800k baht in bkk bank(for renewal): can leave in that bank if move to Pattaya?

[Happy happy]

Use the 800k in bank to qualify for the 1 year so called retirement visa extension. This amount is kept in a separate account in a Bangkok Bank branch in BKK.

Currently I live in BKK but may decide to move to Pattaya.

If I do move can I leave the money in the Bangkok bank but get a Bangkok Bank branch in Pattaya to i) update my bank book and ii) give me the annual letter for immigration?

 

However if I do move and decide to withdraw the 800k from the Bangkok branch and put it in a bank in Pattaya will that affect the rule about leaving 400k in the account all the time?

 

Thanks for any input.

 

 

 

[NE1]

Bangkok bank have never let me get any document , close account etc. in a different branch to the one that I opened the account in.

 

[ezzra]

Consider putting the 800k in a FCD account in Bkk where you can earn 5% p.a interest and pay 15% tax

and use it as proof for the 800k that the Immigration department accept now...

[Liquorice]

43 minutes ago, Happy happy said:

If I do move can I leave the money in the Bangkok bank but get a Bangkok Bank branch in Pattaya to i) update my bank book and ii) give me the annual letter for immigration?

i) Yes.

ii) Only the odd branch do not issue the letter for Immigration.

 

45 minutes ago, Happy happy said:

However if I do move and decide to withdraw the 800k from the Bangkok branch and put it in a bank in Pattaya will that affect the rule about leaving 400k in the account all the time?

Never withdraw the funds.

Open a new account in Pattaya, then transfer the funds to your new account. That way, the funds have always remained in a bank account.

You could alternatively request your accounts be transferred to a different branch.

 

I assume you have a Savings account with debit card and a Fixed term deposit account without debit card for the 800K for Immigration purposes.

If you move permanently to a different Province, you should always open an account within the new Province.

Although you will still be able to withdraw cash at any ATM anywhere, if it's 'out of Province' to where your account is based you will incur charges for each withdrawal.
Charges may vary depending on the ATM used, 15 to 20 BHT is standard, but they can be as much as 30 BHT.

[KannikaP]

45 minutes ago, ezzra said:

Consider putting the 800k in a FCD account in Bkk where you can earn 5% p.a interest and pay 15% tax

and use it as proof for the 800k that the Immigration department accept now...

Do you mean converting the Bht 800k into a foreign currency, eg GBP or USD, then putting that in an FCD (Foreign Currency Deposit) account? 

Depending on the exchange rate you would probably LOSE the 5% - tax doing it.

[KannikaP]

1 hour ago, Happy happy said:

Use the 800k in bank to qualify for the 1 year so called retirement visa extension. This amount is kept in a separate account in a Bangkok Bank branch in BKK.

Currently I live in BKK but may decide to move to Pattaya.

If I do move can I leave the money in the Bangkok bank but get a Bangkok Bank branch in Pattaya to i) update my bank book and ii) give me the annual letter for immigration?

 

However if I do move and decide to withdraw the 800k from the Bangkok branch and put it in a bank in Pattaya will that affect the rule about leaving 400k in the account all the time?

 

Thanks for any input.

 

 

 

You can update the bank book by putting it in a machine, or inside ANY Bangkok Bank. 

The annual 12 month statement comes from the HQ  in Bangkok so takes a week, and the local branch should be able to give (sell) you the letter of confirmation. I had account in Pattaya but got letters in Phitsanulok.

[KannikaP]

17 minutes ago, Liquorice said:

Charges may vary depending on the ATM used, 15 to 20 BHT is standard, but they can be as much as 30 BHT.

Wow, Bht 30 to withdraw Bht 25000 out of province, Scandalous 5555

[ezzra]

2 minutes ago, KannikaP said:

Do you mean converting the Bht 800k into a foreign currency, eg GBP or USD, then putting that in an FCD (Foreign Currency Deposit) account? 

Depending on the exchange rate you would probably LOSE the 5% - tax doing it.

Well, no one knows what the exchange rate going to be a few months or a year from now, but at least you get 5% interests

compared to the 1.3% you get in an ordinary deposit account and you can only do it with USD,

Try one year and see which is the best...

[KannikaP]

1 minute ago, ezzra said:

Well, no one knows what the exchange rate going to be a few months or a year from now, but at least you get 5% interests

compared to the 1.3% you get in an ordinary deposit account and you can only do it with USD,

Try one year and see which is the best...

Not only USD. GBP as well. But the BUYING rate for those currencies at Bkk Bank are very high.

The 5% interest on 800k is 4000, less 15% tax = Bht 3400. Is that really worth worrying about, or waiting until next year to be able to compare which was better or not? Not for me anyway.

[ezzra]

6 minutes ago, KannikaP said:

Not only USD. GBP as well. But the BUYING rate for those currencies at Bkk Bank are very high.

The 5% interest on 800k is 4000, less 15% tax = Bht 3400. Is that really worth worrying about, or waiting until next year to be able to compare which was better or not? Not for me anyway.

800,000X5%= 40,000 baht pa minus 6,000 baht 15% leaves you with 34,000 baht interest pa, and as for the procedure

whether you need to buy US$ or just convert the 800k, I'll find out soon when visiting my bank...

[WorriedNoodle]

29 minutes ago, KannikaP said:

Wow, Bht 30 to withdraw Bht 25000 out of province, Scandalous 5555

Perhaps it is when there are no charges inter provincial if you do card-less withdrawal.

[scottiejohn]

If you do decide to move the money I suggest you move it in two separate 400,000 lots during the period when you only need to keep 400,000 at a time just in case of any delays in the transfers!

i.e.  Transfer 400,000 and wait till you see it in the other branch account and then do the second transfer, then set up the fixed savings account or what ever!

[KannikaP]

20 minutes ago, ezzra said:

800,000X5%= 40,000 baht pa minus 6,000 baht 15% leaves you with 34,000 baht interest pa, and as for the procedure

whether you need to buy US$ or just convert the 800k, I'll find out soon when visiting my bank...

Whooops sorry, I missed a Zero off my calculations. Good luck.

[KannikaP]

33 minutes ago, KannikaP said:

Not only USD. GBP as well. But the BUYING rate for those currencies at Bkk Bank are very high.

The 5% interest on 800k is 4000, less 15% tax = Bht 3400. Is that really worth worrying about, or waiting until next year to be able to compare which was better or not? Not for me anyway.

Sorry, I missed a Zero off my calculations. 

[lordgrinz]

Is this only an issue at certain banks? I know I setup an account at an SCB branch located in Bangkok, but do all my documents/etc. through an SCB branch here in Nonthaburi.

[gamb00ler]

5 hours ago, ezzra said:

Consider putting the 800k in a FCD account in Bkk where you can earn 5% p.a interest and pay 15% tax

and use it as proof for the 800k that the Immigration department accept now...

Are you sure you have the decimal place in the right spot?

The Bangkok bank website shows FCD for an individual pays .05% for a 1 month term and only .6% for a 12 month term.

 

The interest rate PDF is only available in Thai and it doesn't have the '%' sign, instead it just shows .05.  I really doubt that it means 5%... much more likely it is .05%

[ezzra]

1 minute ago, gamb00ler said:

Are you sure you have the decimal place in the right spot?

The Bangkok bank website shows FCD for an individual pays .05% for a 1 month term and only .6% for a 12 month term.

 

The interest rate PDF is only available in Thai and it doesn't have the '%' sign, instead it just shows .05.  I really doubt that it means 5%... much more likely it is .05%

Why don't you talk to a bank staff before you post rubbish here, i have, and so others checked that FCD account in foreign

currencies pays 5% interest per annum...

[prakhonchai nick]

Just looked at Bangkok Bank FCD interest rates.. No sign of 5%!!!!!!!!!!! More like 0.5 and 0.6% both subject to 15% tax deduction,

[Wake Up1]

6 minutes ago, ezzra said:

Why don't you talk to a bank staff before you post rubbish here, i have, and so others checked that FCD account in foreign

currencies pays 5% interest per annum...

Sorry to say you have never gotten 5 percent interest at Bangkok Bank in the last 15 years on any type of foreign currency account.

 

You do  get one half of one percent. Then the bank charges you 1 percent if you convert your USA dollars to Thai baht. 

[worrab]

2 minutes ago, prakhonchai nick said:

Just looked at Bangkok Bank FCD interest rates.. No sign of 5%!!!!!!!!!!! More like 0.5 and 0.6% both subject to 15% tax deduction,

You are absolutely right as just over an hour ago I was with my Bangkok Bank Manager looking at interest rates for comparison reasons.

[natway09]

Bangkok Bank branch other than yours will gladly do your letter(s) as required for Immigration purposes as will

KTB or SCB.

Some of you people need to stop sprouting your mouths off.

Interest on a fixed term 7 month term with BKB will get you 1.8% today.

Again, why are you rubbishing banks by speaking untruths ?

[gamb00ler]

19 minutes ago, ezzra said:

Why don't you talk to a bank staff before you post rubbish here, i have, and so others checked that FCD account in foreign

currencies pays 5% interest per annum...

I am certainly willing to admit error if I am wrong because I only quote the bank's document that is dated almost 3 years ago.

 

But based on the opinions of other posters and the Bangkok customer service line ..... it seems you will be dining on crow soon.

Edited February 8 by gamb00ler

[udontomi]

IMPERATIVE that the balance doesn't drop below 400,000 at any time during the year! Therefore transferring 400,000 two different times is the ONLY way to insure no problems with Immigration.  After the first transfer, you will still have 400,00 in two different branches which will satisfy the rule (subject always to the local IO', interpretation.) P.S. my Udon branch told me that they do no longer allow farangs to open a separate account at another branch.  Cuz it's in the same province?  I don't know.

[gamb00ler]

7 minutes ago, natway09 said:

Again, why are you rubbishing banks by speaking untruths ?

You may be right if you're looking an ordinary fixed deposit account.  The subject at hand is the FCD (Foreign Currency Deposit) accounts which use a different set of rates than the Thai currency fixed deposits.

[OJAS]

28 minutes ago, natway09 said:

Bangkok Bank branch other than yours will gladly do your letter(s) as required for Immigration purposes as will KTB or SCB.

 

This might only be an issue after you've renewed your passport and you need to notify your bank of your new passport details. In my experience such notifications can, in the case of Bangkok Bank, only be performed at the branch where you hold your account - but your mileage may vary, of course, depending on (1) the particular bank official you deal with on this matter, and (2) more importantly, the side of the bed they got out of that morning.

 

[ezzra]

47 minutes ago, udontomi said:

IMPERATIVE that the balance doesn't drop below 400,000 at any time during the year! Therefore transferring 400,000 two different times is the ONLY way to insure no problems with Immigration.  After the first transfer, you will still have 400,00 in two different branches which will satisfy the rule (subject always to the local IO', interpretation.) P.S. my Udon branch told me that they do no longer allow farangs to open a separate account at another branch.  Cuz it's in the same province?  I don't know.

And to do that one has to deposit extra above the 400-800,00k to guarantee against rates fluxuations..

[Expat68]

My Immigration would ask me why are you banking in another province if you left it in Bangkok but each immigration is different 

[Martin Brit]

Here is what I have done. I don't know if it is the best way or not however:- I have left the 800k in a UK bank earning 5% interest. The interest it will earn for one year is more than enough to pay for a visa agent to do everything including open a bank account and multiple entry. 

[Red Phoenix]

To OP < @Happy happy > The problem when leaving the required funds in a Bangkok-based Bangkok Bank branche bank-account is that you would need to go to that branche to get hold of the required Bank-Account statement when applying for your 1-year extension of stay.  

And when you move the funds from a Bangkok based-account to a Pattaya based-account, even when both are Bangkok Bank branches, that the funds will be a short time in 'cyber-space' during which you did NOT meet the +800K requirement anymore.  

However, you could transfer +400.000K from your Bangkok Bank account to a Pattaya bank-account (and making sure that there is still +400K+ on the account from which you sent). Obviously this has to be done during the 'intermediate 7 months', thus ensuring that you still continually meet the minimum tresshold requirement of +400K.  After the first batch has arrived you could then send the 2nd batch of +400.000K to your Pattaya bank-account.    

[DrJack54]

OP, I would consider just opening bank account in Pattaya.

Not Bangkok Bank. You have that already in Bangkok.

Suggest Kasikorn for two reasons. 

Same as Bangkok Bank it does not have the 50k baht limit if using WISE for your transfers. 

Second is with Kasikorn you can obtain 12 month bank statement by visiting branch. Unlike BB that's requires days. 

Kasikorn might open account without certificate of residence given that you have annual extensions from a non O .

If you are in the 400k window transfer 400k to new bank account from Bangkok Bank and then again few days later. 

 

Will be messy for first extension as you will need letters/statements from both banks. 

After that home free.