Bangkok Bank Another Surprise

[pitrevie]

I make a regular transfer from a fixed account with the Bangkok Bank to an ATM account with the Bangkok Bank on a monthly basis which covers my living expenses. I tried setting up a standing order but this is not permitted from a fixed account other than for the interest.

Today I went into the Pattaya branch to again do the same thing for this month but was informed that I cannot transfer from my fixed account because I am in a different province to where my account is based which is normally Bangkok. Not something I have come across before so just posted here for information.

[Pib]

I would say your basic problem is trying to treat a "fixed" savings account like a checking/current account. While in other countries like the U.S. where you can make a maximum of 6 transfer-outs per month from a savings account without risking closure of the account, in Thailand fixed savings accounts really don't have flexible withdrawal provisions...by that I mean if you withdraw funds before the maturity date say on a 3 month, 6 month or X-month fixed savings account you can lose most/all of the higher interest earned or end up only earning the regular savings account interest.

Edited March 27, 2013 by Pib

[meatboy]

I would say your basic problem is trying to treat a "fixed" savings account like a checking/current account. While in other countries like the U.S. where you can make a maximum of 6 transfer-outs per month from a savings account without risking closure of the account, in Thailand fixed savings accounts really don't have flexible withdrawal provisions...by that I mean if you withdraw funds before the maturity date say on a 3 month, 6 month or X-month fixed savings account you can lose most/all of the higher interest earned or end up only earning the regular savings account interest.

this seems the wrong type of approach,to have a fixed acc.and useing like a current acc.your not going to earn a crust.why not estimate what your living exs.are and put that into an every day acc.so if you have a lump sum in a fixed acc.you are going to earn interest for that term.the term fixed is what it means.

[Langsuan Man]

Today I went into the Pattaya branch to again do the same thing for this month but was informed that I cannot transfer from my fixed account because I am in a different province to where my account is based which is normally Bangkok. Not something I have come across before so just posted here for information.

You also don't seem to understand the concept of "home" branch that Thai banks work under

Your account, whatever type, is based on your home branch, which is the branch at which you opened your account. All transaction fees and access restrictions are based upon the geographical location of that home branch, and in Thailand, that is the province

Even if you wanted to deposit cash into your account, if you do it out of Bangkok you will pay an "out of province" fee. Same thing for using an ATM or even at the counter, out of province, an additional fee is charged

[Jinxy1128]

Also on a fixed account they will deduct tax off the interest to the tune of about 16% everytime the interest is paid.

[pitrevie]

Many thanks for the replies this particular account receives my pension (annual transfer) and with the monthly withdrawals it is the one I present at immigration when I go to renew my annual retirement visa. So this book serves to show the requisite sum to qualify for the retirement visa and the monthly withdrawals showing that I am getting the money from abroad and spending it here in Thailand. I note that the officer has in the past paid particular attention to the monthly withdrawals and works her way done the list of them. So I appreciate that I am not using it as I should, I have another account for that its just I thought that transferring my annual lump sum to that fixed account would earn me a little more interest than paying it into my ATM account.

I just had not come across the out of province before and I did not know about that restriction on a fixed account.

[Pib]

Also on a fixed account they will deduct tax off the interest to the tune of about 16% everytime the interest is paid.

15% on fixed savings accounts; however it's pretty easy to file the one page Kor 10 Tax Refund Request form to get the 15% tax withheld refunded...you can file for the refund 1 Jan-31 Mar of each year...you can also file for 3 years back of such taxes. Really no harder than filing for a tourist VAT refund. I had over 4000 baht tax withheld from a fixed saving account for 2012...I filed for a refund in Jan and approx. 6 weeks later I got the refund here in Bangkok and supposedly my local tax office had equipment problems this year which slowed them down....other posters in different areas of Thailand on this subject got their interest refunds in approx 2 weeks...all depends on your local tax office as to how fast the refund occurs...I'm guessing something less than 30 days is probably the norm.

[meatboy]

if your pension is trans.to thailand once a yr.same as mine it should be to a current acc.i think kasikorn bank does a instant access acc.no tax deducted which would earn you more than a fixed one.what extension are you on retirement or marriage if you can afford it its best to put the amount[800k/400k] in a fixed and leave it there,otherwise when the time comes that it has to go into an account for immigration visit,[is it 2months or 3] you can usually find a 3month fixed term its better than nothing.

[lopburi3]

There is no immigration requirement for any activity on account used for extensions of stay.

[Pib]

For the last two years I'm been using a fixed savings accounts to meet the income requirement for a retirement extension. I used the plural form of account since I open/close/transfer funds to the best fixed saving account promotion at the time my current fixed account matures (e.g., my 7 month acct matured so I moved the funds to a new 5 month fixed savings acct). Other than my activity to close and open accounts and the interest and tax activity the bank generates, I generate no account activity like routine withdrawals, deposits, etc. At least at Bangkok Immigration they only care I have the minimum Bt800K for 3 months before my extension application....could care less about periodic activity on the account.

[CaptHaddock]

There is no immigration requirement for any activity on account used for extensions of stay.

That's right. When the immigration official examines each line of the bank statement he or shee is checking that the daily balance never drops below the required amount, not the outflow of funds per se.

[chiang mai]

Thailand operates a provincial banking system so yes, you would have difficulty trying to make transfers when you're out of your home province.

[davejones]

That's why I closed my fixed account with BB and transferred it all back to the UK. Way too much hassle here. And better interest rates in the UK at the moment for me.

[chiang mai]

That's why I closed my fixed account with BB and transferred it all back to the UK. Way too much hassle here. And better interest rates in the UK at the moment for me.

Care to share? I can get 3.4% here in Thailand whereas in the UK the best I see currently is 2.5%.

[davejones]

That's why I closed my fixed account with BB and transferred it all back to the UK. Way too much hassle here. And better interest rates in the UK at the moment for me.

Care to share? I can get 3.4% here in Thailand whereas in the UK the best I see currently is 2.5%.

I was getting 2.8% in BB, but they take 20% tax which is hard to reclaim, as I may not be in Bangkok next year. In UK I have registered to get the money tax free. But you can't get 3% any longer. It's with a Nationwide MySave online account. Was 3.06% interest for 12 months, including new deposits to the account. If you open now I think it's only 2%. Also, when it matures I can easily move it, set up a new account etc.

With BB, even though the fixed account showed on my internet banking, I could only transfer into it and not out of it. As I won't be in Thailand at maturity, it would be stuck earning minimal interest. Banking can be such a hassle here if you move around or are out of the country. And I'll probably be in USA for much of this year.

So now I've decided to just keep enough for the next 6 months or so. Much easier to control for me.

Edited March 28, 2013 by davejones

[Pib]

As required by Thai law, Thai banks withhold 15% tax for fixed savings account, not 20%. So, if you had your money in a fixed acct earning 3% after the tax is withheld you end up with 2.55%. But you can file a Kor 10 form to get the 15% withholding tax refunded....then you are back to 3%.

[chiang mai]

That's why I closed my fixed account with BB and transferred it all back to the UK. Way too much hassle here. And better interest rates in the UK at the moment for me.

Care to share? I can get 3.4% here in Thailand whereas in the UK the best I see currently is 2.5%.

I was getting 2.8% in BB, but they take 20% tax which is hard to reclaim, as I may not be in Bangkok next year. In UK I have registered to get the money tax free. But you can't get 3% any longer. It's with a Nationwide MySave online account. Was 3.06% interest for 12 months, including new deposits to the account. If you open now I think it's only 2%. Also, when it matures I can easily move it, set up a new account etc.

With BB, even though the fixed account showed on my internet banking, I could only transfer into it and not out of it. As I won't be in Thailand at maturity, it would be stuck earning minimal interest. Banking can be such a hassle here if you move around or are out of the country. And I'll probably be in USA for much of this year.

So now I've decided to just keep enough for the next 6 months or so. Much easier to control for me.

As Pib states, getting that 15% tax witholding refunded is a very simple process that I can highly recommend

[davejones]

As required by Thai law, Thai banks withhold 15% tax for fixed savings account, not 20%. So, if you had your money in a fixed acct earning 3% after the tax is withheld you end up with 2.55%. But you can file a Kor 10 form to get the 15% withholding tax refunded....then you are back to 3%.

I read that to do it you need to go to you local bank to get an interest certificate, then go to local tax office to fill in the form you mentioned. I'm not able to do either of these, as I'm no longer in Bangkok, and have no idea where I'll be at end of tax year. Great if you live in one place, but I don't at the moment. I may not even be in Thailand next year.

Also, when the account matures I definitely won't be here, so I'll get around 1-1.5% interest, and be unable to move it because I'll be outside Thailand for sure.

I realize it's ok for people in one place, but not suitable for me. I prefer to have easy access to my money and be able to do things online from around the world. I can't do that with a BB fixed account. I can't even move from my savings account because they didn't set up my international transfer, despite me giving them the form. They said it would take one week, about a month ago. Also, they said I can only have one international beneficiary at a time and that means I can only transfer to one place. If I want to transfer to two, tough luck. Doesn't suit me at all at the moment. If I was in one place maybe, but not at the moment.

Also 2.8% with BB, 3.06% in my UK account. Tax-free in UK.

[davejones]

That's why I closed my fixed account with BB and transferred it all back to the UK. Way too much hassle here. And better interest rates in the UK at the moment for me.

Care to share? I can get 3.4% here in Thailand whereas in the UK the best I see currently is 2.5%.

I was getting 2.8% in BB, but they take 20% tax which is hard to reclaim, as I may not be in Bangkok next year. In UK I have registered to get the money tax free. But you can't get 3% any longer. It's with a Nationwide MySave online account. Was 3.06% interest for 12 months, including new deposits to the account. If you open now I think it's only 2%. Also, when it matures I can easily move it, set up a new account etc.

With BB, even though the fixed account showed on my internet banking, I could only transfer into it and not out of it. As I won't be in Thailand at maturity, it would be stuck earning minimal interest. Banking can be such a hassle here if you move around or are out of the country. And I'll probably be in USA for much of this year.

So now I've decided to just keep enough for the next 6 months or so. Much easier to control for me.

As Pib states, getting that 15% tax witholding refunded is a very simple process that I can highly recommend

So how do i do it from overseas. I tried to get an interest certificate for last year from a Branch in Bangkok, but even for something that simple they said I needed to go to head office. So no hope of doing it outside Thailand. Also, other reasons it's not suitable for me - see above. Much happier to have it in UK earning more interest, tax free, and with more flexibility, Edited March 28, 2013 by davejones

[chiang mai]

In my experience all branches will provide you with a statement of interest paid and these can be collected at the start of each year for
the preceeding tax year, if someone is fobbing you off by telling you to go to head office I suspect they are either being lazy or don't
understand what you're asking for. Regardless, accumulate your certificates and at some point in the next three years, go into the
local tax office, register for a tax ID and submit your claim, the folks in the office are very helpful and it's a straihjt forward process -
cheque appears in the mail after about three weeks.

[Pib]

I have my fixed savings acct accounts at the Bangkok Bank Chaeng Wattana Branch which is in the same building as Bangkok Immigration. The branch uses a Bangkok Bank form to issue the tax withholding doc...they actually use a booklet of forms...fill it out with one carbon copy...tear it off from the booklet...have it stamped and signed...off you go...takes about 5 minutes. And as the next customer pulls up to the clerk counter to get their tax withholding doc the clerk fills out another form from that booklet of forms. No need to go to Bangkok Bank HQ on Silom Rd in Bangkok...your local branch "should" provide the form.

I just can't see all the Bangkok Bank branches around Thailand telling Thai and/or farang customers who had 15% tax withheld from their fixed savings account to make the trek to HQ Bangkok Bank. I expect some customers would quickly have that branch's management front-and-center to have a discussion (hopefully a controlled and not to loud discussion).

[davejones]

In my experience all branches will provide you with a statement of interest paid and these can be collected at the start of each year for

the preceeding tax year, if someone is fobbing you off by telling you to go to head office I suspect they are either being lazy or don't

understand what you're asking for. Regardless, accumulate your certificates and at some point in the next three years, go into the

local tax office, register for a tax ID and submit your claim, the folks in the office are very helpful and it's a straihjt forward process -

cheque appears in the mail after about three weeks.

I didn't know you could take up to 3 years to get the money back. But in my case the money would have been stuck earning low interest because i won't be here at maturity. So for me, there's no point having a fixed account.

[davejones]

I have my fixed savings acct accounts at the Bangkok Bank Chaeng Wattana Branch which is in the same building as Bangkok Immigration. The branch uses a Bangkok Bank form to issue the tax withholding doc...they actually use a booklet of forms...fill it out with one carbon copy...tear it off from the booklet...have it stamped and signed...off you go...takes about 5 minutes. And as the next customer pulls up to the clerk counter to get their tax withholding doc the clerk fills out another form from that booklet of forms. No need to go to Bangkok Bank HQ on Silom Rd in Bangkok...your local branch "should" provide the form.

I just can't see all the Bangkok Bank branches around Thailand telling Thai and/or farang customers who had 15% tax withheld from their fixed savings account to make the trek to HQ Bangkok Bank. I expect some customers would quickly have that branch's management front-and-center to have a discussion (hopefully a controlled and not to loud discussion).

I should have mentioned the HQ is the branch where I opened the account. I tried to get the tax certificate from a branch nearer me. The woman definitely knew what I wanted, but said I could only get it from the branch where the account was opened. She may have been fobbing me off, but that's what happened.

[chiang mai]

In my experience all branches will provide you with a statement of interest paid and these can be collected at the start of each year for

the preceeding tax year, if someone is fobbing you off by telling you to go to head office I suspect they are either being lazy or don't

understand what you're asking for. Regardless, accumulate your certificates and at some point in the next three years, go into the

local tax office, register for a tax ID and submit your claim, the folks in the office are very helpful and it's a straihjt forward process -

cheque appears in the mail after about three weeks.

I didn't know you could take up to 3 years to get the money back. But in my case the money would have been stuck earning low interest because i won't be here at maturity. So for me, there's no point having a fixed account.

I've got some of my accounts set up to automatically reinvest at the best rate at maturity, in the event I'm not here, typically I invest in less than seven month instruments. Also, it's easily possible administer these things remotely, something you might want to consider perhaps.

[davejones]

In my experience all branches will provide you with a statement of interest paid and these can be collected at the start of each year for

the preceeding tax year, if someone is fobbing you off by telling you to go to head office I suspect they are either being lazy or don't

understand what you're asking for. Regardless, accumulate your certificates and at some point in the next three years, go into the

local tax office, register for a tax ID and submit your claim, the folks in the office are very helpful and it's a straihjt forward process -

cheque appears in the mail after about three weeks.

I didn't know you could take up to 3 years to get the money back. But in my case the money would have been stuck earning low interest because i won't be here at maturity. So for me, there's no point having a fixed account.

I've got some of my accounts set up to automatically reinvest at the best rate at maturity, in the event I'm not here, typically I invest in less than seven month instruments. Also, it's easily possible administer these things remotely, something you might want to consider perhaps.

I asked and they said I couldn't do it. And this is part of the problem. It seems to depend on who you ask and what time of day it is. It's too much hassle for me to trek around different branches until I can do what I should be able to do. I appreciate all the advise, but for me it's easier from the UK at the moment. I have my savings account here and that's good enough for me at this time. Just my personal preference, and doesn't make sense to have all the hassle of Thailand if I'm going to be in USA for at least half of this year. My UK account has worked perfectly for over 20 years and everything is much. much easier for me using that. And my money is already moved to the UK, so I'm happy for now.

[Pib]

I have my fixed savings acct accounts at the Bangkok Bank Chaeng Wattana Branch which is in the same building as Bangkok Immigration. The branch uses a Bangkok Bank form to issue the tax withholding doc...they actually use a booklet of forms...fill it out with one carbon copy...tear it off from the booklet...have it stamped and signed...off you go...takes about 5 minutes. And as the next customer pulls up to the clerk counter to get their tax withholding doc the clerk fills out another form from that booklet of forms. No need to go to Bangkok Bank HQ on Silom Rd in Bangkok...your local branch "should" provide the form.

I just can't see all the Bangkok Bank branches around Thailand telling Thai and/or farang customers who had 15% tax withheld from their fixed savings account to make the trek to HQ Bangkok Bank. I expect some customers would quickly have that branch's management front-and-center to have a discussion (hopefully a controlled and not to loud discussion).

I should have mentioned the HQ is the branch where I opened the account. I tried to get the tax certificate from a branch nearer me. The woman definitely knew what I wanted, but said I could only get it from the branch where the account was opened. She may have been fobbing me off, but that's what happened.

That definitely could be true about only being able to get the tax doc from the branch you have the acct with since there are a good amount of things "only" your branch can supposedly handle for your acct; but, a person definitely don't have to go to Bangkok Bank HQ to get the tax doc. If a person opens a bank acct in Province ABC and later on moves to Province XYZ, he would definitely have fewer banking headaches by closing his Province ABC bank acct and opening up a new one in Province XYZ based on the way Thailand's banking system works.

I've got a couple of accounts at the branch on the first floor of the Bangkok Bank HQ building on Silom Rd. Now that central Bangkok branch is definitely not the closest branch to my western Bangkok home but I figure that Silom branch does a lot of business with farangs, has English skills, and with the HQ being in the same building other important banking features are easily available when/if needed. Or, if you just want to go complain to some HQ types all you have to do is jump in the elevator/on the escalator and go complain if you can find the right person to complain too. I have a SUV and usually drive pretty close to that part of Bangkok once or so a week so using that branch is not really an inconvenience. But in this day of internet, phone, and ATM banking a person shouldn't really don't need to set foot in a brick-and-mortar bank too many times during the year except for certain things like getting an interest tax withholding doc, maybe getting a new passbook/ATM/debit card, etc.

Edited March 28, 2013 by Pib

[davejones]

I have my fixed savings acct accounts at the Bangkok Bank Chaeng Wattana Branch which is in the same building as Bangkok Immigration. The branch uses a Bangkok Bank form to issue the tax withholding doc...they actually use a booklet of forms...fill it out with one carbon copy...tear it off from the booklet...have it stamped and signed...off you go...takes about 5 minutes. And as the next customer pulls up to the clerk counter to get their tax withholding doc the clerk fills out another form from that booklet of forms. No need to go to Bangkok Bank HQ on Silom Rd in Bangkok...your local branch "should" provide the form.

I just can't see all the Bangkok Bank branches around Thailand telling Thai and/or farang customers who had 15% tax withheld from their fixed savings account to make the trek to HQ Bangkok Bank. I expect some customers would quickly have that branch's management front-and-center to have a discussion (hopefully a controlled and not to loud discussion).

I should have mentioned the HQ is the branch where I opened the account. I tried to get the tax certificate from a branch nearer me. The woman definitely knew what I wanted, but said I could only get it from the branch where the account was opened. She may have been fobbing me off, but that's what happened.

That definitely could be true about only being able to get the tax doc from the branch you have the acct with since there are a good amount of things "only" your branch can supposedly handle for your acct; but, a person definitely don't have to go to Bangkok Bank HQ to get the tax doc. If a person opens a bank acct in Province ABC and later on moves to Province XYZ, he would definitely have fewer banking headaches by closing his Province ABC bank acct and opening up a new one in Province XYZ based on the way Thailand's banking system works.

I've got a couple of accounts at the branch on the first floor of the Bangkok Bank HQ building on Silom Rd. Now that central Bangkok branch is definitely not the closest branch to my western Bangkok home but I figure that Silom branch does a lot of business with farangs, has English skills, and with the HQ being in the same building other important banking features are easily available when/if needed. Or, if you just want to go complain to some HQ types all you have to do is jump in the elevator/on the escalator and go complain if you can find the right person to complain too. I have a SUV and usually drive pretty close to that part of Bangkok once or so a week so using that branch is not really an inconvenience. But in this day of internet, phone, and ATM banking a person shouldn't really don't need to set foot in a brick-and-mortar bank too many times during the year except for certain things like getting an interest tax withholding doc, maybe getting a new passbook/ATM/debit card, etc.

In my case i lived in Bangkok for 3 years, so everything at BB was easy. But now I've moved to Chiang Mai. No point moving my account here, because I'm only planning to be here for 3 months max, then off to USA. Not sure where after that, but probably back to Bangkok. I wanted to set up international ibanking transfers and had to go to the branch to fill in the forms. Did that, but they seem to have lost them. Now I'm not in Bangkok. So I can't set that up unless I go to a branch here, they post to Bangkok, etc. It's way to much hassle. If I moved permanently to another province, I'd change to a branch there, but I haven't.

As already mentioned, it's no longer an issue because money is back in the UK and it's easier for me from there, and I'm much happier having it there. So now I don't have any problems with my banking. It's all ok. LOL. If you are in one place it's fine here. If you move around it's a hassle. I like financial issues to be simple, and they are simple for me in the UK. You won't convince me otherwise.

[Pib]

Oh, I will never try to convince farangs that they should keep the bulk of their funds/savings in Thailand; keeping the great bulk of their funds/savings in their home country will most likely provide greater convenience, fewer financial headaches, more funds safety/coverage, etc....unless maybe the farang is from Greece or Cyprus.

[davejones]

Oh, I will never try to convince farangs that they should keep the bulk of their funds/savings in Thailand; keeping the great bulk of their funds/savings in their home country will most likely provide greater convenience, fewer financial headaches, more funds safety/coverage, etc....unless maybe the farang is from Greece or Cyprus.

LOL. Only applies to me. You can tell others. Seeing as I won't be in Thailand, it's a bit pointless having my money here. Would be more convenient in USA. I will try to open an account there if I can.

I did try to make it easy here, but Bangkok Bank made it difficult - lost my form, won't allow more than one international transfer beneficiary, won't allow standing orders unless I see the assistant manager first, won't let me transfer from fixed to savings using ibanking, and a few other things. That's far from convenient, especially as I'll be in USA.

[meatboy]

oh well headache over davy,happy nowing that your money is back in the uk. safe? as long as you put it under a bed and not with those robin hoods,iceland,cyprus,i wonder who's next spain,ireland,portugal,italy,the way its going here thailand could be on the cards.that would give my wf.the headache all her eggs in one basket.so your off to usa then back to bkk.by that time bht x £.should be 100, bht.x $= 50 and euro x bht.=0000000000000000. happy hunting.

T.I.T. taffy in thailand.