Best bank account for future visa and interest!

[Hummin]

I'm planning to transfer x amount of money for future visa extension. I might change from retirement to stay based on marriage, but that depends on change on amount and terms of stay.

 

Let's say I transfer 1 million, where would you place your money for future visa application. 

 

This is ment as a reserve just in case.

 

No bitcoin, we got gold and other sources, just a placement for future visa purposes 

[Yellowtail]

I use my Krungsri, Mee Tae Dai account for immigration. Interest is variable, and the number of withdrawals per month is limited. I think it's about 1.5% right now. I like it because they have an office at Chiang Wattana Immigration that is much faster than the K-Bank and Bangkok Bank. 

 

 

[scubascuba3]

whichever the best rate, Krungsri may be 0.9%

[Hummin]

3 minutes ago, scubascuba3 said:

whichever the best rate, Krungsri may be 0.9%

And in Norway I got 4,7 right now on my money

[Hummin]

Just now, Hummin said:

And in Norway I got 4,7 right now on my money

But have to tax 22% on interest 

[Stocky]

+1 for Krungsri - getting the bank letter and statements takes 15 minutes

[Yellowtail]

2 minutes ago, Hummin said:

And in Norway I got 4,7 right now on my money

You also have to consider the currency fluctuation. 

 

I'm getting 4.5 in the US, but that is locked in for the term and has penalties for early withdrawal.

 

 

 

 

[Yellowtail]

3 minutes ago, Stocky said:

+1 for Krungsri - getting the bank letter and statements takes 15 minutes

I make a small transition in the app before I get to immigration. 

 

Book the immigration queue 

 

Go to the bank and ask for the letter and update the book. 

 

Go get the photocopies of the book.

 

Come back and the letter is ready. 

 

Get a coffee at S & P and wait...

[Hummin]

8 minutes ago, Yellowtail said:

You also have to consider the currency fluctuation. 

 

I'm getting 4.5 in the US, but that is locked in for the term and has penalties for early withdrawal.

 

 

 

 

True, 

[DrJack54]

1 hour ago, Hummin said:

Let's say I transfer 1 million, where would you place your money for future visa application. 

Many (not all) use WISE for transfers.

Be aware that only 3 banks have higher limits...here is cut and paste..

 

"Wise has transfer limits of 2,000,000 THB per transfer to Bangkok Bank and Kasikorn Bank in Thailand. The limit for Siam Commercial Bank is 1,499,999 THB per transfer. For other banks, the limit is 49,999 THB per transfer". 

 

Also note that if you are dealing with CW the SCB bank does not have a branch at immigration.

BBL cannot issue 12 month bank statement on the spot.

 

I use Kasikorn for those reasons alone..

The higher transfer limit is handy if you ever eg purchase real estate. 

[Hummin]

8 minutes ago, DrJack54 said:

Many (not all) use WISE for transfers.

Be aware that only 3 banks have higher limits...here is cut and paste..

 

"Wise has transfer limits of 2,000,000 THB per transfer to Bangkok Bank and Kasikorn Bank in Thailand. The limit for Siam Commercial Bank is 1,499,999 THB per transfer. For other banks, the limit is 49,999 THB per transfer". 

 

Also note that if you are dealing with CW the SCB bank does not have a branch at immigration.

BBL cannot issue 12 month bank statement on the spot.

 

I use Kasikorn for those reasons alone..

The higher transfer limit is handy if you ever eg purchase real estate. 

I use bank to bank, so will not use wise. 

 

I checked for a limited time for the amount of money I useally transfer, it suited me best up against wise.

[scubascuba3]

55 minutes ago, Hummin said:

And in Norway I got 4,7 right now on my money

Yeah I've got about the same in the UK but you are bringing money here

[Hummin]

13 minutes ago, scubascuba3 said:

Yeah I've got about the same in the UK but you are bringing money here

Well, there is a few reasons for having a safety account here, 

 

Inflation, and weaker nok vs Thai baht.

My embassy stop making letter of income.

We are at war, banks, pension stops transfers.

Tax on transfers from savings if I choose to stay full-time again.

 

Just in case 

 

[Yellowtail]

13 minutes ago, Hummin said:

Well, there is a few reasons for having a safety account here, 

 

Inflation, and weaker nok vs Thai baht.

My embassy stop making letter of income.

We are at war, banks, pension stops transfers.

Tax on transfers from savings if I choose to stay full-time again.

 

Just in case 

 

And have the money makes everything easy. 

[gamb00ler]

2 hours ago, DrJack54 said:

Many (not all) use WISE for transfers.

Be aware that only 3 banks have higher limits...here is cut and paste..

 

"Wise has transfer limits of 2,000,000 THB per transfer to Bangkok Bank and Kasikorn Bank in Thailand. The limit for Siam Commercial Bank is 1,499,999 THB per transfer. For other banks, the limit is 49,999 THB per transfer". 

 

Also note that if you are dealing with CW the SCB bank does not have a branch at immigration.

BBL cannot issue 12 month bank statement on the spot.

 

I use Kasikorn for those reasons alone..

The higher transfer limit is handy if you ever eg purchase real estate. 

At least from the US, if you're transferring more than about $23,000 (775K ฿) SWIFT transfers yield more ฿ than WISE transfers.  

 

The best Krungsri rate is 1.5% with a limit of 2 free withdrawals/month.

 

SCB pays the same rate in their EZ Savings account with never any charge for withdrawals.  For 200 ฿ each, SCB also gives the bank letter and 12 month statement from any branch in about 15 minutes at the teller.  There is no bank book for that SCB account but Immigration has been OK with that for my last two extensions.

[Yellowtail]

9 minutes ago, gamb00ler said:

At least from the US, if you're transferring more than about $23,000 (775K ฿) SWIFT transfers yield more ฿ than WISE transfers.  

 

The best Krungsri rate is 1.5% with a limit of 2 free withdrawals/month.

 

SCB pays the same rate in their EZ Savings account with never any charge for withdrawals.  For 200 ฿ each, SCB also gives the bank letter and 12 month statement from any branch in about 15 minutes at the teller.  There is no bank book for that SCB account but Immigration has been OK with that for my last two extensions.

Last time I ran the numbers, from the US at $45 fee, the breakeven for SWIFT was about $13K, been a couple years though. 

[Hummin]

2 hours ago, Yellowtail said:

And have the money makes everything easy. 

Gives you safety and choices

 

[hotandsticky]

3 hours ago, Hummin said:

But have to tax 22% on interest 

 

 

So why are you even thinking of switching into a negligible interest rate.

[Yellowtail]

42 minutes ago, hotandsticky said:

 

 

So why are you even thinking of switching into a negligible interest rate.

If you pay B25K per year for a visa agent to avoid the B800K in the bank, that's 3% a year, and you still have an illegally obtained visa. 

 

 

[hotandsticky]

2 hours ago, Yellowtail said:

If you pay B25K per year for a visa agent to avoid the B800K in the bank, that's 3% a year, and you still have an illegally obtained visa. 

 

 

 

That extension is as valid as any other extension stamp.

 

It costs nowhere near 25k via an agent. I will pay half that this year and not only will I gain on interest but I will save 30k by not having moved money over at a disadvantageous exchange rate 

[short-Timer]

On 2/17/2025 at 4:09 AM, Hummin said:

I'm planning to transfer x amount of money for future visa extension. I might change from retirement to stay based on marriage, but that depends on change on amount and terms of stay.

 

Let's say I transfer 1 million, where would you place your money for future visa application. 

 

This is ment as a reserve just in case.

 

No bitcoin, we got gold and other sources, just a placement for future visa purposes 

 

UOB V-Care Savings Account at UOB bank. Provides up to 20 million Baht free accidental death life insurance for your wife with your account. The insurance coverage is based on 10X of your account balance at the time of death. Interest rates fluctuate based on account balance. No limit on the number of deposits and withdrawals per month. Interest is paid monthly and if balance is above 1 million Baht then the interest rate is currently 1% per annum. Also, if you maintain a balance of 2 million Baht in the account then they move you up to "Wealth Banking" status. This means all of your bank letters and statements needed for visa extensions at immigration will be free of charge from UOB. More here: https://www.uob.co.th/personal-en/deposits/savings-account/uob-v-care-savings-account.page 

[Wake Up1]

On 2/17/2025 at 3:54 PM, DrJack54 said:

Many (not all) use WISE for transfers.

Be aware that only 3 banks have higher limits...here is cut and paste..

 

"Wise has transfer limits of 2,000,000 THB per transfer to Bangkok Bank and Kasikorn Bank in Thailand. The limit for Siam Commercial Bank is 1,499,999 THB per transfer. For other banks, the limit is 49,999 THB per transfer". 

 

Also note that if you are dealing with CW the SCB bank does not have a branch at immigration.

BBL cannot issue 12 month bank statement on the spot.

 

I use Kasikorn for those reasons alone..

The higher transfer limit is handy if you ever eg purchase real 

[BKKKevin]

At this point in time it’s not the best account you can get but what bank will open an account for a foreigner…

[DrJack54]

3 minutes ago, BKKKevin said:

At this point in time it’s not the best account you can get but what bank will open an account for a foreigner…

For folk without a Thai bank account best option is to obtain the Non O outside of Thailand.

With a Non O in pp opening a bank account more straight forward. 

[Yellowtail]

Has anyone actually tried to open a new account at one of the Chiang Wattana branches? 

[khunPer]

On 2/17/2025 at 8:09 AM, Hummin said:

Let's say I transfer 1 million, where would you place your money for future visa application. 

The fund needed for extension of stay or visa application in a Thai bank, preferably as a 12 month fixed accounf, which might give you around 1.5% annual interest (before withholding tax). I use Bangkok Bank, but check around for both best interest and service in local branch.

 

For excess funds beyond the needed visa or extension fund, I use fund book (mutual fund) from a bank, based on cash terms (lowest risk), which gives me around same outcome as fixed account interest, or slighgtly higher return, but can be sold (in lots) at any time with cash available within a few banks days; i.e. no interest loss upon withdrawal. I have fund books in both Bangkok Bank and SCB, but check yourself where you might get best return. Immigration don't accept fund books for extension of stay.