Savings Account Options 4 Retirement Visa

[chiangmaiman99]

Hi,

I was looking into depositing the 800,000 baht (? I think that's the right amount ?) into a Thai bank for the purpose of qualifying for a retirement visa. I did go to the Kad Suan Kaew branch of the Bangkok bank and asked about what saving account options they have available. From what I understood they only offer a standard saving account and interest rate for someone who is locking in their money for a 12 months or more. Maybe I didn't ask the right question or it was lost in translation?

Does anyone know if there is a bank in Chiang Mai that offers a product with an interest rate that is better than the normal savings rate if I lock in my money for 12 months (or more)?

One a similar note - Has anyone opened an account in the Bangkok Bank branch in New York City, USA? Are there any advantages in doing this ?

BTW - I don't receive a pension and I am 50+ y/o.

Thank you.

Edited July 17, 2011 by chiangmaiman99

[moe666]

The bangkok bank in New York is not a consumer bank so no individual bank accounts. Also I believe your money has to be avaliable for you to withdraw and use for expenses even though you maybe living on different account. Checkout the visa section there is tons of information about the banks also check out the bank and finance section as well

[jaideeguy]

I just changed my savings account to a 'promotion' account with BKK bank @ 3.5% for 5 months fixed and acceptable to immigration. Also heard that K bank has an even better, but longer term and higher interest.

[BB1955]

I use Bangkok bank . They have two types of savings accounts that I was advised of . One is where you can put your retirment funds in and as well have direct deposit . You will be the only one that can use that account and any transfers must be done in person at the bank . What I used was a savings account and a debit card account . Rather than use direct depsosit I do funds transfers through Bangkok bank of NY the fees are very low and the money is available in about three days . All can be done on the internet and Bangkok banks customer service by phone is very good . I have found them to be very helpful and far as I know they are the only bank that has a branch with a federal ID number which is what you must have to do funds transfers . All the banks have swift numbers for wire transfers . Pm me and I will give you further info that will help you .

[NancyL]

I use Bangkok bank . They have two types of savings accounts that I was advised of . One is where you can put your retirment funds in and as well have direct deposit . You will be the only one that can use that account and any transfers must be done in person at the bank . What I used was a savings account and a debit card account . Rather than use direct depsosit I do funds transfers through Bangkok bank of NY the fees are very low and the money is available in about three days . All can be done on the internet and Bangkok banks customer service by phone is very good . I have found them to be very helpful and far as I know they are the only bank that has a branch with a federal ID number which is what you must have to do funds transfers . All the banks have swift numbers for wire transfers . Pm me and I will give you further info that will help you .

I use Bangkok Bank KSK branch for my 800,000 baht retirement visa account. It's an orange passbook account, which pays better interest, but I must make transfers in person and there is no ATM card available. Of course, this account is solely in my name, which means we executed a Thai will so Hubby will have quick access to this money if I should die. Hubby and I have a joint account, in a blue passbook, which pays minimal interest but can be accessed with an ATM card. Every month Hubby's private pension check, from a U.S. company is deposited directly into this account thru Bangkok Bank's NY branch. The exchange rate is good and there are no fees. We have access to the money on the same day of the month that we had when the pension check was deposited into a U.S. credit union account -- the credit union for that company's employees.

[Dante99]

The term savings account usually applies to the simple basic account with no withdrawal restrictions and a low interest rate. The locked in for a time period and a higher interest rate type of account has a different name usually, time deposit, promotional account, CD account, deposit account or whatever, and are available at most banks in Thailand.

[gudtymchuk]

I use Bangkok bank . They have two types of savings accounts that I was advised of . One is where you can put your retirment funds in and as well have direct deposit . You will be the only one that can use that account and any transfers must be done in person at the bank . What I used was a savings account and a debit card account . Rather than use direct depsosit I do funds transfers through Bangkok bank of NY the fees are very low and the money is available in about three days . All can be done on the internet and Bangkok banks customer service by phone is very good . I have found them to be very helpful and far as I know they are the only bank that has a branch with a federal ID number which is what you must have to do funds transfers . All the banks have swift numbers for wire transfers . Pm me and I will give you further info that will help you .

I use Bangkok Bank KSK branch for my 800,000 baht retirement visa account. It's an orange passbook account, which pays better interest, but I must make transfers in person and there is no ATM card available. Of course, this account is solely in my name, which means we executed a Thai will so Hubby will have quick access to this money if I should die. Hubby and I have a joint account, in a blue passbook, which pays minimal interest but can be accessed with an ATM card. Every month Hubby's private pension check, from a U.S. company is deposited directly into this account thru Bangkok Bank's NY branch. The exchange rate is good and there are no fees. We have access to the money on the same day of the month that we had when the pension check was deposited into a U.S. credit union account -- the credit union for that company's employees.

Nancy L, did your hubby set up his Bangkok Bank accounts and set up his direct deposit while here in Thailand? I ask because I am now retired in Thailand but my pension checks are direct deposited into a US bank and I use an ATM to access my monthly living expenses. It would really be very convenient for me if I could open a Bangkok bank account and then make arrangements for my pension checks to be direct deposited into the Bangkok Bank New York branch but I would have to make all these changes from here in Thailand. Don't have any plans to return to the US.

[BB1955]

I use Bangkok bank . They have two types of savings accounts that I was advised of . One is where you can put your retirment funds in and as well have direct deposit . You will be the only one that can use that account and any transfers must be done in person at the bank . What I used was a savings account and a debit card account . Rather than use direct depsosit I do funds transfers through Bangkok bank of NY the fees are very low and the money is available in about three days . All can be done on the internet and Bangkok banks customer service by phone is very good . I have found them to be very helpful and far as I know they are the only bank that has a branch with a federal ID number which is what you must have to do funds transfers . All the banks have swift numbers for wire transfers . Pm me and I will give you further info that will help you .

I use Bangkok Bank KSK branch for my 800,000 baht retirement visa account. It's an orange passbook account, which pays better interest, but I must make transfers in person and there is no ATM card available. Of course, this account is solely in my name, which means we executed a Thai will so Hubby will have quick access to this money if I should die. Hubby and I have a joint account, in a blue passbook, which pays minimal interest but can be accessed with an ATM card. Every month Hubby's private pension check, from a U.S. company is deposited directly into this account thru Bangkok Bank's NY branch. The exchange rate is good and there are no fees. We have access to the money on the same day of the month that we had when the pension check was deposited into a U.S. credit union account -- the credit union for that company's employees.

Nancy L, did your hubby set up his Bangkok Bank accounts and set up his direct deposit while here in Thailand? I ask because I am now retired in Thailand but my pension checks are direct deposited into a US bank and I use an ATM to access my monthly living expenses. It would really be very convenient for me if I could open a Bangkok bank account and then make arrangements for my pension checks to be direct deposited into the Bangkok Bank New York branch but I would have to make all these changes from here in Thailand. Don't have any plans to return to the US.

I did pretty much the same thing and was able to do it all here in Thailand , I opted not to do direct deposit so that the account could be in both my name and my wifes . But they have all the forms you need here you just fill them out and send them to your pension payroll department . That is much quicker than the way I do it , mainly becasue I did not want my wife to have to wait to obtain money from the account if something bad was to happen and we needed it and I was laid up in the hospital . That is the only pittfall . I was told they would only direct deposit to an account only in my name alone, and that I would have to personally go into the bank and transfer funds , my wife would not be able to ... But yes it can all be done right here in Thailand .

[NancyL]

I use Bangkok bank . They have two types of savings accounts that I was advised of . One is where you can put your retirment funds in and as well have direct deposit . You will be the only one that can use that account and any transfers must be done in person at the bank . What I used was a savings account and a debit card account . Rather than use direct depsosit I do funds transfers through Bangkok bank of NY the fees are very low and the money is available in about three days . All can be done on the internet and Bangkok banks customer service by phone is very good . I have found them to be very helpful and far as I know they are the only bank that has a branch with a federal ID number which is what you must have to do funds transfers . All the banks have swift numbers for wire transfers . Pm me and I will give you further info that will help you .

I use Bangkok Bank KSK branch for my 800,000 baht retirement visa account. It's an orange passbook account, which pays better interest, but I must make transfers in person and there is no ATM card available. Of course, this account is solely in my name, which means we executed a Thai will so Hubby will have quick access to this money if I should die. Hubby and I have a joint account, in a blue passbook, which pays minimal interest but can be accessed with an ATM card. Every month Hubby's private pension check, from a U.S. company is deposited directly into this account thru Bangkok Bank's NY branch. The exchange rate is good and there are no fees. We have access to the money on the same day of the month that we had when the pension check was deposited into a U.S. credit union account -- the credit union for that company's employees.

Nancy L, did your hubby set up his Bangkok Bank accounts and set up his direct deposit while here in Thailand? I ask because I am now retired in Thailand but my pension checks are direct deposited into a US bank and I use an ATM to access my monthly living expenses. It would really be very convenient for me if I could open a Bangkok bank account and then make arrangements for my pension checks to be direct deposited into the Bangkok Bank New York branch but I would have to make all these changes from here in Thailand. Don't have any plans to return to the US.

Yes, we set up the direct deposit of Hubby's pension check from Thailand, after we opened the Bangkok Bank account at KSK. We visited the website for retirees of Hubby's former employer and downloaded a form. Then we visited the Bankgok Bank KSK branch and their customer service reps helped us to fill out the parts about the address, routing numbers, etc needed to have the check direct deposited to the NY branch. Then we faxed the form to Hubby's former employer and bingo, the next check showed up in our Bangkok Bank blue passbook, via the Bangkok Bank NY branch. It was pretty slick.

It helps that his former employer is a multinational corp and has a fairly robust website for its retirees. The issuer of the pension (i.e. the former employer) is the first company you should contact to get your pension check rerouted. As far as the former employer is concerned, there's really no difference between the Bangkok Bank NY branch and the local credit union for company employees, at least when it comes to making direct deposits.

[chiangmaiman99]

Thanks, this all sounds like good information for me to check out.

[NancyL]

I believe the restriction that a pension check can't be direct deposited into a joint account is a restriction set by the issuer of the check. It's well known that Bangkok Bank says Social Security checks have to go into an account with a sole owner, but I believe that restriction actually was dictated by Social Security. Bangkok Bank (and my husband's former employer) have no problem with his private pension check coming into our joint account. Other issuers of pension checks may not be as liberal and have created restrictions similar to Social Security.

Edited July 18, 2011 by NancyL

[jfchandler]

Re the Op's question, all Thai banks have what are called time deposits or fixed term deposits, which are like certificates of deposit in the U.S. They pay interest, usually much better than regular passbook accounts, and have varying terms....from months to multiple years.

Most Immigration offices will accept those for purposes of holding a person's 800,000 baht to satisfy the income requirement for retirement extensions... Most will, but not all, based on reports here. So best to check with your local immigration office in advance to confirm.

As for govt. pension payments issued in the U.S., there are two different ways to go thru Bangkok Bank.

1. is to do the paperwork to have those funds, like Social Security, direct deposited into BKK Bank. That is pretty easy to do and BKK Bank has a web site for it with all the instructions... The downside is, for government pensions, the person must go each month to withdraw the funds in person at their local branch (to ensure you're still alive and not dead). That kind of account has no ATM access.

2. is to simply have the U.S. pension payment into any U.S. bank that allows free ACH transfers... Then, you can ACH transfer the funds each month to BKK Bank's New York branch, and then they will automatically forward those funds onward to your regular Thai bank account with BKK Bank. That would be a regular account with ATM card access, online banking, and no requirement to visit the branch. In this case, you don't/can't open an account with the New York branch... You just use their ABA routing number and then your full BKK Bank Thai account number in your U.S. bank ACH sending instruction.

However, BKK Bank's New York branch charges a small handling fee for such transactions..amount depending on how much you transfer, usually $5 or so. And then BKK Bank Thailand charges a 0.25% handling fee in Thailand for receiving the funds. The latter fee is one that they also charge, I believe, for handling the direct deposit funds outlined in #1 above.

Of course, a person can also keep the funds in their U.S. account, and then withdraw the funds monthly in Thailand using their U.S. bank ATM card. Hopefully you're using a U.S. bank that doesn't charge a foreign currency exchange fee and at the Thai end, using an AEON ATM that doesn't charge the Thai banks 150 ATM withdrawal fee on foreign ATM cards.

[fiddlehead]

If you are over 55 yo: There's a new account at Kasikorn called "Happy Senior" .

Presently, it is paying 2.9% and also gives you a life insurance policy (free for the amount in your account) and an accident insurance policy.

100,000 baht minimum.

Also, it adds the interest every month to whatever account you want them to (as long as it's with K-bank)

The people in the smaller branches may not be aware of this account as it is new.

My friend said he had to show the girl on her computer and then she called someone.

Edited July 18, 2011 by fiddlehead

[Gonsalviz]

I just changed my savings account to a 'promotion' account with BKK bank @ 3.5% for 5 months fixed and acceptable to immigration. Also heard that K bank has an even better, but longer term and higher interest.

K Bank has interest bearing accounts that you can withdraw money at any time. I don't think there is a penalty for withdrawal but obviously you will not get the amount of interest, had you left it in.