Financial Deposit Requirement For Retirement Visa

[kcore]

I hope to retire in C.M. feb. of 2010. I plan on bringing 800k worth of AX TC and deposit them in bank. Any problems so far... This will satisfy the requirement for converting my non imm. "o" to extended stay visa. Rather than just having that money sit there, what type of account (if any) would I be able to open to earn some interest on this money. Additionally , I have heard that TC's get a favorable exchange rate over us notes...still true. What our the specialty money changers that I have read about.... I hope I am doing this the right way perhap, someone can see the errors in my actions.....thanks in advance -KCORE

[gennisis]

Just open a savings account with a Thai bank.

I use Bangkok Bank and get interest every 6 months...not a lot,but it helps. You can get an ATM card ,so no 150 baht withdraw fee,

If you feel that the rate of interest is too low,nothing stopping you from withdrawing your capital after you have your retirement extension and investing it elsewhere,but,remember to replace it 3 months before your extension comes arround again.

[asia_pilot]

Some fixed time accounts bring more interest then the odinery savings account. Not as much as in the west, but 'something'

[metisdead]

I did that as well, put money in fixed account as well as passbook savings. The fixed account will earn you a little more than just sitting in passbook savings.

[lopburi3]

1. I would set up a wire transfer agreement with home bank rather than deal with TC - the reason to have a paper trail of the money if it ever become an issue (again) that funds came from outside Thailand. You most likely do not want to cut financial ties in any case and can then SWIFT transfer the money. That has a small fee but gives the best rate of exchange.

2. As said you can transfer funds from normal passbook savings account to a fixed deposit account for a bit more interest but currently that is not much. You do not have to have the money on deposit except for the 2 months prior to first application and 3 months each year thereafter.

[12DrinkMore]

There are also the money market funds, which give you access to your cash inside of three days. Returns more than savings accounts.

And also the 6 or 9 month South Korean funds, which Siam Commercial and Ayuddhaya keep pestering me with via SMS. Returns around 2% depending on the current rate and is automatically redeemed back into your account.

[kcore]

Just open a savings account with a Thai bank.

I use Bangkok Bank and get interest every 6 months...not a lot,but it helps. You can get an ATM card ,so no 150 baht withdraw fee,

If you feel that the rate of interest is too low,nothing stopping you from withdrawing your capital after you have your retirement extension and investing it elsewhere,but,remember to replace it 3 months before your extension comes arround again.

Thanks - this is most likely what i will do. i can't stand the 150 bht fee...my other thought gennisis was to hand carry from the states my "rainy day" fund in the form of AX TC becuase I was under the impression you get a more favorable rate then US$. Can u speak to this. Is there any limits about how much TC i can bring into the country.

[kcore]

1. I would set up a wire transfer agreement with home bank rather than deal with TC - the reason to have a paper trail of the money if it ever become an issue (again) that funds came from outside Thailand. You most likely do not want to cut financial ties in any case and can then SWIFT transfer the money. That has a small fee but gives the best rate of exchange.

2. As said you can transfer funds from normal passbook savings account to a fixed deposit account for a bit more interest but currently that is not much. You do not have to have the money on deposit except for the 2 months prior to first application and 3 months each year thereafter.

Would setting up the bank account with AX TC present any problems as to "funds and paper trail". I would love to set up wire transfer with my bank but, WAMU only allows this if you are present. Perhaps someone knows way around this perdicament. perhaps I can move to a different Finanacial Institution......which one - any ideas.