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

[marcho]

1 hour ago, opporna said:

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.

Well i have a SCB fixed account for my marriage extension money with them at the Sattahip branch and i have a passbook with them.

[Peterw42]

I keep the funds in a foreign currency ($AU) account with BKK Bank. I find what I lose in interest, I make up for in not being exposed to exchange rate variations.

I don't need to worry if/when the exchange rate is down, topping up or drawing from the account. One Australian dollar is always worth one Australian dollar, and I can choose when to change it into baht.

[Jack100]

Thanks for that David , Marcho , opporna I'll follow up on those  two accounts . . I can easily add 100k to make up the million.

Jack 

[Leaver]

On 12/16/2021 at 2:06 PM, Jack100 said:

Thanks for that David , Marcho , opporna I'll follow up on those  two accounts . . I can easily add 100k to make up the million.

Jack 

 

If you have 2 million baht in the account, do you get double the guarantee?  ????  

[marcho]

15 hours ago, Leaver said:

 

If you have 2 million baht in the account, do you get double the guarantee?  ????  

I am not sure what you mean. If you have 2 million in the term deposit account you will get 1.5% interest of 2 million.

[Jack100]

On 11/30/2021 at 11:33 AM, VocalNeal said:

Islamic Bank of Thailand? They give interest.

 

Naughty Naughty !

[Leaver]

5 hours ago, marcho said:

I am not sure what you mean. If you have 2 million in the term deposit account you will get 1.5% interest of 2 million.

 

I mean, if the Thai government guarantees 1 million baht deposits, do they double guarantee 2 million baht deposits?  ????   

[Liverpool Lou]

On 11/29/2021 at 10:09 AM, Jingthing said:

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.

 

There isn't, checked yesterday.  Even if there was a money laundering query he be able to show where the cash came from with the withdrawal shown in his passbook.

[Liverpool Lou]

On 11/29/2021 at 11:08 AM, PeachCH said:

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

Not all the agents use the same bank!   IB is "used to" all the Thai banks.

[Liverpool Lou]

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

Massively more!   Talk about farting through silk!

 

What is the "H & L Bank" [sic], isn't it the LH Bank?

Edited December 19, 2021 by Liverpool Lou

[Liverpool Lou]

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.

 

and if they go down, you get less!

[marcho]

16 hours ago, Liverpool Lou said:

and if they go down, you get less!

No, not until the the term is finished, then you can withdraw, and change to another bank with better interest. But its better than a savings account

[marcho]

16 hours ago, Liverpool Lou said:

Massively more!   Talk about farting through silk!

 

What is the "H & L Bank" [sic], isn't it the LH Bank?

House and Land Bank, Land and House Bank, Geez talk about not knowing what I am on about. 

[Liverpool Lou]

5 hours ago, marcho said:

House and Land Bank, Land and House Bank, Geez talk about not knowing what I am on about. 

"House and Land Bank" [sic], who's the one who does not know what he is talking about?!

[JoeP2]

A related question from someone starting out - How do I find a bank that will open an account for me for the retirement visa amount of 800,000? I just have a passport with the 30 day stamp. Looking online some of them want apartment leases, visas etc. I am just starting the planning and would like to put the deposit so that clock can start ticking.

Thanks 

Joe

[BritManToo]

1 hour ago, JoeP2 said:

A related question from someone starting out - How do I find a bank that will open an account for me for the retirement visa amount of 800,000? I just have a passport with the 30 day stamp. Looking online some of them want apartment leases, visas etc. I am just starting the planning and would like to put the deposit so that clock can start ticking.

Thanks 

Joe

You have to find a bank by going inside and asking.

It's not something you can look for online as each bank manager runs his own empire as he sees fit.

There are no rules in Thailand for anything.

Some will insist on you buying their accident insurance, about 2,500bht before they will open an account for you.

Edited December 23, 2021 by BritManToo

[jacko45k]

3 hours ago, JoeP2 said:

A related question from someone starting out - How do I find a bank that will open an account for me for the retirement visa amount of 800,000? I just have a passport with the 30 day stamp. Looking online some of them want apartment leases, visas etc. I am just starting the planning and would like to put the deposit so that clock can start ticking.

Thanks 

Joe

The first step would be to convert to a Non-Imm-O, which would come with a 90 day permission of stay. Usually that can get you the bank account. The 800k needs to have been seasoned for 2 months in order to qualify for the retirement extension.

[Caldera]

2 hours ago, jacko45k said:

The first step would be to convert to a Non-Imm-O, which would come with a 90 day permission of stay. Usually that can get you the bank account. The 800k needs to have been seasoned for 2 months in order to qualify for the retirement extension.

The catch is that you need to show those 800,000 baht in the bank on the day you apply for the Non-O visa at immigration. So you need to get the bank account before.

[jacko45k]

15 hours ago, Caldera said:

The catch is that you need to show those 800,000 baht in the bank on the day you apply for the Non-O visa at immigration. So you need to get the bank account before.

Yes of course, excuse me. I came into Thailand with a Non Imm-O Visa already. (Long time ago). 

[opporna]

Just an update. I'm going with the SCB Easy E-account (with no physical passbook) for my 800,000 now. I went a while ago to do my 90-day after report and used a letter from SCB. The lady didn't even look at my papers. However, at the SCB branch in Jomtien they knew exactly what to do and that gave me confidence this account will be fine for my annual extension. The account pays 1.5% interest currently.

[JimTripper]

Has anyone had their deposit frozen due to a legal or civil issue in Thailand?

[scubascuba3]

1 hour ago, JimTripper said:

Has anyone had their deposit frozen due to a legal or civil issue in Thailand?

My lawyer friend was working for a client who had their bank accounts frozen

[JimTripper]

18 minutes ago, scubascuba3 said:

My lawyer friend was working for a client who had their bank accounts frozen

Can you explain further why? What was the issue? What was the outcome?

 

Any other details you can share about it, rather then just bumping the thread up?

 

I feel like I'm pulling teeth here to get info out of you.

Edited March 20, 2022 by JimTripper

[scubascuba3]

6 minutes ago, JimTripper said:

Can you explain further why? What was the issue? What was the outcome?

 

Any other details you can share about it? I feel like I'm pulling teeth here to get info out of you.

Simply you need to get a lawyer who will help to unfreeze your accounts, can take many months, in the case i mentioned above, it was many months and still ongoing, each case is different

[shortstop2]

On 3/20/2022 at 6:31 AM, opporna said:

Just an update. I'm going with the SCB Easy E-account (with no physical passbook) for my 800,000 now. I went a while ago to do my 90-day after report and used a letter from SCB. The lady didn't even look at my papers. However, at the SCB branch in Jomtien they knew exactly what to do and that gave me confidence this account will be fine for my annual extension. The account pays 1.5% interest currently.

I hope it works out for you.  I suspect it will.  I am curious why you needed a bank letter for a 90 day report.

 

I have both an a SCB Easy Account and  a Krungsri Mee Tae Dai account.  Am undecided about making the switch to SCB for my Immigration money.

[jacko45k]

8 hours ago, shortstop2 said:

I hope it works out for you.  I suspect it will.  I am curious why you needed a bank letter for a 90 day report.

Not the 90 day address reporting, but the 3 month proof of retaining money, asked for in Pattaya. 

Edited March 22, 2022 by jacko45k

[Leaver]

 

Some Thai banks have been downgraded.  It's possible those Thai banks actually bank with the other Thai banks, so the risk is not contained.  

 

The safest bank for your extension money is back in your home country, and you pay an agent.  

 

With covid coming to an end, we will soon start to see the long term financial effects of covid on Thailand.  

 

I doubt the Thai government will bail out Thai banks?

 

https://www.nationthailand.com/business/40013693

[JimTripper]

On 11/30/2021 at 4:35 AM, CartagenaWarlock said:

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. ????

Can you will over the remaining years on the elite visa if you pass, it's already paid for.

[opporna]

I thought I would update this thread with the latest development.

Summary: I was able this year to use my SCB Easy 1.5% interest account to deposit my 800,000 and use that for this year's extension of stay at Jomtien immigration--so it IS possible to use this type of account even though it has no passbook.

 

Details: Last year, about a week after getting my extension, I moved my money to the SCB Easy account as I wanted to get the higher interest. I had a backup as I had no direct confirmation that this would be ok, but it turned out I didn't need it. I always do my extension as early as possible, about 30 days before it expires to give myself wiggle room to deal with any glitches.

I went to the branch of SCB on Soi 11? in Jomtien at 10:30 ish in the morning to get my letter and bank statment, which was 200 baht. The lady who helped me actually said to me that she didn't know this kind of account could be used for retirement extensions. I assured her that they had told me it could be used when I opened the account and that I was 98% sure that it could.

 

I had to wait about 45 minutes in the queue, so I didn't arrive at Jomtien immigration until after 11:30 am and assumed I would have to wait for 1 pm as I hadn't yet had my picture taken, done copies, nor filled out the form. I did all that at the copy place next to the bathroom inside immigration, and went to the counter about 11:50 where they were turning people away and telling them to come back at 1 pm.

 

I showed the guy my paper and he gave me a queue number! Nice, so I went to the counter and the extension guy looked at my queue number, then his watch and decided to help me. He went through the papers and everything was good but then he looked at the bank statement and said it was no good because no bank book.

He was amazingly helpful and patient. He explained that because there was no bank book, the STATEMENT had to go back ONE YEAR FROM THE DAY I APPLIED FOR THE EXTENSION and the one they had given me only went back a couple months. He then made a note on my package that would allow me to come back at 1 pm and skip the queue. I was so grateful, what a nice guy.

 

Another detail: as I had moved the money a week after getting my extension last year, the money had not been in SCB for a full year yet. I explained that to the guy, and he said that I could give copies of the bank book I transferred the funds from (it was a Bangkok Bank term deposit account with a passbook). I asked if I needed a letter from Bangkok Bank and he said no. The other option we discussed was waiting a week or so and using just the SCB account, but he said the letter from SCB was only good for 3 days, so that would require another 200 baht fee.

 

I rushed home to get the old Bkk Bank passbook, rushed to the bank where I got a more senior bank employee who knew the ins and outs better. She said I need to pay 200 baht extra for a one-year statement as they only give up to 3 months statements for free, so IN TOTAL I gave 400 baht for letter and one-year statement. She also copied my Bkk Bank passbook for me. That went very quick and I was back at immigration just before one--I was let in after a close examination by the door guy, bypassing a long queue. Phew.

 

After that it was quick and easy. A couple minutes tops, a few more signatures and 1900 baht, and I had my number to pick up my passport the next day, which I did. Now I'm good to go for another year. I hope this will be helpful to others.

Edited December 7, 2022 by opporna

[Seeall]

On 12/7/2022 at 7:05 AM, opporna said:

I thought I would update this thread with the latest development.

Summary: I was able this year to use my SCB Easy 1.5% interest account to deposit my 800,000 and use that for this year's extension of stay at Jomtien immigration--so it IS possible to use this type of account even though it has no passbook.

 

Details: Last year, about a week after getting my extension, I moved my money to the SCB Easy account as I wanted to get the higher interest. I had a backup as I had no direct confirmation that this would be ok, but it turned out I didn't need it. I always do my extension as early as possible, about 30 days before it expires to give myself wiggle room to deal with any glitches.

I went to the branch of SCB on Soi 11? in Jomtien at 10:30 ish in the morning to get my letter and bank statment, which was 200 baht. The lady who helped me actually said to me that she didn't know this kind of account could be used for retirement extensions. I assured her that they had told me it could be used when I opened the account and that I was 98% sure that it could.

 

I had to wait about 45 minutes in the queue, so I didn't arrive at Jomtien immigration until after 11:30 am and assumed I would have to wait for 1 pm as I hadn't yet had my picture taken, done copies, nor filled out the form. I did all that at the copy place next to the bathroom inside immigration, and went to the counter about 11:50 where they were turning people away and telling them to come back at 1 pm.

 

I showed the guy my paper and he gave me a queue number! Nice, so I went to the counter and the extension guy looked at my queue number, then his watch and decided to help me. He went through the papers and everything was good but then he looked at the bank statement and said it was no good because no bank book.

He was amazingly helpful and patient. He explained that because there was no bank book, the STATEMENT had to go back ONE YEAR FROM THE DAY I APPLIED FOR THE EXTENSION and the one they had given me only went back a couple months. He then made a note on my package that would allow me to come back at 1 pm and skip the queue. I was so grateful, what a nice guy.

 

Another detail: as I had moved the money a week after getting my extension last year, the money had not been in SCB for a full year yet. I explained that to the guy, and he said that I could give copies of the bank book I transferred the funds from (it was a Bangkok Bank term deposit account with a passbook). I asked if I needed a letter from Bangkok Bank and he said no. The other option we discussed was waiting a week or so and using just the SCB account, but he said the letter from SCB was only good for 3 days, so that would require another 200 baht fee.

 

I rushed home to get the old Bkk Bank passbook, rushed to the bank where I got a more senior bank employee who knew the ins and outs better. She said I need to pay 200 baht extra for a one-year statement as they only give up to 3 months statements for free, so IN TOTAL I gave 400 baht for letter and one-year statement. She also copied my Bkk Bank passbook for me. That went very quick and I was back at immigration just before one--I was let in after a close examination by the door guy, bypassing a long queue. Phew.

 

After that it was quick and easy. A couple minutes tops, a few more signatures and 1900 baht, and I had my number to pick up my passport the next day, which I did. Now I'm good to go for another year. I hope this will be helpful to others.

Nothing is for sure here...  and just because it works once means nothing... in fact it can be a big trap...  For me I wont mess about with it for 2% (and 10% tax) It just takes IO a bad cofee morning and game over.. border run and all the delights again....

 

TIT