Bank for retirement visa deposit.

[London Lowf]

Hi everyone - I’m asking this on the Phuket forum rather than the general visas forum as I am looking for local knowledge.

 

I got spoilt last visit with the easy Covid extensions but now I realise that, in order to spend several months a year in Thailand in future, I will need to get a retirement visa.

 

I will be coming to Phuket (Kamala) in October for two months and need to open a bank account for the THB800,000 deposit with a view to returning early next year to apply for the visa.

 

So…. Can anyone recommend a farang-friendly bank? I think my main requirement will be to be able to get the necessary statements/letters/bank book to keep immigration happy with the minimum of hassle. I should be able to get a recommendation letter (if required?) as I am friendly with a local family who own a large independent hotel and various other properties in Kamala.

 

Cheers.

[EricTh]

 

What most banks need to see is a residence certificate and not a recommendation letter.

 

That said, a farang-friendly bank is  Bangkok Bank.

 

Edited August 23, 2022 by EricTh

[London Lowf]

4 hours ago, EricTh said:

What most banks need to see is a residence certificate

You mean a house contract?

 

Yeh, I've heard before about BB but I found the Kamala branch uncooperative - I wanted to take out THB50,000 on my card but they simply poinred me at the ATM outside. Kungsri did it - several times over the last three years - but I'm not sure how they are with opening accounts.

 

Edited August 23, 2022 by London Lowf

[stevenl]

4 minutes ago, London Lowf said:

You mean a house contract?

 

Yeh, I've heard before about BB but I found the Kamala branch uncooperative - I wanted to take out THB50,000 on my card but they simply poinred me at the ATM outside. Kungsri did it - several times over the last three years - but I'm not sure how they are with opening accounts.

 

It is the policies of the branch that decide the requirements.

So if your kasikorn bank was friendly earlier, go there.

[PeachCH]

Or use a reliable agent and keep the 800,000 Peso. 

[topt]

7 hours ago, London Lowf said:

You mean a house contract?

No I think he means a Residence Certificate from Immigration.

Normally you need them to apply for a driving licence. You may need a rental contract or something from a hotel to prove your address - I have no idea how Phuket Immigration works so someone local please correct me if different.

[Makoshark]

Ubon Joe & Dr. Jack are the experts in this area.

 

From personal experience, just pay an agent.  They take care of the 90 day reporting as well as your visa for pennies.

 

Why tie up 800,000bht un-necessarily ? ? ?

[hakancnx]

12 hours ago, London Lowf said:

I should be able to get a recommendation letter (if required?) as I am friendly with a local family who own a large independent hotel and various other properties in Kamala.

Bring one manager from the family business with you to the bank. It will help a lot. 

[skatewash]

Recommend trying the Bangkok Bank branch in Patong on Rat-U-Thit Road (left side) just before you get to Jungceylon.  Big branch, English speaking staff.

Krungsri Bank branches can be friendly as well.

One negative about Bangkok Bank is that they take a week to produce a 12 month statement (due to having to order from Bangkok headquarters) while other banks can produce the statement while you wait.   For Bangkok Bank you need to request the statement a week before you need it.  You will need a 12-month statement for your retirement extension.

[Jaxxper]

Never had a problem opening bank accounts. I have two, one with SCB and one with Kasikorn. I use Kasikorn for my retirement funds and they produce letters/ statements for immigration there and then on the day of asking at the branch. Haven’t tested this with SCB.

I believe for annual statements the Bangkok bank have to order them from head office, so not quite as convenient, but no personal experience of that.

[IAMHERE]

2 hours ago, PeachCH said:

Or use a reliable agent and keep the 800,000 Peso. 

Now days that looks like prescient advice. I moved the money to Thailand when the affidavits from the embassy ceased. That was at around 32 baht to the dollar; now 35 or so to the dollar. The loss in value just about pay for four years of an agent fee. 

[zzzzz]

SCB< but unfortunately during covid they closed the kamala branch so u need go to chern talay ( across from the police station )
have had an account with them for over 20 years>>

[Liverpool Lou]

14 hours ago, EricTh said:

That said, a farang-friendly bank is  Bangkok Bank.

..as is SCB, Kasikorn, KTB, Krungsri, UOBT, etc., just depends on the branch.

[hotchilli]

3 hours ago, Jaxxper said:

Never had a problem opening bank accounts. I have two, one with SCB and one with Kasikorn. I use Kasikorn for my retirement funds and they produce letters/ statements for immigration there and then on the day of asking at the branch. Haven’t tested this with SCB.

I believe for annual statements the Bangkok bank have to order them from head office, so not quite as convenient, but no personal experience of that.

I use SCB, they always give an annual statement and letter there and then immediately without issues.

Also to open an account in my name only they only requested my passport.

No other documents etc needed.

 

[brianthainess]

12 hours ago, stevenl said:

12 hours ago, London Lowf said:

Yeh, I've heard before about BB but I found the Kamala branch uncooperative - I wanted to take out THB50,000 on my card but they simply poinred me at the ATM outside. Kungsri did it - several times over the last three years - but I'm not sure how they are with opening accounts.

 

It is the policies of the branch that decide the requirements.

So if your kasikorn bank was friendly earlier, go there.

KUNGSRI aka yellow bank (not Kasikorn) is in my experience the most friendly, and they issue statements and bank letters in about 30min last month got mine in 10min.

once you have your one year extension you can open an extra account with them and get 1.1% interest if under 1m baht. 

[arithai12]

All bank recommendations do not mean much, if one does not specify the branch.

The same bank can have friendly staff at one location and not so much at another.

 

As for those recommending to "keep the 800k and pay a reliable agent", know that you would be taking risks. Wasn't there a big bust of exactly such a business recently in Phuket?

[skatewash]

5 minutes ago, arithai12 said:

All bank recommendations do not mean much, if one does not specify the branch.

The same bank can have friendly staff at one location and not so much at another.

 

As for those recommending to "keep the 800k and pay a reliable agent", know that you would be taking risks. Wasn't there a big bust of exactly such a business recently in Phuket?

https://www.thephuketnews.com/expats-caught-up-in-phuket-visa-scams-face-being-forced-to-leave-the-country-84812.php

 

[Nemises]

8 hours ago, PeachCH said:

Or use a reliable agent and keep the 800,000 Peso. 

Better still, invest the 800,000 in your home country’s stock market and pay an agent with a minuscule amount of your annual profits. 
 

Ridiculous financial decision leaving 800,000 in some Thai bank doing SFA. 
 

After 10 years @ 10% pa your 800k will be worth around 2 million, even after paying the agent every year ????

[arithai12]

54 minutes ago, Nemises said:

Better still, invest the 800,000 in your home country’s stock market and pay an agent with a minuscule amount of your annual profits. 
 

Ridiculous financial decision leaving 800,000 in some Thai bank doing SFA. 
 

After 10 years @ 10% pa your 800k will be worth around 2 million, even after paying the agent every year ????

You need a column in that excel with "risk of being busted", accruing each year.

[Nemises]

1 hour ago, arithai12 said:

You need a column in that excel with "risk of being busted", accruing each year.

Sure! more than happy to add that column!!
 

But first, please provide a link which shows the “total number of people that  have been busted”  Vs the “total number of people that haven’t been busted”. 
 

 

 

Edited August 24, 2022 by Nemises

[arithai12]

14 minutes ago, Nemises said:

Sure! more than happy to add that column!!
 

But first, please provide a link which shows the “total number of people who have been busted”  Vs the “total number of people who haven’t been busted”. 
 

 

We can play this game until the end of the universe. My point is that you have  ignored the nightmare that ensues if you are caught out (see link by @skatewash above), not to mention the continuation of corruption in the system. I could also question your assumption that stocks give you a fixed 10% return tax-free and worry-free, or that you ignore that also Thai banks give an interest -small I admit- but that would also be playing a game in which I have no interest.

I think every person should be presented with all the facts and make their choice.

Calling people's decisions ridiculous when you know nothing about them is, well, ridiculous.

Have a nice day.

[Nemises]

29 minutes ago, arithai12 said:

We can play this game until the end of the universe. My point is that you have  ignored the nightmare that ensues if you are caught out (see link by @skatewash above), not to mention the continuation of corruption in the system. I could also question your assumption that stocks give you a fixed 10% return tax-free and worry-free, or that you ignore that also Thai banks give an interest -small I admit- but that would also be playing a game in which I have no interest.

I think every person should be presented with all the facts and make their choice.

Calling people's decisions ridiculous when you know nothing about them is, well, ridiculous.

Have a nice day.

It’s been noted that you are unable to provide any links to support your so-called “risk % factors” of using an agent. Until then suggest you refrain from asking members to modify their data tables and instead stick to unsubstantiated scaremongering if that helps make you feel better about your ridiculous financial decision. 
You too, have a nice day!

 

Edited August 24, 2022 by Nemises

[London Lowf]

18 hours ago, PeachCH said:

Or use a reliable agent and keep the 800,000 Peso. 

I have the money to spare and see no reason to take even a 1% risk in dealing with "agents".

 

[London Lowf]

16 hours ago, skatewash said:

One negative about Bangkok Bank is that they take a week to produce a 12 month statement (due to having to order from Bangkok headquarters) while other banks can produce the statement while you wait. 

Thanks for the warning. This is exactly the kind of potential problem that I am trying to avoid. According to Phuket Immigration Volunteers the bank paperwork must be dated on the same day as the visa application.

 

[London Lowf]

16 hours ago, IAMHERE said:

Now days that looks like prescient advice. I moved the money to Thailand when the affidavits from the embassy ceased. That was at around 32 baht to the dollar; now 35 or so to the dollar. The loss in value just about pay for four years of an agent fee. 

Hindsight is a wonderful talent!

 

[London Lowf]

16 hours ago, hakancnx said:

Bring one manager from the family business with you to the bank. It will help a lot. 

 

That is what I plan to do. I don't yet know who they use, but I hope it's not BB as they have fallen at the first hurdle.

 

[London Lowf]

Thanks for all of the help everyone - apart from BB it seems that most others are worth a try. I'll probably start with Krungsri as they've been good with the credit card withdrawals on previous visits.

 

 

Edited August 24, 2022 by London Lowf

[skatewash]

5 minutes ago, London Lowf said:

Thanks for the warning. This is exactly the kind of potential problem that I am trying to avoid. According to Phuket Immigration Volunteers the bank paperwork must be dated on the same day as the visa application.

 

 I believe you can order your 12-month statement from Bangkok Bank, wait for it to arrive, then request a 3-month statement done while you wait as well as a bank letter.  Take all three things to immigration that day or the next day and it will be accepted.

The specific problem with the 12-month statement is that Bangkok Bank is unable to access at the branch office customer statements for longer than the last six months, hence the need to order the full 12-month statement from Bangkok headquarters.  They can produce while you wait a statement covering the last six months.  The bank letter (specifying you have the account in your name and the balance as of the date of the letter) can also be produced while you wait.  The reason you need a 12-month statement (except for the first application) is that they use the opportunity of your application to check that you have complied with the minimum balance requirements for the previous extension.   The requirements are these:

at least 800k balance for 2 months before application
at least 800k balance for 3 months after application

at least 400k balance for the remainder of the year

Other banks can produce the 12-month statement while you wait and that may be a reason to prefer other banks for your retirement extension savings account.

Also, in Phuket you can apply for your retirement extension up to 45 days before your current extension expires.  In my opinion it's advisable to apply as soon as possible (assuming you meet the seasoning requirement of 2 months of having a balance of at least 800k baht) because this leaves you plenty of time to resolve any unforeseen issues.

[Thailand J]

800k deposit is the way to go, for the peace of mind. That's what money is for.

https://thethaiger.com/news/phuket/more-than-100-foreigners-in-phuket-swindled-by-visa-agency

of course that will never happen to you.

stock market has been doing very well in the past 10 years but there is no guarantee going forward.

 

[London Lowf]

17 hours ago, Makoshark said:

Ubon Joe & Dr. Jack are the experts in this area.

Yes, I actually drafted a PM to Dr. Jack but then decided to come here for local advice.