Just opened a Pattaya Bank Account

[quake]

2 minutes ago, brianthainess said:

Thanks I just found it "special time deposit account" 

 

Can you access the money at any time ?

maybe worth moving some money over to this  .

 

 

 

 

 

Edited April 21 by quake

[brianthainess]

2 minutes ago, quake said:

 

Can you access the money at any time ?

maybe worth moving some money over to this  .

 

 

 

 

 

Just google Krungsri Savings interest rates and all the details are there.  

[quake]

3 minutes ago, brianthainess said:

Just google Krungsri Savings interest rates and all the details are there.  

 

cant find it, just gave up, only found 2023 data.

will go in bank in the next few weeks.

see what this is about.

 

Edited April 21 by quake

[quake]

7 minutes ago, quake said:

 

cant find it, just gave up, only found 2023 data.

will go in bank in the next few weeks.

see what this is about.

 

 

Post the link, if you have it.

 

Ps Ha Ha,.

Ok found it.

 

 

Edited April 21 by quake

[brianthainess]

2 minutes ago, quake said:

 

Post the link, if you have it.

 

 

Tried to, Sorry not that savvy, I actually used Brave search I just put in 

Krungsri bank account interest rates, and the latest one is 30 march at the top of the page, and you can change the language to. 

[ChaiyaTH]

What is the news in this? The entire news is to do it without a long-term visa, with one, it never been a issue.

 

You shave, dress, have a lease and long-term visa, 9/10 banks say yes. At worst a residence certificate on top.

 

Just the lease and long-term visa alone and a wife beater chang shirt + flip flops likely still do at 8/10 branches.

 

One must look homeless to be refused.

Edited April 21 by ChaiyaTH

[quake]

12 minutes ago, brianthainess said:

Tried to, Sorry not that savvy, I actually used Brave search I just put in 

Krungsri bank account interest rates, and the latest one is 30 march at the top of the page, and you can change the language to. 

 

Think this is it.

maybe worth doing. not sure if good for immigration, will they except this type of account, over normal fixed account ? 

but interesting .

 

 

 

Edited April 21 by quake

[brianthainess]

1 minute ago, quake said:

 

Think this is it.

maybe worth doing. not sure if good for immigration, will they except this type of account, over normal fixed account ? 

 

 

 

well done. I don't see why not if you let it roll over, the money is still there. init

[AreYouGerman]

32 minutes ago, quake said:

 

Can you access the money at any time ?

maybe worth moving some money over to this  .

 

Wise offers 4,85% on USD.

[quake]

24 minutes ago, ChaiyaTH said:

What is the news in this? The entire news is to do it without a long-term visa, with one, it never been a issue.

You shave, dress, have a lease and long-term visa, 9/10 banks say yes. At worst a residence certificate on top.

 

 

Don't see why I need a shave.

People like me,  just the way I am. 

 

 

Edited April 21 by quake

[brianthainess]

5 minutes ago, AreYouGerman said:

 

Wise offers 4,85% on USD.

And Immigration will accept that ??? And can you get a same day 12 month statement and a letter as some immigration require same day. And funds must be in a THAI BANK.

Edited April 21 by brianthainess

[quake]

12 minutes ago, AreYouGerman said:

 

Wise offers 4,85% on USD.

 

I'm on about funds already here.

but got 46 exchange rate the other day uk transfer. 

brought in just under 120,000, should be ok ish for tax 2024.

ha ha. one more issue.

 

 

 

Edited April 21 by quake

[Pattaya57]

18 minutes ago, quake said:

Think this is it.

maybe worth doing. not sure if good for immigration, will they except this type of account, over normal fixed account ? 

but interesting .

 

Why not. We have to keep 800k baht for 5 months (2 months before and 3 months after application) so what's wrong with keeping it 7 months instead?

[quake]

4 minutes ago, Pattaya57 said:

Why not. We have to keep 800k baht for 5 months (2 months before and 3 months after application) so what's wrong with keeping it 7 months instead?

 

Well is does say special time deposit, what's special about it. ?

conditions on the account ?

that's why i posted that.

we all know fixed deposit is ok at Jomtien immigration.

but does this account truly fall in that bracket ?

I don't know, 100% do you ?

I hope its fine. 

 

 

 

Edited April 21 by quake

[AreYouGerman]

19 minutes ago, brianthainess said:

And Immigration will accept that ??? And can you get a same day 12 month statement and a letter as some immigration require same day. And funds must be in a THAI BANK.

 

My post was directed towards another poster who was interested in the interest, not in the funds for immigration.

[quake]

11 minutes ago, Pattaya57 said:

Why not. We have to keep 800k baht for 5 months (2 months before and 3 months after application) so what's wrong with keeping it 7 months instead?

 

Ha Ha.

Ok, i see what you mean now. 

But still comes down to if the money is truly excisable over that period, maybe immigration won't care.

who knows.

TIT.

Edited April 21 by quake

[Pattaya57]

14 minutes ago, quake said:

 

Well is does say special time deposit, what's special about it. ?

conditions on the account ?

that's why i posted that.

we all know fixed deposit is ok at Jomtien immigration.

but does this account truly fall in that bracket ?

I don't know, 100% do you ?

I hope its fine. 

 

Krungsri bank officer said they would issue a letter for immigration on this account. I don't know why any such letter would be rejected?

 

The only thing "special" about it is that it's 7 months instead of the standard 3, 6, 9, 12 months. Oh, and it's double the interest of standard time deposit.

 

Edited April 21 by Pattaya57

[quake]

2 minutes ago, Pattaya57 said:

Krungsri bank officer said they would issue a letter for immigration on this account. I don't know why any such letter would be rejected?

 

I'm sure it will be fine at Jomtien immigration. 

 

 

 

[quake]

13 minutes ago, Pattaya57 said:

Oh, and it's double the interest of standard time deposit.

 

 

That's the bit I find intriguing with regards to accessibility.

But I'm sure immigration would never pick up on this,

unless it was pointed out as a possible  issue.

 

 

 

[Liquorice]

52 minutes ago, quake said:

Well is does say special time deposit, what's special about it. ?

'Term deposit', 'time deposit', same, same, just different banks.
A few banks are offering '7 month' introductory offers to entice people in, that's what 'special' about it.

 

Perfectly acceptable by Immigration.
Ideal for those who use the funds in the bank method all year round.

At the end of each 'term', be it 7,10,12,14,24,36, months, you can either close with the added interest, or 'roll' it over again for another fixed term.
At the end of the term, the interest reverts to that of the Savings account, unless you 'roll' it over for another term.

 

https://www.bangkokbank.com/en/Personal/Save-And-Invest/Save/Deposit-Campaign

Deposit Terms and Interest Rates

7-Month Fixed Deposit
Interest Rate 1.80% p.a.
10-Month Fixed Deposit
Interest Rate 1.65% p.a.
14-Month Fixed Deposit
Interest Rate 1.65% p.a.

2% for 24 month, and 2.10% for 36-month fixed term deposit accounts.

[quake]

4 minutes ago, Liquorice said:

'Term deposit', 'time deposit', same, same, just different banks.
A few banks are offering '7 month' introductory offers to entice people in, that's what 'special' about it.

 

Perfectly acceptable by Immigration.
Ideal for those who use the funds in the bank method all year round.

At the end of each 'term', be it 7,10,12,14,24,36, months, you can either close with the added interest, or 'roll' it over again for another fixed term.
At the end of the term, the interest reverts to that of the Savings account, unless you 'roll' it over for another term.

 

https://www.bangkokbank.com/en/Personal/Save-And-Invest/Save/Deposit-Campaign

Deposit Terms and Interest Rates

7-Month Fixed Deposit
Interest Rate 1.80% p.a.
10-Month Fixed Deposit
Interest Rate 1.65% p.a.
14-Month Fixed Deposit
Interest Rate 1.65% p.a.

2% for 24 month, and 2.10% for 36-month fixed term deposit accounts.

 

Ok, that's good news.

time to move some money around, not been paying attention to interest rates here for years now. 

 

[Liquorice]

40 minutes ago, quake said:

 

That's the bit I find intriguing with regards to accessibility.

But I'm sure immigration would never pick up on this,

unless it was pointed out as a possible  issue.

 

 

 

It's accessible immediately, but you lose interest for early withdrawal of the funds.
The agreement is you deposit the funds for an agreed fixed term to receive a more favourable interest rate.

[jacko45k]

10 hours ago, brianthainess said:

And Immigration will accept that ??? And can you get a same day 12 month statement and a letter as some immigration require same day. And funds must be in a THAI BANK.

I doubt it, just another poster going off at a tangent. 

[jayceenik]

At KTB interest rates on fixed terms deposits are inferior for farang held accounts.

Also, I was asked to get a TIN even though I already had a long time savings account with them.

[WilliamSmits]

On 4/20/2024 at 4:04 PM, retarius said:

Years ago I had advice that fixed term accounts could not be used for the 800K B immigration money because the money had to be immediately available in an emergency. Having said that most fixed term accounts I've had allow you to access your money early for a small penalty. I'm hoping the immigration law has changed as it would be nice to get some interest on the 800K. 

I took money out of the 800.000 baht account for an emergency:  the only cost is that you loose the interest for that period (6 months in my case)

[NoshowJones]

On 4/20/2024 at 3:58 PM, Pattaya57 said:

I just opened a fixed term bank account in Pattaya to use for my 12 month non-imm O extension and hopefully this info will be useful.

 

Note: while I already had a Krungsri savings account I was denied to open a fixed term account on my previous two trips on visa exempt and tourist visa.

 

I went to Krungsri in Central mall and as soon as I said I had a non-imm O they said no problem, you can open any of the foreigner accounts. I thought I might need a Residence Certificate but nope, all I needed was:

 

(1) Passport (they copied ID page and non-imm O stamp)

 

(2) 2nd photo ID. I used my Australian licence which they copied

 

(3) I needed to write down my full address in Pattaya and Australia which he entered on Computer (no proof required)

 

(4) mobile phone number

 

The guy even set up the account in my banking app for me so I was very happy with the service. This account also gives me 1.8% interest on the 800k baht so at least that's something compared to my 0.1% in the savings/ATM card account.

 

This makes me think getting a non-imm O e-visa before I came was well worth it.

 

I have just opened an account with Krungthai and was very impressed with the service.

[digger70]

On 4/21/2024 at 1:17 AM, noobexpat said:

15k baht interest pa is in the insignificant category.

I keep way more than 800k in the account but don't need it for elite visa.

1.8% meh who cares. Not me.

 

Some people are very happy to get 15K THB extra per Yr .

Not like some show offs that Think they are Rich and don't Need that extra 15 K.

[scotty1286]

20 hours ago, brianthainess said:

What is the name of this account ? I only know their Mee Tae Dai account at 0.9% I can only find 1.7% on 1 yr term deposit do they take the tax at source or at the end of the year?

The benefits with Krungsri bank is they can produce a years statement in 20 mins not 3+ days like BKB.

With BKK Bank you can print a 1 year statement from the mobile app instantly.

Previous visit to immigration they said they needed a 1 year statement (first time they have ever asked in 10 years), immigration lady showed me how to do it from the app, emailed it to her and she printed it off for me in the immigration office free of charge.

This was at Map Ta Phut immigration where they are usually very helpful.

[Red Phoenix]

On 4/20/2024 at 4:13 PM, retarius said:

Well good luck to you.  Procedures change all the time here, and often they can be different at different offices. I'd like to be able to do the same thing.

Normally when you already have a Savings Account at your local Bank branche, there is no problem at all to open a Fixed Deposit Account at that same branche. 

Note that when wanting to use it for evidence of the 800K/400K funds required by Thai Immigration for Non Imm O Visa/extensions for reason of retirement, that you should be careful when transferring the funds from your current Savings Account that you do no slip - even for one moment - under the required tresshold on that Savings account. 

To make absolutely sure that doesn't happen, you could do as follows:

0 - Three months after you received your 1-year Permssion to stay you are allowed to lower the amount on your personal Thai bank-account to 400.000,- THB.

1 - So after those 3 months you transfer 401K from your Savings account to your Fixed Deposit account, while making sure that there is still more than 400K on your Savings account. 

2 - Wait 1-2 days and then transfer once again 401K from you Savings account to your Fixed Deposit account, which would now have +800K in funds (always best to have a couple 1.000 THB extra to avoid slipping under the tresshold because of bank-transaction fees).

3 - When applying for your 1-year extension of stay based on your Non Imm O Visa for reason of retirement, do bring the Bank Account statements of BOTH accounts, as well as both Passbooks of these accounts with you.  Depending on your Imm Office you might also have to bring copies of all transactions being done on these accounts.  And some Imm Offices want you to also provide a 1-year Transactions statement showing all funds-movements of these accounts during the 1 year preceding your application.   

[BigStar]

14 minutes ago, Red Phoenix said:

Normally when you already have a Savings Account at your local Bank branche, there is no problem at all to open a Fixed Deposit Account at that same branche. 

Note that when wanting to use it for evidence of the 800K/400K funds required by Thai Immigration for Non Imm O Visa/extensions for reason of retirement, that you should be careful when transferring the funds from your current Savings Account that you do no slip - even for one moment - under the required tresshold on that Savings account. 

To make absolutely sure that doesn't happen, you could do as follows:

0 - Three months after you received your 1-year Permssion to stay you are allowed to lower the amount on your personal Thai bank-account to 400.000,- THB.

1 - So after those 3 months you transfer 401K from your Savings account to your Fixed Deposit account, while making sure that there is still more than 400K on your Savings account. 

2 - Wait 1-2 days and then transfer once again 401K from you Savings account to your Fixed Deposit account, which would now have +800K in funds (always best to have a couple 1.000 THB extra to avoid slipping under the tresshold because of bank-transaction fees).

3 - When applying for your 1-year extension of stay based on your Non Imm O Visa for reason of retirement, do bring the Bank Account statements of BOTH accounts, as well as both Passbooks of these accounts with you.  Depending on your Imm Office you might also have to bring copies of all transactions being done on these accounts.  And some Imm Offices want you to also provide a 1-year Transactions statement showing all funds-movements of these accounts during the 1 year preceding your application.   

 

When I moved my B800,000 from a restricted deposit account (for USA SS transfers) to a regular fixed deposit account, I just transferred the entire amount in one go at the bank.

 

Subsequently, Immigration found no gap in my meeting the requirements and granted my retirement extension.