Where to park the 800,000 THB?

[gamb00ler]

On 1/6/2024 at 9:55 AM, brianthainess said:

1% after tax is about the best you'll get  in a Thai bank. TTBOMK

You most likely can either get back all the Thai tax that has been withheld from your interest by filing a Thai tax form OR you can get the banks to stop the withholding by providing them a Thai tax ID #.  Some posters have not been successful at the later approach, but it seemed to be no problem when I did it at SCB, Bangkok bank and Kasikorn.

 

EDIT: despite dire warnings that I must wear long pants, shoes and socks when dealing with Thai banks.... I was successful while wearing my cargo shorts and sandals.

Edited January 10 by gamb00ler

[Liquorice]

On 1/5/2024 at 3:59 PM, 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've had a Fixed term deposit a/c with Bangkok bank for 10 years, which I use for Immigration purposes.

Current interest rate 1.6% for 12-month fixed term.

 

Special 1.8% rate for those opening a new 7-month first FTD account.

Edited January 10 by Liquorice

[Brick Top]

2 hours ago, keithsimmonds said:

Mine has been in the EZ account paying 1.5% interest with no tax deducted and i have used that account for my last 2 retirement extensions at Jomtien immigration and SCB print off a 1 year statement.

If you are the same Brick Top as in "Snatch"...then i could see a problem..and no ...i don't wont my "Jacobs" cut off.

No such luck for me in Phuket,  also still about 1.7 million  sat n that EZ account getting 1.5% but although i have a tax id , SCB were paying interest every 6 months,  June and December they are stopping the 15% tax again after telling me in August they won't.  Now they have since October started paying the interest every month with no tax deducted   but in December decided to not pay me any interest instead they took the tax out . I have been back to the bank to find out why but to date they can not give me an answer,  i have received 3 calls from the call center about but still no explanation,  still ongoing 

 

[Brick Top]

33 minutes ago, gamb00ler said:

My experience with SCB EZ account does not at all resemble your experience.

 

SCB gave me (for 1-200 ฿!) a statement covering all the months required for the retirement extension.  I do request a free monthly statement (via the phone app) as well but that's just for my own records.  CM Immigration gave me the extension but it did seem I waited longer than the others in the Imm. office that day.

Mine was in Phuket and i got given a roght runaround,  SCB send me monthly statements by email for my EZ account 

[Gweiloman]

1 hour ago, Brick Top said:

Mine was in Phuket and i got given a roght runaround,  SCB send me monthly statements by email for my EZ account 

This just goes to show how inept immigration officials are in Thailand. Regulations are that you have to keep a certain minimum amount of readily accessible funds in a Thai banking institution for a certain period. Why should it matter whether the account has a passbook or whether it’s an online account with electronic monthly statements? Most countries I’ve lived in dispensed with physical passbooks decades ago.
 

But this is Thailand, we just have to accept the good with the bad. We continue to stay here as long as the former outweighs the latter.

[Brick Top]

3 hours ago, Gweiloman said:

This just goes to show how inept immigration officials are in Thailand. Regulations are that you have to keep a certain minimum amount of readily accessible funds in a Thai banking institution for a certain period. Why should it matter whether the account has a passbook or whether it’s an online account with electronic monthly statements? Most countries I’ve lived in dispensed with physical passbooks decades ago.
 

But this is Thailand, we just have to accept the good with the bad. We continue to stay here as long as the former outweighs the latter.

 

3 hours ago, Gweiloman said:

This just goes to show how inept immigration officials are in Thailand. Regulations are that you have to keep a certain minimum amount of readily accessible funds in a Thai banking institution for a certain period. Why should it matter whether the account has a passbook or whether it’s an online account with electronic monthly statements? Most countries I’ve lived in dispensed with physical passbooks decades ago.
 

But this is Thailand, we just have to accept the good with the bad. We continue to stay here as long as the former outweighs the latter.

I couldn't agree more , passbooks went out in the 80s in the UK , i cant see what a passbook would show that a 12 month bank statement wouldn't.

[opporna]

Does anyone have direct experience with using a fixed term deposit for their 800,000 to extend their visa with Udon immigration? I have a friend who says they would not allow such a thing. Thanks in advance.

[ezzra]

Not sure if this was mentioned, but I have just renewed my Non-O at CW and was told that the 800k should be in the bank 2 months prior to the renewal and 3 months after the renewal date, but never less than 400k for the rest of months...

[keithsimmonds]

13 hours ago, Brick Top said:

No such luck for me in Phuket,  also still about 1.7 million  sat n that EZ account getting 1.5% but although i have a tax id , SCB were paying interest every 6 months,  June and December they are stopping the 15% tax again after telling me in August they won't.  Now they have since October started paying the interest every month with no tax deducted   but in December decided to not pay me any interest instead they took the tax out . I have been back to the bank to find out why but to date they can not give me an answer,  i have received 3 calls from the call center about but still no explanation,  still ongoing 

 

Maybe if you had 1.7mill earning interest of 1.5% that would take you above the 20,000baht you can earn in interest before being Taxed?

[Brick Top]

2 hours ago, keithsimmonds said:

Maybe if you had 1.7mill earning interest of 1.5% that would take you above the 20,000baht you can earn in interest before being Taxed?

That is exactly what i originally thought .

[OldAjahn]

On 1/11/2024 at 12:50 AM, Gweiloman said:

This just goes to show how inept immigration officials are in Thailand. Regulations are that you have to keep a certain minimum amount of readily accessible funds in a Thai banking institution for a certain period. Why should it matter whether the account has a passbook or whether it’s an online account with electronic monthly statements? Most countries I’ve lived in dispensed with physical passbooks decades ago.
 

But this is Thailand, we just have to accept the good with the bad. We continue to stay here as long as the former outweighs the latter.

Last year at CW I renewed non-O retirement based on a US$ account, at BAY, which had only a plastic card. Presented a year statement printed out that day at BAY branch downstairs. The IO was not happy about it, but she took it.

[bbi1]

Why hasn't the Mods moved this topic into the Money, Banking & Investments section as this clearly has nothing to do with Visas. Mods, are you asleep at the wheel for a week already? OP wants to know where he can get the best ROI on his 800k money

Edited January 13 by bbi1