800,000 Baht on deposit

[newbepat]

Can anybody tell me where is the best bank to deposit my 800,000 baht

so that i can get some interest.and still satisfy visa extention.

Tried K Bank i asked them can I take out anytime, when I want the money

they said no it is locked in for what ever peroid I put money in for, so not

good for visa extention.

Thanks in advance

Pat

[ubonjoe]

Any bank that offers fixed term accounts (CD) should be good.

Perhaps the account you were inquiring about does not allow withdrawals until maturity.

A am sure K bank has fixed term deposit accounts.

Info about these accounts at Bangkok Bank: http://www.bangkokbank.com/BangkokBank/PersonalBanking/BuildYourWealth/InvestmentsAndDeposits/FixedDeposits/Pages/Default.aspx

Edited July 15, 2013 by ubonjoe

[glegolo]

You says it is locked in at a fixed time at kasikorn bank and therefore not good for VISA-extensions....????

Why not???????

It is never bad to have the money locked in I guess???? How are you thinking??

Glegolo

[newbepat]

You says it is locked in at a fixed time at kasikorn bank and therefore not good for VISA-extensions....????

Why not???????

It is never bad to have the money locked in I guess???? How are you thinking??

Glegolo

I say not good because you need to be have access to your money for visa extention i think.

[newbepat]

Any bank that offers fixed term accounts (CD) should be good.

Perhaps the account you were inquiring about does not allow withdrawals until maturity.

A am sure K bank has fixed term deposit accounts.

Info about these accounts at Bangkok Bank: http://www.bangkokbank.com/BangkokBank/PersonalBanking/BuildYourWealth/InvestmentsAndDeposits/FixedDeposits/Pages/Default.aspx

Thanks ubonjoe

just read your link and it states withholding tax of 15% never

thought i would have to pay tax on deposit interest as i am not resident

I dont have a tax id number in Thailand

Pat

[glegolo]

You says it is locked in at a fixed time at kasikorn bank and therefore not good for VISA-extensions....????

Why not???????

It is never bad to have the money locked in I guess???? How are you thinking??

Glegolo

I say not good because you need to be have access to your money for visa extention i think.

No you dont need that. What you need is a bankcertificate that confirms the amount that

you have on your account that specific day..... The actual money stays like it is.

Glegolo

[lopburi3]

The question is about the type of account allowed for deposit. It must be a cash account that can be accessed and that is normally only a passbook savings account or a passbook fixed deposit account (some banks use statements but most use passbook). I suspect the K Bank employee did not understand the question - to get the interest rate the money indeed must be kept in account for the full period - but the question is with only loss of interest can the money be taken at any time and the answer to that should be yes.

[newbepat]

The question is about the type of account allowed for deposit. It must be a cash account that can be accessed and that is normally only a passbook savings account or a passbook fixed deposit account (some banks use statements but most use passbook). I suspect the K Bank employee did not understand the question - to get the interest rate the money indeed must be kept in account for the full period - but the question is with only loss of interest can the money be taken at any time and the answer to that should be yes.

Thanks Lopuri

Thats what i thought but i asked my g/f to ask again

regard loss of interest should i take early,

but i dont think they understand my question

Yes i have a pass book with 800K but i dont think it pays interest or very little maybe

not sure what type of account it was in K Bank that was offering 2.75% interest

I will try again

[Lite Beer]

2.75 % would be a fixed interest account and is what you need.

A savings account would be less than 1%

[newbepat]

2.75 % would be a fixed interest account and is what you need.

A savings account would be less than 1%

Thanks Lite Beer

I will go for that and hope its ok for visa extention should i need it

I think its fixed for 6 or 8 months

Pat

Edited July 15, 2013 by newbepat

[newbepat]

Any information regarding withholding Tax on deposit interest?

will I have to pay the 15% on deposit interest seeing i do not

live in Thailand.

[lopburi3]

Yes that will be deducted as a withholding tax and if you file a tax return can be refunded if you have too little income to justify it I believe (have never used so no experience with them).

[Gsxrnz]

Interest at 2.75% = 22,000B. At 1% it's 8,000B (before deduction of RWT) Is it really worth the hassle?

I know several guys that have had money in TD's in Thailand and all have had dramas. Try to "break" the investment and you pay a penalty - not just a reduced rate of interest.

Plus you have to file a tax return. While I like to make the best use of money for investment purposes I wouldn't consider this rate of return worth the (high possibility) of drama in either getting your visa extension or getting access to your money.

Of course if you have access to funds overseas and can afford to have your 800,000B locked in on a TD, no problems.....although 2.75% is a pitiful return.

Edited July 15, 2013 by Gsxrnz

[newbepat]

Yes that will be deducted as a withholding tax and if you file a tax return can be refunded if you have too little income to justify it I believe (have never used so no experience with them).

I see well I must not grumble I pay 33% on deposit interest tax in Ireland.

[Billy The Kid]

I see SCB online.. Have a look,

SCB 1 Year Fixed deposit 1 year 3.20% Siam Commercial Bank 12 month / 1 year Interest rate applicable for 1000 million Baht and Over - THB - Jun, 2013

[newbepat]

Interest at 2.75% = 22,000B. At 1% it's 8,000B (before deduction of RWT) Is it really worth the hassle?

I know several guys that have had money in TD's in Thailand and all have had dramas. Try to "break" the investment and you pay a penalty - not just a reduced rate of interest.

Plus you have to file a tax return. While I like to make the best use of money for investment purposes I wouldn't consider this rate of return worth the (high possibility) of drama in either getting your visa extension or getting access to your money.

Of course if you have access to funds overseas and can afford to have your 800,000B locked in on a TD, no problems.....although 2.75% is a pitiful return.

TD"s not sure what that means? Why would I have to file a tax return?

2.75% might be low return to you but to me thats ok as i am lucky to be getting 1% in my home country and pay 33% tax.

But maybe your right regards locking away money I might need, you have me thinking now.

maybe some day i will retire to Thailand but for now i will go back home and try to make some more money for my retirement.

Pat

[newbepat]

I see SCB online.. Have a look,

SCB 1 Year Fixed deposit 1 year 3.20% Siam Commercial Bank 12 month / 1 year Interest rate applicable for 1000 million Baht and Over - THB - Jun, 2013

Thanks Billy but i dont have 1000 million Baht I wish. next question are they a safe bank?????

[Gsxrnz]

Interest at 2.75% = 22,000B. At 1% it's 8,000B (before deduction of RWT) Is it really worth the hassle?

I know several guys that have had money in TD's in Thailand and all have had dramas. Try to "break" the investment and you pay a penalty - not just a reduced rate of interest.

Plus you have to file a tax return. While I like to make the best use of money for investment purposes I wouldn't consider this rate of return worth the (high possibility) of drama in either getting your visa extension or getting access to your money.

Of course if you have access to funds overseas and can afford to have your 800,000B locked in on a TD, no problems.....although 2.75% is a pitiful return.

TD"s not sure what that means? Why would I have to file a tax return?

2.75% might be low return to you but to me thats ok as i am lucky to be getting 1% in my home country and pay 33% tax.

But maybe your right regards locking away money I might need, you have me thinking now.

maybe some day i will retire to Thailand but for now i will go back home and try to make some more money for my retirement.

Pat

TD = Term Deposit. Tax return required if you want to claim back the RWT (Resident Witholding Tax) deducted at source by the bank.

[newbepat]

Interest at 2.75% = 22,000B. At 1% it's 8,000B (before deduction of RWT) Is it really worth the hassle?

I know several guys that have had money in TD's in Thailand and all have had dramas. Try to "break" the investment and you pay a penalty - not just a reduced rate of interest.

Plus you have to file a tax return. While I like to make the best use of money for investment purposes I wouldn't consider this rate of return worth the (high possibility) of drama in either getting your visa extension or getting access to your money.

Of course if you have access to funds overseas and can afford to have your 800,000B locked in on a TD, no problems.....although 2.75% is a pitiful return.

TD"s not sure what that means? Why would I have to file a tax return?

2.75% might be low return to you but to me thats ok as i am lucky to be getting 1% in my home country and pay 33% tax.

But maybe your right regards locking away money I might need, you have me thinking now.

maybe some day i will retire to Thailand but for now i will go back home and try to make some more money for my retirement.

Pat

TD = Term Deposit. Tax return required if you want to claim back the RWT (Resident Witholding Tax) deducted at source by the bank.

Thanks,

Pat

[hansnl]

The question is about the type of account allowed for deposit. It must be a cash account that can be accessed and that is normally only a passbook savings account or a passbook fixed deposit account (some banks use statements but most use passbook). I suspect the K Bank employee did not understand the question - to get the interest rate the money indeed must be kept in account for the full period - but the question is with only loss of interest can the money be taken at any time and the answer to that should be yes.

There is a snag about the intrest.

It seems to be, as my friendly bank director of KTB assured me, if you do not have a Thai ID/tax number the bank is not allowed to pay you intrest.

Why?

Because on any intrest paid by a bank source tax need to be witheld.

That said, several banks offer accounts where no tax will be witheld.

So who knows

But you are right about the type of accounts eligable for immigration purposes.

[JAS21]

There is a snag about the intrest.

It seems to be, as my friendly bank director of KTB assured me, if you do not have a Thai ID/tax number the bank is not allowed to pay you intrest.

Why?

Because on any intrest paid by a bank source tax need to be witheld.

That said, several banks offer accounts where no tax will be witheld.

So who knows

But you are right about the type of accounts eligable for immigration purposes.

...............

For the last couple of years I have used a mixture of fixed term savings and normal savings account for annual extension. I have always had interest on my savings and this year went and got a tax number ... I have already received the 'with held' tax back for the last two years. I'm with Bangkok Bank.

[lopburi3]

Banks will often provide what is to there advantage and there is an account class paying no interest - but you do not need a tax ID number to obtain an interest paying account if an individual. Some banks are a better choice than others.

[bigwilly]

newbepat

Without doubt the best account I could find is TMB Thai Military Bank No Fixed account. As the name says no fixed term funds are available at call and presently pays a minimum of 2.5% interest. I have used this account now for 2 years and they are happy to make the letter for Extension of stay as required by Immigration. As I am aware there is no other Thai Bank can offer anywhere near this unless it is a Fixed Term Deposit. Check it out yourself on the TMB website www.tmbbank.com I for one was a sucker for 10 years with my money in Kasikorn savings account with like 0.# % per year interest.

It works for me. BW

Edited July 16, 2013 by bigwilly

[NancyL]

I use Bangkok Bank fixed deposit accounts -- they have an orange passbook. Yes, you loose interest if you withdraw early, but they're perfectly acceptable at CM Immigration. I believe the current rate is around 2.5%. I don't have a Thai tax I.D. number but they do withhold tax when they credit interest income to the account. The amount of withholding for the interest on a 800,000 baht account is so small that I don't bother to ask for a refund. Besides, I deduct that tax paid from my U.S. income tax return, so I figure it all works out OK for me.

[dave2]

re

I believe the current rate is around 2.5%.

shes right

i was talking to them the other day about leaving my 800 odd in there after getting my new visa a few weeks ago but i really dont want to open another account which i would have to do

dave2

[stoli]

Interest at 2.75% = 22,000B. At 1% it's 8,000B (before deduction of RWT) Is it really worth the hassle?

I know several guys that have had money in TD's in Thailand and all have had dramas. Try to "break" the investment and you pay a penalty - not just a reduced rate of interest.

Plus you have to file a tax return. While I like to make the best use of money for investment purposes I wouldn't consider this rate of return worth the (high possibility) of drama in either getting your visa extension or getting access to your money.

Of course if you have access to funds overseas and can afford to have your 800,000B locked in on a TD, no problems.....although 2.75% is a pitiful return.

TD"s not sure what that means? Why would I have to file a tax return?

2.75% might be low return to you but to me thats ok as i am lucky to be getting 1% in my home country and pay 33% tax.

But maybe your right regards locking away money I might need, you have me thinking now.

maybe some day i will retire to Thailand but for now i will go back home and try to make some more money for my retirement.

Pat

Yes , you will be taxed on your interest annually. I have not done this yet, but have many friends that go through it. The bank taxes the account and sends it on to the Tax Dept. You then have three years to file for all three years to get your tax money back, and it is not a big deal. Don't worry about this part. And yes, my bank in the states is paying 0.13% interest on savings right now. Anything you get here is better, and puts you money ahead. I don't call 8,000 baht something to just walk away especially when it is mine.

[diyer]

Do Immigration offices accept the banks Passbook as proof of deposit, or do you still need a letter/certificate on the day you apply for an extension.

Wouldn't the passbook show deposits and withdrawals, and therefore the total in the account.

[lopburi3]

You will need the passbook, copies and letter from bank of current account balance. They help to prove each other.

[ubonjoe]

It is easy to get a tax ID number (TIN). Info here: http://www.rd.go.th/publish/16399.0.html

[JAS21]

It is easy to get a tax ID number (TIN). Info here: http://www.rd.go.th/publish/16399.0.html

I have a tax number, am retired, they just told me come in every year between January and March and fill in your claim form to get your 'tax paid on savings' back. If it's more than 30000Baht interest then then you have to fill in a less simplified form. The last bit of mine came back last month. Think it came back in two lots because some was a 5% pa Bond and the other fixed interest savings accounts.

They never mentioned the 60day thing to me.