krungsri 1.5% only gain account?

[H1w4yR1da]

On 2/3/2025 at 3:00 PM, proton said:

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. 

I get 2.1% at LHB.

[KhunHeineken]

42 minutes ago, motdaeng said:

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

No, it's illegal.  I have never said it is legal.  It's also been a systemic part of the immigration process here for decades.  A big earner for immigration. 

 

There have also been many reports over the years of immigration deliberately making things difficult for expats, thus frustrating them, and creating an incentive for them to seek out the services of an agent. 

 

I decided to opt out of a sh*tty Thai bank interest rate, and opt out of dealing with immigration. 

 

Also, just to clarify, I am not actually putting the corrupt payment in the hands of a government official, as you allude to.  The agent is a middle man. 

 

51 minutes ago, motdaeng said:

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 ...

That's certainly not me. 

 

I know if I am drunk and crash into a Thai, possibly killing them, I will either go to prison for a long time, or be extorted out of my life savings. 

 

I do not drink and drive / ride. 

 

I abide by all other laws. 

 

I rent here.  I will never buy a property here, mainly based on Thailand's foreign ownership of property laws, but also because Thailand does not offer a reasonable pathway to permanent residency and / or citizenship. 

 

One could buy a property here, but their "permission" to live here, as opposed to their "right" to live here, could be revoked at any time. 

 

Once again, that retirement visa / extension is nothing more than 12 month tourist visa.  

[KhunHeineken]

27 minutes ago, KannikaP said:

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

I said the ones using the 800k baht in a Thai bank, just sitting there for years, earning nothing, and they still have to line up at immigration, are "mugs" and the word "mugs" was used by another member.  I just re-posted his description.

 

Should they ever stop the use of agents here, I will move to the 65k baht method, and will be forced to line up at immigration with the 800k baht "mugs."  

 

No way does a Thai bank get a "donation" from me.   

[proton]

1 hour ago, KhunHeineken said:

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.  

 

I have never ridden a motorbike and Mrs owns the house, I still say an extension with no funds is a corrupt way of getting one, it's taking the piss out of the law and has had a detrimental effect on people doing things 100% legally- like having to keep the money in the bank now when before we could take it out after the extension.

[KhunHeineken]

4 minutes ago, proton said:

has had a detrimental effect on people doing things 100% legally- like having to keep the money in the bank now when before we could take it out after the extension.

I did mention immigration make it harder, on purpose, to frustrate expats, and create an incentive for them to use an agent. 

 

You just proved my point.   

 

I have also said I expect the 800k / 65k to be raised in the future.  It has been these amounts for decades.  It can't stay at these amounts for ever.  Say it gets raised to 1 million baht,  that makes it even a worse deal.  However, this is for another thread. 

[Celsius]

let's get rich 💰💸

[Surasak]

8 hours ago, CallumWK said:

 

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.

 

Yes, there was a loss, but look at the climb since. Better than any savings account!

[KhunHeineken]

1 hour ago, baansgr said:

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

And, no need to deal with queues and immigration. 

 

The only downside anyone has put forward is it's "illegal."  Well, TiT.

 

They certainly can't argue with the math / financials. 

 

For your 10k more you get the ability to earn 42k, and your money is not in an unstable,  3rd World Country.  Also, it's still in part of your estate in the UK.  It's a no brainer. 

 

One member has put forward the 800k is for his wife, upon his demise.  I accept that reason, but not the reasoning "my extension only cost 1,900 baht, that's why I have 800k here."  

[KhunHeineken]

1 hour ago, Celsius said:

let's get rich 💰💸

Hardy.

 

For me, it's about the safety of the asset, and not getting f*cked around by immigration.

 

The interest earned leaving the 800k in my home country is just a bonus. 

[scubascuba3]

29 minutes ago, KhunHeineken said:

Hardy.

 

For me, it's about the safety of the asset, and not getting f*cked around by immigration.

 

The interest earned leaving the 800k in my home country is just a bonus. 

Don't forget the risk that there's a crackdown and they pull the plug on the agent route, just needs the bank to say no longer. Only Bangkok Bank left in Pattaya

[Dan O]

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.

If you manage it correctly you only need to keep the 800k in the bank for the first renewal. During you first year make your monthly 65k deposit and at renewal switch to the monthly option. You have to have money to live on anyway and your probably doing it already unintentionally so it satisfies both issues. Then you pull your 800k out and you also have no ridicules agent fee and the issues that could come along with that. Its not a difficult process to do renewals in any way. Then you've saved way more than your agent process fees in the long term and you can invest that 800k in your home country at a decent interest rate and bob's your uncle. 

[NoDisplayName]

On 2/3/2025 at 3:00 PM, proton said:

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. 

 

Why do this, unless it's for the 800K?  You'll be paying 15% tax on the interest, and will have to file a tax return for a refund.

 

Buy one of the bond mutual funds paying 2.0-2.5%.  Not a fixed term, you can sell any time.  With account set up, you can buy/sell online. 

 

Even better, the funds don't pay dividends (would be taxed at 10%), the earnings are folded into the NAV.

 

When you sell, your capital gains are tax free.

[Brick Top]

On 2/3/2025 at 4:33 PM, proton said:

 

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

Thats the Krungsri

Mee Tae Dai account,  it was paying 2.8% when i opened mine , now down to 0.90%.

So about 5 years ago i opened an SCB EZ account , it as paying 2% but now still paying 1.5% with unlimited instant withdrawals, paid tax free if you like me you have the tax ID number

[KhunHeineken]

1 hour ago, scubascuba3 said:

Don't forget the risk that there's a crackdown and they pull the plug on the agent route, just needs the bank to say no longer. Only Bangkok Bank left in Pattaya

I 100% agree.

 

I'll ride the wave to the shore, but it has been in place for decades, however, should they put a stop to it, I have been bringing in more than 65k baht a month for years.

[KhunHeineken]

57 minutes ago, Dan O said:

If you manage it correctly you only need to keep the 800k in the bank for the first renewal. During you first year make your monthly 65k deposit and at renewal switch to the monthly option. You have to have money to live on anyway and your probably doing it already unintentionally so it satisfies both issues. Then you pull your 800k out and you also have no ridicules agent fee and the issues that could come along with that. Its not a difficult process to do renewals in any way. Then you've saved way more than your agent process fees in the long term and you can invest that 800k in your home country at a decent interest rate and bob's your uncle. 

I appreciate you your post, but all too late for me now.  In any case, I happy pay to not deal with immigration. 

 

As I has said, ability, or affordability, was never an issue with the 800k.  It was more about not putting 800k into an unstable, 3rd World Country, that pays a pittance. 

 

The 800k is earning more then 40k back in my home country, and I've been bringing in more than 65k a month for years, which can be a "go to" if they ever stop it, and the agent's fees are very reasonable, and I don't deal with queues and immigration.  As I said, there's no downside.  

[KhunHeineken]

17 minutes ago, Brick Top said:

but now still paying 1.5% with unlimited instant withdrawals,

800k back in my home country paying over 5%.  Transferred with Wise, or similar, into my Thai bank account within seconds, free ATM withdrawals.  

 

Why would I donate 800k to a Thai bank???? 

[Brick Top]

2 minutes ago, KhunHeineken said:

800k back in my home country paying over 5%.  Transferred with Wise, or similar, into my Thai bank account within seconds, free ATM withdrawals.  

 

Why would I donate 800k to a Thai bank???? 

Why , because i sold a Condo for 18 Million and have the funds sat in my SCB EZ account.  If i send the funds back to my country i will be taxed at 40% on the interest as i already way over my personal allowance . If i send the funds back overseas , when i want to transfer the funds back into Thailand to either buy another property or a car , i will be taxed again on the incoming funds into Thailand.  

[KhunHeineken]

5 minutes ago, Brick Top said:

Why , because i sold a Condo for 18 Million and have the funds sat in my SCB EZ account. 

I asked why would I, not why would you? 

 

 

[LittleBear57]

4 hours ago, KannikaP said:

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%.

Because if it's needed in an unforseen emergency I could use it.

[Dan O]

2 hours ago, KhunHeineken said:

I appreciate you your post, but all too late for me now.  In any case, I happy pay to not deal with immigration. 

 

As I has said, ability, or affordability, was never an issue with the 800k.  It was more about not putting 800k into an unstable, 3rd World Country, that pays a pittance. 

 

The 800k is earning more then 40k back in my home country, and I've been bringing in more than 65k a month for years, which can be a "go to" if they ever stop it, and the agent's fees are very reasonable, and I don't deal with queues and immigration.  As I said, there's no downside.  

You're losing the agent money needlessly after just that 1 year and you would have been dine with it and that definitely isn't cheap in the long run but its your choice on what you think is best for you.

[CallumWK]

2 hours ago, Brick Top said:

So about 5 years ago i opened an SCB EZ account , it as paying 2% but now still paying 1.5% with unlimited instant withdrawals, paid tax free if you like me you have the tax ID number

 

In another post you say you put 18 million in that account.

Anything above 2 million is paying only 1%, and above 3 million only 0.55%, and the EZ savings account isn't tax free either.

 

EZ Savings ( E PASSBOOK) (Account opening via every channels) / Savings E PassBook (Online Account) for new customers to open first deposit account with SCB
Up to Baht 2,000,000 (A) 1.50 - - - - - - - - - - - -
More than Baht 2,000,000 up to Baht 3,000,000 (B) 1.00 - - - - - - - - - - - -
More than Baht 3,000,000 (C) 0.55 - - - - - - - - - - - -

[KhunHeineken]

3 minutes ago, Dan O said:

You're losing the agent money needlessly after just that 1 year and you would have been dine with it and that definitely isn't cheap in the long run but its your choice on what you think is best for you.

As said, while the 800k is making wayyyy more than the agent's fee, I'll pay the agent, and not have to deal with queues and immigration.

 

Some years ago, I went to the immigration office to do something DIY.  I think it was a Certificate of Residence.  There was a long queue.  Elderly retirees were outside under a tent, struggling with the heat.  Their Thai spouses were wiping them down with a cool towel, or fanning them.  It looked like a concentration camp. 

 

Any one of these elderly guys could have popped clogs there and then, in the heat, and for what, to say they only paid 1,900 baht for their extension, when their 800k baht loses around 30k baht because it's in Thailand.  

 

No, not for me. 

 

I'm no Elon Musk, but I know a good deal when I see one, and leaving the 800k in my home country, where it more than pays for the agent, and not having to deal with immigration, is a good deal for me.  

 

[oldcpu]

On 2/4/2025 at 3:34 PM, 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.

 

Betting on the baht - risky.    

 

... and better on the Australian dollar is safer?

 

Hows that working out for you?

 

... I leave in a few weeks for Australia - given week Australian dollar, I thought i would go there and spend some of my Thai baht (which did better MUCH than Aus$ the past year).

[CallumWK]

2 minutes ago, oldcpu said:

 

... and better on the Australian dollar is safer?

 

Hows that working out for you?

 

... I leave in a few weeks for Australia - given week Australian dollar, I thought i would go there and spend some of my Thai baht (which did better MUCH than Aus$ the past year).

 

Exactly, every time he uses the ATM or sends money over for living expenses, he has been losing money over the last year at least.

Actually he has lost about 40% over the last 15 year, but hey, he's the smartest one on here 😂🤣

[KhunHeineken]

8 minutes ago, oldcpu said:

.. and better on the Australian dollar is safer?

 

Hows that working out for you?

 

The bulk of my asset portfolio is based in Australia, the country of my citizenship. 

 

I also hold bank accounts and and assets in other countries.  

 

9 minutes ago, oldcpu said:

I leave in a few weeks for Australia - given week Australian dollar, I thought i would go there and spend some of my Thai baht (which did better MUCH than Aus$ the past year).

How did your 800k baht extension money go?  Did you get a whopping 1.5% on it? 

[KhunHeineken]

4 minutes ago, CallumWK said:

Exactly, every time he uses the ATM or sends money over for living expenses, he has been losing money over the last year at least.

You still don't get it, do you? 

 

I was NEVER transferring 800k into an unstable, 3rd World County, and getting paid a pittance for the risk of doing so. 

 

I have investments in more than one country, but admit, the bulk of my asset base is in Australia.

 

I view any loss on exchange rates as an insurance policy on the 800k baht I didn't move here.  It's nothing to me. 

 

You've gone "all in" on Thailand, and are just trying to justify it by criticizing those who haven't. 

 

The Thai baht is fools gold.

[CallumWK]

1 minute ago, KhunHeineken said:

You've gone "all in" on Thailand, and are just trying to justify it by criticizing those who haven't. 

 

That is something you made up. Stop making up things about what I didn't say, or I will have to report you again

[motdaeng]

6 hours ago, KhunHeineken said:

I was NEVER transferring 800k into an unstable, 3rd World County, and getting paid a pittance for the risk of doing so. 

 

you repeat yourself many times already ...

 

tell me, why does a man like you (with or without principles) live in an unstable 3rd world country like thailand ...

 

sorry, but are you split personality or aren't you telling us the whole story 🤔 

[KannikaP]

12 hours ago, LittleBear57 said:

Because if it's needed in an unforseen emergency I could use it.

I know that if that emergency occurred, then my boys would give it back and help me out.

[Dan O]

11 hours ago, KhunHeineken said:

As said, while the 800k is making wayyyy more than the agent's fee, I'll pay the agent, and not have to deal with queues and immigration.

 

Some years ago, I went to the immigration office to do something DIY.  I think it was a Certificate of Residence.  There was a long queue.  Elderly retirees were outside under a tent, struggling with the heat.  Their Thai spouses were wiping them down with a cool towel, or fanning them.  It looked like a concentration camp. 

 

Any one of these elderly guys could have popped clogs there and then, in the heat, and for what, to say they only paid 1,900 baht for their extension, when their 800k baht loses around 30k baht because it's in Thailand.  

 

No, not for me. 

 

I'm no Elon Musk, but I know a good deal when I see one, and leaving the 800k in my home country, where it more than pays for the agent, and not having to deal with immigration, is a good deal for me.  

 

Again if that's your preference and works for you to not deal with imm, then go for it. Just be prepared for potential changes in the future on the agent side if the new tax reporting rules change. That may well cause problems for banks producing false banking information and\or increased tax to you depending on your tax status, no one knows for sure. The logic on the increased benefit on investment is a false one after year 1 since your already meeting the monthly transfer requirement and can leave that 800K invested as it is, so in reality your paying an expensive bill to have the agent falsify the banking for you each year.  go with what makes you comfortable