Update for best place to keep 800K?

[PhuketFarang]

Would like to get an update on the best account to keep the 800K for Retirement Visa.

Tired of getting the Embassy letter every year and concerned they will someday want further proof at immigration. May as well just open an account.

[KittenKong]

http://www.thaivisa.com/forum/topic/560837-bank-savings-interest-rates/

[skatewash]

I would recommend a Mee Tae Dai savings account at Krungsri Bank, currently paying from 1.85% for deposits in the range Baht 100,000 to Baht 10 million. It's not a fixed term deposit, calculates interest daily, pays interest monthly, two free withdrawals allowed per month (thereafter 50 Baht charge per withdrawal).

Details are here: https://www.krungsri.com/bank/en/PersonalBanking/DepositProducts/SavingsDeposit/MeeTaeDaiSavings.html

Current interest rates are here (the one for Mee Tae Dai is on the bottom of the second page): https://www.krungsri.com/bank/getmedia/ab8ae7e5-c514-4d35-a37f-207f86aa0fd6/Deposit-Rates-05062015.aspx

Caveat: because it's not a fixed term account the interest rate is not fixed. It can go up or down. It was 2.3% when I opened the account last year. Interest rates are currently going down. In those circumstances it may be worth your while to find a fixed term account paying higher interest.

Edited July 3, 2015 by skatewash

[janpharma]

I would recommend a Mee Tae Dai savings account at Krungsri Bank, currently paying from 1.85% for deposits in the range Baht 100,000 to Baht 10 million. It's not a fixed term deposit, calculates interest daily, pays interest monthly, two free withdrawals allowed per month (thereafter 50 Baht charge per withdrawal).

Details are here: https://www.krungsri.com/bank/en/PersonalBanking/DepositProducts/SavingsDeposit/MeeTaeDaiSavings.html

Current interest rates are here (the one for Mee Tae Dai is on the bottom of the second page): https://www.krungsri.com/bank/getmedia/ab8ae7e5-c514-4d35-a37f-207f86aa0fd6/Deposit-Rates-05062015.aspx

Caveat: because it's not a fixed term account the interest rate is not fixed. It can go up or down. It was 2.3% when I opened the account last year. Interest rates are currently going down. In those circumstances it may be worth your while to find a fixed term account paying higher interest.

Make sure indeed, that whatever bank chose, go for a "savings account" and not for a "fixed deposit" ...

[jacko45k]

I would recommend a Mee Tae Dai savings account at Krungsri Bank, currently paying from 1.85% for deposits in the range Baht 100,000 to Baht 10 million. It's not a fixed term deposit, calculates interest daily, pays interest monthly, two free withdrawals allowed per month (thereafter 50 Baht charge per withdrawal).

Details are here: https://www.krungsri.com/bank/en/PersonalBanking/DepositProducts/SavingsDeposit/MeeTaeDaiSavings.html

Current interest rates are here (the one for Mee Tae Dai is on the bottom of the second page): https://www.krungsri.com/bank/getmedia/ab8ae7e5-c514-4d35-a37f-207f86aa0fd6/Deposit-Rates-05062015.aspx

Caveat: because it's not a fixed term account the interest rate is not fixed. It can go up or down. It was 2.3% when I opened the account last year. Interest rates are currently going down. In those circumstances it may be worth your while to find a fixed term account paying higher interest.

Not all account types may be valid for obtaining the 800k retirement extension.

It is supposed to be an account which can be uses for living expenses, hence can be accessed.

Obviously a current or savings account would not be a problem, and fixed term deposits are being accepted, but there may be a proviso that the money can be accessed albeit with penalty.(Probably depends on the immigration official or particular office)

Don't forget the seasoning term (60 days 1st application, 90 subsequent).

Edited July 4, 2015 by jacko45k

[Hussain]

The interest 1.8% per month or per year yes they calculate daily but is it per month or year

[Henryford]

The interest 1.8% per month or per year yes they calculate daily but is it per month or year

Wish it was per month there would be a long queue. It's 1.85% per year, i have one at Krungsri.

[skatewash]

I would recommend a Mee Tae Dai savings account at Krungsri Bank, currently paying from 1.85% for deposits in the range Baht 100,000 to Baht 10 million. It's not a fixed term deposit, calculates interest daily, pays interest monthly, two free withdrawals allowed per month (thereafter 50 Baht charge per withdrawal).

Details are here: https://www.krungsri.com/bank/en/PersonalBanking/DepositProducts/SavingsDeposit/MeeTaeDaiSavings.html

Current interest rates are here (the one for Mee Tae Dai is on the bottom of the second page): https://www.krungsri.com/bank/getmedia/ab8ae7e5-c514-4d35-a37f-207f86aa0fd6/Deposit-Rates-05062015.aspx

Caveat: because it's not a fixed term account the interest rate is not fixed. It can go up or down. It was 2.3% when I opened the account last year. Interest rates are currently going down. In those circumstances it may be worth your while to find a fixed term account paying higher interest.

Make sure indeed, that whatever bank chose, go for a "savings account" and not for a "fixed deposit" ...

Phuket Immigration has accepted both fixed deposits and the Mee Tae Dai savings account to satisfy the retirement extension requirement for me. I think it does need to be something that is accessible and where the principle is not at risk. Fixed deposits are immediately accessible (subject to a loss of interest for early withdrawal) and the principle is not subject to performance risk. Of course, different immigration offices and perhaps even different immigration officers might have a different interpretation, but my experience is that Phuket Immigration will accept either of these type of accounts.

I would opt for the account that offered the highest interest with the greatest convenience. For me the account I recommended is very convenient and the interest rate is acceptable given that level of convenience. I'm sure a higher interest rate could be obtained elsewhere if one is willing to look for it and do the work necessary to open the account and deal with it when it matures. It might even be wise to lock in an interest rate in a fixed deposit in a time of falling interest rates. The Mee Tae Dai account interest is variable, so no guarantee what your return will be. My Mee Tai Dai account is always open, I just make sure to top it up to 800K every year (if necessary) three months before I go for my retirement extension.

[skatewash]

The interest 1.8% per month or per year yes they calculate daily but is it per month or year

Wish it was per month there would be a long queue. It's 1.85% per year, i have one at Krungsri.

Yes the 1.85% is an annual percentage rate (APR); I should have made that clear. What I was getting at was that the interest was calculated on a daily basis, so you never lose any interest you are entitled to based on the timing of when you withdraw money from the account. If in a monthly period I withdraw a certain amount of money from the account, I will still be paid interest that month on the amount withdrawn commensurate with the number of days it was in the account during that period. Contrasted with a fixed term deposit in which case I would lose all the interest on the money withdrawn from the beginning of the term of the fixed deposit.

Edited July 4, 2015 by skatewash

[bazza40]

Currently, I'm getting 2.8% for 800K baht on an 11 month term deposit with Bangkok Bank. Matures in August, will roll over to the best rate in a 6 - 12 months time frame. Suggest it's a matter of shopping around for the best rate.

[barryw52]

TMB Bank have a Nofixed account which is currently paying 2.00% as long as the balance remains unchanged or increases each month if you withdraw you loses bonus interest for that month drops back to 1.5% or something like that. Interest is paid to you twice yearly. That is best I been able to find here in the current environment. I have used this for last to years to renew my extension to say retirement.

[wvavin]

The Swiss Bank.

[moojar]

For the retirement visa, do they accept funds deposited in Thailand into a foreign-owned bank (a baht account opened at an HSBC branch in Bangkok say), or does it need to be a local bank?

Edited July 4, 2015 by moojar

[Baerboxer]

For the retirement visa, do they accept funds deposited in Thailand into a foreign-owned bank (a baht account opened at an HSBC branch in Bangkok say), or does it need to be a local bank?

There aren't any HSBC branches in Thailand. They sold their retail business to Krungsri a few years ago.

Krungsri are usually very good, IME, and are 77% Japanese owned.

[moojar]

For the retirement visa, do they accept funds deposited in Thailand into a foreign-owned bank (a baht account opened at an HSBC branch in Bangkok say), or does it need to be a local bank?

There aren't any HSBC branches in Thailand. They sold their retail business to Krungsri a few years ago.

Krungsri are usually very good, IME, and are 77% Japanese owned.

HSBC was just an example, could have been any foreign-owned bank. But if Krungsi are 77% Japanese owned and Thai immigration have no problems with that, then I think you have answered my question anyway - Thanks.

[skatewash]

For the retirement visa, do they accept funds deposited in Thailand into a foreign-owned bank (a baht account opened at an HSBC branch in Bangkok say), or does it need to be a local bank?

I would think so. The important consideration seems to be that it be a Baht account in a bank in Thailand. I would think the HSBC branch in Bangkok would meet that criteria. The foreign ownership of the bank would not be relevant as long as the bank operates in Thailand and the account is denominated in Baht.

Didn't HSBC sell its retail banking business to Krungsri Bank in 2012? I believe Bank of Tokyo-Mitsubishi is now the largest shareholder of Krungsri Bank (Bank of Ayudhya). Phuket Immigration seems to accept Krungsri Bank so I would imagine it would have no trouble also accepting the Bangkok branch of a foreign-owned bank like CitiBank.

[HerbalEd]

Looks like you already answered your own question.

[fred Kubasa]

My US embassy charges $50 US for such a letter so I put 500,000 in a fixed deposit at 3 % and the balance in savings. All the banks are lousy so flip a coin !

[henry15]

Government Saving Bank gives 1.973 intrest net,. so no 15 procent tax on a 8 months fixed account. Never put your money in an fixed account in a privat bank. Their intrest rates are too low and you almost always have to pay 15 procent tax.

Good Government banks are GSB and BAAC, GHB don't allow foreigners open an fixed account.

[akentryan]

I think I saw UOB advertising a 2.4% fixed deposit rate but short term of 8 months. Last year I got 4% fixed at Krung Thai for five years which I am delighted with. You can cash it in if you need to but all the intereest paid will backed out of the principal.

[mahjongguy]

If you have 15% tax withheld, you can ask to have it refunded.

[khunPer]

If you don’t mind checking a number of major banks, you can have around 2½ percent p.a. at a fixed term account that can be from fairly few months up to for example 15 month; only thing to be aware of is, that your money has seasoned 3 month in the same account before applying for visa extension.

[skatewash]

If you have 15% tax withheld, you can ask to have it refunded.

Kind of a pain to do the first year. There's a steep learning curve, but with great help available from this sub-forum it's possible to do: getting a Tax ID number, filing the correct form at the proper local office, etc. At least it was for me last year. But I did finally get my full refund. I imagine it's a whole lot easier to do in subsequent years. In fact, I hear it's possible to file the necessary form online. I will be giving the online route a try in 2016.

[mahjongguy]

> But I did finally get my full refund.

Yes, this was my first time and getting a TIN added steps to the process. It took a while but I finally got back my 6,000 baht. It was important to me because as an American I'd already been taxed by the IRS for that income.

> I imagine it's a whole lot easier to do in subsequent years.

A bit easier would be nice.

[8OA8]

Whatever you do, don't put or leave the funds in a current (cheque book) account, I found out the hard way and then had to shift the funds and wait another seasoning period last year, this was at Chaeng Wattana.

[skatewash]

Whatever you do, don't put or leave the funds in a current (cheque book) account, I found out the hard way and then had to shift the funds and wait another seasoning period last year, this was at Chaeng Wattana.

Sorry to hear this. I don't see why a current (checkbook) account wouldn't meet the accessibility and safety of principle criteria. Just when I think I understand the reasoning behind the rules....

Is it possible the current account was in more than just your name (i.e., a joint owner account)? Trying hard to see why a current account wouldn't suffice.

[allane]

To the OP:

You should have at least 2 accounts. For security reasons, you don't want to carry an ATM card which provides easy access to your major pool of money. I have an ordinary savings account with an ATM card, for day to day use. And I have term-deposit accounts too. I have established staggered 6 month term accounts, which together provide me with a maturity date every three months.

[skatewash]

To the OP:

You should have at least 2 accounts. For security reasons, you don't want to carry an ATM card which provides easy access to your major pool of money. I have an ordinary savings account with an ATM card, for day to day use. And I have term-deposit accounts too. I have established staggered 6 month term accounts, which together provide me with a maturity date every three months.

I understand the security reasons for having at least two accounts, but when you go to show immigration you have 800K Baht required for the retirement extension do you show them multiple accounts or just a single account? I was under the impression that the 800K Baht had to be in a single account. Is your experience different?

[ubonjoe]

Whatever you do, don't put or leave the funds in a current (cheque book) account, I found out the hard way and then had to shift the funds and wait another seasoning period last year, this was at Chaeng Wattana.

Sorry to hear this. I don't see why a current (checkbook) account wouldn't meet the accessibility and safety of principle criteria. Just when I think I understand the reasoning behind the rules....

Is it possible the current account was in more than just your name (i.e., a joint owner account)? Trying hard to see why a current account wouldn't suffice.

It has been reported many times that immigration will not accept a current account.

Perhaps this from clause 2.22 of Immigration Bureau Order 138/2557 documents for extension of stay is the reason. I don't think current accounts have a bank book. "4. Funds deposit certificate issued by a bank in Thailand and a copy of a bankbook"

[skatewash]

Whatever you do, don't put or leave the funds in a current (cheque book) account, I found out the hard way and then had to shift the funds and wait another seasoning period last year, this was at Chaeng Wattana.

Sorry to hear this. I don't see why a current (checkbook) account wouldn't meet the accessibility and safety of principle criteria. Just when I think I understand the reasoning behind the rules....

Is it possible the current account was in more than just your name (i.e., a joint owner account)? Trying hard to see why a current account wouldn't suffice.

It has been reported many times that immigration will not accept a current account.

Perhaps this from clause 2.22 of Immigration Bureau Order 138/2557 documents for extension of stay is the reason. I don't think current accounts have a bank book. "4. Funds deposit certificate issued by a bank in Thailand and a copy of a bankbook"

Makes sense now. Thanks.