Retirement Visa

[johnboy3739w]

Just looking to transfer the 800k over ready for my retirement visa application..............

can anyone tell me the best bank to invest the money and what interest rate i'm likely to get - is the interest paid monthly and transferred into your current account - or paid yearly ?

thanks

[lopburi3]

Most people use as a spending account as amount only needs to be there for 2-3 months. All bank accounts pay almost the same interest (very little at present) and most pay half and end of year.

[Lite Beer]

As said most open a savings account with interest of around 0.6%

You may get away with a fixed account that pays a little more.

Kasikorn Bank Rates

[Madivad]

As said most open a savings account with interest of around 0.6%

You may get away with a fixed account that pays a little more.

Kasikorn Bank Rates

Jesus, those rates ARE bad... Better off investing it at home and using the interest to fund the trip back each year (and pay for a new visa in the process!)

[Sophon]

As said most open a savings account with interest of around 0.6%

You may get away with a fixed account that pays a little more.

Kasikorn Bank Rates

I have a small fixed deposit back home that matures in March, and I am thinking about transferring the money over to Thailand to serve as a partial hedge against currency fluctuations. If I do I will probably place the money on a one or two year fixed deposit account here as well, but I will also need the money to qualify when I apply for my retirement extension in November.

What is the current policy in Bangkok on using fixed deposits when qualifying for extensions? I know there are no guarantees (especially about the future), but are they currently accepting the funds in fixed deposit accounts? You used the phrase "You may get away with" which indicates that there isn't a set policy, and if there isn't a very good chance that they will accept a fixed deposit then I will have to re-think what to do.

Sophon

[moe666]

There have been reports of fixed accounts being excepted and in some cases rejected depends upon the immigration officer you use. Do you have an income of 65,000 baht a month and this can be from all sources, dividends, interest, and pensions or a combination of both income and money in bank as long as both equal 800,000baht a year.

[Lite Beer]

The criteria is that the money has to be instantly available for withdrawal.

A fixed interest would fit the bill but you would lose interest.

Most Immigration Offices do accept but we have seen reports that some have not.

You need a report from someone in Bangkok who has done this.

[fishhooks]

Would appreciate also any reports of Fixed Interest accounts being accepted at the office in Khon Kaen.

[alantheembalmer]

I have used a fixed rate GBP account, which I have with Bangkok Bank, for my last 2 retirement extensions without any problems at Chaeng Wattana.

Alan

[Sophon]

I have used a fixed rate GBP account, which I have with Bangkok Bank, for my last 2 retirement extensions without any problems at Chaeng Wattana.

Alan

Thanks, if they accept a fixed currency account one would expect that a fixed baht account should not be a problem.

Sophon

[Kron]

Personally I have found all the Banks offer about same rates on the differing types of accounts. The only thing to watch is that some Banks will not pay interest on accounts held by non-Thai's. Had an account with Krung Thai and a few years back they stopped paying interest. So moved to Bangkok Bank. Also use fixed accounts and they have not been a problem with Immigration.

Did have one issue though last year, if a joint account (with a Thai Wife) you need of hold 1600K. Bangkok Bank changed the account to my sole name and Immigration was happy with that. Wife was not too keen

[rgs2001uk]

I have used a fixed rate GBP account, which I have with Bangkok Bank, for my last 2 retirement extensions without any problems at Chaeng Wattana.

Alan

Thanks, if they accept a fixed currency account one would expect that a fixed baht account should not be a problem.

Sophon

For the last 6 years I have used a Thai baht time deposit account for a married mans extension with no problems, this is in Bkk, cant comment on other areas.

[Sophon]

I have used a fixed rate GBP account, which I have with Bangkok Bank, for my last 2 retirement extensions without any problems at Chaeng Wattana.

Alan

Thanks, if they accept a fixed currency account one would expect that a fixed baht account should not be a problem.

Sophon

For the last 6 years I have used a Thai baht time deposit account for a married mans extension with no problems, this is in Bkk, cant comment on other areas.

Thanks for the reply. Since a fixed time deposit account (I assume) doesn't have a passbook, what documentation do you supply in addition to the bank letter (an account statement?).

Sophon

[Lite Beer]

Fixed Accounts do have a Pass Book.

[lopburi3]

The normal passbook and bank letter.

[Sophon]

Fixed Accounts do have a Pass Book.

That was quick, I just pressed 'Enter'. So basically you treat a fixed account the same as a savings account when applying.

Thanks.

Sophon

[jfchandler]

There was a recent report here by a TV member complaining that his fixed deposit had been rejected by immigration when he went to apply for his new extension...

However, from the back and forth in discussion here, it eventually became clear that he had transferred the funds from a regular account into the fixed deposit account (at his Thai bank's urging) shortly before his extension application... And it turned out that apparently was the problematic factor, that the funds hadn't been in the SAME account for the required 2 or 3 months prior to his application.

[lopburi3]

Another factor in such reports is that often people consider a bank based account as fixed deposit when it is actually investment in bonds or stocks offered by the bank for a fixed period. Fixed deposit cash accounts are normally accepted.

[rgs2001uk]

I have used a fixed rate GBP account, which I have with Bangkok Bank, for my last 2 retirement extensions without any problems at Chaeng Wattana.

Alan

Thanks, if they accept a fixed currency account one would expect that a fixed baht account should not be a problem.

Sophon

For the last 6 years I have used a Thai baht time deposit account for a married mans extension with no problems, this is in Bkk, cant comment on other areas.

Thanks for the reply. Since a fixed time deposit account (I assume) doesn't have a passbook, what documentation do you supply in addition to the bank letter (an account statement?).

Sophon

Sophon, correct, bank letter and statement.

The account has no passbook or atm card, the money is locked in for 1 year at a time.

I notice lopburi3 has also commented correctly about people confusing a bank term deposit account and an account based on bonds/shares.

I asked immigration if they would accept Thai gov't bonds and was told no, dont know how true this is since I havent asked again.

[Lite Beer]

A fixed account has a bank book.

[lopburi3]

Thai banks that I as aware of issue a passbook for fixed deposit account. HSBC or other overseas based banks may use statement.

[Lite Beer]

[Sophon]

Very appropriate as I will probably choose SCB (they are my primary bank here although I also have accounts with Bangkok Bank and Krung Thai Bank).

Now that we are at it BOT lists SCB's interest rate as of today on a 2 year fixed deposit as in the interval 2.4-2.7%. Does anyone have any experience on where in the interval one could expect the actual interst rate to be? (on let's say a 1 mio baht deposit).

Thanks to everyone for their input.

Sophon

[ljerams]

I understood the Baht 400,000 or more rule was that the money was to be held at one Bank, NOT in one account for the required period of two or three months.

In my case this allows me to hold most of the money in a term account with better interest and the remainder in a Savings Account totaling together well in excess of the required amount. This allows flexibility for the monthly spends.

Has anybody here ever had the Bangkok Immigration's acceptance to this approach?

[lopburi3]

The requirement is for the total. Have seen reports of people using more than one account.

[jfchandler]

http://www.scb.co.th/en/nws/abt_nws_110113-rate.shtml

Very appropriate as I will probably choose SCB (they are my primary bank here although I also have accounts with Bangkok Bank and Krung Thai Bank).

Now that we are at it BOT lists SCB's interest rate as of today on a 2 year fixed deposit as in the interval 2.4-2.7%. Does anyone have any experience on where in the interval one could expect the actual interst rate to be? (on let's say a 1 mio baht deposit).

Thanks to everyone for their input.

Sophon

[alantheembalmer]

Thai banks that I as aware of issue a passbook for fixed deposit account. HSBC or other overseas based banks may use statement.

Lopburi3,

My fixed deposit account in GBP does not have a passbook, but I was issued with a certificate on opening the account. A copy of this certificate, along with the bank letter, is presented to immigration at the renewal of my extension, and is acceptable to them

Alan

[Darrel]

http://www.scb.co.th...0113-rate.shtml

That page includes this quote:

“As a Year of Rabbit gift for clients, SCB will introduce a new version of its 'More and Even More' campaign, offering higher interest rates every 5 months, and allowing clients to make withdrawals anytime and earn interest at the rate effective at the time of withdrawal without penalty charge. With the new campaign, customers will earn a maximum rate of 4.25% p.a."

Unfortunately there is no mention of this on the SCB website that I could find. Does anyone here know more about it?

[jfchandler]

I'm assuming it's another version of something like this, where the rates start low and then periodically step up during the life of the deposit...

http://www.scb.co.th...n-deposit.shtml

The above promotion appears to have expired in mid January, though they're still showing it on their web site....

The new promotion with the max rate of 4.25% appears to be described here...

http://www.scb.co.th/en/nws/abt_nws_110118-getdep.shtml