krungsri 1.5% only gain account?

[proton]

Anyone manage to open one of these, only online accounts? Went into the bank and asked they said not for foreigner, but the ad is in Englsih! They said foreigner can only open a 1.5% 5 month fixed account in the bank.  Why is the only gain account only for Thais? blank look. 

 

 

[scubascuba3]

It's garbage, i have the 0.9% garbage account, i leave most my money in UK 4.5% currently, can get more

[proton]

1 minute ago, scubascuba3 said:

It's garbage, i have the 0.9% garbage account, i leave most my money in UK 4.5% currently, can get more

 

i have the 0.9 account, when opened 10 years ago it was 2.25%, they have the nerve to charge 50 baht if you withdraw more than twice in a month

[KhunHeineken]

5 hours ago, scubascuba3 said:

It's garbage, i have the 0.9% garbage account, i leave most my money in UK 4.5% currently, can get more

That's exactly why I don't even have the 800k baht in Thailand.

 

The 800k baht invested in my home country, at over 5%, earns way more than the cost of the agent every year, and with the bonus I don't have to deal with immigration. 

 

The 800k baht is nothing more than a donation to a Thai bank. 

 

I continue to laugh at expats saying their extension only costs them 1,900 baht.  They don't factor in the loss of interest.

[CallumWK]

13 minutes ago, KhunHeineken said:

That's exactly why I don't even have the 800k baht in Thailand.

 

The 800k baht invested in my home country, at over 5%, earns way more than the cost of the agent every year, and with the bonus I don't have to deal with immigration. 

 

The 800k baht is nothing more than a donation to a Thai bank. 

 

I continue to laugh at expats saying their extension only costs them 1,900 baht.  They don't factor in the loss of interest.

 

That is great. My 800.000 baht is in a Thai Bank account at 2.10%, I have several other Thai bank accounts, paying between 1.75% and 2.25%.

And what is more important, I don't have to deal with the almost 80.000 baht in exchange loss.

 

[proton]

45 minutes ago, KhunHeineken said:

That's exactly why I don't even have the 800k baht in Thailand.

 

The 800k baht invested in my home country, at over 5%, earns way more than the cost of the agent every year, and with the bonus I don't have to deal with immigration. 

 

The 800k baht is nothing more than a donation to a Thai bank. 

 

I continue to laugh at expats saying their extension only costs them 1,900 baht.  They don't factor in the loss of interest.

 

800.000 K is not a lot to some of us luckily, we tend to laugh at mugs paying thousands to corrupt IO's via agents just to save a small amount

[proton]

35 minutes ago, CallumWK said:

 

That is great. My 800.000 baht is in a Thai Bank account at 2.10%, I have several other Thai bank accounts, paying between 1.75% and 2.25%.

And what is more important, I don't have to deal with the almost 80.000 baht in exchange loss.

 

 

Which account pays 2.25%?

[KhunHeineken]

16 hours ago, proton said:

 

800.000 K is not a lot to some of us luckily, we tend to laugh at mugs paying thousands to corrupt IO's via agents just to save a small amount

As I have said before, my decision is based on risk, rather than reward, or affordability. 

 

I could move 800k here tomorrow, but why would I? 

 

Thailand is an unstable, 3rd World Country, and the Thai banks are paying nothing.  It makes no economic sense for me to move the 800k here. 

 

I've posted the figures in different posts, but basically, 800k baht at 5% interest is a return of 40k baht per annum. 

 

The agent charges no where near that, and I don't have to wait in a queue, or be told I need one more photo copy and to come back blah blah blah.

 

The 800k is safe in my home country, is at call, and earning around 4 times as much than it would in a Thai bank, and I don't have to deal with immigration.  What's the downside????

 

Many argue it's illegal, and it is, but TiT.  It's been going on for decades, and I can't see it ending any time soon. 

 

I have no problem with people who DIY their extensions, but just don't tell me it ONLY costs you 1,900 baht, because it's costing way more than that, so who really are "the mugs?" 

[KhunHeineken]

16 hours ago, CallumWK said:

 

That is great. My 800.000 baht is in a Thai Bank account at 2.10%, I have several other Thai bank accounts, paying between 1.75% and 2.25%.

And what is more important, I don't have to deal with the almost 80.000 baht in exchange loss.

 

What Thai banks are paying those interest rates?

 

Sound like you have gone "all in" by moving a significant amount of money to Thailand, hence your 80,000k baht exchange losses.

 

The Australian dollar isn't going so well at the moment, but there's nothing I can do about that.  Still, the earning on my 800k is around 6%, so pays for the agent, and subsidizes the exchange loss.

 

Betting on the baht - risky.    

[CallumWK]

11 minutes ago, KhunHeineken said:

What Thai banks are paying those interest rates?

 

LH bank - CIMB - GSB  - Kasikorn - Bangkok bank. The latter 2 are the lowest at 1.80% TAX FREE

 

12 minutes ago, KhunHeineken said:

Sound like you have gone "all in" by moving a significant amount of money to Thailand, hence your 80,000k baht exchange losses.

 

Now you show how smart you are NOT. The 80K baht loss is on your 800.00 baht in just the last year, since the Aussie $ has declined by almost 10%, and going.

 

13 minutes ago, KhunHeineken said:

The Australian dollar isn't going so well at the moment, but there's nothing I can do about that.  Still, the earning on my 800k is around 6%, so pays for the agent, and subsidizes the exchange loss.

6% before withholding taxes deducted, and agent fees is 48.000, so more like 20.000 at the end of the year. Does that compensate for the 80K loss. You live on a different planet

 

 

[scubascuba3]

1 hour ago, KhunHeineken said:

As I have said before, my decision is based on risk, rather than reward, or affordability. 

 

I could move 800k here tomorrow, but why would I? 

 

Thailand is an unstable, 3rd World Country, and the Thai banks are paying nothing.  It makes no economic sense for me to move the 800k here. 

 

I've posted the figures in different posts, but basically, 800k baht at 5% interest is a return of 40k baht per annum. 

 

The agent charges no where near that, and I don't have to wait in a queue, or be told I need one more photo copy and to come back blah blah blah.

 

The 800k is safe in my home country, is at call, and earning around 4 times as much than it would in a Thai bank, and I don't have to deal with immigration.  What's the downside????

 

Many argue it's illegal, and it is, but TiT.  It's been going on for decades, and I can't see it ending any time soon. 

 

I have no problem with people who DIY their extensions, but just don't tell me it ONLY costs you 1,900 baht, because it's costing way more than that, so who really are "the mugs?" 

Having 800k here is no big deal, might need it for urgent medical care, we know hospitals need payment up front often even with insurance, which may get denied anyway. We also know money transfers from abroad can be delayed even with Wise 🦉

[KhunHeineken]

2 hours ago, scubascuba3 said:

Having 800k here is no big deal, might need it for urgent medical care, we know hospitals need payment up front often even with insurance, which may get denied anyway. We also know money transfers from abroad can be delayed even with Wise 🦉

I accept this, but I also have multiple payment channels set up, not just Wise.  The chance of all of them being down, and for the Thai banks I am with, is slim. 

 

Then, there's also the very shiny, big credit limit card, from my home country, that I can use.  It's limit is more than 800k baht.  I pay it off, interest free, within 55 days, via internet banking, after recovery.  Job done. 

 

There really is no financial benefit for me to move 800k to Thailand, just so I can have the fun of waiting in a queue and dealing with immigration.  

 

If it was beneficial for me to move the 800k to Thailand, on a risk assessment level, and a logistical level, it would already be here, but the numbers just don't add up, while the risk and losses do.   

[Captain Flack]

A post which has altered a quote against forum rules and a flame reply has been removed.

[flexomike]

On 2/3/2025 at 10:23 PM, KhunHeineken said:

That's exactly why I don't even have the 800k baht in Thailand.

 

The 800k baht invested in my home country, at over 5%, earns way more than the cost of the agent every year, and with the bonus I don't have to deal with immigration. 

 

The 800k baht is nothing more than a donation to a Thai bank. 

 

I continue to laugh at expats saying their extension only costs them 1,900 baht.  They don't factor in the loss of interest.

bring in 65,000 a month and you don't need 800,000 in the bank

[Surasak]

Why invest in a Thai low interest account? Buy gold and reap the rewards.

[CallumWK]

2 hours ago, flexomike said:

bring in 65,000 a month and you don't need 800,000 in the bank

 

That is assuming he has the funds

[CallumWK]

18 minutes ago, Surasak said:

Why invest in a Thai low interest account? Buy gold and reap the rewards.

 

That is good advice, it will guaranteed pay you higher than a bank account...................oh wait, between 2011 and 2019 you LOST money every year if you held gold.

 

[LittleBear57]

On 2/3/2025 at 10:23 PM, KhunHeineken said:

That's exactly why I don't even have the 800k baht in Thailand.

 

The 800k baht invested in my home country, at over 5%, earns way more than the cost of the agent every year, and with the bonus I don't have to deal with immigration. 

 

The 800k baht is nothing more than a donation to a Thai bank. 

 

I continue to laugh at expats saying their extension only costs them 1,900 baht.  They don't factor in the loss of interest.

Very true. However if I left the 800,000bht in the UK. 

1. My wife couldn't access it easily should I pop my clogs quickly.  Although I plan to set a trust fund for her and my daughter.

2.. It would end up in the probate and along with the house would push my estate into the inheritance tax bracket which is 40% .

3. Can always show it to any private hospital if required in an emergency along with the insurance so they could do what needs to be done, and to hell with the visa afterwards.

Friend ended up emptying his account in Thailand to have an emergency procedure done. The hospital held back until he paid a deposit and proved he could pay the rest after. Sad but true.

[Tropicalevo]

On 2/3/2025 at 10:23 PM, KhunHeineken said:

I continue to laugh at expats saying their extension only costs them 1,900 baht.  They don't factor in the loss of interest.

 

A minor point, but how can you lose something that you never had?

[KhunHeineken]

8 hours ago, flexomike said:

bring in 65,000 a month and you don't need 800,000 in the bank

I bring in more that 65k baht a month. 

 

As I have said, the agent's fees are more than covered by keeping the 800k in my home country, with plenty left over. 

 

I have no problem using some of those funds to pay an agent and not have to deal with queues, and immigration.

 

I'm still ahead financially, so happy to pay.  It's not that expensive, and they offer a good service.   

[KhunHeineken]

5 hours ago, Surasak said:

Why invest in a Thai low interest account?

It's such a poor return, I wouldn't even call it "investing."

 

Many move the 800k to Thailand because they feel they have to for visa / extension purposes.  There are other options. 

 

The people that say using an agent for an extension is illegal, are the same ones that drink ten beers, then hop on their motorbike and ride back to their house, without a helmet, with their house being "owned" by a Thai company, but using an agent is illegal.  

[KhunHeineken]

5 hours ago, CallumWK said:

 

That is assuming he has the funds

I transfer more than 65k a month here anyway, and have been doing so for a long time. 

 

It's a myth that those using an agent haven't got 800k to transfer here. 

 

I have several friends that do the same as me.  All of them are reasonably well off. 

[KhunHeineken]

4 hours ago, LittleBear57 said:

Very true. However if I left the 800,000bht in the UK. 

1. My wife couldn't access it easily should I pop my clogs quickly.  Although I plan to set a trust fund for her and my daughter.

2.. It would end up in the probate and along with the house would push my estate into the inheritance tax bracket which is 40% .

3. Can always show it to any private hospital if required in an emergency along with the insurance so they could do what needs to be done, and to hell with the visa afterwards.

Friend ended up emptying his account in Thailand to have an emergency procedure done. The hospital held back until he paid a deposit and proved he could pay the rest after. Sad but true.

I accept your reasons, but I am happily single here. 

 

The flip side to your reason is, I don't want my kids to have a bureaucratic nightmare in Thailand to get the 800k transferred back to my my home country and added to my estate for distribution. 

 

Just on the hospital thing, I did mention in one of the tax threads that any funds transferred for major emergency medical, either from an accident or illness, will be taxed the following year, so that surgery just became more expensive.  

 

Same with larger purchases, like a car.

[proton]

20 minutes ago, KhunHeineken said:

I bring in more that 65k baht a month. 

 

As I have said, the agent's fees are more than covered by keeping the 800k in my home country, with plenty left over. 

 

I have no problem using some of those funds to pay an agent and not have to deal with queues, and immigration.

 

I'm still ahead financially, so happy to pay.  It's not that expensive, and they offer a good service.   

 

But it's a corrupt, and possibly illegal process, especially of the extension is from a province you do not live in

[motdaeng]

9 minutes ago, KhunHeineken said:

The people that say using an agent for an extension is illegal, are the same ones that drink ten beers, then hop on their motorbike and ride back to their house, without a helmet, with their house being "owned" by a Thai company, but using an agent is illegal.  

 

do i understand you right, bribe a corrupt immigration officer is legal in your view?

 

my 5 cents, many people who bribe officials are the same ones that drink ten beers, then hop on their motorbike and ride back to their house, without a helmet, with their house being "owned" by a Thai company, and using also an agent for this illegal setup ...

[KhunHeineken]

5 hours ago, Tropicalevo said:

 

A minor point, but how can you lose something that you never had?

They lost it the moment they "donated" it to a Thai bank, under the false belief they had no other option for their retirement visa / extension. 

[KannikaP]

On 2/4/2025 at 3:20 PM, KhunHeineken said:

I have no problem with people who DIY their extensions, but just don't tell me it ONLY costs you 1,900 baht, because it's costing way more than that, so who really are "the mugs?" 

Those who transfer 65k per month on which to live, or only 40k if married are NOT mugs.

[baansgr]

On 2/3/2025 at 4:30 PM, scubascuba3 said:

It's garbage, i have the 0.9% garbage account, i leave most my money in UK 4.5% currently, can get more

Best way, used to always do my visa but now pay agent 12k only 10k more, get 5.3%.fixed for 5 years is 42k baht a year..what a saving every month

[KannikaP]

5 hours ago, LittleBear57 said:

2.. It would end up in the probate and along with the house would push my estate into the inheritance tax bracket which is 40% .

Why not gift the GBP 20,000 (BHT 800,000) to your kids NOW, so that your Estate will be that much less, so out of the IHT 40%.

[KhunHeineken]

41 minutes ago, proton said:

But it's a corrupt, and possibly illegal process,

Yes, I know this, and have conceded this.  However, it's been going on for decades.  If they ever do "crackdown" on it, I guess I'll be like all the other "mugs but will do the 65k baht method, because there is no way I am donating 800k to a Thai bank.