Q about 800k for retirement

[sup3r1or]

Hi everyone I have a few questions about extending retirement visa for my dad here:

 

1. Does it have to be any particular type of account? Regular, savings or fixed savings account? 

2. Long long time ago for my marriage visa I used fixed savings account to get decent interest, but now that you need to leave 400k after extension I am not sure how it will work or if it will work at all. Does money need to be automatically taken out once let's say 4 months fixed savings account is reached the date. 

3. The lady at KTB told me foreigners are not allowed to earn interest, which sounds absurd,  not that it matters much but that lady was wrong about so many things in the past. 

4. Any advice, preference people have for bank of choice? KTB, SCB, Krugsri, Kbank?

 

Thank you. 

[lopburi3]

1. The regular account here is a passbook savings account - but a fixed deposit type can also be used if you keep the 800k in account full time.

2.  You need to have 800k in account for at least 5 months so most will just keep it above 800k always.

3.  The do have no interest accounts for foreigners I believe - but they also pay interest on my savings account but remove tax (every six months).

4.  Should not matter if in same province and easy to communicate with.

[DrJack54]

36 minutes ago, sup3r1or said:

. Any advice, preference people have for bank of choice? KTB, SCB, Krugsri, Kbank?

Be aware that you can have an FD a/c and a savings a/c with the same bank and the "letter" from bank for extensions lists both accounts.

If opting to do that one suggestion is to have 400k+ in the FD 

 

As for bank I suggest Kasikorn.

They can provide statements (if required) same day.

Bangkok Bank do not.

 

Also Kasikorn is one of the 3 banks that do not have low limit for transfers using WISE.

If extensions are at CW they have a branch lower level.

 

SCB do not have branch at CW and seem to be closing branches over recent years

 

Edited September 28, 2023 by DrJack54

[retiree]

In my experience the convenience of a fixed deposit account is that -- at CW at least -- you don't have to go through the rigmarole of making a deposit the day of your extension application every year.   My account posts interest quarterly, and my most recent passbook update is usually 2 months before I do the extension.    Any interest is automatically transferred to my ordinary savings account at the same bank.

 

Note that the very first time I did this many years ago the IO suggested that I also have an ordinary account with "some" money in it (I interpreted this to mean 80-100 K).  They looked at that book the first time only.  

 

I get the balance letter the day before -- my Kbank does it in about 10 minutes for 100 baht. 

-- Retiree 

[ravip]

1 hour ago, DrJack54 said:

Be aware that you can have an FD a/c and a savings a/c with the same bank and the "letter" from bank for extensions lists both accounts.

If opting to do that one suggestion is to have 400k+ in the FD 

 

As for bank I suggest Kasikorn.

They can provide statements (if required) same day.

Bangkok Bank do not.

 

Also Kasikorn is one of the 3 banks that do not have low limit for transfers using WISE.

If extensions are at CW they have a branch lower level.

 

SCB do not have branch at CW and seem to be closing branches over recent years

 

"Bangkok Bank do not"

 

Do you mean BB does not provide statements on the same day, but it takes time?

 

 

[lopburi3]

6 minutes ago, ravip said:

"Bangkok Bank do not"

 

Do you mean BB does not provide statements on the same day, but it takes time?

 

 

If you need the full one year statement it has to come from Hqs so takes few days.  They can only print out last 6 months at branch.  They can provide normal letter of account balance on request

[bigt3116]

The one proviso for whichever account is that you have instant access, albeit with loss of interest

 

[brianthainess]

As far as I know as long as you can have instant access to it, a fixed account is OK and yet they want you to keep it there.

 

[flexomike]

44 minutes ago, lopburi3 said:

If you need the full one year statement it has to come from Hqs so takes few days.  They can only print out last 6 months at branch.  They can provide normal letter of account balance on request

 have a Bangkok Bank account, I get one statement at six months and one at twelve months, that way no waiting for BKK Bank Headquarters one year statement

[John Drake]

1 hour ago, lopburi3 said:

If you need the full one year statement it has to come from Hqs so takes few days.  They can only print out last 6 months at branch.  They can provide normal letter of account balance on request

So maybe get a statement every six months. Would that allow you to get the second six month statement from Bangkok Bank on the same day?

[lopburi3]

1 hour ago, John Drake said:

So maybe get a statement every six months. Would that allow you to get the second six month statement from Bangkok Bank on the same day?

As said above - yes.