Retirement Visa Savings

[Pdavies99]

I need to open the 800K baht account for visa purposes.

Does anyone know which bank offers the best interest rate for such an account and any withdrawal penalties please?

[Rimmer]

There is a pinned topic in Banking that will give you some guidelines about interest rates HERE

[noob7]

Afaik: For a 'Farang alone' normal 'Bankcard to use at ATM' account: There is nothing over 1% available.

Better look for a bank with lots of branches and ATMs!

For better interest, you would need to 'share' with a Thai, anyway!

Or did I miss any news about this interest on Farang owned bank accounts?

[black fox]

i have mine in the government housing bank am currently getting 3 pc interest and can make one withdrawel per mnth.

[thenervoussurgeon]

I use Thanachart over 1 mill 3%, under 2.75 % claim back tax at years end ,two withdrawls a month ,use Ayudda for day to day . have debit cards with both.

[personchester]

I use Thanachart over 1 mill 3%, under 2.75 % claim back tax at years end ,two withdrawls a month ,use Ayudda for day to day . have debit cards with both.

As a rule 15% of tax is payable on banking interests, thus a 3% interest is 2.55 % of net interest. I have several fixed a/c's with several banks and the 15% tax is deducted by all of them when ever interest is added to the account.

You stated that you claim your tax back at the end of the year, please clarify the procedure in order to achieve this,

[Pdavies99]

Afaik: For a 'Farang alone' normal 'Bankcard to use at ATM' account: There is nothing over 1% available.

Better look for a bank with lots of branches and ATMs!

For better interest, you would need to 'share' with a Thai, anyway!

Or did I miss any news about this interest on Farang owned bank accounts?

Well sorry but that's wrong, even Krung Thai offer 2.75% P.a.

[noob7]

Afaik: For a 'Farang alone' normal 'Bankcard to use at ATM' account: There is nothing over 1% available.

Better look for a bank with lots of branches and ATMs!

For better interest, you would need to 'share' with a Thai, anyway!

Or did I miss any news about this interest on Farang owned bank accounts?

Well sorry but that's wrong, even Krung Thai offer 2.75% P.a.

Ok, so I missed that.

I gave up on that point, a couple of years ago.

But maybe I misunderstood something else, too.

I got told, the 400/800k on a bank account has to be on a 'normal' bank account, so that the money is available.

At all times.

Not only 'one/two times a month can get something', not on a time deposit account, either.

Because I know, that I have/can get a higher interest on this accounts.

That is/was my level of information.

[thenervoussurgeon]

I use Thanachart over 1 mill 3%, under 2.75 % claim back tax at years end ,two withdrawls a month ,use Ayudda for day to day . have debit cards with both.

As a rule 15% of tax is payable on banking interests, thus a 3% interest is 2.55 % of net interest. I have several fixed a/c's with several banks and the 15% tax is deducted by all of them when ever interest is added to the account.

You stated that you claim your tax back at the end of the year, please clarify the procedure in order to achieve this,

my wife did most of it ,but we got a letter from the bank showing how much we paid in tax ,then took it to the tax office, (its just by our house in Banglamung,Pattaya) she gave this to the guy there who filled it out ,it took a couple of journeys ,but my wife is determined , a few weeks later we got a cheque from the govt ,it was really easy ,but to be honest if my wife was not as switched on as she is ,i doubt i would have bothered.

[MJCM]

<snip>

But maybe I misunderstood something else, too.

I got told, the 400/800k on a bank account has to be on a 'normal' bank account, so that the money is available.

At all times.

Not only 'one/two times a month can get something', not on a time deposit account, either.

Because I know, that I have/can get a higher interest on this accounts.

That is/was my level of information.

I used for my Extension (marriage) a Fixed Deposit Bank Book, the money (over 400k) was deposited 8 Months ago.

This was accepted by Immigration in Jomtien.

But before I did my extension I showed them the Bank Book and they said it's oke to use.

[noob7]

<snip>

But maybe I misunderstood something else, too.

I got told, the 400/800k on a bank account has to be on a 'normal' bank account, so that the money is available.

At all times.

Not only 'one/two times a month can get something', not on a time deposit account, either.

Because I know, that I have/can get a higher interest on this accounts.

That is/was my level of information.

I used for my Extension (marriage) a Fixed Deposit Bank Book, the money (over 400k) was deposited 8 Months ago.

This was accepted by Immigration in Jomtien.

But before I did my extension I showed them the Bank Book and they said it's oke to use.

Thanks!