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

[hansnl]

Do remember that only 500,000 or even 250,000 is guaranteed.

Spread your 800,000 over two or more banks.

[Jingthing]

15 minutes ago, hansnl said:

Do remember that only 500,000 or even 250,000 is guaranteed.

Spread your 800,000 over two or more banks.

I think it's one million actually.

[PeachCH]

Immigration is used to Bangkok Bank, as the Immigration agent are using this bank. 

[Sophon]

3 hours 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.

Not quite correct:

Up to THB 100,000 => 1.1% p.a. (1.5% if account is opened online)

THB 100,000 - THB 5,000,000 => 1% p.a.

THB 5,000,000 - THB 25,000,000 => 0.70% p.a.

THB 25,000,000 - THB 50,000,000 => 0.50% p.a.

Over THB 50,000,000 => 0.25% p.a.

 

From www.krungsri.com:

[Sophon]

1 hour ago, Jingthing said:

I think it's one million actually.

You are correct:

[AsiaCheese]

3 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.

I used Kasikorn Jomtien branch before - correct: they'll write you the letter on the spot. But a number of times, I spent something like 2 hours waiting for a newbie to get it together... I changed to Krungsri (Central Festival), their rates were/are slightly better. They need 1-2 hours (through BKK) to get you the bank statement for Immigration.

I changed banks in the middle of the pre-2-months period and simply showed the two bank books; no issue at all!

[Seeall]

On 11/28/2021 at 9:26 AM, Jingthing said:

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

Need never less than 400k so how to move it?

[Jingthing]

2 minutes ago, Seeall said:

Need never less than 400k so how to move it?

That's been revealed here already.

Also to note you can show multiple accounts to comply.

[sanuk711]

2 hours ago, marcho said:

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

So you get the whole 76 Baht a week for yourself then....

 

maybe if we can find another 0.5% somewhere , we can get to ring the bell..............

[scubascuba3]

4 hours ago, brianthainess said:

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

You've got one for the account?

[opporna]

7 hours ago, AsiaCheese said:

I used Kasikorn Jomtien branch before - correct: they'll write you the letter on the spot. But a number of times, I spent something like 2 hours waiting for a newbie to get it together... I changed to Krungsri (Central Festival), their rates were/are slightly better. They need 1-2 hours (through BKK) to get you the bank statement for Immigration.

I changed banks in the middle of the pre-2-months period and simply showed the two bank books; no issue at all!

Thanks a lot, nice to hear from someone with actual experience changing banks. I suspected that it was ok just as long as you transferred the money the same day.

I've looked and Bangkok bank will let me transfer the full 800,000 online, no need to walk it (literally 50 meters from Bkk Bank to Krunsri). I've opened an account at Krungsri already--just needed 500 baht to do it. All is falling into place.

Thanks to everyone for the input.

[scubascuba3]

10 hours ago, opporna said:

Thanks a lot, nice to hear from someone with actual experience changing banks. I suspected that it was ok just as long as you transferred the money the same day.

I've looked and Bangkok bank will let me transfer the full 800,000 online, no need to walk it (literally 50 meters from Bkk Bank to Krunsri). I've opened an account at Krungsri already--just needed 500 baht to do it. All is falling into place.

Thanks to everyone for the input.

I transferred 2x400k to Krungsri the same day, within minutes, i think there was a transfer limit by Bangkok Bank at the time

[SmokeandIce]

On 11/28/2021 at 12:35 PM, bolt said:

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  

Why would Bangkok Bank be involved with a "special" agreement with immigration ?  

[VocalNeal]

Islamic Bank of Thailand? They give interest.

 

[bolt]

2 hours ago, SmokeandIce said:

Why would Bangkok Bank be involved with a "special" agreement with immigration ?  

I didn’t ask any questions

I went with my agent, who took me to immigration, who then sent another helper with me to the bank to open account.

12 months later, I did same when with same agent to immigration, and was taken to bank with another helper who then sorted my 800k bank cert

 

Next day 12 month extension issued  

 

I'm against freezing 800k for any period.

note i very rarely remain in LOS for longer than 60 days, so I don't have to report every 90 days 

[KhunBENQ]

On 11/28/2021 at 7:26 AM, opporna said:

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 am not familiar with LH bank.

You just have to make sure (clarify with them) that the balance on the account is available without notice period and any deduction/fee.

For Bangkok Bank fixed deposit (which I use) this applies.

Would just loose the accumulated interest if I withdrew the money. Same for SCB as far as I know (never used it at immigration).

Edited November 30, 2021 by KhunBENQ

[CartagenaWarlock]

On 11/27/2021 at 8:17 PM, 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 also have a mai tae dai account with one million sitting in the account. I don't need retirement extension as I have a 20-year elite that is going to expire, most probably, after my death. I use the ATM card to test the honesty of 19-year old hired GFs by giving them the ATM card for withdrawal. They can also see that I'm loaded. ????

[opporna]

16 hours ago, KhunBENQ said:

I am not familiar with LH bank.

You just have to make sure (clarify with them) that the balance on the account is available without notice period and any deduction/fee.

For Bangkok Bank fixed deposit (which I use) this applies.

Would just loose the accumulated interest if I withdrew the money. Same for SCB as far as I know (never used it at immigration).

As many above have said the Mee Tae Dai savings also works, and has a higher interest. I will be moving my money when my Bangkok Bank Fixed deposit term comes up.

[Seeall]

On 11/29/2021 at 11:30 AM, Sophon said:

Not quite correct:

Up to THB 100,000 => 1.1% p.a. (1.5% if account is opened online)

THB 100,000 - THB 5,000,000 => 1% p.a.

THB 5,000,000 - THB 25,000,000 => 0.70% p.a.

THB 25,000,000 - THB 50,000,000 => 0.50% p.a.

Over THB 50,000,000 => 0.25% p.a.

 

From www.krungsri.com:

I am too scared to mess with it ....  if theres some issue or BS then have to leave TH and come back CAN u imagine?  no thanks..

[marcho]

On 11/29/2021 at 12:41 PM, sanuk711 said:

So you get the whole 76 Baht a week for yourself then....

 

maybe if we can find another 0.5% somewhere , we can get to ring the bell..............

At the H&L Bank on 400000baht i am getting 4000baht a year interest, thats more then 76baht a week my friend

[jacko45k]

5 minutes ago, marcho said:

At the H&L Bank on 400000baht i am getting 4000baht a year interest, thats more then 76baht a week my friend

Yeah, 90 satang more. Don't they take off withholding tax before you get the 4000?

[galenjones]

Austrians and Germans with a yearly income of more than 650000.-Baht in their home country can ask for a certificate of income at the office of Consul Hofer in Pattaya instead. 

Honorary Consul of the Federal Republic of Germany, 179/168 Moo. 5 North Pattaya Road, Naklua, Banglamung, Pattaya City 20120, Chonburi

+66-(0) 38-422634

[Leaver]

On 12/1/2021 at 11:13 AM, marcho said:

At the H&L Bank on 400000baht i am getting 4000baht a year interest, thats more then 76baht a week my friend

 

And way less than you could get making the money work for you elsewhere.  

 

Makes for an expensive retirement visa / extension.  

[marcho]

On 12/4/2021 at 7:01 PM, Leaver said:

 

And way less than you could get making the money work for you elsewhere.  

 

Makes for an expensive retirement visa / extension.  

Please explain, The moneys still there, if I every want it. Also its my Married extension money. Why is it expensive?????? I am picking up 4K a year, and if ever interest rates go up i get more.

 

[opporna]

9 hours ago, marcho said:

Please explain, The moneys still there, if I every want it. Also its my Married extension money. Why is it expensive?????? I am picking up 4K a year, and if ever interest rates go up i get more.

 

I believe he means he can get more money by investing his money in (stocks, bonds, crypto, etc.) and therefore he would have more money if he did that--the money he didn't get is the expensive part.

[Leaver]

On 12/9/2021 at 10:16 AM, marcho said:

Please explain, The moneys still there, if I every want it. Also its my Married extension money. Why is it expensive?????? I am picking up 4K a year, and if ever interest rates go up i get more.

 

 

It's been costed out in many posts, in many threads, in the past.

 

Here's a cut an paste from a post I made recently.

 

"The main reason is financial, and not because I can't afford it.  

 

I remember some time ago I posted a more detail analysis, but I will give brief details in this post.

 

My 800k baht equivalent is in a fund in my home country earning around 6% per annum.  It's not an aggressive fund. 

 

800k x 6% = 48,000 baht a year. 

 

It's liquid, and in a country where I hold citizenship and have rights, has a developed financial system and judicial system.

 

At the time of this post, Kasikorn Bank is offering 0.40% interest on deposits under 10 million baht for a 12 month fixed deposit.

 

800k x 0.40% = 3200 baht per year.

 

The money is locked in for 12 months, and whilst some leave the 800k in a regular savings or transaction account, using it and going under the 800k, many leave the 800k in the Thai bank, untouched, perpetually.

 

I pay 20,000 baht to the agent.  He does the lot.  Nothing for me to do.  

 

Many argue that their extension only costs 1,900 baht, but to me, their extension costs 42,900 baht.

 

48,000 - 1,900 - 3,200 = 42,900 baht.  

 

This makes a Thai visa / extension expensive, not for the cost to immigration at 1,900 baht, but for the criteria / hoops you have to meet to be able to pay the 1,900 baht.  Eg. leaving 800k baht in a Thai bank.  

 

Having the 800k in a Thai bank exposes you to more risk in the Thai banking system.  Eg. a run on the banks.   Also, some issues getting the lump some money out of the country can arise.   Maybe Bangkok might order "a haircut" on accounts.  Who knows, but if such things happen here, what can foreigners do, sign a petition?  ???? 

 

I'll chose not to give a Thai bank a cheap loan of 800k, just so I can "do it myself" every year, thinking I am only paying 1,900 baht to immigration.   ????

 

Here's the thread. The discussion on this point starts around Page 11.  

 

 

[Jack100]

Well I get  "0"  interest for my 900 k at Bangkok Bank for a year  .

Thanks for the tip .

[david555]

On 11/29/2021 at 10:34 AM, Jingthing said:

I think it's one million actually.

Do not just "think it is "... ????....as it is definitely correct 1000 000 Tbh

[marcho]

18 hours ago, Jack100 said:

Well I get  "0"  interest for my 900 k at Bangkok Bank for a year  .

Thanks for the tip .

Land and Houses Bank

Fixed Term Deposits

6month .95

.

12months 1.0500

there is a branch at Terminal 23 Pattaya                                 The Thai Credit Retail Bank 6month0 .95 0. 12 months 1.2000-1.3500

[opporna]

SCB has an account paying 1.5% interest, but it doesn't have a passbook. I fear Pattaya immigration won't allow people to use this for their retirement extensions. Does anyone have an experience with this?

Edit: I should follow up. I got a Krunsri account paying 1% which includes a passbook, and I was able to transfer the 800,000 baht online, no need to walk the money across the mall.

Edited December 13, 2021 by opporna