the way, or your probably spend a month of its  interest.......................................................????

 

[Jingthing]

17 minutes ago, opporna said:

Thanks for the warning. May I ask how you learned this fact?

Common sense. 

It could still be a problem because you need at least 400k during the rest of the year.

It would be best if you could show the out then in on the same day.

You will need bank records for both banks for the next extension.

If there is even one day where both banks show zero, could be a problem.

Edited November 28, 2021 by Jingthing

[scubascuba3]

2 hours ago, fangless said:

I am always concerned about having ATM access to my retirement account in case I use it in error or get a sudden unexpected transaction.  I limit the account to in branch service only.

It's a passbook, no ATM card.

 

If you are able to open the account online it pays 1.5% vs 1%, not sure if possible for falang

Edited November 28, 2021 by scubascuba3

[scubascuba3]

2 hours ago, Henryford said:

I use Krungsri. The Mee Tae Dai savings accounts offers 1% interest but operates like a normal account with a debit card, internet banking etc. Only issue is a 50 baht charge on more than 2 withdrawals a month.

Anyone use Big C Extra branch for Jomtien Imm letter etc?

 

Buakhao and Avenue branches closed or closing

Edited November 28, 2021 by scubascuba3

[Henryford]

13 minutes ago, scubascuba3 said:

Anyone use Big C Extra branch for Jomtien Imm letter etc?

 

Buakhao and Avenue branches closed or closing

My account is with the Central Festival branch, because its always open, but i use the Jomtien beach branch to get my immigration letter, close to immigration.

[bolt]

I use the Bangkok Bank

Which is round the corner from immigration, they have an "Special" agreement with Immigration which ensures no delays with your applications  

[scubascuba3]

15 minutes ago, Henryford said:

My account is with the Central Festival branch, because its always open, but i use the Jomtien beach branch to get my immigration letter, close to immigration.

Good idea using Jomtien beach branch, I'll do the same

[Sophon]

37 minutes ago, scubascuba3 said:

It's a passbook, no ATM card.

 

If you are able to open the account online it pays 1.5% vs 1%, not sure if possible for falang

It only pays 1.5% for the first THB 100,000, for the rest you get the normal 1% p.a.

[fangless]

3 hours ago, Jingthing said:

Common sense. 

It could still be a problem because you need at least 400k during the rest of the year.

It would be best if you could show the out then in on the same day.

You will need bank records for both banks for the next extension.

If there is even one day where both banks show zero, could be a problem.

During the period that you only need to show 400,000 move the 1st 400,000 on one day, make sure it shows in the new account, update bank books, then move 2nd 400,000 and update passbooks. 

That leaves a trail that even the most pedantic IO cannot complain about! 

[Jingthing]

36 minutes ago, fangless said:

During the period that you only need to show 400,000 move the 1st 400,000 on one day, make sure it shows in the new account, update bank books, then move 2nd 400,000 and update passbooks. 

That leaves a trail that even the most pedantic IO cannot complain about! 

Yeah, thanks.

I thought of suggesting that myself and probably should have.

Immigration really does give serious problems based on non compliance for even one day.

[opporna]

8 hours ago, Jingthing said:

Common sense. 

It could still be a problem because you need at least 400k during the rest of the year.

It would be best if you could show the out then in on the same day.

You will need bank records for both banks for the next extension.

If there is even one day where both banks show zero, could be a problem.

I fully intend to do it in one day--in minutes in fact. Walk 100 meters carrying the cash from one bank to the other in Central Festival. I have used multiple bank books up to now from Bangkok Bank because their term deposits were 7 months or 3 months. I'm sick of that, plus I'd like the higher interest.

Thanks to everyone for the knowledge shared--I will go with Krungsri.

 

[Jingthing]

12 minutes ago, opporna said:

I fully intend to do it in one day--in minutes in fact. Walk 100 meters carrying the cash from one bank to the other in Central Festival. I have used multiple bank books up to now from Bangkok Bank because their term deposits were 7 months or 3 months. I'm sick of that, plus I'd like the higher interest.

Thanks to everyone for the knowledge shared--I will go with Krungsri.

 

Carrying 800k cash? Sounds exciting. Hope you're not American.

[jacko45k]

11 hours ago, opporna said:

I'm sick of that, plus I'd like the higher interest.

I have given up  chasing pennies..... just leave the money on FD now, all 800k. If they want to see the whole year of transactions, it is there on a single page in 2 or 3 lines. 

[Jaxxper]

I use the Kasikorn bank. They have a branch 500 Metres from the IO I use and they understand what the immigration people want to see each year.

Also worthy of note is that they can prepare annual statements within minutes. Some banks have to request from BKK, and it’s a longer wait (couple of days). Useful question to ask when opening the account.

Hope this helps.

[brianthainess]

23 hours ago, Henryford said:

I use Krungsri. The Mee Tae Dai savings accounts offers 1% interest but operates like a normal account with a debit card, internet banking etc. Only issue is a 50 baht charge on more than 2 withdrawals a month.

Under 1 mil 1.1%  interest  1m-5m 1%   I  don't think it matters what bank if you have the money deposited, as long as you can withdraw it at anytime. I would like to add getting the bank letter and statement only takes about 1 hr max. with Krungsri.

Edited November 29, 2021 by brianthainess

[brianthainess]

22 hours ago, fangless said:

I am always concerned about having ATM access to my retirement account in case I use it in error or get a sudden unexpected transaction.  I limit the account to in branch service only.

Your not forced to have a ATM card and you can open an ordinary saving account with the same bank for daily/monthly spending. 

[brianthainess]

22 hours ago, opporna said:

Thanks for the warning. May I ask how you learned this fact?

Its the Rules at all Immigration, if you fail to keep 400k all year it will show up on your next application.

[brianthainess]

20 hours ago, scubascuba3 said:

It's a passbook, no ATM card.

 

If you are able to open the account online it pays 1.5% vs 1%, not sure if possible for falang

Not true if you want an ATM card then you can.

[opporna]

14 hours ago, Jingthing said:

Carrying 800k cash? Sounds exciting. Hope you're not American.

It's done quite often in Thailand and is no problem. Getting mugged in the middle of Central Festival is not a huge worry to me. I might investigate how to do it online just for the fun of it, though. I'm guessing 800,000 will surpass any single day online transfer limits.
 

2 hours ago, Jaxxper said:

I use the Kasikorn bank. They have a branch 500 Metres from the IO I use and they understand what the immigration people want to see each year.

Also worthy of note is that they can prepare annual statements within minutes. Some banks have to request from BKK, and it’s a longer wait (couple of days). Useful question to ask when opening the account.

Hope this helps.

Thanks for the input but the rates I've seen at Kasikorn aren't attractive to me.
 

1 hour ago, brianthainess said:

Under 1 mil 1.1%  interest  1m-5m 1%   I  don't think it matters what bank if you have the money deposited, as long as you can withdraw it at anytime. I would like to add getting the bank letter and statement only takes about 1 hr max. with Krungsri.

Thanks for this: How much does the letter cost at Krungsri? At Bangkok Bank it's 100 baht.
 

1 hour ago, brianthainess said:

Its the Rules at all Immigration, if you fail to keep 400k all year it will show up on your next application.

Yeah, not a problem if you transfer the money right away by walking 100 meters with the cash in Central Festival. I've watched the guy going through my multiple fixed-term bankbooks, and he just makes sure the dates match and there was no day the money wasn't in a bank. I might be wrong, and if I am you'll see me at the agent's place crying and begging.

I'll be transferring the money on Thursday at 2:30 pm, wearing green pants and a red shirt if anyone is interested. (Just kidding of course ???? )

[Jingthing]

If it was me I would talk to the receiving bank first about your plan to walk in with that much cash. Just in case there might be some kind of new policy to address money laundering.

 

Edited November 29, 2021 by Jingthing

[opporna]

Yeah, I'll test the waters first. I'll be astonished though if there's a change. You'd be surprised how often large cash deposits are made in Thai banks with no one batting an eye.

[Jingthing]

Just now, opporna said:

Yeah, I'll test the waters first. I'll be astonished though if there's a change. You'd be surprised how often large cash deposits are made in Thai banks with no one batting an eye.

Yeah but you're not Thai. If you're American that activity would be reported to the IRS.

[marcho]

On 11/28/2021 at 10:00 AM, sanuk711 said:

That extra 76 baht a week is certainly an attractive interest rate......& your pay tax on that also.

Just dont stop for a beer on the way, or your probably spend a month of its  interest.......................................................????

 

-Yes you pay tax on the interest, but you claim it back every year . So theres no loss.