Depositing 800k for retirement extension

[Seeall]

20 hours ago, Issanraider said:

I am hoping to return to Thailand permanently by the end of this year and have a residence with my common law wife in Khon Kaen.

I have had 2 accounts with Siam Commercial Bank for several years, having lived in Thailand for 7 years before returning to England in 2012 to look after my father who has now passed away. 

One of the accounts is a regular savings account i.e a current account and the other a Fixed Deposit Account.

When I sell my property in England which is currently going through, my plan was to send about 1 million baht to the Fixed Deposit Account by way of telegraphic transfer and leave it there for the required period in order to get my 1 year extension of stay.

However upon recently visiting a branch of SCB in Khon Kaen I told by one of their English speaking staff of my intention and she told me that it is not possible to transfer money into that account telegraphically and that the money will need to be sent to the savings account and then transferred over to the Fixed Deposit Account by doing a personal visit.

I find it difficult to believe that I can't do it by way of direct transfer but would appreciate hearing from anyone who has encountered this problem, or indeed managed to do a successful transfer in the manner I was proposing.

many thanks

Just transfer it into your savings account and then transfer it into that fixed account don't listen to most of these people that don't know what they're talking about and they love to say no 

 

[DrJack54]

9 minutes ago, Seeall said:

Just transfer it into your savings account and then transfer it into that fixed account don't listen to most of these people that don't know what they're talking about and they love to say no 

 

Settle.

I posted that in second post of thread along with others.

Thanks for confirmation 

 

[Mike Lister]

14 minutes ago, Seeall said:

Just transfer it into your savings account and then transfer it into that fixed account don't listen to most of these people that don't know what they're talking about and they love to say no 

 

Which is exactly what everyone else has said!

[brianthainess]

16 hours ago, Mike Lister said:

The bigger problem with carrying large amounts of cash is, what do you do with it when you get to your Thai home? If you put it in the bank, the teller will probably make a note or raise a flag somewhere. In the past I've withdrawn 2 million Baht in cash and walked it across the mall to another bank and deposited it there and nobody said a word. Today, I'm not so sure you can do that any more.

I did that last year with no probs.

[Griffo63]

20 hours ago, KhunLA said:

Why for me would be ...

 

 

 

This not correct. It’s progressive tax and there are allowances to take into account too

[john donson]

OP is not aware he will lose 25% of his money by sending it here ?

[mlkik]

5 minutes ago, john donson said:

OP is not aware he will lose 25% of his money by sending it here ?

Why would he lose it. He is not resident in Thailand.

[oxo1947]

19 hours ago, Pattaya57 said:

Are you seriously advising someone to walk around with £22,000 cash on them while they fly from UK to Bangkok and then travel to Khon Kean?

He only has to get to BKK doesn't he ?.... deposit into the branch there.

[mlkik]

9 minutes ago, oxo1947 said:

He only has to get to BKK doesn't he ?.... deposit into the branch there.

BKK is not a very busy city and there are no pick pockets either and after a long flight feeling exhausted I would have no worries carrying arround a big lump some of money 555

[oxo1947]

21 hours ago, Issanraider said:

1 million baht to the Fixed Deposit Account by way of telegraphic transfer and leave it there for the required period in order to get my 1 year extension of stay.

I have done it that way for the last 4 years -and I update it at the end of every month. Because it has no withdrawals (other then Tax) and no deposits (other then interest) The last 2 years I.O. have said I dont have to bother with a bank letter.

 

Of course being Thailand--every Gov office isn't the same-same, & Issan is a lot more relaxed then down South.

 

As Far as your tax is concerned you are not a resident of Thailand until you have been here  more then 180 days in a year. 

Always remember Mick Jagger--never a Tax resident of the UK....made sure he never lived there for more then 179 days.

Edited April 8 by oxo1947

[Photoguy21]

You could transfer the money using WISE. That way it would go straight to your account.

[Issanraider]

Thanks to all for their responses.

 Seems that what I was told by SCB is correct so I think my best and safest option is to send the money to my savings account and then transfer it to the fixed interest account as soon as I arrive in Thailand.

I certainly wouldn’t feel comfortable carrying over £20k in cash and assume I would be questioned at my departure airport in England as to why I was doing so

[Yellowtail]

I would just transfer it to the savings account. 

 

Additionally, I know that with Krunsri  app, I can transfer from savings directly into my fixed account. 

 

Incidentally, I saw an ad for 2.2% fixed at Krungsri, not great, but not nothing....

[Issanraider]

Forgot to add that I have transferred money into my savings account before from my Lloyds account here without any problems 

[DrJack54]

11 minutes ago, Issanraider said:

Thanks to all for their responses.

 Seems that what I was told by SCB is correct so I think my best and safest option is to send the money to my savings account and then transfer it to the fixed interest account as soon as I arrive in Thailand

That is the best option and suggested by several.

Thread drifted off to bringing cash into Thailand. 

This option has been discussed often in banking and finance.

Topic closed