House & Land Bank Deposit A/c For Seasoning Visa Funds

[kaptainrob]

H&L Bank are offering 3% daily interest and 3.15% 3month term deposit a/c's for over 500k. Is such an a/c acceptable to Immi for 'seasoning' of funds for annual Visa renewal?

[Mario2008]

Only if you can withdraw the money, in otherwords it can't be a deposit where you can't access the money during the agreed time.

[mcgriffith]

Should be, Rob.

I've been using Bangkok Bank and Bank of Ayudhya fixed deposit accounts for years to qualify for the retirement extension.

[mcgriffith]

Only if you can withdraw the money, in otherwords it can't be a deposit where you can't access the money during the agreed time.

With most (if not all) fixed deposit accts you can always withdraw the money- you just lose the interest that was to be paid.

[kaptainrob]

Only if you can withdraw the money, in otherwords it can't be a deposit where you can't access the money during the agreed time.

The 3% daily balance a/c is not fixed, funds are available via ATM at any time. It beats BKK Bank TD rates and we have a branch nearby at BigC Hang Dong.

[worgeordie]

Cannot be 3% DAILY surely, Anyway not problem for me at Immigration

with fixed deposits, as you can take your money out anytime ,but you do

loose most of your interest.

regards Worgeordie

[kaptainrob]

Cannot be 3% DAILY surely, Anyway not problem for me at Immigration

with fixed deposits, as you can take your money out anytime ,but you do

loose most of your interest.

regards Worgeordie

Yes, current offer appears to be 3%pa on 500k+ for NO FIXED TERM. I think perhaps 100bt penalty if you w/d or close a/c before 6months. Sounds too good to be true huh?

[Rancid]

We all know that real estate here is going ballistic. It may just last forever, but if things go bad do you really want your money in a housing development company? Just tossing in a little something to think about is all. If the bubble here follows the West it could get ugly and I don't know how extended H&L is, even at home I believe the Aussie Big Banks are way overextended and have taken defensive measures against them.

[mcgriffith]

No, not really.

The OP somewhat misquoted.

It is Land and Houses Bank. Stock symbol LH.

They are one of the 13 or so retail banks registered to do business here (the foreigns only have one branch in BKK, with the exception of Standard Chartered), and although it is true they are a subsidiary of Land & Houses (the property development company), the bank proper is rock solid. Like all banks here, they meet Basel 3 regs (or Basel 4) and all deposits are fully guaranteed by the Bank of Thailand (up to 5 million THB- was going to be lowered to 1M and then less, but it has been deferred for the time being).

I wouldn't worry about your deposits there, or the payment of the interest.

Sounds like a good deal, and I'm going to check it out myself.

[chiang mai]

Lat time I tried to open an account at L & H they said, no work permit, no account, they don't understand the retirement visa, good luck.

[mcgriffith]

Of course, each bank, each branch, and each branch manager here vary on their farang policies.

I had some majors turn me down as well, before I opened my first acct here at BBL (Bangkok Bank) 6+ years ago.

Really it is more a case of (some) local branch managers who are reluctant to open accts for farang, because of their lack of English. Which they don't want to admit to. They just don't want to deal with farang, period. They'll have a rude awakening when ASEAN implements the economic accords in 2014. The Malaysian banks, with personnel speaking perfect English, will scoop up pretty much every farang who doesn't already have an acct and a relationship here.

There is no law or policy forbidding farang who are here on some form of residence visa (1 yr) from opening an acct.

Truth is, many short-timers, tourists and snowbirds manage to open Thai bank accts here. You just have to find the right branch, and the right manager.

[chiang mai]

I have accounts with all the banks except TMB and L & H, it's something of a game for me now to walk into TMB (I prefer the branch on Chan Klan) with all my passbooks in a small carry case and ask to open an account, the answer is always no work permit, no can do - I then pull out my bank books and lay them out on the desk and ask, why these banks can open accounts for me but you can't, it's funny and embaressing at the same time but I think of it as my contribution towards changing the mindsets of some bank managers.

[circusman]

I have accounts with all the banks except TMB and L & H, it's something of a game for me now to walk into TMB (I prefer the branch on Chan Klan) with all my passbooks in a small carry case and ask to open an account, the answer is always no work permit, no can do - I then pull out my bank books and lay them out on the desk and ask, why these banks can open accounts for me but you can't, it's funny and embaressing at the same time but I think of it as my contribution towards changing the mindsets of some bank managers.

Oh my friend I think your on shakey ground. Change a Thai's mind? As for me I would rather try to walk up Doi Intanon. Doing that I would at least have a tiny chance of succeeding.

[cheeryble]

So what does this 3% daily mean?.......I suggest calculated daily.

But you need to know two things: calculation period and addition period.

[TongueThaied]

Lat time I tried to open an account at L & H they said, no work permit, no account, they don't understand the retirement visa, good luck.

Sometimes they just don't know the rules. Once the the person you are speaking with has asked a higher up and been given bad advice, game over. No Thai will EVER question somebody of higher authority -- no matter how wrong they are. And a Thai will NEVER, NEVER go over their supervisor's head for a different answer. It's the "face" thing. This is one of the very frustrating things about this country.

I had your "no work permit" experience when I tried to open an account at TMB Bank, the very same branch where my English friend (retired) had opened an account only three months earlier (But unlike me with my paltry 100K, he was depositing 6 million baht, hmmmm . . .). When the idiot at the desk who said I needed a work permit called and "verified" this requirement with a higher up, I knew the game was over. I just smiled, said thanks and went to a different branch of TMB Bank where they eagerly opened my account with a smile.

Just remember, nobody here seems to KNOW the rules. Even If you are sure of the rules, you cannot change the minds of the people, but you CAN change the people. Just keep moving and smiling until you find a group with the answer you want. This will serve you well in many, many circumstances. I have forced the correct version of the rules down people's throats on occasion, and forced them to do my bidding, but the person loses face and this is not a good idea if it can be avoided.

[kaptainrob]

So what does this 3% daily mean?.......I suggest calculated daily.

But you need to know two things: calculation period and addition period.

3% pa, calculated on daily balance (as of midnight), added monthly.... or so I was told.

[elektrified]

Cannot be 3% DAILY surely, Anyway not problem for me at Immigration

with fixed deposits, as you can take your money out anytime ,but you do

loose most of your interest.

regards Worgeordie

Yes, current offer appears to be 3%pa on 500k+ for NO FIXED TERM. I think perhaps 100bt penalty if you w/d or close a/c before 6months. Sounds too good to be true huh?

3% p/a "sounds too good to be true"???

O.K. maybe for cash deposits but if looking for income why not buy blue chip shares that pay more than 3% p/a and give the potential for a capital gain as well?

[elektrified]

We all know that real estate here is going ballistic. It may just last forever, but if things go bad do you really want your money in a housing development company? Just tossing in a little something to think about is all. If the bubble here follows the West it could get ugly and I don't know how extended H&L is, even at home I believe the Aussie Big Banks are way overextended and have taken defensive measures against them.

+1

[elektrified]

I have accounts with all the banks except TMB and L & H, it's something of a game for me now to walk into TMB (I prefer the branch on Chan Klan) with all my passbooks in a small carry case and ask to open an account, the answer is always no work permit, no can do - I then pull out my bank books and lay them out on the desk and ask, why these banks can open accounts for me but you can't, it's funny and embaressing at the same time but I think of it as my contribution towards changing the mindsets of some bank managers.

I'm sure you have already considered diversifying your assets into a few different currencies... Not that I have any fear of the THB and consider it safe, but have always preferred the CHF as the main currency to hold.

[chiang mai]

I have accounts with all the banks except TMB and L & H, it's something of a game for me now to walk into TMB (I prefer the branch on Chan Klan) with all my passbooks in a small carry case and ask to open an account, the answer is always no work permit, no can do - I then pull out my bank books and lay them out on the desk and ask, why these banks can open accounts for me but you can't, it's funny and embaressing at the same time but I think of it as my contribution towards changing the mindsets of some bank managers.

I'm sure you have already considered diversifying your assets into a few different currencies... Not that I have any fear of the THB and consider it safe, but have always preferred the CHF as the main currency to hold.

Trust me when I say that I am de-risked as far as is humanly possible, four currencies, each invested and with durations spread proportionately over the next twelve months (rolling), it took some getting there but it was worthwhile for peace of mind. And for the poster who is reading this and thinking of upsetting my apple cart with some gold, copper or palm oil strategy, don't go there.

[chiang mai]

I was commenting on the currency aspect of my investment holdings rather than on the entire portfolio!

There's always gotta be one!!

[elektrified]

I have accounts with all the banks except TMB and L & H, it's something of a game for me now to walk into TMB (I prefer the branch on Chan Klan) with all my passbooks in a small carry case and ask to open an account, the answer is always no work permit, no can do - I then pull out my bank books and lay them out on the desk and ask, why these banks can open accounts for me but you can't, it's funny and embaressing at the same time but I think of it as my contribution towards changing the mindsets of some bank managers.

I'm sure you have already considered diversifying your assets into a few different currencies... Not that I have any fear of the THB and consider it safe, but have always preferred the CHF as the main currency to hold.

Trust me when I say that I am de-risked as far as is humanly possible, four currencies, each invested and with durations spread proportionately over the next twelve months (rolling), it took some getting there but it was worthwhile for peace of mind. And for the poster who is reading this and thinking of upsetting my apple cart with some gold, copper or palm oil strategy, don't go there.

So, you think that by holding cash, albeit in 4 different currencies, that you have lowed your risk??? Do you not know what inflation is? Is your return greater that the devaluation of your paper?? I doubt it. For me, the optimal investment portfolio is 25% cash, 25% metals, 25% stocks and 25% in real-estate. JMO

I'm sure c m meant the cash portion of his portfolio.

Edit: oops didn't see his reply. Like I said...

[cheeryble]

So if I tootle down to L and H with my 1.5 million how do I best deal with the tax thing?

I actually went in the BKK bank at KSK and asked how best to avoid regaining withholding tax, mentioning the 20,000 under which (am I right?) they don't have to report. They didn't seem to know what I was asking about.

[scorecard]

Of course, each bank, each branch, and each branch manager here vary on their farang policies.

I had some majors turn me down as well, before I opened my first acct here at BBL (Bangkok Bank) 6+ years ago.

Really it is more a case of (some) local branch managers who are reluctant to open accts for farang, because of their lack of English. Which they don't want to admit to. They just don't want to deal with farang, period. They'll have a rude awakening when ASEAN implements the economic accords in 2014. The Malaysian banks, with personnel speaking perfect English, will scoop up pretty much every farang who doesn't already have an acct and a relationship here.

There is no law or policy forbidding farang who are here on some form of residence visa (1 yr) from opening an acct.

Truth is, many short-timers, tourists and snowbirds manage to open Thai bank accts here. You just have to find the right branch, and the right manager.

All very true. I've had full permanent resident status for Thailand for over 15 years and have had accounts with many Thai banks. A few months back I tried to open another joint account with my adult Thai son at one of the Thai majors. We already have two similar accounts with the bank concerned but the bank man insisted that there is no such thing as PR in Thailand, he would not believe the PR book etc. Just kept saying 'no account possible'.

The man who refused the account was the older assistant branch manager (very big branch) and it was obvious that the younger more dynamic staff knew he was wrong, but too frightened to say anything.

[kaptainrob]

Went in to open an a/c last evening, no sign of the lovely who told us everything was ok to proceed, and was told NO.

Can open joint a/c with my Thai wife but NOT solely in my name ... so no good for Immigration funds seasoning. No explanation, just NO can do!

[mcgriffith]

Went in to open an a/c last evening, no sign of the lovely who told us everything was ok to proceed, and was told NO.

Can open joint a/c with my Thai wife but NOT solely in my name ... so no good for Immigration funds seasoning. No explanation, just NO can do!

Bummer.

But I'm not surprised.

Take your money elsewhere, and thanks for sharing this.

I'll be sure to avoid Land & Housing Bank for any business from now on, after your report.

[binjalin]

I believe its not a 'deposit account' (as I asked) but a special scheme only open to Thais