Where to park the 800,000 THB?

[Hanaguma]

Apologies if this is the upteenth time this question has come up....

 

What options pay the best return on the money that I need to deposit for an O visa for retirement? I accept that I will take a haircut on what I can get in the market or on GICs.  

Also, does my wife also have to make a deposit, or can she piggyback on mine? (we are both over 50, both non Thai).

Thanks all!

[DrJack54]

OP, have you already entered Thailand.

Your wife would need to enter Thailand on a Non O in order to piggyback as your dependant.

Re the 800k you can put it into a fixed deposit account that pays bit better interest. 

"EZ Savings" is good rate

It's an account without bankbook.

Covered in this thread

https://aseannow.com/topic/1314449-highest-interest-rates-on-saving-and-money-market-accounts/

 

[Hanaguma]

6 minutes ago, DrJack54 said:

OP, have you already entered Thailand.

Your wife would need to enter Thailand on a Non O in order to piggyback as your dependant.

Re the 800k you can put it into a fixed deposit account that pays bit better interest. 

"EZ Savings" is good rate

It's an account without bankbook.

Covered in this thread

https://aseannow.com/topic/1314449-highest-interest-rates-on-saving-and-money-market-accounts/

 

Hi and thanks, no not in Thailand yet.  Just getting information and exploring options. 

 

Eg, if I put up the 800,000, I lose 40,000 baht a year in investment return if I assume a 5% return.  So how much can I recover, if any? 

[DrJack54]

9 minutes ago, Hanaguma said:

So how much can I recover, if any? 

Haven't looked at EZ savings rate.

Probably more like 2.5%

Also that return is taxed. 

The topic is discussed in banking/finance forum. 

 

Edit: just checked EZ savings SCB Bank.

Rate seems less than what I posted.

Best check it out yourself

[Celsius]

18 minutes ago, Hanaguma said:

Hi and thanks, no not in Thailand yet.  Just getting information and exploring options. 

 

Eg, if I put up the 800,000, I lose 40,000 baht a year in investment return if I assume a 5% return.  So how much can I recover, if any? 

 

I don't think you can get anything close to 5%. To get anything over 2% you have to lock your money for over 2 years.

 

HSBC Canada is currently paying me 5% per year paid every month to my checking account in Canada. That is over $2000 every month on my savings.

 

[Hanaguma]

4 minutes ago, Celsius said:

 

I don't think you can get anything close to 5%. To get anything over 2% you have to lock your money for over 2 years.

 

HSBC Canada is currently paying me 5% per year paid every month to my checking account in Canada. That is over $2000 every month on my savings.

 

That is a good rate!  I looked into GiCs at Royal Bank, they are at 4.9% for one year now, sliding back a little. 

[lom]

38 minutes ago, DrJack54 said:

Re the 800k you can put it into a fixed deposit account that pays bit better interest. 

"EZ Savings" is good rate

It's an account without bankbook.

So what do you tell immigration when they ask for "copy of bankbook, show last 12 month" when oing the yearly extension of stay?

[Gweiloman]

11 minutes ago, lom said:

So what do you tell immigration when they ask for "copy of bankbook, show last 12 month" when oing the yearly extension of stay?

Bank statement will suffice.

[Pattaya57]

40 minutes ago, Hanaguma said:

Hi and thanks, no not in Thailand yet.  Just getting information and exploring options. 

 

Eg, if I put up the 800,000, I lose 40,000 baht a year in investment return if I assume a 5% return.  So how much can I recover, if any? 

Once you start exchanging currency the actual interest rate is of minimal concern. 

 

If you had transferred US$ for 800,000 baht 3 months ago, you would have effectively earned 6.2% in 3 months as that is how much the $US has dropped by since then

[Alldar]

Is it possible to open fixed term deposit as a foreigner? I was checking Bangkok bank and they said only for Thai nationals I think. Is it different with other banks?

[ThailandNinja]

You can not use an account where the money is locked for any period.
It have to be instant available to satisfy immigration.

[DrJack54]

2 minutes ago, Alldar said:

Is it possible to open fixed term deposit as a foreigner?

Yes.

I use FD account with Kasikorn for my extension financial requirements 

[lom]

11 minutes ago, Gweiloman said:

Bank statement will suffice.

It won't as they ask for both bank statement letter and copy of bankbook.

[TaoNow]

My advice to ex-pats who want to use the 800K baht money-in-the-bank method is to view this deposit as a bond.

 

It is an expression of financial viability which Immo wants to see for those who seek a one-year extension of the permit-to-stay for reason of "retirement." 

 

If you can afford to do that, and just leave it in a fixed account in a Thai bank, then you eliminate all the mental stress of exchange rates, transfers, and lost investment opportunities elsewhere.

 

It is the most painless way to remain in Thailand indefinitely if you are age 50+ years.

 

'nuff said.

[MPoll]

If you can qualify for a pensioner LTR then there is no banking requirement.

[Alldar]

6 minutes ago, DrJack54 said:

Yes.

I use FD account with Kasikorn for my extension financial requirements 

Ok I will check Kasikorn bank then. I don't need the money for extension requirements, I would just like to open fixed term deposit and I believe it is not possible with Bangkok Bank. 

[SpaceKadet]

58 minutes ago, Alldar said:

Ok I will check Kasikorn bank then. I don't need the money for extension requirements, I would just like to open fixed term deposit and I believe it is not possible with Bangkok Bank. 

I have fixed term deposit with Bangkok Bank and bankbook that I use for yearly extension. So it's certainly possible.

Probably the usual Thai, "I don't know so better say no can do"...

Edited January 5 by SpaceKadet

[Alldar]

1 hour ago, SpaceKadet said:

I have fixed term deposit with Bangkok Bank and bankbook that I use for yearly extension. So it's certainly possible.

Probably the usual Thai, "I don't know so better say no can do"...

Well, I didn't ask at the branch. But it is stated on their website:

"The 7-Month, 10-Month and 14-Month Fixed Deposit Account are available for Thai individuals, corporates, government agencies.."

 

Only Thai individuals or companies.

[Gweiloman]

2 hours ago, ThailandNinja said:

You can not use an account where the money is locked for any period.
It have to be instant available to satisfy immigration.

Please do not give advice unless you know for sure what you are talking about. I’ve been going my extension every year for the past 15 years using my locked FD.

[ThailandNinja]

49 minutes ago, Gweiloman said:

Please do not give advice unless you know for sure what you are talking about. I’ve been going my extension every year for the past 15 years using my locked FD.

The principle amount can be partially withdrawn before the deposit due term whereby:

• If the deposit was made less than 3 month prior, no interest is paid
• If the deposit was made at least 3 months prior but has not completed the due term, the bank will pay interest at the rate for a savings deposit account for private individuals, and tax will be deducted
  
  Kasikorn FD. So it is not locked but you lose interest.

Edited January 5 by ThailandNinja

[Gweiloman]

4 minutes ago, ThailandNinja said:

The principle amount can be partially withdrawn before the deposit due term whereby:

• If the deposit was made less than 3 month prior, no interest is paid
• If the deposit was made at least 3 months prior but has not completed the due term, the bank will pay interest at the rate for a savings deposit account for private individuals, and tax will be deducted
  
  Kasikorn FD. So it is not locked but you lose interest.

So when you say locked, you are not talking about FD’s. You could have been clearer in your post.

[ThailandNinja]

9 hours ago, Gweiloman said:

So when you say locked, you are not talking about FD’s. You could have been clearer in your post.

I never said FD's. You assumed I did. I just said locked account. And most FD accounts are not.

 

You have a nice day too. :)

Edited January 5 by ThailandNinja

[johnbarpic]

14 hours ago, Gweiloman said:

Bank statement will suffice.

Sorry to inform you but it will not these funds need to accessible unrestricted 

[DFPhuket]

The Bank of Thailand publishes a daily update of savings and fixed deposit interest rates for all Thai banks on their website here. The average for a one year fixed deposit is around 1.6%. 

[Thingamabob]

If you are so worried about 40k baht you may want to consider whether or not Thailand is where you really want to stay.

[it is what it is]

15 hours ago, TaoNow said:

My advice to ex-pats who want to use the 800K baht money-in-the-bank method is to view this deposit as a bond.

 

It is an expression of financial viability which Immo wants to see for those who seek a one-year extension of the permit-to-stay for reason of "retirement." 

 

If you can afford to do that, and just leave it in a fixed account in a Thai bank, then you eliminate all the mental stress of exchange rates, transfers, and lost investment opportunities elsewhere.

 

It is the most painless way to remain in Thailand indefinitely if you are age 50+ years.

 

'nuff said.

 

agree. it's the price you pay for the convenience of living here. understanding and accepting this will make your time here more enjoyable.

 

my 800k earns around 2% here, back home i 'm getting over 5%, but hey, what's important, living the life i want or 3%?

 

i'd question coming here without the finances to adequately support a pleasant life style. why come here only to worry about money?

 

 

[Ben Zioner]

@OP, You know that it would be better to wait until mid July to move to Thailand if you transfer your deposit(s) anytime this year. And why on earth this place? You and your wife deserve much better.

[Toby1947]

16 hours ago, Alldar said:

Is it possible to open fixed term deposit as a foreigner? I was checking Bangkok bank and they said only for Thai nationals I think. Is it different with other banks?

That's because they are the biggest racists on the planet. Just let them get on with their 6th world way of life. Begging to comunist countries for a few baht 

[Wuvu2]

18 hours ago, Hanaguma said:

Eg, if I put up the 800,000, I lose 40,000 baht a year in investment return if I assume a 5% return. 

You got that right. After years of parking 800k in a Thai bank with minimal interest, I switched to an agent who charges 12,500b/year for the service.  That's only 1.6% on the same 800k.   There are plenty of expats who will argue that someday the agent method won't work. So far a lot of us find an agent the better way to go. 

[Nemises]

18 hours ago, TaoNow said:

My advice to ex-pats who want to use the 800K baht money-in-the-bank method is to view this deposit as a bond.

 

It is an expression of financial viability which Immo wants to see for those who seek a one-year extension of the permit-to-stay for reason of "retirement." 

 

If you can afford to do that, and just leave it in a fixed account in a Thai bank, then you eliminate all the mental stress of exchange rates, transfers, and lost investment opportunities elsewhere.

 

It is the most painless way to remain in Thailand indefinitely if you are age 50+ years.

 

'nuff said.

 

I parked my 800K in blue chip shares in my home country stock exchange. After 10 years of 10% pa return, the 800K is now valued at over 1.8M - and that includes paying a visa agent to do everything for me!
 

‘nuff said. 
 

 

Edited January 6 by Nemises